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    "unit": "iso4217:GBP"
   }
  },
  "fact-532": {
   "value": "1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-533": {
   "value": "8000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-534": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-535": {
   "value": "11000000",
   "decimals": -6,
   "dimensions": {
    "concept": "balfourbeattyplc:InterestPaidInfrastructureInvestmentsClassifiedAsFinancingActivities",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-536": {
   "value": "9000000",
   "decimals": -6,
   "dimensions": {
    "concept": "balfourbeattyplc:InterestPaidInfrastructureInvestmentsClassifiedAsFinancingActivities",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-537": {
   "value": "30000000",
   "decimals": -6,
   "dimensions": {
    "concept": "balfourbeattyplc:InterestPaidOtherClassifiedAsFinancingActivities",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-538": {
   "value": "24000000",
   "decimals": -6,
   "dimensions": {
    "concept": "balfourbeattyplc:InterestPaidOtherClassifiedAsFinancingActivities",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-539": {
   "value": "-158000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-540": {
   "value": "-189000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-541": {
   "value": "160000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-542": {
   "value": "125000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-543": {
   "value": "-29000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-544": {
   "value": "55000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-545": {
   "value": "1179000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-546": {
   "value": "999000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-547": {
   "value": "1310000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-548": {
   "value": "1179000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-549": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls5 ws3 gs3e\">1 Bas<span class=\"_ _3\"></span>is of a<span class=\"_ _3\"></span>cc<span class=\"_ _3\"></span>ount<span class=\"_ _3\"></span>ing<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs3f\">Go<span class=\"_ _3\"></span>ing c<span class=\"_ _3\"></span>onc<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs40\">Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er it reaso<span class=\"_ _3\"></span>nable to as<span class=\"_ _3\"></span>sume that th<span class=\"_ _3\"></span>e Group has </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs41\">ade<span class=\"_ _3\"></span>quate resou<span class=\"_ _3\"></span>rces to continu<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the foresee<span class=\"_ _3\"></span>able futu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>nd, for </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs42\">this rea<span class=\"_ _3\"></span>son, have co<span class=\"_ _3\"></span>ntinued to ad<span class=\"_ _3\"></span>opt the go<span class=\"_ _3\"></span>ing conc<span class=\"_ _3\"></span>ern bas<span class=\"_ _3\"></span>is in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs43\">preparing the financial statements.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs44\">Th<span class=\"_ _3\"></span>e k<span class=\"_ _4\"></span>ey fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l risk factor<span class=\"_ _3\"></span>s for the Grou<span class=\"_ _3\"></span>p remain larg<span class=\"_ _3\"></span>ely unc<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>d. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs45\">Th<span class=\"_ _3\"></span>e Group\u2019s princi<span class=\"_ _3\"></span>pal risks an<span class=\"_ _3\"></span>d the conse<span class=\"_ _3\"></span>quent imp<span class=\"_ _3\"></span>act the<span class=\"_ _3\"></span>se might </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs46\">have on th<span class=\"_ _3\"></span>e Group as well a<span class=\"_ _3\"></span>s mitigat<span class=\"_ _3\"></span>ions that a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e i<span class=\"_ _3\"></span>n place a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e d<span class=\"_ _3\"></span>etaile<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs47\">on pa<span class=\"_ _3\"></span>ges 9<span class=\"_ _3\"></span>6 to 1<span class=\"_ _4\"></span>0<span class=\"_ _3\"></span>3.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs48\">Th<span class=\"_ _3\"></span>e Group\u2019s US priva<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>lacem<span class=\"_ _3\"></span>ent and com<span class=\"_ _3\"></span>mitted b<span class=\"_ _3\"></span>ank facil<span class=\"_ _3\"></span>ities </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs49\">cont<span class=\"_ _3\"></span>ain cer<span class=\"_ _3\"></span>tain f<span class=\"_ _3\"></span>inancia<span class=\"_ _3\"></span>l covenants<span class=\"_ _3\"></span>, such as the r<span class=\"_ _3\"></span>atio of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4a\">EBI<span class=\"_ _3\"></span>TDA to its n<span class=\"_ _3\"></span>et debt whi<span class=\"_ _3\"></span>ch need<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e less th<span class=\"_ _3\"></span>an 3.0 an<span class=\"_ _3\"></span>d the ratio </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4b\">of its EB<span class=\"_ _3\"></span>IT<span class=\"_ _4\"></span>A to net b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>g costs w<span class=\"_ _3\"></span>hich nee<span class=\"_ _3\"></span>ds to be in excess of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4c\">3.<span class=\"_ _3\"></span>0. The<span class=\"_ _3\"></span>se covenant<span class=\"_ _3\"></span>s are tested on a rollin<span class=\"_ _3\"></span>g 1<span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>-m<span class=\"_ _3\"></span>onth basis a<span class=\"_ _3\"></span>s at the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4d\">June a<span class=\"_ _3\"></span>nd Dece<span class=\"_ _3\"></span>mber rep<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>ing dates. At 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>23, b<span class=\"_ _3\"></span>oth </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4e\">these c<span class=\"_ _3\"></span>ovenants were p<span class=\"_ _3\"></span>assed a<span class=\"_ _3\"></span>s the Group h<span class=\"_ _3\"></span>ad net cash a<span class=\"_ _3\"></span>nd net </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4f\">interest in<span class=\"_ _3\"></span>come from a c<span class=\"_ _3\"></span>ovenant test pe<span class=\"_ _3\"></span>rspec<span class=\"_ _3\"></span>tive. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs50\">Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s have car<span class=\"_ _3\"></span>ried out a<span class=\"_ _3\"></span>n assessm<span class=\"_ _3\"></span>ent of the Group\u2019s abili<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs51\">to<span class=\"_ gs52\"> </span>contin<span class=\"_ _3\"></span>ue as a goin<span class=\"_ _3\"></span>g concer<span class=\"_ _3\"></span>n for the per<span class=\"_ _3\"></span>iod of at le<span class=\"_ _3\"></span>ast 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _3\"></span>nths </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs53\">from the d<span class=\"_ _3\"></span>ate of approv<span class=\"_ _3\"></span>al of the finan<span class=\"_ _3\"></span>cial st<span class=\"_ _3\"></span>atements. T<span class=\"_ _3\"></span>his asses<span class=\"_ _3\"></span>sment </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs54\">has invo<span class=\"_ _3\"></span>lved the review of m<span class=\"_ _3\"></span>edium<span class=\"_ _3\"></span>-ter<span class=\"_ _3\"></span>m cash forec<span class=\"_ _3\"></span>asts of ea<span class=\"_ _3\"></span>ch of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs55\">the<span class=\"_ gs52\"> </span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s op<span class=\"_ _3\"></span>eratio<span class=\"_ _3\"></span>ns. The D<span class=\"_ _3\"></span>irectors h<span class=\"_ _3\"></span>ave also con<span class=\"_ _3\"></span>sidered th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs56\">streng<span class=\"_ _3\"></span>th of the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s ord<span class=\"_ _3\"></span>er book w<span class=\"_ _3\"></span>hich amo<span class=\"_ _3\"></span>unted to \u00a316.5<span class=\"_ _3\"></span>bn at </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs57\">31<span class=\"_ gs52\"> </span>Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd will prov<span class=\"_ _3\"></span>ide a pip<span class=\"_ _3\"></span>eline of secu<span class=\"_ _3\"></span>red work over </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs58\">the go<span class=\"_ _3\"></span>ing con<span class=\"_ _3\"></span>cern ass<span class=\"_ _3\"></span>essment p<span class=\"_ _3\"></span>eriod<span class=\"_ _3\"></span>. These b<span class=\"_ _3\"></span>ase cas<span class=\"_ _3\"></span>e project<span class=\"_ _3\"></span>ions </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs59\">indi<span class=\"_ _3\"></span>cate that th<span class=\"_ _3\"></span>e headro<span class=\"_ _3\"></span>om provid<span class=\"_ _3\"></span>ed by the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s stron<span class=\"_ _3\"></span>g cash </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs5a\">pos<span class=\"_ _3\"></span>ition and t<span class=\"_ _3\"></span>he debt fac<span class=\"_ _3\"></span>ilities cu<span class=\"_ _3\"></span>rrently in p<span class=\"_ _3\"></span>lace is ad<span class=\"_ _3\"></span>equate to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs5b\">supp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t the Group ove<span class=\"_ _3\"></span>r the going c<span class=\"_ _3\"></span>oncer<span class=\"_ _3\"></span>n assess<span class=\"_ _3\"></span>ment peri<span class=\"_ _3\"></span>od. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs5c\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s onl<span class=\"_ _3\"></span>y debt, ot<span class=\"_ _3\"></span>her than no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>reco<span class=\"_ _3\"></span>urse </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls109 ws8 gs5d\">borrowings ring-fenced within<span class=\"_ _4\"></span> cer<span class=\"_ _3\"></span>tain concession<span class=\"_ _4\"></span> comp<span class=\"_ _3\"></span>an<span class=\"_ _4\"></span>ies, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs5e\">com<span class=\"_ _3\"></span>prised U<span class=\"_ _3\"></span>S private p<span class=\"_ _3\"></span>lacem<span class=\"_ _3\"></span>ent (USP<span class=\"_ _3\"></span>P) notes<span class=\"_ _3\"></span>. Of the US<span class=\"_ _3\"></span>PP notes </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs5f\">issue<span class=\"_ _3\"></span>d in 2013, US<span class=\"_ _3\"></span>$20<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m matured in M<span class=\"_ _3\"></span>arch 20<span class=\"_ _3\"></span>23 an<span class=\"_ _3\"></span>d the remainin<span class=\"_ _3\"></span>g </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs60\">US<span class=\"_ _3\"></span>$5<span class=\"_ _3\"></span>0m w<span class=\"_ _3\"></span>ill mature in M<span class=\"_ _3\"></span>arch 20<span class=\"_ _3\"></span>25. T<span class=\"_ _3\"></span>he Group r<span class=\"_ _3\"></span>aised US<span class=\"_ _3\"></span>$158<span class=\"_ _3\"></span>m in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs61\">June 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 through th<span class=\"_ _3\"></span>e issue of new US<span class=\"_ _3\"></span>PP notes w<span class=\"_ _3\"></span>hich will m<span class=\"_ _3\"></span>ature in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs62\">tran<span class=\"_ _3\"></span>ches in 20<span class=\"_ _3\"></span>27<span class=\"_ _5\"></span>, 2<span class=\"_ _3\"></span>029 a<span class=\"_ _3\"></span>nd 20<span class=\"_ _3\"></span>32. In D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2, the G<span class=\"_ _3\"></span>roup </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs63\">secu<span class=\"_ _3\"></span>red a new \u00a3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>m bilatera<span class=\"_ _3\"></span>l commit<span class=\"_ _3\"></span>ted faci<span class=\"_ _3\"></span>lity w<span class=\"_ _3\"></span>hich was un<span class=\"_ _3\"></span>drawn at<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs64\">31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd expires in D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 2024; th<span class=\"_ _3\"></span>e Group retain<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs65\">an opt<span class=\"_ _3\"></span>ion to extend th<span class=\"_ _3\"></span>e maturit<span class=\"_ _3\"></span>y of the fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y to Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>27<span class=\"_ _5\"></span>. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs66\">In<span class=\"_ gs52\"> </span>M<span class=\"_ _3\"></span>arch 20<span class=\"_ _3\"></span>23, th<span class=\"_ _3\"></span>e funds rais<span class=\"_ _3\"></span>ed throug<span class=\"_ _3\"></span>h the new USP<span class=\"_ _3\"></span>P notes </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs67\">issu<span class=\"_ _3\"></span>ance<span class=\"_ gs52\"> </span>and th<span class=\"_ _3\"></span>e new bilatera<span class=\"_ _3\"></span>l commit<span class=\"_ _3\"></span>ted faci<span class=\"_ _3\"></span>lity we<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e u<span class=\"_ _3\"></span>tilised towa<span class=\"_ _3\"></span>rds </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs68\">repay<span class=\"_ _3\"></span>ment of the US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>9m US<span class=\"_ _3\"></span>PP notes. T<span class=\"_ _3\"></span>he US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>m drawn un<span class=\"_ _3\"></span>der </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs69\">the bil<span class=\"_ _3\"></span>ateral co<span class=\"_ _3\"></span>mmitte<span class=\"_ _3\"></span>d facilit<span class=\"_ _3\"></span>y was rep<span class=\"_ _3\"></span>aid in Se<span class=\"_ _3\"></span>ptember 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs6a\">Th<span class=\"_ _3\"></span>e Group\u2019s \u00a3475m com<span class=\"_ _3\"></span>mitted su<span class=\"_ _3\"></span>staina<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y linked bank fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y which<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs6b\">was sig<span class=\"_ _3\"></span>ned in Ju<span class=\"_ _3\"></span>ne 202<span class=\"_ _3\"></span>3, rema<span class=\"_ _3\"></span>ined undr<span class=\"_ _3\"></span>awn at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs6c\">and rem<span class=\"_ _3\"></span>ains fully ava<span class=\"_ _3\"></span>ilable to th<span class=\"_ _3\"></span>e Group until J<span class=\"_ _3\"></span>une 20<span class=\"_ _3\"></span>27<span class=\"_ _5\"></span>. At the f<span class=\"_ _3\"></span>irst </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs6d\">annive<span class=\"_ _3\"></span>rsar<span class=\"_ _3\"></span>y of the fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y (June 2<span class=\"_ _3\"></span>024), th<span class=\"_ _3\"></span>e Group has a<span class=\"_ _3\"></span>n option to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs6e\">exten<span class=\"_ _3\"></span>d the matur<span class=\"_ _3\"></span>ity of th<span class=\"_ _3\"></span>e facilit<span class=\"_ _3\"></span>y to June 2<span class=\"_ _3\"></span>028<span class=\"_ _3\"></span>, with th<span class=\"_ _3\"></span>e consent<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs6f\">of<span class=\"_ gs52\"> </span>the<span class=\"_ gs52\"> </span>le<span class=\"_ _3\"></span>nding ba<span class=\"_ _3\"></span>nks.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs70\">Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s have stress<span class=\"_ _3\"></span>-teste<span class=\"_ _3\"></span>d the Group\u2019s base c<span class=\"_ _3\"></span>ase proje<span class=\"_ _3\"></span>ctions of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs71\">both c<span class=\"_ _3\"></span>ash and prof<span class=\"_ _3\"></span>it again<span class=\"_ _3\"></span>st k<span class=\"_ _4\"></span>ey s<span class=\"_ _3\"></span>ensitiv<span class=\"_ _3\"></span>ities whi<span class=\"_ _3\"></span>ch could m<span class=\"_ _3\"></span>aterialis<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs72\">as a result of a<span class=\"_ _3\"></span>dverse c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n the econ<span class=\"_ _3\"></span>omic enviro<span class=\"_ _3\"></span>nment inclu<span class=\"_ _3\"></span>ding </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs73\">a det<span class=\"_ _4\"></span>erioration in commer<span class=\"_ _4\"></span>cial or operational condition<span class=\"_ _4\"></span>s. T<span class=\"_ _3\"></span>he<span class=\"_ _4\"></span> Group </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs74\">has se<span class=\"_ _3\"></span>nsitised i<span class=\"_ _3\"></span>ts projec<span class=\"_ _3\"></span>tions ag<span class=\"_ _3\"></span>ainst severe bu<span class=\"_ _3\"></span>t plausib<span class=\"_ _3\"></span>le downs<span class=\"_ _3\"></span>ide </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs75\">scen<span class=\"_ _3\"></span>arios w<span class=\"_ _3\"></span>hich incl<span class=\"_ _3\"></span>ude: </div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs76\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">elimin<span class=\"_ _3\"></span>ation of a po<span class=\"_ _3\"></span>rti<span class=\"_ _3\"></span>on of unsecu<span class=\"_ _3\"></span>red work assu<span class=\"_ _3\"></span>med with<span class=\"_ _3\"></span>in the </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs77\">Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s base c<span class=\"_ _3\"></span>ase proje<span class=\"_ _3\"></span>ction<span class=\"_ _3\"></span>s and a delay of s<span class=\"_ _3\"></span>ix months for any </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs78\">award<span class=\"_ _3\"></span>ed but not yet co<span class=\"_ _3\"></span>ntracted w<span class=\"_ _3\"></span>ork; </div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs79\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">a deteri<span class=\"_ _3\"></span>oration of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t judgem<span class=\"_ _3\"></span>ents and rest<span class=\"_ _3\"></span>rictio<span class=\"_ _3\"></span>n of a por<span class=\"_ _3\"></span>tion </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7a\">of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s ma<span class=\"_ _3\"></span>rgins; and</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs7b\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">del<span class=\"_ _3\"></span>ay in the disp<span class=\"_ _3\"></span>osal of Inves<span class=\"_ _3\"></span>tments ass<span class=\"_ _3\"></span>ets by 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _3\"></span>nths.<span class=\"_ _3ab\"> </span></span></span><span class=\"ff40\"><span class=\"ff3c fc4\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7d\">In the s<span class=\"_ _3\"></span>ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>re but plau<span class=\"_ _3\"></span>sible dow<span class=\"_ _3\"></span>nside sc<span class=\"_ _3\"></span>enario<span class=\"_ _3\"></span>s model<span class=\"_ _3\"></span>led, the G<span class=\"_ _3\"></span>roup </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7e\">cont<span class=\"_ _3\"></span>inues to retain suf<span class=\"_ _3\"></span>fici<span class=\"_ _3\"></span>ent headro<span class=\"_ _3\"></span>om on liqu<span class=\"_ _3\"></span>idit<span class=\"_ _3\"></span>y through<span class=\"_ _3\"></span>out the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7f\">goin<span class=\"_ _3\"></span>g conc<span class=\"_ _3\"></span>ern peri<span class=\"_ _3\"></span>od. T<span class=\"_ _3\"></span>hrough the<span class=\"_ _3\"></span>se downsi<span class=\"_ _3\"></span>de scen<span class=\"_ _3\"></span>arios, th<span class=\"_ _3\"></span>e Group </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs80\">is still ex<span class=\"_ _3\"></span>pected to b<span class=\"_ _3\"></span>e in a net cash p<span class=\"_ _3\"></span>ositio<span class=\"_ _3\"></span>n and to remain w<span class=\"_ _3\"></span>ithin its </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs81\">bank<span class=\"_ _3\"></span>ing coven<span class=\"_ _3\"></span>ants through t<span class=\"_ _3\"></span>he going c<span class=\"_ _3\"></span>oncer<span class=\"_ _3\"></span>n assess<span class=\"_ _3\"></span>ment peri<span class=\"_ _3\"></span>od.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs82\">Bas<span class=\"_ _3\"></span>ed on the ab<span class=\"_ _3\"></span>ove and havin<span class=\"_ _3\"></span>g made a<span class=\"_ _3\"></span>ppropr<span class=\"_ _3\"></span>iate enquir<span class=\"_ _3\"></span>ies, the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs83\">Direc<span class=\"_ _3\"></span>tors con<span class=\"_ _3\"></span>sider it rea<span class=\"_ _3\"></span>sonab<span class=\"_ _3\"></span>le to assume th<span class=\"_ _3\"></span>at the Group a<span class=\"_ _3\"></span>nd the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs84\">Co<span class=\"_ _3\"></span>mpany have a<span class=\"_ _3\"></span>dequate res<span class=\"_ _3\"></span>ources to co<span class=\"_ _3\"></span>ntinue for the go<span class=\"_ _3\"></span>ing conc<span class=\"_ _3\"></span>ern </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs85\">per<span class=\"_ _3\"></span>iod and<span class=\"_ _3\"></span>, for this reaso<span class=\"_ _3\"></span>n, have contin<span class=\"_ _3\"></span>ued to ado<span class=\"_ _3\"></span>pt the goin<span class=\"_ _3\"></span>g </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs86\">con<span class=\"_ _3\"></span>cern ba<span class=\"_ _3\"></span>sis in prepa<span class=\"_ _3\"></span>ring the fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l statement<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls124 ws6a gs87\">Consideration<span class=\"_ _4\"></span> of climate<span class=\"_ _4\"></span> change<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs88\">In prep<span class=\"_ _3\"></span>aring th<span class=\"_ _3\"></span>e financ<span class=\"_ _3\"></span>ial statem<span class=\"_ _3\"></span>ents, the D<span class=\"_ _3\"></span>irectors have c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>red </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs89\">the im<span class=\"_ _3\"></span>pact of cl<span class=\"_ _3\"></span>imate chan<span class=\"_ _3\"></span>ge, par<span class=\"_ _3\"></span>ticul<span class=\"_ _3\"></span>arly in th<span class=\"_ _3\"></span>e context of the r<span class=\"_ _3\"></span>isks </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs8a\">ide<span class=\"_ _3\"></span>ntified in th<span class=\"_ _3\"></span>e TCFD dis<span class=\"_ _3\"></span>closure on p<span class=\"_ _3\"></span>ages 10<span class=\"_ _3\"></span>5 t<span class=\"_ _4\"></span>o 1<span class=\"_ _4\"></span>15. T<span class=\"_ _3\"></span>here has </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs8b\">bee<span class=\"_ _3\"></span>n no materia<span class=\"_ _3\"></span>l impac<span class=\"_ _3\"></span>t identifi<span class=\"_ _3\"></span>ed on the fin<span class=\"_ _3\"></span>ancial re<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ting </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs8c\">judg<span class=\"_ _3\"></span>ements an<span class=\"_ _3\"></span>d estimates<span class=\"_ _3\"></span>. In par<span class=\"_ _3\"></span>ticul<span class=\"_ _3\"></span>ar<span class=\"_ _4\"></span>, the D<span class=\"_ _3\"></span>irectors c<span class=\"_ _3\"></span>onsidere<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs8d\">the<span class=\"_ gs52\"> </span>im<span class=\"_ _3\"></span>pact of cl<span class=\"_ _3\"></span>imate chan<span class=\"_ _3\"></span>ge in respe<span class=\"_ _3\"></span>ct of the follow<span class=\"_ _3\"></span>ing areas: </div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs8e\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4 lsc ws8\">contract judgemen<span class=\"_ _4\"></span>ts made on the Group<span class=\"_ _4\"></span>\u2019s<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>onst<span class=\"_ _4\"></span>ruc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> Ser<span class=\"_ _3\"></span>vices </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs8f\">and Support Ser<span class=\"_ _3\"></span>vices contracts<span class=\"_ _4\"></span>;</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs90\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">goin<span class=\"_ _3\"></span>g conc<span class=\"_ _3\"></span>ern and vi<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y of the Grou<span class=\"_ _3\"></span>p over the nex<span class=\"_ _3\"></span>t three years;</span></span></div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs91\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">ca<span class=\"_ _3\"></span>sh flow foreca<span class=\"_ _3\"></span>sts used i<span class=\"_ _3\"></span>n the impai<span class=\"_ _3\"></span>rment asse<span class=\"_ _3\"></span>ssments of </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs92\">non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt assets inc<span class=\"_ _3\"></span>luding th<span class=\"_ _3\"></span>e Group\u2019s intangi<span class=\"_ _3\"></span>ble asset<span class=\"_ _3\"></span>s such </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs93\">as<span class=\"_ gs52\"> </span>cus<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>mer contr<span class=\"_ _3\"></span>acts an<span class=\"_ _3\"></span>d good<span class=\"_ _3\"></span>will;</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs94\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">ca<span class=\"_ _3\"></span>sh flow foreca<span class=\"_ _3\"></span>sts used i<span class=\"_ _3\"></span>n the impai<span class=\"_ _3\"></span>rment asse<span class=\"_ _3\"></span>ssments of t<span class=\"_ _3\"></span>he </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs95\">Group\u2019<span class=\"_ _4\"></span>s infrastructure in<span class=\"_ _4\"></span>vestments assets; </div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs96\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ying value a<span class=\"_ _3\"></span>nd useful ec<span class=\"_ _3\"></span>onomic li<span class=\"_ _3\"></span>ves of prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls73 ws80 gs97\">equipment; and</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs98\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">the val<span class=\"_ _3\"></span>uation of as<span class=\"_ _3\"></span>sets held w<span class=\"_ _3\"></span>ithin the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s p<span class=\"_ _3\"></span>ension sc<span class=\"_ _3\"></span>hemes.<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs99\">As c<span class=\"_ _3\"></span>urrent leg<span class=\"_ _3\"></span>islation s<span class=\"_ _3\"></span>tands<span class=\"_ _3\"></span>, there is curre<span class=\"_ _3\"></span>ntly no mater<span class=\"_ _3\"></span>ial medi<span class=\"_ _3\"></span>um-<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9a\">term im<span class=\"_ _3\"></span>pact exp<span class=\"_ _3\"></span>ected fro<span class=\"_ _3\"></span>m climate ch<span class=\"_ _3\"></span>ange due to th<span class=\"_ _3\"></span>e contrac<span class=\"_ _3\"></span>tual </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9b\">mec<span class=\"_ _3\"></span>hanisms an<span class=\"_ _3\"></span>d insuranc<span class=\"_ _3\"></span>e arrang<span class=\"_ _3\"></span>ements in p<span class=\"_ _3\"></span>lace. T<span class=\"_ _3\"></span>he Direc<span class=\"_ _3\"></span>tors are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9c\">however awa<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e of t<span class=\"_ _3\"></span>he ever-<span class=\"_ _3\"></span>changi<span class=\"_ _3\"></span>ng risks at<span class=\"_ _3\"></span>tach<span class=\"_ _3\"></span>ed to climate ch<span class=\"_ _3\"></span>ange </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9d\">and w<span class=\"_ _3\"></span>ill regular<span class=\"_ _3\"></span>ly asses<span class=\"_ _3\"></span>s these risk<span class=\"_ _3\"></span>s against j<span class=\"_ _3\"></span>udgem<span class=\"_ _3\"></span>ents and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9e\">estim<span class=\"_ _3\"></span>ates made i<span class=\"_ _3\"></span>n prepara<span class=\"_ _3\"></span>tion of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s fin<span class=\"_ _3\"></span>ancial s<span class=\"_ _3\"></span>tatements<span class=\"_ _3\"></span>. </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs9f\">Ba<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>s of pr<span class=\"_ _3\"></span>epa<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa0\">Th<span class=\"_ _3\"></span>e annual fin<span class=\"_ _3\"></span>ancial st<span class=\"_ _3\"></span>atements h<span class=\"_ _3\"></span>ave been prep<span class=\"_ _3\"></span>ared in ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa1\">with U<span class=\"_ _3\"></span>K-<span class=\"_ _3\"></span>adopte<span class=\"_ _3\"></span>d internatio<span class=\"_ _3\"></span>nal acc<span class=\"_ _3\"></span>ounting st<span class=\"_ _3\"></span>andard<span class=\"_ _3\"></span>s and in confor<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa2\">with t<span class=\"_ _3\"></span>he requirem<span class=\"_ _3\"></span>ents of the C<span class=\"_ _3\"></span>ompanie<span class=\"_ _3\"></span>s Act 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6 (the A<span class=\"_ _3\"></span>ct).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa3\">Th<span class=\"_ _3\"></span>e financi<span class=\"_ _3\"></span>al stateme<span class=\"_ _3\"></span>nts have bee<span class=\"_ _3\"></span>n prepared u<span class=\"_ _3\"></span>nder the his<span class=\"_ _3\"></span>torica<span class=\"_ _3\"></span>l cost </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa4\">convent<span class=\"_ _3\"></span>ion, except as d<span class=\"_ _3\"></span>escrib<span class=\"_ _3\"></span>ed unde<span class=\"_ _3\"></span>r Note 2.2<span class=\"_ _3\"></span>6. T<span class=\"_ _3\"></span>he functi<span class=\"_ _3\"></span>onal and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gsa5\">presentational currency of the Company and the presentational </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa6\">cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ncy of the G<span class=\"_ _3\"></span>roup is sterlin<span class=\"_ _3\"></span>g.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa7\">Th<span class=\"_ _3\"></span>e separa<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al stateme<span class=\"_ _3\"></span>nts of the Co<span class=\"_ _3\"></span>mpany are pres<span class=\"_ _3\"></span>ented </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa8\">as<span class=\"_ gs52\"> </span>requ<span class=\"_ _3\"></span>ired by the Ac<span class=\"_ _3\"></span>t and have be<span class=\"_ _3\"></span>en prepare<span class=\"_ _3\"></span>d in acco<span class=\"_ _3\"></span>rdance w<span class=\"_ _3\"></span>ith </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa9\">FRS 101 Red<span class=\"_ _3\"></span>uced Di<span class=\"_ _3\"></span>sclosure Fr<span class=\"_ _3\"></span>amework. I<span class=\"_ _3\"></span>n prepar<span class=\"_ _3\"></span>ing these fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsaa\">state<span class=\"_ _3\"></span>ments, the C<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>any applie<span class=\"_ _3\"></span>s the reco<span class=\"_ _3\"></span>gnition<span class=\"_ _3\"></span>, measureme<span class=\"_ _3\"></span>nt and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsab\">disc<span class=\"_ _3\"></span>losure requi<span class=\"_ _3\"></span>rements of UK-<span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span>opted intern<span class=\"_ _3\"></span>ational a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsac\">sta<span class=\"_ _3\"></span>ndards<span class=\"_ _3\"></span>, but makes ame<span class=\"_ _3\"></span>ndments w<span class=\"_ _3\"></span>here nece<span class=\"_ _3\"></span>ssar<span class=\"_ _3\"></span>y in orde<span class=\"_ _3\"></span>r t<span class=\"_ _4\"></span>o </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsad\">com<span class=\"_ _3\"></span>ply wit<span class=\"_ _3\"></span>h Comp<span class=\"_ _3\"></span>anies Ac<span class=\"_ _3\"></span>t 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6 and has set ou<span class=\"_ _3\"></span>t below wh<span class=\"_ _3\"></span>ere </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsae\">adv<span class=\"_ _3\"></span>antage of t<span class=\"_ _3\"></span>he FRS 101 discl<span class=\"_ _3\"></span>osure ex<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>mptions h<span class=\"_ _3\"></span>as been t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsaf\">As p<span class=\"_ _3\"></span>ermit<span class=\"_ _3\"></span>ted by FRS 101<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Com<span class=\"_ _3\"></span>pany has t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>en a<span class=\"_ _3\"></span>dvant<span class=\"_ _3\"></span>age of the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsb0\">disc<span class=\"_ _3\"></span>losure exemptio<span class=\"_ _3\"></span>ns availab<span class=\"_ _3\"></span>le under th<span class=\"_ _3\"></span>at stand<span class=\"_ _3\"></span>ard in relati<span class=\"_ _3\"></span>on to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gsb1\">share<span class=\"_ _3\"></span>-based paym<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>ts, financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> instruments, c<span class=\"_ _3\"></span>apital management, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsb2\">present<span class=\"_ _3\"></span>ation of a c<span class=\"_ _3\"></span>ash flow st<span class=\"_ _3\"></span>atement, rel<span class=\"_ _3\"></span>ated par<span class=\"_ _3\"></span>ty t<span class=\"_ _3\"></span>ransac<span class=\"_ _3\"></span>tions an<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gsb3\">comparati<span class=\"_ _3\"></span>v<span class=\"_ _4\"></span>e information. W<span class=\"_ _3\"></span>her<span class=\"_ _4\"></span>e required, equi<span class=\"_ _3\"></span>valen<span class=\"_ _4\"></span>t discl<span class=\"_ _3\"></span>osur<span class=\"_ _4\"></span>es are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsb4\">given i<span class=\"_ _3\"></span>n the cons<span class=\"_ _3\"></span>olidated f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al stateme<span class=\"_ _3\"></span>nts.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsb5\">In ad<span class=\"_ _3\"></span>dition to th<span class=\"_ _3\"></span>e applic<span class=\"_ _3\"></span>ation of FR<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>01, the Co<span class=\"_ _3\"></span>mpany has t<span class=\"_ _3\"></span>aken </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsb6\">adv<span class=\"_ _3\"></span>antage of S<span class=\"_ _3\"></span>ecti<span class=\"_ _3\"></span>on 40<span class=\"_ _3\"></span>8 of the A<span class=\"_ _3\"></span>ct and co<span class=\"_ _3\"></span>nseque<span class=\"_ _3\"></span>ntly its st<span class=\"_ _3\"></span>atement </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsb7\">of com<span class=\"_ _3\"></span>prehensi<span class=\"_ _3\"></span>ve income (<span class=\"_ _3\"></span>includ<span class=\"_ _3\"></span>ing the profit a<span class=\"_ _3\"></span>nd loss a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>) is not </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gsb8\">present<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> as par<span class=\"_ _3\"></span>t of these<span class=\"_ _4\"></span> financ<span class=\"_ _3\"></span>ial<span class=\"_ _4\"></span> st<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>ements.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls85 ws7d gsba\">2 Principal accounting policies<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gsbb\">2.<span class=\"_ _5\"></span>1 Accounting standards<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gsbc\">Ad<span class=\"_ _3\"></span>opti<span class=\"_ _3\"></span>on of ne<span class=\"_ _3\"></span>w and r<span class=\"_ _3\"></span>evis<span class=\"_ _3\"></span>ed s<span class=\"_ _3\"></span>tan<span class=\"_ _3\"></span>dar<span class=\"_ _3\"></span>ds<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsbd\">Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing stan<span class=\"_ _3\"></span>dards, inter<span class=\"_ _3\"></span>pretatio<span class=\"_ _3\"></span>ns and amen<span class=\"_ _3\"></span>dments </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gsbe\">have be<span class=\"_ _3\"></span>en adopte<span class=\"_ _3\"></span>d by the Group i<span class=\"_ _3\"></span>n the year end<span class=\"_ _3\"></span>ed 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023:</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsbf\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4 lsc ws8\">IFRS 1<span class=\"_ _4\"></span>7 Insura<span class=\"_ _4\"></span>nce C<span class=\"_ _3\"></span>on<span class=\"_ _4\"></span>tracts</span></span></div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsc0\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">Am<span class=\"_ _3\"></span>endment<span class=\"_ _3\"></span>s to the followin<span class=\"_ _3\"></span>g stand<span class=\"_ _3\"></span>ards:</span></span></div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsc1\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1 Prese<span class=\"_ _3\"></span>ntation of Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Statement<span class=\"_ _3\"></span>s and IFRS P<span class=\"_ _3\"></span>ract<span class=\"_ _3\"></span>ice </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsc2\">Statem<span class=\"_ _3\"></span>ent 2: Discl<span class=\"_ _3\"></span>osure of Acc<span class=\"_ _3\"></span>ounting Po<span class=\"_ _3\"></span>licies</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsc3\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 8 Acc<span class=\"_ _3\"></span>ounting Po<span class=\"_ _3\"></span>licies, C<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>s in Acco<span class=\"_ _3\"></span>unting Esti<span class=\"_ _3\"></span>mates and </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsc4\">Error<span class=\"_ _3\"></span>s: Definitio<span class=\"_ _3\"></span>n of Acco<span class=\"_ _3\"></span>unting Esti<span class=\"_ _3\"></span>mates</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsc5\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>2 In<span class=\"_ _3\"></span>come T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s: Deferred T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x related to As<span class=\"_ _3\"></span>sets and </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gsc6\">Liabilities a<span class=\"_ _4\"></span>rising from a<span class=\"_ _4\"></span> Single T<span class=\"_ _5\"></span>ransac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>ion</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsc7\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>2 In<span class=\"_ _3\"></span>come T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s: Internatio<span class=\"_ _3\"></span>nal T<span class=\"_ _4\"></span>ax Refo<span class=\"_ _3\"></span>rm \u2013 Pilla<span class=\"_ _3\"></span>r T<span class=\"_ _5\"></span>wo </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsc8\">Mo<span class=\"_ _3\"></span>del<span class=\"_ gs52\"> </span>Rule<span class=\"_ _3\"></span>s</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsc9\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IFR<span class=\"_ _3\"></span>S 1<span class=\"_ _5\"></span>7 I<span class=\"_ _3\"></span>nsuranc<span class=\"_ _3\"></span>e Contra<span class=\"_ _3\"></span>cts: Initi<span class=\"_ _3\"></span>al Ap<span class=\"_ _3\"></span>plica<span class=\"_ _3\"></span>tion of IFR<span class=\"_ _3\"></span>S 1<span class=\"_ _5\"></span>7 a<span class=\"_ _3\"></span>nd </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsca\">IFR<span class=\"_ _3\"></span>S 9 \u2013 Comp<span class=\"_ _3\"></span>arative I<span class=\"_ _3\"></span>nf<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rmatio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gscb\">Th<span class=\"_ _3\"></span>ese new and am<span class=\"_ _3\"></span>ended st<span class=\"_ _3\"></span>andard<span class=\"_ _3\"></span>s did not have a m<span class=\"_ _3\"></span>aterial ef<span class=\"_ _3\"></span>fect on<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gscc\">the<span class=\"_ gs52\"> </span>Gro<span class=\"_ _3\"></span>up or the C<span class=\"_ _3\"></span>ompany.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gscd\">Ac<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>untin<span class=\"_ _3\"></span>g st<span class=\"_ _3\"></span>and<span class=\"_ _3\"></span>ards n<span class=\"_ _3\"></span>ot ye<span class=\"_ _3\"></span>t adop<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d by the Gr<span class=\"_ _3\"></span>oup<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsce\">Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing stan<span class=\"_ _3\"></span>dards, inter<span class=\"_ _3\"></span>pretatio<span class=\"_ _3\"></span>ns and amen<span class=\"_ _3\"></span>dments </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gscf\">have be<span class=\"_ _3\"></span>en issued by t<span class=\"_ _3\"></span>he IA<span class=\"_ _3\"></span>SB but h<span class=\"_ _3\"></span>ad either n<span class=\"_ _3\"></span>ot been ad<span class=\"_ _3\"></span>opted by the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsd0\">UK or we<span class=\"_ _3\"></span>re not yet effecti<span class=\"_ _3\"></span>ve in the UK at 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3:</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsd1\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">Am<span class=\"_ _3\"></span>endment<span class=\"_ _3\"></span>s to the followin<span class=\"_ _3\"></span>g stand<span class=\"_ _3\"></span>ards:</span></span></div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsd2\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1 Prese<span class=\"_ _3\"></span>ntation of Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Statement<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: C<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>icatio<span class=\"_ _3\"></span>n of </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsd3\">Lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s as Current or N<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current </div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsd4\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1 Prese<span class=\"_ _3\"></span>ntation of Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Statement<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: N<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsd5\">Lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s with Cove<span class=\"_ _3\"></span>nants</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsd6\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 7 Statem<span class=\"_ _3\"></span>ent of Cash F<span class=\"_ _3\"></span>lows and IF<span class=\"_ _3\"></span>RS 7 Finan<span class=\"_ _3\"></span>cial </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gsd7\">Instruments: Disclosures<span class=\"_ _4\"></span>: Supp<span class=\"_ _3\"></span>lier<span class=\"_ _4\"></span> Financ<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> A<span class=\"_ _3\"></span>rrangements</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsd8\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 21 The Ef<span class=\"_ _3\"></span>fects of C<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n Foreign E<span class=\"_ _3\"></span>xchang<span class=\"_ _3\"></span>e Rates: L<span class=\"_ _3\"></span>ack </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsd9\">of E<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gsda\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IFR<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>6 L<span class=\"_ _3\"></span>eases: Le<span class=\"_ _3\"></span>ase Liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y in a Sale an<span class=\"_ _3\"></span>d Lease<span class=\"_ _3\"></span>back<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsdb\">Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s do not expe<span class=\"_ _3\"></span>ct the st<span class=\"_ _3\"></span>andard<span class=\"_ _3\"></span>s above to have a mater<span class=\"_ _3\"></span>ial </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsdc\">effe<span class=\"_ _3\"></span>ct on the Gro<span class=\"_ _3\"></span>up or the C<span class=\"_ _3\"></span>ompany a<span class=\"_ _3\"></span>nd have chos<span class=\"_ _3\"></span>en not to adopt </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsdd\">any of the a<span class=\"_ _3\"></span>bove stan<span class=\"_ _3\"></span>dards and i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rpretati<span class=\"_ _3\"></span>ons earl<span class=\"_ _3\"></span>ier than req<span class=\"_ _3\"></span>uired.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gsde\">2.2 Basis of<span class=\"_ _4\"></span> consolidation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsdf\">Th<span class=\"_ _3\"></span>e Group fin<span class=\"_ _3\"></span>ancial st<span class=\"_ _3\"></span>atements in<span class=\"_ _3\"></span>clude th<span class=\"_ _3\"></span>e results of the C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gse0\">and it<span class=\"_ _3\"></span>s subsidi<span class=\"_ _3\"></span>aries, to<span class=\"_ _3\"></span>gether wi<span class=\"_ _3\"></span>th the Group\u2019s share of the re<span class=\"_ _3\"></span>sults of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gse1\">joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates, d<span class=\"_ _3\"></span>rawn up to 31 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r each yea<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls4a ws44 gse2\">a)<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ubsidiarie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gse3\">Sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es are entities c<span class=\"_ _3\"></span>ontrolle<span class=\"_ _3\"></span>d by the Group<span class=\"_ _3\"></span>. The Grou<span class=\"_ _3\"></span>p controls </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gse4\">an entit<span class=\"_ _3\"></span>y whe<span class=\"_ _3\"></span>n it is expos<span class=\"_ _3\"></span>ed to, or has ri<span class=\"_ _3\"></span>ghts to, vari<span class=\"_ _3\"></span>able return<span class=\"_ _3\"></span>s from </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gse5\">its invo<span class=\"_ _3\"></span>lvement wi<span class=\"_ _3\"></span>th the entit<span class=\"_ _3\"></span>y and ha<span class=\"_ _3\"></span>s the abilit<span class=\"_ _3\"></span>y to af<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ct those </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gse6\">returns t<span class=\"_ _3\"></span>hrough its p<span class=\"_ _3\"></span>ower over the enti<span class=\"_ _3\"></span>ty.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gse7\">Th<span class=\"_ _3\"></span>e results of sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es are conso<span class=\"_ _3\"></span>lidated fro<span class=\"_ _3\"></span>m the date tha<span class=\"_ _3\"></span>t control </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gse8\">commences until the date that control ceases.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gse9\">Th<span class=\"_ _3\"></span>e acquisi<span class=\"_ _3\"></span>tion metho<span class=\"_ _3\"></span>d of acco<span class=\"_ _3\"></span>unting is use<span class=\"_ _3\"></span>d to accou<span class=\"_ _3\"></span>nt f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsea\">acq<span class=\"_ _3\"></span>uisition of su<span class=\"_ _3\"></span>bsidia<span class=\"_ _3\"></span>ries by the G<span class=\"_ _3\"></span>roup. On ac<span class=\"_ _3\"></span>quisiti<span class=\"_ _3\"></span>on, the ass<span class=\"_ _3\"></span>ets, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gseb\">liab<span class=\"_ _3\"></span>ilities an<span class=\"_ _3\"></span>d conting<span class=\"_ _3\"></span>ent liabili<span class=\"_ _3\"></span>ties of a subsi<span class=\"_ _3\"></span>diar<span class=\"_ _3\"></span>y are measu<span class=\"_ _3\"></span>red at </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsec\">their f<span class=\"_ _3\"></span>air values at th<span class=\"_ _3\"></span>e date of acq<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span>. Any excess of the f<span class=\"_ _3\"></span>air value </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsed\">of the c<span class=\"_ _3\"></span>ost of acqu<span class=\"_ _3\"></span>isition over t<span class=\"_ _3\"></span>he fair value<span class=\"_ _3\"></span>s of the identi<span class=\"_ _3\"></span>fiable n<span class=\"_ _3\"></span>et </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsee\">asset<span class=\"_ _3\"></span>s acquire<span class=\"_ _3\"></span>d is recog<span class=\"_ _3\"></span>nised as go<span class=\"_ _3\"></span>odw<span class=\"_ _3\"></span>ill. Any def<span class=\"_ _3\"></span>icienc<span class=\"_ _3\"></span>y of the cost </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsef\">of acq<span class=\"_ _3\"></span>uisition b<span class=\"_ _3\"></span>elow the fa<span class=\"_ _3\"></span>ir values of the i<span class=\"_ _3\"></span>dentifi<span class=\"_ _3\"></span>able net as<span class=\"_ _3\"></span>sets </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsf0\">acq<span class=\"_ _3\"></span>uired (disc<span class=\"_ _3\"></span>ount on ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n) is credite<span class=\"_ _3\"></span>d to the incom<span class=\"_ _3\"></span>e statement </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsf1\">in the p<span class=\"_ _3\"></span>eriod of a<span class=\"_ _3\"></span>cquisit<span class=\"_ _3\"></span>ion. Th<span class=\"_ _3\"></span>e interest of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>contro<span class=\"_ _3\"></span>lling equi<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsf2\">hol<span class=\"_ _3\"></span>ders is st<span class=\"_ _3\"></span>ated at the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntrolling eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y holder<span class=\"_ _3\"></span>s\u2019 propor<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsf3\">of<span class=\"_ gs52\"> </span>the fai<span class=\"_ _3\"></span>r value of the as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gsf4\">Wh<span class=\"_ _3\"></span>en the Grou<span class=\"_ _3\"></span>p loses co<span class=\"_ _3\"></span>ntrol of a subsid<span class=\"_ _3\"></span>iar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, the p<span class=\"_ _3\"></span>rofit or loss o<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gsf5\">disp<span class=\"_ _3\"></span>osal is c<span class=\"_ _3\"></span>alcul<span class=\"_ _3\"></span>ated as the dif<span class=\"_ _3\"></span>ference b<span class=\"_ _3\"></span>etwee<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>: (<span class=\"_ _3\"></span>i) the ag<span class=\"_ _3\"></span>gregate of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gsf6\">the fai<span class=\"_ _3\"></span>r value of the c<span class=\"_ _3\"></span>onsider<span class=\"_ _3\"></span>ation rece<span class=\"_ _3\"></span>ived and th<span class=\"_ _3\"></span>e fair value of any<span class=\"_ _3ab\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gsf8\">retain<span class=\"_ _3\"></span>ed interest les<span class=\"_ _3\"></span>s direct co<span class=\"_ _3\"></span>sts of the tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion; and (ii) t<span class=\"_ _3\"></span>he </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gsf9\">previo<span class=\"_ _3\"></span>us carr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng amount of th<span class=\"_ _3\"></span>e assets (i<span class=\"_ _3\"></span>ncludin<span class=\"_ _3\"></span>g good<span class=\"_ _3\"></span>will) le<span class=\"_ _3\"></span>ss </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gsfa\">liab<span class=\"_ _3\"></span>ilities of th<span class=\"_ _3\"></span>e subsidi<span class=\"_ _3\"></span>ary. The fa<span class=\"_ _3\"></span>ir value of any invest<span class=\"_ _3\"></span>ment retaine<span class=\"_ _3\"></span>d in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gsfb\">the for<span class=\"_ _3\"></span>mer subsid<span class=\"_ _3\"></span>iar<span class=\"_ _3\"></span>y at the date w<span class=\"_ _3\"></span>hen contro<span class=\"_ _3\"></span>l is lost is reg<span class=\"_ _3\"></span>arded as t<span class=\"_ _3\"></span>he </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gsfc\">fair val<span class=\"_ _3\"></span>ue on initia<span class=\"_ _3\"></span>l recogn<span class=\"_ _3\"></span>ition for sub<span class=\"_ _3\"></span>sequent a<span class=\"_ _3\"></span>ccountin<span class=\"_ _3\"></span>g under I<span class=\"_ _3\"></span>FRS 9 </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gsfd\">Fina<span class=\"_ _3\"></span>ncial Ins<span class=\"_ _3\"></span>trument<span class=\"_ _3\"></span>s or<span class=\"_ _4\"></span>, whe<span class=\"_ _3\"></span>n applic<span class=\"_ _3\"></span>able, t<span class=\"_ _3\"></span>he cost on i<span class=\"_ _3\"></span>nitial rec<span class=\"_ _3\"></span>ogniti<span class=\"_ _3\"></span>on </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gsfe\">of an investm<span class=\"_ _3\"></span>ent in an asso<span class=\"_ _3\"></span>ciate or jo<span class=\"_ _3\"></span>intly cont<span class=\"_ _3\"></span>rolled entit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. A<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gsff\">previo<span class=\"_ _3\"></span>usly reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>n other com<span class=\"_ _3\"></span>prehensive i<span class=\"_ _3\"></span>ncome in rel<span class=\"_ _3\"></span>ation to the<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gs100\">subsi<span class=\"_ _3\"></span>diar<span class=\"_ _3\"></span>y are acc<span class=\"_ _3\"></span>ounted for in the s<span class=\"_ _3\"></span>ame mann<span class=\"_ _3\"></span>er as would b<span class=\"_ _3\"></span>e required </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gs101\">if the rel<span class=\"_ _3\"></span>evant assets o<span class=\"_ _3\"></span>r liabilit<span class=\"_ _3\"></span>ies were disp<span class=\"_ _3\"></span>osed of (i.e<span class=\"_ _3\"></span>. reclass<span class=\"_ _3\"></span>ified to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd ws3 gs102\">profit o<span class=\"_ _3\"></span>r loss or tr<span class=\"_ _3\"></span>ansferred d<span class=\"_ _3\"></span>irectly to reta<span class=\"_ _3\"></span>ined ear<span class=\"_ _3\"></span>nings).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls78 ws3 gs103\">Any a<span class=\"_ _3\"></span>cquisit<span class=\"_ _3\"></span>ion or dis<span class=\"_ _3\"></span>posal w<span class=\"_ _3\"></span>hich do<span class=\"_ _3\"></span>es not result in a ch<span class=\"_ _3\"></span>ange in c<span class=\"_ _3\"></span>ontrol </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls78 ws3 gs104\">is acc<span class=\"_ _3\"></span>ounted for as a tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion bet<span class=\"_ _3\"></span>ween eq<span class=\"_ _3\"></span>uity h<span class=\"_ _3\"></span>older<span class=\"_ _3\"></span>s. The c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls78 ws3 gs105\">amou<span class=\"_ _3\"></span>nts of the cont<span class=\"_ _3\"></span>rolling and n<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontrollin<span class=\"_ _3\"></span>g int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests are adj<span class=\"_ _3\"></span>usted </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls78 ws3 gs106\">to<span class=\"_ gs52\"> </span>reflec<span class=\"_ _3\"></span>t the chang<span class=\"_ _3\"></span>es in their rel<span class=\"_ _3\"></span>ative interest<span class=\"_ _3\"></span>s in the subsid<span class=\"_ _3\"></span>iar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. A<span class=\"_ _3\"></span>ny </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls78 ws3 gs107\">dif<span class=\"_ _3\"></span>ference b<span class=\"_ _3\"></span>etween th<span class=\"_ _3\"></span>e fair value of t<span class=\"_ _3\"></span>he consid<span class=\"_ _3\"></span>eration p<span class=\"_ _3\"></span>aid or rec<span class=\"_ _3\"></span>eived </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls78 ws3 gs108\">and th<span class=\"_ _3\"></span>e amount by wh<span class=\"_ _3\"></span>ich the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntrolling interest<span class=\"_ _3\"></span>s are adjuste<span class=\"_ _3\"></span>d is </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls78 ws3 gs109\">reco<span class=\"_ _3\"></span>gnised d<span class=\"_ _3\"></span>irectly i<span class=\"_ _3\"></span>n equit<span class=\"_ _3\"></span>y and at<span class=\"_ _3\"></span>tribute<span class=\"_ _3\"></span>d to the owner<span class=\"_ _3\"></span>s of the Parent.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs10a\">Acc<span class=\"_ _3\"></span>ounting p<span class=\"_ _3\"></span>olicie<span class=\"_ _3\"></span>s of subsidi<span class=\"_ _3\"></span>aries are ad<span class=\"_ _3\"></span>justed whe<span class=\"_ _3\"></span>re necess<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>o </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs10b\">ensure c<span class=\"_ _3\"></span>onsistenc<span class=\"_ _3\"></span>y with tho<span class=\"_ _3\"></span>se used by the G<span class=\"_ _3\"></span>roup. A<span class=\"_ _3\"></span>ll intra<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Group </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs10c\">trans<span class=\"_ _3\"></span>acti<span class=\"_ _3\"></span>ons, bal<span class=\"_ _3\"></span>ances, in<span class=\"_ _3\"></span>come an<span class=\"_ _3\"></span>d e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>penses a<span class=\"_ _3\"></span>re eliminated o<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls16 ws12 gs10d\">conso<span class=\"_ _3\"></span>lidation.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs10e\">b) Join<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s and as<span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs10f\">Joi<span class=\"_ _3\"></span>nt ventures are those e<span class=\"_ _3\"></span>ntities over w<span class=\"_ _3\"></span>hose act<span class=\"_ _3\"></span>ivities t<span class=\"_ _3\"></span>he Group ha<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs110\">joint c<span class=\"_ _3\"></span>ontrol, wh<span class=\"_ _3\"></span>ereby the Grou<span class=\"_ _3\"></span>p has rig<span class=\"_ _3\"></span>hts to the net asset<span class=\"_ _3\"></span>s of the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs111\">entit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, ra<span class=\"_ _3\"></span>ther than r<span class=\"_ _3\"></span>ights to its in<span class=\"_ _3\"></span>divid<span class=\"_ _3\"></span>ual asset<span class=\"_ _3\"></span>s and obli<span class=\"_ _3\"></span>gations for i<span class=\"_ _3\"></span>ts </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls16 ws12 gs112\">indiv<span class=\"_ _3\"></span>idual liabilities<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd4 ws3 gs113\">As<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are those enti<span class=\"_ _3\"></span>ties over who<span class=\"_ _3\"></span>se financ<span class=\"_ _3\"></span>ial and op<span class=\"_ _3\"></span>eratin<span class=\"_ _3\"></span>g polici<span class=\"_ _3\"></span>es </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsd4 ws3 gs114\">the Gro<span class=\"_ _3\"></span>up has sig<span class=\"_ _3\"></span>nifica<span class=\"_ _3\"></span>nt influence, b<span class=\"_ _3\"></span>ut not contro<span class=\"_ _3\"></span>l or joint co<span class=\"_ _3\"></span>ntrol. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs115\">Th<span class=\"_ _3\"></span>e results, as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities of j<span class=\"_ _3\"></span>oint ventures and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs116\">inc<span class=\"_ _3\"></span>orpor<span class=\"_ _3\"></span>ated in the fin<span class=\"_ _3\"></span>ancial s<span class=\"_ _3\"></span>tatements u<span class=\"_ _3\"></span>sing the eq<span class=\"_ _3\"></span>uity m<span class=\"_ _3\"></span>ethod of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs117\">acc<span class=\"_ _3\"></span>ounting excep<span class=\"_ _3\"></span>t when cla<span class=\"_ _3\"></span>ssifie<span class=\"_ _3\"></span>d as held for sa<span class=\"_ _3\"></span>le. The e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y return </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs118\">from the m<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y hou<span class=\"_ _3\"></span>sing joint venture<span class=\"_ _3\"></span>s of the Group is c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>tually </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs119\">limite<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o a m<span class=\"_ _3\"></span>aximum l<span class=\"_ _3\"></span>evel of return, beyo<span class=\"_ _3\"></span>nd which t<span class=\"_ _3\"></span>he Group do<span class=\"_ _3\"></span>es </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs11a\">not sha<span class=\"_ _3\"></span>re in any furt<span class=\"_ _3\"></span>her return. T<span class=\"_ _3\"></span>herefore the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s invest<span class=\"_ _3\"></span>ment in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs11b\">these p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s is recog<span class=\"_ _3\"></span>nised at initi<span class=\"_ _3\"></span>al equit<span class=\"_ _3\"></span>y investm<span class=\"_ _3\"></span>ent plus the v<span class=\"_ _3\"></span>alue </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs11c\">of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s ac<span class=\"_ _3\"></span>crued p<span class=\"_ _3\"></span>ref<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred return fro<span class=\"_ _3\"></span>m the under<span class=\"_ _3\"></span>lying p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs11d\">Any exces<span class=\"_ _3\"></span>s of the fair val<span class=\"_ _3\"></span>ue of the cos<span class=\"_ _3\"></span>t of acquisi<span class=\"_ _3\"></span>tion over the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs11e\">share of th<span class=\"_ _3\"></span>e fair values of t<span class=\"_ _3\"></span>he identif<span class=\"_ _3\"></span>iable net a<span class=\"_ _3\"></span>ssets of the j<span class=\"_ _3\"></span>oint </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs11f\">venture or as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ate entity a<span class=\"_ _3\"></span>t the date of ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n is recogn<span class=\"_ _3\"></span>ised as </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs120\">go<span class=\"_ _3\"></span>odwil<span class=\"_ _3\"></span>l. Any defi<span class=\"_ _3\"></span>ciency of t<span class=\"_ _3\"></span>he fair value of t<span class=\"_ _3\"></span>he cost of ac<span class=\"_ _3\"></span>quisiti<span class=\"_ _3\"></span>on </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs121\">bel<span class=\"_ _3\"></span>ow the Group\u2019s share of the fa<span class=\"_ _3\"></span>ir values of th<span class=\"_ _3\"></span>e identifi<span class=\"_ _3\"></span>able net </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs122\">asset<span class=\"_ _3\"></span>s of the joint venture o<span class=\"_ _3\"></span>r assoc<span class=\"_ _3\"></span>iate at the date of a<span class=\"_ _3\"></span>cquisiti<span class=\"_ _3\"></span>on </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs123\">(disc<span class=\"_ _3\"></span>ount on ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n) is credite<span class=\"_ _3\"></span>d to the incom<span class=\"_ _3\"></span>e statement i<span class=\"_ _3\"></span>n the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls4a ws44 gs124\">period of acquisition.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs125\">Investm<span class=\"_ _3\"></span>ents in joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates are ini<span class=\"_ _3\"></span>tially c<span class=\"_ _3\"></span>arrie<span class=\"_ _3\"></span>d in the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs126\">bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et at cost (in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g good<span class=\"_ _3\"></span>will aris<span class=\"_ _3\"></span>ing on acq<span class=\"_ _3\"></span>uisition) a<span class=\"_ _3\"></span>nd </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs127\">adju<span class=\"_ _3\"></span>sted by pos<span class=\"_ _3\"></span>t-a<span class=\"_ _3\"></span>cquisit<span class=\"_ _3\"></span>ion chan<span class=\"_ _3\"></span>ges in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of net </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs128\">asset<span class=\"_ _3\"></span>s of the joint venture o<span class=\"_ _3\"></span>r assoc<span class=\"_ _3\"></span>iate, less any im<span class=\"_ _3\"></span>pairme<span class=\"_ _3\"></span>nt in the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs129\">value of i<span class=\"_ _3\"></span>ndivi<span class=\"_ _3\"></span>dual investm<span class=\"_ _3\"></span>ents. Los<span class=\"_ _3\"></span>ses of joint venture<span class=\"_ _3\"></span>s and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs12a\">asso<span class=\"_ _3\"></span>ciates in exces<span class=\"_ _3\"></span>s of the Group\u2019s interest in tho<span class=\"_ _3\"></span>se joint ventures </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs12b\">and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are only rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he extent that t<span class=\"_ _3\"></span>he Group is </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs12c\">cont<span class=\"_ _3\"></span>ractua<span class=\"_ _3\"></span>lly liab<span class=\"_ _3\"></span>le for<span class=\"_ _4\"></span>, or ha<span class=\"_ _3\"></span>s a constr<span class=\"_ _3\"></span>uctive o<span class=\"_ _3\"></span>bligat<span class=\"_ _3\"></span>ion to meet, t<span class=\"_ _3\"></span>he </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs12d\">obl<span class=\"_ _3\"></span>igatio<span class=\"_ _3\"></span>ns of the joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs12e\">Unrealised gains and losses on transactions with joint ventures<span class=\"_ _4\"></span> and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs12f\">asso<span class=\"_ _3\"></span>ciates are eli<span class=\"_ _3\"></span>minated to the ex<span class=\"_ _3\"></span>tent of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest in th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws37 gs130\">releva<span class=\"_ _3\"></span>nt joint ventu<span class=\"_ _3\"></span>re or asso<span class=\"_ _3\"></span>ciate.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs131\">c) Join<span class=\"_ _3\"></span>t ope<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs132\">Th<span class=\"_ _3\"></span>e Group\u2019s share of the result<span class=\"_ _3\"></span>s, assets a<span class=\"_ _3\"></span>nd liabil<span class=\"_ _3\"></span>ities of cont<span class=\"_ _3\"></span>racts </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs133\">ca<span class=\"_ _3\"></span>rried ou<span class=\"_ _3\"></span>t in conjun<span class=\"_ _3\"></span>ction w<span class=\"_ _3\"></span>ith another p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>y are inc<span class=\"_ _3\"></span>luded un<span class=\"_ _3\"></span>der eac<span class=\"_ _3\"></span>h </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs134\">relevant he<span class=\"_ _3\"></span>ading in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement a<span class=\"_ _3\"></span>nd balan<span class=\"_ _3\"></span>ce sheet.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs135\">Th<span class=\"_ _3\"></span>e results of a sma<span class=\"_ _3\"></span>ll number of j<span class=\"_ _3\"></span>oint oper<span class=\"_ _3\"></span>ations are dr<span class=\"_ _3\"></span>awn up to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs136\">a<span class=\"_ gs52\"> </span>date oth<span class=\"_ _3\"></span>er than 31 De<span class=\"_ _3\"></span>cember, ty<span class=\"_ _3\"></span>pica<span class=\"_ _3\"></span>lly in the la<span class=\"_ _3\"></span>st two wee<span class=\"_ _3\"></span>ks of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs137\">Dec<span class=\"_ _3\"></span>ember. Adjust<span class=\"_ _3\"></span>ments are ma<span class=\"_ _3\"></span>de for any signi<span class=\"_ _3\"></span>ficant tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tions </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs138\">bet<span class=\"_ _3\"></span>ween suc<span class=\"_ _3\"></span>h date and 31 De<span class=\"_ _3\"></span>cember.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls66 ws5e gs13a\">2.3 Foreign currenc<span class=\"_ _3\"></span>ies<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs13b\">T<span class=\"_ _4\"></span>rans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>ns in foreign cu<span class=\"_ _3\"></span>rrencies a<span class=\"_ _3\"></span>re r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>corde<span class=\"_ _3\"></span>d at the rate of exchang<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls88 ws3 gs13c\">at the d<span class=\"_ _3\"></span>ate of the trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>n. Monet<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y assets and l<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es denom<span class=\"_ _3\"></span>inated<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs13d\">in foreign c<span class=\"_ _3\"></span>urrenci<span class=\"_ _3\"></span>es are transl<span class=\"_ _3\"></span>ated at the rates of excha<span class=\"_ _3\"></span>nge at the<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs13e\">repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date. Sig<span class=\"_ _3\"></span>nifica<span class=\"_ _3\"></span>nt e<span class=\"_ _4\"></span>xch<span class=\"_ _3\"></span>ange rates u<span class=\"_ _3\"></span>sed in the pre<span class=\"_ _3\"></span>paratio<span class=\"_ _3\"></span>n of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs13f\">these f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al stateme<span class=\"_ _3\"></span>nts are shown in N<span class=\"_ _3\"></span>ote 3.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs140\">For t<span class=\"_ _3\"></span>he purp<span class=\"_ _3\"></span>ose of presenti<span class=\"_ _3\"></span>ng conso<span class=\"_ _3\"></span>lidated fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l statement<span class=\"_ _3\"></span>s, the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs141\">result<span class=\"_ _3\"></span>s of f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>reign subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s, asso<span class=\"_ _3\"></span>ciates and jo<span class=\"_ _3\"></span>int venture entitie<span class=\"_ _3\"></span>s are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs142\">trans<span class=\"_ _3\"></span>lated at avera<span class=\"_ _3\"></span>ge rates of exchang<span class=\"_ _3\"></span>e for the year, unless th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs143\">exchang<span class=\"_ _3\"></span>e rates fluc<span class=\"_ _3\"></span>tuate signif<span class=\"_ _3\"></span>icantl<span class=\"_ _3\"></span>y during th<span class=\"_ _3\"></span>at perio<span class=\"_ _3\"></span>d, in whi<span class=\"_ _3\"></span>ch case<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs144\">the exchan<span class=\"_ _3\"></span>ge rates at the d<span class=\"_ _3\"></span>ate of trans<span class=\"_ _3\"></span>action<span class=\"_ _3\"></span>s are used. A<span class=\"_ _3\"></span>ssets an<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs145\">liab<span class=\"_ _3\"></span>ilities are tr<span class=\"_ _3\"></span>anslated at t<span class=\"_ _3\"></span>he rates of exchang<span class=\"_ _3\"></span>e prevailing at th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs146\">repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date. Go<span class=\"_ _3\"></span>odwil<span class=\"_ _3\"></span>l and fair valu<span class=\"_ _3\"></span>e adjustm<span class=\"_ _3\"></span>ents arisin<span class=\"_ _3\"></span>g on the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs147\">acq<span class=\"_ _3\"></span>uisition of a fo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ign entit<span class=\"_ _3\"></span>y are treated a<span class=\"_ _3\"></span>s assets and l<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es of the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs148\">foreign e<span class=\"_ _3\"></span>ntity an<span class=\"_ _3\"></span>d transla<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d at the rates of excha<span class=\"_ _3\"></span>nge at the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls8b ws10 gs149\">date. Currency translation differences arising are transferr<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> to the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs14a\">Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s foreign c<span class=\"_ _3\"></span>urrency t<span class=\"_ _3\"></span>ranslati<span class=\"_ _3\"></span>on reser<span class=\"_ _3\"></span>ve and are reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>n the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs14b\">inc<span class=\"_ _3\"></span>ome statem<span class=\"_ _3\"></span>ent on disp<span class=\"_ _3\"></span>osal of the u<span class=\"_ _3\"></span>nderl<span class=\"_ _3\"></span>ying investm<span class=\"_ _3\"></span>ent.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs14c\">In ord<span class=\"_ _3\"></span>er to hedge i<span class=\"_ _3\"></span>ts exposu<span class=\"_ _3\"></span>re t<span class=\"_ _4\"></span>o c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain foreign excha<span class=\"_ _3\"></span>nge risks<span class=\"_ _3\"></span>, the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs14d\">Grou<span class=\"_ _3\"></span>p may enter into for<span class=\"_ _3\"></span>ward foreign excha<span class=\"_ _3\"></span>nge cont<span class=\"_ _3\"></span>racts<span class=\"_ _3\"></span>. Refer to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs14e\">Note 2.<span class=\"_ _3\"></span>26<span class=\"_ _3\"></span>(b) for det<span class=\"_ _3\"></span>ails of the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s ac<span class=\"_ _3\"></span>counting p<span class=\"_ _3\"></span>olicie<span class=\"_ _3\"></span>s in respec<span class=\"_ _3\"></span>t of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws11 gs14f\">such derivative financial instruments. </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs150\">2.<span class=\"_ _3\"></span>4 Reve<span class=\"_ _3\"></span>nue r<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ogn<span class=\"_ _3\"></span>iti<span class=\"_ _3\"></span>on </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs151\">Th<span class=\"_ _3\"></span>e Group rec<span class=\"_ _3\"></span>ognises revenu<span class=\"_ _3\"></span>e when it tr<span class=\"_ _3\"></span>ansfers cont<span class=\"_ _3\"></span>rol over a </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs152\">prod<span class=\"_ _3\"></span>uct or ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce to its custo<span class=\"_ _3\"></span>mer<span class=\"_ _4\"></span>. Revenu<span class=\"_ _3\"></span>e is measured b<span class=\"_ _3\"></span>ased </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs153\">on<span class=\"_ gs52\"> </span>the c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>ration sp<span class=\"_ _3\"></span>ecifie<span class=\"_ _3\"></span>d in a contr<span class=\"_ _3\"></span>act wit<span class=\"_ _3\"></span>h a customer an<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs154\">exclude<span class=\"_ _3\"></span>s amounts c<span class=\"_ _3\"></span>ollecte<span class=\"_ _3\"></span>d on behal<span class=\"_ _3\"></span>f of third par<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>. Where </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs155\">con<span class=\"_ _3\"></span>siderati<span class=\"_ _3\"></span>on is not spe<span class=\"_ _3\"></span>cifie<span class=\"_ _3\"></span>d within the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t and is therefore </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs156\">subje<span class=\"_ _3\"></span>ct to vari<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, the G<span class=\"_ _3\"></span>roup estim<span class=\"_ _3\"></span>ates the amo<span class=\"_ _3\"></span>unt of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs157\">con<span class=\"_ _3\"></span>siderati<span class=\"_ _3\"></span>on to be recei<span class=\"_ _3\"></span>ved from its c<span class=\"_ _3\"></span>ustomer. The co<span class=\"_ _3\"></span>nsiderat<span class=\"_ _3\"></span>ion </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs158\">reco<span class=\"_ _3\"></span>gnised is t<span class=\"_ _3\"></span>he amount w<span class=\"_ _3\"></span>hich is highl<span class=\"_ _3\"></span>y proba<span class=\"_ _3\"></span>ble not to result in a </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs159\">signi<span class=\"_ _3\"></span>ficant rever<span class=\"_ _3\"></span>sal in future p<span class=\"_ _3\"></span>eriod<span class=\"_ _3\"></span>s. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs15a\">Wh<span class=\"_ _3\"></span>ere a modi<span class=\"_ _3\"></span>ficati<span class=\"_ _3\"></span>on to an existing c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t occur<span class=\"_ _3\"></span>s, the Grou<span class=\"_ _3\"></span>p </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs15b\">asse<span class=\"_ _3\"></span>sses the na<span class=\"_ _3\"></span>ture of the mod<span class=\"_ _3\"></span>ificat<span class=\"_ _3\"></span>ion and wh<span class=\"_ _3\"></span>ether it repre<span class=\"_ _3\"></span>sents a </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs15c\">sep<span class=\"_ _3\"></span>arate per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce obl<span class=\"_ _3\"></span>igation re<span class=\"_ _3\"></span>quired to be s<span class=\"_ _3\"></span>atisfied b<span class=\"_ _3\"></span>y the Group </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs15d\">or wh<span class=\"_ _3\"></span>ether it is a mo<span class=\"_ _3\"></span>dific<span class=\"_ _3\"></span>ation to the exis<span class=\"_ _3\"></span>ting per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>n. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs15e\">Th<span class=\"_ _3\"></span>e Group do<span class=\"_ _3\"></span>es not expe<span class=\"_ _3\"></span>ct to have any contr<span class=\"_ _3\"></span>acts w<span class=\"_ _3\"></span>here the per<span class=\"_ _3\"></span>iod </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs15f\">bet<span class=\"_ _3\"></span>ween the tr<span class=\"_ _3\"></span>ansfer of the pro<span class=\"_ _3\"></span>mised go<span class=\"_ _3\"></span>ods or se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices to the cus<span class=\"_ _3\"></span>tomer </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs160\">and p<span class=\"_ _3\"></span>ayment by the c<span class=\"_ _3\"></span>ustomer excee<span class=\"_ _3\"></span>ds one year. As a co<span class=\"_ _3\"></span>nseque<span class=\"_ _3\"></span>nce, the<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs161\">Grou<span class=\"_ _3\"></span>p does not a<span class=\"_ _3\"></span>djust its tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion pri<span class=\"_ _3\"></span>ce for the tim<span class=\"_ _3\"></span>e value of money.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs162\">Th<span class=\"_ _3\"></span>e Group\u2019s activ<span class=\"_ _3\"></span>ities are wid<span class=\"_ _3\"></span>e rangin<span class=\"_ _3\"></span>g, and as su<span class=\"_ _3\"></span>ch, dep<span class=\"_ _3\"></span>ending o<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs163\">the<span class=\"_ gs52\"> </span>na<span class=\"_ _3\"></span>ture of the produ<span class=\"_ _3\"></span>ct or ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e delivere<span class=\"_ _3\"></span>d and the timi<span class=\"_ _3\"></span>ng of when </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs164\">cont<span class=\"_ _3\"></span>rol is passe<span class=\"_ _3\"></span>d onto the custo<span class=\"_ _3\"></span>mer<span class=\"_ _4\"></span>, the G<span class=\"_ _3\"></span>roup will a<span class=\"_ _3\"></span>ccount for revenu<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs165\">over time a<span class=\"_ _3\"></span>nd at a point in t<span class=\"_ _3\"></span>ime. Wh<span class=\"_ _3\"></span>ere re<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>nue is measu<span class=\"_ _3\"></span>red over time, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs166\">the Gro<span class=\"_ _3\"></span>up uses the i<span class=\"_ _3\"></span>nput metho<span class=\"_ _3\"></span>d to measure pro<span class=\"_ _3\"></span>gress of de<span class=\"_ _3\"></span>liver<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs167\">Revenue is re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed as follows: </div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs168\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">revenue from c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction an<span class=\"_ _3\"></span>d ser<span class=\"_ _3\"></span>vices ac<span class=\"_ _3\"></span>tivit<span class=\"_ _3\"></span>ies is reco<span class=\"_ _3\"></span>gnised </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs169\">over<span class=\"_ gs52\"> </span>time a<span class=\"_ _3\"></span>nd the Grou<span class=\"_ _3\"></span>p uses the inp<span class=\"_ _3\"></span>ut metho<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o m<span class=\"_ _3\"></span>easure </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs16a\">prog<span class=\"_ _3\"></span>ress<span class=\"_ gs52\"> </span>of deli<span class=\"_ _3\"></span>very<span class=\"_ _3\"></span>; </div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs16b\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">revenue from m<span class=\"_ _3\"></span>anufac<span class=\"_ _3\"></span>turing ac<span class=\"_ _3\"></span>tiviti<span class=\"_ _3\"></span>es is recog<span class=\"_ _3\"></span>nised at a p<span class=\"_ _3\"></span>oint in </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs16c\">time w<span class=\"_ _3\"></span>hen title h<span class=\"_ _3\"></span>as passe<span class=\"_ _3\"></span>d to the custom<span class=\"_ _3\"></span>er; and</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs16d\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">div<span class=\"_ _3\"></span>idend in<span class=\"_ _3\"></span>come in th<span class=\"_ _3\"></span>e Parent Co<span class=\"_ _3\"></span>mpany is rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d when the </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs16e\">equi<span class=\"_ _3\"></span>ty ho<span class=\"_ _3\"></span>lders\u2019 ri<span class=\"_ _3\"></span>ght to receive p<span class=\"_ _3\"></span>ayment is es<span class=\"_ _3\"></span>tablish<span class=\"_ _3\"></span>ed.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs16f\">2.<span class=\"_ _3\"></span>5 Co<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ion a<span class=\"_ _3\"></span>nd se<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es c<span class=\"_ _3\"></span>ont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs170\">Wh<span class=\"_ _3\"></span>en the outc<span class=\"_ _3\"></span>ome of indi<span class=\"_ _3\"></span>vidual c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts can b<span class=\"_ _3\"></span>e estimate<span class=\"_ _3\"></span>d reliabl<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>,<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs171\">cont<span class=\"_ _3\"></span>ract revenue is re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed by reference to the m<span class=\"_ _3\"></span>easure of prog<span class=\"_ _3\"></span>ress </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs172\">at the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date usi<span class=\"_ _3\"></span>ng the inpu<span class=\"_ _3\"></span>t method<span class=\"_ _3\"></span>. Costs a<span class=\"_ _3\"></span>re r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed as </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs173\">incu<span class=\"_ _3\"></span>rred and revenue is re<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed on the b<span class=\"_ _3\"></span>asis of the pro<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tion of total<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs174\">cos<span class=\"_ _3\"></span>ts at the rep<span class=\"_ _3\"></span>orti<span class=\"_ _3\"></span>ng date to the est<span class=\"_ _3\"></span>imated total c<span class=\"_ _3\"></span>osts of the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs176\">Esti<span class=\"_ _3\"></span>mates of the fin<span class=\"_ _3\"></span>al out-t<span class=\"_ _3\"></span>urn on ea<span class=\"_ _3\"></span>ch contra<span class=\"_ _3\"></span>ct may inc<span class=\"_ _3\"></span>lude co<span class=\"_ _3\"></span>st </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs177\">cont<span class=\"_ _3\"></span>ingenc<span class=\"_ _3\"></span>ies to take acco<span class=\"_ _3\"></span>unt of the spe<span class=\"_ _3\"></span>cific ri<span class=\"_ _3\"></span>sks within e<span class=\"_ _3\"></span>ach </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs178\">cont<span class=\"_ _3\"></span>ract tha<span class=\"_ _3\"></span>t have been id<span class=\"_ _3\"></span>entifie<span class=\"_ _3\"></span>d during th<span class=\"_ _3\"></span>e early st<span class=\"_ _3\"></span>ages of th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs179\">cont<span class=\"_ _3\"></span>ract. T<span class=\"_ _3\"></span>he cost c<span class=\"_ _3\"></span>ontinge<span class=\"_ _3\"></span>ncies are revi<span class=\"_ _3\"></span>ewed on a regul<span class=\"_ _3\"></span>ar basis </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs17a\">throug<span class=\"_ _3\"></span>hout the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t life and are adju<span class=\"_ _3\"></span>sted where a<span class=\"_ _3\"></span>ppropr<span class=\"_ _3\"></span>iate. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs17b\">However, the nature of th<span class=\"_ _3\"></span>e risks on co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>s are such that t<span class=\"_ _3\"></span>hey often </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs17c\">ca<span class=\"_ _3\"></span>nnot be resol<span class=\"_ _3\"></span>ved until the en<span class=\"_ _3\"></span>d of the proje<span class=\"_ _3\"></span>ct and therefore m<span class=\"_ _3\"></span>ay not </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs17d\">reverse unti<span class=\"_ _3\"></span>l the end of the p<span class=\"_ _3\"></span>roject. T<span class=\"_ _3\"></span>he estim<span class=\"_ _3\"></span>ated final o<span class=\"_ _3\"></span>ut-tur<span class=\"_ _3\"></span>ns on </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs17e\">cont<span class=\"_ _3\"></span>racts are c<span class=\"_ _3\"></span>ontinuou<span class=\"_ _3\"></span>sly reviewed<span class=\"_ _3\"></span>, and in cer<span class=\"_ _3\"></span>tain l<span class=\"_ _3\"></span>imited ca<span class=\"_ _3\"></span>ses, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs17f\">recover<span class=\"_ _3\"></span>ies from insure<span class=\"_ _3\"></span>rs are asses<span class=\"_ _3\"></span>sed, and a<span class=\"_ _3\"></span>djustm<span class=\"_ _3\"></span>ents made </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs180\">whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ gs52\"> </span>n<span class=\"_ _3\"></span>ecess<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs181\">No m<span class=\"_ _3\"></span>argin is rec<span class=\"_ _3\"></span>ognised u<span class=\"_ _3\"></span>ntil the outc<span class=\"_ _3\"></span>ome of the co<span class=\"_ _3\"></span>ntract c<span class=\"_ _3\"></span>an </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs182\">be<span class=\"_ gs52\"> </span>es<span class=\"_ _3\"></span>timated wi<span class=\"_ _3\"></span>th reasona<span class=\"_ _3\"></span>ble cer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>nty. Provision i<span class=\"_ _3\"></span>s made for all </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs183\">know<span class=\"_ _3\"></span>n or expec<span class=\"_ _3\"></span>ted loss<span class=\"_ _3\"></span>es on indi<span class=\"_ _3\"></span>vidual c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts once su<span class=\"_ _3\"></span>ch losse<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls4c ws46 gs184\">are fore<span class=\"_ _3\"></span>seen.<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs185\">Revenue in re<span class=\"_ _3\"></span>spect of v<span class=\"_ _3\"></span>ariatio<span class=\"_ _3\"></span>ns to contra<span class=\"_ _3\"></span>cts and in<span class=\"_ _3\"></span>centive pay<span class=\"_ _3\"></span>ments </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs186\">is<span class=\"_ gs52\"> </span>reco<span class=\"_ _3\"></span>gnised w<span class=\"_ _3\"></span>hen there is an e<span class=\"_ _3\"></span>nf<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rceabl<span class=\"_ _3\"></span>e right to pay<span class=\"_ _3\"></span>ment and it is<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws12 gs187\">highl<span class=\"_ _3\"></span>y proba<span class=\"_ _3\"></span>ble it wil<span class=\"_ _3\"></span>l be agree<span class=\"_ _3\"></span>d by the custom<span class=\"_ _3\"></span>er<span class=\"_ _5\"></span>. Var<span class=\"_ _3\"></span>iable c<span class=\"_ _3\"></span>onsider<span class=\"_ _3\"></span>ation </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls109 ws8 gs188\">is assessed<span class=\"_ _4\"></span> on a contract by<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>on<span class=\"_ _4\"></span>tract basis according t<span class=\"_ _4\"></span>o the facts, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs189\">circu<span class=\"_ _3\"></span>mstanc<span class=\"_ _3\"></span>es and terms of e<span class=\"_ _3\"></span>ach proje<span class=\"_ _3\"></span>ct and onl<span class=\"_ _3\"></span>y recog<span class=\"_ _3\"></span>nised to the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs18a\">extent th<span class=\"_ _3\"></span>at it is highl<span class=\"_ _3\"></span>y proba<span class=\"_ _3\"></span>ble not to sign<span class=\"_ _3\"></span>ificant<span class=\"_ _3\"></span>ly reverse in the fu<span class=\"_ _3\"></span>ture. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs18b\">Revenue in re<span class=\"_ _3\"></span>spect of c<span class=\"_ _3\"></span>laims is rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d only if it i<span class=\"_ _3\"></span>s highly p<span class=\"_ _3\"></span>robabl<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs18c\">not to reverse in fu<span class=\"_ _3\"></span>ture peri<span class=\"_ _3\"></span>ods. P<span class=\"_ _3\"></span>rofit for the year in<span class=\"_ _3\"></span>cludes t<span class=\"_ _3\"></span>he benefi<span class=\"_ _3\"></span>t </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs18d\">of cla<span class=\"_ _3\"></span>ims settl<span class=\"_ _3\"></span>ed in the year to t<span class=\"_ _3\"></span>he extent not previ<span class=\"_ _3\"></span>ously rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d on </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls109 ws8 gs18e\">contracts complet<span class=\"_ _4\"></span>ed in pre<span class=\"_ _4\"></span>v<span class=\"_ _3\"></span>iou<span class=\"_ _4\"></span>s years.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5f ws57 gs18f\">2.6 Segmental repor<span class=\"_ _3\"></span>ting<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs190\">Th<span class=\"_ _3\"></span>e Group co<span class=\"_ _3\"></span>nsiders i<span class=\"_ _3\"></span>ts Board of D<span class=\"_ _3\"></span>irector<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e the chief o<span class=\"_ _3\"></span>peratin<span class=\"_ _3\"></span>g </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs191\">dec<span class=\"_ _3\"></span>ision maker an<span class=\"_ _3\"></span>d therefore the seg<span class=\"_ _3\"></span>mental d<span class=\"_ _3\"></span>isclosure<span class=\"_ _3\"></span>s provide<span class=\"_ _3\"></span>d in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs192\">Note 5 are ali<span class=\"_ _3\"></span>gned wi<span class=\"_ _3\"></span>th the month<span class=\"_ _3\"></span>ly repor<span class=\"_ _3\"></span>ts prov<span class=\"_ _3\"></span>ided to the B<span class=\"_ _3\"></span>oard </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs193\">of<span class=\"_ gs52\"> </span>Direc<span class=\"_ _3\"></span>tors. T<span class=\"_ _3\"></span>he Group\u2019s repor<span class=\"_ _3\"></span>ting se<span class=\"_ _3\"></span>gments are b<span class=\"_ _3\"></span>ased on th<span class=\"_ _3\"></span>e ty<span class=\"_ _3\"></span>pes </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs194\">of ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es provide<span class=\"_ _3\"></span>d. Op<span class=\"_ _3\"></span>erating se<span class=\"_ _3\"></span>gments w<span class=\"_ _3\"></span>ith similar e<span class=\"_ _3\"></span>conom<span class=\"_ _3\"></span>ic </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs195\">cha<span class=\"_ _3\"></span>racteris<span class=\"_ _3\"></span>tics have b<span class=\"_ _3\"></span>een agg<span class=\"_ _3\"></span>regated into three re<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tabl<span class=\"_ _3\"></span>e segment<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs196\">whic<span class=\"_ _3\"></span>h reflect th<span class=\"_ _3\"></span>e nature of the ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ces provid<span class=\"_ _3\"></span>ed by the Gro<span class=\"_ _3\"></span>up. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs197\">A<span class=\"_ gs52\"> </span>desc<span class=\"_ _3\"></span>riptio<span class=\"_ _3\"></span>n of each rep<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>able se<span class=\"_ _3\"></span>gment is prov<span class=\"_ _3\"></span>ided in N<span class=\"_ _3\"></span>ote 5. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs198\">Fur<span class=\"_ _3\"></span>ther infor<span class=\"_ _3\"></span>mation on t<span class=\"_ _3\"></span>he busines<span class=\"_ _3\"></span>s activ<span class=\"_ _3\"></span>ities of ea<span class=\"_ _3\"></span>ch repor<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ble </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs199\">seg<span class=\"_ _3\"></span>ment is set out on p<span class=\"_ _3\"></span>ages 19<span class=\"_ _3\"></span>6 to 201<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs19a\">Op<span class=\"_ _3\"></span>erating se<span class=\"_ _3\"></span>gments are a<span class=\"_ _3\"></span>ggreg<span class=\"_ _3\"></span>ated on the ba<span class=\"_ _3\"></span>sis of the nature of t<span class=\"_ _3\"></span>he </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs19b\">ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es provide<span class=\"_ _3\"></span>d and the ma<span class=\"_ _3\"></span>nner in whic<span class=\"_ _3\"></span>h returns are ea<span class=\"_ _3\"></span>rned by the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs19c\">Grou<span class=\"_ _3\"></span>p. Furt<span class=\"_ _3\"></span>her informat<span class=\"_ _3\"></span>ion on the n<span class=\"_ _3\"></span>ature of ser<span class=\"_ _3\"></span>vices p<span class=\"_ _3\"></span>rovided w<span class=\"_ _3\"></span>ithin </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs19d\">eac<span class=\"_ _3\"></span>h segment is i<span class=\"_ _3\"></span>nclude<span class=\"_ _3\"></span>d in Note 4. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs19e\">Work<span class=\"_ _3\"></span>ing cap<span class=\"_ _3\"></span>ital is th<span class=\"_ _3\"></span>e balanc<span class=\"_ _3\"></span>e sheet mea<span class=\"_ _3\"></span>sure repor<span class=\"_ _3\"></span>ted to the chi<span class=\"_ _3\"></span>ef </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs19f\">ope<span class=\"_ _3\"></span>rating de<span class=\"_ _3\"></span>cision m<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>. T<span class=\"_ _3\"></span>he profit<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y mea<span class=\"_ _3\"></span>sure used to asse<span class=\"_ _3\"></span>ss </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1a0\">the p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>mance of th<span class=\"_ _3\"></span>e Group is un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing profit from o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>ons.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls88 ws3 gs1a1\">Se<span class=\"_ _3\"></span>gment result<span class=\"_ _3\"></span>s represent the c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tion of the d<span class=\"_ _3\"></span>ifferent se<span class=\"_ _3\"></span>gments af<span class=\"_ _3\"></span>ter </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls48 ws8 gs1a2\">the allocation<span class=\"_ _4\"></span> of attributable corporate ove<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>heads.<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransactions between </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls12a ws3 gs1a3\">seg<span class=\"_ _3\"></span>ments are con<span class=\"_ _3\"></span>ducted at a<span class=\"_ _3\"></span>rm\u2019<span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>length m<span class=\"_ _3\"></span>arket price<span class=\"_ _3\"></span>s. Segm<span class=\"_ _3\"></span>ent assets<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls18e ws10 gs1a4\">and liabilities comprise those assets and liabilities directly at<span class=\"_ _3\"></span>tributable to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls88 ws3 gs1a5\">the se<span class=\"_ _3\"></span>gments. C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>orate asset<span class=\"_ _3\"></span>s and liab<span class=\"_ _3\"></span>ilities inc<span class=\"_ _3\"></span>lude c<span class=\"_ _3\"></span>ash balan<span class=\"_ _3\"></span>ces, ba<span class=\"_ _3\"></span>nk </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1a6\">bor<span class=\"_ _3\"></span>rowings<span class=\"_ _3\"></span>, tax ba<span class=\"_ _3\"></span>lances a<span class=\"_ _3\"></span>nd divi<span class=\"_ _3\"></span>dends p<span class=\"_ _3\"></span>ayable. N<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-rec<span class=\"_ _3\"></span>ourse net </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1a7\">bor<span class=\"_ _3\"></span>rowings a<span class=\"_ _3\"></span>re directl<span class=\"_ _3\"></span>y attri<span class=\"_ _3\"></span>butab<span class=\"_ _3\"></span>le to Infrast<span class=\"_ _3\"></span>ructure Inves<span class=\"_ _3\"></span>tments an<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs1a8\">there<span class=\"_ _4\"></span>fore no<span class=\"_ _4\"></span>t included within Corporate activiti<span class=\"_ _4\"></span>es.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1a9\">Ma<span class=\"_ _3\"></span>jor custom<span class=\"_ _3\"></span>ers are define<span class=\"_ _3\"></span>d as custome<span class=\"_ _3\"></span>rs contr<span class=\"_ _3\"></span>ibuting m<span class=\"_ _3\"></span>ore than </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1aa\">10% of the Group\u2019s extern<span class=\"_ _3\"></span>al revenue.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs1ab\">2.7 P<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>-c<span class=\"_ _3\"></span>ont<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>ct b<span class=\"_ _3\"></span>id co<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>s an<span class=\"_ _3\"></span>d rec<span class=\"_ _3\"></span>over<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ac\">Pre<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cont<span class=\"_ _3\"></span>ract co<span class=\"_ _3\"></span>sts are expe<span class=\"_ _3\"></span>nsed as inc<span class=\"_ _3\"></span>urred until p<span class=\"_ _3\"></span>re<span class=\"_ _4\"></span>fer<span class=\"_ _3\"></span>red bidd<span class=\"_ _3\"></span>er </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ad\">stat<span class=\"_ _3\"></span>us is awarde<span class=\"_ _3\"></span>d at which p<span class=\"_ _3\"></span>oint fur<span class=\"_ _3\"></span>ther cos<span class=\"_ _3\"></span>ts are cap<span class=\"_ _3\"></span>italise<span class=\"_ _3\"></span>d as there </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ae\">is a high p<span class=\"_ _3\"></span>robab<span class=\"_ _3\"></span>ility t<span class=\"_ _3\"></span>hat the Grou<span class=\"_ _3\"></span>p would be a<span class=\"_ _3\"></span>ble to recover t<span class=\"_ _3\"></span>hese </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1af\">cos<span class=\"_ _3\"></span>ts. Am<span class=\"_ _3\"></span>ounts subs<span class=\"_ _3\"></span>equentl<span class=\"_ _3\"></span>y recovered in res<span class=\"_ _3\"></span>pect of p<span class=\"_ _3\"></span>re-<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontract </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1b0\">cos<span class=\"_ _3\"></span>ts that have b<span class=\"_ _3\"></span>een wri<span class=\"_ _3\"></span>tten of<span class=\"_ _3\"></span>f before preferred bi<span class=\"_ _3\"></span>dder st<span class=\"_ _3\"></span>atus was </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1b1\">award<span class=\"_ _3\"></span>ed are recog<span class=\"_ _3\"></span>nised in full i<span class=\"_ _3\"></span>n the inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt when they are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1b2\">recei<span class=\"_ _3\"></span>ved in cas<span class=\"_ _3\"></span>h.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs1b3\">2.8 Profit<span class=\"_ _4\"></span> from operations<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1b4\">Profi<span class=\"_ _3\"></span>t from oper<span class=\"_ _3\"></span>ations is st<span class=\"_ _3\"></span>ated af<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r the Group\u2019s share of the p<span class=\"_ _3\"></span>ost-t<span class=\"_ _3\"></span>ax </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1b5\">result<span class=\"_ _3\"></span>s of equit<span class=\"_ _3\"></span>y acc<span class=\"_ _3\"></span>ounted joint ventu<span class=\"_ _3\"></span>re entities and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates, but </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs1b6\">before<span class=\"_ _4\"></span> investment income and finance costs.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs1b8\">2.<span class=\"_ _3\"></span>9 Inve<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t in<span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>e and f<span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e cos<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1b9\">Interest in<span class=\"_ _3\"></span>come is ac<span class=\"_ _3\"></span>crue<span class=\"_ _3\"></span>d on a time ba<span class=\"_ _3\"></span>sis using the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve interest </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ba\">metho<span class=\"_ _3\"></span>d by reference to the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al outst<span class=\"_ _3\"></span>anding a<span class=\"_ _3\"></span>nd the effe<span class=\"_ _3\"></span>ctive </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1bb\">interest ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e, w<span class=\"_ _3\"></span>hich is the r<span class=\"_ _3\"></span>ate that exact<span class=\"_ _3\"></span>ly disc<span class=\"_ _3\"></span>ounts estim<span class=\"_ _3\"></span>ated future </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1bc\">ca<span class=\"_ _3\"></span>sh receipts t<span class=\"_ _3\"></span>hrough the ex<span class=\"_ _3\"></span>pected l<span class=\"_ _3\"></span>ife of the finan<span class=\"_ _3\"></span>cial asset to th<span class=\"_ _3\"></span>at </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws37 gs1bd\">ass<span class=\"_ _3\"></span>et\u2019s net car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing amo<span class=\"_ _3\"></span>unt.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1be\">Fina<span class=\"_ _3\"></span>nce cos<span class=\"_ _3\"></span>ts of debt<span class=\"_ _3\"></span>, includi<span class=\"_ _3\"></span>ng premiums p<span class=\"_ _3\"></span>ayable o<span class=\"_ _3\"></span>n settle<span class=\"_ _3\"></span>ment </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1bf\">and<span class=\"_ gs52\"> </span>di<span class=\"_ _3\"></span>rect issue c<span class=\"_ _3\"></span>osts, are c<span class=\"_ _3\"></span>harged to th<span class=\"_ _3\"></span>e incom<span class=\"_ _3\"></span>e statement on a<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1c0\">acc<span class=\"_ _3\"></span>ruals b<span class=\"_ _3\"></span>asis over the ter<span class=\"_ _3\"></span>m of the instru<span class=\"_ _3\"></span>ment, usin<span class=\"_ _3\"></span>g the effec<span class=\"_ _3\"></span>tive </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1c1\">interest met<span class=\"_ _3\"></span>hod. Fin<span class=\"_ _3\"></span>ance co<span class=\"_ _3\"></span>sts also in<span class=\"_ _3\"></span>clude interes<span class=\"_ _3\"></span>t cost on th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1c2\">disc<span class=\"_ _3\"></span>ount unwind of l<span class=\"_ _3\"></span>ease lia<span class=\"_ _3\"></span>bilities an<span class=\"_ _3\"></span>d impair<span class=\"_ _3\"></span>ment of loa<span class=\"_ _3\"></span>ns to joint </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs1c3\">ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es and accrued interest ther<span class=\"_ _4\"></span>eon.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs1c4\">2.<span class=\"_ _4\"></span>10 No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>lyi<span class=\"_ _3\"></span>ng it<span class=\"_ _3\"></span>ems<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1c5\">No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g items are items of fin<span class=\"_ _3\"></span>ancial p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rmanc<span class=\"_ _3\"></span>e which th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1c6\">Grou<span class=\"_ _3\"></span>p believes sho<span class=\"_ _3\"></span>uld be pres<span class=\"_ _3\"></span>ented separ<span class=\"_ _3\"></span>ately on the f<span class=\"_ _3\"></span>ace of the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1c7\">inc<span class=\"_ _3\"></span>ome statem<span class=\"_ _3\"></span>ent to assist in un<span class=\"_ _3\"></span>derst<span class=\"_ _3\"></span>anding th<span class=\"_ _3\"></span>e underl<span class=\"_ _3\"></span>ying fin<span class=\"_ _3\"></span>ancial </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1c8\">per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance ach<span class=\"_ _3\"></span>ieved by the Gro<span class=\"_ _3\"></span>up. Such ite<span class=\"_ _3\"></span>ms will not af<span class=\"_ _3\"></span>fect the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1c9\">abso<span class=\"_ _3\"></span>lute amount of t<span class=\"_ _3\"></span>he results for th<span class=\"_ _3\"></span>e perio<span class=\"_ _3\"></span>d and the trend of re<span class=\"_ _3\"></span>sults. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ca\">Th<span class=\"_ _3\"></span>e Group\u2019s underl<span class=\"_ _3\"></span>ying result<span class=\"_ _3\"></span>s ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>lude non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>unde<span class=\"_ _3\"></span>rlying i<span class=\"_ _3\"></span>tems.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs1cb\">Non<span class=\"_ _3\"></span>-underlying items<span class=\"_ _4\"></span> include:</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs1cc\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">gain<span class=\"_ _3\"></span>s and loss<span class=\"_ _3\"></span>es on the dis<span class=\"_ _3\"></span>posal of b<span class=\"_ _3\"></span>usinesse<span class=\"_ _3\"></span>s and investme<span class=\"_ _3\"></span>nts, </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1cd\">unles<span class=\"_ _3\"></span>s this is par<span class=\"_ _3\"></span>t of a prog<span class=\"_ _3\"></span>ramme of rele<span class=\"_ _3\"></span>asing val<span class=\"_ _3\"></span>ue from the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ce\">disp<span class=\"_ _3\"></span>osal of sim<span class=\"_ _3\"></span>ilar busin<span class=\"_ _3\"></span>esses or inves<span class=\"_ _3\"></span>tments suc<span class=\"_ _3\"></span>h as </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs1cf\">infrast<span class=\"_ _4\"></span>ruc<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>ure<span class=\"_ gs52\"> </span>concessions<span class=\"_ _4\"></span>;</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs1d0\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4 ls77\">c<span class=\"_ _3\"></span>osts of maj<span class=\"_ _3\"></span>or restruc<span class=\"_ _3\"></span>turing a<span class=\"_ _3\"></span>nd reorgan<span class=\"_ _3\"></span>isation of exi<span class=\"_ _3\"></span>sting busi<span class=\"_ _3\"></span>nesses;</span></span></div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs1d1\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">cos<span class=\"_ _3\"></span>ts of integrati<span class=\"_ _3\"></span>ng newly a<span class=\"_ _3\"></span>cquired b<span class=\"_ _3\"></span>usinesse<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>;</span></span></div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs1d2\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">acq<span class=\"_ _3\"></span>uisition a<span class=\"_ _3\"></span>nd similar c<span class=\"_ _3\"></span>osts rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d to busines<span class=\"_ _3\"></span>s combin<span class=\"_ _3\"></span>ations suc<span class=\"_ _3\"></span>h </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs1d3\">as transaction cost<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>;</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs1d4\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">imp<span class=\"_ _3\"></span>airment an<span class=\"_ _3\"></span>d amor<span class=\"_ _3\"></span>tisati<span class=\"_ _3\"></span>on charge<span class=\"_ _3\"></span>s on intang<span class=\"_ _3\"></span>ible as<span class=\"_ _3\"></span>sets </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1d5\">arisi<span class=\"_ _3\"></span>ng<span class=\"_ gs52\"> </span>on busin<span class=\"_ _3\"></span>ess com<span class=\"_ _3\"></span>bination<span class=\"_ _3\"></span>s (amor<span class=\"_ _3\"></span>tisati<span class=\"_ _3\"></span>on of acqu<span class=\"_ _3\"></span>ired </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs1d6\">intangible assets); and</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs1d7\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">imp<span class=\"_ _3\"></span>airment of g<span class=\"_ _3\"></span>oodw<span class=\"_ _3\"></span>ill.<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs1d8\">Th<span class=\"_ _3\"></span>ese are exampl<span class=\"_ _3\"></span>es, however<span class=\"_ _4\"></span>, f<span class=\"_ _3\"></span>rom time to time i<span class=\"_ _3\"></span>t may be ap<span class=\"_ _3\"></span>propria<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs1d9\">to disc<span class=\"_ _3\"></span>lose fur<span class=\"_ _3\"></span>ther items a<span class=\"_ _3\"></span>s non<span class=\"_ _3\"></span>-u<span class=\"_ _3\"></span>nderl<span class=\"_ _3\"></span>ying items in o<span class=\"_ _3\"></span>rder to highli<span class=\"_ _3\"></span>ght </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs1da\">the un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce of the Gro<span class=\"_ _3\"></span>up. Refer to Note 10.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls110 ws106 gs1db\">2<span class=\"_ _3\"></span>.11<span class=\"_ _3\"></span> Ta<span class=\"_ _2\"></span>x<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1dc\">Th<span class=\"_ _3\"></span>e tax ch<span class=\"_ _3\"></span>arge com<span class=\"_ _3\"></span>prises cu<span class=\"_ _3\"></span>rrent tax a<span class=\"_ _3\"></span>nd deferred t<span class=\"_ _3\"></span>ax, c<span class=\"_ _3\"></span>alcula<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1dd\">using t<span class=\"_ _3\"></span>ax rates th<span class=\"_ _3\"></span>at have been e<span class=\"_ _3\"></span>nacted o<span class=\"_ _3\"></span>r substa<span class=\"_ _3\"></span>ntively ena<span class=\"_ _3\"></span>cted by </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1de\">the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date. Cu<span class=\"_ _3\"></span>rrent tax a<span class=\"_ _3\"></span>nd deferred t<span class=\"_ _3\"></span>ax are charg<span class=\"_ _3\"></span>ed or </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1df\">cred<span class=\"_ _3\"></span>ited to the inc<span class=\"_ _3\"></span>ome statem<span class=\"_ _3\"></span>ent, except wh<span class=\"_ _3\"></span>en they relate to items </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1e0\">cha<span class=\"_ _3\"></span>rged or cre<span class=\"_ _3\"></span>dited direc<span class=\"_ _3\"></span>tly to equ<span class=\"_ _3\"></span>ity, in which c<span class=\"_ _3\"></span>ase the relev<span class=\"_ _3\"></span>ant tax is </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1e1\">also a<span class=\"_ _3\"></span>ccounted fo<span class=\"_ _3\"></span>r within eq<span class=\"_ _3\"></span>uity. Current t<span class=\"_ _3\"></span>ax is bas<span class=\"_ _3\"></span>ed on the profi<span class=\"_ _3\"></span>t for </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs1e2\">the year<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1e3\">Deferre<span class=\"_ _3\"></span>d tax is prov<span class=\"_ _3\"></span>ided<span class=\"_ _3\"></span>, using the li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y metho<span class=\"_ _3\"></span>d, on temp<span class=\"_ _3\"></span>orar<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1e4\">dif<span class=\"_ _3\"></span>ferences a<span class=\"_ _3\"></span>rising bet<span class=\"_ _3\"></span>ween th<span class=\"_ _3\"></span>e tax ba<span class=\"_ _3\"></span>ses of assets a<span class=\"_ _3\"></span>nd liabili<span class=\"_ _3\"></span>ties </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1e5\">and<span class=\"_ gs52\"> </span>th<span class=\"_ _3\"></span>eir carr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng amount<span class=\"_ _3\"></span>s in the finan<span class=\"_ _3\"></span>cial st<span class=\"_ _3\"></span>atements. D<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred ta<span class=\"_ _3\"></span>x </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1e6\">on suc<span class=\"_ _3\"></span>h assets and l<span class=\"_ _3\"></span>iabilit<span class=\"_ _3\"></span>ies is not reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>f the tempor<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1e7\">dif<span class=\"_ _3\"></span>ference ar<span class=\"_ _3\"></span>ises from the i<span class=\"_ _3\"></span>nitial rec<span class=\"_ _3\"></span>ognitio<span class=\"_ _3\"></span>n of goo<span class=\"_ _3\"></span>dwill or fro<span class=\"_ _3\"></span>m the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1e8\">initi<span class=\"_ _3\"></span>al recog<span class=\"_ _3\"></span>nition (oth<span class=\"_ _3\"></span>er than in a bus<span class=\"_ _3\"></span>iness co<span class=\"_ _3\"></span>mbinati<span class=\"_ _3\"></span>on) of other </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1e9\">asset<span class=\"_ _3\"></span>s and liab<span class=\"_ _3\"></span>ilities in a tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion that af<span class=\"_ _3\"></span>fects n<span class=\"_ _3\"></span>either th<span class=\"_ _3\"></span>e taxab<span class=\"_ _3\"></span>le </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ea\">profit n<span class=\"_ _3\"></span>or the acc<span class=\"_ _3\"></span>ounting p<span class=\"_ _3\"></span>rofit.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1eb\">Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets are reco<span class=\"_ _3\"></span>gnised to the ex<span class=\"_ _3\"></span>tent that it is p<span class=\"_ _3\"></span>robab<span class=\"_ _3\"></span>le </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ec\">that fu<span class=\"_ _3\"></span>ture taxa<span class=\"_ _3\"></span>ble profit w<span class=\"_ _3\"></span>ill be avail<span class=\"_ _3\"></span>able ag<span class=\"_ _3\"></span>ainst whi<span class=\"_ _3\"></span>ch the temp<span class=\"_ _3\"></span>orar<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ed\">dif<span class=\"_ _3\"></span>ferences c<span class=\"_ _3\"></span>an be uti<span class=\"_ _3\"></span>lised. T<span class=\"_ _3\"></span>he car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing amount of d<span class=\"_ _3\"></span>eferred ta<span class=\"_ _3\"></span>x </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ee\">asset<span class=\"_ _3\"></span>s is reviewed at ea<span class=\"_ _3\"></span>ch repor<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ef\">Deferre<span class=\"_ _3\"></span>d tax is prov<span class=\"_ _3\"></span>ided on te<span class=\"_ _3\"></span>mporar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fferenc<span class=\"_ _3\"></span>es arising o<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs1f0\">investmen<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> in subsidiaries, joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>tes, except </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1f1\">whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>he timing of th<span class=\"_ _3\"></span>e re<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>rsal of the tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fference c<span class=\"_ _3\"></span>an be </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1f2\">cont<span class=\"_ _3\"></span>rolled by the G<span class=\"_ _3\"></span>roup and it i<span class=\"_ _3\"></span>s probab<span class=\"_ _3\"></span>le that the tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1f3\">dif<span class=\"_ _3\"></span>ference w<span class=\"_ _3\"></span>ill not reverse in the fore<span class=\"_ _3\"></span>seeab<span class=\"_ _3\"></span>le future.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1f5\">Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e of<span class=\"_ _3\"></span>fset wh<span class=\"_ _3\"></span>en they relate to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1f6\">inc<span class=\"_ _3\"></span>ome taxes l<span class=\"_ _3\"></span>evied by the s<span class=\"_ _3\"></span>ame ta<span class=\"_ _3\"></span>xation au<span class=\"_ _3\"></span>thorit<span class=\"_ _3\"></span>y and the G<span class=\"_ _3\"></span>roup </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1f7\">intends to set<span class=\"_ _3\"></span>tle it<span class=\"_ _3\"></span>s current ta<span class=\"_ _3\"></span>x assets an<span class=\"_ _3\"></span>d liabili<span class=\"_ _3\"></span>ties on a net ba<span class=\"_ _3\"></span>sis. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1f8\">Th<span class=\"_ _3\"></span>e Organis<span class=\"_ _3\"></span>ation for Ec<span class=\"_ _3\"></span>onomic C<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>oper<span class=\"_ _3\"></span>ation and D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs1f9\">(OE<span class=\"_ _3\"></span>CD) rele<span class=\"_ _3\"></span>ased Pill<span class=\"_ _3\"></span>ar T<span class=\"_ _4\"></span>wo mo<span class=\"_ _3\"></span>del rule<span class=\"_ _3\"></span>s in Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>21 introduc<span class=\"_ _3\"></span>ing </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1fa\">a glo<span class=\"_ _3\"></span>bal minimu<span class=\"_ _3\"></span>m tax rate of 15<span class=\"_ _4\"></span>% to ad<span class=\"_ _3\"></span>dress the t<span class=\"_ _3\"></span>ax co<span class=\"_ _3\"></span>ncerns a<span class=\"_ _3\"></span>bout </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1fb\">uneven prof<span class=\"_ _3\"></span>it distri<span class=\"_ _3\"></span>bution a<span class=\"_ _3\"></span>nd tax c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tions of larg<span class=\"_ _3\"></span>e multinat<span class=\"_ _3\"></span>ional </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1fc\">cor<span class=\"_ _3\"></span>porat<span class=\"_ _3\"></span>ions. In D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2, the O<span class=\"_ _3\"></span>ECD rele<span class=\"_ _3\"></span>ased tra<span class=\"_ _3\"></span>nsitiona<span class=\"_ _3\"></span>l safe </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1fd\">har<span class=\"_ _3\"></span>bour rul<span class=\"_ _3\"></span>es as a shor<span class=\"_ _3\"></span>t-ter<span class=\"_ _3\"></span>m measure to min<span class=\"_ _3\"></span>imise the co<span class=\"_ _3\"></span>mplian<span class=\"_ _3\"></span>ce </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1fe\">burd<span class=\"_ _3\"></span>en for lower risk ju<span class=\"_ _3\"></span>risdic<span class=\"_ _3\"></span>tions.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs1ff\">Th<span class=\"_ _3\"></span>e Pillar T<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>o t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>-u<span class=\"_ _3\"></span>p tax rul<span class=\"_ _3\"></span>es were subst<span class=\"_ _3\"></span>antially e<span class=\"_ _3\"></span>nacted in t<span class=\"_ _3\"></span>he UK </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs200\">in<span class=\"_ gs52\"> </span>20<span class=\"_ _3\"></span>23 wi<span class=\"_ _3\"></span>th appli<span class=\"_ _3\"></span>cation f<span class=\"_ _3\"></span>rom 1 Janua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>024. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p does not </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs201\">expe<span class=\"_ _3\"></span>ct to be subj<span class=\"_ _3\"></span>ect to the top<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up t<span class=\"_ _3\"></span>ax in relati<span class=\"_ _3\"></span>on to its ope<span class=\"_ _3\"></span>rations in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs202\">any of the jur<span class=\"_ _3\"></span>isdic<span class=\"_ _3\"></span>tions in whi<span class=\"_ _3\"></span>ch it ope<span class=\"_ _3\"></span>rates bec<span class=\"_ _3\"></span>ause they fal<span class=\"_ _3\"></span>l within </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs203\">the O<span class=\"_ _3\"></span>ECD tran<span class=\"_ _3\"></span>sitiona<span class=\"_ _3\"></span>l safe harb<span class=\"_ _3\"></span>our rule<span class=\"_ _3\"></span>s which have a<span class=\"_ _3\"></span>lso been </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs204\">ado<span class=\"_ _3\"></span>pted by the UK<span class=\"_ _3\"></span>. Th<span class=\"_ _3\"></span>e Group has a<span class=\"_ _3\"></span>pplie<span class=\"_ _3\"></span>d a tempora<span class=\"_ _3\"></span>ry m<span class=\"_ _3\"></span>andator<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs205\">relief from d<span class=\"_ _3\"></span>eferred ta<span class=\"_ _3\"></span>x accou<span class=\"_ _3\"></span>nting for the im<span class=\"_ _3\"></span>pact<span class=\"_ _3\"></span>s of the top<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up tax </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs206\">and w<span class=\"_ _3\"></span>ill acco<span class=\"_ _3\"></span>unt for it as curre<span class=\"_ _3\"></span>nt tax whe<span class=\"_ _3\"></span>n it is incur<span class=\"_ _3\"></span>red.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs207\">2.<span class=\"_ _5\"></span>12<span class=\"_ _4\"></span> Intangible assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls128 ws10e gs208\">a) Good<span class=\"_ _3\"></span>will<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs209\">Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll arises on t<span class=\"_ _3\"></span>he acquis<span class=\"_ _3\"></span>ition of sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es and other </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs20a\">businesses, joint v<span class=\"_ _4\"></span>entures and associates and r<span class=\"_ _4\"></span>ep<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>esents the ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ess </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs20b\">of the fai<span class=\"_ _3\"></span>r value of con<span class=\"_ _3\"></span>siderati<span class=\"_ _3\"></span>on over the fair v<span class=\"_ _3\"></span>alue of the id<span class=\"_ _3\"></span>entifiab<span class=\"_ _3\"></span>le </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs20c\">asset<span class=\"_ _3\"></span>s and liab<span class=\"_ _3\"></span>ilities ac<span class=\"_ _3\"></span>quired. G<span class=\"_ _3\"></span>ood<span class=\"_ _3\"></span>will on ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>ns of subsid<span class=\"_ _3\"></span>iaries </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs20d\">and oth<span class=\"_ _3\"></span>er busines<span class=\"_ _3\"></span>ses is inclu<span class=\"_ _3\"></span>ded in no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>rrent assets<span class=\"_ _3\"></span>. Good<span class=\"_ _3\"></span>will on </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs20e\">acq<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span>s of joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates is inclu<span class=\"_ _3\"></span>ded in invest<span class=\"_ _3\"></span>ments </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs20f\">in joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs210\">Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll is reviewed annu<span class=\"_ _3\"></span>ally for imp<span class=\"_ _3\"></span>airment an<span class=\"_ _3\"></span>d is carr<span class=\"_ _3\"></span>ied at co<span class=\"_ _3\"></span>st </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs211\">less a<span class=\"_ _3\"></span>ccumul<span class=\"_ _3\"></span>ated impai<span class=\"_ _3\"></span>rment los<span class=\"_ _3\"></span>ses. Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll is includ<span class=\"_ _3\"></span>ed when </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs212\">determ<span class=\"_ _3\"></span>ining the prof<span class=\"_ _3\"></span>it or loss o<span class=\"_ _3\"></span>n subsequ<span class=\"_ _3\"></span>ent dispo<span class=\"_ _3\"></span>sal of the bu<span class=\"_ _3\"></span>siness </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs213\">to whic<span class=\"_ _3\"></span>h it relates.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs214\">Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll arising on a<span class=\"_ _3\"></span>cquisi<span class=\"_ _3\"></span>tions before th<span class=\"_ _3\"></span>e date of transi<span class=\"_ _3\"></span>tion to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs215\">IFR<span class=\"_ _3\"></span>S<span class=\"_ gs52\"> </span>(<span class=\"_ _4\"></span>1 J<span class=\"_ _3\"></span>anuar<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4) has b<span class=\"_ _3\"></span>een retain<span class=\"_ _3\"></span>ed at the previ<span class=\"_ _3\"></span>ous UK G<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>AP </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs216\">amou<span class=\"_ _3\"></span>nts subjec<span class=\"_ _3\"></span>t to being teste<span class=\"_ _3\"></span>d for impair<span class=\"_ _3\"></span>ment. Go<span class=\"_ _3\"></span>odw<span class=\"_ _3\"></span>ill writ<span class=\"_ _3\"></span>ten </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs217\">off<span class=\"_ gs52\"> </span>o<span class=\"_ _3\"></span>r disco<span class=\"_ _3\"></span>unt arising o<span class=\"_ _3\"></span>n acquisi<span class=\"_ _3\"></span>tion cred<span class=\"_ _3\"></span>ited to reser<span class=\"_ _3\"></span>ves unde<span class=\"_ _3\"></span>r UK </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs218\">G<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>AP pr<span class=\"_ _3\"></span>ior to 199<span class=\"_ _3\"></span>8 has not b<span class=\"_ _3\"></span>een reinst<span class=\"_ _3\"></span>ated and is not in<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs219\">determ<span class=\"_ _3\"></span>ining any subs<span class=\"_ _3\"></span>equent profi<span class=\"_ _3\"></span>t or loss on d<span class=\"_ _3\"></span>ispos<span class=\"_ _3\"></span>al.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs21a\">b) O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r int<span class=\"_ _3\"></span>angib<span class=\"_ _3\"></span>le as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs21b\">Ot<span class=\"_ _3\"></span>her intang<span class=\"_ _3\"></span>ible as<span class=\"_ _3\"></span>sets are state<span class=\"_ _3\"></span>d at fair value o<span class=\"_ _3\"></span>r cost les<span class=\"_ _3\"></span>s accumul<span class=\"_ _3\"></span>ated </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs21c\">amor<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>ation and im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent losses<span class=\"_ _3\"></span>. Amo<span class=\"_ _3\"></span>rtis<span class=\"_ _3\"></span>ation ch<span class=\"_ _3\"></span>arges in resp<span class=\"_ _3\"></span>ect of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs21d\">sof<span class=\"_ _3\"></span>tware a<span class=\"_ _3\"></span>nd Infrastr<span class=\"_ _3\"></span>ucture Inves<span class=\"_ _3\"></span>tments int<span class=\"_ _3\"></span>angibl<span class=\"_ _3\"></span>es are includ<span class=\"_ _3\"></span>ed in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls48 ws10 gs21e\">underlyin<span class=\"_ _3\"></span>g<span class=\"_ _4\"></span> items.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs21f\">c) <span class=\"_ _2\"> </span>R<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>arc<span class=\"_ _3\"></span>h and d<span class=\"_ _3\"></span>evel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs220\">Intern<span class=\"_ _3\"></span>ally gen<span class=\"_ _3\"></span>erated intan<span class=\"_ _3\"></span>gible a<span class=\"_ _3\"></span>ssets develo<span class=\"_ _3\"></span>ped by th<span class=\"_ _3\"></span>e Group are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs221\">reco<span class=\"_ _3\"></span>gnised o<span class=\"_ _3\"></span>nly if all the fo<span class=\"_ _3\"></span>llowing c<span class=\"_ _3\"></span>onditi<span class=\"_ _3\"></span>ons are met: an as<span class=\"_ _3\"></span>set is </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs222\">create<span class=\"_ _3\"></span>d that can b<span class=\"_ _3\"></span>e identi<span class=\"_ _3\"></span>fied; it is prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at the asset c<span class=\"_ _3\"></span>reated will </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs223\">gene<span class=\"_ _3\"></span>rate future ec<span class=\"_ _3\"></span>onomic b<span class=\"_ _3\"></span>enefits; and t<span class=\"_ _3\"></span>he develop<span class=\"_ _3\"></span>ment cost of t<span class=\"_ _3\"></span>he </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs224\">asset c<span class=\"_ _3\"></span>an be me<span class=\"_ _3\"></span>asured relia<span class=\"_ _3\"></span>bly<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs225\">Ot<span class=\"_ _3\"></span>her researc<span class=\"_ _3\"></span>h e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pendi<span class=\"_ _3\"></span>ture is writ<span class=\"_ _3\"></span>ten off i<span class=\"_ _3\"></span>n the peri<span class=\"_ _3\"></span>od in whic<span class=\"_ _3\"></span>h </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs226\">it<span class=\"_ gs52\"> </span>is<span class=\"_ gs52\"> </span>inc<span class=\"_ _3\"></span>urred.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs227\">2.<span class=\"_ _4\"></span>13 Pr<span class=\"_ _3\"></span>op<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ty, pl<span class=\"_ _3\"></span>ant a<span class=\"_ _3\"></span>nd eq<span class=\"_ _3\"></span>ui<span class=\"_ _3\"></span>pme<span class=\"_ _3\"></span>nt </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs228\">Pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ty, plant and e<span class=\"_ _3\"></span>quipment i<span class=\"_ _3\"></span>s stated at c<span class=\"_ _3\"></span>ost less ac<span class=\"_ _3\"></span>cumulate<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs229\">dep<span class=\"_ _3\"></span>reciatio<span class=\"_ _3\"></span>n and imp<span class=\"_ _3\"></span>airment lo<span class=\"_ _3\"></span>sses. C<span class=\"_ _3\"></span>ost inclu<span class=\"_ _3\"></span>des expe<span class=\"_ _3\"></span>nditure<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs22a\">asso<span class=\"_ _3\"></span>ciated w<span class=\"_ _3\"></span>ith brin<span class=\"_ _3\"></span>ging the as<span class=\"_ _3\"></span>set to its ope<span class=\"_ _3\"></span>rating lo<span class=\"_ _3\"></span>catio<span class=\"_ _3\"></span>n and cond<span class=\"_ _3\"></span>ition.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs22b\">Refer to Note 16 for fur<span class=\"_ _3\"></span>ther det<span class=\"_ _3\"></span>ail.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs22c\">2.<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>4 Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tment<span class=\"_ _4\"></span> proper<span class=\"_ _3\"></span>ties<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs22d\">Th<span class=\"_ _3\"></span>e Group cl<span class=\"_ _3\"></span>assifies l<span class=\"_ _3\"></span>and and bu<span class=\"_ _3\"></span>ilding<span class=\"_ _3\"></span>s which it ho<span class=\"_ _3\"></span>lds to gene<span class=\"_ _3\"></span>rate </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs22e\">ca<span class=\"_ _3\"></span>pital a<span class=\"_ _3\"></span>pprecia<span class=\"_ _3\"></span>tion and<span class=\"_ _3\"></span>/or to ear<span class=\"_ _3\"></span>n rental inc<span class=\"_ _3\"></span>ome as investm<span class=\"_ _3\"></span>ent </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs22f\">proper<span class=\"_ _3\"></span>ties. The Group has chosen<span class=\"_ _4\"></span> to state its inv<span class=\"_ _4\"></span>estment proper<span class=\"_ _3\"></span>ties </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs230\">at cos<span class=\"_ _3\"></span>t less ac<span class=\"_ _3\"></span>cumulated d<span class=\"_ _3\"></span>epreci<span class=\"_ _3\"></span>ation and im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent losses<span class=\"_ _3\"></span>. The </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs231\">Grou<span class=\"_ _3\"></span>p deprec<span class=\"_ _3\"></span>iates its invest<span class=\"_ _3\"></span>ment prope<span class=\"_ _3\"></span>rtie<span class=\"_ _3\"></span>s over 25 years. L<span class=\"_ _3\"></span>and is </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls92 ws8a gs232\">not<span class=\"_ _4\"></span> depreciated.<span class=\"_ _4\"></span> </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs234\">2.<span class=\"_ _5\"></span>15<span class=\"_ _4\"></span> Leas<span class=\"_ _3\"></span>ing<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs235\">As a l<span class=\"_ _3\"></span>essee, th<span class=\"_ _3\"></span>e Group asse<span class=\"_ _3\"></span>sses whet<span class=\"_ _3\"></span>her a contr<span class=\"_ _3\"></span>act is, or c<span class=\"_ _3\"></span>ontains<span class=\"_ _3\"></span>, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs236\">a<span class=\"_ gs52\"> </span>leas<span class=\"_ _3\"></span>e at the ince<span class=\"_ _3\"></span>ption of a co<span class=\"_ _3\"></span>ntract. A l<span class=\"_ _3\"></span>ease exist<span class=\"_ _3\"></span>s if the cont<span class=\"_ _3\"></span>ract </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs237\">conveys t<span class=\"_ _3\"></span>he right to co<span class=\"_ _3\"></span>ntrol the use of an i<span class=\"_ _3\"></span>dentifie<span class=\"_ _3\"></span>d asset for a per<span class=\"_ _3\"></span>iod </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs238\">of time in exch<span class=\"_ _3\"></span>ange for co<span class=\"_ _3\"></span>nsidera<span class=\"_ _3\"></span>tion. T<span class=\"_ _4\"></span>o as<span class=\"_ _3\"></span>sess if a le<span class=\"_ _3\"></span>ase exists, t<span class=\"_ _3\"></span>he </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs239\">Grou<span class=\"_ _3\"></span>p assesse<span class=\"_ _3\"></span>s whether<span class=\"_ _3\"></span>: (i) the c<span class=\"_ _3\"></span>ontract i<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>vo<span class=\"_ _3\"></span>lves the us<span class=\"_ _3\"></span>e of an </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs23a\">ide<span class=\"_ _3\"></span>ntified as<span class=\"_ _3\"></span>set; (ii) th<span class=\"_ _3\"></span>e Group has t<span class=\"_ _3\"></span>he right to obt<span class=\"_ _3\"></span>ain subst<span class=\"_ _3\"></span>antiall<span class=\"_ _3\"></span>y all </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs23b\">of the ec<span class=\"_ _3\"></span>onomic b<span class=\"_ _3\"></span>enefits f<span class=\"_ _3\"></span>rom the use of the a<span class=\"_ _3\"></span>sset throug<span class=\"_ _3\"></span>hout the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs23c\">leas<span class=\"_ _3\"></span>e term; and (iii<span class=\"_ _3\"></span>) the Group h<span class=\"_ _3\"></span>as the right to d<span class=\"_ _3\"></span>irect the us<span class=\"_ _3\"></span>e of the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs23d\">asset<span class=\"_ _3\"></span>. In order to deter<span class=\"_ _3\"></span>mine if the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t involves the us<span class=\"_ _3\"></span>e of an </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs23e\">ide<span class=\"_ _3\"></span>ntified as<span class=\"_ _3\"></span>set, the Gro<span class=\"_ _3\"></span>up ex<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rcises jud<span class=\"_ _3\"></span>gement to ass<span class=\"_ _3\"></span>ess if the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs23f\">supp<span class=\"_ _3\"></span>lier has a su<span class=\"_ _3\"></span>bstanti<span class=\"_ _3\"></span>ve substitu<span class=\"_ _3\"></span>tion rig<span class=\"_ _3\"></span>ht over the asset. A<span class=\"_ _3\"></span>n asset </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs240\">is not id<span class=\"_ _3\"></span>entified i<span class=\"_ _3\"></span>f it has bee<span class=\"_ _3\"></span>n determine<span class=\"_ _3\"></span>d that the su<span class=\"_ _3\"></span>pplier h<span class=\"_ _3\"></span>as </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls4f ws49 gs241\">substant<span class=\"_ _4\"></span>ive substitu<span class=\"_ _4\"></span>tion rights.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs242\">Th<span class=\"_ _3\"></span>e Group rec<span class=\"_ _3\"></span>ognises a r<span class=\"_ _3\"></span>ight-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use ass<span class=\"_ _3\"></span>et and a lease l<span class=\"_ _3\"></span>iabilit<span class=\"_ _3\"></span>y at the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs243\">leas<span class=\"_ _3\"></span>e commen<span class=\"_ _3\"></span>cement d<span class=\"_ _3\"></span>ate. The ri<span class=\"_ _3\"></span>ght-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use asset is in<span class=\"_ _3\"></span>itially m<span class=\"_ _3\"></span>easured </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs244\">at cos<span class=\"_ _3\"></span>t and subse<span class=\"_ _3\"></span>quently d<span class=\"_ _3\"></span>epreci<span class=\"_ _3\"></span>ated over the le<span class=\"_ _3\"></span>ase term. T<span class=\"_ _3\"></span>he lease </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs245\">liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y is measured a<span class=\"_ _3\"></span>t the present val<span class=\"_ _3\"></span>ue of the leas<span class=\"_ _3\"></span>e payme<span class=\"_ _3\"></span>nts that </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs246\">are not pa<span class=\"_ _3\"></span>id at the co<span class=\"_ _3\"></span>mmencem<span class=\"_ _3\"></span>ent date, disc<span class=\"_ _3\"></span>ounted usin<span class=\"_ _3\"></span>g the interest </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs247\">rate imp<span class=\"_ _3\"></span>licit in th<span class=\"_ _3\"></span>e lease, or i<span class=\"_ _3\"></span>f that rate ca<span class=\"_ _3\"></span>nnot be read<span class=\"_ _3\"></span>ily determ<span class=\"_ _3\"></span>ined, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs248\">the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s inc<span class=\"_ _3\"></span>remental b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>g rate. The G<span class=\"_ _3\"></span>roup has el<span class=\"_ _3\"></span>ected to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs249\">app<span class=\"_ _3\"></span>ly the pr<span class=\"_ _3\"></span>actic<span class=\"_ _3\"></span>al exped<span class=\"_ _3\"></span>ient which a<span class=\"_ _3\"></span>llows the G<span class=\"_ _3\"></span>roup to use a sing<span class=\"_ _3\"></span>le </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs24a\">disc<span class=\"_ _3\"></span>ount rate for a po<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>folio of lea<span class=\"_ _3\"></span>ses with si<span class=\"_ _3\"></span>milar cha<span class=\"_ _3\"></span>racteris<span class=\"_ _3\"></span>tics. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs24b\">Th<span class=\"_ _3\"></span>e Group has e<span class=\"_ _3\"></span>lected not to re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>e right-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use as<span class=\"_ _3\"></span>sets and le<span class=\"_ _3\"></span>ase </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs24c\">liab<span class=\"_ _3\"></span>ilities for sh<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>-term le<span class=\"_ _3\"></span>ases of less t<span class=\"_ _3\"></span>han 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _3\"></span>nths and lea<span class=\"_ _3\"></span>ses of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs24d\">low valu<span class=\"_ _3\"></span>e assets. I<span class=\"_ _3\"></span>nstead, t<span class=\"_ _3\"></span>he Group rec<span class=\"_ _3\"></span>ognises t<span class=\"_ _3\"></span>he lease p<span class=\"_ _3\"></span>ayments </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs24e\">asso<span class=\"_ _3\"></span>ciated w<span class=\"_ _3\"></span>ith these l<span class=\"_ _3\"></span>eases as an ex<span class=\"_ _3\"></span>pense on a st<span class=\"_ _3\"></span>raight-<span class=\"_ _3\"></span>line b<span class=\"_ _3\"></span>asis </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs24f\">over the le<span class=\"_ _3\"></span>ase term.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs250\">2.<span class=\"_ _5\"></span>16<span class=\"_ _4\"></span> Impairment of<span class=\"_ _4\"></span> asset<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs251\">As<span class=\"_ _3\"></span>sets that h<span class=\"_ _3\"></span>ave an indefini<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e u<span class=\"_ _3\"></span>seful life (such a<span class=\"_ _3\"></span>s good<span class=\"_ _3\"></span>will aris<span class=\"_ _3\"></span>ing on </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs252\">acq<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span>s) are reviewed at lea<span class=\"_ _3\"></span>st annuall<span class=\"_ _3\"></span>y for impair<span class=\"_ _3\"></span>ment. O<span class=\"_ _3\"></span>ther </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs253\">intan<span class=\"_ _3\"></span>gible as<span class=\"_ _3\"></span>sets, pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ty, plant and e<span class=\"_ _3\"></span>quipme<span class=\"_ _3\"></span>nt and right-<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>-us<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs254\">asset<span class=\"_ _3\"></span>s are reviewed for imp<span class=\"_ _3\"></span>airment w<span class=\"_ _3\"></span>henever the<span class=\"_ _3\"></span>re is any indic<span class=\"_ _3\"></span>ation </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs255\">that th<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amount of the a<span class=\"_ _3\"></span>sset may not b<span class=\"_ _3\"></span>e recoverab<span class=\"_ _3\"></span>le.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs256\">If the re<span class=\"_ _3\"></span>coverab<span class=\"_ _3\"></span>le amount of an as<span class=\"_ _3\"></span>set is less th<span class=\"_ _3\"></span>an its c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amo<span class=\"_ _3\"></span>unt, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs257\">an imp<span class=\"_ _3\"></span>airment l<span class=\"_ _3\"></span>oss is reco<span class=\"_ _3\"></span>gnised<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs258\">Rec<span class=\"_ _3\"></span>overable a<span class=\"_ _3\"></span>mount is the hi<span class=\"_ _3\"></span>gher of fair va<span class=\"_ _3\"></span>lue less c<span class=\"_ _3\"></span>osts to sell an<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs259\">value i<span class=\"_ _3\"></span>n use. Value in use is as<span class=\"_ _3\"></span>sessed b<span class=\"_ _3\"></span>y discou<span class=\"_ _3\"></span>nting the esti<span class=\"_ _3\"></span>mated </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs25a\">future c<span class=\"_ _3\"></span>ash flows t<span class=\"_ _3\"></span>hat the asset i<span class=\"_ _3\"></span>s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pecte<span class=\"_ _3\"></span>d to generate. F<span class=\"_ _3\"></span>or this </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs25b\">pur<span class=\"_ _3\"></span>pose as<span class=\"_ _3\"></span>sets, incl<span class=\"_ _3\"></span>uding go<span class=\"_ _3\"></span>odw<span class=\"_ _3\"></span>ill, are group<span class=\"_ _3\"></span>ed into cash<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>nerating </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs25c\">unit<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>presentin<span class=\"_ _3\"></span>g the level at whi<span class=\"_ _3\"></span>ch they are moni<span class=\"_ _3\"></span>tored by the Bo<span class=\"_ _3\"></span>ard </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs25d\">of Direc<span class=\"_ _3\"></span>tors for intern<span class=\"_ _3\"></span>al manag<span class=\"_ _3\"></span>ement pur<span class=\"_ _3\"></span>poses<span class=\"_ _3\"></span>. Goo<span class=\"_ _3\"></span>dwill imp<span class=\"_ _3\"></span>airme<span class=\"_ _3\"></span>nt </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs25e\">los<span class=\"_ _3\"></span>ses are not reversed i<span class=\"_ _3\"></span>n subsequ<span class=\"_ _3\"></span>ent perio<span class=\"_ _3\"></span>ds. Rever<span class=\"_ _3\"></span>sals of other </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs25f\">imp<span class=\"_ _3\"></span>airment lo<span class=\"_ _3\"></span>sses are reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>n income w<span class=\"_ _3\"></span>hen they ar<span class=\"_ _3\"></span>ise.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs260\">2.<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>7 Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>ent<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs261\">Investm<span class=\"_ _3\"></span>ents are reco<span class=\"_ _3\"></span>gnised an<span class=\"_ _3\"></span>d dereco<span class=\"_ _3\"></span>gnised o<span class=\"_ _3\"></span>n the trad<span class=\"_ _3\"></span>e date </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs262\">whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a p<span class=\"_ _3\"></span>urchase o<span class=\"_ _3\"></span>r sale of an invest<span class=\"_ _3\"></span>ment is unde<span class=\"_ _3\"></span>r a contrac<span class=\"_ _3\"></span>t whose </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs263\">terms re<span class=\"_ _3\"></span>quire delive<span class=\"_ _3\"></span>ry of th<span class=\"_ _3\"></span>e investment wi<span class=\"_ _3\"></span>thin the tim<span class=\"_ _3\"></span>eframe </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs264\">est<span class=\"_ _3\"></span>ablishe<span class=\"_ _3\"></span>d by the market co<span class=\"_ _3\"></span>ncern<span class=\"_ _3\"></span>ed, and are in<span class=\"_ _3\"></span>itially m<span class=\"_ _3\"></span>easured at </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs265\">cost, including t<span class=\"_ _4\"></span>ransaction costs.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs266\">Investm<span class=\"_ _3\"></span>ents in mutu<span class=\"_ _3\"></span>al funds are me<span class=\"_ _3\"></span>asured at fair v<span class=\"_ _3\"></span>alue. Gai<span class=\"_ _3\"></span>ns and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs267\">los<span class=\"_ _3\"></span>ses arisin<span class=\"_ _3\"></span>g from chang<span class=\"_ _3\"></span>es in the fair v<span class=\"_ _3\"></span>alue of these i<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>stments are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws87 gs268\">reco<span class=\"_ _3\"></span>gnised in ot<span class=\"_ _3\"></span>her comp<span class=\"_ _3\"></span>rehensive in<span class=\"_ _3\"></span>come. Inves<span class=\"_ _3\"></span>tments th<span class=\"_ _3\"></span>at are held </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs269\">until th<span class=\"_ _3\"></span>ey r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ach matu<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y are measured a<span class=\"_ _3\"></span>t amor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs26a\">Investm<span class=\"_ _3\"></span>ents in subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s are recogn<span class=\"_ _3\"></span>ised and he<span class=\"_ _3\"></span>ld at cost an<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs26b\">subse<span class=\"_ _3\"></span>quentl<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sted for impa<span class=\"_ _3\"></span>irment on an a<span class=\"_ _3\"></span>nnual bas<span class=\"_ _3\"></span>is. Whe<span class=\"_ _3\"></span>re an </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs26c\">imp<span class=\"_ _3\"></span>airment is i<span class=\"_ _3\"></span>dentifie<span class=\"_ _3\"></span>d, a provisi<span class=\"_ _3\"></span>on for impai<span class=\"_ _3\"></span>rment is rec<span class=\"_ _3\"></span>orded </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs26d\">aga<span class=\"_ _3\"></span>inst the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying valu<span class=\"_ _3\"></span>e of the investme<span class=\"_ _3\"></span>nt.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs26e\">2.<span class=\"_ _5\"></span>18<span class=\"_ _4\"></span> Government grants<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs26f\">Gover<span class=\"_ _3\"></span>nment grant<span class=\"_ _3\"></span>s are recog<span class=\"_ _3\"></span>nised whe<span class=\"_ _3\"></span>n there is a reaso<span class=\"_ _3\"></span>nable </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs270\">assur<span class=\"_ _3\"></span>ance tha<span class=\"_ _3\"></span>t the Group w<span class=\"_ _3\"></span>ill be abl<span class=\"_ _3\"></span>e to compl<span class=\"_ _3\"></span>y with the c<span class=\"_ _3\"></span>onditi<span class=\"_ _3\"></span>ons </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs271\">at<span class=\"_ _3\"></span>tache<span class=\"_ _3\"></span>d to the grant an<span class=\"_ _3\"></span>d that the gr<span class=\"_ _3\"></span>ant will be rec<span class=\"_ _3\"></span>eived. G<span class=\"_ _3\"></span>rants are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs272\">reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement o<span class=\"_ _3\"></span>n a systemati<span class=\"_ _3\"></span>c basis as a </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs273\">ded<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n from the related c<span class=\"_ _3\"></span>ategor<span class=\"_ _3\"></span>y of c<span class=\"_ _3\"></span>ost in the pe<span class=\"_ _3\"></span>riods i<span class=\"_ _3\"></span>n which </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs274\">the expenses are r<span class=\"_ _4\"></span>ec<span class=\"_ _3\"></span>ognised.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs276\">2.<span class=\"_ _5\"></span>19<span class=\"_ _4\"></span> Invent<span class=\"_ _4\"></span>ories<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs277\">Inventorie<span class=\"_ _3\"></span>s are valued at t<span class=\"_ _3\"></span>he lower of cos<span class=\"_ _3\"></span>t and net realis<span class=\"_ _3\"></span>able va<span class=\"_ _3\"></span>lue.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs278\">Cost includes an<span class=\"_ _4\"></span> appropriate proportion of man<span class=\"_ _4\"></span>ufacturing overheads<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs279\">incu<span class=\"_ _3\"></span>rred in brin<span class=\"_ _3\"></span>ging inventori<span class=\"_ _3\"></span>es to their prese<span class=\"_ _3\"></span>nt locat<span class=\"_ _3\"></span>ion and co<span class=\"_ _3\"></span>nditio<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs27a\">and is d<span class=\"_ _3\"></span>et<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rmined u<span class=\"_ _3\"></span>sing the fir<span class=\"_ _3\"></span>st-<span class=\"_ _3\"></span>in first-<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>t method<span class=\"_ _3\"></span>. Net realis<span class=\"_ _3\"></span>able </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs27b\">value represen<span class=\"_ _4\"></span>ts the estimated selling price less all<span class=\"_ _4\"></span> estimated </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs27c\">cos<span class=\"_ _3\"></span>ts<span class=\"_ gs52\"> </span>of comp<span class=\"_ _3\"></span>letion and c<span class=\"_ _3\"></span>osts to be in<span class=\"_ _3\"></span>curred in m<span class=\"_ _3\"></span>arketing, se<span class=\"_ _3\"></span>lling </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs27d\">and<span class=\"_ gs52\"> </span>distribution.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs27e\">2.20 T<span class=\"_ _5\"></span>rade receivables<span class=\"_ _4\"></span> and contract retention<span class=\"_ _4\"></span> rec<span class=\"_ _3\"></span>eiv<span class=\"_ _4\"></span>ables<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs27f\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and contr<span class=\"_ _3\"></span>act retention re<span class=\"_ _3\"></span>ceivab<span class=\"_ _3\"></span>les are initi<span class=\"_ _3\"></span>ally reco<span class=\"_ _3\"></span>rded at fair </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs280\">value a<span class=\"_ _3\"></span>nd subseq<span class=\"_ _3\"></span>uently me<span class=\"_ _3\"></span>asured at am<span class=\"_ _3\"></span>orti<span class=\"_ _3\"></span>sed cost a<span class=\"_ _3\"></span>s reduce<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs281\">by<span class=\"_ gs52\"> </span>allow<span class=\"_ _3\"></span>ances for es<span class=\"_ _3\"></span>timated ir<span class=\"_ _3\"></span>recoverab<span class=\"_ _3\"></span>le amount<span class=\"_ _3\"></span>s and expec<span class=\"_ _3\"></span>ted </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs282\">cred<span class=\"_ _3\"></span>it<span class=\"_ gs52\"> </span>losses<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs283\">2.21<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>rade pa<span class=\"_ _4\"></span>yables and<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>o<span class=\"_ _4\"></span>ntrac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> retention pa<span class=\"_ _4\"></span>yables<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs284\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and contr<span class=\"_ _3\"></span>act retention p<span class=\"_ _3\"></span>ayable<span class=\"_ _3\"></span>s are not interest be<span class=\"_ _3\"></span>aring and a<span class=\"_ _3\"></span>re </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs285\">state<span class=\"_ _3\"></span>d at cost.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs286\">2.2<span class=\"_ _3\"></span>2<span class=\"_ _4\"></span> Provisions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs287\">Provi<span class=\"_ _3\"></span>sions for insur<span class=\"_ _3\"></span>ance lia<span class=\"_ _3\"></span>bilities ret<span class=\"_ _3\"></span>ained in th<span class=\"_ _3\"></span>e Group\u2019s captive </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs288\">insurance arrangements, leg<span class=\"_ _3\"></span>al claims, def<span class=\"_ _4\"></span>ec<span class=\"_ _3\"></span>ts and warranties, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs289\">environmental r<span class=\"_ _4\"></span>estoration, onerous leases, and other<span class=\"_ _4\"></span> o<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>ous </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs28a\">com<span class=\"_ _3\"></span>mitments are re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed at the be<span class=\"_ _3\"></span>st estimate of th<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pend<span class=\"_ _3\"></span>iture </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs28b\">requi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d to settle t<span class=\"_ _3\"></span>he Group\u2019s liabili<span class=\"_ _3\"></span>ty.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs28c\">Provi<span class=\"_ _3\"></span>sions are rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d when: (i) th<span class=\"_ _3\"></span>e Group has a p<span class=\"_ _3\"></span>resent leg<span class=\"_ _3\"></span>al or </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs28d\">con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ive oblig<span class=\"_ _3\"></span>ation as a resu<span class=\"_ _3\"></span>lt of a past event; (<span class=\"_ _3\"></span>ii) it is pro<span class=\"_ _3\"></span>bable </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs28e\">that an o<span class=\"_ _3\"></span>utfl<span class=\"_ _3\"></span>ow of resources w<span class=\"_ _3\"></span>ill be requ<span class=\"_ _3\"></span>ired to settl<span class=\"_ _3\"></span>e the obli<span class=\"_ _3\"></span>gation; </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs28f\">and (i<span class=\"_ _3\"></span>ii) the amo<span class=\"_ _3\"></span>unt of the obl<span class=\"_ _3\"></span>igation c<span class=\"_ _3\"></span>an be es<span class=\"_ _3\"></span>timated relia<span class=\"_ _3\"></span>bly. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs290\">Provi<span class=\"_ _3\"></span>sions are dis<span class=\"_ _3\"></span>counted wh<span class=\"_ _3\"></span>ere appro<span class=\"_ _3\"></span>priate. </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs291\">2.23 Borrowin<span class=\"_ _4\"></span>gs<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs292\">Interest-<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>earing b<span class=\"_ _3\"></span>ank loans a<span class=\"_ _3\"></span>nd overdraf<span class=\"_ _3\"></span>ts are rec<span class=\"_ _3\"></span>orded at th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs293\">proc<span class=\"_ _3\"></span>eeds rec<span class=\"_ _3\"></span>eived, n<span class=\"_ _3\"></span>et of direct iss<span class=\"_ _3\"></span>ue costs<span class=\"_ _3\"></span>. Premiums p<span class=\"_ _3\"></span>ayable o<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs294\">set<span class=\"_ _3\"></span>tlement or re<span class=\"_ _3\"></span>demptio<span class=\"_ _3\"></span>n and direc<span class=\"_ _3\"></span>t issue co<span class=\"_ _3\"></span>sts are inclu<span class=\"_ _3\"></span>ded in the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs295\">ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ying amou<span class=\"_ _3\"></span>nt of the instru<span class=\"_ _3\"></span>ment and are ch<span class=\"_ _3\"></span>arged to the in<span class=\"_ _3\"></span>come </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs296\">state<span class=\"_ _3\"></span>ment on an ac<span class=\"_ _3\"></span>cruals b<span class=\"_ _3\"></span>asis using t<span class=\"_ _3\"></span>he effec<span class=\"_ _3\"></span>tive interest meth<span class=\"_ _3\"></span>od </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs297\">togeth<span class=\"_ _3\"></span>er with th<span class=\"_ _3\"></span>e interest payab<span class=\"_ _3\"></span>le.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs298\">2.<span class=\"_ _3\"></span>24 R<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>ire<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>nef<span class=\"_ _3\"></span>it c<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs299\">Th<span class=\"_ _3\"></span>e Group, throu<span class=\"_ _3\"></span>gh trustee<span class=\"_ _3\"></span>s, oper<span class=\"_ _3\"></span>ates a number of d<span class=\"_ _3\"></span>efined b<span class=\"_ _3\"></span>enefit </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs29a\">and d<span class=\"_ _3\"></span>efined co<span class=\"_ _3\"></span>ntributi<span class=\"_ _3\"></span>on retirement and ot<span class=\"_ _3\"></span>her long<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rm empl<span class=\"_ _3\"></span>oyee </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs29b\">ben<span class=\"_ _3\"></span>efit schem<span class=\"_ _3\"></span>es, the lar<span class=\"_ _3\"></span>gest of whic<span class=\"_ _3\"></span>h are of the defin<span class=\"_ _3\"></span>ed benefi<span class=\"_ _3\"></span>t ty<span class=\"_ _3\"></span>pe </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs29c\">and are fu<span class=\"_ _3\"></span>nded. D<span class=\"_ _3\"></span>efined be<span class=\"_ _3\"></span>nefit cont<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>ons are determin<span class=\"_ _3\"></span>ed in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs29d\">consultation<span class=\"_ _4\"></span> w<span class=\"_ _3\"></span>it<span class=\"_ _4\"></span>h the trustees,<span class=\"_ _4\"></span> af<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>er taking actuarial advice.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs29e\">For d<span class=\"_ _3\"></span>efined be<span class=\"_ _3\"></span>nefit pens<span class=\"_ _3\"></span>ion sche<span class=\"_ _3\"></span>mes, the c<span class=\"_ _3\"></span>ost of provid<span class=\"_ _3\"></span>ing benef<span class=\"_ _3\"></span>its </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs29f\">reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement a<span class=\"_ _3\"></span>nd the defin<span class=\"_ _3\"></span>ed benefi<span class=\"_ _3\"></span>t </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2a0\">obl<span class=\"_ _3\"></span>igatio<span class=\"_ _3\"></span>ns are determine<span class=\"_ _3\"></span>d at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date by ind<span class=\"_ _3\"></span>epend<span class=\"_ _3\"></span>ent </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2a1\">act<span class=\"_ _3\"></span>uaries, u<span class=\"_ _3\"></span>sing the pro<span class=\"_ _3\"></span>jected uni<span class=\"_ _3\"></span>t credit met<span class=\"_ _3\"></span>hod. T<span class=\"_ _3\"></span>he liabi<span class=\"_ _3\"></span>lity </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2a2\">reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he balan<span class=\"_ _3\"></span>ce sheet co<span class=\"_ _3\"></span>mprise<span class=\"_ _3\"></span>s the present va<span class=\"_ _3\"></span>lue of the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls4a ws44 gs2a3\">defined benefit pension<span class=\"_ _4\"></span> ob<span class=\"_ _3\"></span>ligations,<span class=\"_ _4\"></span> determined by discounting<span class=\"_ _4\"></span> the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2a4\">estim<span class=\"_ _3\"></span>ated future c<span class=\"_ _3\"></span>ash flows us<span class=\"_ _3\"></span>ing the mar<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>et y<span class=\"_ _3\"></span>ield on a hig<span class=\"_ _3\"></span>h-<span class=\"_ _3\"></span>qu<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2a5\">cor<span class=\"_ _3\"></span>porate b<span class=\"_ _3\"></span>ond, le<span class=\"_ _3\"></span>ss the fair va<span class=\"_ _3\"></span>lue of the sch<span class=\"_ _3\"></span>eme assets<span class=\"_ _3\"></span>. Actua<span class=\"_ _3\"></span>rial </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2a6\">gain<span class=\"_ _3\"></span>s and loss<span class=\"_ _3\"></span>es are recog<span class=\"_ _3\"></span>nised in the p<span class=\"_ _3\"></span>eriod i<span class=\"_ _3\"></span>n which they o<span class=\"_ _3\"></span>ccur in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2a7\">the st<span class=\"_ _3\"></span>atement of co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve income<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2a8\">Co<span class=\"_ _3\"></span>ntributi<span class=\"_ _3\"></span>ons to define<span class=\"_ _3\"></span>d contri<span class=\"_ _3\"></span>bution p<span class=\"_ _3\"></span>ension sc<span class=\"_ _3\"></span>hemes are ch<span class=\"_ _3\"></span>arged </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2a9\">to<span class=\"_ gs52\"> </span>the inc<span class=\"_ _3\"></span>ome sta<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ment as they fal<span class=\"_ _3\"></span>l due.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2aa\">Any su<span class=\"_ _3\"></span>rplus of d<span class=\"_ _3\"></span>eficit co<span class=\"_ _3\"></span>ntribut<span class=\"_ _3\"></span>ions to the Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty Pe<span class=\"_ _3\"></span>nsion </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2ab\">Fund (<span class=\"_ _3\"></span>BBPF<span class=\"_ _3\"></span>) and th<span class=\"_ _3\"></span>e Railways P<span class=\"_ _3\"></span>ension S<span class=\"_ _3\"></span>cheme (R<span class=\"_ _3\"></span>PS<span class=\"_ _3\"></span>) would be </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2ac\">recover<span class=\"_ _3\"></span>able by wa<span class=\"_ _3\"></span>y of a r<span class=\"_ _4\"></span>ef<span class=\"_ _3\"></span>und as, ac<span class=\"_ _3\"></span>cording to t<span class=\"_ _3\"></span>he relevant trus<span class=\"_ _3\"></span>t </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2ad\">dee<span class=\"_ _3\"></span>d and rule<span class=\"_ _3\"></span>s docum<span class=\"_ _3\"></span>ents, the Gro<span class=\"_ _3\"></span>up has the u<span class=\"_ _3\"></span>ncondi<span class=\"_ _3\"></span>tional r<span class=\"_ _3\"></span>ight to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2ae\">the sur<span class=\"_ _3\"></span>plus and c<span class=\"_ _3\"></span>ontrols the r<span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>off of the b<span class=\"_ _3\"></span>enefit ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns once </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2af\">all<span class=\"_ gs52\"> </span>othe<span class=\"_ _3\"></span>r oblig<span class=\"_ _3\"></span>ations of the B<span class=\"_ _3\"></span>BPF and R<span class=\"_ _3\"></span>PS have b<span class=\"_ _3\"></span>een set<span class=\"_ _3\"></span>tled.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs2b0\">2.<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>5 Shar<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>-ba<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d paym<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsf7 ws3 gs2b1\">Empl<span class=\"_ _3\"></span>oyee ser<span class=\"_ _3\"></span>vices re<span class=\"_ _3\"></span>ceived in exch<span class=\"_ _3\"></span>ange for the g<span class=\"_ _3\"></span>rant of equi<span class=\"_ _3\"></span>ty<span class=\"_ _3\"></span>-set<span class=\"_ _3\"></span>tled </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsf7 ws3 gs2b2\">and c<span class=\"_ _3\"></span>ash<span class=\"_ _3\"></span>-set<span class=\"_ _3\"></span>tled aw<span class=\"_ _3\"></span>ards are charg<span class=\"_ _3\"></span>ed to the inc<span class=\"_ _3\"></span>ome sta<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ment on a </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsf7 ws3 gs2b3\">stra<span class=\"_ _3\"></span>ight-<span class=\"_ _3\"></span>line basi<span class=\"_ _3\"></span>s over the vestin<span class=\"_ _3\"></span>g perio<span class=\"_ _3\"></span>d, base<span class=\"_ _3\"></span>d on the fair va<span class=\"_ _3\"></span>lues </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsf7 ws3 gs2b4\">of<span class=\"_ gs52\"> </span>the awa<span class=\"_ _3\"></span>rds at the date of g<span class=\"_ _3\"></span>rant.<span class=\"_ _3ab\"> </span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsf7 ws3 gs2b6\">Th<span class=\"_ _3\"></span>e credits i<span class=\"_ _3\"></span>n respec<span class=\"_ _3\"></span>t of the amount<span class=\"_ _3\"></span>s charge<span class=\"_ _3\"></span>d are includ<span class=\"_ _3\"></span>ed withi<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls8b ws10 gs2b7\">separate reserves in equit<span class=\"_ _3\"></span>y f<span class=\"_ _4\"></span>or equit<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>settled awards or within accruals </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs2b8\">for ca<span class=\"_ _3\"></span>sh-<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>tled award<span class=\"_ _3\"></span>s until such ti<span class=\"_ _3\"></span>me as the award<span class=\"_ _3\"></span>s are ex<span class=\"_ _4\"></span>erc<span class=\"_ _3\"></span>ised,<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws87 gs2b9\">whe<span class=\"_ _3\"></span>n the shares are tr<span class=\"_ _3\"></span>ansferred o<span class=\"_ _3\"></span>r cash pay<span class=\"_ _3\"></span>ments ma<span class=\"_ _3\"></span>de to emplo<span class=\"_ _3\"></span>yees.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5f ws57 gs2ba\">2.<span class=\"_ _3\"></span>26<span class=\"_ _4\"></span> Financ<span class=\"_ _3\"></span>ial instrument<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2bb\">Fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets and fin<span class=\"_ _3\"></span>ancial li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s are recog<span class=\"_ _3\"></span>nised in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2bc\">bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et when the Gro<span class=\"_ _3\"></span>up bec<span class=\"_ _3\"></span>omes a par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y to the contr<span class=\"_ _3\"></span>actual </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2bd\">provis<span class=\"_ _3\"></span>ions of the ins<span class=\"_ _3\"></span>trument.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs2be\">a) Clas<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ion of f<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span>cial l<span class=\"_ _3\"></span>iabili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y in<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rume<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2bf\">Fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s and equit<span class=\"_ _3\"></span>y inst<span class=\"_ _3\"></span>ruments are c<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>ied acc<span class=\"_ _3\"></span>ording to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2c0\">the sub<span class=\"_ _3\"></span>stanc<span class=\"_ _3\"></span>e of the contr<span class=\"_ _3\"></span>actual a<span class=\"_ _3\"></span>rrang<span class=\"_ _3\"></span>ements. A<span class=\"_ _3\"></span>n equit<span class=\"_ _3\"></span>y inst<span class=\"_ _3\"></span>rument </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2c1\">is any co<span class=\"_ _3\"></span>ntract th<span class=\"_ _3\"></span>at eviden<span class=\"_ _3\"></span>ces a residu<span class=\"_ _3\"></span>al interest in the a<span class=\"_ _3\"></span>ssets of the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2c2\">Grou<span class=\"_ _3\"></span>p after de<span class=\"_ _3\"></span>ductin<span class=\"_ _3\"></span>g all of its lia<span class=\"_ _3\"></span>bilities<span class=\"_ _3\"></span>. Equit<span class=\"_ _3\"></span>y instrum<span class=\"_ _3\"></span>ents issue<span class=\"_ _3\"></span>d by </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2c3\">the C<span class=\"_ _3\"></span>ompany a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e re<span class=\"_ _3\"></span>corde<span class=\"_ _3\"></span>d at the proc<span class=\"_ _3\"></span>eeds rec<span class=\"_ _3\"></span>eived, net of d<span class=\"_ _3\"></span>irect </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls4f ws49 gs2c4\">issue<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>os<span class=\"_ _4\"></span>ts.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs2c5\">b) Der<span class=\"_ _3\"></span>iva<span class=\"_ _3\"></span>tive f<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>l ins<span class=\"_ _3\"></span>trum<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>s and h<span class=\"_ _3\"></span>edg<span class=\"_ _3\"></span>e ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ting<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs2c6\">The Group uses derivative financial instruments t<span class=\"_ _4\"></span>o mana<span class=\"_ _3\"></span>ge i<span class=\"_ _4\"></span>nterest </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2c7\">rate risk a<span class=\"_ _3\"></span>nd to hedg<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posures to flu<span class=\"_ _3\"></span>ctuati<span class=\"_ _3\"></span>ons in foreign cu<span class=\"_ _3\"></span>rrencie<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2c8\">in ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with it<span class=\"_ _3\"></span>s risk man<span class=\"_ _3\"></span>agement p<span class=\"_ _3\"></span>olicy. The Gro<span class=\"_ _3\"></span>up does n<span class=\"_ _3\"></span>ot </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs2c9\">use derivative financial instruments for speculative purpo<span class=\"_ _3\"></span>ses. A<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs2ca\">desc<span class=\"_ _3\"></span>riptio<span class=\"_ _3\"></span>n of the Group\u2019s obje<span class=\"_ _3\"></span>ctives, p<span class=\"_ _3\"></span>olicie<span class=\"_ _3\"></span>s and strateg<span class=\"_ _3\"></span>ies with re<span class=\"_ _3\"></span>gard </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2cb\">to deri<span class=\"_ _3\"></span>vatives an<span class=\"_ _3\"></span>d other fina<span class=\"_ _3\"></span>ncial inst<span class=\"_ _3\"></span>ruments i<span class=\"_ _3\"></span>s set out in Note 4<span class=\"_ _3\"></span>0.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2cc\">Der<span class=\"_ _3\"></span>ivatives a<span class=\"_ _3\"></span>re initiall<span class=\"_ _3\"></span>y r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed in the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet at fair valu<span class=\"_ _3\"></span>e on </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs2cd\">the d<span class=\"_ _3\"></span>ate the deri<span class=\"_ _3\"></span>vative tran<span class=\"_ _3\"></span>sacti<span class=\"_ _3\"></span>on is entered into and are su<span class=\"_ _3\"></span>bseque<span class=\"_ _3\"></span>ntly </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2ce\">re<span class=\"_ _3\"></span>-m<span class=\"_ _3\"></span>easured at t<span class=\"_ _3\"></span>heir fair valu<span class=\"_ _3\"></span>es.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2cf\">Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s that are desi<span class=\"_ _3\"></span>gnated and q<span class=\"_ _3\"></span>ualif<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2d0\">as fair v<span class=\"_ _3\"></span>alue hed<span class=\"_ _3\"></span>ges are reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e incom<span class=\"_ _3\"></span>e statement to<span class=\"_ _3\"></span>gether </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2d1\">with a<span class=\"_ _3\"></span>ny chang<span class=\"_ _3\"></span>es in the fair va<span class=\"_ _3\"></span>lue of the hed<span class=\"_ _3\"></span>ged item th<span class=\"_ _3\"></span>at are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2d2\">at<span class=\"_ _3\"></span>tribut<span class=\"_ _3\"></span>able to the h<span class=\"_ _3\"></span>edge<span class=\"_ _3\"></span>d risk.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2d3\">Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve por<span class=\"_ _3\"></span>tion of der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s that </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2d4\">are desi<span class=\"_ _3\"></span>gnated an<span class=\"_ _3\"></span>d qualif<span class=\"_ _3\"></span>y as ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges are reco<span class=\"_ _3\"></span>gnised in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2d5\">other c<span class=\"_ _3\"></span>omprehe<span class=\"_ _3\"></span>nsive inco<span class=\"_ _3\"></span>me (OC<span class=\"_ _3\"></span>I). Change<span class=\"_ _3\"></span>s in the fair val<span class=\"_ _3\"></span>ue of the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2d6\">inef<span class=\"_ _3\"></span>fective p<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>ion of cas<span class=\"_ _3\"></span>h flow hedg<span class=\"_ _3\"></span>es are reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e income </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2d7\">state<span class=\"_ _3\"></span>ment. Am<span class=\"_ _3\"></span>ounts ori<span class=\"_ _3\"></span>ginall<span class=\"_ _3\"></span>y recogni<span class=\"_ _3\"></span>sed in OC<span class=\"_ _3\"></span>I are transfer<span class=\"_ _3\"></span>red to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2d8\">the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement when t<span class=\"_ _3\"></span>he under<span class=\"_ _3\"></span>lying tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion oc<span class=\"_ _3\"></span>curs or, if </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2d9\">the tr<span class=\"_ _3\"></span>ansact<span class=\"_ _3\"></span>ion results i<span class=\"_ _3\"></span>n a non<span class=\"_ _3\"></span>-fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>set or liabi<span class=\"_ _3\"></span>lity, are includ<span class=\"_ _3\"></span>ed </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2da\">in the ini<span class=\"_ _3\"></span>tial cos<span class=\"_ _3\"></span>t of that asset o<span class=\"_ _3\"></span>r liabilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2db\">Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of der<span class=\"_ _3\"></span>ivative f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al instrum<span class=\"_ _3\"></span>ents that d<span class=\"_ _3\"></span>o </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2dc\">not qu<span class=\"_ _3\"></span>alify fo<span class=\"_ _3\"></span>r hedge a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing are recog<span class=\"_ _3\"></span>nised in th<span class=\"_ _3\"></span>e income </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2dd\">state<span class=\"_ _3\"></span>ment as they ar<span class=\"_ _3\"></span>ise.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2de\">Hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting is d<span class=\"_ _3\"></span>iscontinu<span class=\"_ _3\"></span>ed when t<span class=\"_ _3\"></span>he hedg<span class=\"_ _3\"></span>ing instru<span class=\"_ _3\"></span>ment </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2df\">expires o<span class=\"_ _3\"></span>r is sold<span class=\"_ _3\"></span>, t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rminated<span class=\"_ _3\"></span>, or exercised<span class=\"_ _3\"></span>, or no long<span class=\"_ _3\"></span>er quali<span class=\"_ _3\"></span>fies for </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2e0\">hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting. At t<span class=\"_ _3\"></span>hat time, any cu<span class=\"_ _3\"></span>mulative g<span class=\"_ _3\"></span>ain or los<span class=\"_ _3\"></span>s on the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2e1\">hed<span class=\"_ _3\"></span>ging inst<span class=\"_ _3\"></span>rument rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in OCI is reta<span class=\"_ _3\"></span>ined in eq<span class=\"_ _3\"></span>uity u<span class=\"_ _3\"></span>ntil the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs2e2\">hedged transaction occurs. If<span class=\"_ _4\"></span> a hedged transaction is no<span class=\"_ _4\"></span> longer </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2e3\">expe<span class=\"_ _3\"></span>cted to occ<span class=\"_ _3\"></span>ur<span class=\"_ _4\"></span>, the net c<span class=\"_ _3\"></span>umulati<span class=\"_ _3\"></span>ve gain or los<span class=\"_ _3\"></span>s recog<span class=\"_ _3\"></span>nised in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2e4\">OC<span class=\"_ _3\"></span>I<span class=\"_ gs52\"> </span>is transfer<span class=\"_ _3\"></span>red to the inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt for the peri<span class=\"_ _3\"></span>od.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs2e5\">Derivatives embedde<span class=\"_ _3\"></span>d i<span class=\"_ _4\"></span>n other financial instruments or other<span class=\"_ _4\"></span> h<span class=\"_ _3\"></span>ost<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2e6\">cont<span class=\"_ _3\"></span>racts are t<span class=\"_ _3\"></span>reated as sep<span class=\"_ _3\"></span>arate deri<span class=\"_ _3\"></span>vatives an<span class=\"_ _3\"></span>d recorde<span class=\"_ _3\"></span>d in the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2e7\">bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et at fair value w<span class=\"_ _3\"></span>hen their ri<span class=\"_ _3\"></span>sks and char<span class=\"_ _3\"></span>acteris<span class=\"_ _3\"></span>tics are not </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2e8\">clo<span class=\"_ _3\"></span>sely relate<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>hose of the ho<span class=\"_ _3\"></span>st contra<span class=\"_ _3\"></span>ct. Cha<span class=\"_ _3\"></span>nges in the f<span class=\"_ _3\"></span>air value </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2e9\">of thos<span class=\"_ _3\"></span>e embed<span class=\"_ _3\"></span>ded der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed in the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2ea\">reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement a<span class=\"_ _3\"></span>s they arise.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 lsc ws8 gs2eb\">c) PPP conce<span class=\"_ _3\"></span>ssion compani<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2ec\">As<span class=\"_ _3\"></span>sets cons<span class=\"_ _3\"></span>tructe<span class=\"_ _3\"></span>d by PPP c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ion com<span class=\"_ _3\"></span>panies are cl<span class=\"_ _3\"></span>assifie<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2ed\">prin<span class=\"_ _3\"></span>cipall<span class=\"_ _3\"></span>y as finan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>ets measure<span class=\"_ _3\"></span>d at fair value th<span class=\"_ _3\"></span>rough OC<span class=\"_ _3\"></span>I.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2ee\">In the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction p<span class=\"_ _3\"></span>hase, inc<span class=\"_ _3\"></span>ome is reco<span class=\"_ _3\"></span>gnised by a<span class=\"_ _3\"></span>pply<span class=\"_ _3\"></span>ing an </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2ef\">at<span class=\"_ _3\"></span>tribut<span class=\"_ _3\"></span>able prof<span class=\"_ _3\"></span>it margin to th<span class=\"_ _3\"></span>e constr<span class=\"_ _3\"></span>uction c<span class=\"_ _3\"></span>osts rep<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>senting the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2f0\">fair val<span class=\"_ _3\"></span>ue of const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n ser<span class=\"_ _3\"></span>vices p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>med. In t<span class=\"_ _3\"></span>he oper<span class=\"_ _3\"></span>ational </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2f1\">pha<span class=\"_ _3\"></span>se, incom<span class=\"_ _3\"></span>e is recog<span class=\"_ _3\"></span>nised by allo<span class=\"_ _3\"></span>catin<span class=\"_ _3\"></span>g a propor<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n of t<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al cash </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2f2\">recei<span class=\"_ _3\"></span>vable over t<span class=\"_ _3\"></span>he life of the proje<span class=\"_ _3\"></span>ct to ser<span class=\"_ _3\"></span>vice c<span class=\"_ _3\"></span>osts by me<span class=\"_ _3\"></span>ans of a </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2f3\">dee<span class=\"_ _3\"></span>med rate of return o<span class=\"_ _3\"></span>n those co<span class=\"_ _3\"></span>sts. T<span class=\"_ _3\"></span>he residual e<span class=\"_ _3\"></span>lement of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2f4\">proje<span class=\"_ _3\"></span>cted ca<span class=\"_ _3\"></span>sh is alloc<span class=\"_ _3\"></span>ated to the fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>set using the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2f5\">interest ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e m<span class=\"_ _3\"></span>ethod, g<span class=\"_ _3\"></span>iving r<span class=\"_ _3\"></span>ise to interest inco<span class=\"_ _3\"></span>me.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2f7\">Due to th<span class=\"_ _3\"></span>e nature of the co<span class=\"_ _3\"></span>ntractu<span class=\"_ _3\"></span>al arran<span class=\"_ _3\"></span>gements<span class=\"_ _3\"></span>, the proje<span class=\"_ _3\"></span>cted cas<span class=\"_ _3\"></span>h </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2f8\">flows c<span class=\"_ _3\"></span>an be est<span class=\"_ _3\"></span>imated wi<span class=\"_ _3\"></span>th a high deg<span class=\"_ _3\"></span>ree of cer<span class=\"_ _3\"></span>taint<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2f9\">In the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction p<span class=\"_ _3\"></span>hase, the fai<span class=\"_ _3\"></span>r value of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s P<span class=\"_ _3\"></span>PP finan<span class=\"_ _3\"></span>cial </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2fa\">asset<span class=\"_ _3\"></span>s is determine<span class=\"_ _3\"></span>d by appl<span class=\"_ _3\"></span>ying an at<span class=\"_ _3\"></span>trib<span class=\"_ _3\"></span>utabl<span class=\"_ _3\"></span>e profit marg<span class=\"_ _3\"></span>in to the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2fb\">con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ion cost<span class=\"_ _3\"></span>s representin<span class=\"_ _3\"></span>g the fair valu<span class=\"_ _3\"></span>e of constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n serv<span class=\"_ _3\"></span>ices </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2fc\">per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ed. In the o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>onal pha<span class=\"_ _3\"></span>se, fair value i<span class=\"_ _3\"></span>s determine<span class=\"_ _3\"></span>d by </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2fd\">disc<span class=\"_ _3\"></span>ounting th<span class=\"_ _3\"></span>e future cas<span class=\"_ _3\"></span>h flows allo<span class=\"_ _3\"></span>cated to the fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l asset </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2fe\">using d<span class=\"_ _3\"></span>iscount r<span class=\"_ _3\"></span>ates based o<span class=\"_ _3\"></span>n long<span class=\"_ _3\"></span>-ter<span class=\"_ _3\"></span>m gilt rates ad<span class=\"_ _3\"></span>justed for the r<span class=\"_ _3\"></span>isk </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs2ff\">levels as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d with the a<span class=\"_ _3\"></span>ssets, w<span class=\"_ _3\"></span>ith market-<span class=\"_ _3\"></span>related m<span class=\"_ _3\"></span>ovements in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs300\">fair val<span class=\"_ _3\"></span>ue recog<span class=\"_ _3\"></span>nised in O<span class=\"_ _3\"></span>CI. In bot<span class=\"_ _3\"></span>h instan<span class=\"_ _3\"></span>ces, the fa<span class=\"_ _3\"></span>ir value is </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs301\">reduc<span class=\"_ _3\"></span>ed by allow<span class=\"_ _3\"></span>ances for es<span class=\"_ _3\"></span>timated irre<span class=\"_ _3\"></span>coverab<span class=\"_ _3\"></span>le amount<span class=\"_ _3\"></span>s and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls4f ws49 gs302\">expected<span class=\"_ _4\"></span> credit losses. Amounts<span class=\"_ _4\"></span> originally recogni<span class=\"_ _4\"></span>sed in OCI are<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs303\">trans<span class=\"_ _3\"></span>ferred to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement upo<span class=\"_ _3\"></span>n dispos<span class=\"_ _3\"></span>al of the ass<span class=\"_ _3\"></span>et.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs304\">2.<span class=\"_ _3\"></span>27 J<span class=\"_ _3\"></span>udg<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s and ke<span class=\"_ _3\"></span>y sou<span class=\"_ _3\"></span>rce<span class=\"_ _3\"></span>s of e<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ima<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n unc<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ain<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs305\">Th<span class=\"_ _3\"></span>e prepara<span class=\"_ _3\"></span>tion of con<span class=\"_ _3\"></span>solidate<span class=\"_ _3\"></span>d financ<span class=\"_ _3\"></span>ial statem<span class=\"_ _3\"></span>ents unde<span class=\"_ _3\"></span>r IFRS </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls90 ws11 gs306\">requires management t<span class=\"_ _4\"></span>o make judgements, estimates<span class=\"_ _4\"></span> and assumptions </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs307\">that af<span class=\"_ _3\"></span>fect am<span class=\"_ _3\"></span>ounts reco<span class=\"_ _3\"></span>gnised fo<span class=\"_ _3\"></span>r assets and li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es at the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs308\">repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date and the a<span class=\"_ _3\"></span>mounts of revenue a<span class=\"_ _3\"></span>nd expense<span class=\"_ _3\"></span>s incurre<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs309\">duri<span class=\"_ _3\"></span>ng the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g perio<span class=\"_ _3\"></span>d. Act<span class=\"_ _3\"></span>ual outco<span class=\"_ _3\"></span>mes may di<span class=\"_ _3\"></span>ffer from th<span class=\"_ _3\"></span>ese </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs30a\">judgements, estimates and assumptions.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs30b\">Th<span class=\"_ _3\"></span>e judgem<span class=\"_ _3\"></span>ents, esti<span class=\"_ _3\"></span>mates and as<span class=\"_ _3\"></span>sumptions t<span class=\"_ _3\"></span>hat have the mo<span class=\"_ _3\"></span>st </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs30c\">signi<span class=\"_ _3\"></span>ficant ef<span class=\"_ _3\"></span>fect on t<span class=\"_ _3\"></span>he carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g value of ass<span class=\"_ _3\"></span>ets and liab<span class=\"_ _3\"></span>ilities of th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs30d\">Grou<span class=\"_ _3\"></span>p as at 31 Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23 are di<span class=\"_ _3\"></span>scusse<span class=\"_ _3\"></span>d below.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs30e\">a) Reve<span class=\"_ _3\"></span>nue an<span class=\"_ _3\"></span>d margi<span class=\"_ _3\"></span>n rec<span class=\"_ _3\"></span>ogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n (<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>imat<span class=\"_ _3\"></span>e)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs30f\">Th<span class=\"_ _3\"></span>e Group\u2019s r<span class=\"_ _4\"></span>eve<span class=\"_ _3\"></span>nue recog<span class=\"_ _3\"></span>nition an<span class=\"_ _3\"></span>d margin rec<span class=\"_ _3\"></span>ogniti<span class=\"_ _3\"></span>on polic<span class=\"_ _3\"></span>ies, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs310\">whic<span class=\"_ _3\"></span>h are set out in N<span class=\"_ _3\"></span>otes 2.4 and 2.<span class=\"_ _3\"></span>5, are cent<span class=\"_ _3\"></span>ral to how the Gro<span class=\"_ _3\"></span>up </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs311\">value<span class=\"_ _3\"></span>s the work it h<span class=\"_ _3\"></span>as carr<span class=\"_ _3\"></span>ied out in e<span class=\"_ _3\"></span>ach fina<span class=\"_ _3\"></span>ncial yea<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs312\">Th<span class=\"_ _3\"></span>ese poli<span class=\"_ _3\"></span>cies requi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e fo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cast<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e made of t<span class=\"_ _3\"></span>he outcom<span class=\"_ _3\"></span>es of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs313\">long<span class=\"_ _3\"></span>-t<span class=\"_ _4\"></span>er<span class=\"_ _3\"></span>m<span class=\"_ _4\"></span> construction serv<span class=\"_ _3\"></span>ices<span class=\"_ _4\"></span> and suppor<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> ser<span class=\"_ _3\"></span>vices cont<span class=\"_ _4\"></span>rac<span class=\"_ _3\"></span>ts,<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs314\">whic<span class=\"_ _3\"></span>h require esti<span class=\"_ _3\"></span>mates to be mad<span class=\"_ _3\"></span>e of both co<span class=\"_ _3\"></span>st and inc<span class=\"_ _3\"></span>ome </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs315\">reco<span class=\"_ _3\"></span>gnitio<span class=\"_ _3\"></span>n on each c<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>. On the co<span class=\"_ _3\"></span>st side, es<span class=\"_ _3\"></span>timates of forec<span class=\"_ _3\"></span>asts </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs316\">are mad<span class=\"_ _3\"></span>e on the fin<span class=\"_ _3\"></span>al out-t<span class=\"_ _3\"></span>urn of eac<span class=\"_ _3\"></span>h contrac<span class=\"_ _3\"></span>t in addi<span class=\"_ _3\"></span>tion to potenti<span class=\"_ _3\"></span>al </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs317\">cos<span class=\"_ _3\"></span>ts to be incur<span class=\"_ _3\"></span>red for any mainten<span class=\"_ _3\"></span>ance and d<span class=\"_ _3\"></span>efects lia<span class=\"_ _3\"></span>bilities<span class=\"_ _3\"></span>. On </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs318\">the inc<span class=\"_ _3\"></span>ome sid<span class=\"_ _3\"></span>e, estimates a<span class=\"_ _3\"></span>re made on va<span class=\"_ _3\"></span>riation<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o c<span class=\"_ _3\"></span>onsid<span class=\"_ _3\"></span>eration </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs319\">whic<span class=\"_ _3\"></span>h ty<span class=\"_ _3\"></span>picall<span class=\"_ _3\"></span>y includ<span class=\"_ _3\"></span>e variat<span class=\"_ _3\"></span>ions due to ch<span class=\"_ _3\"></span>anges in sc<span class=\"_ _3\"></span>ope of wor<span class=\"_ _3\"></span>k, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs31a\">recover<span class=\"_ _3\"></span>ies of clai<span class=\"_ _3\"></span>m income f<span class=\"_ _3\"></span>rom customer<span class=\"_ _3\"></span>s, and potent<span class=\"_ _3\"></span>ial liqui<span class=\"_ _3\"></span>dated </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs31b\">dam<span class=\"_ _3\"></span>ages th<span class=\"_ _3\"></span>at may be levi<span class=\"_ _3\"></span>ed by<span class=\"_ gs52\"> </span>custom<span class=\"_ _3\"></span>ers. On c<span class=\"_ _3\"></span>ost reimbu<span class=\"_ _3\"></span>rsabl<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs31c\">cont<span class=\"_ _3\"></span>racts th<span class=\"_ _3\"></span>ere are also esti<span class=\"_ _3\"></span>mates require<span class=\"_ _3\"></span>d on the level of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs31d\">dis<span class=\"_ _3\"></span>allowabl<span class=\"_ _3\"></span>e costs w<span class=\"_ _3\"></span>hich requ<span class=\"_ _3\"></span>ires an asses<span class=\"_ _3\"></span>sment of wheth<span class=\"_ _3\"></span>er costs </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs31e\">are recove<span class=\"_ _3\"></span>rable un<span class=\"_ _3\"></span>der the term<span class=\"_ _3\"></span>s of the contr<span class=\"_ _3\"></span>act and th<span class=\"_ _3\"></span>erefore should </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs31f\">be rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d as incom<span class=\"_ _3\"></span>e. Estima<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are reviewed regul<span class=\"_ _3\"></span>arly </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs320\">throug<span class=\"_ _3\"></span>hout the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t life based o<span class=\"_ _3\"></span>n latest avail<span class=\"_ _3\"></span>able infor<span class=\"_ _3\"></span>mation </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs321\">and<span class=\"_ gs52\"> </span>ad<span class=\"_ _3\"></span>justment<span class=\"_ _3\"></span>s are made w<span class=\"_ _3\"></span>here neces<span class=\"_ _3\"></span>sar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he Group c<span class=\"_ _3\"></span>ontinues </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs322\">to<span class=\"_ gs52\"> </span>regul<span class=\"_ _3\"></span>arly ass<span class=\"_ _3\"></span>ess these e<span class=\"_ _3\"></span>stimates. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs323\">As a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Group\u2019s contrac<span class=\"_ _3\"></span>t assets<span class=\"_ _3\"></span>, contrac<span class=\"_ _3\"></span>t liabil<span class=\"_ _3\"></span>ities </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs324\">and c<span class=\"_ _3\"></span>ontract p<span class=\"_ _3\"></span>rovisions a<span class=\"_ _3\"></span>mounted to \u00a3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>m, \u00a36<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2m and \u00a3<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>2m </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs325\">re<span class=\"_ _4\"></span>spectiv<span class=\"_ _4\"></span>ely as set out in N<span class=\"_ _3\"></span>otes 23 and 2<span class=\"_ _3\"></span>6. T<span class=\"_ _3\"></span>he Group ha<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>ered </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs326\">the na<span class=\"_ _3\"></span>ture of the estim<span class=\"_ _3\"></span>ates involved in d<span class=\"_ _3\"></span>erivi<span class=\"_ _3\"></span>ng these ba<span class=\"_ _3\"></span>lances a<span class=\"_ _3\"></span>nd </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs327\">con<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d that it is po<span class=\"_ _3\"></span>ssible, o<span class=\"_ _3\"></span>n the basis of ex<span class=\"_ _3\"></span>isting kn<span class=\"_ _3\"></span>owledg<span class=\"_ _3\"></span>e, that </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs328\">outc<span class=\"_ _3\"></span>omes wit<span class=\"_ _3\"></span>hin the next f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al year may b<span class=\"_ _3\"></span>e different fro<span class=\"_ _3\"></span>m the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs329\">Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s assum<span class=\"_ _3\"></span>ptions ap<span class=\"_ _3\"></span>plied as a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 and c<span class=\"_ _3\"></span>ould </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs32a\">requi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a m<span class=\"_ _3\"></span>aterial ad<span class=\"_ _3\"></span>justment to th<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amounts of th<span class=\"_ _3\"></span>ese assets </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs32b\">and li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s in the next f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al year<span class=\"_ _4\"></span>. H<span class=\"_ _3\"></span>owever<span class=\"_ _5\"></span>, d<span class=\"_ _3\"></span>ue to the level of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs32c\">unce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ainty, combi<span class=\"_ _3\"></span>nation of c<span class=\"_ _3\"></span>ost and inc<span class=\"_ _3\"></span>ome vari<span class=\"_ _3\"></span>ables an<span class=\"_ _3\"></span>d timing </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs32d\">acro<span class=\"_ _3\"></span>ss a large p<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>folio of c<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>s (in excess of 1,0<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>) at<span class=\"_ gs52\"> </span>dif<span class=\"_ _3\"></span>ferent </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 wsc8 gs32e\">sta<span class=\"_ _3\"></span>ges of their c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t life, it is impr<span class=\"_ _3\"></span>actic<span class=\"_ _3\"></span>able to prov<span class=\"_ _3\"></span>ide a<span class=\"_ gs52\"> </span>quant<span class=\"_ _3\"></span>itative </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls88 ws3 gs32f\">anal<span class=\"_ _3\"></span>ysis of the ag<span class=\"_ _3\"></span>gregate<span class=\"_ _3\"></span>d estimates th<span class=\"_ _3\"></span>at are appl<span class=\"_ _3\"></span>ied at a por<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>folio level.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff43 fs5 fc4 sc0 ls5 ws3 gs331\">a) Reve<span class=\"_ _3\"></span>nue an<span class=\"_ _3\"></span>d margi<span class=\"_ _3\"></span>n rec<span class=\"_ _3\"></span>ogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n (<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>imat<span class=\"_ _3\"></span>e)<span class=\"ff3c ls3c ws37\"> continu<span class=\"_ _3\"></span>ed<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs332\">W<span class=\"_ _3\"></span>ithin this po<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>folio, the<span class=\"_ _3\"></span>re are a limited numb<span class=\"_ _3\"></span>er of long<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rm contr<span class=\"_ _3\"></span>acts </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs333\">whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>he Group ha<span class=\"_ _3\"></span>s incor<span class=\"_ _3\"></span>porated s<span class=\"_ _3\"></span>ignific<span class=\"_ _3\"></span>ant estim<span class=\"_ _3\"></span>ates over contr<span class=\"_ _3\"></span>actual<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs334\">entitl<span class=\"_ _3\"></span>ements rela<span class=\"_ _3\"></span>ting to recover<span class=\"_ _3\"></span>ies of claim in<span class=\"_ _3\"></span>come fro<span class=\"_ _3\"></span>m customer<span class=\"_ _3\"></span>s, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs335\">supp<span class=\"_ _3\"></span>liers and l<span class=\"_ _3\"></span>iquida<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d dama<span class=\"_ _3\"></span>ges levie<span class=\"_ _3\"></span>d by the custom<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his is in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs336\">the C<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction S<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>ices se<span class=\"_ _3\"></span>gment. T<span class=\"_ _3\"></span>hese recove<span class=\"_ _3\"></span>ries have be<span class=\"_ _3\"></span>en </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs337\">reco<span class=\"_ _3\"></span>gnised at t<span class=\"_ _3\"></span>he amount th<span class=\"_ _3\"></span>at is consi<span class=\"_ _3\"></span>dered high<span class=\"_ _3\"></span>ly proba<span class=\"_ _3\"></span>ble not to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs338\">signi<span class=\"_ _3\"></span>ficantl<span class=\"_ _3\"></span>y reverse. Howeve<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, th<span class=\"_ _3\"></span>ere are a<span class=\"_ gs52\"> </span>host<span class=\"_ gs52\"> </span>of fac<span class=\"_ _3\"></span>tors af<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cting </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs339\">potenti<span class=\"_ _3\"></span>al outcom<span class=\"_ _3\"></span>es in respec<span class=\"_ _3\"></span>t of<span class=\"_ gs52\"> </span>these enti<span class=\"_ _3\"></span>tlement<span class=\"_ _3\"></span>s which co<span class=\"_ _3\"></span>uld </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs33a\">result in a r<span class=\"_ _3\"></span>ange of reas<span class=\"_ _3\"></span>onabl<span class=\"_ _3\"></span>y possi<span class=\"_ _3\"></span>ble outco<span class=\"_ _3\"></span>mes on the<span class=\"_ _3\"></span>se contra<span class=\"_ _3\"></span>cts </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs33b\">in the foll<span class=\"_ _3\"></span>owing fin<span class=\"_ _3\"></span>ancial ye<span class=\"_ _3\"></span>ar<span class=\"_ _4\"></span>, ran<span class=\"_ _3\"></span>ging from a g<span class=\"_ _3\"></span>ain of \u00a36<span class=\"_ _3\"></span>0m to a loss of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs33c\">\u00a3(<span class=\"_ _3\"></span>35)m. T<span class=\"_ _3\"></span>he Directo<span class=\"_ _3\"></span>rs have asses<span class=\"_ _3\"></span>sed the ra<span class=\"_ _3\"></span>nge of reaso<span class=\"_ _3\"></span>nabl<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs33d\">pos<span class=\"_ _3\"></span>sible ou<span class=\"_ _3\"></span>tcomes on t<span class=\"_ _3\"></span>hese limite<span class=\"_ _3\"></span>d number of c<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>s based o<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs33e\">fac<span class=\"_ _3\"></span>ts and circu<span class=\"_ _3\"></span>mstanc<span class=\"_ _3\"></span>es that were pres<span class=\"_ _3\"></span>ent and<span class=\"_ gs52\"> </span>know<span class=\"_ _3\"></span>n at the bal<span class=\"_ _3\"></span>ance </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsfe ws8 gs33f\">sheet<span class=\"_ _4\"></span> d<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>e. As with any<span class=\"_ _4\"></span> contract applying long<span class=\"_ _3\"></span>-te<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>m<span class=\"_ _4\"></span> contract accounting, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs340\">these c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts are also af<span class=\"_ _3\"></span>fected by<span class=\"_ gs52\"> </span>a<span class=\"_ gs52\"> </span>v<span class=\"_ _3\"></span>ariet<span class=\"_ _3\"></span>y of uncer<span class=\"_ _3\"></span>tainti<span class=\"_ _3\"></span>es that </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs341\">dep<span class=\"_ _3\"></span>end on futu<span class=\"_ _3\"></span>re ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nts, and so<span class=\"_ gs52\"> </span>of<span class=\"_ _3\"></span>ten nee<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e revised as </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs342\">contracts progr<span class=\"_ _4\"></span>ess.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls3e ws39 gs343\">b<span class=\"_ _4\"></span>) Non-underlying<span class=\"_ _4\"></span> items (judgement)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs344\">No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g items are items of fin<span class=\"_ _3\"></span>ancial p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rmanc<span class=\"_ _3\"></span>e which th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs345\">Grou<span class=\"_ _3\"></span>p believes sho<span class=\"_ _3\"></span>uld be pres<span class=\"_ _3\"></span>ented separ<span class=\"_ _3\"></span>ately on the f<span class=\"_ _3\"></span>ace of the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs346\">inc<span class=\"_ _3\"></span>ome statem<span class=\"_ _3\"></span>ent to assist in un<span class=\"_ _3\"></span>derst<span class=\"_ _3\"></span>anding th<span class=\"_ _3\"></span>e underl<span class=\"_ _3\"></span>ying fin<span class=\"_ _3\"></span>ancial </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs347\">per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance ach<span class=\"_ _3\"></span>ieved by the Gro<span class=\"_ _3\"></span>up. Determin<span class=\"_ _3\"></span>ing whethe<span class=\"_ _3\"></span>r an item is </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs348\">par<span class=\"_ _3\"></span>t of und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g items or non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>unde<span class=\"_ _3\"></span>rlyin<span class=\"_ _3\"></span>g items requires ju<span class=\"_ _3\"></span>dgeme<span class=\"_ _3\"></span>nt. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs349\">A total no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g loss af<span class=\"_ _3\"></span>ter tax of \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>3m) was c<span class=\"_ _3\"></span>harged </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs34a\">to the inc<span class=\"_ _3\"></span>ome sta<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ment for the year e<span class=\"_ _3\"></span>nded 31 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs34b\">Refer to Note 10.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs34c\">c) Fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>ial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts me<span class=\"_ _3\"></span>asu<span class=\"_ _3\"></span>red a<span class=\"_ _3\"></span>t fair v<span class=\"_ _3\"></span>alue th<span class=\"_ _3\"></span>roug<span class=\"_ _3\"></span>h OCI (es<span class=\"_ _3\"></span>tim<span class=\"_ _3\"></span>ate)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs34d\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, \u00a31<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>173m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a31,270<span class=\"_ _3\"></span>m) of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs34e\">asset<span class=\"_ _3\"></span>s constr<span class=\"_ _3\"></span>ucted by th<span class=\"_ _3\"></span>e Group\u2019s subsidia<span class=\"_ _3\"></span>ry, joint venture an<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs34f\">asso<span class=\"_ _3\"></span>ciate co<span class=\"_ _3\"></span>mpanies we<span class=\"_ _3\"></span>re classi<span class=\"_ _3\"></span>fied as fin<span class=\"_ _3\"></span>ancial as<span class=\"_ _3\"></span>sets meas<span class=\"_ _3\"></span>ured at </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs350\">fair val<span class=\"_ _3\"></span>ue through O<span class=\"_ _3\"></span>CI. In t<span class=\"_ _3\"></span>he oper<span class=\"_ _3\"></span>ational p<span class=\"_ _3\"></span>hase the fai<span class=\"_ _3\"></span>r value of thes<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs351\">fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets is measu<span class=\"_ _3\"></span>red at each re<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ting date by d<span class=\"_ _3\"></span>iscount<span class=\"_ _3\"></span>ing the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs352\">future va<span class=\"_ _3\"></span>lue of the ca<span class=\"_ _3\"></span>sh flows allo<span class=\"_ _3\"></span>cated to th<span class=\"_ _3\"></span>e financi<span class=\"_ _3\"></span>al asset. A ra<span class=\"_ _3\"></span>nge </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs353\">of disc<span class=\"_ _3\"></span>ount rates is us<span class=\"_ _3\"></span>ed from 4.<span class=\"_ _3\"></span>3% to 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _4\"></span>% (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: 4.6% to 10.0%), </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs354\">whic<span class=\"_ _3\"></span>h reflects t<span class=\"_ _3\"></span>he prevailing r<span class=\"_ _3\"></span>isk-free interest r<span class=\"_ _3\"></span>ates and the di<span class=\"_ _3\"></span>fferent </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs355\">risk prof<span class=\"_ _3\"></span>iles of the var<span class=\"_ _3\"></span>ious co<span class=\"_ _3\"></span>ncessio<span class=\"_ _3\"></span>ns. Th<span class=\"_ _3\"></span>ese represent key sou<span class=\"_ _3\"></span>rces </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs356\">of estim<span class=\"_ _3\"></span>ation unc<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>aint<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>. R<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r to Note 40<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs358\">A \u00a3<span class=\"_ _3\"></span>20m g<span class=\"_ _3\"></span>ain was t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>en to ot<span class=\"_ _3\"></span>her comp<span class=\"_ _3\"></span>rehensive in<span class=\"_ _3\"></span>come in 2<span class=\"_ _3\"></span>023 (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs359\">\u00a3127<span class=\"_ _4\"></span>m l<span class=\"_ _3\"></span>oss) and a cu<span class=\"_ _3\"></span>mulative fa<span class=\"_ _3\"></span>ir value gai<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>m had arise<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs35a\">on<span class=\"_ gs52\"> </span>the<span class=\"_ _3\"></span>se financ<span class=\"_ _3\"></span>ial assets a<span class=\"_ _3\"></span>s a result of market-<span class=\"_ _3\"></span>relate<span class=\"_ _3\"></span>d movements </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs35b\">in<span class=\"_ gs52\"> </span>the fa<span class=\"_ _3\"></span>ir value of thes<span class=\"_ _3\"></span>e financi<span class=\"_ _3\"></span>al assets at 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs35c\">(2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2:<span class=\"_ gs52\"> </span>\u00a31<span class=\"_ _4\"></span>78<span class=\"_ _3\"></span>m).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs35d\">d) Co<span class=\"_ _3\"></span>ntr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t prov<span class=\"_ _3\"></span>isio<span class=\"_ _3\"></span>ns (es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>te)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs35e\">Co<span class=\"_ _3\"></span>ntract p<span class=\"_ _3\"></span>rovisions are li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s of uncer<span class=\"_ _3\"></span>tain t<span class=\"_ _3\"></span>iming or amo<span class=\"_ _3\"></span>unt and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs35f\">therefore in m<span class=\"_ _3\"></span>aking a relia<span class=\"_ _3\"></span>ble esti<span class=\"_ _3\"></span>mate of the quant<span class=\"_ _3\"></span>um and timin<span class=\"_ _3\"></span>g of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs360\">liab<span class=\"_ _3\"></span>ilities es<span class=\"_ _3\"></span>timates are ap<span class=\"_ _3\"></span>plied an<span class=\"_ _3\"></span>d r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>eval<span class=\"_ _3\"></span>uated at eac<span class=\"_ _3\"></span>h repor<span class=\"_ _3\"></span>ting </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs361\">date. T<span class=\"_ _3\"></span>he rang<span class=\"_ _3\"></span>e of potential ou<span class=\"_ _3\"></span>tcomes on c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t provisio<span class=\"_ _3\"></span>ns as a </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs362\">result of un<span class=\"_ _3\"></span>cer<span class=\"_ _3\"></span>tain futu<span class=\"_ _3\"></span>re e<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>nts could re<span class=\"_ _3\"></span>sult in a materi<span class=\"_ _3\"></span>ally po<span class=\"_ _3\"></span>sitive </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs363\">or<span class=\"_ gs52\"> </span>ne<span class=\"_ _3\"></span>gative sw<span class=\"_ _3\"></span>ing to profita<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y and ca<span class=\"_ _3\"></span>sh flow<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs364\">Th<span class=\"_ _3\"></span>e Group has c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>red the nature of t<span class=\"_ _3\"></span>hese estim<span class=\"_ _3\"></span>ates and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs365\">con<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d that it is po<span class=\"_ _3\"></span>ssible, o<span class=\"_ _3\"></span>n the basis of ex<span class=\"_ _3\"></span>isting kn<span class=\"_ _3\"></span>owledg<span class=\"_ _3\"></span>e, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs366\">that<span class=\"_ gs52\"> </span>o<span class=\"_ _3\"></span>utcomes w<span class=\"_ _3\"></span>ithin the nex<span class=\"_ _3\"></span>t finan<span class=\"_ _3\"></span>cial year m<span class=\"_ _3\"></span>ay be dif<span class=\"_ _3\"></span>ferent from </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs367\">the<span class=\"_ gs52\"> </span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s as<span class=\"_ _3\"></span>sumptions a<span class=\"_ _3\"></span>pplie<span class=\"_ _3\"></span>d as at 31 Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23 an<span class=\"_ _3\"></span>d could </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs368\">requi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a m<span class=\"_ _3\"></span>aterial ad<span class=\"_ _3\"></span>justment to th<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amounts of as<span class=\"_ _3\"></span>sets </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs369\">and<span class=\"_ gs52\"> </span>li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s in the next f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al year<span class=\"_ _4\"></span>. A<span class=\"_ _3\"></span>s discl<span class=\"_ _3\"></span>osed in Note 2<span class=\"_ _3\"></span>6, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs36a\">the<span class=\"_ gs52\"> </span>ma<span class=\"_ _3\"></span>jorit<span class=\"_ _3\"></span>y of the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s provi<span class=\"_ _3\"></span>sion bal<span class=\"_ _3\"></span>ance relates to c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs36b\">provis<span class=\"_ _3\"></span>ions, whi<span class=\"_ _3\"></span>ch inclu<span class=\"_ _3\"></span>de loss prov<span class=\"_ _3\"></span>isions, d<span class=\"_ _3\"></span>efect and wa<span class=\"_ _3\"></span>rrant<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs36c\">provis<span class=\"_ _3\"></span>ions, wh<span class=\"_ _3\"></span>ere estimates a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e m<span class=\"_ _3\"></span>ade aroun<span class=\"_ _3\"></span>d forecas<span class=\"_ _3\"></span>t costs, t<span class=\"_ _3\"></span>iming </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs36d\">and w<span class=\"_ _3\"></span>hether it is pro<span class=\"_ _3\"></span>babl<span class=\"_ _3\"></span>e there will be a<span class=\"_ _3\"></span>n outf<span class=\"_ _3\"></span>low of future ec<span class=\"_ _3\"></span>onomic </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs36e\">ben<span class=\"_ _3\"></span>efit. Co<span class=\"_ _3\"></span>ntract lo<span class=\"_ _3\"></span>ss provisi<span class=\"_ _3\"></span>ons may also i<span class=\"_ _3\"></span>nclude e<span class=\"_ _3\"></span>stimates arou<span class=\"_ _3\"></span>nd </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs36f\">vari<span class=\"_ _3\"></span>able co<span class=\"_ _3\"></span>nsider<span class=\"_ _3\"></span>ation as dis<span class=\"_ _3\"></span>closed i<span class=\"_ _3\"></span>n Note 2.2<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>(a<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>. H<span class=\"_ _3\"></span>owever<span class=\"_ _4\"></span>, due to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs370\">the level of u<span class=\"_ _3\"></span>ncer<span class=\"_ _3\"></span>taint<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, co<span class=\"_ _3\"></span>mbinati<span class=\"_ _3\"></span>on of varia<span class=\"_ _3\"></span>bles and t<span class=\"_ _3\"></span>iming acro<span class=\"_ _3\"></span>ss </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs371\">a<span class=\"_ gs52\"> </span>larg<span class=\"_ _3\"></span>e por<span class=\"_ _3\"></span>tfoli<span class=\"_ _3\"></span>o of compl<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>x c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts at dif<span class=\"_ _3\"></span>ferent stag<span class=\"_ _3\"></span>es of their </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs372\">cont<span class=\"_ _3\"></span>ract life, it is i<span class=\"_ _3\"></span>mprac<span class=\"_ _3\"></span>ticab<span class=\"_ _3\"></span>le to provide a q<span class=\"_ _3\"></span>uantit<span class=\"_ _3\"></span>ative anal<span class=\"_ _3\"></span>ysis of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs373\">the<span class=\"_ gs52\"> </span>ag<span class=\"_ _3\"></span>gregate<span class=\"_ _3\"></span>d estimates t<span class=\"_ _3\"></span>hat are app<span class=\"_ _3\"></span>lied at a por<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>folio level.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs374\">T<span class=\"_ _4\"></span>o the ex<span class=\"_ _3\"></span>tent that the s<span class=\"_ _3\"></span>ensitiv<span class=\"_ _3\"></span>ities disc<span class=\"_ _3\"></span>losed in N<span class=\"_ _3\"></span>ote 2.2<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>(a) a<span class=\"_ _3\"></span>ffect </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs375\">a<span class=\"_ gs52\"> </span>los<span class=\"_ _3\"></span>s-<span class=\"_ _3\"></span>makin<span class=\"_ _3\"></span>g contra<span class=\"_ _3\"></span>ct, this w<span class=\"_ _3\"></span>ill have an imp<span class=\"_ _3\"></span>act on th<span class=\"_ _3\"></span>e Group\u2019s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs376\">provis<span class=\"_ _3\"></span>ions in the nex<span class=\"_ _3\"></span>t finan<span class=\"_ _3\"></span>cial year.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs377\">e) Ret<span class=\"_ _3\"></span>irem<span class=\"_ _3\"></span>ent b<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>it obl<span class=\"_ _3\"></span>igat<span class=\"_ _3\"></span>ions (e<span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>mate)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs378\">Det<span class=\"_ _3\"></span>ails of the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s defin<span class=\"_ _3\"></span>ed benefi<span class=\"_ _3\"></span>t pensio<span class=\"_ _3\"></span>n schemes a<span class=\"_ _3\"></span>re set out </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs379\">in<span class=\"_ gs52\"> </span>Note 3<span class=\"_ _3\"></span>0, inc<span class=\"_ _3\"></span>luding t<span class=\"_ _3\"></span>ables sh<span class=\"_ _3\"></span>owing the s<span class=\"_ _3\"></span>ensitiv<span class=\"_ _3\"></span>ity of th<span class=\"_ _3\"></span>e pensio<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs37a\">sche<span class=\"_ _3\"></span>me oblig<span class=\"_ _3\"></span>ations a<span class=\"_ _3\"></span>nd assets to di<span class=\"_ _3\"></span>fferent ac<span class=\"_ _3\"></span>tuarial a<span class=\"_ _3\"></span>ssumptio<span class=\"_ _3\"></span>ns.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs37b\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, the net retirem<span class=\"_ _3\"></span>ent benefit a<span class=\"_ _3\"></span>ssets reco<span class=\"_ _3\"></span>gnised </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs37c\">on the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s b<span class=\"_ _3\"></span>alanc<span class=\"_ _3\"></span>e sheet were \u00a36<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>3m). The ef<span class=\"_ _3\"></span>fects<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs37d\">of cha<span class=\"_ _3\"></span>nges in the a<span class=\"_ _3\"></span>ctuari<span class=\"_ _3\"></span>al assump<span class=\"_ _3\"></span>tions und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g the sche<span class=\"_ _3\"></span>mes\u2019 </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs37e\">obl<span class=\"_ _3\"></span>igatio<span class=\"_ _3\"></span>ns (inclu<span class=\"_ _3\"></span>ding inflat<span class=\"_ _3\"></span>ion and mo<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>lity<span class=\"_ _3\"></span>) and disc<span class=\"_ _3\"></span>ount rates and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs37f\">the di<span class=\"_ _3\"></span>fferenc<span class=\"_ _3\"></span>es betwe<span class=\"_ _3\"></span>en expec<span class=\"_ _3\"></span>ted and ac<span class=\"_ _3\"></span>tual returns o<span class=\"_ _3\"></span>n the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs380\">sche<span class=\"_ _3\"></span>mes\u2019 assets a<span class=\"_ _3\"></span>re classif<span class=\"_ _3\"></span>ied as ac<span class=\"_ _3\"></span>tuarial g<span class=\"_ _3\"></span>ains and l<span class=\"_ _3\"></span>osses. D<span class=\"_ _3\"></span>uring </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs381\">20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Group rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d net actu<span class=\"_ _3\"></span>arial los<span class=\"_ _3\"></span>ses of \u00a3198<span class=\"_ _3\"></span>m (2<span class=\"_ _3\"></span>022: </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs382\">\u00a351<span class=\"_ _4\"></span>m) in O<span class=\"_ _3\"></span>CI, in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g its share of the a<span class=\"_ _3\"></span>ctuar<span class=\"_ _3\"></span>ial gains a<span class=\"_ _3\"></span>nd losse<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs383\">arisi<span class=\"_ _3\"></span>ng in joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-550": {
   "value": "Go<span class=\"_ _3\"></span>ing c<span class=\"_ _3\"></span>onc<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>n Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er it reaso<span class=\"_ _3\"></span>nable to as<span class=\"_ _3\"></span>sume that th<span class=\"_ _3\"></span>e Group has ade<span class=\"_ _3\"></span>quate resou<span class=\"_ _3\"></span>rces to continu<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the foresee<span class=\"_ _3\"></span>able futu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>nd, for this rea<span class=\"_ _3\"></span>son, have co<span class=\"_ _3\"></span>ntinued to ad<span class=\"_ _3\"></span>opt the go<span class=\"_ _3\"></span>ing conc<span class=\"_ _3\"></span>ern bas<span class=\"_ _3\"></span>is in preparing the financial statements.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e k<span class=\"_ _4\"></span>ey fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l risk factor<span class=\"_ _3\"></span>s for the Grou<span class=\"_ _3\"></span>p remain larg<span class=\"_ _3\"></span>ely unc<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>d. Th<span class=\"_ _3\"></span>e Group\u2019s princi<span class=\"_ _3\"></span>pal risks an<span class=\"_ _3\"></span>d the conse<span class=\"_ _3\"></span>quent imp<span class=\"_ _3\"></span>act the<span class=\"_ _3\"></span>se might have on th<span class=\"_ _3\"></span>e Group as well a<span class=\"_ _3\"></span>s mitigat<span class=\"_ _3\"></span>ions that a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e i<span class=\"_ _3\"></span>n place a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e d<span class=\"_ _3\"></span>etaile<span class=\"_ _3\"></span>d on pa<span class=\"_ _3\"></span>ges 9<span class=\"_ _3\"></span>6 to 1<span class=\"_ _4\"></span>0<span class=\"_ _3\"></span>3.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s US priva<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>lacem<span class=\"_ _3\"></span>ent and com<span class=\"_ _3\"></span>mitted b<span class=\"_ _3\"></span>ank facil<span class=\"_ _3\"></span>ities cont<span class=\"_ _3\"></span>ain cer<span class=\"_ _3\"></span>tain f<span class=\"_ _3\"></span>inancia<span class=\"_ _3\"></span>l covenants<span class=\"_ _3\"></span>, such as the r<span class=\"_ _3\"></span>atio of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s EBI<span class=\"_ _3\"></span>TDA to its n<span class=\"_ _3\"></span>et debt whi<span class=\"_ _3\"></span>ch need<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e less th<span class=\"_ _3\"></span>an 3.0 an<span class=\"_ _3\"></span>d the ratio of its EB<span class=\"_ _3\"></span>IT<span class=\"_ _4\"></span>A to net b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>g costs w<span class=\"_ _3\"></span>hich nee<span class=\"_ _3\"></span>ds to be in excess of 3.<span class=\"_ _3\"></span>0. The<span class=\"_ _3\"></span>se covenant<span class=\"_ _3\"></span>s are tested on a rollin<span class=\"_ _3\"></span>g 1<span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>-m<span class=\"_ _3\"></span>onth basis a<span class=\"_ _3\"></span>s at the June a<span class=\"_ _3\"></span>nd Dece<span class=\"_ _3\"></span>mber rep<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>ing dates. At 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>23, b<span class=\"_ _3\"></span>oth these c<span class=\"_ _3\"></span>ovenants were p<span class=\"_ _3\"></span>assed a<span class=\"_ _3\"></span>s the Group h<span class=\"_ _3\"></span>ad net cash a<span class=\"_ _3\"></span>nd net interest in<span class=\"_ _3\"></span>come from a c<span class=\"_ _3\"></span>ovenant test pe<span class=\"_ _3\"></span>rspec<span class=\"_ _3\"></span>tive. Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s have car<span class=\"_ _3\"></span>ried out a<span class=\"_ _3\"></span>n assessm<span class=\"_ _3\"></span>ent of the Group\u2019s abili<span class=\"_ _3\"></span>ty to<span class=\"_ gs52\"> </span>contin<span class=\"_ _3\"></span>ue as a goin<span class=\"_ _3\"></span>g concer<span class=\"_ _3\"></span>n for the per<span class=\"_ _3\"></span>iod of at le<span class=\"_ _3\"></span>ast 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _3\"></span>nths from the d<span class=\"_ _3\"></span>ate of approv<span class=\"_ _3\"></span>al of the finan<span class=\"_ _3\"></span>cial st<span class=\"_ _3\"></span>atements. T<span class=\"_ _3\"></span>his asses<span class=\"_ _3\"></span>sment has invo<span class=\"_ _3\"></span>lved the review of m<span class=\"_ _3\"></span>edium<span class=\"_ _3\"></span>-ter<span class=\"_ _3\"></span>m cash forec<span class=\"_ _3\"></span>asts of ea<span class=\"_ _3\"></span>ch of the<span class=\"_ gs52\"> </span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s op<span class=\"_ _3\"></span>eratio<span class=\"_ _3\"></span>ns. The D<span class=\"_ _3\"></span>irectors h<span class=\"_ _3\"></span>ave also con<span class=\"_ _3\"></span>sidered th<span class=\"_ _3\"></span>e streng<span class=\"_ _3\"></span>th of the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s ord<span class=\"_ _3\"></span>er book w<span class=\"_ _3\"></span>hich amo<span class=\"_ _3\"></span>unted to \u00a316.5<span class=\"_ _3\"></span>bn at 31<span class=\"_ gs52\"> </span>Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd will prov<span class=\"_ _3\"></span>ide a pip<span class=\"_ _3\"></span>eline of secu<span class=\"_ _3\"></span>red work over the go<span class=\"_ _3\"></span>ing con<span class=\"_ _3\"></span>cern ass<span class=\"_ _3\"></span>essment p<span class=\"_ _3\"></span>eriod<span class=\"_ _3\"></span>. These b<span class=\"_ _3\"></span>ase cas<span class=\"_ _3\"></span>e project<span class=\"_ _3\"></span>ions indi<span class=\"_ _3\"></span>cate that th<span class=\"_ _3\"></span>e headro<span class=\"_ _3\"></span>om provid<span class=\"_ _3\"></span>ed by the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s stron<span class=\"_ _3\"></span>g cash pos<span class=\"_ _3\"></span>ition and t<span class=\"_ _3\"></span>he debt fac<span class=\"_ _3\"></span>ilities cu<span class=\"_ _3\"></span>rrently in p<span class=\"_ _3\"></span>lace is ad<span class=\"_ _3\"></span>equate to supp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t the Group ove<span class=\"_ _3\"></span>r the going c<span class=\"_ _3\"></span>oncer<span class=\"_ _3\"></span>n assess<span class=\"_ _3\"></span>ment peri<span class=\"_ _3\"></span>od. At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s onl<span class=\"_ _3\"></span>y debt, ot<span class=\"_ _3\"></span>her than no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>reco<span class=\"_ _3\"></span>urse borrowings ring-fenced within<span class=\"_ _4\"></span> cer<span class=\"_ _3\"></span>tain concession<span class=\"_ _4\"></span> comp<span class=\"_ _3\"></span>an<span class=\"_ _4\"></span>ies, com<span class=\"_ _3\"></span>prised U<span class=\"_ _3\"></span>S private p<span class=\"_ _3\"></span>lacem<span class=\"_ _3\"></span>ent (USP<span class=\"_ _3\"></span>P) notes<span class=\"_ _3\"></span>. Of the US<span class=\"_ _3\"></span>PP notes issue<span class=\"_ _3\"></span>d in 2013, US<span class=\"_ _3\"></span>$20<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m matured in M<span class=\"_ _3\"></span>arch 20<span class=\"_ _3\"></span>23 an<span class=\"_ _3\"></span>d the remainin<span class=\"_ _3\"></span>g US<span class=\"_ _3\"></span>$5<span class=\"_ _3\"></span>0m w<span class=\"_ _3\"></span>ill mature in M<span class=\"_ _3\"></span>arch 20<span class=\"_ _3\"></span>25. T<span class=\"_ _3\"></span>he Group r<span class=\"_ _3\"></span>aised US<span class=\"_ _3\"></span>$158<span class=\"_ _3\"></span>m in June 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 through th<span class=\"_ _3\"></span>e issue of new US<span class=\"_ _3\"></span>PP notes w<span class=\"_ _3\"></span>hich will m<span class=\"_ _3\"></span>ature in tran<span class=\"_ _3\"></span>ches in 20<span class=\"_ _3\"></span>27<span class=\"_ _5\"></span>, 2<span class=\"_ _3\"></span>029 a<span class=\"_ _3\"></span>nd 20<span class=\"_ _3\"></span>32. In D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2, the G<span class=\"_ _3\"></span>roup secu<span class=\"_ _3\"></span>red a new \u00a3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>m bilatera<span class=\"_ _3\"></span>l commit<span class=\"_ _3\"></span>ted faci<span class=\"_ _3\"></span>lity w<span class=\"_ _3\"></span>hich was un<span class=\"_ _3\"></span>drawn at<span class=\"_ _3\"></span> 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd expires in D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 2024; th<span class=\"_ _3\"></span>e Group retain<span class=\"_ _3\"></span>s an opt<span class=\"_ _3\"></span>ion to extend th<span class=\"_ _3\"></span>e maturit<span class=\"_ _3\"></span>y of the fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y to Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>27<span class=\"_ _5\"></span>. In<span class=\"_ gs52\"> </span>M<span class=\"_ _3\"></span>arch 20<span class=\"_ _3\"></span>23, th<span class=\"_ _3\"></span>e funds rais<span class=\"_ _3\"></span>ed throug<span class=\"_ _3\"></span>h the new USP<span class=\"_ _3\"></span>P notes issu<span class=\"_ _3\"></span>ance<span class=\"_ gs52\"> </span>and th<span class=\"_ _3\"></span>e new bilatera<span class=\"_ _3\"></span>l commit<span class=\"_ _3\"></span>ted faci<span class=\"_ _3\"></span>lity we<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e u<span class=\"_ _3\"></span>tilised towa<span class=\"_ _3\"></span>rds repay<span class=\"_ _3\"></span>ment of the US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>9m US<span class=\"_ _3\"></span>PP notes. T<span class=\"_ _3\"></span>he US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>m drawn un<span class=\"_ _3\"></span>der the bil<span class=\"_ _3\"></span>ateral co<span class=\"_ _3\"></span>mmitte<span class=\"_ _3\"></span>d facilit<span class=\"_ _3\"></span>y was rep<span class=\"_ _3\"></span>aid in Se<span class=\"_ _3\"></span>ptember 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s \u00a3475m com<span class=\"_ _3\"></span>mitted su<span class=\"_ _3\"></span>staina<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y linked bank fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y which<span class=\"_ _3\"></span> was sig<span class=\"_ _3\"></span>ned in Ju<span class=\"_ _3\"></span>ne 202<span class=\"_ _3\"></span>3, rema<span class=\"_ _3\"></span>ined undr<span class=\"_ _3\"></span>awn at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 and rem<span class=\"_ _3\"></span>ains fully ava<span class=\"_ _3\"></span>ilable to th<span class=\"_ _3\"></span>e Group until J<span class=\"_ _3\"></span>une 20<span class=\"_ _3\"></span>27<span class=\"_ _5\"></span>. At the f<span class=\"_ _3\"></span>irst annive<span class=\"_ _3\"></span>rsar<span class=\"_ _3\"></span>y of the fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y (June 2<span class=\"_ _3\"></span>024), th<span class=\"_ _3\"></span>e Group has a<span class=\"_ _3\"></span>n option to exten<span class=\"_ _3\"></span>d the matur<span class=\"_ _3\"></span>ity of th<span class=\"_ _3\"></span>e facilit<span class=\"_ _3\"></span>y to June 2<span class=\"_ _3\"></span>028<span class=\"_ _3\"></span>, with th<span class=\"_ _3\"></span>e consent<span class=\"_ _3\"></span> of<span class=\"_ gs52\"> </span>the<span class=\"_ gs52\"> </span>le<span class=\"_ _3\"></span>nding ba<span class=\"_ _3\"></span>nks.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s have stress<span class=\"_ _3\"></span>-teste<span class=\"_ _3\"></span>d the Group\u2019s base c<span class=\"_ _3\"></span>ase proje<span class=\"_ _3\"></span>ctions of both c<span class=\"_ _3\"></span>ash and prof<span class=\"_ _3\"></span>it again<span class=\"_ _3\"></span>st k<span class=\"_ _4\"></span>ey s<span class=\"_ _3\"></span>ensitiv<span class=\"_ _3\"></span>ities whi<span class=\"_ _3\"></span>ch could m<span class=\"_ _3\"></span>aterialis<span class=\"_ _3\"></span>e as a result of a<span class=\"_ _3\"></span>dverse c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n the econ<span class=\"_ _3\"></span>omic enviro<span class=\"_ _3\"></span>nment inclu<span class=\"_ _3\"></span>ding a det<span class=\"_ _4\"></span>erioration in commer<span class=\"_ _4\"></span>cial or operational condition<span class=\"_ _4\"></span>s. T<span class=\"_ _3\"></span>he<span class=\"_ _4\"></span> Group has se<span class=\"_ _3\"></span>nsitised i<span class=\"_ _3\"></span>ts projec<span class=\"_ _3\"></span>tions ag<span class=\"_ _3\"></span>ainst severe bu<span class=\"_ _3\"></span>t plausib<span class=\"_ _3\"></span>le downs<span class=\"_ _3\"></span>ide scen<span class=\"_ _3\"></span>arios w<span class=\"_ _3\"></span>hich incl<span class=\"_ _3\"></span>ude:  <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">elimin<span class=\"_ _3\"></span>ation of a po<span class=\"_ _3\"></span>rti<span class=\"_ _3\"></span>on of unsecu<span class=\"_ _3\"></span>red work assu<span class=\"_ _3\"></span>med with<span class=\"_ _3\"></span>in the </span></span>Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s base c<span class=\"_ _3\"></span>ase proje<span class=\"_ _3\"></span>ction<span class=\"_ _3\"></span>s and a delay of s<span class=\"_ _3\"></span>ix months for any award<span class=\"_ _3\"></span>ed but not yet co<span class=\"_ _3\"></span>ntracted w<span class=\"_ _3\"></span>ork;  <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">a deteri<span class=\"_ _3\"></span>oration of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t judgem<span class=\"_ _3\"></span>ents and rest<span class=\"_ _3\"></span>rictio<span class=\"_ _3\"></span>n of a por<span class=\"_ _3\"></span>tion </span></span>of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s ma<span class=\"_ _3\"></span>rgins; and <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">del<span class=\"_ _3\"></span>ay in the disp<span class=\"_ _3\"></span>osal of Inves<span class=\"_ _3\"></span>tments ass<span class=\"_ _3\"></span>ets by 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _3\"></span>nths.<span class=\"_ _3ab\"> </span></span></span>In the s<span class=\"_ _3\"></span>ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>re but plau<span class=\"_ _3\"></span>sible dow<span class=\"_ _3\"></span>nside sc<span class=\"_ _3\"></span>enario<span class=\"_ _3\"></span>s model<span class=\"_ _3\"></span>led, the G<span class=\"_ _3\"></span>roup cont<span class=\"_ _3\"></span>inues to retain suf<span class=\"_ _3\"></span>fici<span class=\"_ _3\"></span>ent headro<span class=\"_ _3\"></span>om on liqu<span class=\"_ _3\"></span>idit<span class=\"_ _3\"></span>y through<span class=\"_ _3\"></span>out the goin<span class=\"_ _3\"></span>g conc<span class=\"_ _3\"></span>ern peri<span class=\"_ _3\"></span>od. T<span class=\"_ _3\"></span>hrough the<span class=\"_ _3\"></span>se downsi<span class=\"_ _3\"></span>de scen<span class=\"_ _3\"></span>arios, th<span class=\"_ _3\"></span>e Group is still ex<span class=\"_ _3\"></span>pected to b<span class=\"_ _3\"></span>e in a net cash p<span class=\"_ _3\"></span>ositio<span class=\"_ _3\"></span>n and to remain w<span class=\"_ _3\"></span>ithin its bank<span class=\"_ _3\"></span>ing coven<span class=\"_ _3\"></span>ants through t<span class=\"_ _3\"></span>he going c<span class=\"_ _3\"></span>oncer<span class=\"_ _3\"></span>n assess<span class=\"_ _3\"></span>ment peri<span class=\"_ _3\"></span>od.<span class=\"_ _3ab\"> </span>Bas<span class=\"_ _3\"></span>ed on the ab<span class=\"_ _3\"></span>ove and havin<span class=\"_ _3\"></span>g made a<span class=\"_ _3\"></span>ppropr<span class=\"_ _3\"></span>iate enquir<span class=\"_ _3\"></span>ies, the Direc<span class=\"_ _3\"></span>tors con<span class=\"_ _3\"></span>sider it rea<span class=\"_ _3\"></span>sonab<span class=\"_ _3\"></span>le to assume th<span class=\"_ _3\"></span>at the Group a<span class=\"_ _3\"></span>nd the Co<span class=\"_ _3\"></span>mpany have a<span class=\"_ _3\"></span>dequate res<span class=\"_ _3\"></span>ources to co<span class=\"_ _3\"></span>ntinue for the go<span class=\"_ _3\"></span>ing conc<span class=\"_ _3\"></span>ern per<span class=\"_ _3\"></span>iod and<span class=\"_ _3\"></span>, for this reaso<span class=\"_ _3\"></span>n, have contin<span class=\"_ _3\"></span>ued to ado<span class=\"_ _3\"></span>pt the goin<span class=\"_ _3\"></span>g con<span class=\"_ _3\"></span>cern ba<span class=\"_ _3\"></span>sis in prepa<span class=\"_ _3\"></span>ring the fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l statement<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Consideration<span class=\"_ _4\"></span> of climate<span class=\"_ _4\"></span> change<span class=\"_ _3ab\"> </span>In prep<span class=\"_ _3\"></span>aring th<span class=\"_ _3\"></span>e financ<span class=\"_ _3\"></span>ial statem<span class=\"_ _3\"></span>ents, the D<span class=\"_ _3\"></span>irectors have c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>red the im<span class=\"_ _3\"></span>pact of cl<span class=\"_ _3\"></span>imate chan<span class=\"_ _3\"></span>ge, par<span class=\"_ _3\"></span>ticul<span class=\"_ _3\"></span>arly in th<span class=\"_ _3\"></span>e context of the r<span class=\"_ _3\"></span>isks ide<span class=\"_ _3\"></span>ntified in th<span class=\"_ _3\"></span>e TCFD dis<span class=\"_ _3\"></span>closure on p<span class=\"_ _3\"></span>ages 10<span class=\"_ _3\"></span>5 t<span class=\"_ _4\"></span>o 1<span class=\"_ _4\"></span>15. T<span class=\"_ _3\"></span>here has bee<span class=\"_ _3\"></span>n no materia<span class=\"_ _3\"></span>l impac<span class=\"_ _3\"></span>t identifi<span class=\"_ _3\"></span>ed on the fin<span class=\"_ _3\"></span>ancial re<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ting judg<span class=\"_ _3\"></span>ements an<span class=\"_ _3\"></span>d estimates<span class=\"_ _3\"></span>. In par<span class=\"_ _3\"></span>ticul<span class=\"_ _3\"></span>ar<span class=\"_ _4\"></span>, the D<span class=\"_ _3\"></span>irectors c<span class=\"_ _3\"></span>onsidere<span class=\"_ _3\"></span>d the<span class=\"_ gs52\"> </span>im<span class=\"_ _3\"></span>pact of cl<span class=\"_ _3\"></span>imate chan<span class=\"_ _3\"></span>ge in respe<span class=\"_ _3\"></span>ct of the follow<span class=\"_ _3\"></span>ing areas:  <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4 lsc ws8\">contract judgemen<span class=\"_ _4\"></span>ts made on the Group<span class=\"_ _4\"></span>\u2019s<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>onst<span class=\"_ _4\"></span>ruc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> Ser<span class=\"_ _3\"></span>vices </span></span>and Support Ser<span class=\"_ _3\"></span>vices contracts<span class=\"_ _4\"></span>; <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">goin<span class=\"_ _3\"></span>g conc<span class=\"_ _3\"></span>ern and vi<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y of the Grou<span class=\"_ _3\"></span>p over the nex<span class=\"_ _3\"></span>t three years;</span></span> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">ca<span class=\"_ _3\"></span>sh flow foreca<span class=\"_ _3\"></span>sts used i<span class=\"_ _3\"></span>n the impai<span class=\"_ _3\"></span>rment asse<span class=\"_ _3\"></span>ssments of </span></span>non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt assets inc<span class=\"_ _3\"></span>luding th<span class=\"_ _3\"></span>e Group\u2019s intangi<span class=\"_ _3\"></span>ble asset<span class=\"_ _3\"></span>s such as<span class=\"_ gs52\"> </span>cus<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>mer contr<span class=\"_ _3\"></span>acts an<span class=\"_ _3\"></span>d good<span class=\"_ _3\"></span>will; <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">ca<span class=\"_ _3\"></span>sh flow foreca<span class=\"_ _3\"></span>sts used i<span class=\"_ _3\"></span>n the impai<span class=\"_ _3\"></span>rment asse<span class=\"_ _3\"></span>ssments of t<span class=\"_ _3\"></span>he </span></span>Group\u2019<span class=\"_ _4\"></span>s infrastructure in<span class=\"_ _4\"></span>vestments assets;  <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ying value a<span class=\"_ _3\"></span>nd useful ec<span class=\"_ _3\"></span>onomic li<span class=\"_ _3\"></span>ves of prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and </span></span>equipment; and <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">the val<span class=\"_ _3\"></span>uation of as<span class=\"_ _3\"></span>sets held w<span class=\"_ _3\"></span>ithin the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s p<span class=\"_ _3\"></span>ension sc<span class=\"_ _3\"></span>hemes.<span class=\"_ _3ab\"> </span></span></span>As c<span class=\"_ _3\"></span>urrent leg<span class=\"_ _3\"></span>islation s<span class=\"_ _3\"></span>tands<span class=\"_ _3\"></span>, there is curre<span class=\"_ _3\"></span>ntly no mater<span class=\"_ _3\"></span>ial medi<span class=\"_ _3\"></span>um-<span class=\"_ _3ab\"> </span>term im<span class=\"_ _3\"></span>pact exp<span class=\"_ _3\"></span>ected fro<span class=\"_ _3\"></span>m climate ch<span class=\"_ _3\"></span>ange due to th<span class=\"_ _3\"></span>e contrac<span class=\"_ _3\"></span>tual mec<span class=\"_ _3\"></span>hanisms an<span class=\"_ _3\"></span>d insuranc<span class=\"_ _3\"></span>e arrang<span class=\"_ _3\"></span>ements in p<span class=\"_ _3\"></span>lace. T<span class=\"_ _3\"></span>he Direc<span class=\"_ _3\"></span>tors are however awa<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e of t<span class=\"_ _3\"></span>he ever-<span class=\"_ _3\"></span>changi<span class=\"_ _3\"></span>ng risks at<span class=\"_ _3\"></span>tach<span class=\"_ _3\"></span>ed to climate ch<span class=\"_ _3\"></span>ange and w<span class=\"_ _3\"></span>ill regular<span class=\"_ _3\"></span>ly asses<span class=\"_ _3\"></span>s these risk<span class=\"_ _3\"></span>s against j<span class=\"_ _3\"></span>udgem<span class=\"_ _3\"></span>ents and estim<span class=\"_ _3\"></span>ates made i<span class=\"_ _3\"></span>n prepara<span class=\"_ _3\"></span>tion of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s fin<span class=\"_ _3\"></span>ancial s<span class=\"_ _3\"></span>tatements<span class=\"_ _3\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-551": {
   "value": "Ba<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>s of pr<span class=\"_ _3\"></span>epa<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion Th<span class=\"_ _3\"></span>e annual fin<span class=\"_ _3\"></span>ancial st<span class=\"_ _3\"></span>atements h<span class=\"_ _3\"></span>ave been prep<span class=\"_ _3\"></span>ared in ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with U<span class=\"_ _3\"></span>K-<span class=\"_ _3\"></span>adopte<span class=\"_ _3\"></span>d internatio<span class=\"_ _3\"></span>nal acc<span class=\"_ _3\"></span>ounting st<span class=\"_ _3\"></span>andard<span class=\"_ _3\"></span>s and in confor<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>y with t<span class=\"_ _3\"></span>he requirem<span class=\"_ _3\"></span>ents of the C<span class=\"_ _3\"></span>ompanie<span class=\"_ _3\"></span>s Act 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6 (the A<span class=\"_ _3\"></span>ct).<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e financi<span class=\"_ _3\"></span>al stateme<span class=\"_ _3\"></span>nts have bee<span class=\"_ _3\"></span>n prepared u<span class=\"_ _3\"></span>nder the his<span class=\"_ _3\"></span>torica<span class=\"_ _3\"></span>l cost convent<span class=\"_ _3\"></span>ion, except as d<span class=\"_ _3\"></span>escrib<span class=\"_ _3\"></span>ed unde<span class=\"_ _3\"></span>r Note 2.2<span class=\"_ _3\"></span>6. T<span class=\"_ _3\"></span>he functi<span class=\"_ _3\"></span>onal and presentational currency of the Company and the presentational cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ncy of the G<span class=\"_ _3\"></span>roup is sterlin<span class=\"_ _3\"></span>g.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e separa<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al stateme<span class=\"_ _3\"></span>nts of the Co<span class=\"_ _3\"></span>mpany are pres<span class=\"_ _3\"></span>ented as<span class=\"_ gs52\"> </span>requ<span class=\"_ _3\"></span>ired by the Ac<span class=\"_ _3\"></span>t and have be<span class=\"_ _3\"></span>en prepare<span class=\"_ _3\"></span>d in acco<span class=\"_ _3\"></span>rdance w<span class=\"_ _3\"></span>ith FRS 101 Red<span class=\"_ _3\"></span>uced Di<span class=\"_ _3\"></span>sclosure Fr<span class=\"_ _3\"></span>amework. I<span class=\"_ _3\"></span>n prepar<span class=\"_ _3\"></span>ing these fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l state<span class=\"_ _3\"></span>ments, the C<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>any applie<span class=\"_ _3\"></span>s the reco<span class=\"_ _3\"></span>gnition<span class=\"_ _3\"></span>, measureme<span class=\"_ _3\"></span>nt and disc<span class=\"_ _3\"></span>losure requi<span class=\"_ _3\"></span>rements of UK-<span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span>opted intern<span class=\"_ _3\"></span>ational a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing sta<span class=\"_ _3\"></span>ndards<span class=\"_ _3\"></span>, but makes ame<span class=\"_ _3\"></span>ndments w<span class=\"_ _3\"></span>here nece<span class=\"_ _3\"></span>ssar<span class=\"_ _3\"></span>y in orde<span class=\"_ _3\"></span>r t<span class=\"_ _4\"></span>o com<span class=\"_ _3\"></span>ply wit<span class=\"_ _3\"></span>h Comp<span class=\"_ _3\"></span>anies Ac<span class=\"_ _3\"></span>t 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6 and has set ou<span class=\"_ _3\"></span>t below wh<span class=\"_ _3\"></span>ere adv<span class=\"_ _3\"></span>antage of t<span class=\"_ _3\"></span>he FRS 101 discl<span class=\"_ _3\"></span>osure ex<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>mptions h<span class=\"_ _3\"></span>as been t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>As p<span class=\"_ _3\"></span>ermit<span class=\"_ _3\"></span>ted by FRS 101<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Com<span class=\"_ _3\"></span>pany has t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>en a<span class=\"_ _3\"></span>dvant<span class=\"_ _3\"></span>age of the disc<span class=\"_ _3\"></span>losure exemptio<span class=\"_ _3\"></span>ns availab<span class=\"_ _3\"></span>le under th<span class=\"_ _3\"></span>at stand<span class=\"_ _3\"></span>ard in relati<span class=\"_ _3\"></span>on to share<span class=\"_ _3\"></span>-based paym<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>ts, financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> instruments, c<span class=\"_ _3\"></span>apital management, present<span class=\"_ _3\"></span>ation of a c<span class=\"_ _3\"></span>ash flow st<span class=\"_ _3\"></span>atement, rel<span class=\"_ _3\"></span>ated par<span class=\"_ _3\"></span>ty t<span class=\"_ _3\"></span>ransac<span class=\"_ _3\"></span>tions an<span class=\"_ _3\"></span>d comparati<span class=\"_ _3\"></span>v<span class=\"_ _4\"></span>e information. W<span class=\"_ _3\"></span>her<span class=\"_ _4\"></span>e required, equi<span class=\"_ _3\"></span>valen<span class=\"_ _4\"></span>t discl<span class=\"_ _3\"></span>osur<span class=\"_ _4\"></span>es are given i<span class=\"_ _3\"></span>n the cons<span class=\"_ _3\"></span>olidated f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al stateme<span class=\"_ _3\"></span>nts.<span class=\"_ _3ab\"> </span>In ad<span class=\"_ _3\"></span>dition to th<span class=\"_ _3\"></span>e applic<span class=\"_ _3\"></span>ation of FR<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>01, the Co<span class=\"_ _3\"></span>mpany has t<span class=\"_ _3\"></span>aken adv<span class=\"_ _3\"></span>antage of S<span class=\"_ _3\"></span>ecti<span class=\"_ _3\"></span>on 40<span class=\"_ _3\"></span>8 of the A<span class=\"_ _3\"></span>ct and co<span class=\"_ _3\"></span>nseque<span class=\"_ _3\"></span>ntly its st<span class=\"_ _3\"></span>atement of com<span class=\"_ _3\"></span>prehensi<span class=\"_ _3\"></span>ve income (<span class=\"_ _3\"></span>includ<span class=\"_ _3\"></span>ing the profit a<span class=\"_ _3\"></span>nd loss a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>) is not present<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> as par<span class=\"_ _3\"></span>t of these<span class=\"_ _4\"></span> financ<span class=\"_ _3\"></span>ial<span class=\"_ _4\"></span> st<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>ements.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-605": {
   "value": "Th<span class=\"_ _3\"></span>e annual fin<span class=\"_ _3\"></span>ancial st<span class=\"_ _3\"></span>atements h<span class=\"_ _3\"></span>ave been prep<span class=\"_ _3\"></span>ared in ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with U<span class=\"_ _3\"></span>K-<span class=\"_ _3\"></span>adopte<span class=\"_ _3\"></span>d internatio<span class=\"_ _3\"></span>nal acc<span class=\"_ _3\"></span>ounting st<span class=\"_ _3\"></span>andard<span class=\"_ _3\"></span>s and in confor<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>y with t<span class=\"_ _3\"></span>he requirem<span class=\"_ _3\"></span>ents of the C<span class=\"_ _3\"></span>ompanie<span class=\"_ _3\"></span>s Act 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6 (the A<span class=\"_ _3\"></span>ct).<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-606": {
   "value": "T<span class=\"_ _3\"></span>he functi<span class=\"_ _3\"></span>onal and presentational currency of the Company and the presentational cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ncy of the G<span class=\"_ _3\"></span>roup is sterlin<span class=\"_ _3\"></span>g.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-607": {
   "value": "2.<span class=\"_ _5\"></span>1 Accounting standards<span class=\"_ _3ab\"> </span>Ad<span class=\"_ _3\"></span>opti<span class=\"_ _3\"></span>on of ne<span class=\"_ _3\"></span>w and r<span class=\"_ _3\"></span>evis<span class=\"_ _3\"></span>ed s<span class=\"_ _3\"></span>tan<span class=\"_ _3\"></span>dar<span class=\"_ _3\"></span>ds<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing stan<span class=\"_ _3\"></span>dards, inter<span class=\"_ _3\"></span>pretatio<span class=\"_ _3\"></span>ns and amen<span class=\"_ _3\"></span>dments have be<span class=\"_ _3\"></span>en adopte<span class=\"_ _3\"></span>d by the Group i<span class=\"_ _3\"></span>n the year end<span class=\"_ _3\"></span>ed 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023: <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4 lsc ws8\">IFRS 1<span class=\"_ _4\"></span>7 Insura<span class=\"_ _4\"></span>nce C<span class=\"_ _3\"></span>on<span class=\"_ _4\"></span>tracts</span></span> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">Am<span class=\"_ _3\"></span>endment<span class=\"_ _3\"></span>s to the followin<span class=\"_ _3\"></span>g stand<span class=\"_ _3\"></span>ards:</span></span> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1 Prese<span class=\"_ _3\"></span>ntation of Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Statement<span class=\"_ _3\"></span>s and IFRS P<span class=\"_ _3\"></span>ract<span class=\"_ _3\"></span>ice </span></span>Statem<span class=\"_ _3\"></span>ent 2: Discl<span class=\"_ _3\"></span>osure of Acc<span class=\"_ _3\"></span>ounting Po<span class=\"_ _3\"></span>licies <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 8 Acc<span class=\"_ _3\"></span>ounting Po<span class=\"_ _3\"></span>licies, C<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>s in Acco<span class=\"_ _3\"></span>unting Esti<span class=\"_ _3\"></span>mates and </span></span>Error<span class=\"_ _3\"></span>s: Definitio<span class=\"_ _3\"></span>n of Acco<span class=\"_ _3\"></span>unting Esti<span class=\"_ _3\"></span>mates <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>2 In<span class=\"_ _3\"></span>come T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s: Deferred T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x related to As<span class=\"_ _3\"></span>sets and </span></span>Liabilities a<span class=\"_ _4\"></span>rising from a<span class=\"_ _4\"></span> Single T<span class=\"_ _5\"></span>ransac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>ion <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>2 In<span class=\"_ _3\"></span>come T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s: Internatio<span class=\"_ _3\"></span>nal T<span class=\"_ _4\"></span>ax Refo<span class=\"_ _3\"></span>rm \u2013 Pilla<span class=\"_ _3\"></span>r T<span class=\"_ _5\"></span>wo </span></span>Mo<span class=\"_ _3\"></span>del<span class=\"_ gs52\"> </span>Rule<span class=\"_ _3\"></span>s <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IFR<span class=\"_ _3\"></span>S 1<span class=\"_ _5\"></span>7 I<span class=\"_ _3\"></span>nsuranc<span class=\"_ _3\"></span>e Contra<span class=\"_ _3\"></span>cts: Initi<span class=\"_ _3\"></span>al Ap<span class=\"_ _3\"></span>plica<span class=\"_ _3\"></span>tion of IFR<span class=\"_ _3\"></span>S 1<span class=\"_ _5\"></span>7 a<span class=\"_ _3\"></span>nd </span></span>IFR<span class=\"_ _3\"></span>S 9 \u2013 Comp<span class=\"_ _3\"></span>arative I<span class=\"_ _3\"></span>nf<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rmatio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ese new and am<span class=\"_ _3\"></span>ended st<span class=\"_ _3\"></span>andard<span class=\"_ _3\"></span>s did not have a m<span class=\"_ _3\"></span>aterial ef<span class=\"_ _3\"></span>fect on<span class=\"_ _3\"></span> the<span class=\"_ gs52\"> </span>Gro<span class=\"_ _3\"></span>up or the C<span class=\"_ _3\"></span>ompany.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-552": {
   "value": "2.<span class=\"_ _5\"></span>1 Accounting standards<span class=\"_ _3ab\"> </span>Ad<span class=\"_ _3\"></span>opti<span class=\"_ _3\"></span>on of ne<span class=\"_ _3\"></span>w and r<span class=\"_ _3\"></span>evis<span class=\"_ _3\"></span>ed s<span class=\"_ _3\"></span>tan<span class=\"_ _3\"></span>dar<span class=\"_ _3\"></span>ds<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing stan<span class=\"_ _3\"></span>dards, inter<span class=\"_ _3\"></span>pretatio<span class=\"_ _3\"></span>ns and amen<span class=\"_ _3\"></span>dments have be<span class=\"_ _3\"></span>en adopte<span class=\"_ _3\"></span>d by the Group i<span class=\"_ _3\"></span>n the year end<span class=\"_ _3\"></span>ed 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023: <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4 lsc ws8\">IFRS 1<span class=\"_ _4\"></span>7 Insura<span class=\"_ _4\"></span>nce C<span class=\"_ _3\"></span>on<span class=\"_ _4\"></span>tracts</span></span> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">Am<span class=\"_ _3\"></span>endment<span class=\"_ _3\"></span>s to the followin<span class=\"_ _3\"></span>g stand<span class=\"_ _3\"></span>ards:</span></span> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1 Prese<span class=\"_ _3\"></span>ntation of Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Statement<span class=\"_ _3\"></span>s and IFRS P<span class=\"_ _3\"></span>ract<span class=\"_ _3\"></span>ice </span></span>Statem<span class=\"_ _3\"></span>ent 2: Discl<span class=\"_ _3\"></span>osure of Acc<span class=\"_ _3\"></span>ounting Po<span class=\"_ _3\"></span>licies <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 8 Acc<span class=\"_ _3\"></span>ounting Po<span class=\"_ _3\"></span>licies, C<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>s in Acco<span class=\"_ _3\"></span>unting Esti<span class=\"_ _3\"></span>mates and </span></span>Error<span class=\"_ _3\"></span>s: Definitio<span class=\"_ _3\"></span>n of Acco<span class=\"_ _3\"></span>unting Esti<span class=\"_ _3\"></span>mates <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>2 In<span class=\"_ _3\"></span>come T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s: Deferred T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x related to As<span class=\"_ _3\"></span>sets and </span></span>Liabilities a<span class=\"_ _4\"></span>rising from a<span class=\"_ _4\"></span> Single T<span class=\"_ _5\"></span>ransac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>ion <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>2 In<span class=\"_ _3\"></span>come T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s: Internatio<span class=\"_ _3\"></span>nal T<span class=\"_ _4\"></span>ax Refo<span class=\"_ _3\"></span>rm \u2013 Pilla<span class=\"_ _3\"></span>r T<span class=\"_ _5\"></span>wo </span></span>Mo<span class=\"_ _3\"></span>del<span class=\"_ gs52\"> </span>Rule<span class=\"_ _3\"></span>s <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IFR<span class=\"_ _3\"></span>S 1<span class=\"_ _5\"></span>7 I<span class=\"_ _3\"></span>nsuranc<span class=\"_ _3\"></span>e Contra<span class=\"_ _3\"></span>cts: Initi<span class=\"_ _3\"></span>al Ap<span class=\"_ _3\"></span>plica<span class=\"_ _3\"></span>tion of IFR<span class=\"_ _3\"></span>S 1<span class=\"_ _5\"></span>7 a<span class=\"_ _3\"></span>nd </span></span>IFR<span class=\"_ _3\"></span>S 9 \u2013 Comp<span class=\"_ _3\"></span>arative I<span class=\"_ _3\"></span>nf<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rmatio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ese new and am<span class=\"_ _3\"></span>ended st<span class=\"_ _3\"></span>andard<span class=\"_ _3\"></span>s did not have a m<span class=\"_ _3\"></span>aterial ef<span class=\"_ _3\"></span>fect on<span class=\"_ _3\"></span> the<span class=\"_ gs52\"> </span>Gro<span class=\"_ _3\"></span>up or the C<span class=\"_ _3\"></span>ompany.<span class=\"_ _3ab\"> </span>Ac<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>untin<span class=\"_ _3\"></span>g st<span class=\"_ _3\"></span>and<span class=\"_ _3\"></span>ards n<span class=\"_ _3\"></span>ot ye<span class=\"_ _3\"></span>t adop<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d by the Gr<span class=\"_ _3\"></span>oup<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing stan<span class=\"_ _3\"></span>dards, inter<span class=\"_ _3\"></span>pretatio<span class=\"_ _3\"></span>ns and amen<span class=\"_ _3\"></span>dments have be<span class=\"_ _3\"></span>en issued by t<span class=\"_ _3\"></span>he IA<span class=\"_ _3\"></span>SB but h<span class=\"_ _3\"></span>ad either n<span class=\"_ _3\"></span>ot been ad<span class=\"_ _3\"></span>opted by the UK or we<span class=\"_ _3\"></span>re not yet effecti<span class=\"_ _3\"></span>ve in the UK at 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3: <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">Am<span class=\"_ _3\"></span>endment<span class=\"_ _3\"></span>s to the followin<span class=\"_ _3\"></span>g stand<span class=\"_ _3\"></span>ards:</span></span> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1 Prese<span class=\"_ _3\"></span>ntation of Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Statement<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: C<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>icatio<span class=\"_ _3\"></span>n of </span></span>Lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s as Current or N<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current  <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1 Prese<span class=\"_ _3\"></span>ntation of Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Statement<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: N<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current </span></span>Lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s with Cove<span class=\"_ _3\"></span>nants <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 7 Statem<span class=\"_ _3\"></span>ent of Cash F<span class=\"_ _3\"></span>lows and IF<span class=\"_ _3\"></span>RS 7 Finan<span class=\"_ _3\"></span>cial </span></span>Instruments: Disclosures<span class=\"_ _4\"></span>: Supp<span class=\"_ _3\"></span>lier<span class=\"_ _4\"></span> Financ<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> A<span class=\"_ _3\"></span>rrangements <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 21 The Ef<span class=\"_ _3\"></span>fects of C<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n Foreign E<span class=\"_ _3\"></span>xchang<span class=\"_ _3\"></span>e Rates: L<span class=\"_ _3\"></span>ack </span></span>of E<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IFR<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>6 L<span class=\"_ _3\"></span>eases: Le<span class=\"_ _3\"></span>ase Liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y in a Sale an<span class=\"_ _3\"></span>d Lease<span class=\"_ _3\"></span>back<span class=\"_ _3ab\"> </span></span></span>Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s do not expe<span class=\"_ _3\"></span>ct the st<span class=\"_ _3\"></span>andard<span class=\"_ _3\"></span>s above to have a mater<span class=\"_ _3\"></span>ial effe<span class=\"_ _3\"></span>ct on the Gro<span class=\"_ _3\"></span>up or the C<span class=\"_ _3\"></span>ompany a<span class=\"_ _3\"></span>nd have chos<span class=\"_ _3\"></span>en not to adopt any of the a<span class=\"_ _3\"></span>bove stan<span class=\"_ _3\"></span>dards and i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rpretati<span class=\"_ _3\"></span>ons earl<span class=\"_ _3\"></span>ier than req<span class=\"_ _3\"></span>uired.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-608": {
   "value": "Ac<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>untin<span class=\"_ _3\"></span>g st<span class=\"_ _3\"></span>and<span class=\"_ _3\"></span>ards n<span class=\"_ _3\"></span>ot ye<span class=\"_ _3\"></span>t adop<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d by the Gr<span class=\"_ _3\"></span>oup<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing stan<span class=\"_ _3\"></span>dards, inter<span class=\"_ _3\"></span>pretatio<span class=\"_ _3\"></span>ns and amen<span class=\"_ _3\"></span>dments have be<span class=\"_ _3\"></span>en issued by t<span class=\"_ _3\"></span>he IA<span class=\"_ _3\"></span>SB but h<span class=\"_ _3\"></span>ad either n<span class=\"_ _3\"></span>ot been ad<span class=\"_ _3\"></span>opted by the UK or we<span class=\"_ _3\"></span>re not yet effecti<span class=\"_ _3\"></span>ve in the UK at 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3: <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">Am<span class=\"_ _3\"></span>endment<span class=\"_ _3\"></span>s to the followin<span class=\"_ _3\"></span>g stand<span class=\"_ _3\"></span>ards:</span></span> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1 Prese<span class=\"_ _3\"></span>ntation of Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Statement<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: C<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>icatio<span class=\"_ _3\"></span>n of </span></span>Lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s as Current or N<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current  <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 1 Prese<span class=\"_ _3\"></span>ntation of Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Statement<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: N<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current </span></span>Lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s with Cove<span class=\"_ _3\"></span>nants <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 7 Statem<span class=\"_ _3\"></span>ent of Cash F<span class=\"_ _3\"></span>lows and IF<span class=\"_ _3\"></span>RS 7 Finan<span class=\"_ _3\"></span>cial </span></span>Instruments: Disclosures<span class=\"_ _4\"></span>: Supp<span class=\"_ _3\"></span>lier<span class=\"_ _4\"></span> Financ<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> A<span class=\"_ _3\"></span>rrangements <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IA<span class=\"_ _3\"></span>S 21 The Ef<span class=\"_ _3\"></span>fects of C<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n Foreign E<span class=\"_ _3\"></span>xchang<span class=\"_ _3\"></span>e Rates: L<span class=\"_ _3\"></span>ack </span></span>of E<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">IFR<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>6 L<span class=\"_ _3\"></span>eases: Le<span class=\"_ _3\"></span>ase Liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y in a Sale an<span class=\"_ _3\"></span>d Lease<span class=\"_ _3\"></span>back<span class=\"_ _3ab\"> </span></span></span>Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s do not expe<span class=\"_ _3\"></span>ct the st<span class=\"_ _3\"></span>andard<span class=\"_ _3\"></span>s above to have a mater<span class=\"_ _3\"></span>ial effe<span class=\"_ _3\"></span>ct on the Gro<span class=\"_ _3\"></span>up or the C<span class=\"_ _3\"></span>ompany a<span class=\"_ _3\"></span>nd have chos<span class=\"_ _3\"></span>en not to adopt any of the a<span class=\"_ _3\"></span>bove stan<span class=\"_ _3\"></span>dards and i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rpretati<span class=\"_ _3\"></span>ons earl<span class=\"_ _3\"></span>ier than req<span class=\"_ _3\"></span>uired.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-553": {
   "value": "2.2 Basis of<span class=\"_ _4\"></span> consolidation<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group fin<span class=\"_ _3\"></span>ancial st<span class=\"_ _3\"></span>atements in<span class=\"_ _3\"></span>clude th<span class=\"_ _3\"></span>e results of the C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny and it<span class=\"_ _3\"></span>s subsidi<span class=\"_ _3\"></span>aries, to<span class=\"_ _3\"></span>gether wi<span class=\"_ _3\"></span>th the Group\u2019s share of the re<span class=\"_ _3\"></span>sults of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates, d<span class=\"_ _3\"></span>rawn up to 31 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r each yea<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span>a)<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ubsidiarie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es are entities c<span class=\"_ _3\"></span>ontrolle<span class=\"_ _3\"></span>d by the Group<span class=\"_ _3\"></span>. The Grou<span class=\"_ _3\"></span>p controls an entit<span class=\"_ _3\"></span>y whe<span class=\"_ _3\"></span>n it is expos<span class=\"_ _3\"></span>ed to, or has ri<span class=\"_ _3\"></span>ghts to, vari<span class=\"_ _3\"></span>able return<span class=\"_ _3\"></span>s from its invo<span class=\"_ _3\"></span>lvement wi<span class=\"_ _3\"></span>th the entit<span class=\"_ _3\"></span>y and ha<span class=\"_ _3\"></span>s the abilit<span class=\"_ _3\"></span>y to af<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ct those returns t<span class=\"_ _3\"></span>hrough its p<span class=\"_ _3\"></span>ower over the enti<span class=\"_ _3\"></span>ty.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e results of sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es are conso<span class=\"_ _3\"></span>lidated fro<span class=\"_ _3\"></span>m the date tha<span class=\"_ _3\"></span>t control commences until the date that control ceases.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e acquisi<span class=\"_ _3\"></span>tion metho<span class=\"_ _3\"></span>d of acco<span class=\"_ _3\"></span>unting is use<span class=\"_ _3\"></span>d to accou<span class=\"_ _3\"></span>nt f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the acq<span class=\"_ _3\"></span>uisition of su<span class=\"_ _3\"></span>bsidia<span class=\"_ _3\"></span>ries by the G<span class=\"_ _3\"></span>roup. On ac<span class=\"_ _3\"></span>quisiti<span class=\"_ _3\"></span>on, the ass<span class=\"_ _3\"></span>ets, liab<span class=\"_ _3\"></span>ilities an<span class=\"_ _3\"></span>d conting<span class=\"_ _3\"></span>ent liabili<span class=\"_ _3\"></span>ties of a subsi<span class=\"_ _3\"></span>diar<span class=\"_ _3\"></span>y are measu<span class=\"_ _3\"></span>red at their f<span class=\"_ _3\"></span>air values at th<span class=\"_ _3\"></span>e date of acq<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span>. Any excess of the f<span class=\"_ _3\"></span>air value of the c<span class=\"_ _3\"></span>ost of acqu<span class=\"_ _3\"></span>isition over t<span class=\"_ _3\"></span>he fair value<span class=\"_ _3\"></span>s of the identi<span class=\"_ _3\"></span>fiable n<span class=\"_ _3\"></span>et asset<span class=\"_ _3\"></span>s acquire<span class=\"_ _3\"></span>d is recog<span class=\"_ _3\"></span>nised as go<span class=\"_ _3\"></span>odw<span class=\"_ _3\"></span>ill. Any def<span class=\"_ _3\"></span>icienc<span class=\"_ _3\"></span>y of the cost of acq<span class=\"_ _3\"></span>uisition b<span class=\"_ _3\"></span>elow the fa<span class=\"_ _3\"></span>ir values of the i<span class=\"_ _3\"></span>dentifi<span class=\"_ _3\"></span>able net as<span class=\"_ _3\"></span>sets acq<span class=\"_ _3\"></span>uired (disc<span class=\"_ _3\"></span>ount on ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n) is credite<span class=\"_ _3\"></span>d to the incom<span class=\"_ _3\"></span>e statement in the p<span class=\"_ _3\"></span>eriod of a<span class=\"_ _3\"></span>cquisit<span class=\"_ _3\"></span>ion. Th<span class=\"_ _3\"></span>e interest of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>contro<span class=\"_ _3\"></span>lling equi<span class=\"_ _3\"></span>ty hol<span class=\"_ _3\"></span>ders is st<span class=\"_ _3\"></span>ated at the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntrolling eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y holder<span class=\"_ _3\"></span>s\u2019 propor<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n of<span class=\"_ gs52\"> </span>the fai<span class=\"_ _3\"></span>r value of the as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed.<span class=\"_ _3ab\"> </span>Wh<span class=\"_ _3\"></span>en the Grou<span class=\"_ _3\"></span>p loses co<span class=\"_ _3\"></span>ntrol of a subsid<span class=\"_ _3\"></span>iar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, the p<span class=\"_ _3\"></span>rofit or loss o<span class=\"_ _3\"></span>n disp<span class=\"_ _3\"></span>osal is c<span class=\"_ _3\"></span>alcul<span class=\"_ _3\"></span>ated as the dif<span class=\"_ _3\"></span>ference b<span class=\"_ _3\"></span>etwee<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>: (<span class=\"_ _3\"></span>i) the ag<span class=\"_ _3\"></span>gregate of the fai<span class=\"_ _3\"></span>r value of the c<span class=\"_ _3\"></span>onsider<span class=\"_ _3\"></span>ation rece<span class=\"_ _3\"></span>ived and th<span class=\"_ _3\"></span>e fair value of any<span class=\"_ _3ab\"> </span>retain<span class=\"_ _3\"></span>ed interest les<span class=\"_ _3\"></span>s direct co<span class=\"_ _3\"></span>sts of the tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion; and (ii) t<span class=\"_ _3\"></span>he previo<span class=\"_ _3\"></span>us carr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng amount of th<span class=\"_ _3\"></span>e assets (i<span class=\"_ _3\"></span>ncludin<span class=\"_ _3\"></span>g good<span class=\"_ _3\"></span>will) le<span class=\"_ _3\"></span>ss liab<span class=\"_ _3\"></span>ilities of th<span class=\"_ _3\"></span>e subsidi<span class=\"_ _3\"></span>ary. The fa<span class=\"_ _3\"></span>ir value of any invest<span class=\"_ _3\"></span>ment retaine<span class=\"_ _3\"></span>d in the for<span class=\"_ _3\"></span>mer subsid<span class=\"_ _3\"></span>iar<span class=\"_ _3\"></span>y at the date w<span class=\"_ _3\"></span>hen contro<span class=\"_ _3\"></span>l is lost is reg<span class=\"_ _3\"></span>arded as t<span class=\"_ _3\"></span>he fair val<span class=\"_ _3\"></span>ue on initia<span class=\"_ _3\"></span>l recogn<span class=\"_ _3\"></span>ition for sub<span class=\"_ _3\"></span>sequent a<span class=\"_ _3\"></span>ccountin<span class=\"_ _3\"></span>g under I<span class=\"_ _3\"></span>FRS 9 Fina<span class=\"_ _3\"></span>ncial Ins<span class=\"_ _3\"></span>trument<span class=\"_ _3\"></span>s or<span class=\"_ _4\"></span>, whe<span class=\"_ _3\"></span>n applic<span class=\"_ _3\"></span>able, t<span class=\"_ _3\"></span>he cost on i<span class=\"_ _3\"></span>nitial rec<span class=\"_ _3\"></span>ogniti<span class=\"_ _3\"></span>on of an investm<span class=\"_ _3\"></span>ent in an asso<span class=\"_ _3\"></span>ciate or jo<span class=\"_ _3\"></span>intly cont<span class=\"_ _3\"></span>rolled entit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. A<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s previo<span class=\"_ _3\"></span>usly reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>n other com<span class=\"_ _3\"></span>prehensive i<span class=\"_ _3\"></span>ncome in rel<span class=\"_ _3\"></span>ation to the<span class=\"_ _3\"></span> subsi<span class=\"_ _3\"></span>diar<span class=\"_ _3\"></span>y are acc<span class=\"_ _3\"></span>ounted for in the s<span class=\"_ _3\"></span>ame mann<span class=\"_ _3\"></span>er as would b<span class=\"_ _3\"></span>e required if the rel<span class=\"_ _3\"></span>evant assets o<span class=\"_ _3\"></span>r liabilit<span class=\"_ _3\"></span>ies were disp<span class=\"_ _3\"></span>osed of (i.e<span class=\"_ _3\"></span>. reclass<span class=\"_ _3\"></span>ified to profit o<span class=\"_ _3\"></span>r loss or tr<span class=\"_ _3\"></span>ansferred d<span class=\"_ _3\"></span>irectly to reta<span class=\"_ _3\"></span>ined ear<span class=\"_ _3\"></span>nings).<span class=\"_ _3ab\"> </span>Any a<span class=\"_ _3\"></span>cquisit<span class=\"_ _3\"></span>ion or dis<span class=\"_ _3\"></span>posal w<span class=\"_ _3\"></span>hich do<span class=\"_ _3\"></span>es not result in a ch<span class=\"_ _3\"></span>ange in c<span class=\"_ _3\"></span>ontrol is acc<span class=\"_ _3\"></span>ounted for as a tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion bet<span class=\"_ _3\"></span>ween eq<span class=\"_ _3\"></span>uity h<span class=\"_ _3\"></span>older<span class=\"_ _3\"></span>s. The c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amou<span class=\"_ _3\"></span>nts of the cont<span class=\"_ _3\"></span>rolling and n<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontrollin<span class=\"_ _3\"></span>g int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests are adj<span class=\"_ _3\"></span>usted to<span class=\"_ gs52\"> </span>reflec<span class=\"_ _3\"></span>t the chang<span class=\"_ _3\"></span>es in their rel<span class=\"_ _3\"></span>ative interest<span class=\"_ _3\"></span>s in the subsid<span class=\"_ _3\"></span>iar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. A<span class=\"_ _3\"></span>ny dif<span class=\"_ _3\"></span>ference b<span class=\"_ _3\"></span>etween th<span class=\"_ _3\"></span>e fair value of t<span class=\"_ _3\"></span>he consid<span class=\"_ _3\"></span>eration p<span class=\"_ _3\"></span>aid or rec<span class=\"_ _3\"></span>eived and th<span class=\"_ _3\"></span>e amount by wh<span class=\"_ _3\"></span>ich the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntrolling interest<span class=\"_ _3\"></span>s are adjuste<span class=\"_ _3\"></span>d is reco<span class=\"_ _3\"></span>gnised d<span class=\"_ _3\"></span>irectly i<span class=\"_ _3\"></span>n equit<span class=\"_ _3\"></span>y and at<span class=\"_ _3\"></span>tribute<span class=\"_ _3\"></span>d to the owner<span class=\"_ _3\"></span>s of the Parent.<span class=\"_ _3ab\"> </span>Acc<span class=\"_ _3\"></span>ounting p<span class=\"_ _3\"></span>olicie<span class=\"_ _3\"></span>s of subsidi<span class=\"_ _3\"></span>aries are ad<span class=\"_ _3\"></span>justed whe<span class=\"_ _3\"></span>re necess<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>o ensure c<span class=\"_ _3\"></span>onsistenc<span class=\"_ _3\"></span>y with tho<span class=\"_ _3\"></span>se used by the G<span class=\"_ _3\"></span>roup. A<span class=\"_ _3\"></span>ll intra<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Group trans<span class=\"_ _3\"></span>acti<span class=\"_ _3\"></span>ons, bal<span class=\"_ _3\"></span>ances, in<span class=\"_ _3\"></span>come an<span class=\"_ _3\"></span>d e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>penses a<span class=\"_ _3\"></span>re eliminated o<span class=\"_ _3\"></span>n conso<span class=\"_ _3\"></span>lidation.<span class=\"_ _3ab\"> </span>b) Join<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s and as<span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span>Joi<span class=\"_ _3\"></span>nt ventures are those e<span class=\"_ _3\"></span>ntities over w<span class=\"_ _3\"></span>hose act<span class=\"_ _3\"></span>ivities t<span class=\"_ _3\"></span>he Group ha<span class=\"_ _3\"></span>s joint c<span class=\"_ _3\"></span>ontrol, wh<span class=\"_ _3\"></span>ereby the Grou<span class=\"_ _3\"></span>p has rig<span class=\"_ _3\"></span>hts to the net asset<span class=\"_ _3\"></span>s of the entit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, ra<span class=\"_ _3\"></span>ther than r<span class=\"_ _3\"></span>ights to its in<span class=\"_ _3\"></span>divid<span class=\"_ _3\"></span>ual asset<span class=\"_ _3\"></span>s and obli<span class=\"_ _3\"></span>gations for i<span class=\"_ _3\"></span>ts indiv<span class=\"_ _3\"></span>idual liabilities<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>As<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are those enti<span class=\"_ _3\"></span>ties over who<span class=\"_ _3\"></span>se financ<span class=\"_ _3\"></span>ial and op<span class=\"_ _3\"></span>eratin<span class=\"_ _3\"></span>g polici<span class=\"_ _3\"></span>es the Gro<span class=\"_ _3\"></span>up has sig<span class=\"_ _3\"></span>nifica<span class=\"_ _3\"></span>nt influence, b<span class=\"_ _3\"></span>ut not contro<span class=\"_ _3\"></span>l or joint co<span class=\"_ _3\"></span>ntrol. Th<span class=\"_ _3\"></span>e results, as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities of j<span class=\"_ _3\"></span>oint ventures and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates are inc<span class=\"_ _3\"></span>orpor<span class=\"_ _3\"></span>ated in the fin<span class=\"_ _3\"></span>ancial s<span class=\"_ _3\"></span>tatements u<span class=\"_ _3\"></span>sing the eq<span class=\"_ _3\"></span>uity m<span class=\"_ _3\"></span>ethod of acc<span class=\"_ _3\"></span>ounting excep<span class=\"_ _3\"></span>t when cla<span class=\"_ _3\"></span>ssifie<span class=\"_ _3\"></span>d as held for sa<span class=\"_ _3\"></span>le. The e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y return from the m<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y hou<span class=\"_ _3\"></span>sing joint venture<span class=\"_ _3\"></span>s of the Group is c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>tually limite<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o a m<span class=\"_ _3\"></span>aximum l<span class=\"_ _3\"></span>evel of return, beyo<span class=\"_ _3\"></span>nd which t<span class=\"_ _3\"></span>he Group do<span class=\"_ _3\"></span>es not sha<span class=\"_ _3\"></span>re in any furt<span class=\"_ _3\"></span>her return. T<span class=\"_ _3\"></span>herefore the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s invest<span class=\"_ _3\"></span>ment in these p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s is recog<span class=\"_ _3\"></span>nised at initi<span class=\"_ _3\"></span>al equit<span class=\"_ _3\"></span>y investm<span class=\"_ _3\"></span>ent plus the v<span class=\"_ _3\"></span>alue of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s ac<span class=\"_ _3\"></span>crued p<span class=\"_ _3\"></span>ref<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred return fro<span class=\"_ _3\"></span>m the under<span class=\"_ _3\"></span>lying p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Any exces<span class=\"_ _3\"></span>s of the fair val<span class=\"_ _3\"></span>ue of the cos<span class=\"_ _3\"></span>t of acquisi<span class=\"_ _3\"></span>tion over the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s share of th<span class=\"_ _3\"></span>e fair values of t<span class=\"_ _3\"></span>he identif<span class=\"_ _3\"></span>iable net a<span class=\"_ _3\"></span>ssets of the j<span class=\"_ _3\"></span>oint venture or as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ate entity a<span class=\"_ _3\"></span>t the date of ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n is recogn<span class=\"_ _3\"></span>ised as go<span class=\"_ _3\"></span>odwil<span class=\"_ _3\"></span>l. Any defi<span class=\"_ _3\"></span>ciency of t<span class=\"_ _3\"></span>he fair value of t<span class=\"_ _3\"></span>he cost of ac<span class=\"_ _3\"></span>quisiti<span class=\"_ _3\"></span>on bel<span class=\"_ _3\"></span>ow the Group\u2019s share of the fa<span class=\"_ _3\"></span>ir values of th<span class=\"_ _3\"></span>e identifi<span class=\"_ _3\"></span>able net asset<span class=\"_ _3\"></span>s of the joint venture o<span class=\"_ _3\"></span>r assoc<span class=\"_ _3\"></span>iate at the date of a<span class=\"_ _3\"></span>cquisiti<span class=\"_ _3\"></span>on (disc<span class=\"_ _3\"></span>ount on ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n) is credite<span class=\"_ _3\"></span>d to the incom<span class=\"_ _3\"></span>e statement i<span class=\"_ _3\"></span>n the period of acquisition.<span class=\"_ _3ab\"> </span>Investm<span class=\"_ _3\"></span>ents in joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates are ini<span class=\"_ _3\"></span>tially c<span class=\"_ _3\"></span>arrie<span class=\"_ _3\"></span>d in the bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et at cost (in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g good<span class=\"_ _3\"></span>will aris<span class=\"_ _3\"></span>ing on acq<span class=\"_ _3\"></span>uisition) a<span class=\"_ _3\"></span>nd adju<span class=\"_ _3\"></span>sted by pos<span class=\"_ _3\"></span>t-a<span class=\"_ _3\"></span>cquisit<span class=\"_ _3\"></span>ion chan<span class=\"_ _3\"></span>ges in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of net asset<span class=\"_ _3\"></span>s of the joint venture o<span class=\"_ _3\"></span>r assoc<span class=\"_ _3\"></span>iate, less any im<span class=\"_ _3\"></span>pairme<span class=\"_ _3\"></span>nt in the value of i<span class=\"_ _3\"></span>ndivi<span class=\"_ _3\"></span>dual investm<span class=\"_ _3\"></span>ents. Los<span class=\"_ _3\"></span>ses of joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates in exces<span class=\"_ _3\"></span>s of the Group\u2019s interest in tho<span class=\"_ _3\"></span>se joint ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are only rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he extent that t<span class=\"_ _3\"></span>he Group is cont<span class=\"_ _3\"></span>ractua<span class=\"_ _3\"></span>lly liab<span class=\"_ _3\"></span>le for<span class=\"_ _4\"></span>, or ha<span class=\"_ _3\"></span>s a constr<span class=\"_ _3\"></span>uctive o<span class=\"_ _3\"></span>bligat<span class=\"_ _3\"></span>ion to meet, t<span class=\"_ _3\"></span>he obl<span class=\"_ _3\"></span>igatio<span class=\"_ _3\"></span>ns of the joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span>Unrealised gains and losses on transactions with joint ventures<span class=\"_ _4\"></span> and asso<span class=\"_ _3\"></span>ciates are eli<span class=\"_ _3\"></span>minated to the ex<span class=\"_ _3\"></span>tent of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest in th<span class=\"_ _3\"></span>e releva<span class=\"_ _3\"></span>nt joint ventu<span class=\"_ _3\"></span>re or asso<span class=\"_ _3\"></span>ciate.<span class=\"_ _3ab\"> </span>c) Join<span class=\"_ _3\"></span>t ope<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ions<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s share of the result<span class=\"_ _3\"></span>s, assets a<span class=\"_ _3\"></span>nd liabil<span class=\"_ _3\"></span>ities of cont<span class=\"_ _3\"></span>racts ca<span class=\"_ _3\"></span>rried ou<span class=\"_ _3\"></span>t in conjun<span class=\"_ _3\"></span>ction w<span class=\"_ _3\"></span>ith another p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>y are inc<span class=\"_ _3\"></span>luded un<span class=\"_ _3\"></span>der eac<span class=\"_ _3\"></span>h relevant he<span class=\"_ _3\"></span>ading in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement a<span class=\"_ _3\"></span>nd balan<span class=\"_ _3\"></span>ce sheet.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e results of a sma<span class=\"_ _3\"></span>ll number of j<span class=\"_ _3\"></span>oint oper<span class=\"_ _3\"></span>ations are dr<span class=\"_ _3\"></span>awn up to a<span class=\"_ gs52\"> </span>date oth<span class=\"_ _3\"></span>er than 31 De<span class=\"_ _3\"></span>cember, ty<span class=\"_ _3\"></span>pica<span class=\"_ _3\"></span>lly in the la<span class=\"_ _3\"></span>st two wee<span class=\"_ _3\"></span>ks of Dec<span class=\"_ _3\"></span>ember. Adjust<span class=\"_ _3\"></span>ments are ma<span class=\"_ _3\"></span>de for any signi<span class=\"_ _3\"></span>ficant tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tions bet<span class=\"_ _3\"></span>ween suc<span class=\"_ _3\"></span>h date and 31 De<span class=\"_ _3\"></span>cember.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-609": {
   "value": "a)<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ubsidiarie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es are entities c<span class=\"_ _3\"></span>ontrolle<span class=\"_ _3\"></span>d by the Group<span class=\"_ _3\"></span>. The Grou<span class=\"_ _3\"></span>p controls an entit<span class=\"_ _3\"></span>y whe<span class=\"_ _3\"></span>n it is expos<span class=\"_ _3\"></span>ed to, or has ri<span class=\"_ _3\"></span>ghts to, vari<span class=\"_ _3\"></span>able return<span class=\"_ _3\"></span>s from its invo<span class=\"_ _3\"></span>lvement wi<span class=\"_ _3\"></span>th the entit<span class=\"_ _3\"></span>y and ha<span class=\"_ _3\"></span>s the abilit<span class=\"_ _3\"></span>y to af<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ct those returns t<span class=\"_ _3\"></span>hrough its p<span class=\"_ _3\"></span>ower over the enti<span class=\"_ _3\"></span>ty.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e results of sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es are conso<span class=\"_ _3\"></span>lidated fro<span class=\"_ _3\"></span>m the date tha<span class=\"_ _3\"></span>t control commences until the date that control ceases.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e acquisi<span class=\"_ _3\"></span>tion metho<span class=\"_ _3\"></span>d of acco<span class=\"_ _3\"></span>unting is use<span class=\"_ _3\"></span>d to accou<span class=\"_ _3\"></span>nt f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the acq<span class=\"_ _3\"></span>uisition of su<span class=\"_ _3\"></span>bsidia<span class=\"_ _3\"></span>ries by the G<span class=\"_ _3\"></span>roup. On ac<span class=\"_ _3\"></span>quisiti<span class=\"_ _3\"></span>on, the ass<span class=\"_ _3\"></span>ets, liab<span class=\"_ _3\"></span>ilities an<span class=\"_ _3\"></span>d conting<span class=\"_ _3\"></span>ent liabili<span class=\"_ _3\"></span>ties of a subsi<span class=\"_ _3\"></span>diar<span class=\"_ _3\"></span>y are measu<span class=\"_ _3\"></span>red at their f<span class=\"_ _3\"></span>air values at th<span class=\"_ _3\"></span>e date of acq<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span>. Any excess of the f<span class=\"_ _3\"></span>air value of the c<span class=\"_ _3\"></span>ost of acqu<span class=\"_ _3\"></span>isition over t<span class=\"_ _3\"></span>he fair value<span class=\"_ _3\"></span>s of the identi<span class=\"_ _3\"></span>fiable n<span class=\"_ _3\"></span>et asset<span class=\"_ _3\"></span>s acquire<span class=\"_ _3\"></span>d is recog<span class=\"_ _3\"></span>nised as go<span class=\"_ _3\"></span>odw<span class=\"_ _3\"></span>ill. Any def<span class=\"_ _3\"></span>icienc<span class=\"_ _3\"></span>y of the cost of acq<span class=\"_ _3\"></span>uisition b<span class=\"_ _3\"></span>elow the fa<span class=\"_ _3\"></span>ir values of the i<span class=\"_ _3\"></span>dentifi<span class=\"_ _3\"></span>able net as<span class=\"_ _3\"></span>sets acq<span class=\"_ _3\"></span>uired (disc<span class=\"_ _3\"></span>ount on ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n) is credite<span class=\"_ _3\"></span>d to the incom<span class=\"_ _3\"></span>e statement in the p<span class=\"_ _3\"></span>eriod of a<span class=\"_ _3\"></span>cquisit<span class=\"_ _3\"></span>ion. Th<span class=\"_ _3\"></span>e interest of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>contro<span class=\"_ _3\"></span>lling equi<span class=\"_ _3\"></span>ty hol<span class=\"_ _3\"></span>ders is st<span class=\"_ _3\"></span>ated at the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntrolling eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y holder<span class=\"_ _3\"></span>s\u2019 propor<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n of<span class=\"_ gs52\"> </span>the fai<span class=\"_ _3\"></span>r value of the as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed.<span class=\"_ _3ab\"> </span>Wh<span class=\"_ _3\"></span>en the Grou<span class=\"_ _3\"></span>p loses co<span class=\"_ _3\"></span>ntrol of a subsid<span class=\"_ _3\"></span>iar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, the p<span class=\"_ _3\"></span>rofit or loss o<span class=\"_ _3\"></span>n disp<span class=\"_ _3\"></span>osal is c<span class=\"_ _3\"></span>alcul<span class=\"_ _3\"></span>ated as the dif<span class=\"_ _3\"></span>ference b<span class=\"_ _3\"></span>etwee<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>: (<span class=\"_ _3\"></span>i) the ag<span class=\"_ _3\"></span>gregate of the fai<span class=\"_ _3\"></span>r value of the c<span class=\"_ _3\"></span>onsider<span class=\"_ _3\"></span>ation rece<span class=\"_ _3\"></span>ived and th<span class=\"_ _3\"></span>e fair value of any<span class=\"_ _3ab\"> </span>retain<span class=\"_ _3\"></span>ed interest les<span class=\"_ _3\"></span>s direct co<span class=\"_ _3\"></span>sts of the tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion; and (ii) t<span class=\"_ _3\"></span>he previo<span class=\"_ _3\"></span>us carr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng amount of th<span class=\"_ _3\"></span>e assets (i<span class=\"_ _3\"></span>ncludin<span class=\"_ _3\"></span>g good<span class=\"_ _3\"></span>will) le<span class=\"_ _3\"></span>ss liab<span class=\"_ _3\"></span>ilities of th<span class=\"_ _3\"></span>e subsidi<span class=\"_ _3\"></span>ary. The fa<span class=\"_ _3\"></span>ir value of any invest<span class=\"_ _3\"></span>ment retaine<span class=\"_ _3\"></span>d in the for<span class=\"_ _3\"></span>mer subsid<span class=\"_ _3\"></span>iar<span class=\"_ _3\"></span>y at the date w<span class=\"_ _3\"></span>hen contro<span class=\"_ _3\"></span>l is lost is reg<span class=\"_ _3\"></span>arded as t<span class=\"_ _3\"></span>he fair val<span class=\"_ _3\"></span>ue on initia<span class=\"_ _3\"></span>l recogn<span class=\"_ _3\"></span>ition for sub<span class=\"_ _3\"></span>sequent a<span class=\"_ _3\"></span>ccountin<span class=\"_ _3\"></span>g under I<span class=\"_ _3\"></span>FRS 9 Fina<span class=\"_ _3\"></span>ncial Ins<span class=\"_ _3\"></span>trument<span class=\"_ _3\"></span>s or<span class=\"_ _4\"></span>, whe<span class=\"_ _3\"></span>n applic<span class=\"_ _3\"></span>able, t<span class=\"_ _3\"></span>he cost on i<span class=\"_ _3\"></span>nitial rec<span class=\"_ _3\"></span>ogniti<span class=\"_ _3\"></span>on of an investm<span class=\"_ _3\"></span>ent in an asso<span class=\"_ _3\"></span>ciate or jo<span class=\"_ _3\"></span>intly cont<span class=\"_ _3\"></span>rolled entit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. A<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s previo<span class=\"_ _3\"></span>usly reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>n other com<span class=\"_ _3\"></span>prehensive i<span class=\"_ _3\"></span>ncome in rel<span class=\"_ _3\"></span>ation to the<span class=\"_ _3\"></span> subsi<span class=\"_ _3\"></span>diar<span class=\"_ _3\"></span>y are acc<span class=\"_ _3\"></span>ounted for in the s<span class=\"_ _3\"></span>ame mann<span class=\"_ _3\"></span>er as would b<span class=\"_ _3\"></span>e required if the rel<span class=\"_ _3\"></span>evant assets o<span class=\"_ _3\"></span>r liabilit<span class=\"_ _3\"></span>ies were disp<span class=\"_ _3\"></span>osed of (i.e<span class=\"_ _3\"></span>. reclass<span class=\"_ _3\"></span>ified to profit o<span class=\"_ _3\"></span>r loss or tr<span class=\"_ _3\"></span>ansferred d<span class=\"_ _3\"></span>irectly to reta<span class=\"_ _3\"></span>ined ear<span class=\"_ _3\"></span>nings).<span class=\"_ _3ab\"> </span>Any a<span class=\"_ _3\"></span>cquisit<span class=\"_ _3\"></span>ion or dis<span class=\"_ _3\"></span>posal w<span class=\"_ _3\"></span>hich do<span class=\"_ _3\"></span>es not result in a ch<span class=\"_ _3\"></span>ange in c<span class=\"_ _3\"></span>ontrol is acc<span class=\"_ _3\"></span>ounted for as a tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion bet<span class=\"_ _3\"></span>ween eq<span class=\"_ _3\"></span>uity h<span class=\"_ _3\"></span>older<span class=\"_ _3\"></span>s. The c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amou<span class=\"_ _3\"></span>nts of the cont<span class=\"_ _3\"></span>rolling and n<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontrollin<span class=\"_ _3\"></span>g int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests are adj<span class=\"_ _3\"></span>usted to<span class=\"_ gs52\"> </span>reflec<span class=\"_ _3\"></span>t the chang<span class=\"_ _3\"></span>es in their rel<span class=\"_ _3\"></span>ative interest<span class=\"_ _3\"></span>s in the subsid<span class=\"_ _3\"></span>iar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. A<span class=\"_ _3\"></span>ny dif<span class=\"_ _3\"></span>ference b<span class=\"_ _3\"></span>etween th<span class=\"_ _3\"></span>e fair value of t<span class=\"_ _3\"></span>he consid<span class=\"_ _3\"></span>eration p<span class=\"_ _3\"></span>aid or rec<span class=\"_ _3\"></span>eived and th<span class=\"_ _3\"></span>e amount by wh<span class=\"_ _3\"></span>ich the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntrolling interest<span class=\"_ _3\"></span>s are adjuste<span class=\"_ _3\"></span>d is reco<span class=\"_ _3\"></span>gnised d<span class=\"_ _3\"></span>irectly i<span class=\"_ _3\"></span>n equit<span class=\"_ _3\"></span>y and at<span class=\"_ _3\"></span>tribute<span class=\"_ _3\"></span>d to the owner<span class=\"_ _3\"></span>s of the Parent.<span class=\"_ _3ab\"> </span>Acc<span class=\"_ _3\"></span>ounting p<span class=\"_ _3\"></span>olicie<span class=\"_ _3\"></span>s of subsidi<span class=\"_ _3\"></span>aries are ad<span class=\"_ _3\"></span>justed whe<span class=\"_ _3\"></span>re necess<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>o ensure c<span class=\"_ _3\"></span>onsistenc<span class=\"_ _3\"></span>y with tho<span class=\"_ _3\"></span>se used by the G<span class=\"_ _3\"></span>roup. A<span class=\"_ _3\"></span>ll intra<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Group trans<span class=\"_ _3\"></span>acti<span class=\"_ _3\"></span>ons, bal<span class=\"_ _3\"></span>ances, in<span class=\"_ _3\"></span>come an<span class=\"_ _3\"></span>d e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>penses a<span class=\"_ _3\"></span>re eliminated o<span class=\"_ _3\"></span>n conso<span class=\"_ _3\"></span>lidation.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-669": {
   "value": "b) Join<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s and as<span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span>Joi<span class=\"_ _3\"></span>nt ventures are those e<span class=\"_ _3\"></span>ntities over w<span class=\"_ _3\"></span>hose act<span class=\"_ _3\"></span>ivities t<span class=\"_ _3\"></span>he Group ha<span class=\"_ _3\"></span>s joint c<span class=\"_ _3\"></span>ontrol, wh<span class=\"_ _3\"></span>ereby the Grou<span class=\"_ _3\"></span>p has rig<span class=\"_ _3\"></span>hts to the net asset<span class=\"_ _3\"></span>s of the entit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, ra<span class=\"_ _3\"></span>ther than r<span class=\"_ _3\"></span>ights to its in<span class=\"_ _3\"></span>divid<span class=\"_ _3\"></span>ual asset<span class=\"_ _3\"></span>s and obli<span class=\"_ _3\"></span>gations for i<span class=\"_ _3\"></span>ts indiv<span class=\"_ _3\"></span>idual liabilities<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>As<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are those enti<span class=\"_ _3\"></span>ties over who<span class=\"_ _3\"></span>se financ<span class=\"_ _3\"></span>ial and op<span class=\"_ _3\"></span>eratin<span class=\"_ _3\"></span>g polici<span class=\"_ _3\"></span>es the Gro<span class=\"_ _3\"></span>up has sig<span class=\"_ _3\"></span>nifica<span class=\"_ _3\"></span>nt influence, b<span class=\"_ _3\"></span>ut not contro<span class=\"_ _3\"></span>l or joint co<span class=\"_ _3\"></span>ntrol. Th<span class=\"_ _3\"></span>e results, as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities of j<span class=\"_ _3\"></span>oint ventures and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates are inc<span class=\"_ _3\"></span>orpor<span class=\"_ _3\"></span>ated in the fin<span class=\"_ _3\"></span>ancial s<span class=\"_ _3\"></span>tatements u<span class=\"_ _3\"></span>sing the eq<span class=\"_ _3\"></span>uity m<span class=\"_ _3\"></span>ethod of acc<span class=\"_ _3\"></span>ounting excep<span class=\"_ _3\"></span>t when cla<span class=\"_ _3\"></span>ssifie<span class=\"_ _3\"></span>d as held for sa<span class=\"_ _3\"></span>le. The e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y return from the m<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y hou<span class=\"_ _3\"></span>sing joint venture<span class=\"_ _3\"></span>s of the Group is c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>tually limite<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o a m<span class=\"_ _3\"></span>aximum l<span class=\"_ _3\"></span>evel of return, beyo<span class=\"_ _3\"></span>nd which t<span class=\"_ _3\"></span>he Group do<span class=\"_ _3\"></span>es not sha<span class=\"_ _3\"></span>re in any furt<span class=\"_ _3\"></span>her return. T<span class=\"_ _3\"></span>herefore the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s invest<span class=\"_ _3\"></span>ment in these p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s is recog<span class=\"_ _3\"></span>nised at initi<span class=\"_ _3\"></span>al equit<span class=\"_ _3\"></span>y investm<span class=\"_ _3\"></span>ent plus the v<span class=\"_ _3\"></span>alue of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s ac<span class=\"_ _3\"></span>crued p<span class=\"_ _3\"></span>ref<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred return fro<span class=\"_ _3\"></span>m the under<span class=\"_ _3\"></span>lying p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Any exces<span class=\"_ _3\"></span>s of the fair val<span class=\"_ _3\"></span>ue of the cos<span class=\"_ _3\"></span>t of acquisi<span class=\"_ _3\"></span>tion over the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s share of th<span class=\"_ _3\"></span>e fair values of t<span class=\"_ _3\"></span>he identif<span class=\"_ _3\"></span>iable net a<span class=\"_ _3\"></span>ssets of the j<span class=\"_ _3\"></span>oint venture or as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ate entity a<span class=\"_ _3\"></span>t the date of ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n is recogn<span class=\"_ _3\"></span>ised as go<span class=\"_ _3\"></span>odwil<span class=\"_ _3\"></span>l. Any defi<span class=\"_ _3\"></span>ciency of t<span class=\"_ _3\"></span>he fair value of t<span class=\"_ _3\"></span>he cost of ac<span class=\"_ _3\"></span>quisiti<span class=\"_ _3\"></span>on bel<span class=\"_ _3\"></span>ow the Group\u2019s share of the fa<span class=\"_ _3\"></span>ir values of th<span class=\"_ _3\"></span>e identifi<span class=\"_ _3\"></span>able net asset<span class=\"_ _3\"></span>s of the joint venture o<span class=\"_ _3\"></span>r assoc<span class=\"_ _3\"></span>iate at the date of a<span class=\"_ _3\"></span>cquisiti<span class=\"_ _3\"></span>on (disc<span class=\"_ _3\"></span>ount on ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n) is credite<span class=\"_ _3\"></span>d to the incom<span class=\"_ _3\"></span>e statement i<span class=\"_ _3\"></span>n the period of acquisition.<span class=\"_ _3ab\"> </span>Investm<span class=\"_ _3\"></span>ents in joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates are ini<span class=\"_ _3\"></span>tially c<span class=\"_ _3\"></span>arrie<span class=\"_ _3\"></span>d in the bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et at cost (in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g good<span class=\"_ _3\"></span>will aris<span class=\"_ _3\"></span>ing on acq<span class=\"_ _3\"></span>uisition) a<span class=\"_ _3\"></span>nd adju<span class=\"_ _3\"></span>sted by pos<span class=\"_ _3\"></span>t-a<span class=\"_ _3\"></span>cquisit<span class=\"_ _3\"></span>ion chan<span class=\"_ _3\"></span>ges in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of net asset<span class=\"_ _3\"></span>s of the joint venture o<span class=\"_ _3\"></span>r assoc<span class=\"_ _3\"></span>iate, less any im<span class=\"_ _3\"></span>pairme<span class=\"_ _3\"></span>nt in the value of i<span class=\"_ _3\"></span>ndivi<span class=\"_ _3\"></span>dual investm<span class=\"_ _3\"></span>ents. Los<span class=\"_ _3\"></span>ses of joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates in exces<span class=\"_ _3\"></span>s of the Group\u2019s interest in tho<span class=\"_ _3\"></span>se joint ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are only rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he extent that t<span class=\"_ _3\"></span>he Group is cont<span class=\"_ _3\"></span>ractua<span class=\"_ _3\"></span>lly liab<span class=\"_ _3\"></span>le for<span class=\"_ _4\"></span>, or ha<span class=\"_ _3\"></span>s a constr<span class=\"_ _3\"></span>uctive o<span class=\"_ _3\"></span>bligat<span class=\"_ _3\"></span>ion to meet, t<span class=\"_ _3\"></span>he obl<span class=\"_ _3\"></span>igatio<span class=\"_ _3\"></span>ns of the joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span>Unrealised gains and losses on transactions with joint ventures<span class=\"_ _4\"></span> and asso<span class=\"_ _3\"></span>ciates are eli<span class=\"_ _3\"></span>minated to the ex<span class=\"_ _3\"></span>tent of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest in th<span class=\"_ _3\"></span>e releva<span class=\"_ _3\"></span>nt joint ventu<span class=\"_ _3\"></span>re or asso<span class=\"_ _3\"></span>ciate.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-641": {
   "value": "b) Join<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s and as<span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span>Joi<span class=\"_ _3\"></span>nt ventures are those e<span class=\"_ _3\"></span>ntities over w<span class=\"_ _3\"></span>hose act<span class=\"_ _3\"></span>ivities t<span class=\"_ _3\"></span>he Group ha<span class=\"_ _3\"></span>s joint c<span class=\"_ _3\"></span>ontrol, wh<span class=\"_ _3\"></span>ereby the Grou<span class=\"_ _3\"></span>p has rig<span class=\"_ _3\"></span>hts to the net asset<span class=\"_ _3\"></span>s of the entit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, ra<span class=\"_ _3\"></span>ther than r<span class=\"_ _3\"></span>ights to its in<span class=\"_ _3\"></span>divid<span class=\"_ _3\"></span>ual asset<span class=\"_ _3\"></span>s and obli<span class=\"_ _3\"></span>gations for i<span class=\"_ _3\"></span>ts indiv<span class=\"_ _3\"></span>idual liabilities<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>As<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are those enti<span class=\"_ _3\"></span>ties over who<span class=\"_ _3\"></span>se financ<span class=\"_ _3\"></span>ial and op<span class=\"_ _3\"></span>eratin<span class=\"_ _3\"></span>g polici<span class=\"_ _3\"></span>es the Gro<span class=\"_ _3\"></span>up has sig<span class=\"_ _3\"></span>nifica<span class=\"_ _3\"></span>nt influence, b<span class=\"_ _3\"></span>ut not contro<span class=\"_ _3\"></span>l or joint co<span class=\"_ _3\"></span>ntrol. Th<span class=\"_ _3\"></span>e results, as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities of j<span class=\"_ _3\"></span>oint ventures and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates are inc<span class=\"_ _3\"></span>orpor<span class=\"_ _3\"></span>ated in the fin<span class=\"_ _3\"></span>ancial s<span class=\"_ _3\"></span>tatements u<span class=\"_ _3\"></span>sing the eq<span class=\"_ _3\"></span>uity m<span class=\"_ _3\"></span>ethod of acc<span class=\"_ _3\"></span>ounting excep<span class=\"_ _3\"></span>t when cla<span class=\"_ _3\"></span>ssifie<span class=\"_ _3\"></span>d as held for sa<span class=\"_ _3\"></span>le. The e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y return from the m<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y hou<span class=\"_ _3\"></span>sing joint venture<span class=\"_ _3\"></span>s of the Group is c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>tually limite<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o a m<span class=\"_ _3\"></span>aximum l<span class=\"_ _3\"></span>evel of return, beyo<span class=\"_ _3\"></span>nd which t<span class=\"_ _3\"></span>he Group do<span class=\"_ _3\"></span>es not sha<span class=\"_ _3\"></span>re in any furt<span class=\"_ _3\"></span>her return. T<span class=\"_ _3\"></span>herefore the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s invest<span class=\"_ _3\"></span>ment in these p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s is recog<span class=\"_ _3\"></span>nised at initi<span class=\"_ _3\"></span>al equit<span class=\"_ _3\"></span>y investm<span class=\"_ _3\"></span>ent plus the v<span class=\"_ _3\"></span>alue of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s ac<span class=\"_ _3\"></span>crued p<span class=\"_ _3\"></span>ref<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred return fro<span class=\"_ _3\"></span>m the under<span class=\"_ _3\"></span>lying p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Any exces<span class=\"_ _3\"></span>s of the fair val<span class=\"_ _3\"></span>ue of the cos<span class=\"_ _3\"></span>t of acquisi<span class=\"_ _3\"></span>tion over the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s share of th<span class=\"_ _3\"></span>e fair values of t<span class=\"_ _3\"></span>he identif<span class=\"_ _3\"></span>iable net a<span class=\"_ _3\"></span>ssets of the j<span class=\"_ _3\"></span>oint venture or as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ate entity a<span class=\"_ _3\"></span>t the date of ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n is recogn<span class=\"_ _3\"></span>ised as go<span class=\"_ _3\"></span>odwil<span class=\"_ _3\"></span>l. Any defi<span class=\"_ _3\"></span>ciency of t<span class=\"_ _3\"></span>he fair value of t<span class=\"_ _3\"></span>he cost of ac<span class=\"_ _3\"></span>quisiti<span class=\"_ _3\"></span>on bel<span class=\"_ _3\"></span>ow the Group\u2019s share of the fa<span class=\"_ _3\"></span>ir values of th<span class=\"_ _3\"></span>e identifi<span class=\"_ _3\"></span>able net asset<span class=\"_ _3\"></span>s of the joint venture o<span class=\"_ _3\"></span>r assoc<span class=\"_ _3\"></span>iate at the date of a<span class=\"_ _3\"></span>cquisiti<span class=\"_ _3\"></span>on (disc<span class=\"_ _3\"></span>ount on ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n) is credite<span class=\"_ _3\"></span>d to the incom<span class=\"_ _3\"></span>e statement i<span class=\"_ _3\"></span>n the period of acquisition.<span class=\"_ _3ab\"> </span>Investm<span class=\"_ _3\"></span>ents in joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates are ini<span class=\"_ _3\"></span>tially c<span class=\"_ _3\"></span>arrie<span class=\"_ _3\"></span>d in the bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et at cost (in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g good<span class=\"_ _3\"></span>will aris<span class=\"_ _3\"></span>ing on acq<span class=\"_ _3\"></span>uisition) a<span class=\"_ _3\"></span>nd adju<span class=\"_ _3\"></span>sted by pos<span class=\"_ _3\"></span>t-a<span class=\"_ _3\"></span>cquisit<span class=\"_ _3\"></span>ion chan<span class=\"_ _3\"></span>ges in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of net asset<span class=\"_ _3\"></span>s of the joint venture o<span class=\"_ _3\"></span>r assoc<span class=\"_ _3\"></span>iate, less any im<span class=\"_ _3\"></span>pairme<span class=\"_ _3\"></span>nt in the value of i<span class=\"_ _3\"></span>ndivi<span class=\"_ _3\"></span>dual investm<span class=\"_ _3\"></span>ents. Los<span class=\"_ _3\"></span>ses of joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates in exces<span class=\"_ _3\"></span>s of the Group\u2019s interest in tho<span class=\"_ _3\"></span>se joint ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are only rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he extent that t<span class=\"_ _3\"></span>he Group is cont<span class=\"_ _3\"></span>ractua<span class=\"_ _3\"></span>lly liab<span class=\"_ _3\"></span>le for<span class=\"_ _4\"></span>, or ha<span class=\"_ _3\"></span>s a constr<span class=\"_ _3\"></span>uctive o<span class=\"_ _3\"></span>bligat<span class=\"_ _3\"></span>ion to meet, t<span class=\"_ _3\"></span>he obl<span class=\"_ _3\"></span>igatio<span class=\"_ _3\"></span>ns of the joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span>Unrealised gains and losses on transactions with joint ventures<span class=\"_ _4\"></span> and asso<span class=\"_ _3\"></span>ciates are eli<span class=\"_ _3\"></span>minated to the ex<span class=\"_ _3\"></span>tent of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest in th<span class=\"_ _3\"></span>e releva<span class=\"_ _3\"></span>nt joint ventu<span class=\"_ _3\"></span>re or asso<span class=\"_ _3\"></span>ciate.<span class=\"_ _3ab\"> </span>c) Join<span class=\"_ _3\"></span>t ope<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ions<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s share of the result<span class=\"_ _3\"></span>s, assets a<span class=\"_ _3\"></span>nd liabil<span class=\"_ _3\"></span>ities of cont<span class=\"_ _3\"></span>racts ca<span class=\"_ _3\"></span>rried ou<span class=\"_ _3\"></span>t in conjun<span class=\"_ _3\"></span>ction w<span class=\"_ _3\"></span>ith another p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>y are inc<span class=\"_ _3\"></span>luded un<span class=\"_ _3\"></span>der eac<span class=\"_ _3\"></span>h relevant he<span class=\"_ _3\"></span>ading in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement a<span class=\"_ _3\"></span>nd balan<span class=\"_ _3\"></span>ce sheet.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e results of a sma<span class=\"_ _3\"></span>ll number of j<span class=\"_ _3\"></span>oint oper<span class=\"_ _3\"></span>ations are dr<span class=\"_ _3\"></span>awn up to a<span class=\"_ gs52\"> </span>date oth<span class=\"_ _3\"></span>er than 31 De<span class=\"_ _3\"></span>cember, ty<span class=\"_ _3\"></span>pica<span class=\"_ _3\"></span>lly in the la<span class=\"_ _3\"></span>st two wee<span class=\"_ _3\"></span>ks of Dec<span class=\"_ _3\"></span>ember. Adjust<span class=\"_ _3\"></span>ments are ma<span class=\"_ _3\"></span>de for any signi<span class=\"_ _3\"></span>ficant tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tions bet<span class=\"_ _3\"></span>ween suc<span class=\"_ _3\"></span>h date and 31 De<span class=\"_ _3\"></span>cember.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-610": {
   "value": "b) Join<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s and as<span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span>Joi<span class=\"_ _3\"></span>nt ventures are those e<span class=\"_ _3\"></span>ntities over w<span class=\"_ _3\"></span>hose act<span class=\"_ _3\"></span>ivities t<span class=\"_ _3\"></span>he Group ha<span class=\"_ _3\"></span>s joint c<span class=\"_ _3\"></span>ontrol, wh<span class=\"_ _3\"></span>ereby the Grou<span class=\"_ _3\"></span>p has rig<span class=\"_ _3\"></span>hts to the net asset<span class=\"_ _3\"></span>s of the entit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, ra<span class=\"_ _3\"></span>ther than r<span class=\"_ _3\"></span>ights to its in<span class=\"_ _3\"></span>divid<span class=\"_ _3\"></span>ual asset<span class=\"_ _3\"></span>s and obli<span class=\"_ _3\"></span>gations for i<span class=\"_ _3\"></span>ts indiv<span class=\"_ _3\"></span>idual liabilities<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>As<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are those enti<span class=\"_ _3\"></span>ties over who<span class=\"_ _3\"></span>se financ<span class=\"_ _3\"></span>ial and op<span class=\"_ _3\"></span>eratin<span class=\"_ _3\"></span>g polici<span class=\"_ _3\"></span>es the Gro<span class=\"_ _3\"></span>up has sig<span class=\"_ _3\"></span>nifica<span class=\"_ _3\"></span>nt influence, b<span class=\"_ _3\"></span>ut not contro<span class=\"_ _3\"></span>l or joint co<span class=\"_ _3\"></span>ntrol. Th<span class=\"_ _3\"></span>e results, as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities of j<span class=\"_ _3\"></span>oint ventures and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates are inc<span class=\"_ _3\"></span>orpor<span class=\"_ _3\"></span>ated in the fin<span class=\"_ _3\"></span>ancial s<span class=\"_ _3\"></span>tatements u<span class=\"_ _3\"></span>sing the eq<span class=\"_ _3\"></span>uity m<span class=\"_ _3\"></span>ethod of acc<span class=\"_ _3\"></span>ounting excep<span class=\"_ _3\"></span>t when cla<span class=\"_ _3\"></span>ssifie<span class=\"_ _3\"></span>d as held for sa<span class=\"_ _3\"></span>le. The e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y return from the m<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y hou<span class=\"_ _3\"></span>sing joint venture<span class=\"_ _3\"></span>s of the Group is c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>tually limite<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o a m<span class=\"_ _3\"></span>aximum l<span class=\"_ _3\"></span>evel of return, beyo<span class=\"_ _3\"></span>nd which t<span class=\"_ _3\"></span>he Group do<span class=\"_ _3\"></span>es not sha<span class=\"_ _3\"></span>re in any furt<span class=\"_ _3\"></span>her return. T<span class=\"_ _3\"></span>herefore the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s invest<span class=\"_ _3\"></span>ment in these p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s is recog<span class=\"_ _3\"></span>nised at initi<span class=\"_ _3\"></span>al equit<span class=\"_ _3\"></span>y investm<span class=\"_ _3\"></span>ent plus the v<span class=\"_ _3\"></span>alue of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s ac<span class=\"_ _3\"></span>crued p<span class=\"_ _3\"></span>ref<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred return fro<span class=\"_ _3\"></span>m the under<span class=\"_ _3\"></span>lying p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Any exces<span class=\"_ _3\"></span>s of the fair val<span class=\"_ _3\"></span>ue of the cos<span class=\"_ _3\"></span>t of acquisi<span class=\"_ _3\"></span>tion over the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s share of th<span class=\"_ _3\"></span>e fair values of t<span class=\"_ _3\"></span>he identif<span class=\"_ _3\"></span>iable net a<span class=\"_ _3\"></span>ssets of the j<span class=\"_ _3\"></span>oint venture or as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ate entity a<span class=\"_ _3\"></span>t the date of ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n is recogn<span class=\"_ _3\"></span>ised as go<span class=\"_ _3\"></span>odwil<span class=\"_ _3\"></span>l. Any defi<span class=\"_ _3\"></span>ciency of t<span class=\"_ _3\"></span>he fair value of t<span class=\"_ _3\"></span>he cost of ac<span class=\"_ _3\"></span>quisiti<span class=\"_ _3\"></span>on bel<span class=\"_ _3\"></span>ow the Group\u2019s share of the fa<span class=\"_ _3\"></span>ir values of th<span class=\"_ _3\"></span>e identifi<span class=\"_ _3\"></span>able net asset<span class=\"_ _3\"></span>s of the joint venture o<span class=\"_ _3\"></span>r assoc<span class=\"_ _3\"></span>iate at the date of a<span class=\"_ _3\"></span>cquisiti<span class=\"_ _3\"></span>on (disc<span class=\"_ _3\"></span>ount on ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>n) is credite<span class=\"_ _3\"></span>d to the incom<span class=\"_ _3\"></span>e statement i<span class=\"_ _3\"></span>n the period of acquisition.<span class=\"_ _3ab\"> </span>Investm<span class=\"_ _3\"></span>ents in joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates are ini<span class=\"_ _3\"></span>tially c<span class=\"_ _3\"></span>arrie<span class=\"_ _3\"></span>d in the bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et at cost (in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g good<span class=\"_ _3\"></span>will aris<span class=\"_ _3\"></span>ing on acq<span class=\"_ _3\"></span>uisition) a<span class=\"_ _3\"></span>nd adju<span class=\"_ _3\"></span>sted by pos<span class=\"_ _3\"></span>t-a<span class=\"_ _3\"></span>cquisit<span class=\"_ _3\"></span>ion chan<span class=\"_ _3\"></span>ges in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of net asset<span class=\"_ _3\"></span>s of the joint venture o<span class=\"_ _3\"></span>r assoc<span class=\"_ _3\"></span>iate, less any im<span class=\"_ _3\"></span>pairme<span class=\"_ _3\"></span>nt in the value of i<span class=\"_ _3\"></span>ndivi<span class=\"_ _3\"></span>dual investm<span class=\"_ _3\"></span>ents. Los<span class=\"_ _3\"></span>ses of joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates in exces<span class=\"_ _3\"></span>s of the Group\u2019s interest in tho<span class=\"_ _3\"></span>se joint ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are only rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he extent that t<span class=\"_ _3\"></span>he Group is cont<span class=\"_ _3\"></span>ractua<span class=\"_ _3\"></span>lly liab<span class=\"_ _3\"></span>le for<span class=\"_ _4\"></span>, or ha<span class=\"_ _3\"></span>s a constr<span class=\"_ _3\"></span>uctive o<span class=\"_ _3\"></span>bligat<span class=\"_ _3\"></span>ion to meet, t<span class=\"_ _3\"></span>he obl<span class=\"_ _3\"></span>igatio<span class=\"_ _3\"></span>ns of the joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span>Unrealised gains and losses on transactions with joint ventures<span class=\"_ _4\"></span> and asso<span class=\"_ _3\"></span>ciates are eli<span class=\"_ _3\"></span>minated to the ex<span class=\"_ _3\"></span>tent of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest in th<span class=\"_ _3\"></span>e releva<span class=\"_ _3\"></span>nt joint ventu<span class=\"_ _3\"></span>re or asso<span class=\"_ _3\"></span>ciate.<span class=\"_ _3ab\"> </span>c) Join<span class=\"_ _3\"></span>t ope<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ions<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s share of the result<span class=\"_ _3\"></span>s, assets a<span class=\"_ _3\"></span>nd liabil<span class=\"_ _3\"></span>ities of cont<span class=\"_ _3\"></span>racts ca<span class=\"_ _3\"></span>rried ou<span class=\"_ _3\"></span>t in conjun<span class=\"_ _3\"></span>ction w<span class=\"_ _3\"></span>ith another p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>y are inc<span class=\"_ _3\"></span>luded un<span class=\"_ _3\"></span>der eac<span class=\"_ _3\"></span>h relevant he<span class=\"_ _3\"></span>ading in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement a<span class=\"_ _3\"></span>nd balan<span class=\"_ _3\"></span>ce sheet.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e results of a sma<span class=\"_ _3\"></span>ll number of j<span class=\"_ _3\"></span>oint oper<span class=\"_ _3\"></span>ations are dr<span class=\"_ _3\"></span>awn up to a<span class=\"_ gs52\"> </span>date oth<span class=\"_ _3\"></span>er than 31 De<span class=\"_ _3\"></span>cember, ty<span class=\"_ _3\"></span>pica<span class=\"_ _3\"></span>lly in the la<span class=\"_ _3\"></span>st two wee<span class=\"_ _3\"></span>ks of Dec<span class=\"_ _3\"></span>ember. Adjust<span class=\"_ _3\"></span>ments are ma<span class=\"_ _3\"></span>de for any signi<span class=\"_ _3\"></span>ficant tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tions bet<span class=\"_ _3\"></span>ween suc<span class=\"_ _3\"></span>h date and 31 De<span class=\"_ _3\"></span>cember.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-554": {
   "value": "2.3 Foreign currenc<span class=\"_ _3\"></span>ies<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>rans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>ns in foreign cu<span class=\"_ _3\"></span>rrencies a<span class=\"_ _3\"></span>re r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>corde<span class=\"_ _3\"></span>d at the rate of exchang<span class=\"_ _3\"></span>e at the d<span class=\"_ _3\"></span>ate of the trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>n. Monet<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y assets and l<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es denom<span class=\"_ _3\"></span>inated<span class=\"_ _3\"></span> in foreign c<span class=\"_ _3\"></span>urrenci<span class=\"_ _3\"></span>es are transl<span class=\"_ _3\"></span>ated at the rates of excha<span class=\"_ _3\"></span>nge at the<span class=\"_ _3\"></span> repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date. Sig<span class=\"_ _3\"></span>nifica<span class=\"_ _3\"></span>nt e<span class=\"_ _4\"></span>xch<span class=\"_ _3\"></span>ange rates u<span class=\"_ _3\"></span>sed in the pre<span class=\"_ _3\"></span>paratio<span class=\"_ _3\"></span>n of these f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al stateme<span class=\"_ _3\"></span>nts are shown in N<span class=\"_ _3\"></span>ote 3.<span class=\"_ _3ab\"> </span>For t<span class=\"_ _3\"></span>he purp<span class=\"_ _3\"></span>ose of presenti<span class=\"_ _3\"></span>ng conso<span class=\"_ _3\"></span>lidated fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l statement<span class=\"_ _3\"></span>s, the result<span class=\"_ _3\"></span>s of f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>reign subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s, asso<span class=\"_ _3\"></span>ciates and jo<span class=\"_ _3\"></span>int venture entitie<span class=\"_ _3\"></span>s are trans<span class=\"_ _3\"></span>lated at avera<span class=\"_ _3\"></span>ge rates of exchang<span class=\"_ _3\"></span>e for the year, unless th<span class=\"_ _3\"></span>e exchang<span class=\"_ _3\"></span>e rates fluc<span class=\"_ _3\"></span>tuate signif<span class=\"_ _3\"></span>icantl<span class=\"_ _3\"></span>y during th<span class=\"_ _3\"></span>at perio<span class=\"_ _3\"></span>d, in whi<span class=\"_ _3\"></span>ch case<span class=\"_ _3\"></span> the exchan<span class=\"_ _3\"></span>ge rates at the d<span class=\"_ _3\"></span>ate of trans<span class=\"_ _3\"></span>action<span class=\"_ _3\"></span>s are used. A<span class=\"_ _3\"></span>ssets an<span class=\"_ _3\"></span>d liab<span class=\"_ _3\"></span>ilities are tr<span class=\"_ _3\"></span>anslated at t<span class=\"_ _3\"></span>he rates of exchang<span class=\"_ _3\"></span>e prevailing at th<span class=\"_ _3\"></span>e repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date. Go<span class=\"_ _3\"></span>odwil<span class=\"_ _3\"></span>l and fair valu<span class=\"_ _3\"></span>e adjustm<span class=\"_ _3\"></span>ents arisin<span class=\"_ _3\"></span>g on the acq<span class=\"_ _3\"></span>uisition of a fo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ign entit<span class=\"_ _3\"></span>y are treated a<span class=\"_ _3\"></span>s assets and l<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es of the foreign e<span class=\"_ _3\"></span>ntity an<span class=\"_ _3\"></span>d transla<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d at the rates of excha<span class=\"_ _3\"></span>nge at the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date. Currency translation differences arising are transferr<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> to the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s foreign c<span class=\"_ _3\"></span>urrency t<span class=\"_ _3\"></span>ranslati<span class=\"_ _3\"></span>on reser<span class=\"_ _3\"></span>ve and are reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>n the inc<span class=\"_ _3\"></span>ome statem<span class=\"_ _3\"></span>ent on disp<span class=\"_ _3\"></span>osal of the u<span class=\"_ _3\"></span>nderl<span class=\"_ _3\"></span>ying investm<span class=\"_ _3\"></span>ent.<span class=\"_ _3ab\"> </span>In ord<span class=\"_ _3\"></span>er to hedge i<span class=\"_ _3\"></span>ts exposu<span class=\"_ _3\"></span>re t<span class=\"_ _4\"></span>o c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain foreign excha<span class=\"_ _3\"></span>nge risks<span class=\"_ _3\"></span>, the Grou<span class=\"_ _3\"></span>p may enter into for<span class=\"_ _3\"></span>ward foreign excha<span class=\"_ _3\"></span>nge cont<span class=\"_ _3\"></span>racts<span class=\"_ _3\"></span>. Refer to Note 2.<span class=\"_ _3\"></span>26<span class=\"_ _3\"></span>(b) for det<span class=\"_ _3\"></span>ails of the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s ac<span class=\"_ _3\"></span>counting p<span class=\"_ _3\"></span>olicie<span class=\"_ _3\"></span>s in respec<span class=\"_ _3\"></span>t of such derivative financial instruments.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-555": {
   "value": "2.<span class=\"_ _3\"></span>4 Reve<span class=\"_ _3\"></span>nue r<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ogn<span class=\"_ _3\"></span>iti<span class=\"_ _3\"></span>on Th<span class=\"_ _3\"></span>e Group rec<span class=\"_ _3\"></span>ognises revenu<span class=\"_ _3\"></span>e when it tr<span class=\"_ _3\"></span>ansfers cont<span class=\"_ _3\"></span>rol over a prod<span class=\"_ _3\"></span>uct or ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce to its custo<span class=\"_ _3\"></span>mer<span class=\"_ _4\"></span>. Revenu<span class=\"_ _3\"></span>e is measured b<span class=\"_ _3\"></span>ased on<span class=\"_ gs52\"> </span>the c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>ration sp<span class=\"_ _3\"></span>ecifie<span class=\"_ _3\"></span>d in a contr<span class=\"_ _3\"></span>act wit<span class=\"_ _3\"></span>h a customer an<span class=\"_ _3\"></span>d exclude<span class=\"_ _3\"></span>s amounts c<span class=\"_ _3\"></span>ollecte<span class=\"_ _3\"></span>d on behal<span class=\"_ _3\"></span>f of third par<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>. Where con<span class=\"_ _3\"></span>siderati<span class=\"_ _3\"></span>on is not spe<span class=\"_ _3\"></span>cifie<span class=\"_ _3\"></span>d within the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t and is therefore subje<span class=\"_ _3\"></span>ct to vari<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, the G<span class=\"_ _3\"></span>roup estim<span class=\"_ _3\"></span>ates the amo<span class=\"_ _3\"></span>unt of con<span class=\"_ _3\"></span>siderati<span class=\"_ _3\"></span>on to be recei<span class=\"_ _3\"></span>ved from its c<span class=\"_ _3\"></span>ustomer. The co<span class=\"_ _3\"></span>nsiderat<span class=\"_ _3\"></span>ion reco<span class=\"_ _3\"></span>gnised is t<span class=\"_ _3\"></span>he amount w<span class=\"_ _3\"></span>hich is highl<span class=\"_ _3\"></span>y proba<span class=\"_ _3\"></span>ble not to result in a signi<span class=\"_ _3\"></span>ficant rever<span class=\"_ _3\"></span>sal in future p<span class=\"_ _3\"></span>eriod<span class=\"_ _3\"></span>s. Wh<span class=\"_ _3\"></span>ere a modi<span class=\"_ _3\"></span>ficati<span class=\"_ _3\"></span>on to an existing c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t occur<span class=\"_ _3\"></span>s, the Grou<span class=\"_ _3\"></span>p asse<span class=\"_ _3\"></span>sses the na<span class=\"_ _3\"></span>ture of the mod<span class=\"_ _3\"></span>ificat<span class=\"_ _3\"></span>ion and wh<span class=\"_ _3\"></span>ether it repre<span class=\"_ _3\"></span>sents a sep<span class=\"_ _3\"></span>arate per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce obl<span class=\"_ _3\"></span>igation re<span class=\"_ _3\"></span>quired to be s<span class=\"_ _3\"></span>atisfied b<span class=\"_ _3\"></span>y the Group or wh<span class=\"_ _3\"></span>ether it is a mo<span class=\"_ _3\"></span>dific<span class=\"_ _3\"></span>ation to the exis<span class=\"_ _3\"></span>ting per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>n. Th<span class=\"_ _3\"></span>e Group do<span class=\"_ _3\"></span>es not expe<span class=\"_ _3\"></span>ct to have any contr<span class=\"_ _3\"></span>acts w<span class=\"_ _3\"></span>here the per<span class=\"_ _3\"></span>iod bet<span class=\"_ _3\"></span>ween the tr<span class=\"_ _3\"></span>ansfer of the pro<span class=\"_ _3\"></span>mised go<span class=\"_ _3\"></span>ods or se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices to the cus<span class=\"_ _3\"></span>tomer and p<span class=\"_ _3\"></span>ayment by the c<span class=\"_ _3\"></span>ustomer excee<span class=\"_ _3\"></span>ds one year. As a co<span class=\"_ _3\"></span>nseque<span class=\"_ _3\"></span>nce, the<span class=\"_ _3\"></span> Grou<span class=\"_ _3\"></span>p does not a<span class=\"_ _3\"></span>djust its tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion pri<span class=\"_ _3\"></span>ce for the tim<span class=\"_ _3\"></span>e value of money.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s activ<span class=\"_ _3\"></span>ities are wid<span class=\"_ _3\"></span>e rangin<span class=\"_ _3\"></span>g, and as su<span class=\"_ _3\"></span>ch, dep<span class=\"_ _3\"></span>ending o<span class=\"_ _3\"></span>n the<span class=\"_ gs52\"> </span>na<span class=\"_ _3\"></span>ture of the produ<span class=\"_ _3\"></span>ct or ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e delivere<span class=\"_ _3\"></span>d and the timi<span class=\"_ _3\"></span>ng of when cont<span class=\"_ _3\"></span>rol is passe<span class=\"_ _3\"></span>d onto the custo<span class=\"_ _3\"></span>mer<span class=\"_ _4\"></span>, the G<span class=\"_ _3\"></span>roup will a<span class=\"_ _3\"></span>ccount for revenu<span class=\"_ _3\"></span>e over time a<span class=\"_ _3\"></span>nd at a point in t<span class=\"_ _3\"></span>ime. Wh<span class=\"_ _3\"></span>ere re<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>nue is measu<span class=\"_ _3\"></span>red over time, the Gro<span class=\"_ _3\"></span>up uses the i<span class=\"_ _3\"></span>nput metho<span class=\"_ _3\"></span>d to measure pro<span class=\"_ _3\"></span>gress of de<span class=\"_ _3\"></span>liver<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Revenue is re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed as follows:  <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">revenue from c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction an<span class=\"_ _3\"></span>d ser<span class=\"_ _3\"></span>vices ac<span class=\"_ _3\"></span>tivit<span class=\"_ _3\"></span>ies is reco<span class=\"_ _3\"></span>gnised </span></span>over<span class=\"_ gs52\"> </span>time a<span class=\"_ _3\"></span>nd the Grou<span class=\"_ _3\"></span>p uses the inp<span class=\"_ _3\"></span>ut metho<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o m<span class=\"_ _3\"></span>easure prog<span class=\"_ _3\"></span>ress<span class=\"_ gs52\"> </span>of deli<span class=\"_ _3\"></span>very<span class=\"_ _3\"></span>;  <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">revenue from m<span class=\"_ _3\"></span>anufac<span class=\"_ _3\"></span>turing ac<span class=\"_ _3\"></span>tiviti<span class=\"_ _3\"></span>es is recog<span class=\"_ _3\"></span>nised at a p<span class=\"_ _3\"></span>oint in </span></span>time w<span class=\"_ _3\"></span>hen title h<span class=\"_ _3\"></span>as passe<span class=\"_ _3\"></span>d to the custom<span class=\"_ _3\"></span>er; and <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">div<span class=\"_ _3\"></span>idend in<span class=\"_ _3\"></span>come in th<span class=\"_ _3\"></span>e Parent Co<span class=\"_ _3\"></span>mpany is rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d when the </span></span>equi<span class=\"_ _3\"></span>ty ho<span class=\"_ _3\"></span>lders\u2019 ri<span class=\"_ _3\"></span>ght to receive p<span class=\"_ _3\"></span>ayment is es<span class=\"_ _3\"></span>tablish<span class=\"_ _3\"></span>ed.<span class=\"_ _3ab\"> </span>2.<span class=\"_ _3\"></span>5 Co<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ion a<span class=\"_ _3\"></span>nd se<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es c<span class=\"_ _3\"></span>ont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s Wh<span class=\"_ _3\"></span>en the outc<span class=\"_ _3\"></span>ome of indi<span class=\"_ _3\"></span>vidual c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts can b<span class=\"_ _3\"></span>e estimate<span class=\"_ _3\"></span>d reliabl<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>,<span class=\"_ _3\"></span> cont<span class=\"_ _3\"></span>ract revenue is re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed by reference to the m<span class=\"_ _3\"></span>easure of prog<span class=\"_ _3\"></span>ress at the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date usi<span class=\"_ _3\"></span>ng the inpu<span class=\"_ _3\"></span>t method<span class=\"_ _3\"></span>. Costs a<span class=\"_ _3\"></span>re r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed as incu<span class=\"_ _3\"></span>rred and revenue is re<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed on the b<span class=\"_ _3\"></span>asis of the pro<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tion of total<span class=\"_ _3\"></span> cos<span class=\"_ _3\"></span>ts at the rep<span class=\"_ _3\"></span>orti<span class=\"_ _3\"></span>ng date to the est<span class=\"_ _3\"></span>imated total c<span class=\"_ _3\"></span>osts of the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t. Esti<span class=\"_ _3\"></span>mates of the fin<span class=\"_ _3\"></span>al out-t<span class=\"_ _3\"></span>urn on ea<span class=\"_ _3\"></span>ch contra<span class=\"_ _3\"></span>ct may inc<span class=\"_ _3\"></span>lude co<span class=\"_ _3\"></span>st cont<span class=\"_ _3\"></span>ingenc<span class=\"_ _3\"></span>ies to take acco<span class=\"_ _3\"></span>unt of the spe<span class=\"_ _3\"></span>cific ri<span class=\"_ _3\"></span>sks within e<span class=\"_ _3\"></span>ach cont<span class=\"_ _3\"></span>ract tha<span class=\"_ _3\"></span>t have been id<span class=\"_ _3\"></span>entifie<span class=\"_ _3\"></span>d during th<span class=\"_ _3\"></span>e early st<span class=\"_ _3\"></span>ages of th<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>ract. T<span class=\"_ _3\"></span>he cost c<span class=\"_ _3\"></span>ontinge<span class=\"_ _3\"></span>ncies are revi<span class=\"_ _3\"></span>ewed on a regul<span class=\"_ _3\"></span>ar basis throug<span class=\"_ _3\"></span>hout the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t life and are adju<span class=\"_ _3\"></span>sted where a<span class=\"_ _3\"></span>ppropr<span class=\"_ _3\"></span>iate. However, the nature of th<span class=\"_ _3\"></span>e risks on co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>s are such that t<span class=\"_ _3\"></span>hey often ca<span class=\"_ _3\"></span>nnot be resol<span class=\"_ _3\"></span>ved until the en<span class=\"_ _3\"></span>d of the proje<span class=\"_ _3\"></span>ct and therefore m<span class=\"_ _3\"></span>ay not reverse unti<span class=\"_ _3\"></span>l the end of the p<span class=\"_ _3\"></span>roject. T<span class=\"_ _3\"></span>he estim<span class=\"_ _3\"></span>ated final o<span class=\"_ _3\"></span>ut-tur<span class=\"_ _3\"></span>ns on cont<span class=\"_ _3\"></span>racts are c<span class=\"_ _3\"></span>ontinuou<span class=\"_ _3\"></span>sly reviewed<span class=\"_ _3\"></span>, and in cer<span class=\"_ _3\"></span>tain l<span class=\"_ _3\"></span>imited ca<span class=\"_ _3\"></span>ses, recover<span class=\"_ _3\"></span>ies from insure<span class=\"_ _3\"></span>rs are asses<span class=\"_ _3\"></span>sed, and a<span class=\"_ _3\"></span>djustm<span class=\"_ _3\"></span>ents made whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ gs52\"> </span>n<span class=\"_ _3\"></span>ecess<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>. No m<span class=\"_ _3\"></span>argin is rec<span class=\"_ _3\"></span>ognised u<span class=\"_ _3\"></span>ntil the outc<span class=\"_ _3\"></span>ome of the co<span class=\"_ _3\"></span>ntract c<span class=\"_ _3\"></span>an be<span class=\"_ gs52\"> </span>es<span class=\"_ _3\"></span>timated wi<span class=\"_ _3\"></span>th reasona<span class=\"_ _3\"></span>ble cer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>nty. Provision i<span class=\"_ _3\"></span>s made for all know<span class=\"_ _3\"></span>n or expec<span class=\"_ _3\"></span>ted loss<span class=\"_ _3\"></span>es on indi<span class=\"_ _3\"></span>vidual c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts once su<span class=\"_ _3\"></span>ch losse<span class=\"_ _3\"></span>s are fore<span class=\"_ _3\"></span>seen.<span class=\"_ _3\"></span> Revenue in re<span class=\"_ _3\"></span>spect of v<span class=\"_ _3\"></span>ariatio<span class=\"_ _3\"></span>ns to contra<span class=\"_ _3\"></span>cts and in<span class=\"_ _3\"></span>centive pay<span class=\"_ _3\"></span>ments is<span class=\"_ gs52\"> </span>reco<span class=\"_ _3\"></span>gnised w<span class=\"_ _3\"></span>hen there is an e<span class=\"_ _3\"></span>nf<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rceabl<span class=\"_ _3\"></span>e right to pay<span class=\"_ _3\"></span>ment and it is<span class=\"_ _3\"></span> highl<span class=\"_ _3\"></span>y proba<span class=\"_ _3\"></span>ble it wil<span class=\"_ _3\"></span>l be agree<span class=\"_ _3\"></span>d by the custom<span class=\"_ _3\"></span>er<span class=\"_ _5\"></span>. Var<span class=\"_ _3\"></span>iable c<span class=\"_ _3\"></span>onsider<span class=\"_ _3\"></span>ation is assessed<span class=\"_ _4\"></span> on a contract by<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>on<span class=\"_ _4\"></span>tract basis according t<span class=\"_ _4\"></span>o the facts, circu<span class=\"_ _3\"></span>mstanc<span class=\"_ _3\"></span>es and terms of e<span class=\"_ _3\"></span>ach proje<span class=\"_ _3\"></span>ct and onl<span class=\"_ _3\"></span>y recog<span class=\"_ _3\"></span>nised to the extent th<span class=\"_ _3\"></span>at it is highl<span class=\"_ _3\"></span>y proba<span class=\"_ _3\"></span>ble not to sign<span class=\"_ _3\"></span>ificant<span class=\"_ _3\"></span>ly reverse in the fu<span class=\"_ _3\"></span>ture. Revenue in re<span class=\"_ _3\"></span>spect of c<span class=\"_ _3\"></span>laims is rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d only if it i<span class=\"_ _3\"></span>s highly p<span class=\"_ _3\"></span>robabl<span class=\"_ _3\"></span>e not to reverse in fu<span class=\"_ _3\"></span>ture peri<span class=\"_ _3\"></span>ods. P<span class=\"_ _3\"></span>rofit for the year in<span class=\"_ _3\"></span>cludes t<span class=\"_ _3\"></span>he benefi<span class=\"_ _3\"></span>t of cla<span class=\"_ _3\"></span>ims settl<span class=\"_ _3\"></span>ed in the year to t<span class=\"_ _3\"></span>he extent not previ<span class=\"_ _3\"></span>ously rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d on contracts complet<span class=\"_ _4\"></span>ed in pre<span class=\"_ _4\"></span>v<span class=\"_ _3\"></span>iou<span class=\"_ _4\"></span>s years.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-556": {
   "value": "2.6 Segmental repor<span class=\"_ _3\"></span>ting<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group co<span class=\"_ _3\"></span>nsiders i<span class=\"_ _3\"></span>ts Board of D<span class=\"_ _3\"></span>irector<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e the chief o<span class=\"_ _3\"></span>peratin<span class=\"_ _3\"></span>g dec<span class=\"_ _3\"></span>ision maker an<span class=\"_ _3\"></span>d therefore the seg<span class=\"_ _3\"></span>mental d<span class=\"_ _3\"></span>isclosure<span class=\"_ _3\"></span>s provide<span class=\"_ _3\"></span>d in Note 5 are ali<span class=\"_ _3\"></span>gned wi<span class=\"_ _3\"></span>th the month<span class=\"_ _3\"></span>ly repor<span class=\"_ _3\"></span>ts prov<span class=\"_ _3\"></span>ided to the B<span class=\"_ _3\"></span>oard of<span class=\"_ gs52\"> </span>Direc<span class=\"_ _3\"></span>tors. T<span class=\"_ _3\"></span>he Group\u2019s repor<span class=\"_ _3\"></span>ting se<span class=\"_ _3\"></span>gments are b<span class=\"_ _3\"></span>ased on th<span class=\"_ _3\"></span>e ty<span class=\"_ _3\"></span>pes of ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es provide<span class=\"_ _3\"></span>d. Op<span class=\"_ _3\"></span>erating se<span class=\"_ _3\"></span>gments w<span class=\"_ _3\"></span>ith similar e<span class=\"_ _3\"></span>conom<span class=\"_ _3\"></span>ic cha<span class=\"_ _3\"></span>racteris<span class=\"_ _3\"></span>tics have b<span class=\"_ _3\"></span>een agg<span class=\"_ _3\"></span>regated into three re<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tabl<span class=\"_ _3\"></span>e segment<span class=\"_ _3\"></span>s whic<span class=\"_ _3\"></span>h reflect th<span class=\"_ _3\"></span>e nature of the ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ces provid<span class=\"_ _3\"></span>ed by the Gro<span class=\"_ _3\"></span>up. A<span class=\"_ gs52\"> </span>desc<span class=\"_ _3\"></span>riptio<span class=\"_ _3\"></span>n of each rep<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>able se<span class=\"_ _3\"></span>gment is prov<span class=\"_ _3\"></span>ided in N<span class=\"_ _3\"></span>ote 5. Fur<span class=\"_ _3\"></span>ther infor<span class=\"_ _3\"></span>mation on t<span class=\"_ _3\"></span>he busines<span class=\"_ _3\"></span>s activ<span class=\"_ _3\"></span>ities of ea<span class=\"_ _3\"></span>ch repor<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ble seg<span class=\"_ _3\"></span>ment is set out on p<span class=\"_ _3\"></span>ages 19<span class=\"_ _3\"></span>6 to 201<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Op<span class=\"_ _3\"></span>erating se<span class=\"_ _3\"></span>gments are a<span class=\"_ _3\"></span>ggreg<span class=\"_ _3\"></span>ated on the ba<span class=\"_ _3\"></span>sis of the nature of t<span class=\"_ _3\"></span>he ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es provide<span class=\"_ _3\"></span>d and the ma<span class=\"_ _3\"></span>nner in whic<span class=\"_ _3\"></span>h returns are ea<span class=\"_ _3\"></span>rned by the Grou<span class=\"_ _3\"></span>p. Furt<span class=\"_ _3\"></span>her informat<span class=\"_ _3\"></span>ion on the n<span class=\"_ _3\"></span>ature of ser<span class=\"_ _3\"></span>vices p<span class=\"_ _3\"></span>rovided w<span class=\"_ _3\"></span>ithin eac<span class=\"_ _3\"></span>h segment is i<span class=\"_ _3\"></span>nclude<span class=\"_ _3\"></span>d in Note 4. Work<span class=\"_ _3\"></span>ing cap<span class=\"_ _3\"></span>ital is th<span class=\"_ _3\"></span>e balanc<span class=\"_ _3\"></span>e sheet mea<span class=\"_ _3\"></span>sure repor<span class=\"_ _3\"></span>ted to the chi<span class=\"_ _3\"></span>ef ope<span class=\"_ _3\"></span>rating de<span class=\"_ _3\"></span>cision m<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>. T<span class=\"_ _3\"></span>he profit<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y mea<span class=\"_ _3\"></span>sure used to asse<span class=\"_ _3\"></span>ss the p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>mance of th<span class=\"_ _3\"></span>e Group is un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing profit from o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>ons.<span class=\"_ _3ab\"> </span>Se<span class=\"_ _3\"></span>gment result<span class=\"_ _3\"></span>s represent the c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tion of the d<span class=\"_ _3\"></span>ifferent se<span class=\"_ _3\"></span>gments af<span class=\"_ _3\"></span>ter the allocation<span class=\"_ _4\"></span> of attributable corporate ove<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>heads.<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransactions between seg<span class=\"_ _3\"></span>ments are con<span class=\"_ _3\"></span>ducted at a<span class=\"_ _3\"></span>rm\u2019<span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>length m<span class=\"_ _3\"></span>arket price<span class=\"_ _3\"></span>s. Segm<span class=\"_ _3\"></span>ent assets<span class=\"_ _3\"></span> and liabilities comprise those assets and liabilities directly at<span class=\"_ _3\"></span>tributable to the se<span class=\"_ _3\"></span>gments. C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>orate asset<span class=\"_ _3\"></span>s and liab<span class=\"_ _3\"></span>ilities inc<span class=\"_ _3\"></span>lude c<span class=\"_ _3\"></span>ash balan<span class=\"_ _3\"></span>ces, ba<span class=\"_ _3\"></span>nk bor<span class=\"_ _3\"></span>rowings<span class=\"_ _3\"></span>, tax ba<span class=\"_ _3\"></span>lances a<span class=\"_ _3\"></span>nd divi<span class=\"_ _3\"></span>dends p<span class=\"_ _3\"></span>ayable. N<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-rec<span class=\"_ _3\"></span>ourse net bor<span class=\"_ _3\"></span>rowings a<span class=\"_ _3\"></span>re directl<span class=\"_ _3\"></span>y attri<span class=\"_ _3\"></span>butab<span class=\"_ _3\"></span>le to Infrast<span class=\"_ _3\"></span>ructure Inves<span class=\"_ _3\"></span>tments an<span class=\"_ _3\"></span>d there<span class=\"_ _4\"></span>fore no<span class=\"_ _4\"></span>t included within Corporate activiti<span class=\"_ _4\"></span>es.<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>jor custom<span class=\"_ _3\"></span>ers are define<span class=\"_ _3\"></span>d as custome<span class=\"_ _3\"></span>rs contr<span class=\"_ _3\"></span>ibuting m<span class=\"_ _3\"></span>ore than 10% of the Group\u2019s extern<span class=\"_ _3\"></span>al revenue.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-557": {
   "value": "2.7 P<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>-c<span class=\"_ _3\"></span>ont<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>ct b<span class=\"_ _3\"></span>id co<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>s an<span class=\"_ _3\"></span>d rec<span class=\"_ _3\"></span>over<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>s Pre<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cont<span class=\"_ _3\"></span>ract co<span class=\"_ _3\"></span>sts are expe<span class=\"_ _3\"></span>nsed as inc<span class=\"_ _3\"></span>urred until p<span class=\"_ _3\"></span>re<span class=\"_ _4\"></span>fer<span class=\"_ _3\"></span>red bidd<span class=\"_ _3\"></span>er stat<span class=\"_ _3\"></span>us is awarde<span class=\"_ _3\"></span>d at which p<span class=\"_ _3\"></span>oint fur<span class=\"_ _3\"></span>ther cos<span class=\"_ _3\"></span>ts are cap<span class=\"_ _3\"></span>italise<span class=\"_ _3\"></span>d as there is a high p<span class=\"_ _3\"></span>robab<span class=\"_ _3\"></span>ility t<span class=\"_ _3\"></span>hat the Grou<span class=\"_ _3\"></span>p would be a<span class=\"_ _3\"></span>ble to recover t<span class=\"_ _3\"></span>hese cos<span class=\"_ _3\"></span>ts. Am<span class=\"_ _3\"></span>ounts subs<span class=\"_ _3\"></span>equentl<span class=\"_ _3\"></span>y recovered in res<span class=\"_ _3\"></span>pect of p<span class=\"_ _3\"></span>re-<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontract cos<span class=\"_ _3\"></span>ts that have b<span class=\"_ _3\"></span>een wri<span class=\"_ _3\"></span>tten of<span class=\"_ _3\"></span>f before preferred bi<span class=\"_ _3\"></span>dder st<span class=\"_ _3\"></span>atus was award<span class=\"_ _3\"></span>ed are recog<span class=\"_ _3\"></span>nised in full i<span class=\"_ _3\"></span>n the inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt when they are recei<span class=\"_ _3\"></span>ved in cas<span class=\"_ _3\"></span>h.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "balfourbeattyplc:DescriptionOfAccountingPolicyForPreContractBidCostsAndRecoveries",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-558": {
   "value": "2.8 Profit<span class=\"_ _4\"></span> from operations<span class=\"_ _3ab\"> </span>Profi<span class=\"_ _3\"></span>t from oper<span class=\"_ _3\"></span>ations is st<span class=\"_ _3\"></span>ated af<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r the Group\u2019s share of the p<span class=\"_ _3\"></span>ost-t<span class=\"_ _3\"></span>ax result<span class=\"_ _3\"></span>s of equit<span class=\"_ _3\"></span>y acc<span class=\"_ _3\"></span>ounted joint ventu<span class=\"_ _3\"></span>re entities and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates, but before<span class=\"_ _4\"></span> investment income and finance costs.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "balfourbeattyplc:DescriptionOfAccountingPolicyForProfitFromOperations",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-642": {
   "value": "2.<span class=\"_ _3\"></span>9 Inve<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t in<span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>e and f<span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e cos<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Interest in<span class=\"_ _3\"></span>come is ac<span class=\"_ _3\"></span>crue<span class=\"_ _3\"></span>d on a time ba<span class=\"_ _3\"></span>sis using the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve interest metho<span class=\"_ _3\"></span>d by reference to the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al outst<span class=\"_ _3\"></span>anding a<span class=\"_ _3\"></span>nd the effe<span class=\"_ _3\"></span>ctive interest ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e, w<span class=\"_ _3\"></span>hich is the r<span class=\"_ _3\"></span>ate that exact<span class=\"_ _3\"></span>ly disc<span class=\"_ _3\"></span>ounts estim<span class=\"_ _3\"></span>ated future ca<span class=\"_ _3\"></span>sh receipts t<span class=\"_ _3\"></span>hrough the ex<span class=\"_ _3\"></span>pected l<span class=\"_ _3\"></span>ife of the finan<span class=\"_ _3\"></span>cial asset to th<span class=\"_ _3\"></span>at ass<span class=\"_ _3\"></span>et\u2019s net car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing amo<span class=\"_ _3\"></span>unt.<span class=\"_ _3ab\"> </span>Fina<span class=\"_ _3\"></span>nce cos<span class=\"_ _3\"></span>ts of debt<span class=\"_ _3\"></span>, includi<span class=\"_ _3\"></span>ng premiums p<span class=\"_ _3\"></span>ayable o<span class=\"_ _3\"></span>n settle<span class=\"_ _3\"></span>ment and<span class=\"_ gs52\"> </span>di<span class=\"_ _3\"></span>rect issue c<span class=\"_ _3\"></span>osts, are c<span class=\"_ _3\"></span>harged to th<span class=\"_ _3\"></span>e incom<span class=\"_ _3\"></span>e statement on a<span class=\"_ _3\"></span>n acc<span class=\"_ _3\"></span>ruals b<span class=\"_ _3\"></span>asis over the ter<span class=\"_ _3\"></span>m of the instru<span class=\"_ _3\"></span>ment, usin<span class=\"_ _3\"></span>g the effec<span class=\"_ _3\"></span>tive interest met<span class=\"_ _3\"></span>hod. Fin<span class=\"_ _3\"></span>ance co<span class=\"_ _3\"></span>sts also in<span class=\"_ _3\"></span>clude interes<span class=\"_ _3\"></span>t cost on th<span class=\"_ _3\"></span>e disc<span class=\"_ _3\"></span>ount unwind of l<span class=\"_ _3\"></span>ease lia<span class=\"_ _3\"></span>bilities an<span class=\"_ _3\"></span>d impair<span class=\"_ _3\"></span>ment of loa<span class=\"_ _3\"></span>ns to joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es and accrued interest ther<span class=\"_ _4\"></span>eon.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-611": {
   "value": "2.<span class=\"_ _3\"></span>9 Inve<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t in<span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>e and f<span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e cos<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Interest in<span class=\"_ _3\"></span>come is ac<span class=\"_ _3\"></span>crue<span class=\"_ _3\"></span>d on a time ba<span class=\"_ _3\"></span>sis using the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve interest metho<span class=\"_ _3\"></span>d by reference to the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al outst<span class=\"_ _3\"></span>anding a<span class=\"_ _3\"></span>nd the effe<span class=\"_ _3\"></span>ctive interest ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e, w<span class=\"_ _3\"></span>hich is the r<span class=\"_ _3\"></span>ate that exact<span class=\"_ _3\"></span>ly disc<span class=\"_ _3\"></span>ounts estim<span class=\"_ _3\"></span>ated future ca<span class=\"_ _3\"></span>sh receipts t<span class=\"_ _3\"></span>hrough the ex<span class=\"_ _3\"></span>pected l<span class=\"_ _3\"></span>ife of the finan<span class=\"_ _3\"></span>cial asset to th<span class=\"_ _3\"></span>at ass<span class=\"_ _3\"></span>et\u2019s net car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing amo<span class=\"_ _3\"></span>unt.<span class=\"_ _3ab\"> </span>Fina<span class=\"_ _3\"></span>nce cos<span class=\"_ _3\"></span>ts of debt<span class=\"_ _3\"></span>, includi<span class=\"_ _3\"></span>ng premiums p<span class=\"_ _3\"></span>ayable o<span class=\"_ _3\"></span>n settle<span class=\"_ _3\"></span>ment and<span class=\"_ gs52\"> </span>di<span class=\"_ _3\"></span>rect issue c<span class=\"_ _3\"></span>osts, are c<span class=\"_ _3\"></span>harged to th<span class=\"_ _3\"></span>e incom<span class=\"_ _3\"></span>e statement on a<span class=\"_ _3\"></span>n acc<span class=\"_ _3\"></span>ruals b<span class=\"_ _3\"></span>asis over the ter<span class=\"_ _3\"></span>m of the instru<span class=\"_ _3\"></span>ment, usin<span class=\"_ _3\"></span>g the effec<span class=\"_ _3\"></span>tive interest met<span class=\"_ _3\"></span>hod. Fin<span class=\"_ _3\"></span>ance co<span class=\"_ _3\"></span>sts also in<span class=\"_ _3\"></span>clude interes<span class=\"_ _3\"></span>t cost on th<span class=\"_ _3\"></span>e disc<span class=\"_ _3\"></span>ount unwind of l<span class=\"_ _3\"></span>ease lia<span class=\"_ _3\"></span>bilities an<span class=\"_ _3\"></span>d impair<span class=\"_ _3\"></span>ment of loa<span class=\"_ _3\"></span>ns to joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es and accrued interest ther<span class=\"_ _4\"></span>eon.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-559": {
   "value": "2.<span class=\"_ _3\"></span>9 Inve<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t in<span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>e and f<span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e cos<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Interest in<span class=\"_ _3\"></span>come is ac<span class=\"_ _3\"></span>crue<span class=\"_ _3\"></span>d on a time ba<span class=\"_ _3\"></span>sis using the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve interest metho<span class=\"_ _3\"></span>d by reference to the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al outst<span class=\"_ _3\"></span>anding a<span class=\"_ _3\"></span>nd the effe<span class=\"_ _3\"></span>ctive interest ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e, w<span class=\"_ _3\"></span>hich is the r<span class=\"_ _3\"></span>ate that exact<span class=\"_ _3\"></span>ly disc<span class=\"_ _3\"></span>ounts estim<span class=\"_ _3\"></span>ated future ca<span class=\"_ _3\"></span>sh receipts t<span class=\"_ _3\"></span>hrough the ex<span class=\"_ _3\"></span>pected l<span class=\"_ _3\"></span>ife of the finan<span class=\"_ _3\"></span>cial asset to th<span class=\"_ _3\"></span>at ass<span class=\"_ _3\"></span>et\u2019s net car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing amo<span class=\"_ _3\"></span>unt.<span class=\"_ _3ab\"> </span>Fina<span class=\"_ _3\"></span>nce cos<span class=\"_ _3\"></span>ts of debt<span class=\"_ _3\"></span>, includi<span class=\"_ _3\"></span>ng premiums p<span class=\"_ _3\"></span>ayable o<span class=\"_ _3\"></span>n settle<span class=\"_ _3\"></span>ment and<span class=\"_ gs52\"> </span>di<span class=\"_ _3\"></span>rect issue c<span class=\"_ _3\"></span>osts, are c<span class=\"_ _3\"></span>harged to th<span class=\"_ _3\"></span>e incom<span class=\"_ _3\"></span>e statement on a<span class=\"_ _3\"></span>n acc<span class=\"_ _3\"></span>ruals b<span class=\"_ _3\"></span>asis over the ter<span class=\"_ _3\"></span>m of the instru<span class=\"_ _3\"></span>ment, usin<span class=\"_ _3\"></span>g the effec<span class=\"_ _3\"></span>tive interest met<span class=\"_ _3\"></span>hod. Fin<span class=\"_ _3\"></span>ance co<span class=\"_ _3\"></span>sts also in<span class=\"_ _3\"></span>clude interes<span class=\"_ _3\"></span>t cost on th<span class=\"_ _3\"></span>e disc<span class=\"_ _3\"></span>ount unwind of l<span class=\"_ _3\"></span>ease lia<span class=\"_ _3\"></span>bilities an<span class=\"_ _3\"></span>d impair<span class=\"_ _3\"></span>ment of loa<span class=\"_ _3\"></span>ns to joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es and accrued interest ther<span class=\"_ _4\"></span>eon.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-560": {
   "value": "2.<span class=\"_ _4\"></span>10 No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>lyi<span class=\"_ _3\"></span>ng it<span class=\"_ _3\"></span>ems<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g items are items of fin<span class=\"_ _3\"></span>ancial p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rmanc<span class=\"_ _3\"></span>e which th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p believes sho<span class=\"_ _3\"></span>uld be pres<span class=\"_ _3\"></span>ented separ<span class=\"_ _3\"></span>ately on the f<span class=\"_ _3\"></span>ace of the inc<span class=\"_ _3\"></span>ome statem<span class=\"_ _3\"></span>ent to assist in un<span class=\"_ _3\"></span>derst<span class=\"_ _3\"></span>anding th<span class=\"_ _3\"></span>e underl<span class=\"_ _3\"></span>ying fin<span class=\"_ _3\"></span>ancial per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance ach<span class=\"_ _3\"></span>ieved by the Gro<span class=\"_ _3\"></span>up. Such ite<span class=\"_ _3\"></span>ms will not af<span class=\"_ _3\"></span>fect the abso<span class=\"_ _3\"></span>lute amount of t<span class=\"_ _3\"></span>he results for th<span class=\"_ _3\"></span>e perio<span class=\"_ _3\"></span>d and the trend of re<span class=\"_ _3\"></span>sults. Th<span class=\"_ _3\"></span>e Group\u2019s underl<span class=\"_ _3\"></span>ying result<span class=\"_ _3\"></span>s ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>lude non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>unde<span class=\"_ _3\"></span>rlying i<span class=\"_ _3\"></span>tems.<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-underlying items<span class=\"_ _4\"></span> include: <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">gain<span class=\"_ _3\"></span>s and loss<span class=\"_ _3\"></span>es on the dis<span class=\"_ _3\"></span>posal of b<span class=\"_ _3\"></span>usinesse<span class=\"_ _3\"></span>s and investme<span class=\"_ _3\"></span>nts, </span></span>unles<span class=\"_ _3\"></span>s this is par<span class=\"_ _3\"></span>t of a prog<span class=\"_ _3\"></span>ramme of rele<span class=\"_ _3\"></span>asing val<span class=\"_ _3\"></span>ue from the disp<span class=\"_ _3\"></span>osal of sim<span class=\"_ _3\"></span>ilar busin<span class=\"_ _3\"></span>esses or inves<span class=\"_ _3\"></span>tments suc<span class=\"_ _3\"></span>h as infrast<span class=\"_ _4\"></span>ruc<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>ure<span class=\"_ gs52\"> </span>concessions<span class=\"_ _4\"></span>; <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4 ls77\">c<span class=\"_ _3\"></span>osts of maj<span class=\"_ _3\"></span>or restruc<span class=\"_ _3\"></span>turing a<span class=\"_ _3\"></span>nd reorgan<span class=\"_ _3\"></span>isation of exi<span class=\"_ _3\"></span>sting busi<span class=\"_ _3\"></span>nesses;</span></span> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">cos<span class=\"_ _3\"></span>ts of integrati<span class=\"_ _3\"></span>ng newly a<span class=\"_ _3\"></span>cquired b<span class=\"_ _3\"></span>usinesse<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>;</span></span> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">acq<span class=\"_ _3\"></span>uisition a<span class=\"_ _3\"></span>nd similar c<span class=\"_ _3\"></span>osts rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d to busines<span class=\"_ _3\"></span>s combin<span class=\"_ _3\"></span>ations suc<span class=\"_ _3\"></span>h </span></span>as transaction cost<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>; <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">imp<span class=\"_ _3\"></span>airment an<span class=\"_ _3\"></span>d amor<span class=\"_ _3\"></span>tisati<span class=\"_ _3\"></span>on charge<span class=\"_ _3\"></span>s on intang<span class=\"_ _3\"></span>ible as<span class=\"_ _3\"></span>sets </span></span>arisi<span class=\"_ _3\"></span>ng<span class=\"_ gs52\"> </span>on busin<span class=\"_ _3\"></span>ess com<span class=\"_ _3\"></span>bination<span class=\"_ _3\"></span>s (amor<span class=\"_ _3\"></span>tisati<span class=\"_ _3\"></span>on of acqu<span class=\"_ _3\"></span>ired intangible assets); and <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">imp<span class=\"_ _3\"></span>airment of g<span class=\"_ _3\"></span>oodw<span class=\"_ _3\"></span>ill.<span class=\"_ _3ab\"> </span></span></span>Th<span class=\"_ _3\"></span>ese are exampl<span class=\"_ _3\"></span>es, however<span class=\"_ _4\"></span>, f<span class=\"_ _3\"></span>rom time to time i<span class=\"_ _3\"></span>t may be ap<span class=\"_ _3\"></span>propria<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span> to disc<span class=\"_ _3\"></span>lose fur<span class=\"_ _3\"></span>ther items a<span class=\"_ _3\"></span>s non<span class=\"_ _3\"></span>-u<span class=\"_ _3\"></span>nderl<span class=\"_ _3\"></span>ying items in o<span class=\"_ _3\"></span>rder to highli<span class=\"_ _3\"></span>ght the un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce of the Gro<span class=\"_ _3\"></span>up. Refer to Note 10.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "balfourbeattyplc:DescriptionOfAccountingPolicyForNonUnderlyingItems",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-612": {
   "value": "2<span class=\"_ _3\"></span>.11<span class=\"_ _3\"></span> Ta<span class=\"_ _2\"></span>x<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e tax ch<span class=\"_ _3\"></span>arge com<span class=\"_ _3\"></span>prises cu<span class=\"_ _3\"></span>rrent tax a<span class=\"_ _3\"></span>nd deferred t<span class=\"_ _3\"></span>ax, c<span class=\"_ _3\"></span>alcula<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d using t<span class=\"_ _3\"></span>ax rates th<span class=\"_ _3\"></span>at have been e<span class=\"_ _3\"></span>nacted o<span class=\"_ _3\"></span>r substa<span class=\"_ _3\"></span>ntively ena<span class=\"_ _3\"></span>cted by the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date. Cu<span class=\"_ _3\"></span>rrent tax a<span class=\"_ _3\"></span>nd deferred t<span class=\"_ _3\"></span>ax are charg<span class=\"_ _3\"></span>ed or cred<span class=\"_ _3\"></span>ited to the inc<span class=\"_ _3\"></span>ome statem<span class=\"_ _3\"></span>ent, except wh<span class=\"_ _3\"></span>en they relate to items cha<span class=\"_ _3\"></span>rged or cre<span class=\"_ _3\"></span>dited direc<span class=\"_ _3\"></span>tly to equ<span class=\"_ _3\"></span>ity, in which c<span class=\"_ _3\"></span>ase the relev<span class=\"_ _3\"></span>ant tax is also a<span class=\"_ _3\"></span>ccounted fo<span class=\"_ _3\"></span>r within eq<span class=\"_ _3\"></span>uity. Current t<span class=\"_ _3\"></span>ax is bas<span class=\"_ _3\"></span>ed on the profi<span class=\"_ _3\"></span>t for the year<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax is prov<span class=\"_ _3\"></span>ided<span class=\"_ _3\"></span>, using the li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y metho<span class=\"_ _3\"></span>d, on temp<span class=\"_ _3\"></span>orar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ferences a<span class=\"_ _3\"></span>rising bet<span class=\"_ _3\"></span>ween th<span class=\"_ _3\"></span>e tax ba<span class=\"_ _3\"></span>ses of assets a<span class=\"_ _3\"></span>nd liabili<span class=\"_ _3\"></span>ties and<span class=\"_ gs52\"> </span>th<span class=\"_ _3\"></span>eir carr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng amount<span class=\"_ _3\"></span>s in the finan<span class=\"_ _3\"></span>cial st<span class=\"_ _3\"></span>atements. D<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred ta<span class=\"_ _3\"></span>x on suc<span class=\"_ _3\"></span>h assets and l<span class=\"_ _3\"></span>iabilit<span class=\"_ _3\"></span>ies is not reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>f the tempor<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ference ar<span class=\"_ _3\"></span>ises from the i<span class=\"_ _3\"></span>nitial rec<span class=\"_ _3\"></span>ognitio<span class=\"_ _3\"></span>n of goo<span class=\"_ _3\"></span>dwill or fro<span class=\"_ _3\"></span>m the initi<span class=\"_ _3\"></span>al recog<span class=\"_ _3\"></span>nition (oth<span class=\"_ _3\"></span>er than in a bus<span class=\"_ _3\"></span>iness co<span class=\"_ _3\"></span>mbinati<span class=\"_ _3\"></span>on) of other asset<span class=\"_ _3\"></span>s and liab<span class=\"_ _3\"></span>ilities in a tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion that af<span class=\"_ _3\"></span>fects n<span class=\"_ _3\"></span>either th<span class=\"_ _3\"></span>e taxab<span class=\"_ _3\"></span>le profit n<span class=\"_ _3\"></span>or the acc<span class=\"_ _3\"></span>ounting p<span class=\"_ _3\"></span>rofit.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets are reco<span class=\"_ _3\"></span>gnised to the ex<span class=\"_ _3\"></span>tent that it is p<span class=\"_ _3\"></span>robab<span class=\"_ _3\"></span>le that fu<span class=\"_ _3\"></span>ture taxa<span class=\"_ _3\"></span>ble profit w<span class=\"_ _3\"></span>ill be avail<span class=\"_ _3\"></span>able ag<span class=\"_ _3\"></span>ainst whi<span class=\"_ _3\"></span>ch the temp<span class=\"_ _3\"></span>orar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ferences c<span class=\"_ _3\"></span>an be uti<span class=\"_ _3\"></span>lised. T<span class=\"_ _3\"></span>he car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing amount of d<span class=\"_ _3\"></span>eferred ta<span class=\"_ _3\"></span>x asset<span class=\"_ _3\"></span>s is reviewed at ea<span class=\"_ _3\"></span>ch repor<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax is prov<span class=\"_ _3\"></span>ided on te<span class=\"_ _3\"></span>mporar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fferenc<span class=\"_ _3\"></span>es arising o<span class=\"_ _3\"></span>n investmen<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> in subsidiaries, joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>tes, except whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>he timing of th<span class=\"_ _3\"></span>e re<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>rsal of the tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fference c<span class=\"_ _3\"></span>an be cont<span class=\"_ _3\"></span>rolled by the G<span class=\"_ _3\"></span>roup and it i<span class=\"_ _3\"></span>s probab<span class=\"_ _3\"></span>le that the tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ference w<span class=\"_ _3\"></span>ill not reverse in the fore<span class=\"_ _3\"></span>seeab<span class=\"_ _3\"></span>le future.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e of<span class=\"_ _3\"></span>fset wh<span class=\"_ _3\"></span>en they relate to inc<span class=\"_ _3\"></span>ome taxes l<span class=\"_ _3\"></span>evied by the s<span class=\"_ _3\"></span>ame ta<span class=\"_ _3\"></span>xation au<span class=\"_ _3\"></span>thorit<span class=\"_ _3\"></span>y and the G<span class=\"_ _3\"></span>roup intends to set<span class=\"_ _3\"></span>tle it<span class=\"_ _3\"></span>s current ta<span class=\"_ _3\"></span>x assets an<span class=\"_ _3\"></span>d liabili<span class=\"_ _3\"></span>ties on a net ba<span class=\"_ _3\"></span>sis. Th<span class=\"_ _3\"></span>e Organis<span class=\"_ _3\"></span>ation for Ec<span class=\"_ _3\"></span>onomic C<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>oper<span class=\"_ _3\"></span>ation and D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts (OE<span class=\"_ _3\"></span>CD) rele<span class=\"_ _3\"></span>ased Pill<span class=\"_ _3\"></span>ar T<span class=\"_ _4\"></span>wo mo<span class=\"_ _3\"></span>del rule<span class=\"_ _3\"></span>s in Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>21 introduc<span class=\"_ _3\"></span>ing a glo<span class=\"_ _3\"></span>bal minimu<span class=\"_ _3\"></span>m tax rate of 15<span class=\"_ _4\"></span>% to ad<span class=\"_ _3\"></span>dress the t<span class=\"_ _3\"></span>ax co<span class=\"_ _3\"></span>ncerns a<span class=\"_ _3\"></span>bout uneven prof<span class=\"_ _3\"></span>it distri<span class=\"_ _3\"></span>bution a<span class=\"_ _3\"></span>nd tax c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tions of larg<span class=\"_ _3\"></span>e multinat<span class=\"_ _3\"></span>ional cor<span class=\"_ _3\"></span>porat<span class=\"_ _3\"></span>ions. In D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2, the O<span class=\"_ _3\"></span>ECD rele<span class=\"_ _3\"></span>ased tra<span class=\"_ _3\"></span>nsitiona<span class=\"_ _3\"></span>l safe har<span class=\"_ _3\"></span>bour rul<span class=\"_ _3\"></span>es as a shor<span class=\"_ _3\"></span>t-ter<span class=\"_ _3\"></span>m measure to min<span class=\"_ _3\"></span>imise the co<span class=\"_ _3\"></span>mplian<span class=\"_ _3\"></span>ce burd<span class=\"_ _3\"></span>en for lower risk ju<span class=\"_ _3\"></span>risdic<span class=\"_ _3\"></span>tions.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Pillar T<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>o t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>-u<span class=\"_ _3\"></span>p tax rul<span class=\"_ _3\"></span>es were subst<span class=\"_ _3\"></span>antially e<span class=\"_ _3\"></span>nacted in t<span class=\"_ _3\"></span>he UK in<span class=\"_ gs52\"> </span>20<span class=\"_ _3\"></span>23 wi<span class=\"_ _3\"></span>th appli<span class=\"_ _3\"></span>cation f<span class=\"_ _3\"></span>rom 1 Janua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>024. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p does not expe<span class=\"_ _3\"></span>ct to be subj<span class=\"_ _3\"></span>ect to the top<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up t<span class=\"_ _3\"></span>ax in relati<span class=\"_ _3\"></span>on to its ope<span class=\"_ _3\"></span>rations in any of the jur<span class=\"_ _3\"></span>isdic<span class=\"_ _3\"></span>tions in whi<span class=\"_ _3\"></span>ch it ope<span class=\"_ _3\"></span>rates bec<span class=\"_ _3\"></span>ause they fal<span class=\"_ _3\"></span>l within the O<span class=\"_ _3\"></span>ECD tran<span class=\"_ _3\"></span>sitiona<span class=\"_ _3\"></span>l safe harb<span class=\"_ _3\"></span>our rule<span class=\"_ _3\"></span>s which have a<span class=\"_ _3\"></span>lso been ado<span class=\"_ _3\"></span>pted by the UK<span class=\"_ _3\"></span>. Th<span class=\"_ _3\"></span>e Group has a<span class=\"_ _3\"></span>pplie<span class=\"_ _3\"></span>d a tempora<span class=\"_ _3\"></span>ry m<span class=\"_ _3\"></span>andator<span class=\"_ _3\"></span>y relief from d<span class=\"_ _3\"></span>eferred ta<span class=\"_ _3\"></span>x accou<span class=\"_ _3\"></span>nting for the im<span class=\"_ _3\"></span>pact<span class=\"_ _3\"></span>s of the top<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up tax and w<span class=\"_ _3\"></span>ill acco<span class=\"_ _3\"></span>unt for it as curre<span class=\"_ _3\"></span>nt tax whe<span class=\"_ _3\"></span>n it is incur<span class=\"_ _3\"></span>red.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-561": {
   "value": "2<span class=\"_ _3\"></span>.11<span class=\"_ _3\"></span> Ta<span class=\"_ _2\"></span>x<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e tax ch<span class=\"_ _3\"></span>arge com<span class=\"_ _3\"></span>prises cu<span class=\"_ _3\"></span>rrent tax a<span class=\"_ _3\"></span>nd deferred t<span class=\"_ _3\"></span>ax, c<span class=\"_ _3\"></span>alcula<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d using t<span class=\"_ _3\"></span>ax rates th<span class=\"_ _3\"></span>at have been e<span class=\"_ _3\"></span>nacted o<span class=\"_ _3\"></span>r substa<span class=\"_ _3\"></span>ntively ena<span class=\"_ _3\"></span>cted by the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date. Cu<span class=\"_ _3\"></span>rrent tax a<span class=\"_ _3\"></span>nd deferred t<span class=\"_ _3\"></span>ax are charg<span class=\"_ _3\"></span>ed or cred<span class=\"_ _3\"></span>ited to the inc<span class=\"_ _3\"></span>ome statem<span class=\"_ _3\"></span>ent, except wh<span class=\"_ _3\"></span>en they relate to items cha<span class=\"_ _3\"></span>rged or cre<span class=\"_ _3\"></span>dited direc<span class=\"_ _3\"></span>tly to equ<span class=\"_ _3\"></span>ity, in which c<span class=\"_ _3\"></span>ase the relev<span class=\"_ _3\"></span>ant tax is also a<span class=\"_ _3\"></span>ccounted fo<span class=\"_ _3\"></span>r within eq<span class=\"_ _3\"></span>uity. Current t<span class=\"_ _3\"></span>ax is bas<span class=\"_ _3\"></span>ed on the profi<span class=\"_ _3\"></span>t for the year<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax is prov<span class=\"_ _3\"></span>ided<span class=\"_ _3\"></span>, using the li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y metho<span class=\"_ _3\"></span>d, on temp<span class=\"_ _3\"></span>orar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ferences a<span class=\"_ _3\"></span>rising bet<span class=\"_ _3\"></span>ween th<span class=\"_ _3\"></span>e tax ba<span class=\"_ _3\"></span>ses of assets a<span class=\"_ _3\"></span>nd liabili<span class=\"_ _3\"></span>ties and<span class=\"_ gs52\"> </span>th<span class=\"_ _3\"></span>eir carr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng amount<span class=\"_ _3\"></span>s in the finan<span class=\"_ _3\"></span>cial st<span class=\"_ _3\"></span>atements. D<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred ta<span class=\"_ _3\"></span>x on suc<span class=\"_ _3\"></span>h assets and l<span class=\"_ _3\"></span>iabilit<span class=\"_ _3\"></span>ies is not reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>f the tempor<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ference ar<span class=\"_ _3\"></span>ises from the i<span class=\"_ _3\"></span>nitial rec<span class=\"_ _3\"></span>ognitio<span class=\"_ _3\"></span>n of goo<span class=\"_ _3\"></span>dwill or fro<span class=\"_ _3\"></span>m the initi<span class=\"_ _3\"></span>al recog<span class=\"_ _3\"></span>nition (oth<span class=\"_ _3\"></span>er than in a bus<span class=\"_ _3\"></span>iness co<span class=\"_ _3\"></span>mbinati<span class=\"_ _3\"></span>on) of other asset<span class=\"_ _3\"></span>s and liab<span class=\"_ _3\"></span>ilities in a tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion that af<span class=\"_ _3\"></span>fects n<span class=\"_ _3\"></span>either th<span class=\"_ _3\"></span>e taxab<span class=\"_ _3\"></span>le profit n<span class=\"_ _3\"></span>or the acc<span class=\"_ _3\"></span>ounting p<span class=\"_ _3\"></span>rofit.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets are reco<span class=\"_ _3\"></span>gnised to the ex<span class=\"_ _3\"></span>tent that it is p<span class=\"_ _3\"></span>robab<span class=\"_ _3\"></span>le that fu<span class=\"_ _3\"></span>ture taxa<span class=\"_ _3\"></span>ble profit w<span class=\"_ _3\"></span>ill be avail<span class=\"_ _3\"></span>able ag<span class=\"_ _3\"></span>ainst whi<span class=\"_ _3\"></span>ch the temp<span class=\"_ _3\"></span>orar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ferences c<span class=\"_ _3\"></span>an be uti<span class=\"_ _3\"></span>lised. T<span class=\"_ _3\"></span>he car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing amount of d<span class=\"_ _3\"></span>eferred ta<span class=\"_ _3\"></span>x asset<span class=\"_ _3\"></span>s is reviewed at ea<span class=\"_ _3\"></span>ch repor<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax is prov<span class=\"_ _3\"></span>ided on te<span class=\"_ _3\"></span>mporar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fferenc<span class=\"_ _3\"></span>es arising o<span class=\"_ _3\"></span>n investmen<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> in subsidiaries, joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>tes, except whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>he timing of th<span class=\"_ _3\"></span>e re<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>rsal of the tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fference c<span class=\"_ _3\"></span>an be cont<span class=\"_ _3\"></span>rolled by the G<span class=\"_ _3\"></span>roup and it i<span class=\"_ _3\"></span>s probab<span class=\"_ _3\"></span>le that the tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ference w<span class=\"_ _3\"></span>ill not reverse in the fore<span class=\"_ _3\"></span>seeab<span class=\"_ _3\"></span>le future.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e of<span class=\"_ _3\"></span>fset wh<span class=\"_ _3\"></span>en they relate to inc<span class=\"_ _3\"></span>ome taxes l<span class=\"_ _3\"></span>evied by the s<span class=\"_ _3\"></span>ame ta<span class=\"_ _3\"></span>xation au<span class=\"_ _3\"></span>thorit<span class=\"_ _3\"></span>y and the G<span class=\"_ _3\"></span>roup intends to set<span class=\"_ _3\"></span>tle it<span class=\"_ _3\"></span>s current ta<span class=\"_ _3\"></span>x assets an<span class=\"_ _3\"></span>d liabili<span class=\"_ _3\"></span>ties on a net ba<span class=\"_ _3\"></span>sis. Th<span class=\"_ _3\"></span>e Organis<span class=\"_ _3\"></span>ation for Ec<span class=\"_ _3\"></span>onomic C<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>oper<span class=\"_ _3\"></span>ation and D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts (OE<span class=\"_ _3\"></span>CD) rele<span class=\"_ _3\"></span>ased Pill<span class=\"_ _3\"></span>ar T<span class=\"_ _4\"></span>wo mo<span class=\"_ _3\"></span>del rule<span class=\"_ _3\"></span>s in Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>21 introduc<span class=\"_ _3\"></span>ing a glo<span class=\"_ _3\"></span>bal minimu<span class=\"_ _3\"></span>m tax rate of 15<span class=\"_ _4\"></span>% to ad<span class=\"_ _3\"></span>dress the t<span class=\"_ _3\"></span>ax co<span class=\"_ _3\"></span>ncerns a<span class=\"_ _3\"></span>bout uneven prof<span class=\"_ _3\"></span>it distri<span class=\"_ _3\"></span>bution a<span class=\"_ _3\"></span>nd tax c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tions of larg<span class=\"_ _3\"></span>e multinat<span class=\"_ _3\"></span>ional cor<span class=\"_ _3\"></span>porat<span class=\"_ _3\"></span>ions. In D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2, the O<span class=\"_ _3\"></span>ECD rele<span class=\"_ _3\"></span>ased tra<span class=\"_ _3\"></span>nsitiona<span class=\"_ _3\"></span>l safe har<span class=\"_ _3\"></span>bour rul<span class=\"_ _3\"></span>es as a shor<span class=\"_ _3\"></span>t-ter<span class=\"_ _3\"></span>m measure to min<span class=\"_ _3\"></span>imise the co<span class=\"_ _3\"></span>mplian<span class=\"_ _3\"></span>ce burd<span class=\"_ _3\"></span>en for lower risk ju<span class=\"_ _3\"></span>risdic<span class=\"_ _3\"></span>tions.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Pillar T<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>o t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>-u<span class=\"_ _3\"></span>p tax rul<span class=\"_ _3\"></span>es were subst<span class=\"_ _3\"></span>antially e<span class=\"_ _3\"></span>nacted in t<span class=\"_ _3\"></span>he UK in<span class=\"_ gs52\"> </span>20<span class=\"_ _3\"></span>23 wi<span class=\"_ _3\"></span>th appli<span class=\"_ _3\"></span>cation f<span class=\"_ _3\"></span>rom 1 Janua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>024. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p does not expe<span class=\"_ _3\"></span>ct to be subj<span class=\"_ _3\"></span>ect to the top<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up t<span class=\"_ _3\"></span>ax in relati<span class=\"_ _3\"></span>on to its ope<span class=\"_ _3\"></span>rations in any of the jur<span class=\"_ _3\"></span>isdic<span class=\"_ _3\"></span>tions in whi<span class=\"_ _3\"></span>ch it ope<span class=\"_ _3\"></span>rates bec<span class=\"_ _3\"></span>ause they fal<span class=\"_ _3\"></span>l within the O<span class=\"_ _3\"></span>ECD tran<span class=\"_ _3\"></span>sitiona<span class=\"_ _3\"></span>l safe harb<span class=\"_ _3\"></span>our rule<span class=\"_ _3\"></span>s which have a<span class=\"_ _3\"></span>lso been ado<span class=\"_ _3\"></span>pted by the UK<span class=\"_ _3\"></span>. Th<span class=\"_ _3\"></span>e Group has a<span class=\"_ _3\"></span>pplie<span class=\"_ _3\"></span>d a tempora<span class=\"_ _3\"></span>ry m<span class=\"_ _3\"></span>andator<span class=\"_ _3\"></span>y relief from d<span class=\"_ _3\"></span>eferred ta<span class=\"_ _3\"></span>x accou<span class=\"_ _3\"></span>nting for the im<span class=\"_ _3\"></span>pact<span class=\"_ _3\"></span>s of the top<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up tax and w<span class=\"_ _3\"></span>ill acco<span class=\"_ _3\"></span>unt for it as curre<span class=\"_ _3\"></span>nt tax whe<span class=\"_ _3\"></span>n it is incur<span class=\"_ _3\"></span>red.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-562": {
   "value": "2.<span class=\"_ _5\"></span>12<span class=\"_ _4\"></span> Intangible assets<span class=\"_ _3ab\"> </span>a) Good<span class=\"_ _3\"></span>will<span class=\"_ _3ab\"> </span>Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll arises on t<span class=\"_ _3\"></span>he acquis<span class=\"_ _3\"></span>ition of sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es and other businesses, joint v<span class=\"_ _4\"></span>entures and associates and r<span class=\"_ _4\"></span>ep<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>esents the ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ess of the fai<span class=\"_ _3\"></span>r value of con<span class=\"_ _3\"></span>siderati<span class=\"_ _3\"></span>on over the fair v<span class=\"_ _3\"></span>alue of the id<span class=\"_ _3\"></span>entifiab<span class=\"_ _3\"></span>le asset<span class=\"_ _3\"></span>s and liab<span class=\"_ _3\"></span>ilities ac<span class=\"_ _3\"></span>quired. G<span class=\"_ _3\"></span>ood<span class=\"_ _3\"></span>will on ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>ns of subsid<span class=\"_ _3\"></span>iaries and oth<span class=\"_ _3\"></span>er busines<span class=\"_ _3\"></span>ses is inclu<span class=\"_ _3\"></span>ded in no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>rrent assets<span class=\"_ _3\"></span>. Good<span class=\"_ _3\"></span>will on acq<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span>s of joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates is inclu<span class=\"_ _3\"></span>ded in invest<span class=\"_ _3\"></span>ments in joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates.<span class=\"_ _3ab\"> </span>Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll is reviewed annu<span class=\"_ _3\"></span>ally for imp<span class=\"_ _3\"></span>airment an<span class=\"_ _3\"></span>d is carr<span class=\"_ _3\"></span>ied at co<span class=\"_ _3\"></span>st less a<span class=\"_ _3\"></span>ccumul<span class=\"_ _3\"></span>ated impai<span class=\"_ _3\"></span>rment los<span class=\"_ _3\"></span>ses. Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll is includ<span class=\"_ _3\"></span>ed when determ<span class=\"_ _3\"></span>ining the prof<span class=\"_ _3\"></span>it or loss o<span class=\"_ _3\"></span>n subsequ<span class=\"_ _3\"></span>ent dispo<span class=\"_ _3\"></span>sal of the bu<span class=\"_ _3\"></span>siness to whic<span class=\"_ _3\"></span>h it relates.<span class=\"_ _3ab\"> </span>Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll arising on a<span class=\"_ _3\"></span>cquisi<span class=\"_ _3\"></span>tions before th<span class=\"_ _3\"></span>e date of transi<span class=\"_ _3\"></span>tion to IFR<span class=\"_ _3\"></span>S<span class=\"_ gs52\"> </span>(<span class=\"_ _4\"></span>1 J<span class=\"_ _3\"></span>anuar<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4) has b<span class=\"_ _3\"></span>een retain<span class=\"_ _3\"></span>ed at the previ<span class=\"_ _3\"></span>ous UK G<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>AP amou<span class=\"_ _3\"></span>nts subjec<span class=\"_ _3\"></span>t to being teste<span class=\"_ _3\"></span>d for impair<span class=\"_ _3\"></span>ment. Go<span class=\"_ _3\"></span>odw<span class=\"_ _3\"></span>ill writ<span class=\"_ _3\"></span>ten off<span class=\"_ gs52\"> </span>o<span class=\"_ _3\"></span>r disco<span class=\"_ _3\"></span>unt arising o<span class=\"_ _3\"></span>n acquisi<span class=\"_ _3\"></span>tion cred<span class=\"_ _3\"></span>ited to reser<span class=\"_ _3\"></span>ves unde<span class=\"_ _3\"></span>r UK G<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>AP pr<span class=\"_ _3\"></span>ior to 199<span class=\"_ _3\"></span>8 has not b<span class=\"_ _3\"></span>een reinst<span class=\"_ _3\"></span>ated and is not in<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d in determ<span class=\"_ _3\"></span>ining any subs<span class=\"_ _3\"></span>equent profi<span class=\"_ _3\"></span>t or loss on d<span class=\"_ _3\"></span>ispos<span class=\"_ _3\"></span>al.<span class=\"_ _3ab\"> </span>b) O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r int<span class=\"_ _3\"></span>angib<span class=\"_ _3\"></span>le as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her intang<span class=\"_ _3\"></span>ible as<span class=\"_ _3\"></span>sets are state<span class=\"_ _3\"></span>d at fair value o<span class=\"_ _3\"></span>r cost les<span class=\"_ _3\"></span>s accumul<span class=\"_ _3\"></span>ated amor<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>ation and im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent losses<span class=\"_ _3\"></span>. Amo<span class=\"_ _3\"></span>rtis<span class=\"_ _3\"></span>ation ch<span class=\"_ _3\"></span>arges in resp<span class=\"_ _3\"></span>ect of sof<span class=\"_ _3\"></span>tware a<span class=\"_ _3\"></span>nd Infrastr<span class=\"_ _3\"></span>ucture Inves<span class=\"_ _3\"></span>tments int<span class=\"_ _3\"></span>angibl<span class=\"_ _3\"></span>es are includ<span class=\"_ _3\"></span>ed in underlyin<span class=\"_ _3\"></span>g<span class=\"_ _4\"></span> items.<span class=\"_ _3ab\"> </span>c) <span class=\"_ _2\"> </span>R<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>arc<span class=\"_ _3\"></span>h and d<span class=\"_ _3\"></span>evel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span>Intern<span class=\"_ _3\"></span>ally gen<span class=\"_ _3\"></span>erated intan<span class=\"_ _3\"></span>gible a<span class=\"_ _3\"></span>ssets develo<span class=\"_ _3\"></span>ped by th<span class=\"_ _3\"></span>e Group are reco<span class=\"_ _3\"></span>gnised o<span class=\"_ _3\"></span>nly if all the fo<span class=\"_ _3\"></span>llowing c<span class=\"_ _3\"></span>onditi<span class=\"_ _3\"></span>ons are met: an as<span class=\"_ _3\"></span>set is create<span class=\"_ _3\"></span>d that can b<span class=\"_ _3\"></span>e identi<span class=\"_ _3\"></span>fied; it is prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at the asset c<span class=\"_ _3\"></span>reated will gene<span class=\"_ _3\"></span>rate future ec<span class=\"_ _3\"></span>onomic b<span class=\"_ _3\"></span>enefits; and t<span class=\"_ _3\"></span>he develop<span class=\"_ _3\"></span>ment cost of t<span class=\"_ _3\"></span>he asset c<span class=\"_ _3\"></span>an be me<span class=\"_ _3\"></span>asured relia<span class=\"_ _3\"></span>bly<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her researc<span class=\"_ _3\"></span>h e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pendi<span class=\"_ _3\"></span>ture is writ<span class=\"_ _3\"></span>ten off i<span class=\"_ _3\"></span>n the peri<span class=\"_ _3\"></span>od in whic<span class=\"_ _3\"></span>h it<span class=\"_ gs52\"> </span>is<span class=\"_ gs52\"> </span>inc<span class=\"_ _3\"></span>urred.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-613": {
   "value": "a) Good<span class=\"_ _3\"></span>will<span class=\"_ _3ab\"> </span>Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll arises on t<span class=\"_ _3\"></span>he acquis<span class=\"_ _3\"></span>ition of sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es and other businesses, joint v<span class=\"_ _4\"></span>entures and associates and r<span class=\"_ _4\"></span>ep<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>esents the ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ess of the fai<span class=\"_ _3\"></span>r value of con<span class=\"_ _3\"></span>siderati<span class=\"_ _3\"></span>on over the fair v<span class=\"_ _3\"></span>alue of the id<span class=\"_ _3\"></span>entifiab<span class=\"_ _3\"></span>le asset<span class=\"_ _3\"></span>s and liab<span class=\"_ _3\"></span>ilities ac<span class=\"_ _3\"></span>quired. G<span class=\"_ _3\"></span>ood<span class=\"_ _3\"></span>will on ac<span class=\"_ _3\"></span>quisitio<span class=\"_ _3\"></span>ns of subsid<span class=\"_ _3\"></span>iaries and oth<span class=\"_ _3\"></span>er busines<span class=\"_ _3\"></span>ses is inclu<span class=\"_ _3\"></span>ded in no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>rrent assets<span class=\"_ _3\"></span>. Good<span class=\"_ _3\"></span>will on acq<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span>s of joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates is inclu<span class=\"_ _3\"></span>ded in invest<span class=\"_ _3\"></span>ments in joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates.<span class=\"_ _3ab\"> </span>Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll is reviewed annu<span class=\"_ _3\"></span>ally for imp<span class=\"_ _3\"></span>airment an<span class=\"_ _3\"></span>d is carr<span class=\"_ _3\"></span>ied at co<span class=\"_ _3\"></span>st less a<span class=\"_ _3\"></span>ccumul<span class=\"_ _3\"></span>ated impai<span class=\"_ _3\"></span>rment los<span class=\"_ _3\"></span>ses. Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll is includ<span class=\"_ _3\"></span>ed when determ<span class=\"_ _3\"></span>ining the prof<span class=\"_ _3\"></span>it or loss o<span class=\"_ _3\"></span>n subsequ<span class=\"_ _3\"></span>ent dispo<span class=\"_ _3\"></span>sal of the bu<span class=\"_ _3\"></span>siness to whic<span class=\"_ _3\"></span>h it relates.<span class=\"_ _3ab\"> </span>Go<span class=\"_ _3\"></span>odwi<span class=\"_ _3\"></span>ll arising on a<span class=\"_ _3\"></span>cquisi<span class=\"_ _3\"></span>tions before th<span class=\"_ _3\"></span>e date of transi<span class=\"_ _3\"></span>tion to IFR<span class=\"_ _3\"></span>S<span class=\"_ gs52\"> </span>(<span class=\"_ _4\"></span>1 J<span class=\"_ _3\"></span>anuar<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4) has b<span class=\"_ _3\"></span>een retain<span class=\"_ _3\"></span>ed at the previ<span class=\"_ _3\"></span>ous UK G<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>AP amou<span class=\"_ _3\"></span>nts subjec<span class=\"_ _3\"></span>t to being teste<span class=\"_ _3\"></span>d for impair<span class=\"_ _3\"></span>ment. Go<span class=\"_ _3\"></span>odw<span class=\"_ _3\"></span>ill writ<span class=\"_ _3\"></span>ten off<span class=\"_ gs52\"> </span>o<span class=\"_ _3\"></span>r disco<span class=\"_ _3\"></span>unt arising o<span class=\"_ _3\"></span>n acquisi<span class=\"_ _3\"></span>tion cred<span class=\"_ _3\"></span>ited to reser<span class=\"_ _3\"></span>ves unde<span class=\"_ _3\"></span>r UK G<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>AP pr<span class=\"_ _3\"></span>ior to 199<span class=\"_ _3\"></span>8 has not b<span class=\"_ _3\"></span>een reinst<span class=\"_ _3\"></span>ated and is not in<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d in determ<span class=\"_ _3\"></span>ining any subs<span class=\"_ _3\"></span>equent profi<span class=\"_ _3\"></span>t or loss on d<span class=\"_ _3\"></span>ispos<span class=\"_ _3\"></span>al.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-614": {
   "value": "b) O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r int<span class=\"_ _3\"></span>angib<span class=\"_ _3\"></span>le as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her intang<span class=\"_ _3\"></span>ible as<span class=\"_ _3\"></span>sets are state<span class=\"_ _3\"></span>d at fair value o<span class=\"_ _3\"></span>r cost les<span class=\"_ _3\"></span>s accumul<span class=\"_ _3\"></span>ated amor<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>ation and im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent losses<span class=\"_ _3\"></span>. Amo<span class=\"_ _3\"></span>rtis<span class=\"_ _3\"></span>ation ch<span class=\"_ _3\"></span>arges in resp<span class=\"_ _3\"></span>ect of sof<span class=\"_ _3\"></span>tware a<span class=\"_ _3\"></span>nd Infrastr<span class=\"_ _3\"></span>ucture Inves<span class=\"_ _3\"></span>tments int<span class=\"_ _3\"></span>angibl<span class=\"_ _3\"></span>es are includ<span class=\"_ _3\"></span>ed in underlyin<span class=\"_ _3\"></span>g<span class=\"_ _4\"></span> items.<span class=\"_ _3ab\"> </span>c) <span class=\"_ _2\"> </span>R<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>arc<span class=\"_ _3\"></span>h and d<span class=\"_ _3\"></span>evel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span>Intern<span class=\"_ _3\"></span>ally gen<span class=\"_ _3\"></span>erated intan<span class=\"_ _3\"></span>gible a<span class=\"_ _3\"></span>ssets develo<span class=\"_ _3\"></span>ped by th<span class=\"_ _3\"></span>e Group are reco<span class=\"_ _3\"></span>gnised o<span class=\"_ _3\"></span>nly if all the fo<span class=\"_ _3\"></span>llowing c<span class=\"_ _3\"></span>onditi<span class=\"_ _3\"></span>ons are met: an as<span class=\"_ _3\"></span>set is create<span class=\"_ _3\"></span>d that can b<span class=\"_ _3\"></span>e identi<span class=\"_ _3\"></span>fied; it is prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at the asset c<span class=\"_ _3\"></span>reated will gene<span class=\"_ _3\"></span>rate future ec<span class=\"_ _3\"></span>onomic b<span class=\"_ _3\"></span>enefits; and t<span class=\"_ _3\"></span>he develop<span class=\"_ _3\"></span>ment cost of t<span class=\"_ _3\"></span>he asset c<span class=\"_ _3\"></span>an be me<span class=\"_ _3\"></span>asured relia<span class=\"_ _3\"></span>bly<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her researc<span class=\"_ _3\"></span>h e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pendi<span class=\"_ _3\"></span>ture is writ<span class=\"_ _3\"></span>ten off i<span class=\"_ _3\"></span>n the peri<span class=\"_ _3\"></span>od in whic<span class=\"_ _3\"></span>h it<span class=\"_ gs52\"> </span>is<span class=\"_ gs52\"> </span>inc<span class=\"_ _3\"></span>urred.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-643": {
   "value": "c) <span class=\"_ _2\"> </span>R<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>arc<span class=\"_ _3\"></span>h and d<span class=\"_ _3\"></span>evel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span>Intern<span class=\"_ _3\"></span>ally gen<span class=\"_ _3\"></span>erated intan<span class=\"_ _3\"></span>gible a<span class=\"_ _3\"></span>ssets develo<span class=\"_ _3\"></span>ped by th<span class=\"_ _3\"></span>e Group are reco<span class=\"_ _3\"></span>gnised o<span class=\"_ _3\"></span>nly if all the fo<span class=\"_ _3\"></span>llowing c<span class=\"_ _3\"></span>onditi<span class=\"_ _3\"></span>ons are met: an as<span class=\"_ _3\"></span>set is create<span class=\"_ _3\"></span>d that can b<span class=\"_ _3\"></span>e identi<span class=\"_ _3\"></span>fied; it is prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at the asset c<span class=\"_ _3\"></span>reated will gene<span class=\"_ _3\"></span>rate future ec<span class=\"_ _3\"></span>onomic b<span class=\"_ _3\"></span>enefits; and t<span class=\"_ _3\"></span>he develop<span class=\"_ _3\"></span>ment cost of t<span class=\"_ _3\"></span>he asset c<span class=\"_ _3\"></span>an be me<span class=\"_ _3\"></span>asured relia<span class=\"_ _3\"></span>bly<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her researc<span class=\"_ _3\"></span>h e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pendi<span class=\"_ _3\"></span>ture is writ<span class=\"_ _3\"></span>ten off i<span class=\"_ _3\"></span>n the peri<span class=\"_ _3\"></span>od in whic<span class=\"_ _3\"></span>h it<span class=\"_ gs52\"> </span>is<span class=\"_ gs52\"> </span>inc<span class=\"_ _3\"></span>urred.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-563": {
   "value": "2.<span class=\"_ _4\"></span>13 Pr<span class=\"_ _3\"></span>op<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ty, pl<span class=\"_ _3\"></span>ant a<span class=\"_ _3\"></span>nd eq<span class=\"_ _3\"></span>ui<span class=\"_ _3\"></span>pme<span class=\"_ _3\"></span>nt Pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ty, plant and e<span class=\"_ _3\"></span>quipment i<span class=\"_ _3\"></span>s stated at c<span class=\"_ _3\"></span>ost less ac<span class=\"_ _3\"></span>cumulate<span class=\"_ _3\"></span>d dep<span class=\"_ _3\"></span>reciatio<span class=\"_ _3\"></span>n and imp<span class=\"_ _3\"></span>airment lo<span class=\"_ _3\"></span>sses. C<span class=\"_ _3\"></span>ost inclu<span class=\"_ _3\"></span>des expe<span class=\"_ _3\"></span>nditure<span class=\"_ _3\"></span> asso<span class=\"_ _3\"></span>ciated w<span class=\"_ _3\"></span>ith brin<span class=\"_ _3\"></span>ging the as<span class=\"_ _3\"></span>set to its ope<span class=\"_ _3\"></span>rating lo<span class=\"_ _3\"></span>catio<span class=\"_ _3\"></span>n and cond<span class=\"_ _3\"></span>ition.<span class=\"_ _3ab\"> </span>Refer to Note 16 for fur<span class=\"_ _3\"></span>ther det<span class=\"_ _3\"></span>ail.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-564": {
   "value": "2.<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>4 Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tment<span class=\"_ _4\"></span> proper<span class=\"_ _3\"></span>ties<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group cl<span class=\"_ _3\"></span>assifies l<span class=\"_ _3\"></span>and and bu<span class=\"_ _3\"></span>ilding<span class=\"_ _3\"></span>s which it ho<span class=\"_ _3\"></span>lds to gene<span class=\"_ _3\"></span>rate ca<span class=\"_ _3\"></span>pital a<span class=\"_ _3\"></span>pprecia<span class=\"_ _3\"></span>tion and<span class=\"_ _3\"></span>/or to ear<span class=\"_ _3\"></span>n rental inc<span class=\"_ _3\"></span>ome as investm<span class=\"_ _3\"></span>ent proper<span class=\"_ _3\"></span>ties. The Group has chosen<span class=\"_ _4\"></span> to state its inv<span class=\"_ _4\"></span>estment proper<span class=\"_ _3\"></span>ties at cos<span class=\"_ _3\"></span>t less ac<span class=\"_ _3\"></span>cumulated d<span class=\"_ _3\"></span>epreci<span class=\"_ _3\"></span>ation and im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent losses<span class=\"_ _3\"></span>. The Grou<span class=\"_ _3\"></span>p deprec<span class=\"_ _3\"></span>iates its invest<span class=\"_ _3\"></span>ment prope<span class=\"_ _3\"></span>rtie<span class=\"_ _3\"></span>s over 25 years. L<span class=\"_ _3\"></span>and is not<span class=\"_ _4\"></span> depreciated.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-565": {
   "value": "2.<span class=\"_ _5\"></span>15<span class=\"_ _4\"></span> Leas<span class=\"_ _3\"></span>ing<span class=\"_ _3ab\"> </span>As a l<span class=\"_ _3\"></span>essee, th<span class=\"_ _3\"></span>e Group asse<span class=\"_ _3\"></span>sses whet<span class=\"_ _3\"></span>her a contr<span class=\"_ _3\"></span>act is, or c<span class=\"_ _3\"></span>ontains<span class=\"_ _3\"></span>, a<span class=\"_ gs52\"> </span>leas<span class=\"_ _3\"></span>e at the ince<span class=\"_ _3\"></span>ption of a co<span class=\"_ _3\"></span>ntract. A l<span class=\"_ _3\"></span>ease exist<span class=\"_ _3\"></span>s if the cont<span class=\"_ _3\"></span>ract conveys t<span class=\"_ _3\"></span>he right to co<span class=\"_ _3\"></span>ntrol the use of an i<span class=\"_ _3\"></span>dentifie<span class=\"_ _3\"></span>d asset for a per<span class=\"_ _3\"></span>iod of time in exch<span class=\"_ _3\"></span>ange for co<span class=\"_ _3\"></span>nsidera<span class=\"_ _3\"></span>tion. T<span class=\"_ _4\"></span>o as<span class=\"_ _3\"></span>sess if a le<span class=\"_ _3\"></span>ase exists, t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p assesse<span class=\"_ _3\"></span>s whether<span class=\"_ _3\"></span>: (i) the c<span class=\"_ _3\"></span>ontract i<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>vo<span class=\"_ _3\"></span>lves the us<span class=\"_ _3\"></span>e of an ide<span class=\"_ _3\"></span>ntified as<span class=\"_ _3\"></span>set; (ii) th<span class=\"_ _3\"></span>e Group has t<span class=\"_ _3\"></span>he right to obt<span class=\"_ _3\"></span>ain subst<span class=\"_ _3\"></span>antiall<span class=\"_ _3\"></span>y all of the ec<span class=\"_ _3\"></span>onomic b<span class=\"_ _3\"></span>enefits f<span class=\"_ _3\"></span>rom the use of the a<span class=\"_ _3\"></span>sset throug<span class=\"_ _3\"></span>hout the leas<span class=\"_ _3\"></span>e term; and (iii<span class=\"_ _3\"></span>) the Group h<span class=\"_ _3\"></span>as the right to d<span class=\"_ _3\"></span>irect the us<span class=\"_ _3\"></span>e of the asset<span class=\"_ _3\"></span>. In order to deter<span class=\"_ _3\"></span>mine if the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t involves the us<span class=\"_ _3\"></span>e of an ide<span class=\"_ _3\"></span>ntified as<span class=\"_ _3\"></span>set, the Gro<span class=\"_ _3\"></span>up ex<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rcises jud<span class=\"_ _3\"></span>gement to ass<span class=\"_ _3\"></span>ess if the supp<span class=\"_ _3\"></span>lier has a su<span class=\"_ _3\"></span>bstanti<span class=\"_ _3\"></span>ve substitu<span class=\"_ _3\"></span>tion rig<span class=\"_ _3\"></span>ht over the asset. A<span class=\"_ _3\"></span>n asset is not id<span class=\"_ _3\"></span>entified i<span class=\"_ _3\"></span>f it has bee<span class=\"_ _3\"></span>n determine<span class=\"_ _3\"></span>d that the su<span class=\"_ _3\"></span>pplier h<span class=\"_ _3\"></span>as substant<span class=\"_ _4\"></span>ive substitu<span class=\"_ _4\"></span>tion rights.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group rec<span class=\"_ _3\"></span>ognises a r<span class=\"_ _3\"></span>ight-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use ass<span class=\"_ _3\"></span>et and a lease l<span class=\"_ _3\"></span>iabilit<span class=\"_ _3\"></span>y at the leas<span class=\"_ _3\"></span>e commen<span class=\"_ _3\"></span>cement d<span class=\"_ _3\"></span>ate. The ri<span class=\"_ _3\"></span>ght-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use asset is in<span class=\"_ _3\"></span>itially m<span class=\"_ _3\"></span>easured at cos<span class=\"_ _3\"></span>t and subse<span class=\"_ _3\"></span>quently d<span class=\"_ _3\"></span>epreci<span class=\"_ _3\"></span>ated over the le<span class=\"_ _3\"></span>ase term. T<span class=\"_ _3\"></span>he lease liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y is measured a<span class=\"_ _3\"></span>t the present val<span class=\"_ _3\"></span>ue of the leas<span class=\"_ _3\"></span>e payme<span class=\"_ _3\"></span>nts that are not pa<span class=\"_ _3\"></span>id at the co<span class=\"_ _3\"></span>mmencem<span class=\"_ _3\"></span>ent date, disc<span class=\"_ _3\"></span>ounted usin<span class=\"_ _3\"></span>g the interest rate imp<span class=\"_ _3\"></span>licit in th<span class=\"_ _3\"></span>e lease, or i<span class=\"_ _3\"></span>f that rate ca<span class=\"_ _3\"></span>nnot be read<span class=\"_ _3\"></span>ily determ<span class=\"_ _3\"></span>ined, the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s inc<span class=\"_ _3\"></span>remental b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>g rate. The G<span class=\"_ _3\"></span>roup has el<span class=\"_ _3\"></span>ected to app<span class=\"_ _3\"></span>ly the pr<span class=\"_ _3\"></span>actic<span class=\"_ _3\"></span>al exped<span class=\"_ _3\"></span>ient which a<span class=\"_ _3\"></span>llows the G<span class=\"_ _3\"></span>roup to use a sing<span class=\"_ _3\"></span>le disc<span class=\"_ _3\"></span>ount rate for a po<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>folio of lea<span class=\"_ _3\"></span>ses with si<span class=\"_ _3\"></span>milar cha<span class=\"_ _3\"></span>racteris<span class=\"_ _3\"></span>tics. Th<span class=\"_ _3\"></span>e Group has e<span class=\"_ _3\"></span>lected not to re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>e right-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use as<span class=\"_ _3\"></span>sets and le<span class=\"_ _3\"></span>ase liab<span class=\"_ _3\"></span>ilities for sh<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>-term le<span class=\"_ _3\"></span>ases of less t<span class=\"_ _3\"></span>han 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _3\"></span>nths and lea<span class=\"_ _3\"></span>ses of low valu<span class=\"_ _3\"></span>e assets. I<span class=\"_ _3\"></span>nstead, t<span class=\"_ _3\"></span>he Group rec<span class=\"_ _3\"></span>ognises t<span class=\"_ _3\"></span>he lease p<span class=\"_ _3\"></span>ayments asso<span class=\"_ _3\"></span>ciated w<span class=\"_ _3\"></span>ith these l<span class=\"_ _3\"></span>eases as an ex<span class=\"_ _3\"></span>pense on a st<span class=\"_ _3\"></span>raight-<span class=\"_ _3\"></span>line b<span class=\"_ _3\"></span>asis over the le<span class=\"_ _3\"></span>ase term.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-566": {
   "value": "2.<span class=\"_ _5\"></span>16<span class=\"_ _4\"></span> Impairment of<span class=\"_ _4\"></span> asset<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>As<span class=\"_ _3\"></span>sets that h<span class=\"_ _3\"></span>ave an indefini<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e u<span class=\"_ _3\"></span>seful life (such a<span class=\"_ _3\"></span>s good<span class=\"_ _3\"></span>will aris<span class=\"_ _3\"></span>ing on acq<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span>s) are reviewed at lea<span class=\"_ _3\"></span>st annuall<span class=\"_ _3\"></span>y for impair<span class=\"_ _3\"></span>ment. O<span class=\"_ _3\"></span>ther intan<span class=\"_ _3\"></span>gible as<span class=\"_ _3\"></span>sets, pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ty, plant and e<span class=\"_ _3\"></span>quipme<span class=\"_ _3\"></span>nt and right-<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>-us<span class=\"_ _3\"></span>e asset<span class=\"_ _3\"></span>s are reviewed for imp<span class=\"_ _3\"></span>airment w<span class=\"_ _3\"></span>henever the<span class=\"_ _3\"></span>re is any indic<span class=\"_ _3\"></span>ation that th<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amount of the a<span class=\"_ _3\"></span>sset may not b<span class=\"_ _3\"></span>e recoverab<span class=\"_ _3\"></span>le.<span class=\"_ _3ab\"> </span>If the re<span class=\"_ _3\"></span>coverab<span class=\"_ _3\"></span>le amount of an as<span class=\"_ _3\"></span>set is less th<span class=\"_ _3\"></span>an its c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amo<span class=\"_ _3\"></span>unt, an imp<span class=\"_ _3\"></span>airment l<span class=\"_ _3\"></span>oss is reco<span class=\"_ _3\"></span>gnised<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Rec<span class=\"_ _3\"></span>overable a<span class=\"_ _3\"></span>mount is the hi<span class=\"_ _3\"></span>gher of fair va<span class=\"_ _3\"></span>lue less c<span class=\"_ _3\"></span>osts to sell an<span class=\"_ _3\"></span>d value i<span class=\"_ _3\"></span>n use. Value in use is as<span class=\"_ _3\"></span>sessed b<span class=\"_ _3\"></span>y discou<span class=\"_ _3\"></span>nting the esti<span class=\"_ _3\"></span>mated future c<span class=\"_ _3\"></span>ash flows t<span class=\"_ _3\"></span>hat the asset i<span class=\"_ _3\"></span>s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pecte<span class=\"_ _3\"></span>d to generate. F<span class=\"_ _3\"></span>or this pur<span class=\"_ _3\"></span>pose as<span class=\"_ _3\"></span>sets, incl<span class=\"_ _3\"></span>uding go<span class=\"_ _3\"></span>odw<span class=\"_ _3\"></span>ill, are group<span class=\"_ _3\"></span>ed into cash<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>nerating unit<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>presentin<span class=\"_ _3\"></span>g the level at whi<span class=\"_ _3\"></span>ch they are moni<span class=\"_ _3\"></span>tored by the Bo<span class=\"_ _3\"></span>ard of Direc<span class=\"_ _3\"></span>tors for intern<span class=\"_ _3\"></span>al manag<span class=\"_ _3\"></span>ement pur<span class=\"_ _3\"></span>poses<span class=\"_ _3\"></span>. Goo<span class=\"_ _3\"></span>dwill imp<span class=\"_ _3\"></span>airme<span class=\"_ _3\"></span>nt los<span class=\"_ _3\"></span>ses are not reversed i<span class=\"_ _3\"></span>n subsequ<span class=\"_ _3\"></span>ent perio<span class=\"_ _3\"></span>ds. Rever<span class=\"_ _3\"></span>sals of other imp<span class=\"_ _3\"></span>airment lo<span class=\"_ _3\"></span>sses are reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>n income w<span class=\"_ _3\"></span>hen they ar<span class=\"_ _3\"></span>ise.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-567": {
   "value": "2.<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>7 Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>ent<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Investm<span class=\"_ _3\"></span>ents are reco<span class=\"_ _3\"></span>gnised an<span class=\"_ _3\"></span>d dereco<span class=\"_ _3\"></span>gnised o<span class=\"_ _3\"></span>n the trad<span class=\"_ _3\"></span>e date whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a p<span class=\"_ _3\"></span>urchase o<span class=\"_ _3\"></span>r sale of an invest<span class=\"_ _3\"></span>ment is unde<span class=\"_ _3\"></span>r a contrac<span class=\"_ _3\"></span>t whose terms re<span class=\"_ _3\"></span>quire delive<span class=\"_ _3\"></span>ry of th<span class=\"_ _3\"></span>e investment wi<span class=\"_ _3\"></span>thin the tim<span class=\"_ _3\"></span>eframe est<span class=\"_ _3\"></span>ablishe<span class=\"_ _3\"></span>d by the market co<span class=\"_ _3\"></span>ncern<span class=\"_ _3\"></span>ed, and are in<span class=\"_ _3\"></span>itially m<span class=\"_ _3\"></span>easured at cost, including t<span class=\"_ _4\"></span>ransaction costs.<span class=\"_ _3ab\"> </span>Investm<span class=\"_ _3\"></span>ents in mutu<span class=\"_ _3\"></span>al funds are me<span class=\"_ _3\"></span>asured at fair v<span class=\"_ _3\"></span>alue. Gai<span class=\"_ _3\"></span>ns and los<span class=\"_ _3\"></span>ses arisin<span class=\"_ _3\"></span>g from chang<span class=\"_ _3\"></span>es in the fair v<span class=\"_ _3\"></span>alue of these i<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>stments are reco<span class=\"_ _3\"></span>gnised in ot<span class=\"_ _3\"></span>her comp<span class=\"_ _3\"></span>rehensive in<span class=\"_ _3\"></span>come. Inves<span class=\"_ _3\"></span>tments th<span class=\"_ _3\"></span>at are held until th<span class=\"_ _3\"></span>ey r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ach matu<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y are measured a<span class=\"_ _3\"></span>t amor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st.<span class=\"_ _3ab\"> </span>Investm<span class=\"_ _3\"></span>ents in subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s are recogn<span class=\"_ _3\"></span>ised and he<span class=\"_ _3\"></span>ld at cost an<span class=\"_ _3\"></span>d subse<span class=\"_ _3\"></span>quentl<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sted for impa<span class=\"_ _3\"></span>irment on an a<span class=\"_ _3\"></span>nnual bas<span class=\"_ _3\"></span>is. Whe<span class=\"_ _3\"></span>re an imp<span class=\"_ _3\"></span>airment is i<span class=\"_ _3\"></span>dentifie<span class=\"_ _3\"></span>d, a provisi<span class=\"_ _3\"></span>on for impai<span class=\"_ _3\"></span>rment is rec<span class=\"_ _3\"></span>orded aga<span class=\"_ _3\"></span>inst the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying valu<span class=\"_ _3\"></span>e of the investme<span class=\"_ _3\"></span>nt.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-568": {
   "value": "2.<span class=\"_ _5\"></span>18<span class=\"_ _4\"></span> Government grants<span class=\"_ _3ab\"> </span>Gover<span class=\"_ _3\"></span>nment grant<span class=\"_ _3\"></span>s are recog<span class=\"_ _3\"></span>nised whe<span class=\"_ _3\"></span>n there is a reaso<span class=\"_ _3\"></span>nable assur<span class=\"_ _3\"></span>ance tha<span class=\"_ _3\"></span>t the Group w<span class=\"_ _3\"></span>ill be abl<span class=\"_ _3\"></span>e to compl<span class=\"_ _3\"></span>y with the c<span class=\"_ _3\"></span>onditi<span class=\"_ _3\"></span>ons at<span class=\"_ _3\"></span>tache<span class=\"_ _3\"></span>d to the grant an<span class=\"_ _3\"></span>d that the gr<span class=\"_ _3\"></span>ant will be rec<span class=\"_ _3\"></span>eived. G<span class=\"_ _3\"></span>rants are reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement o<span class=\"_ _3\"></span>n a systemati<span class=\"_ _3\"></span>c basis as a ded<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n from the related c<span class=\"_ _3\"></span>ategor<span class=\"_ _3\"></span>y of c<span class=\"_ _3\"></span>ost in the pe<span class=\"_ _3\"></span>riods i<span class=\"_ _3\"></span>n which the expenses are r<span class=\"_ _4\"></span>ec<span class=\"_ _3\"></span>ognised.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-569": {
   "value": "2.<span class=\"_ _5\"></span>19<span class=\"_ _4\"></span> Invent<span class=\"_ _4\"></span>ories<span class=\"_ _3ab\"> </span>Inventorie<span class=\"_ _3\"></span>s are valued at t<span class=\"_ _3\"></span>he lower of cos<span class=\"_ _3\"></span>t and net realis<span class=\"_ _3\"></span>able va<span class=\"_ _3\"></span>lue.<span class=\"_ _3ab\"> </span>Cost includes an<span class=\"_ _4\"></span> appropriate proportion of man<span class=\"_ _4\"></span>ufacturing overheads<span class=\"_ _4\"></span> incu<span class=\"_ _3\"></span>rred in brin<span class=\"_ _3\"></span>ging inventori<span class=\"_ _3\"></span>es to their prese<span class=\"_ _3\"></span>nt locat<span class=\"_ _3\"></span>ion and co<span class=\"_ _3\"></span>nditio<span class=\"_ _3\"></span>n and is d<span class=\"_ _3\"></span>et<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rmined u<span class=\"_ _3\"></span>sing the fir<span class=\"_ _3\"></span>st-<span class=\"_ _3\"></span>in first-<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>t method<span class=\"_ _3\"></span>. Net realis<span class=\"_ _3\"></span>able value represen<span class=\"_ _4\"></span>ts the estimated selling price less all<span class=\"_ _4\"></span> estimated cos<span class=\"_ _3\"></span>ts<span class=\"_ gs52\"> </span>of comp<span class=\"_ _3\"></span>letion and c<span class=\"_ _3\"></span>osts to be in<span class=\"_ _3\"></span>curred in m<span class=\"_ _3\"></span>arketing, se<span class=\"_ _3\"></span>lling and<span class=\"_ gs52\"> </span>distribution.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-570": {
   "value": "2.20 T<span class=\"_ _5\"></span>rade receivables<span class=\"_ _4\"></span> and contract retention<span class=\"_ _4\"></span> rec<span class=\"_ _3\"></span>eiv<span class=\"_ _4\"></span>ables<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and contr<span class=\"_ _3\"></span>act retention re<span class=\"_ _3\"></span>ceivab<span class=\"_ _3\"></span>les are initi<span class=\"_ _3\"></span>ally reco<span class=\"_ _3\"></span>rded at fair value a<span class=\"_ _3\"></span>nd subseq<span class=\"_ _3\"></span>uently me<span class=\"_ _3\"></span>asured at am<span class=\"_ _3\"></span>orti<span class=\"_ _3\"></span>sed cost a<span class=\"_ _3\"></span>s reduce<span class=\"_ _3\"></span>d by<span class=\"_ gs52\"> </span>allow<span class=\"_ _3\"></span>ances for es<span class=\"_ _3\"></span>timated ir<span class=\"_ _3\"></span>recoverab<span class=\"_ _3\"></span>le amount<span class=\"_ _3\"></span>s and expec<span class=\"_ _3\"></span>ted cred<span class=\"_ _3\"></span>it<span class=\"_ gs52\"> </span>losses<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-571": {
   "value": "2.21<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>rade pa<span class=\"_ _4\"></span>yables and<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>o<span class=\"_ _4\"></span>ntrac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> retention pa<span class=\"_ _4\"></span>yables<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and contr<span class=\"_ _3\"></span>act retention p<span class=\"_ _3\"></span>ayable<span class=\"_ _3\"></span>s are not interest be<span class=\"_ _3\"></span>aring and a<span class=\"_ _3\"></span>re state<span class=\"_ _3\"></span>d at cost.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-572": {
   "value": "2.2<span class=\"_ _3\"></span>2<span class=\"_ _4\"></span> Provisions<span class=\"_ _3ab\"> </span>Provi<span class=\"_ _3\"></span>sions for insur<span class=\"_ _3\"></span>ance lia<span class=\"_ _3\"></span>bilities ret<span class=\"_ _3\"></span>ained in th<span class=\"_ _3\"></span>e Group\u2019s captive insurance arrangements, leg<span class=\"_ _3\"></span>al claims, def<span class=\"_ _4\"></span>ec<span class=\"_ _3\"></span>ts and warranties, environmental r<span class=\"_ _4\"></span>estoration, onerous leases, and other<span class=\"_ _4\"></span> o<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>ous com<span class=\"_ _3\"></span>mitments are re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed at the be<span class=\"_ _3\"></span>st estimate of th<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pend<span class=\"_ _3\"></span>iture requi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d to settle t<span class=\"_ _3\"></span>he Group\u2019s liabili<span class=\"_ _3\"></span>ty.<span class=\"_ _3ab\"> </span>Provi<span class=\"_ _3\"></span>sions are rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d when: (i) th<span class=\"_ _3\"></span>e Group has a p<span class=\"_ _3\"></span>resent leg<span class=\"_ _3\"></span>al or con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ive oblig<span class=\"_ _3\"></span>ation as a resu<span class=\"_ _3\"></span>lt of a past event; (<span class=\"_ _3\"></span>ii) it is pro<span class=\"_ _3\"></span>bable that an o<span class=\"_ _3\"></span>utfl<span class=\"_ _3\"></span>ow of resources w<span class=\"_ _3\"></span>ill be requ<span class=\"_ _3\"></span>ired to settl<span class=\"_ _3\"></span>e the obli<span class=\"_ _3\"></span>gation; and (i<span class=\"_ _3\"></span>ii) the amo<span class=\"_ _3\"></span>unt of the obl<span class=\"_ _3\"></span>igation c<span class=\"_ _3\"></span>an be es<span class=\"_ _3\"></span>timated relia<span class=\"_ _3\"></span>bly. Provi<span class=\"_ _3\"></span>sions are dis<span class=\"_ _3\"></span>counted wh<span class=\"_ _3\"></span>ere appro<span class=\"_ _3\"></span>priate. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-644": {
   "value": "2.23 Borrowin<span class=\"_ _4\"></span>gs<span class=\"_ _3ab\"> </span>Interest-<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>earing b<span class=\"_ _3\"></span>ank loans a<span class=\"_ _3\"></span>nd overdraf<span class=\"_ _3\"></span>ts are rec<span class=\"_ _3\"></span>orded at th<span class=\"_ _3\"></span>e proc<span class=\"_ _3\"></span>eeds rec<span class=\"_ _3\"></span>eived, n<span class=\"_ _3\"></span>et of direct iss<span class=\"_ _3\"></span>ue costs<span class=\"_ _3\"></span>. Premiums p<span class=\"_ _3\"></span>ayable o<span class=\"_ _3\"></span>n set<span class=\"_ _3\"></span>tlement or re<span class=\"_ _3\"></span>demptio<span class=\"_ _3\"></span>n and direc<span class=\"_ _3\"></span>t issue co<span class=\"_ _3\"></span>sts are inclu<span class=\"_ _3\"></span>ded in the ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ying amou<span class=\"_ _3\"></span>nt of the instru<span class=\"_ _3\"></span>ment and are ch<span class=\"_ _3\"></span>arged to the in<span class=\"_ _3\"></span>come state<span class=\"_ _3\"></span>ment on an ac<span class=\"_ _3\"></span>cruals b<span class=\"_ _3\"></span>asis using t<span class=\"_ _3\"></span>he effec<span class=\"_ _3\"></span>tive interest meth<span class=\"_ _3\"></span>od togeth<span class=\"_ _3\"></span>er with th<span class=\"_ _3\"></span>e interest payab<span class=\"_ _3\"></span>le.<span class=\"_ _3ab\"> </span>a) Clas<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ion of f<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span>cial l<span class=\"_ _3\"></span>iabili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y in<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rume<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s and equit<span class=\"_ _3\"></span>y inst<span class=\"_ _3\"></span>ruments are c<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>ied acc<span class=\"_ _3\"></span>ording to the sub<span class=\"_ _3\"></span>stanc<span class=\"_ _3\"></span>e of the contr<span class=\"_ _3\"></span>actual a<span class=\"_ _3\"></span>rrang<span class=\"_ _3\"></span>ements. A<span class=\"_ _3\"></span>n equit<span class=\"_ _3\"></span>y inst<span class=\"_ _3\"></span>rument is any co<span class=\"_ _3\"></span>ntract th<span class=\"_ _3\"></span>at eviden<span class=\"_ _3\"></span>ces a residu<span class=\"_ _3\"></span>al interest in the a<span class=\"_ _3\"></span>ssets of the Grou<span class=\"_ _3\"></span>p after de<span class=\"_ _3\"></span>ductin<span class=\"_ _3\"></span>g all of its lia<span class=\"_ _3\"></span>bilities<span class=\"_ _3\"></span>. Equit<span class=\"_ _3\"></span>y instrum<span class=\"_ _3\"></span>ents issue<span class=\"_ _3\"></span>d by the C<span class=\"_ _3\"></span>ompany a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e re<span class=\"_ _3\"></span>corde<span class=\"_ _3\"></span>d at the proc<span class=\"_ _3\"></span>eeds rec<span class=\"_ _3\"></span>eived, net of d<span class=\"_ _3\"></span>irect issue<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>os<span class=\"_ _4\"></span>ts.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-615": {
   "value": "2.23 Borrowin<span class=\"_ _4\"></span>gs<span class=\"_ _3ab\"> </span>Interest-<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>earing b<span class=\"_ _3\"></span>ank loans a<span class=\"_ _3\"></span>nd overdraf<span class=\"_ _3\"></span>ts are rec<span class=\"_ _3\"></span>orded at th<span class=\"_ _3\"></span>e proc<span class=\"_ _3\"></span>eeds rec<span class=\"_ _3\"></span>eived, n<span class=\"_ _3\"></span>et of direct iss<span class=\"_ _3\"></span>ue costs<span class=\"_ _3\"></span>. Premiums p<span class=\"_ _3\"></span>ayable o<span class=\"_ _3\"></span>n set<span class=\"_ _3\"></span>tlement or re<span class=\"_ _3\"></span>demptio<span class=\"_ _3\"></span>n and direc<span class=\"_ _3\"></span>t issue co<span class=\"_ _3\"></span>sts are inclu<span class=\"_ _3\"></span>ded in the ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ying amou<span class=\"_ _3\"></span>nt of the instru<span class=\"_ _3\"></span>ment and are ch<span class=\"_ _3\"></span>arged to the in<span class=\"_ _3\"></span>come state<span class=\"_ _3\"></span>ment on an ac<span class=\"_ _3\"></span>cruals b<span class=\"_ _3\"></span>asis using t<span class=\"_ _3\"></span>he effec<span class=\"_ _3\"></span>tive interest meth<span class=\"_ _3\"></span>od togeth<span class=\"_ _3\"></span>er with th<span class=\"_ _3\"></span>e interest payab<span class=\"_ _3\"></span>le.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-573": {
   "value": "2.23 Borrowin<span class=\"_ _4\"></span>gs<span class=\"_ _3ab\"> </span>Interest-<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>earing b<span class=\"_ _3\"></span>ank loans a<span class=\"_ _3\"></span>nd overdraf<span class=\"_ _3\"></span>ts are rec<span class=\"_ _3\"></span>orded at th<span class=\"_ _3\"></span>e proc<span class=\"_ _3\"></span>eeds rec<span class=\"_ _3\"></span>eived, n<span class=\"_ _3\"></span>et of direct iss<span class=\"_ _3\"></span>ue costs<span class=\"_ _3\"></span>. Premiums p<span class=\"_ _3\"></span>ayable o<span class=\"_ _3\"></span>n set<span class=\"_ _3\"></span>tlement or re<span class=\"_ _3\"></span>demptio<span class=\"_ _3\"></span>n and direc<span class=\"_ _3\"></span>t issue co<span class=\"_ _3\"></span>sts are inclu<span class=\"_ _3\"></span>ded in the ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ying amou<span class=\"_ _3\"></span>nt of the instru<span class=\"_ _3\"></span>ment and are ch<span class=\"_ _3\"></span>arged to the in<span class=\"_ _3\"></span>come state<span class=\"_ _3\"></span>ment on an ac<span class=\"_ _3\"></span>cruals b<span class=\"_ _3\"></span>asis using t<span class=\"_ _3\"></span>he effec<span class=\"_ _3\"></span>tive interest meth<span class=\"_ _3\"></span>od togeth<span class=\"_ _3\"></span>er with th<span class=\"_ _3\"></span>e interest payab<span class=\"_ _3\"></span>le.<span class=\"_ _3ab\"> </span>2.<span class=\"_ _3\"></span>26<span class=\"_ _4\"></span> Financ<span class=\"_ _3\"></span>ial instrument<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets and fin<span class=\"_ _3\"></span>ancial li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s are recog<span class=\"_ _3\"></span>nised in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et when the Gro<span class=\"_ _3\"></span>up bec<span class=\"_ _3\"></span>omes a par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y to the contr<span class=\"_ _3\"></span>actual provis<span class=\"_ _3\"></span>ions of the ins<span class=\"_ _3\"></span>trument.<span class=\"_ _3ab\"> </span>a) Clas<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ion of f<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span>cial l<span class=\"_ _3\"></span>iabili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y in<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rume<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s and equit<span class=\"_ _3\"></span>y inst<span class=\"_ _3\"></span>ruments are c<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>ied acc<span class=\"_ _3\"></span>ording to the sub<span class=\"_ _3\"></span>stanc<span class=\"_ _3\"></span>e of the contr<span class=\"_ _3\"></span>actual a<span class=\"_ _3\"></span>rrang<span class=\"_ _3\"></span>ements. A<span class=\"_ _3\"></span>n equit<span class=\"_ _3\"></span>y inst<span class=\"_ _3\"></span>rument is any co<span class=\"_ _3\"></span>ntract th<span class=\"_ _3\"></span>at eviden<span class=\"_ _3\"></span>ces a residu<span class=\"_ _3\"></span>al interest in the a<span class=\"_ _3\"></span>ssets of the Grou<span class=\"_ _3\"></span>p after de<span class=\"_ _3\"></span>ductin<span class=\"_ _3\"></span>g all of its lia<span class=\"_ _3\"></span>bilities<span class=\"_ _3\"></span>. Equit<span class=\"_ _3\"></span>y instrum<span class=\"_ _3\"></span>ents issue<span class=\"_ _3\"></span>d by the C<span class=\"_ _3\"></span>ompany a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e re<span class=\"_ _3\"></span>corde<span class=\"_ _3\"></span>d at the proc<span class=\"_ _3\"></span>eeds rec<span class=\"_ _3\"></span>eived, net of d<span class=\"_ _3\"></span>irect issue<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>os<span class=\"_ _4\"></span>ts.<span class=\"_ _3ab\"> </span>b) Der<span class=\"_ _3\"></span>iva<span class=\"_ _3\"></span>tive f<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>l ins<span class=\"_ _3\"></span>trum<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>s and h<span class=\"_ _3\"></span>edg<span class=\"_ _3\"></span>e ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ting<span class=\"_ _3ab\"> </span>The Group uses derivative financial instruments t<span class=\"_ _4\"></span>o mana<span class=\"_ _3\"></span>ge i<span class=\"_ _4\"></span>nterest rate risk a<span class=\"_ _3\"></span>nd to hedg<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posures to flu<span class=\"_ _3\"></span>ctuati<span class=\"_ _3\"></span>ons in foreign cu<span class=\"_ _3\"></span>rrencie<span class=\"_ _3\"></span>s in ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with it<span class=\"_ _3\"></span>s risk man<span class=\"_ _3\"></span>agement p<span class=\"_ _3\"></span>olicy. The Gro<span class=\"_ _3\"></span>up does n<span class=\"_ _3\"></span>ot use derivative financial instruments for speculative purpo<span class=\"_ _3\"></span>ses. A<span class=\"_ _4\"></span> desc<span class=\"_ _3\"></span>riptio<span class=\"_ _3\"></span>n of the Group\u2019s obje<span class=\"_ _3\"></span>ctives, p<span class=\"_ _3\"></span>olicie<span class=\"_ _3\"></span>s and strateg<span class=\"_ _3\"></span>ies with re<span class=\"_ _3\"></span>gard to deri<span class=\"_ _3\"></span>vatives an<span class=\"_ _3\"></span>d other fina<span class=\"_ _3\"></span>ncial inst<span class=\"_ _3\"></span>ruments i<span class=\"_ _3\"></span>s set out in Note 4<span class=\"_ _3\"></span>0.<span class=\"_ _3ab\"> </span>Der<span class=\"_ _3\"></span>ivatives a<span class=\"_ _3\"></span>re initiall<span class=\"_ _3\"></span>y r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed in the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet at fair valu<span class=\"_ _3\"></span>e on the d<span class=\"_ _3\"></span>ate the deri<span class=\"_ _3\"></span>vative tran<span class=\"_ _3\"></span>sacti<span class=\"_ _3\"></span>on is entered into and are su<span class=\"_ _3\"></span>bseque<span class=\"_ _3\"></span>ntly re<span class=\"_ _3\"></span>-m<span class=\"_ _3\"></span>easured at t<span class=\"_ _3\"></span>heir fair valu<span class=\"_ _3\"></span>es.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s that are desi<span class=\"_ _3\"></span>gnated and q<span class=\"_ _3\"></span>ualif<span class=\"_ _3\"></span>y as fair v<span class=\"_ _3\"></span>alue hed<span class=\"_ _3\"></span>ges are reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e incom<span class=\"_ _3\"></span>e statement to<span class=\"_ _3\"></span>gether with a<span class=\"_ _3\"></span>ny chang<span class=\"_ _3\"></span>es in the fair va<span class=\"_ _3\"></span>lue of the hed<span class=\"_ _3\"></span>ged item th<span class=\"_ _3\"></span>at are at<span class=\"_ _3\"></span>tribut<span class=\"_ _3\"></span>able to the h<span class=\"_ _3\"></span>edge<span class=\"_ _3\"></span>d risk.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve por<span class=\"_ _3\"></span>tion of der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s that are desi<span class=\"_ _3\"></span>gnated an<span class=\"_ _3\"></span>d qualif<span class=\"_ _3\"></span>y as ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges are reco<span class=\"_ _3\"></span>gnised in other c<span class=\"_ _3\"></span>omprehe<span class=\"_ _3\"></span>nsive inco<span class=\"_ _3\"></span>me (OC<span class=\"_ _3\"></span>I). Change<span class=\"_ _3\"></span>s in the fair val<span class=\"_ _3\"></span>ue of the inef<span class=\"_ _3\"></span>fective p<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>ion of cas<span class=\"_ _3\"></span>h flow hedg<span class=\"_ _3\"></span>es are reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e income state<span class=\"_ _3\"></span>ment. Am<span class=\"_ _3\"></span>ounts ori<span class=\"_ _3\"></span>ginall<span class=\"_ _3\"></span>y recogni<span class=\"_ _3\"></span>sed in OC<span class=\"_ _3\"></span>I are transfer<span class=\"_ _3\"></span>red to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement when t<span class=\"_ _3\"></span>he under<span class=\"_ _3\"></span>lying tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion oc<span class=\"_ _3\"></span>curs or, if the tr<span class=\"_ _3\"></span>ansact<span class=\"_ _3\"></span>ion results i<span class=\"_ _3\"></span>n a non<span class=\"_ _3\"></span>-fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>set or liabi<span class=\"_ _3\"></span>lity, are includ<span class=\"_ _3\"></span>ed in the ini<span class=\"_ _3\"></span>tial cos<span class=\"_ _3\"></span>t of that asset o<span class=\"_ _3\"></span>r liabilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of der<span class=\"_ _3\"></span>ivative f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al instrum<span class=\"_ _3\"></span>ents that d<span class=\"_ _3\"></span>o not qu<span class=\"_ _3\"></span>alify fo<span class=\"_ _3\"></span>r hedge a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing are recog<span class=\"_ _3\"></span>nised in th<span class=\"_ _3\"></span>e income state<span class=\"_ _3\"></span>ment as they ar<span class=\"_ _3\"></span>ise.<span class=\"_ _3ab\"> </span>Hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting is d<span class=\"_ _3\"></span>iscontinu<span class=\"_ _3\"></span>ed when t<span class=\"_ _3\"></span>he hedg<span class=\"_ _3\"></span>ing instru<span class=\"_ _3\"></span>ment expires o<span class=\"_ _3\"></span>r is sold<span class=\"_ _3\"></span>, t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rminated<span class=\"_ _3\"></span>, or exercised<span class=\"_ _3\"></span>, or no long<span class=\"_ _3\"></span>er quali<span class=\"_ _3\"></span>fies for hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting. At t<span class=\"_ _3\"></span>hat time, any cu<span class=\"_ _3\"></span>mulative g<span class=\"_ _3\"></span>ain or los<span class=\"_ _3\"></span>s on the hed<span class=\"_ _3\"></span>ging inst<span class=\"_ _3\"></span>rument rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in OCI is reta<span class=\"_ _3\"></span>ined in eq<span class=\"_ _3\"></span>uity u<span class=\"_ _3\"></span>ntil the hedged transaction occurs. If<span class=\"_ _4\"></span> a hedged transaction is no<span class=\"_ _4\"></span> longer expe<span class=\"_ _3\"></span>cted to occ<span class=\"_ _3\"></span>ur<span class=\"_ _4\"></span>, the net c<span class=\"_ _3\"></span>umulati<span class=\"_ _3\"></span>ve gain or los<span class=\"_ _3\"></span>s recog<span class=\"_ _3\"></span>nised in OC<span class=\"_ _3\"></span>I<span class=\"_ gs52\"> </span>is transfer<span class=\"_ _3\"></span>red to the inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt for the peri<span class=\"_ _3\"></span>od.<span class=\"_ _3ab\"> </span>Derivatives embedde<span class=\"_ _3\"></span>d i<span class=\"_ _4\"></span>n other financial instruments or other<span class=\"_ _4\"></span> h<span class=\"_ _3\"></span>ost<span class=\"_ _4\"></span> cont<span class=\"_ _3\"></span>racts are t<span class=\"_ _3\"></span>reated as sep<span class=\"_ _3\"></span>arate deri<span class=\"_ _3\"></span>vatives an<span class=\"_ _3\"></span>d recorde<span class=\"_ _3\"></span>d in the bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et at fair value w<span class=\"_ _3\"></span>hen their ri<span class=\"_ _3\"></span>sks and char<span class=\"_ _3\"></span>acteris<span class=\"_ _3\"></span>tics are not clo<span class=\"_ _3\"></span>sely relate<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>hose of the ho<span class=\"_ _3\"></span>st contra<span class=\"_ _3\"></span>ct. Cha<span class=\"_ _3\"></span>nges in the f<span class=\"_ _3\"></span>air value of thos<span class=\"_ _3\"></span>e embed<span class=\"_ _3\"></span>ded der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed in the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet are reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement a<span class=\"_ _3\"></span>s they arise.<span class=\"_ _3ab\"> </span>c) PPP conce<span class=\"_ _3\"></span>ssion compani<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>As<span class=\"_ _3\"></span>sets cons<span class=\"_ _3\"></span>tructe<span class=\"_ _3\"></span>d by PPP c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ion com<span class=\"_ _3\"></span>panies are cl<span class=\"_ _3\"></span>assifie<span class=\"_ _3\"></span>d prin<span class=\"_ _3\"></span>cipall<span class=\"_ _3\"></span>y as finan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>ets measure<span class=\"_ _3\"></span>d at fair value th<span class=\"_ _3\"></span>rough OC<span class=\"_ _3\"></span>I.<span class=\"_ _3ab\"> </span>In the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction p<span class=\"_ _3\"></span>hase, inc<span class=\"_ _3\"></span>ome is reco<span class=\"_ _3\"></span>gnised by a<span class=\"_ _3\"></span>pply<span class=\"_ _3\"></span>ing an at<span class=\"_ _3\"></span>tribut<span class=\"_ _3\"></span>able prof<span class=\"_ _3\"></span>it margin to th<span class=\"_ _3\"></span>e constr<span class=\"_ _3\"></span>uction c<span class=\"_ _3\"></span>osts rep<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>senting the fair val<span class=\"_ _3\"></span>ue of const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n ser<span class=\"_ _3\"></span>vices p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>med. In t<span class=\"_ _3\"></span>he oper<span class=\"_ _3\"></span>ational pha<span class=\"_ _3\"></span>se, incom<span class=\"_ _3\"></span>e is recog<span class=\"_ _3\"></span>nised by allo<span class=\"_ _3\"></span>catin<span class=\"_ _3\"></span>g a propor<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n of t<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al cash recei<span class=\"_ _3\"></span>vable over t<span class=\"_ _3\"></span>he life of the proje<span class=\"_ _3\"></span>ct to ser<span class=\"_ _3\"></span>vice c<span class=\"_ _3\"></span>osts by me<span class=\"_ _3\"></span>ans of a dee<span class=\"_ _3\"></span>med rate of return o<span class=\"_ _3\"></span>n those co<span class=\"_ _3\"></span>sts. T<span class=\"_ _3\"></span>he residual e<span class=\"_ _3\"></span>lement of proje<span class=\"_ _3\"></span>cted ca<span class=\"_ _3\"></span>sh is alloc<span class=\"_ _3\"></span>ated to the fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>set using the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve interest ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e m<span class=\"_ _3\"></span>ethod, g<span class=\"_ _3\"></span>iving r<span class=\"_ _3\"></span>ise to interest inco<span class=\"_ _3\"></span>me.<span class=\"_ _3ab\"> </span>Due to th<span class=\"_ _3\"></span>e nature of the co<span class=\"_ _3\"></span>ntractu<span class=\"_ _3\"></span>al arran<span class=\"_ _3\"></span>gements<span class=\"_ _3\"></span>, the proje<span class=\"_ _3\"></span>cted cas<span class=\"_ _3\"></span>h flows c<span class=\"_ _3\"></span>an be est<span class=\"_ _3\"></span>imated wi<span class=\"_ _3\"></span>th a high deg<span class=\"_ _3\"></span>ree of cer<span class=\"_ _3\"></span>taint<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>In the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction p<span class=\"_ _3\"></span>hase, the fai<span class=\"_ _3\"></span>r value of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s P<span class=\"_ _3\"></span>PP finan<span class=\"_ _3\"></span>cial asset<span class=\"_ _3\"></span>s is determine<span class=\"_ _3\"></span>d by appl<span class=\"_ _3\"></span>ying an at<span class=\"_ _3\"></span>trib<span class=\"_ _3\"></span>utabl<span class=\"_ _3\"></span>e profit marg<span class=\"_ _3\"></span>in to the con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ion cost<span class=\"_ _3\"></span>s representin<span class=\"_ _3\"></span>g the fair valu<span class=\"_ _3\"></span>e of constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n serv<span class=\"_ _3\"></span>ices per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ed. In the o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>onal pha<span class=\"_ _3\"></span>se, fair value i<span class=\"_ _3\"></span>s determine<span class=\"_ _3\"></span>d by disc<span class=\"_ _3\"></span>ounting th<span class=\"_ _3\"></span>e future cas<span class=\"_ _3\"></span>h flows allo<span class=\"_ _3\"></span>cated to the fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l asset using d<span class=\"_ _3\"></span>iscount r<span class=\"_ _3\"></span>ates based o<span class=\"_ _3\"></span>n long<span class=\"_ _3\"></span>-ter<span class=\"_ _3\"></span>m gilt rates ad<span class=\"_ _3\"></span>justed for the r<span class=\"_ _3\"></span>isk levels as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d with the a<span class=\"_ _3\"></span>ssets, w<span class=\"_ _3\"></span>ith market-<span class=\"_ _3\"></span>related m<span class=\"_ _3\"></span>ovements in fair val<span class=\"_ _3\"></span>ue recog<span class=\"_ _3\"></span>nised in O<span class=\"_ _3\"></span>CI. In bot<span class=\"_ _3\"></span>h instan<span class=\"_ _3\"></span>ces, the fa<span class=\"_ _3\"></span>ir value is reduc<span class=\"_ _3\"></span>ed by allow<span class=\"_ _3\"></span>ances for es<span class=\"_ _3\"></span>timated irre<span class=\"_ _3\"></span>coverab<span class=\"_ _3\"></span>le amount<span class=\"_ _3\"></span>s and expected<span class=\"_ _4\"></span> credit losses. Amounts<span class=\"_ _4\"></span> originally recogni<span class=\"_ _4\"></span>sed in OCI are<span class=\"_ _4\"></span> trans<span class=\"_ _3\"></span>ferred to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement upo<span class=\"_ _3\"></span>n dispos<span class=\"_ _3\"></span>al of the ass<span class=\"_ _3\"></span>et.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-574": {
   "value": "2.<span class=\"_ _3\"></span>24 R<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>ire<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>nef<span class=\"_ _3\"></span>it c<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group, throu<span class=\"_ _3\"></span>gh trustee<span class=\"_ _3\"></span>s, oper<span class=\"_ _3\"></span>ates a number of d<span class=\"_ _3\"></span>efined b<span class=\"_ _3\"></span>enefit and d<span class=\"_ _3\"></span>efined co<span class=\"_ _3\"></span>ntributi<span class=\"_ _3\"></span>on retirement and ot<span class=\"_ _3\"></span>her long<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rm empl<span class=\"_ _3\"></span>oyee ben<span class=\"_ _3\"></span>efit schem<span class=\"_ _3\"></span>es, the lar<span class=\"_ _3\"></span>gest of whic<span class=\"_ _3\"></span>h are of the defin<span class=\"_ _3\"></span>ed benefi<span class=\"_ _3\"></span>t ty<span class=\"_ _3\"></span>pe and are fu<span class=\"_ _3\"></span>nded. D<span class=\"_ _3\"></span>efined be<span class=\"_ _3\"></span>nefit cont<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>ons are determin<span class=\"_ _3\"></span>ed in consultation<span class=\"_ _4\"></span> w<span class=\"_ _3\"></span>it<span class=\"_ _4\"></span>h the trustees,<span class=\"_ _4\"></span> af<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>er taking actuarial advice.<span class=\"_ _3ab\"> </span>For d<span class=\"_ _3\"></span>efined be<span class=\"_ _3\"></span>nefit pens<span class=\"_ _3\"></span>ion sche<span class=\"_ _3\"></span>mes, the c<span class=\"_ _3\"></span>ost of provid<span class=\"_ _3\"></span>ing benef<span class=\"_ _3\"></span>its reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement a<span class=\"_ _3\"></span>nd the defin<span class=\"_ _3\"></span>ed benefi<span class=\"_ _3\"></span>t obl<span class=\"_ _3\"></span>igatio<span class=\"_ _3\"></span>ns are determine<span class=\"_ _3\"></span>d at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date by ind<span class=\"_ _3\"></span>epend<span class=\"_ _3\"></span>ent act<span class=\"_ _3\"></span>uaries, u<span class=\"_ _3\"></span>sing the pro<span class=\"_ _3\"></span>jected uni<span class=\"_ _3\"></span>t credit met<span class=\"_ _3\"></span>hod. T<span class=\"_ _3\"></span>he liabi<span class=\"_ _3\"></span>lity reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he balan<span class=\"_ _3\"></span>ce sheet co<span class=\"_ _3\"></span>mprise<span class=\"_ _3\"></span>s the present va<span class=\"_ _3\"></span>lue of the defined benefit pension<span class=\"_ _4\"></span> ob<span class=\"_ _3\"></span>ligations,<span class=\"_ _4\"></span> determined by discounting<span class=\"_ _4\"></span> the estim<span class=\"_ _3\"></span>ated future c<span class=\"_ _3\"></span>ash flows us<span class=\"_ _3\"></span>ing the mar<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>et y<span class=\"_ _3\"></span>ield on a hig<span class=\"_ _3\"></span>h-<span class=\"_ _3\"></span>qu<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y cor<span class=\"_ _3\"></span>porate b<span class=\"_ _3\"></span>ond, le<span class=\"_ _3\"></span>ss the fair va<span class=\"_ _3\"></span>lue of the sch<span class=\"_ _3\"></span>eme assets<span class=\"_ _3\"></span>. Actua<span class=\"_ _3\"></span>rial gain<span class=\"_ _3\"></span>s and loss<span class=\"_ _3\"></span>es are recog<span class=\"_ _3\"></span>nised in the p<span class=\"_ _3\"></span>eriod i<span class=\"_ _3\"></span>n which they o<span class=\"_ _3\"></span>ccur in the st<span class=\"_ _3\"></span>atement of co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve income<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ntributi<span class=\"_ _3\"></span>ons to define<span class=\"_ _3\"></span>d contri<span class=\"_ _3\"></span>bution p<span class=\"_ _3\"></span>ension sc<span class=\"_ _3\"></span>hemes are ch<span class=\"_ _3\"></span>arged to<span class=\"_ gs52\"> </span>the inc<span class=\"_ _3\"></span>ome sta<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ment as they fal<span class=\"_ _3\"></span>l due.<span class=\"_ _3ab\"> </span>Any su<span class=\"_ _3\"></span>rplus of d<span class=\"_ _3\"></span>eficit co<span class=\"_ _3\"></span>ntribut<span class=\"_ _3\"></span>ions to the Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty Pe<span class=\"_ _3\"></span>nsion Fund (<span class=\"_ _3\"></span>BBPF<span class=\"_ _3\"></span>) and th<span class=\"_ _3\"></span>e Railways P<span class=\"_ _3\"></span>ension S<span class=\"_ _3\"></span>cheme (R<span class=\"_ _3\"></span>PS<span class=\"_ _3\"></span>) would be recover<span class=\"_ _3\"></span>able by wa<span class=\"_ _3\"></span>y of a r<span class=\"_ _4\"></span>ef<span class=\"_ _3\"></span>und as, ac<span class=\"_ _3\"></span>cording to t<span class=\"_ _3\"></span>he relevant trus<span class=\"_ _3\"></span>t dee<span class=\"_ _3\"></span>d and rule<span class=\"_ _3\"></span>s docum<span class=\"_ _3\"></span>ents, the Gro<span class=\"_ _3\"></span>up has the u<span class=\"_ _3\"></span>ncondi<span class=\"_ _3\"></span>tional r<span class=\"_ _3\"></span>ight to the sur<span class=\"_ _3\"></span>plus and c<span class=\"_ _3\"></span>ontrols the r<span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>off of the b<span class=\"_ _3\"></span>enefit ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns once all<span class=\"_ gs52\"> </span>othe<span class=\"_ _3\"></span>r oblig<span class=\"_ _3\"></span>ations of the B<span class=\"_ _3\"></span>BPF and R<span class=\"_ _3\"></span>PS have b<span class=\"_ _3\"></span>een set<span class=\"_ _3\"></span>tled.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-575": {
   "value": "2.<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>5 Shar<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>-ba<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d paym<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>s Empl<span class=\"_ _3\"></span>oyee ser<span class=\"_ _3\"></span>vices re<span class=\"_ _3\"></span>ceived in exch<span class=\"_ _3\"></span>ange for the g<span class=\"_ _3\"></span>rant of equi<span class=\"_ _3\"></span>ty<span class=\"_ _3\"></span>-set<span class=\"_ _3\"></span>tled and c<span class=\"_ _3\"></span>ash<span class=\"_ _3\"></span>-set<span class=\"_ _3\"></span>tled aw<span class=\"_ _3\"></span>ards are charg<span class=\"_ _3\"></span>ed to the inc<span class=\"_ _3\"></span>ome sta<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ment on a stra<span class=\"_ _3\"></span>ight-<span class=\"_ _3\"></span>line basi<span class=\"_ _3\"></span>s over the vestin<span class=\"_ _3\"></span>g perio<span class=\"_ _3\"></span>d, base<span class=\"_ _3\"></span>d on the fair va<span class=\"_ _3\"></span>lues of<span class=\"_ gs52\"> </span>the awa<span class=\"_ _3\"></span>rds at the date of g<span class=\"_ _3\"></span>rant.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e credits i<span class=\"_ _3\"></span>n respec<span class=\"_ _3\"></span>t of the amount<span class=\"_ _3\"></span>s charge<span class=\"_ _3\"></span>d are includ<span class=\"_ _3\"></span>ed withi<span class=\"_ _3\"></span>n separate reserves in equit<span class=\"_ _3\"></span>y f<span class=\"_ _4\"></span>or equit<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>settled awards or within accruals for ca<span class=\"_ _3\"></span>sh-<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>tled award<span class=\"_ _3\"></span>s until such ti<span class=\"_ _3\"></span>me as the award<span class=\"_ _3\"></span>s are ex<span class=\"_ _4\"></span>erc<span class=\"_ _3\"></span>ised,<span class=\"_ _3\"></span> whe<span class=\"_ _3\"></span>n the shares are tr<span class=\"_ _3\"></span>ansferred o<span class=\"_ _3\"></span>r cash pay<span class=\"_ _3\"></span>ments ma<span class=\"_ _3\"></span>de to emplo<span class=\"_ _3\"></span>yees.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-616": {
   "value": "a) Clas<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ion of f<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span>cial l<span class=\"_ _3\"></span>iabili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y in<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rume<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s and equit<span class=\"_ _3\"></span>y inst<span class=\"_ _3\"></span>ruments are c<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>ied acc<span class=\"_ _3\"></span>ording to the sub<span class=\"_ _3\"></span>stanc<span class=\"_ _3\"></span>e of the contr<span class=\"_ _3\"></span>actual a<span class=\"_ _3\"></span>rrang<span class=\"_ _3\"></span>ements. A<span class=\"_ _3\"></span>n equit<span class=\"_ _3\"></span>y inst<span class=\"_ _3\"></span>rument is any co<span class=\"_ _3\"></span>ntract th<span class=\"_ _3\"></span>at eviden<span class=\"_ _3\"></span>ces a residu<span class=\"_ _3\"></span>al interest in the a<span class=\"_ _3\"></span>ssets of the Grou<span class=\"_ _3\"></span>p after de<span class=\"_ _3\"></span>ductin<span class=\"_ _3\"></span>g all of its lia<span class=\"_ _3\"></span>bilities<span class=\"_ _3\"></span>. Equit<span class=\"_ _3\"></span>y instrum<span class=\"_ _3\"></span>ents issue<span class=\"_ _3\"></span>d by the C<span class=\"_ _3\"></span>ompany a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e re<span class=\"_ _3\"></span>corde<span class=\"_ _3\"></span>d at the proc<span class=\"_ _3\"></span>eeds rec<span class=\"_ _3\"></span>eived, net of d<span class=\"_ _3\"></span>irect issue<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>os<span class=\"_ _4\"></span>ts.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "balfourbeattyplc:DescriptionOfAccountingPolicyForFinancialLiabilitiesAndEquityInstruments",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-670": {
   "value": "b) Der<span class=\"_ _3\"></span>iva<span class=\"_ _3\"></span>tive f<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>l ins<span class=\"_ _3\"></span>trum<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>s and h<span class=\"_ _3\"></span>edg<span class=\"_ _3\"></span>e ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ting<span class=\"_ _3ab\"> </span>The Group uses derivative financial instruments t<span class=\"_ _4\"></span>o mana<span class=\"_ _3\"></span>ge i<span class=\"_ _4\"></span>nterest rate risk a<span class=\"_ _3\"></span>nd to hedg<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posures to flu<span class=\"_ _3\"></span>ctuati<span class=\"_ _3\"></span>ons in foreign cu<span class=\"_ _3\"></span>rrencie<span class=\"_ _3\"></span>s in ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with it<span class=\"_ _3\"></span>s risk man<span class=\"_ _3\"></span>agement p<span class=\"_ _3\"></span>olicy. The Gro<span class=\"_ _3\"></span>up does n<span class=\"_ _3\"></span>ot use derivative financial instruments for speculative purpo<span class=\"_ _3\"></span>ses. A<span class=\"_ _4\"></span> desc<span class=\"_ _3\"></span>riptio<span class=\"_ _3\"></span>n of the Group\u2019s obje<span class=\"_ _3\"></span>ctives, p<span class=\"_ _3\"></span>olicie<span class=\"_ _3\"></span>s and strateg<span class=\"_ _3\"></span>ies with re<span class=\"_ _3\"></span>gard to deri<span class=\"_ _3\"></span>vatives an<span class=\"_ _3\"></span>d other fina<span class=\"_ _3\"></span>ncial inst<span class=\"_ _3\"></span>ruments i<span class=\"_ _3\"></span>s set out in Note 4<span class=\"_ _3\"></span>0.<span class=\"_ _3ab\"> </span>Der<span class=\"_ _3\"></span>ivatives a<span class=\"_ _3\"></span>re initiall<span class=\"_ _3\"></span>y r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed in the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet at fair valu<span class=\"_ _3\"></span>e on the d<span class=\"_ _3\"></span>ate the deri<span class=\"_ _3\"></span>vative tran<span class=\"_ _3\"></span>sacti<span class=\"_ _3\"></span>on is entered into and are su<span class=\"_ _3\"></span>bseque<span class=\"_ _3\"></span>ntly re<span class=\"_ _3\"></span>-m<span class=\"_ _3\"></span>easured at t<span class=\"_ _3\"></span>heir fair valu<span class=\"_ _3\"></span>es.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s that are desi<span class=\"_ _3\"></span>gnated and q<span class=\"_ _3\"></span>ualif<span class=\"_ _3\"></span>y as fair v<span class=\"_ _3\"></span>alue hed<span class=\"_ _3\"></span>ges are reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e incom<span class=\"_ _3\"></span>e statement to<span class=\"_ _3\"></span>gether with a<span class=\"_ _3\"></span>ny chang<span class=\"_ _3\"></span>es in the fair va<span class=\"_ _3\"></span>lue of the hed<span class=\"_ _3\"></span>ged item th<span class=\"_ _3\"></span>at are at<span class=\"_ _3\"></span>tribut<span class=\"_ _3\"></span>able to the h<span class=\"_ _3\"></span>edge<span class=\"_ _3\"></span>d risk.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve por<span class=\"_ _3\"></span>tion of der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s that are desi<span class=\"_ _3\"></span>gnated an<span class=\"_ _3\"></span>d qualif<span class=\"_ _3\"></span>y as ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges are reco<span class=\"_ _3\"></span>gnised in other c<span class=\"_ _3\"></span>omprehe<span class=\"_ _3\"></span>nsive inco<span class=\"_ _3\"></span>me (OC<span class=\"_ _3\"></span>I). Change<span class=\"_ _3\"></span>s in the fair val<span class=\"_ _3\"></span>ue of the inef<span class=\"_ _3\"></span>fective p<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>ion of cas<span class=\"_ _3\"></span>h flow hedg<span class=\"_ _3\"></span>es are reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e income state<span class=\"_ _3\"></span>ment. Am<span class=\"_ _3\"></span>ounts ori<span class=\"_ _3\"></span>ginall<span class=\"_ _3\"></span>y recogni<span class=\"_ _3\"></span>sed in OC<span class=\"_ _3\"></span>I are transfer<span class=\"_ _3\"></span>red to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement when t<span class=\"_ _3\"></span>he under<span class=\"_ _3\"></span>lying tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion oc<span class=\"_ _3\"></span>curs or, if the tr<span class=\"_ _3\"></span>ansact<span class=\"_ _3\"></span>ion results i<span class=\"_ _3\"></span>n a non<span class=\"_ _3\"></span>-fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>set or liabi<span class=\"_ _3\"></span>lity, are includ<span class=\"_ _3\"></span>ed in the ini<span class=\"_ _3\"></span>tial cos<span class=\"_ _3\"></span>t of that asset o<span class=\"_ _3\"></span>r liabilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of der<span class=\"_ _3\"></span>ivative f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al instrum<span class=\"_ _3\"></span>ents that d<span class=\"_ _3\"></span>o not qu<span class=\"_ _3\"></span>alify fo<span class=\"_ _3\"></span>r hedge a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing are recog<span class=\"_ _3\"></span>nised in th<span class=\"_ _3\"></span>e income state<span class=\"_ _3\"></span>ment as they ar<span class=\"_ _3\"></span>ise.<span class=\"_ _3ab\"> </span>Hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting is d<span class=\"_ _3\"></span>iscontinu<span class=\"_ _3\"></span>ed when t<span class=\"_ _3\"></span>he hedg<span class=\"_ _3\"></span>ing instru<span class=\"_ _3\"></span>ment expires o<span class=\"_ _3\"></span>r is sold<span class=\"_ _3\"></span>, t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rminated<span class=\"_ _3\"></span>, or exercised<span class=\"_ _3\"></span>, or no long<span class=\"_ _3\"></span>er quali<span class=\"_ _3\"></span>fies for hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting. At t<span class=\"_ _3\"></span>hat time, any cu<span class=\"_ _3\"></span>mulative g<span class=\"_ _3\"></span>ain or los<span class=\"_ _3\"></span>s on the hed<span class=\"_ _3\"></span>ging inst<span class=\"_ _3\"></span>rument rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in OCI is reta<span class=\"_ _3\"></span>ined in eq<span class=\"_ _3\"></span>uity u<span class=\"_ _3\"></span>ntil the hedged transaction occurs. If<span class=\"_ _4\"></span> a hedged transaction is no<span class=\"_ _4\"></span> longer expe<span class=\"_ _3\"></span>cted to occ<span class=\"_ _3\"></span>ur<span class=\"_ _4\"></span>, the net c<span class=\"_ _3\"></span>umulati<span class=\"_ _3\"></span>ve gain or los<span class=\"_ _3\"></span>s recog<span class=\"_ _3\"></span>nised in OC<span class=\"_ _3\"></span>I<span class=\"_ gs52\"> </span>is transfer<span class=\"_ _3\"></span>red to the inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt for the peri<span class=\"_ _3\"></span>od.<span class=\"_ _3ab\"> </span>Derivatives embedde<span class=\"_ _3\"></span>d i<span class=\"_ _4\"></span>n other financial instruments or other<span class=\"_ _4\"></span> h<span class=\"_ _3\"></span>ost<span class=\"_ _4\"></span> cont<span class=\"_ _3\"></span>racts are t<span class=\"_ _3\"></span>reated as sep<span class=\"_ _3\"></span>arate deri<span class=\"_ _3\"></span>vatives an<span class=\"_ _3\"></span>d recorde<span class=\"_ _3\"></span>d in the bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et at fair value w<span class=\"_ _3\"></span>hen their ri<span class=\"_ _3\"></span>sks and char<span class=\"_ _3\"></span>acteris<span class=\"_ _3\"></span>tics are not clo<span class=\"_ _3\"></span>sely relate<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>hose of the ho<span class=\"_ _3\"></span>st contra<span class=\"_ _3\"></span>ct. Cha<span class=\"_ _3\"></span>nges in the f<span class=\"_ _3\"></span>air value of thos<span class=\"_ _3\"></span>e embed<span class=\"_ _3\"></span>ded der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed in the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet are reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement a<span class=\"_ _3\"></span>s they arise.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-645": {
   "value": "b) Der<span class=\"_ _3\"></span>iva<span class=\"_ _3\"></span>tive f<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>l ins<span class=\"_ _3\"></span>trum<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>s and h<span class=\"_ _3\"></span>edg<span class=\"_ _3\"></span>e ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ting<span class=\"_ _3ab\"> </span>The Group uses derivative financial instruments t<span class=\"_ _4\"></span>o mana<span class=\"_ _3\"></span>ge i<span class=\"_ _4\"></span>nterest rate risk a<span class=\"_ _3\"></span>nd to hedg<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posures to flu<span class=\"_ _3\"></span>ctuati<span class=\"_ _3\"></span>ons in foreign cu<span class=\"_ _3\"></span>rrencie<span class=\"_ _3\"></span>s in ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with it<span class=\"_ _3\"></span>s risk man<span class=\"_ _3\"></span>agement p<span class=\"_ _3\"></span>olicy. The Gro<span class=\"_ _3\"></span>up does n<span class=\"_ _3\"></span>ot use derivative financial instruments for speculative purpo<span class=\"_ _3\"></span>ses. A<span class=\"_ _4\"></span> desc<span class=\"_ _3\"></span>riptio<span class=\"_ _3\"></span>n of the Group\u2019s obje<span class=\"_ _3\"></span>ctives, p<span class=\"_ _3\"></span>olicie<span class=\"_ _3\"></span>s and strateg<span class=\"_ _3\"></span>ies with re<span class=\"_ _3\"></span>gard to deri<span class=\"_ _3\"></span>vatives an<span class=\"_ _3\"></span>d other fina<span class=\"_ _3\"></span>ncial inst<span class=\"_ _3\"></span>ruments i<span class=\"_ _3\"></span>s set out in Note 4<span class=\"_ _3\"></span>0.<span class=\"_ _3ab\"> </span>Der<span class=\"_ _3\"></span>ivatives a<span class=\"_ _3\"></span>re initiall<span class=\"_ _3\"></span>y r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed in the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet at fair valu<span class=\"_ _3\"></span>e on the d<span class=\"_ _3\"></span>ate the deri<span class=\"_ _3\"></span>vative tran<span class=\"_ _3\"></span>sacti<span class=\"_ _3\"></span>on is entered into and are su<span class=\"_ _3\"></span>bseque<span class=\"_ _3\"></span>ntly re<span class=\"_ _3\"></span>-m<span class=\"_ _3\"></span>easured at t<span class=\"_ _3\"></span>heir fair valu<span class=\"_ _3\"></span>es.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s that are desi<span class=\"_ _3\"></span>gnated and q<span class=\"_ _3\"></span>ualif<span class=\"_ _3\"></span>y as fair v<span class=\"_ _3\"></span>alue hed<span class=\"_ _3\"></span>ges are reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e incom<span class=\"_ _3\"></span>e statement to<span class=\"_ _3\"></span>gether with a<span class=\"_ _3\"></span>ny chang<span class=\"_ _3\"></span>es in the fair va<span class=\"_ _3\"></span>lue of the hed<span class=\"_ _3\"></span>ged item th<span class=\"_ _3\"></span>at are at<span class=\"_ _3\"></span>tribut<span class=\"_ _3\"></span>able to the h<span class=\"_ _3\"></span>edge<span class=\"_ _3\"></span>d risk.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve por<span class=\"_ _3\"></span>tion of der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s that are desi<span class=\"_ _3\"></span>gnated an<span class=\"_ _3\"></span>d qualif<span class=\"_ _3\"></span>y as ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges are reco<span class=\"_ _3\"></span>gnised in other c<span class=\"_ _3\"></span>omprehe<span class=\"_ _3\"></span>nsive inco<span class=\"_ _3\"></span>me (OC<span class=\"_ _3\"></span>I). Change<span class=\"_ _3\"></span>s in the fair val<span class=\"_ _3\"></span>ue of the inef<span class=\"_ _3\"></span>fective p<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>ion of cas<span class=\"_ _3\"></span>h flow hedg<span class=\"_ _3\"></span>es are reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e income state<span class=\"_ _3\"></span>ment. Am<span class=\"_ _3\"></span>ounts ori<span class=\"_ _3\"></span>ginall<span class=\"_ _3\"></span>y recogni<span class=\"_ _3\"></span>sed in OC<span class=\"_ _3\"></span>I are transfer<span class=\"_ _3\"></span>red to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement when t<span class=\"_ _3\"></span>he under<span class=\"_ _3\"></span>lying tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion oc<span class=\"_ _3\"></span>curs or, if the tr<span class=\"_ _3\"></span>ansact<span class=\"_ _3\"></span>ion results i<span class=\"_ _3\"></span>n a non<span class=\"_ _3\"></span>-fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>set or liabi<span class=\"_ _3\"></span>lity, are includ<span class=\"_ _3\"></span>ed in the ini<span class=\"_ _3\"></span>tial cos<span class=\"_ _3\"></span>t of that asset o<span class=\"_ _3\"></span>r liabilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of der<span class=\"_ _3\"></span>ivative f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al instrum<span class=\"_ _3\"></span>ents that d<span class=\"_ _3\"></span>o not qu<span class=\"_ _3\"></span>alify fo<span class=\"_ _3\"></span>r hedge a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing are recog<span class=\"_ _3\"></span>nised in th<span class=\"_ _3\"></span>e income state<span class=\"_ _3\"></span>ment as they ar<span class=\"_ _3\"></span>ise.<span class=\"_ _3ab\"> </span>Hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting is d<span class=\"_ _3\"></span>iscontinu<span class=\"_ _3\"></span>ed when t<span class=\"_ _3\"></span>he hedg<span class=\"_ _3\"></span>ing instru<span class=\"_ _3\"></span>ment expires o<span class=\"_ _3\"></span>r is sold<span class=\"_ _3\"></span>, t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rminated<span class=\"_ _3\"></span>, or exercised<span class=\"_ _3\"></span>, or no long<span class=\"_ _3\"></span>er quali<span class=\"_ _3\"></span>fies for hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting. At t<span class=\"_ _3\"></span>hat time, any cu<span class=\"_ _3\"></span>mulative g<span class=\"_ _3\"></span>ain or los<span class=\"_ _3\"></span>s on the hed<span class=\"_ _3\"></span>ging inst<span class=\"_ _3\"></span>rument rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in OCI is reta<span class=\"_ _3\"></span>ined in eq<span class=\"_ _3\"></span>uity u<span class=\"_ _3\"></span>ntil the hedged transaction occurs. If<span class=\"_ _4\"></span> a hedged transaction is no<span class=\"_ _4\"></span> longer expe<span class=\"_ _3\"></span>cted to occ<span class=\"_ _3\"></span>ur<span class=\"_ _4\"></span>, the net c<span class=\"_ _3\"></span>umulati<span class=\"_ _3\"></span>ve gain or los<span class=\"_ _3\"></span>s recog<span class=\"_ _3\"></span>nised in OC<span class=\"_ _3\"></span>I<span class=\"_ gs52\"> </span>is transfer<span class=\"_ _3\"></span>red to the inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt for the peri<span class=\"_ _3\"></span>od.<span class=\"_ _3ab\"> </span>Derivatives embedde<span class=\"_ _3\"></span>d i<span class=\"_ _4\"></span>n other financial instruments or other<span class=\"_ _4\"></span> h<span class=\"_ _3\"></span>ost<span class=\"_ _4\"></span> cont<span class=\"_ _3\"></span>racts are t<span class=\"_ _3\"></span>reated as sep<span class=\"_ _3\"></span>arate deri<span class=\"_ _3\"></span>vatives an<span class=\"_ _3\"></span>d recorde<span class=\"_ _3\"></span>d in the bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et at fair value w<span class=\"_ _3\"></span>hen their ri<span class=\"_ _3\"></span>sks and char<span class=\"_ _3\"></span>acteris<span class=\"_ _3\"></span>tics are not clo<span class=\"_ _3\"></span>sely relate<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>hose of the ho<span class=\"_ _3\"></span>st contra<span class=\"_ _3\"></span>ct. Cha<span class=\"_ _3\"></span>nges in the f<span class=\"_ _3\"></span>air value of thos<span class=\"_ _3\"></span>e embed<span class=\"_ _3\"></span>ded der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed in the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet are reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement a<span class=\"_ _3\"></span>s they arise.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-617": {
   "value": "b) Der<span class=\"_ _3\"></span>iva<span class=\"_ _3\"></span>tive f<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>l ins<span class=\"_ _3\"></span>trum<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>s and h<span class=\"_ _3\"></span>edg<span class=\"_ _3\"></span>e ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ting<span class=\"_ _3ab\"> </span>The Group uses derivative financial instruments t<span class=\"_ _4\"></span>o mana<span class=\"_ _3\"></span>ge i<span class=\"_ _4\"></span>nterest rate risk a<span class=\"_ _3\"></span>nd to hedg<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posures to flu<span class=\"_ _3\"></span>ctuati<span class=\"_ _3\"></span>ons in foreign cu<span class=\"_ _3\"></span>rrencie<span class=\"_ _3\"></span>s in ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with it<span class=\"_ _3\"></span>s risk man<span class=\"_ _3\"></span>agement p<span class=\"_ _3\"></span>olicy. The Gro<span class=\"_ _3\"></span>up does n<span class=\"_ _3\"></span>ot use derivative financial instruments for speculative purpo<span class=\"_ _3\"></span>ses. A<span class=\"_ _4\"></span> desc<span class=\"_ _3\"></span>riptio<span class=\"_ _3\"></span>n of the Group\u2019s obje<span class=\"_ _3\"></span>ctives, p<span class=\"_ _3\"></span>olicie<span class=\"_ _3\"></span>s and strateg<span class=\"_ _3\"></span>ies with re<span class=\"_ _3\"></span>gard to deri<span class=\"_ _3\"></span>vatives an<span class=\"_ _3\"></span>d other fina<span class=\"_ _3\"></span>ncial inst<span class=\"_ _3\"></span>ruments i<span class=\"_ _3\"></span>s set out in Note 4<span class=\"_ _3\"></span>0.<span class=\"_ _3ab\"> </span>Der<span class=\"_ _3\"></span>ivatives a<span class=\"_ _3\"></span>re initiall<span class=\"_ _3\"></span>y r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed in the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet at fair valu<span class=\"_ _3\"></span>e on the d<span class=\"_ _3\"></span>ate the deri<span class=\"_ _3\"></span>vative tran<span class=\"_ _3\"></span>sacti<span class=\"_ _3\"></span>on is entered into and are su<span class=\"_ _3\"></span>bseque<span class=\"_ _3\"></span>ntly re<span class=\"_ _3\"></span>-m<span class=\"_ _3\"></span>easured at t<span class=\"_ _3\"></span>heir fair valu<span class=\"_ _3\"></span>es.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s that are desi<span class=\"_ _3\"></span>gnated and q<span class=\"_ _3\"></span>ualif<span class=\"_ _3\"></span>y as fair v<span class=\"_ _3\"></span>alue hed<span class=\"_ _3\"></span>ges are reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e incom<span class=\"_ _3\"></span>e statement to<span class=\"_ _3\"></span>gether with a<span class=\"_ _3\"></span>ny chang<span class=\"_ _3\"></span>es in the fair va<span class=\"_ _3\"></span>lue of the hed<span class=\"_ _3\"></span>ged item th<span class=\"_ _3\"></span>at are at<span class=\"_ _3\"></span>tribut<span class=\"_ _3\"></span>able to the h<span class=\"_ _3\"></span>edge<span class=\"_ _3\"></span>d risk.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve por<span class=\"_ _3\"></span>tion of der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s that are desi<span class=\"_ _3\"></span>gnated an<span class=\"_ _3\"></span>d qualif<span class=\"_ _3\"></span>y as ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges are reco<span class=\"_ _3\"></span>gnised in other c<span class=\"_ _3\"></span>omprehe<span class=\"_ _3\"></span>nsive inco<span class=\"_ _3\"></span>me (OC<span class=\"_ _3\"></span>I). Change<span class=\"_ _3\"></span>s in the fair val<span class=\"_ _3\"></span>ue of the inef<span class=\"_ _3\"></span>fective p<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>ion of cas<span class=\"_ _3\"></span>h flow hedg<span class=\"_ _3\"></span>es are reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e income state<span class=\"_ _3\"></span>ment. Am<span class=\"_ _3\"></span>ounts ori<span class=\"_ _3\"></span>ginall<span class=\"_ _3\"></span>y recogni<span class=\"_ _3\"></span>sed in OC<span class=\"_ _3\"></span>I are transfer<span class=\"_ _3\"></span>red to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement when t<span class=\"_ _3\"></span>he under<span class=\"_ _3\"></span>lying tr<span class=\"_ _3\"></span>ansac<span class=\"_ _3\"></span>tion oc<span class=\"_ _3\"></span>curs or, if the tr<span class=\"_ _3\"></span>ansact<span class=\"_ _3\"></span>ion results i<span class=\"_ _3\"></span>n a non<span class=\"_ _3\"></span>-fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>set or liabi<span class=\"_ _3\"></span>lity, are includ<span class=\"_ _3\"></span>ed in the ini<span class=\"_ _3\"></span>tial cos<span class=\"_ _3\"></span>t of that asset o<span class=\"_ _3\"></span>r liabilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the fa<span class=\"_ _3\"></span>ir value of der<span class=\"_ _3\"></span>ivative f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al instrum<span class=\"_ _3\"></span>ents that d<span class=\"_ _3\"></span>o not qu<span class=\"_ _3\"></span>alify fo<span class=\"_ _3\"></span>r hedge a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>ing are recog<span class=\"_ _3\"></span>nised in th<span class=\"_ _3\"></span>e income state<span class=\"_ _3\"></span>ment as they ar<span class=\"_ _3\"></span>ise.<span class=\"_ _3ab\"> </span>Hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting is d<span class=\"_ _3\"></span>iscontinu<span class=\"_ _3\"></span>ed when t<span class=\"_ _3\"></span>he hedg<span class=\"_ _3\"></span>ing instru<span class=\"_ _3\"></span>ment expires o<span class=\"_ _3\"></span>r is sold<span class=\"_ _3\"></span>, t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rminated<span class=\"_ _3\"></span>, or exercised<span class=\"_ _3\"></span>, or no long<span class=\"_ _3\"></span>er quali<span class=\"_ _3\"></span>fies for hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting. At t<span class=\"_ _3\"></span>hat time, any cu<span class=\"_ _3\"></span>mulative g<span class=\"_ _3\"></span>ain or los<span class=\"_ _3\"></span>s on the hed<span class=\"_ _3\"></span>ging inst<span class=\"_ _3\"></span>rument rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in OCI is reta<span class=\"_ _3\"></span>ined in eq<span class=\"_ _3\"></span>uity u<span class=\"_ _3\"></span>ntil the hedged transaction occurs. If<span class=\"_ _4\"></span> a hedged transaction is no<span class=\"_ _4\"></span> longer expe<span class=\"_ _3\"></span>cted to occ<span class=\"_ _3\"></span>ur<span class=\"_ _4\"></span>, the net c<span class=\"_ _3\"></span>umulati<span class=\"_ _3\"></span>ve gain or los<span class=\"_ _3\"></span>s recog<span class=\"_ _3\"></span>nised in OC<span class=\"_ _3\"></span>I<span class=\"_ gs52\"> </span>is transfer<span class=\"_ _3\"></span>red to the inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt for the peri<span class=\"_ _3\"></span>od.<span class=\"_ _3ab\"> </span>Derivatives embedde<span class=\"_ _3\"></span>d i<span class=\"_ _4\"></span>n other financial instruments or other<span class=\"_ _4\"></span> h<span class=\"_ _3\"></span>ost<span class=\"_ _4\"></span> cont<span class=\"_ _3\"></span>racts are t<span class=\"_ _3\"></span>reated as sep<span class=\"_ _3\"></span>arate deri<span class=\"_ _3\"></span>vatives an<span class=\"_ _3\"></span>d recorde<span class=\"_ _3\"></span>d in the bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et at fair value w<span class=\"_ _3\"></span>hen their ri<span class=\"_ _3\"></span>sks and char<span class=\"_ _3\"></span>acteris<span class=\"_ _3\"></span>tics are not clo<span class=\"_ _3\"></span>sely relate<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>hose of the ho<span class=\"_ _3\"></span>st contra<span class=\"_ _3\"></span>ct. Cha<span class=\"_ _3\"></span>nges in the f<span class=\"_ _3\"></span>air value of thos<span class=\"_ _3\"></span>e embed<span class=\"_ _3\"></span>ded der<span class=\"_ _3\"></span>ivative<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed in the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet are reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement a<span class=\"_ _3\"></span>s they arise.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-618": {
   "value": "c) PPP conce<span class=\"_ _3\"></span>ssion compani<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>As<span class=\"_ _3\"></span>sets cons<span class=\"_ _3\"></span>tructe<span class=\"_ _3\"></span>d by PPP c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ion com<span class=\"_ _3\"></span>panies are cl<span class=\"_ _3\"></span>assifie<span class=\"_ _3\"></span>d prin<span class=\"_ _3\"></span>cipall<span class=\"_ _3\"></span>y as finan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>ets measure<span class=\"_ _3\"></span>d at fair value th<span class=\"_ _3\"></span>rough OC<span class=\"_ _3\"></span>I.<span class=\"_ _3ab\"> </span>In the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction p<span class=\"_ _3\"></span>hase, inc<span class=\"_ _3\"></span>ome is reco<span class=\"_ _3\"></span>gnised by a<span class=\"_ _3\"></span>pply<span class=\"_ _3\"></span>ing an at<span class=\"_ _3\"></span>tribut<span class=\"_ _3\"></span>able prof<span class=\"_ _3\"></span>it margin to th<span class=\"_ _3\"></span>e constr<span class=\"_ _3\"></span>uction c<span class=\"_ _3\"></span>osts rep<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>senting the fair val<span class=\"_ _3\"></span>ue of const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n ser<span class=\"_ _3\"></span>vices p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>med. In t<span class=\"_ _3\"></span>he oper<span class=\"_ _3\"></span>ational pha<span class=\"_ _3\"></span>se, incom<span class=\"_ _3\"></span>e is recog<span class=\"_ _3\"></span>nised by allo<span class=\"_ _3\"></span>catin<span class=\"_ _3\"></span>g a propor<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n of t<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al cash recei<span class=\"_ _3\"></span>vable over t<span class=\"_ _3\"></span>he life of the proje<span class=\"_ _3\"></span>ct to ser<span class=\"_ _3\"></span>vice c<span class=\"_ _3\"></span>osts by me<span class=\"_ _3\"></span>ans of a dee<span class=\"_ _3\"></span>med rate of return o<span class=\"_ _3\"></span>n those co<span class=\"_ _3\"></span>sts. T<span class=\"_ _3\"></span>he residual e<span class=\"_ _3\"></span>lement of proje<span class=\"_ _3\"></span>cted ca<span class=\"_ _3\"></span>sh is alloc<span class=\"_ _3\"></span>ated to the fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>set using the ef<span class=\"_ _3\"></span>fecti<span class=\"_ _3\"></span>ve interest ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e m<span class=\"_ _3\"></span>ethod, g<span class=\"_ _3\"></span>iving r<span class=\"_ _3\"></span>ise to interest inco<span class=\"_ _3\"></span>me.<span class=\"_ _3ab\"> </span>Due to th<span class=\"_ _3\"></span>e nature of the co<span class=\"_ _3\"></span>ntractu<span class=\"_ _3\"></span>al arran<span class=\"_ _3\"></span>gements<span class=\"_ _3\"></span>, the proje<span class=\"_ _3\"></span>cted cas<span class=\"_ _3\"></span>h flows c<span class=\"_ _3\"></span>an be est<span class=\"_ _3\"></span>imated wi<span class=\"_ _3\"></span>th a high deg<span class=\"_ _3\"></span>ree of cer<span class=\"_ _3\"></span>taint<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>In the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction p<span class=\"_ _3\"></span>hase, the fai<span class=\"_ _3\"></span>r value of the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s P<span class=\"_ _3\"></span>PP finan<span class=\"_ _3\"></span>cial asset<span class=\"_ _3\"></span>s is determine<span class=\"_ _3\"></span>d by appl<span class=\"_ _3\"></span>ying an at<span class=\"_ _3\"></span>trib<span class=\"_ _3\"></span>utabl<span class=\"_ _3\"></span>e profit marg<span class=\"_ _3\"></span>in to the con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ion cost<span class=\"_ _3\"></span>s representin<span class=\"_ _3\"></span>g the fair valu<span class=\"_ _3\"></span>e of constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n serv<span class=\"_ _3\"></span>ices per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ed. In the o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>onal pha<span class=\"_ _3\"></span>se, fair value i<span class=\"_ _3\"></span>s determine<span class=\"_ _3\"></span>d by disc<span class=\"_ _3\"></span>ounting th<span class=\"_ _3\"></span>e future cas<span class=\"_ _3\"></span>h flows allo<span class=\"_ _3\"></span>cated to the fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l asset using d<span class=\"_ _3\"></span>iscount r<span class=\"_ _3\"></span>ates based o<span class=\"_ _3\"></span>n long<span class=\"_ _3\"></span>-ter<span class=\"_ _3\"></span>m gilt rates ad<span class=\"_ _3\"></span>justed for the r<span class=\"_ _3\"></span>isk levels as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d with the a<span class=\"_ _3\"></span>ssets, w<span class=\"_ _3\"></span>ith market-<span class=\"_ _3\"></span>related m<span class=\"_ _3\"></span>ovements in fair val<span class=\"_ _3\"></span>ue recog<span class=\"_ _3\"></span>nised in O<span class=\"_ _3\"></span>CI. In bot<span class=\"_ _3\"></span>h instan<span class=\"_ _3\"></span>ces, the fa<span class=\"_ _3\"></span>ir value is reduc<span class=\"_ _3\"></span>ed by allow<span class=\"_ _3\"></span>ances for es<span class=\"_ _3\"></span>timated irre<span class=\"_ _3\"></span>coverab<span class=\"_ _3\"></span>le amount<span class=\"_ _3\"></span>s and expected<span class=\"_ _4\"></span> credit losses. Amounts<span class=\"_ _4\"></span> originally recogni<span class=\"_ _4\"></span>sed in OCI are<span class=\"_ _4\"></span> trans<span class=\"_ _3\"></span>ferred to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement upo<span class=\"_ _3\"></span>n dispos<span class=\"_ _3\"></span>al of the ass<span class=\"_ _3\"></span>et.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "balfourbeattyplc:DescriptionOfAccountingPolicyForPPPConcessionCompanies",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-576": {
   "value": "2.<span class=\"_ _3\"></span>27 J<span class=\"_ _3\"></span>udg<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s and ke<span class=\"_ _3\"></span>y sou<span class=\"_ _3\"></span>rce<span class=\"_ _3\"></span>s of e<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ima<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n unc<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ain<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e prepara<span class=\"_ _3\"></span>tion of con<span class=\"_ _3\"></span>solidate<span class=\"_ _3\"></span>d financ<span class=\"_ _3\"></span>ial statem<span class=\"_ _3\"></span>ents unde<span class=\"_ _3\"></span>r IFRS requires management t<span class=\"_ _4\"></span>o make judgements, estimates<span class=\"_ _4\"></span> and assumptions that af<span class=\"_ _3\"></span>fect am<span class=\"_ _3\"></span>ounts reco<span class=\"_ _3\"></span>gnised fo<span class=\"_ _3\"></span>r assets and li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date and the a<span class=\"_ _3\"></span>mounts of revenue a<span class=\"_ _3\"></span>nd expense<span class=\"_ _3\"></span>s incurre<span class=\"_ _3\"></span>d duri<span class=\"_ _3\"></span>ng the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g perio<span class=\"_ _3\"></span>d. Act<span class=\"_ _3\"></span>ual outco<span class=\"_ _3\"></span>mes may di<span class=\"_ _3\"></span>ffer from th<span class=\"_ _3\"></span>ese judgements, estimates and assumptions.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e judgem<span class=\"_ _3\"></span>ents, esti<span class=\"_ _3\"></span>mates and as<span class=\"_ _3\"></span>sumptions t<span class=\"_ _3\"></span>hat have the mo<span class=\"_ _3\"></span>st signi<span class=\"_ _3\"></span>ficant ef<span class=\"_ _3\"></span>fect on t<span class=\"_ _3\"></span>he carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g value of ass<span class=\"_ _3\"></span>ets and liab<span class=\"_ _3\"></span>ilities of th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p as at 31 Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23 are di<span class=\"_ _3\"></span>scusse<span class=\"_ _3\"></span>d below.<span class=\"_ _3ab\"> </span>a) Reve<span class=\"_ _3\"></span>nue an<span class=\"_ _3\"></span>d margi<span class=\"_ _3\"></span>n rec<span class=\"_ _3\"></span>ogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n (<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>imat<span class=\"_ _3\"></span>e)<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s r<span class=\"_ _4\"></span>eve<span class=\"_ _3\"></span>nue recog<span class=\"_ _3\"></span>nition an<span class=\"_ _3\"></span>d margin rec<span class=\"_ _3\"></span>ogniti<span class=\"_ _3\"></span>on polic<span class=\"_ _3\"></span>ies, whic<span class=\"_ _3\"></span>h are set out in N<span class=\"_ _3\"></span>otes 2.4 and 2.<span class=\"_ _3\"></span>5, are cent<span class=\"_ _3\"></span>ral to how the Gro<span class=\"_ _3\"></span>up value<span class=\"_ _3\"></span>s the work it h<span class=\"_ _3\"></span>as carr<span class=\"_ _3\"></span>ied out in e<span class=\"_ _3\"></span>ach fina<span class=\"_ _3\"></span>ncial yea<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ese poli<span class=\"_ _3\"></span>cies requi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e fo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cast<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e made of t<span class=\"_ _3\"></span>he outcom<span class=\"_ _3\"></span>es of long<span class=\"_ _3\"></span>-t<span class=\"_ _4\"></span>er<span class=\"_ _3\"></span>m<span class=\"_ _4\"></span> construction serv<span class=\"_ _3\"></span>ices<span class=\"_ _4\"></span> and suppor<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> ser<span class=\"_ _3\"></span>vices cont<span class=\"_ _4\"></span>rac<span class=\"_ _3\"></span>ts,<span class=\"_ _4\"></span> whic<span class=\"_ _3\"></span>h require esti<span class=\"_ _3\"></span>mates to be mad<span class=\"_ _3\"></span>e of both co<span class=\"_ _3\"></span>st and inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnitio<span class=\"_ _3\"></span>n on each c<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>. On the co<span class=\"_ _3\"></span>st side, es<span class=\"_ _3\"></span>timates of forec<span class=\"_ _3\"></span>asts are mad<span class=\"_ _3\"></span>e on the fin<span class=\"_ _3\"></span>al out-t<span class=\"_ _3\"></span>urn of eac<span class=\"_ _3\"></span>h contrac<span class=\"_ _3\"></span>t in addi<span class=\"_ _3\"></span>tion to potenti<span class=\"_ _3\"></span>al cos<span class=\"_ _3\"></span>ts to be incur<span class=\"_ _3\"></span>red for any mainten<span class=\"_ _3\"></span>ance and d<span class=\"_ _3\"></span>efects lia<span class=\"_ _3\"></span>bilities<span class=\"_ _3\"></span>. On the inc<span class=\"_ _3\"></span>ome sid<span class=\"_ _3\"></span>e, estimates a<span class=\"_ _3\"></span>re made on va<span class=\"_ _3\"></span>riation<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o c<span class=\"_ _3\"></span>onsid<span class=\"_ _3\"></span>eration whic<span class=\"_ _3\"></span>h ty<span class=\"_ _3\"></span>picall<span class=\"_ _3\"></span>y includ<span class=\"_ _3\"></span>e variat<span class=\"_ _3\"></span>ions due to ch<span class=\"_ _3\"></span>anges in sc<span class=\"_ _3\"></span>ope of wor<span class=\"_ _3\"></span>k, recover<span class=\"_ _3\"></span>ies of clai<span class=\"_ _3\"></span>m income f<span class=\"_ _3\"></span>rom customer<span class=\"_ _3\"></span>s, and potent<span class=\"_ _3\"></span>ial liqui<span class=\"_ _3\"></span>dated dam<span class=\"_ _3\"></span>ages th<span class=\"_ _3\"></span>at may be levi<span class=\"_ _3\"></span>ed by<span class=\"_ gs52\"> </span>custom<span class=\"_ _3\"></span>ers. On c<span class=\"_ _3\"></span>ost reimbu<span class=\"_ _3\"></span>rsabl<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>racts th<span class=\"_ _3\"></span>ere are also esti<span class=\"_ _3\"></span>mates require<span class=\"_ _3\"></span>d on the level of dis<span class=\"_ _3\"></span>allowabl<span class=\"_ _3\"></span>e costs w<span class=\"_ _3\"></span>hich requ<span class=\"_ _3\"></span>ires an asses<span class=\"_ _3\"></span>sment of wheth<span class=\"_ _3\"></span>er costs are recove<span class=\"_ _3\"></span>rable un<span class=\"_ _3\"></span>der the term<span class=\"_ _3\"></span>s of the contr<span class=\"_ _3\"></span>act and th<span class=\"_ _3\"></span>erefore should be rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d as incom<span class=\"_ _3\"></span>e. Estima<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s are reviewed regul<span class=\"_ _3\"></span>arly throug<span class=\"_ _3\"></span>hout the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t life based o<span class=\"_ _3\"></span>n latest avail<span class=\"_ _3\"></span>able infor<span class=\"_ _3\"></span>mation and<span class=\"_ gs52\"> </span>ad<span class=\"_ _3\"></span>justment<span class=\"_ _3\"></span>s are made w<span class=\"_ _3\"></span>here neces<span class=\"_ _3\"></span>sar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he Group c<span class=\"_ _3\"></span>ontinues to<span class=\"_ gs52\"> </span>regul<span class=\"_ _3\"></span>arly ass<span class=\"_ _3\"></span>ess these e<span class=\"_ _3\"></span>stimates. As a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Group\u2019s contrac<span class=\"_ _3\"></span>t assets<span class=\"_ _3\"></span>, contrac<span class=\"_ _3\"></span>t liabil<span class=\"_ _3\"></span>ities and c<span class=\"_ _3\"></span>ontract p<span class=\"_ _3\"></span>rovisions a<span class=\"_ _3\"></span>mounted to \u00a3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>m, \u00a36<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2m and \u00a3<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>2m re<span class=\"_ _4\"></span>spectiv<span class=\"_ _4\"></span>ely as set out in N<span class=\"_ _3\"></span>otes 23 and 2<span class=\"_ _3\"></span>6. T<span class=\"_ _3\"></span>he Group ha<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>ered the na<span class=\"_ _3\"></span>ture of the estim<span class=\"_ _3\"></span>ates involved in d<span class=\"_ _3\"></span>erivi<span class=\"_ _3\"></span>ng these ba<span class=\"_ _3\"></span>lances a<span class=\"_ _3\"></span>nd con<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d that it is po<span class=\"_ _3\"></span>ssible, o<span class=\"_ _3\"></span>n the basis of ex<span class=\"_ _3\"></span>isting kn<span class=\"_ _3\"></span>owledg<span class=\"_ _3\"></span>e, that outc<span class=\"_ _3\"></span>omes wit<span class=\"_ _3\"></span>hin the next f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al year may b<span class=\"_ _3\"></span>e different fro<span class=\"_ _3\"></span>m the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s assum<span class=\"_ _3\"></span>ptions ap<span class=\"_ _3\"></span>plied as a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 and c<span class=\"_ _3\"></span>ould requi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a m<span class=\"_ _3\"></span>aterial ad<span class=\"_ _3\"></span>justment to th<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amounts of th<span class=\"_ _3\"></span>ese assets and li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s in the next f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al year<span class=\"_ _4\"></span>. H<span class=\"_ _3\"></span>owever<span class=\"_ _5\"></span>, d<span class=\"_ _3\"></span>ue to the level of unce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ainty, combi<span class=\"_ _3\"></span>nation of c<span class=\"_ _3\"></span>ost and inc<span class=\"_ _3\"></span>ome vari<span class=\"_ _3\"></span>ables an<span class=\"_ _3\"></span>d timing acro<span class=\"_ _3\"></span>ss a large p<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>folio of c<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>s (in excess of 1,0<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>) at<span class=\"_ gs52\"> </span>dif<span class=\"_ _3\"></span>ferent sta<span class=\"_ _3\"></span>ges of their c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t life, it is impr<span class=\"_ _3\"></span>actic<span class=\"_ _3\"></span>able to prov<span class=\"_ _3\"></span>ide a<span class=\"_ gs52\"> </span>quant<span class=\"_ _3\"></span>itative anal<span class=\"_ _3\"></span>ysis of the ag<span class=\"_ _3\"></span>gregate<span class=\"_ _3\"></span>d estimates th<span class=\"_ _3\"></span>at are appl<span class=\"_ _3\"></span>ied at a por<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>folio level.<span class=\"_ _3ab\"> </span>a) Reve<span class=\"_ _3\"></span>nue an<span class=\"_ _3\"></span>d margi<span class=\"_ _3\"></span>n rec<span class=\"_ _3\"></span>ogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n (<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>imat<span class=\"_ _3\"></span>e)<span class=\"ff3c ls3c ws37\"> continu<span class=\"_ _3\"></span>ed<span class=\"_ _3ab\"> </span></span>W<span class=\"_ _3\"></span>ithin this po<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>folio, the<span class=\"_ _3\"></span>re are a limited numb<span class=\"_ _3\"></span>er of long<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rm contr<span class=\"_ _3\"></span>acts whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>he Group ha<span class=\"_ _3\"></span>s incor<span class=\"_ _3\"></span>porated s<span class=\"_ _3\"></span>ignific<span class=\"_ _3\"></span>ant estim<span class=\"_ _3\"></span>ates over contr<span class=\"_ _3\"></span>actual<span class=\"_ _3\"></span> entitl<span class=\"_ _3\"></span>ements rela<span class=\"_ _3\"></span>ting to recover<span class=\"_ _3\"></span>ies of claim in<span class=\"_ _3\"></span>come fro<span class=\"_ _3\"></span>m customer<span class=\"_ _3\"></span>s, supp<span class=\"_ _3\"></span>liers and l<span class=\"_ _3\"></span>iquida<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d dama<span class=\"_ _3\"></span>ges levie<span class=\"_ _3\"></span>d by the custom<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his is in the C<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction S<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>ices se<span class=\"_ _3\"></span>gment. T<span class=\"_ _3\"></span>hese recove<span class=\"_ _3\"></span>ries have be<span class=\"_ _3\"></span>en reco<span class=\"_ _3\"></span>gnised at t<span class=\"_ _3\"></span>he amount th<span class=\"_ _3\"></span>at is consi<span class=\"_ _3\"></span>dered high<span class=\"_ _3\"></span>ly proba<span class=\"_ _3\"></span>ble not to signi<span class=\"_ _3\"></span>ficantl<span class=\"_ _3\"></span>y reverse. Howeve<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, th<span class=\"_ _3\"></span>ere are a<span class=\"_ gs52\"> </span>host<span class=\"_ gs52\"> </span>of fac<span class=\"_ _3\"></span>tors af<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cting potenti<span class=\"_ _3\"></span>al outcom<span class=\"_ _3\"></span>es in respec<span class=\"_ _3\"></span>t of<span class=\"_ gs52\"> </span>these enti<span class=\"_ _3\"></span>tlement<span class=\"_ _3\"></span>s which co<span class=\"_ _3\"></span>uld result in a r<span class=\"_ _3\"></span>ange of reas<span class=\"_ _3\"></span>onabl<span class=\"_ _3\"></span>y possi<span class=\"_ _3\"></span>ble outco<span class=\"_ _3\"></span>mes on the<span class=\"_ _3\"></span>se contra<span class=\"_ _3\"></span>cts in the foll<span class=\"_ _3\"></span>owing fin<span class=\"_ _3\"></span>ancial ye<span class=\"_ _3\"></span>ar<span class=\"_ _4\"></span>, ran<span class=\"_ _3\"></span>ging from a g<span class=\"_ _3\"></span>ain of \u00a36<span class=\"_ _3\"></span>0m to a loss of \u00a3(<span class=\"_ _3\"></span>35)m. T<span class=\"_ _3\"></span>he Directo<span class=\"_ _3\"></span>rs have asses<span class=\"_ _3\"></span>sed the ra<span class=\"_ _3\"></span>nge of reaso<span class=\"_ _3\"></span>nabl<span class=\"_ _3\"></span>y pos<span class=\"_ _3\"></span>sible ou<span class=\"_ _3\"></span>tcomes on t<span class=\"_ _3\"></span>hese limite<span class=\"_ _3\"></span>d number of c<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>s based o<span class=\"_ _3\"></span>n fac<span class=\"_ _3\"></span>ts and circu<span class=\"_ _3\"></span>mstanc<span class=\"_ _3\"></span>es that were pres<span class=\"_ _3\"></span>ent and<span class=\"_ gs52\"> </span>know<span class=\"_ _3\"></span>n at the bal<span class=\"_ _3\"></span>ance sheet<span class=\"_ _4\"></span> d<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>e. As with any<span class=\"_ _4\"></span> contract applying long<span class=\"_ _3\"></span>-te<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>m<span class=\"_ _4\"></span> contract accounting, these c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts are also af<span class=\"_ _3\"></span>fected by<span class=\"_ gs52\"> </span>a<span class=\"_ gs52\"> </span>v<span class=\"_ _3\"></span>ariet<span class=\"_ _3\"></span>y of uncer<span class=\"_ _3\"></span>tainti<span class=\"_ _3\"></span>es that dep<span class=\"_ _3\"></span>end on futu<span class=\"_ _3\"></span>re ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nts, and so<span class=\"_ gs52\"> </span>of<span class=\"_ _3\"></span>ten nee<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e revised as contracts progr<span class=\"_ _4\"></span>ess.<span class=\"_ _3ab\"> </span>b<span class=\"_ _4\"></span>) Non-underlying<span class=\"_ _4\"></span> items (judgement)<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g items are items of fin<span class=\"_ _3\"></span>ancial p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rmanc<span class=\"_ _3\"></span>e which th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p believes sho<span class=\"_ _3\"></span>uld be pres<span class=\"_ _3\"></span>ented separ<span class=\"_ _3\"></span>ately on the f<span class=\"_ _3\"></span>ace of the inc<span class=\"_ _3\"></span>ome statem<span class=\"_ _3\"></span>ent to assist in un<span class=\"_ _3\"></span>derst<span class=\"_ _3\"></span>anding th<span class=\"_ _3\"></span>e underl<span class=\"_ _3\"></span>ying fin<span class=\"_ _3\"></span>ancial per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance ach<span class=\"_ _3\"></span>ieved by the Gro<span class=\"_ _3\"></span>up. Determin<span class=\"_ _3\"></span>ing whethe<span class=\"_ _3\"></span>r an item is par<span class=\"_ _3\"></span>t of und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g items or non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>unde<span class=\"_ _3\"></span>rlyin<span class=\"_ _3\"></span>g items requires ju<span class=\"_ _3\"></span>dgeme<span class=\"_ _3\"></span>nt. A total no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g loss af<span class=\"_ _3\"></span>ter tax of \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>3m) was c<span class=\"_ _3\"></span>harged to the inc<span class=\"_ _3\"></span>ome sta<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ment for the year e<span class=\"_ _3\"></span>nded 31 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3. Refer to Note 10.<span class=\"_ _3ab\"> </span>c) Fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>ial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts me<span class=\"_ _3\"></span>asu<span class=\"_ _3\"></span>red a<span class=\"_ _3\"></span>t fair v<span class=\"_ _3\"></span>alue th<span class=\"_ _3\"></span>roug<span class=\"_ _3\"></span>h OCI (es<span class=\"_ _3\"></span>tim<span class=\"_ _3\"></span>ate)<span class=\"_ _3ab\"> </span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, \u00a31<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>173m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a31,270<span class=\"_ _3\"></span>m) of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al asset<span class=\"_ _3\"></span>s constr<span class=\"_ _3\"></span>ucted by th<span class=\"_ _3\"></span>e Group\u2019s subsidia<span class=\"_ _3\"></span>ry, joint venture an<span class=\"_ _3\"></span>d asso<span class=\"_ _3\"></span>ciate co<span class=\"_ _3\"></span>mpanies we<span class=\"_ _3\"></span>re classi<span class=\"_ _3\"></span>fied as fin<span class=\"_ _3\"></span>ancial as<span class=\"_ _3\"></span>sets meas<span class=\"_ _3\"></span>ured at fair val<span class=\"_ _3\"></span>ue through O<span class=\"_ _3\"></span>CI. In t<span class=\"_ _3\"></span>he oper<span class=\"_ _3\"></span>ational p<span class=\"_ _3\"></span>hase the fai<span class=\"_ _3\"></span>r value of thes<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets is measu<span class=\"_ _3\"></span>red at each re<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ting date by d<span class=\"_ _3\"></span>iscount<span class=\"_ _3\"></span>ing the future va<span class=\"_ _3\"></span>lue of the ca<span class=\"_ _3\"></span>sh flows allo<span class=\"_ _3\"></span>cated to th<span class=\"_ _3\"></span>e financi<span class=\"_ _3\"></span>al asset. A ra<span class=\"_ _3\"></span>nge of disc<span class=\"_ _3\"></span>ount rates is us<span class=\"_ _3\"></span>ed from 4.<span class=\"_ _3\"></span>3% to 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _4\"></span>% (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: 4.6% to 10.0%), whic<span class=\"_ _3\"></span>h reflects t<span class=\"_ _3\"></span>he prevailing r<span class=\"_ _3\"></span>isk-free interest r<span class=\"_ _3\"></span>ates and the di<span class=\"_ _3\"></span>fferent risk prof<span class=\"_ _3\"></span>iles of the var<span class=\"_ _3\"></span>ious co<span class=\"_ _3\"></span>ncessio<span class=\"_ _3\"></span>ns. Th<span class=\"_ _3\"></span>ese represent key sou<span class=\"_ _3\"></span>rces of estim<span class=\"_ _3\"></span>ation unc<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>aint<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>. R<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r to Note 40<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>A \u00a3<span class=\"_ _3\"></span>20m g<span class=\"_ _3\"></span>ain was t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>en to ot<span class=\"_ _3\"></span>her comp<span class=\"_ _3\"></span>rehensive in<span class=\"_ _3\"></span>come in 2<span class=\"_ _3\"></span>023 (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3127<span class=\"_ _4\"></span>m l<span class=\"_ _3\"></span>oss) and a cu<span class=\"_ _3\"></span>mulative fa<span class=\"_ _3\"></span>ir value gai<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>m had arise<span class=\"_ _3\"></span>n on<span class=\"_ gs52\"> </span>the<span class=\"_ _3\"></span>se financ<span class=\"_ _3\"></span>ial assets a<span class=\"_ _3\"></span>s a result of market-<span class=\"_ _3\"></span>relate<span class=\"_ _3\"></span>d movements in<span class=\"_ gs52\"> </span>the fa<span class=\"_ _3\"></span>ir value of thes<span class=\"_ _3\"></span>e financi<span class=\"_ _3\"></span>al assets at 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>23 (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2:<span class=\"_ gs52\"> </span>\u00a31<span class=\"_ _4\"></span>78<span class=\"_ _3\"></span>m).<span class=\"_ _3ab\"> </span>d) Co<span class=\"_ _3\"></span>ntr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t prov<span class=\"_ _3\"></span>isio<span class=\"_ _3\"></span>ns (es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>te)<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ntract p<span class=\"_ _3\"></span>rovisions are li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s of uncer<span class=\"_ _3\"></span>tain t<span class=\"_ _3\"></span>iming or amo<span class=\"_ _3\"></span>unt and therefore in m<span class=\"_ _3\"></span>aking a relia<span class=\"_ _3\"></span>ble esti<span class=\"_ _3\"></span>mate of the quant<span class=\"_ _3\"></span>um and timin<span class=\"_ _3\"></span>g of liab<span class=\"_ _3\"></span>ilities es<span class=\"_ _3\"></span>timates are ap<span class=\"_ _3\"></span>plied an<span class=\"_ _3\"></span>d r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>eval<span class=\"_ _3\"></span>uated at eac<span class=\"_ _3\"></span>h repor<span class=\"_ _3\"></span>ting date. T<span class=\"_ _3\"></span>he rang<span class=\"_ _3\"></span>e of potential ou<span class=\"_ _3\"></span>tcomes on c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t provisio<span class=\"_ _3\"></span>ns as a result of un<span class=\"_ _3\"></span>cer<span class=\"_ _3\"></span>tain futu<span class=\"_ _3\"></span>re e<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>nts could re<span class=\"_ _3\"></span>sult in a materi<span class=\"_ _3\"></span>ally po<span class=\"_ _3\"></span>sitive or<span class=\"_ gs52\"> </span>ne<span class=\"_ _3\"></span>gative sw<span class=\"_ _3\"></span>ing to profita<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y and ca<span class=\"_ _3\"></span>sh flow<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group has c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>red the nature of t<span class=\"_ _3\"></span>hese estim<span class=\"_ _3\"></span>ates and con<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d that it is po<span class=\"_ _3\"></span>ssible, o<span class=\"_ _3\"></span>n the basis of ex<span class=\"_ _3\"></span>isting kn<span class=\"_ _3\"></span>owledg<span class=\"_ _3\"></span>e, that<span class=\"_ gs52\"> </span>o<span class=\"_ _3\"></span>utcomes w<span class=\"_ _3\"></span>ithin the nex<span class=\"_ _3\"></span>t finan<span class=\"_ _3\"></span>cial year m<span class=\"_ _3\"></span>ay be dif<span class=\"_ _3\"></span>ferent from the<span class=\"_ gs52\"> </span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s as<span class=\"_ _3\"></span>sumptions a<span class=\"_ _3\"></span>pplie<span class=\"_ _3\"></span>d as at 31 Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23 an<span class=\"_ _3\"></span>d could requi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a m<span class=\"_ _3\"></span>aterial ad<span class=\"_ _3\"></span>justment to th<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amounts of as<span class=\"_ _3\"></span>sets and<span class=\"_ gs52\"> </span>li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s in the next f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al year<span class=\"_ _4\"></span>. A<span class=\"_ _3\"></span>s discl<span class=\"_ _3\"></span>osed in Note 2<span class=\"_ _3\"></span>6, the<span class=\"_ gs52\"> </span>ma<span class=\"_ _3\"></span>jorit<span class=\"_ _3\"></span>y of the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s provi<span class=\"_ _3\"></span>sion bal<span class=\"_ _3\"></span>ance relates to c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t provis<span class=\"_ _3\"></span>ions, whi<span class=\"_ _3\"></span>ch inclu<span class=\"_ _3\"></span>de loss prov<span class=\"_ _3\"></span>isions, d<span class=\"_ _3\"></span>efect and wa<span class=\"_ _3\"></span>rrant<span class=\"_ _3\"></span>y provis<span class=\"_ _3\"></span>ions, wh<span class=\"_ _3\"></span>ere estimates a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e m<span class=\"_ _3\"></span>ade aroun<span class=\"_ _3\"></span>d forecas<span class=\"_ _3\"></span>t costs, t<span class=\"_ _3\"></span>iming and w<span class=\"_ _3\"></span>hether it is pro<span class=\"_ _3\"></span>babl<span class=\"_ _3\"></span>e there will be a<span class=\"_ _3\"></span>n outf<span class=\"_ _3\"></span>low of future ec<span class=\"_ _3\"></span>onomic ben<span class=\"_ _3\"></span>efit. Co<span class=\"_ _3\"></span>ntract lo<span class=\"_ _3\"></span>ss provisi<span class=\"_ _3\"></span>ons may also i<span class=\"_ _3\"></span>nclude e<span class=\"_ _3\"></span>stimates arou<span class=\"_ _3\"></span>nd vari<span class=\"_ _3\"></span>able co<span class=\"_ _3\"></span>nsider<span class=\"_ _3\"></span>ation as dis<span class=\"_ _3\"></span>closed i<span class=\"_ _3\"></span>n Note 2.2<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>(a<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>. H<span class=\"_ _3\"></span>owever<span class=\"_ _4\"></span>, due to the level of u<span class=\"_ _3\"></span>ncer<span class=\"_ _3\"></span>taint<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, co<span class=\"_ _3\"></span>mbinati<span class=\"_ _3\"></span>on of varia<span class=\"_ _3\"></span>bles and t<span class=\"_ _3\"></span>iming acro<span class=\"_ _3\"></span>ss a<span class=\"_ gs52\"> </span>larg<span class=\"_ _3\"></span>e por<span class=\"_ _3\"></span>tfoli<span class=\"_ _3\"></span>o of compl<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>x c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts at dif<span class=\"_ _3\"></span>ferent stag<span class=\"_ _3\"></span>es of their cont<span class=\"_ _3\"></span>ract life, it is i<span class=\"_ _3\"></span>mprac<span class=\"_ _3\"></span>ticab<span class=\"_ _3\"></span>le to provide a q<span class=\"_ _3\"></span>uantit<span class=\"_ _3\"></span>ative anal<span class=\"_ _3\"></span>ysis of the<span class=\"_ gs52\"> </span>ag<span class=\"_ _3\"></span>gregate<span class=\"_ _3\"></span>d estimates t<span class=\"_ _3\"></span>hat are app<span class=\"_ _3\"></span>lied at a por<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>folio level.<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>o the ex<span class=\"_ _3\"></span>tent that the s<span class=\"_ _3\"></span>ensitiv<span class=\"_ _3\"></span>ities disc<span class=\"_ _3\"></span>losed in N<span class=\"_ _3\"></span>ote 2.2<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>(a) a<span class=\"_ _3\"></span>ffect a<span class=\"_ gs52\"> </span>los<span class=\"_ _3\"></span>s-<span class=\"_ _3\"></span>makin<span class=\"_ _3\"></span>g contra<span class=\"_ _3\"></span>ct, this w<span class=\"_ _3\"></span>ill have an imp<span class=\"_ _3\"></span>act on th<span class=\"_ _3\"></span>e Group\u2019s provis<span class=\"_ _3\"></span>ions in the nex<span class=\"_ _3\"></span>t finan<span class=\"_ _3\"></span>cial year.<span class=\"_ _3ab\"> </span>e) Ret<span class=\"_ _3\"></span>irem<span class=\"_ _3\"></span>ent b<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>it obl<span class=\"_ _3\"></span>igat<span class=\"_ _3\"></span>ions (e<span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>mate)<span class=\"_ _3ab\"> </span>Det<span class=\"_ _3\"></span>ails of the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s defin<span class=\"_ _3\"></span>ed benefi<span class=\"_ _3\"></span>t pensio<span class=\"_ _3\"></span>n schemes a<span class=\"_ _3\"></span>re set out in<span class=\"_ gs52\"> </span>Note 3<span class=\"_ _3\"></span>0, inc<span class=\"_ _3\"></span>luding t<span class=\"_ _3\"></span>ables sh<span class=\"_ _3\"></span>owing the s<span class=\"_ _3\"></span>ensitiv<span class=\"_ _3\"></span>ity of th<span class=\"_ _3\"></span>e pensio<span class=\"_ _3\"></span>n sche<span class=\"_ _3\"></span>me oblig<span class=\"_ _3\"></span>ations a<span class=\"_ _3\"></span>nd assets to di<span class=\"_ _3\"></span>fferent ac<span class=\"_ _3\"></span>tuarial a<span class=\"_ _3\"></span>ssumptio<span class=\"_ _3\"></span>ns.<span class=\"_ _3ab\"> </span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, the net retirem<span class=\"_ _3\"></span>ent benefit a<span class=\"_ _3\"></span>ssets reco<span class=\"_ _3\"></span>gnised on the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s b<span class=\"_ _3\"></span>alanc<span class=\"_ _3\"></span>e sheet were \u00a36<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>3m). The ef<span class=\"_ _3\"></span>fects<span class=\"_ _3\"></span> of cha<span class=\"_ _3\"></span>nges in the a<span class=\"_ _3\"></span>ctuari<span class=\"_ _3\"></span>al assump<span class=\"_ _3\"></span>tions und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g the sche<span class=\"_ _3\"></span>mes\u2019 obl<span class=\"_ _3\"></span>igatio<span class=\"_ _3\"></span>ns (inclu<span class=\"_ _3\"></span>ding inflat<span class=\"_ _3\"></span>ion and mo<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>lity<span class=\"_ _3\"></span>) and disc<span class=\"_ _3\"></span>ount rates and the di<span class=\"_ _3\"></span>fferenc<span class=\"_ _3\"></span>es betwe<span class=\"_ _3\"></span>en expec<span class=\"_ _3\"></span>ted and ac<span class=\"_ _3\"></span>tual returns o<span class=\"_ _3\"></span>n the sche<span class=\"_ _3\"></span>mes\u2019 assets a<span class=\"_ _3\"></span>re classif<span class=\"_ _3\"></span>ied as ac<span class=\"_ _3\"></span>tuarial g<span class=\"_ _3\"></span>ains and l<span class=\"_ _3\"></span>osses. D<span class=\"_ _3\"></span>uring 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Group rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d net actu<span class=\"_ _3\"></span>arial los<span class=\"_ _3\"></span>ses of \u00a3198<span class=\"_ _3\"></span>m (2<span class=\"_ _3\"></span>022: \u00a351<span class=\"_ _4\"></span>m) in O<span class=\"_ _3\"></span>CI, in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g its share of the a<span class=\"_ _3\"></span>ctuar<span class=\"_ _3\"></span>ial gains a<span class=\"_ _3\"></span>nd losse<span class=\"_ _3\"></span>s arisi<span class=\"_ _3\"></span>ng in joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-577": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls5 ws3 gs385\">3 E<span class=\"_ _3\"></span>xchan<span class=\"_ _3\"></span>ge rate<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs386\">Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing key exchan<span class=\"_ _3\"></span>ge rates were ap<span class=\"_ _3\"></span>plied in th<span class=\"_ _3\"></span>ese finan<span class=\"_ _3\"></span>cial st<span class=\"_ _3\"></span>atements:<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs387\">Av<span class=\"_ _4\"></span>erage rates<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd2 wsc6 gs388\">\u00a31 buys<span class=\"_ _280\"> </span><span class=\"lsd0 wsc4\">2023<span class=\"_ _a1\"> </span><span class=\"ff3c ls33 ws2c\">2022<span class=\"_ _110\"> </span><span class=\"ls97 ws8e\">Change<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls85 ws7d gs389\">US$<span class=\"_ _281\"> </span><span class=\"ff3b lsfe ws158\">1.<span class=\"_ _3\"></span>24<span class=\"_ _e0\"> </span></span><span class=\"ls10f ws105\">1.<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4<span class=\"_ _87\"> </span><span class=\"ls10c ws85\">\u2013%<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls61 ws59 gs38a\">HK$<span class=\"_ _281\"> </span><span class=\"ff3b ls7 ws102\">9<span class=\"_ _3\"></span>.73<span class=\"_ _b2\"> </span></span><span class=\"ls2e ws7\">9<span class=\"_ _3\"></span>.7<span class=\"_ _3\"></span>2<span class=\"_ _fa\"> </span><span class=\"ls21b ws23a\">0<span class=\"_ _2\"></span>.1%<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs38b\">Closing rates<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd2 wsc6 gs38c\">\u00a31 buys<span class=\"_ _280\"> </span><span class=\"lsd0 wsc4\">2023<span class=\"_ _a1\"> </span><span class=\"ff3c ls33 ws2c\">2022<span class=\"_ _110\"> </span><span class=\"ls97 ws8e\">Change<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls85 ws7d gs38d\">US$<span class=\"_ _281\"> </span><span class=\"ff3b lsfe ws158\">1.<span class=\"_ _3\"></span>27<span class=\"_ _e0\"> </span></span><span class=\"ls10f ws105\">1.<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _10a\"> </span><span class=\"ls111 wsc8\">5<span class=\"_ _3\"></span>.8%<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls61 ws59 gs38e\">HK$<span class=\"_ _19b\"> </span><span class=\"ff3b ls128 ws10e\">9.9<span class=\"_ _3\"></span>5<span class=\"_ _128\"> </span></span><span class=\"ls4f ws49\">9.39<span class=\"_ _10a\"> </span><span class=\"ls5 ws3\">6.<span class=\"_ _3\"></span>0%</span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-578": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls1c ws107 gs390\">4 R<span class=\"_ _3\"></span>even<span class=\"_ _3\"></span>ue<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs391\">4.<span class=\"_ _4\"></span>1 N<span class=\"_ _3\"></span>atu<span class=\"_ _3\"></span>re of s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>s prov<span class=\"_ _3\"></span>id<span class=\"_ _3\"></span>ed </div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs392\">4.<span class=\"_ _4\"></span>1.<span class=\"_ _5\"></span>1 C<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>uc<span class=\"_ _3\"></span>tion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs393\">Th<span class=\"_ _3\"></span>e Group\u2019s Constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n Ser<span class=\"_ _3\"></span>vices s<span class=\"_ _3\"></span>egment en<span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>asses ac<span class=\"_ _3\"></span>tivitie<span class=\"_ _3\"></span>s in relation to t<span class=\"_ _3\"></span>he physic<span class=\"_ _3\"></span>al constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n of assets prov<span class=\"_ _3\"></span>ided to pub<span class=\"_ _3\"></span>lic and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs394\">pri<span class=\"_ _3\"></span>vate customer<span class=\"_ _3\"></span>s. Revenue ge<span class=\"_ _3\"></span>nerated in th<span class=\"_ _3\"></span>is segment i<span class=\"_ _3\"></span>s measured over t<span class=\"_ _3\"></span>ime as cont<span class=\"_ _3\"></span>rol passe<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he custome<span class=\"_ _3\"></span>r as the asset is c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>cted. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs395\">Pro<span class=\"_ _3\"></span>gress is mea<span class=\"_ _3\"></span>sured by reference to th<span class=\"_ _3\"></span>e cost incu<span class=\"_ _3\"></span>rred on the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t to date comp<span class=\"_ _3\"></span>ared to the co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s en<span class=\"_ _3\"></span>d of job forec<span class=\"_ _3\"></span>ast (the inp<span class=\"_ _3\"></span>ut </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs396\">metho<span class=\"_ _3\"></span>d). Payme<span class=\"_ _3\"></span>nt terms are bas<span class=\"_ _3\"></span>ed on a sche<span class=\"_ _3\"></span>dule of valu<span class=\"_ _3\"></span>e that is set out i<span class=\"_ _3\"></span>n the contr<span class=\"_ _3\"></span>act and fai<span class=\"_ _3\"></span>rly reflec<span class=\"_ _3\"></span>t the timing a<span class=\"_ _3\"></span>nd per<span class=\"_ _3\"></span>forman<span class=\"_ _3\"></span>ce of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs397\">ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e<span class=\"_ gs52\"> </span>deliver<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. C<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts with c<span class=\"_ _3\"></span>ustomers a<span class=\"_ _3\"></span>re typ<span class=\"_ _3\"></span>icall<span class=\"_ _3\"></span>y acco<span class=\"_ _3\"></span>unted for as one pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>mance o<span class=\"_ _3\"></span>bligat<span class=\"_ _3\"></span>ion (P<span class=\"_ _3\"></span>O).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs398\">T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>s of a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts<span class=\"_ _5f\"> </span><span class=\"ls102 wsf7\">Typical<span class=\"_ _4\"></span> contrac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> length<span class=\"_ _ef\"> </span><span class=\"ls5 ws3\">Na<span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>re, t<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ng of s<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>fac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on of p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>nce o<span class=\"_ _3\"></span>bl<span class=\"_ _3\"></span>iga<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns a<span class=\"_ _3\"></span>nd si<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>nt pa<span class=\"_ _3\"></span>yme<span class=\"_ _3\"></span>nt te<span class=\"_ _3\"></span>rm<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs399\">Buildings <span class=\"_ _b5\"> </span><span class=\"ff3c ls5 ws3\">1<span class=\"_ _4\"></span>2 to 3<span class=\"_ _3\"></span>6 months<span class=\"_ _17e\"> </span>The G<span class=\"_ _3\"></span>roup cons<span class=\"_ _3\"></span>truct<span class=\"_ _3\"></span>s buildin<span class=\"_ _3\"></span>gs which i<span class=\"_ _3\"></span>nclude c<span class=\"_ _3\"></span>ommerci<span class=\"_ _3\"></span>al, heal<span class=\"_ _3\"></span>thcare, e<span class=\"_ _3\"></span>ducati<span class=\"_ _3\"></span>on, retail an<span class=\"_ _3\"></span>d </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs39a\">resid<span class=\"_ _3\"></span>ential asset<span class=\"_ _3\"></span>s. As p<span class=\"_ _3\"></span>art of i<span class=\"_ _3\"></span>ts const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n ser<span class=\"_ _3\"></span>vices, t<span class=\"_ _3\"></span>he Group prov<span class=\"_ _3\"></span>ides a ra<span class=\"_ _3\"></span>nge of ser<span class=\"_ _3\"></span>vice<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs39b\">incl<span class=\"_ _3\"></span>uding de<span class=\"_ _3\"></span>sign and<span class=\"_ _3\"></span>/or buil<span class=\"_ _3\"></span>d, mec<span class=\"_ _3\"></span>hanica<span class=\"_ _3\"></span>l and elec<span class=\"_ _3\"></span>trica<span class=\"_ _3\"></span>l enginee<span class=\"_ _3\"></span>ring, sh<span class=\"_ _3\"></span>ell and co<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>nd/o<span class=\"_ _3\"></span>r fit-<span class=\"_ _3\"></span>out </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs39c\">and inter<span class=\"_ _3\"></span>ior refurbi<span class=\"_ _3\"></span>shment. T<span class=\"_ _3\"></span>he Group\u2019s customer<span class=\"_ _3\"></span>s in this area are a mi<span class=\"_ _3\"></span>x of private an<span class=\"_ _3\"></span>d public e<span class=\"_ _3\"></span>ntities.<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs39d\">Th<span class=\"_ _3\"></span>e contrac<span class=\"_ _3\"></span>t lengt<span class=\"_ _3\"></span>h depen<span class=\"_ _3\"></span>ds on the c<span class=\"_ _3\"></span>omplexit<span class=\"_ _3\"></span>y and s<span class=\"_ _3\"></span>cale of the b<span class=\"_ _3\"></span>uilding a<span class=\"_ _3\"></span>nd contra<span class=\"_ _3\"></span>cts entered </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs39e\">into for these s<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>ices are t<span class=\"_ _3\"></span>ypi<span class=\"_ _3\"></span>cally fi<span class=\"_ _3\"></span>xed price<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs39f\">In mos<span class=\"_ _3\"></span>t instan<span class=\"_ _3\"></span>ces, the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t with the cu<span class=\"_ _3\"></span>stomer is ass<span class=\"_ _3\"></span>essed to onl<span class=\"_ _3\"></span>y conta<span class=\"_ _3\"></span>in one PO a<span class=\"_ _3\"></span>s the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3a0\">ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es provide<span class=\"_ _3\"></span>d by the Grou<span class=\"_ _3\"></span>p, includi<span class=\"_ _3\"></span>ng those w<span class=\"_ _3\"></span>here the Grou<span class=\"_ _3\"></span>p is also provi<span class=\"_ _3\"></span>ding desi<span class=\"_ _3\"></span>gn </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3a1\">ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es, are highl<span class=\"_ _3\"></span>y interrelated<span class=\"_ _3\"></span>. However<span class=\"_ _4\"></span>, for c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain t<span class=\"_ _3\"></span>ypes of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts, ser<span class=\"_ _3\"></span>vice<span class=\"_ _3\"></span>s relating to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3a2\">fit-<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ut and interio<span class=\"_ _3\"></span>r refurbishm<span class=\"_ _3\"></span>ent may somet<span class=\"_ _3\"></span>imes be as<span class=\"_ _3\"></span>sessed as a s<span class=\"_ _3\"></span>eparate P<span class=\"_ _3\"></span>O.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs3a3\">Infrastruc<span class=\"_ _3\"></span>ture<span class=\"_ _bc\"> </span><span class=\"ff3c ls5 ws3\">1 to 3 months for </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs3a4\">small<span class=\"_ _3\"></span>-scal<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3a5\">works </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3a6\">24 to 6<span class=\"_ _3\"></span>0 months for </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls4a ws44 gs3a7\">large<span class=\"_ _3\"></span>-scale comp<span class=\"_ _3\"></span>le<span class=\"_ _4\"></span>x </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs3a8\">construction<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3a9\">Th<span class=\"_ _3\"></span>e Group provi<span class=\"_ _3\"></span>des con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ion ser<span class=\"_ _3\"></span>vice<span class=\"_ _3\"></span>s for three main t<span class=\"_ _3\"></span>yp<span class=\"_ _3\"></span>es of infrastr<span class=\"_ _3\"></span>ucture as<span class=\"_ _3\"></span>sets: highways<span class=\"_ _3\"></span>, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3aa\">rail<span class=\"_ _3\"></span>ways and othe<span class=\"_ _3\"></span>r large<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>scale i<span class=\"_ _3\"></span>nfrastru<span class=\"_ _3\"></span>cture asset<span class=\"_ _3\"></span>s such as was<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>, water and energ<span class=\"_ _3\"></span>y plant<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3ab\">Hig<span class=\"_ _3\"></span>h<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>ays represent th<span class=\"_ _3\"></span>e Group\u2019s activ<span class=\"_ _3\"></span>ities in co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>ting motor<span class=\"_ _3\"></span>ways in t<span class=\"_ _3\"></span>he UK<span class=\"_ _3\"></span>, US and Ho<span class=\"_ _3\"></span>ng </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3ac\">Kong<span class=\"_ _3\"></span>. This inc<span class=\"_ _3\"></span>ludes ac<span class=\"_ _3\"></span>tivit<span class=\"_ _3\"></span>ies such as d<span class=\"_ _3\"></span>esign and c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction of ro<span class=\"_ _3\"></span>ads, wi<span class=\"_ _3\"></span>dening of exis<span class=\"_ _3\"></span>ting </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3ad\">motor<span class=\"_ _3\"></span>ways or c<span class=\"_ _3\"></span>onver<span class=\"_ _3\"></span>ting existin<span class=\"_ _3\"></span>g motor<span class=\"_ _3\"></span>ways. Th<span class=\"_ _3\"></span>e main custo<span class=\"_ _3\"></span>mers are gover<span class=\"_ _3\"></span>nment bo<span class=\"_ _3\"></span>dies.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls8b ws10 gs3ae\">Railway construc<span class=\"_ _3\"></span>tion services includ<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> d<span class=\"_ _3\"></span>esign and managing the construction of railway systems </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3af\">deli<span class=\"_ _3\"></span>vering ma<span class=\"_ _3\"></span>jor multi<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>disc<span class=\"_ _3\"></span>iplinar<span class=\"_ _3\"></span>y proj<span class=\"_ _3\"></span>ects, t<span class=\"_ _3\"></span>rack work<span class=\"_ _3\"></span>, elec<span class=\"_ _3\"></span>trific<span class=\"_ _3\"></span>ation an<span class=\"_ _3\"></span>d power sup<span class=\"_ _3\"></span>ply<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3b0\">ser<span class=\"_ _3\"></span>ves both p<span class=\"_ _3\"></span>ublic an<span class=\"_ _3\"></span>d private ra<span class=\"_ _3\"></span>ilways inc<span class=\"_ _3\"></span>luding hi<span class=\"_ _3\"></span>gh-<span class=\"_ _3\"></span>sp<span class=\"_ _3\"></span>eed pas<span class=\"_ _3\"></span>senger r<span class=\"_ _3\"></span>ailways, f<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ight and mixe<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3b1\">traf<span class=\"_ _3\"></span>fic routes<span class=\"_ _3\"></span>, dense co<span class=\"_ _3\"></span>mmuter net<span class=\"_ _3\"></span>works, m<span class=\"_ _3\"></span>etros and light r<span class=\"_ _3\"></span>ail.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3b2\">Ot<span class=\"_ _3\"></span>her infrast<span class=\"_ _3\"></span>ructure as<span class=\"_ _3\"></span>sets inclu<span class=\"_ _3\"></span>de cons<span class=\"_ _3\"></span>tructi<span class=\"_ _3\"></span>on, desi<span class=\"_ _3\"></span>gn and buil<span class=\"_ _3\"></span>d ser<span class=\"_ _3\"></span>vices on l<span class=\"_ _3\"></span>arge<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>scale c<span class=\"_ _3\"></span>omplex </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3b3\">asset<span class=\"_ _3\"></span>s predomi<span class=\"_ _3\"></span>nantly ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>cing the wa<span class=\"_ _3\"></span>ste, water and ene<span class=\"_ _3\"></span>rgy sec<span class=\"_ _3\"></span>tors.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3b4\">Co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>s entered into relating to t<span class=\"_ _3\"></span>hese infrast<span class=\"_ _3\"></span>ructure a<span class=\"_ _3\"></span>ssets ca<span class=\"_ _3\"></span>n take the form of fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d-<span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>ice, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls8b ws10 gs3b5\">cost-<span class=\"_ _3\"></span>plus or target-<span class=\"_ _3\"></span>cost contracts with shared pain<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>g<span class=\"_ _3\"></span>ain mechanisms. Contract lengths var<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3b6\">acc<span class=\"_ _3\"></span>ording to th<span class=\"_ _3\"></span>e size and comp<span class=\"_ _3\"></span>lexit<span class=\"_ _3\"></span>y of the asset bu<span class=\"_ _3\"></span>ild and c<span class=\"_ _3\"></span>an range fro<span class=\"_ _3\"></span>m a fe<span class=\"_ _4\"></span>w m<span class=\"_ _3\"></span>onths for </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3b7\">small<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>sca<span class=\"_ _3\"></span>le infrastr<span class=\"_ _3\"></span>ucture wor<span class=\"_ _3\"></span>ks to f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur to five years for l<span class=\"_ _3\"></span>arge<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>scale c<span class=\"_ _3\"></span>omplex c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion wor<span class=\"_ _3\"></span>ks.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3b8\">In mos<span class=\"_ _3\"></span>t cases<span class=\"_ _3\"></span>, the contr<span class=\"_ _3\"></span>act itse<span class=\"_ _3\"></span>lf represent<span class=\"_ _3\"></span>s a single P<span class=\"_ _3\"></span>O where onl<span class=\"_ _3\"></span>y the desi<span class=\"_ _3\"></span>gn and co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs3b9\">elem<span class=\"_ _3\"></span>ents are contr<span class=\"_ _3\"></span>acted. I<span class=\"_ _3\"></span>n some inst<span class=\"_ _3\"></span>ances<span class=\"_ _3\"></span>, the contr<span class=\"_ _3\"></span>act wit<span class=\"_ _3\"></span>h the custome<span class=\"_ _3\"></span>r will incl<span class=\"_ _3\"></span>ude mainten<span class=\"_ _3\"></span>ance </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3ba\">of the c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>ted asset. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p assesse<span class=\"_ _3\"></span>s the maintena<span class=\"_ _3\"></span>nce elem<span class=\"_ _3\"></span>ent as a sepa<span class=\"_ _3\"></span>rate PO and<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3bb\">revenue from t<span class=\"_ _3\"></span>his PO is rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in the Sup<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es segment<span class=\"_ _3\"></span>. Refer to Note 4.<span class=\"_ _4\"></span>1.2.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs3bc\">4.<span class=\"_ _4\"></span>1.2 S<span class=\"_ _3\"></span>upp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ice<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3bd\">Th<span class=\"_ _3\"></span>e Group\u2019s work in this se<span class=\"_ _3\"></span>gment sup<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ts existing a<span class=\"_ _3\"></span>ssets throu<span class=\"_ _3\"></span>gh maint<span class=\"_ _3\"></span>aining, u<span class=\"_ _3\"></span>pgrad<span class=\"_ _3\"></span>ing and ma<span class=\"_ _3\"></span>naging se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices acro<span class=\"_ _3\"></span>ss utiliti<span class=\"_ _3\"></span>es and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3be\">infras<span class=\"_ _3\"></span>tructu<span class=\"_ _3\"></span>re assets. Reve<span class=\"_ _3\"></span>nue gener<span class=\"_ _3\"></span>ated in this seg<span class=\"_ _3\"></span>ment is meas<span class=\"_ _3\"></span>ured over time as c<span class=\"_ _3\"></span>ontrol pa<span class=\"_ _3\"></span>sses to the cus<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>mer as and w<span class=\"_ _3\"></span>hen ser<span class=\"_ _3\"></span>vice<span class=\"_ _3\"></span>s are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3bf\">provi<span class=\"_ _3\"></span>ded. P<span class=\"_ _3\"></span>rogress is me<span class=\"_ _3\"></span>asured by referenc<span class=\"_ _3\"></span>e to the cost in<span class=\"_ _3\"></span>curred on t<span class=\"_ _3\"></span>he contra<span class=\"_ _3\"></span>ct to date co<span class=\"_ _3\"></span>mpared to the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t\u2019s end of job forec<span class=\"_ _3\"></span>ast (the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3c0\">inpu<span class=\"_ _3\"></span>t method<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>. P<span class=\"_ _3\"></span>ayments a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e s<span class=\"_ _3\"></span>tructu<span class=\"_ _3\"></span>red as milesto<span class=\"_ _3\"></span>ne payme<span class=\"_ _3\"></span>nts set out in th<span class=\"_ _3\"></span>e respec<span class=\"_ _3\"></span>tive contr<span class=\"_ _3\"></span>acts.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs3c1\">T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>s of a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts<span class=\"_ _5f\"> </span>N<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>, tim<span class=\"_ _3\"></span>ing o<span class=\"_ _3\"></span>f sa<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f pe<span class=\"_ _3\"></span>rf<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e ob<span class=\"_ _3\"></span>lig<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ion<span class=\"_ _3\"></span>s and s<span class=\"_ _3\"></span>ign<span class=\"_ _3\"></span>if<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>ant p<span class=\"_ _3\"></span>aym<span class=\"_ _3\"></span>ent t<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ms<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs3c2\">Utilities <span class=\"_ _128\"> </span><span class=\"ff3c ls5 ws3\">Wi<span class=\"_ _3\"></span>thin the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es contr<span class=\"_ _3\"></span>acts, th<span class=\"_ _3\"></span>e Group prov<span class=\"_ _3\"></span>ides sup<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>t ser<span class=\"_ _3\"></span>vices to va<span class=\"_ _3\"></span>rious t<span class=\"_ _3\"></span>ype<span class=\"_ _3\"></span>s of utilit<span class=\"_ _3\"></span>y assets<span class=\"_ _3\"></span>. </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3c3\">For c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts ser<span class=\"_ _3\"></span>vicin<span class=\"_ _3\"></span>g power tran<span class=\"_ _3\"></span>smission a<span class=\"_ _3\"></span>nd distri<span class=\"_ _3\"></span>bution a<span class=\"_ _3\"></span>ssets, th<span class=\"_ _3\"></span>e Group con<span class=\"_ _3\"></span>struc<span class=\"_ _3\"></span>ts and maint<span class=\"_ _3\"></span>ains elec<span class=\"_ _3\"></span>trici<span class=\"_ _3\"></span>ty net<span class=\"_ _3\"></span>works<span class=\"_ _3\"></span>, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs3c4\">incl<span class=\"_ _3\"></span>uding rep<span class=\"_ _3\"></span>laceme<span class=\"_ _3\"></span>nt or new build of ove<span class=\"_ _3\"></span>rhead lin<span class=\"_ _3\"></span>es, unde<span class=\"_ _3\"></span>rground c<span class=\"_ _3\"></span>abling<span class=\"_ _3\"></span>, cab<span class=\"_ _3\"></span>le tunnels an<span class=\"_ _3\"></span>d offsho<span class=\"_ _3\"></span>re wind far<span class=\"_ _3\"></span>m maintenanc<span class=\"_ _3\"></span>e. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3c5\">Co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>s entered into are norm<span class=\"_ _3\"></span>ally fixed<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>pri<span class=\"_ _3\"></span>ce and co<span class=\"_ _3\"></span>ntract le<span class=\"_ _3\"></span>ngths c<span class=\"_ _3\"></span>an var<span class=\"_ _3\"></span>y from 1<span class=\"_ _4\"></span>2 to 3<span class=\"_ _3\"></span>6 months<span class=\"_ _3\"></span>, and up to 20 yea<span class=\"_ _3\"></span>rs for </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3c6\">off<span class=\"_ _3\"></span>shore wind f<span class=\"_ _3\"></span>arm mainten<span class=\"_ _3\"></span>ance cont<span class=\"_ _3\"></span>racts<span class=\"_ _3\"></span>. Each c<span class=\"_ _3\"></span>ontract i<span class=\"_ _3\"></span>s normal<span class=\"_ _3\"></span>ly asses<span class=\"_ _3\"></span>sed to cont<span class=\"_ _3\"></span>ain one P<span class=\"_ _3\"></span>O<span class=\"_ _4\"></span>. H<span class=\"_ _3\"></span>owever<span class=\"_ _4\"></span>, wh<span class=\"_ _3\"></span>ere a </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs3c7\">contract contains both a construc<span class=\"_ _3\"></span>tion phase and a main<span class=\"_ _4\"></span>tenanc<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>hase,<span class=\"_ _4\"></span> the<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span> are assessed to contain t<span class=\"_ _3\"></span>w<span class=\"_ _4\"></span>o sep<span class=\"_ _3\"></span>arat<span class=\"_ _4\"></span>e P<span class=\"_ _3\"></span>Os.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs3c8\">Infrastruc<span class=\"_ _3\"></span>ture <span class=\"_ _1c1\"> </span><span class=\"ff3c ls5 ws3\">T<span class=\"_ _3\"></span>he Group p<span class=\"_ _3\"></span>rovides m<span class=\"_ _3\"></span>aintenance<span class=\"_ _3\"></span>, asset and net<span class=\"_ _3\"></span>work ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent and desi<span class=\"_ _3\"></span>gn ser<span class=\"_ _3\"></span>vices i<span class=\"_ _3\"></span>n r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>spec<span class=\"_ _3\"></span>t of highways, r<span class=\"_ _3\"></span>ailways an<span class=\"_ _3\"></span>d </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 wsc8 gs3c9\">other p<span class=\"_ _3\"></span>ublicl<span class=\"_ _3\"></span>y availab<span class=\"_ _3\"></span>le assets<span class=\"_ _3\"></span>. The cus<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>mer in this are<span class=\"_ _3\"></span>a of the Group is m<span class=\"_ _3\"></span>ainly g<span class=\"_ _3\"></span>overnment b<span class=\"_ _3\"></span>odies. Types of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t includ<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3ca\">a fixed sc<span class=\"_ _3\"></span>hedule of r<span class=\"_ _3\"></span>ates, fixed<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>pric<span class=\"_ _3\"></span>e, target-<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ost arr<span class=\"_ _3\"></span>angeme<span class=\"_ _3\"></span>nts and cos<span class=\"_ _3\"></span>t-p<span class=\"_ _3\"></span>lus. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3cb\">Co<span class=\"_ _3\"></span>ntract ter<span class=\"_ _3\"></span>ms range f<span class=\"_ _3\"></span>rom 1 to 25 years. W<span class=\"_ _3\"></span>here co<span class=\"_ _3\"></span>ntracts i<span class=\"_ _3\"></span>nclude a l<span class=\"_ _3\"></span>ifecycle el<span class=\"_ _3\"></span>ement, th<span class=\"_ _3\"></span>is is acco<span class=\"_ _3\"></span>unted for as a sep<span class=\"_ _3\"></span>arate </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3cc\">PO<span class=\"_ gs52\"> </span>a<span class=\"_ _3\"></span>nd recog<span class=\"_ _3\"></span>nised wh<span class=\"_ _3\"></span>en the work is d<span class=\"_ _3\"></span>elivered<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls66 ws5e gs3ce\">4.<span class=\"_ _5\"></span>1.3 I<span class=\"_ _4\"></span>nf<span class=\"_ _3\"></span>rastructure Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3cf\">Th<span class=\"_ _3\"></span>e Group invest<span class=\"_ _3\"></span>s directl<span class=\"_ _3\"></span>y in a variet<span class=\"_ _3\"></span>y of assets<span class=\"_ _3\"></span>, predom<span class=\"_ _3\"></span>inantly c<span class=\"_ _3\"></span>onsisting of i<span class=\"_ _3\"></span>nfrastru<span class=\"_ _3\"></span>cture asset<span class=\"_ _3\"></span>s where there a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e o<span class=\"_ _3\"></span>ppor<span class=\"_ _3\"></span>tuni<span class=\"_ _3\"></span>ties to mana<span class=\"_ _3\"></span>ge </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3d0\">the<span class=\"_ gs52\"> </span>as<span class=\"_ _3\"></span>set upon c<span class=\"_ _3\"></span>ompleti<span class=\"_ _3\"></span>on of const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on. The G<span class=\"_ _3\"></span>roup also inves<span class=\"_ _3\"></span>ts in real est<span class=\"_ _3\"></span>ate ty<span class=\"_ _3\"></span>pe asset<span class=\"_ _3\"></span>s, in par<span class=\"_ _3\"></span>ticul<span class=\"_ _3\"></span>ar private res<span class=\"_ _3\"></span>idential a<span class=\"_ _3\"></span>nd student </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3d1\">acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation as<span class=\"_ _3\"></span>sets. Revenu<span class=\"_ _3\"></span>e generate<span class=\"_ _3\"></span>d in this segm<span class=\"_ _3\"></span>ent is from the prov<span class=\"_ _3\"></span>ision of co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion, ma<span class=\"_ _3\"></span>intenance an<span class=\"_ _3\"></span>d manag<span class=\"_ _3\"></span>ement ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3d2\">and<span class=\"_ gs52\"> </span>als<span class=\"_ _3\"></span>o from the rec<span class=\"_ _3\"></span>ogniti<span class=\"_ _3\"></span>on of rental inc<span class=\"_ _3\"></span>ome. Th<span class=\"_ _3\"></span>e Group\u2019s strateg<span class=\"_ _3\"></span>y is to hold the<span class=\"_ _3\"></span>se assets unti<span class=\"_ _3\"></span>l optimal v<span class=\"_ _3\"></span>alues are achi<span class=\"_ _3\"></span>eved through </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3d3\">disp<span class=\"_ _3\"></span>osal<span class=\"_ gs52\"> </span>of m<span class=\"_ _3\"></span>ature assets.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs3d4\">T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>s of s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es <span class=\"_ _55\"> </span>N<span class=\"_ _3\"></span>atu<span class=\"_ _3\"></span>re, t<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ng of s<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>fac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on of p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e obl<span class=\"_ _3\"></span>iga<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>ons a<span class=\"_ _3\"></span>nd s<span class=\"_ _3\"></span>ign<span class=\"_ _3\"></span>if<span class=\"_ _3\"></span>ica<span class=\"_ _3\"></span>nt p<span class=\"_ _3\"></span>ayme<span class=\"_ _3\"></span>nt t<span class=\"_ _3\"></span>erm<span class=\"_ _3\"></span>s </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs3d5\">Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls66 ws5e gs3d6\">conce<span class=\"_ _3\"></span>ssions </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs3d7\">Th<span class=\"_ _3\"></span>e Group op<span class=\"_ _3\"></span>erates a UK an<span class=\"_ _3\"></span>d US por<span class=\"_ _3\"></span>tfo<span class=\"_ _3\"></span>lio of ser<span class=\"_ _3\"></span>vice c<span class=\"_ _3\"></span>onces<span class=\"_ _3\"></span>sion asset<span class=\"_ _3\"></span>s compr<span class=\"_ _3\"></span>ising asset<span class=\"_ _3\"></span>s in the road<span class=\"_ _3\"></span>s, healt<span class=\"_ _3\"></span>hcare, stu<span class=\"_ _3\"></span>dent </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs3d8\">acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation, b<span class=\"_ _3\"></span>iomas<span class=\"_ _3\"></span>s and waste and of<span class=\"_ _3\"></span>fshore t<span class=\"_ _3\"></span>ransmissi<span class=\"_ _3\"></span>on sector<span class=\"_ _3\"></span>s. The G<span class=\"_ _3\"></span>roup acc<span class=\"_ _3\"></span>ounts for the<span class=\"_ _3\"></span>se assets un<span class=\"_ _3\"></span>der IFR<span class=\"_ _3\"></span>IC 1<span class=\"_ _4\"></span>2<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls90 ws11 gs3d9\">Ser<span class=\"_ _3\"></span>vice Concession A<span class=\"_ _3\"></span>rrangements. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs3da\">Wh<span class=\"_ _3\"></span>ere the Group c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>cts and m<span class=\"_ _3\"></span>aintains t<span class=\"_ _3\"></span>hese asset<span class=\"_ _3\"></span>s, the t<span class=\"_ _3\"></span>wo ser<span class=\"_ _3\"></span>vices are d<span class=\"_ _3\"></span>eemed to be s<span class=\"_ _3\"></span>eparate p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>mance o<span class=\"_ _3\"></span>bliga<span class=\"_ _3\"></span>tions </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs3db\">and ac<span class=\"_ _3\"></span>counted for s<span class=\"_ _3\"></span>eparatel<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. If the m<span class=\"_ _3\"></span>aintenanc<span class=\"_ _3\"></span>e phase in<span class=\"_ _3\"></span>cludes a li<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cycle el<span class=\"_ _3\"></span>ement, thi<span class=\"_ _3\"></span>s is consid<span class=\"_ _3\"></span>ered to be a sep<span class=\"_ _3\"></span>arate PO.<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs3dc\">Co<span class=\"_ _3\"></span>ntract ter<span class=\"_ _3\"></span>ms can b<span class=\"_ _3\"></span>e up to 40 yea<span class=\"_ _3\"></span>rs. Th<span class=\"_ _3\"></span>e Group reco<span class=\"_ _3\"></span>gnises revenu<span class=\"_ _3\"></span>e over time usin<span class=\"_ _3\"></span>g the input m<span class=\"_ _3\"></span>ethod. C<span class=\"_ _3\"></span>onsid<span class=\"_ _3\"></span>eration is p<span class=\"_ _3\"></span>aid </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs3dd\">throug<span class=\"_ _3\"></span>h a fixed unit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y payment c<span class=\"_ _3\"></span>harge sp<span class=\"_ _3\"></span>read over the li<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e of t<span class=\"_ _3\"></span>he contra<span class=\"_ _3\"></span>ct. </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs3de\">Rev<span class=\"_ _3\"></span>enu<span class=\"_ _3\"></span>e fro<span class=\"_ _3\"></span>m thi<span class=\"_ _3\"></span>s se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e is pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ed a<span class=\"_ _3\"></span>cro<span class=\"_ _3\"></span>ss B<span class=\"_ _3\"></span>uil<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>gs, I<span class=\"_ _3\"></span>nf<span class=\"_ _3\"></span>ras<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>uc<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e or Ut<span class=\"_ _3\"></span>ili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s in N<span class=\"_ _3\"></span>ote 4<span class=\"_ _3\"></span>.2<span class=\"_ _3\"></span>. </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5f ws57 gs3df\">Management </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs3e0\">se<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls90 ws11 gs3e1\">The Group provides real estate<span class=\"_ _4\"></span> man<span class=\"_ _3\"></span>agement<span class=\"_ _4\"></span> ser<span class=\"_ _3\"></span>vices such as propert<span class=\"_ _3\"></span>y development and asse<span class=\"_ _4\"></span>t manag<span class=\"_ _3\"></span>emen<span class=\"_ _4\"></span>t ser<span class=\"_ _3\"></span>vices. Contract<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs3e2\">terms c<span class=\"_ _3\"></span>an be up to 5<span class=\"_ _3\"></span>0 years<span class=\"_ _3\"></span>. The Grou<span class=\"_ _3\"></span>p recog<span class=\"_ _3\"></span>nises revenue over tim<span class=\"_ _3\"></span>e as and whe<span class=\"_ _3\"></span>n ser<span class=\"_ _3\"></span>vice is de<span class=\"_ _3\"></span>livered to the cu<span class=\"_ _3\"></span>stomer<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs3e3\">Rev<span class=\"_ _3\"></span>enu<span class=\"_ _3\"></span>e fro<span class=\"_ _3\"></span>m thi<span class=\"_ _3\"></span>s se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e is pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ed w<span class=\"_ _3\"></span>ith<span class=\"_ _3\"></span>in Bu<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>s in N<span class=\"_ _3\"></span>ote 4<span class=\"_ _3\"></span>.2<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs3e4\">Ho<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>ng </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs3e5\">de<span class=\"_ _3\"></span>velo<span class=\"_ _3\"></span>pme<span class=\"_ _3\"></span>nt </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3e6\">Th<span class=\"_ _3\"></span>e Group also d<span class=\"_ _3\"></span>evelops h<span class=\"_ _3\"></span>ousing uni<span class=\"_ _3\"></span>ts on land t<span class=\"_ _3\"></span>hat is owne<span class=\"_ _3\"></span>d by the Group<span class=\"_ _3\"></span>. Revenue is reco<span class=\"_ _3\"></span>gnised o<span class=\"_ _3\"></span>n the sale of in<span class=\"_ _3\"></span>divid<span class=\"_ _3\"></span>ual </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3e7\">unit<span class=\"_ _3\"></span>s at the point in t<span class=\"_ _3\"></span>ime when c<span class=\"_ _3\"></span>ontrol of the as<span class=\"_ _3\"></span>set is transfer<span class=\"_ _3\"></span>red to the purch<span class=\"_ _3\"></span>aser<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his is dee<span class=\"_ _3\"></span>med to be whe<span class=\"_ _3\"></span>n an </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs3e8\">uncondition<span class=\"_ _3\"></span>al sale is<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>hie<span class=\"_ _4\"></span>ved.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs3e9\">Rev<span class=\"_ _3\"></span>enu<span class=\"_ _3\"></span>e fro<span class=\"_ _3\"></span>m thi<span class=\"_ _3\"></span>s se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e is pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ed w<span class=\"_ _3\"></span>ith<span class=\"_ _3\"></span>in Bu<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>s in N<span class=\"_ _3\"></span>ote 4<span class=\"_ _3\"></span>.2<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs3ea\">4.2 Disaggregation of<span class=\"_ _4\"></span> revenue<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3eb\">Th<span class=\"_ _3\"></span>e Group prese<span class=\"_ _3\"></span>nts a disa<span class=\"_ _3\"></span>ggrega<span class=\"_ _3\"></span>tion of its revenue a<span class=\"_ _3\"></span>ccord<span class=\"_ _3\"></span>ing to the prim<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y geog<span class=\"_ _3\"></span>raphic<span class=\"_ _3\"></span>al markets in w<span class=\"_ _3\"></span>hich the G<span class=\"_ _3\"></span>roup oper<span class=\"_ _3\"></span>ates as well as the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3ec\">t<span class=\"_ _3\"></span>ypes of as<span class=\"_ _3\"></span>sets ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>ed by the Grou<span class=\"_ _3\"></span>p. The na<span class=\"_ _3\"></span>ture of the vari<span class=\"_ _3\"></span>ous ser<span class=\"_ _3\"></span>vice<span class=\"_ _3\"></span>s provide<span class=\"_ _3\"></span>d by the Group is ex<span class=\"_ _3\"></span>plaine<span class=\"_ _3\"></span>d in Note 4.<span class=\"_ _4\"></span>1. This dis<span class=\"_ _3\"></span>aggre<span class=\"_ _3\"></span>gation </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs3ed\">of<span class=\"_ gs52\"> </span>revenue is als<span class=\"_ _3\"></span>o presented ac<span class=\"_ _3\"></span>cordin<span class=\"_ _3\"></span>g to the Group\u2019s repor<span class=\"_ _3\"></span>tab<span class=\"_ _3\"></span>le segm<span class=\"_ _3\"></span>ents as desc<span class=\"_ _3\"></span>ribe<span class=\"_ _3\"></span>d in Note 5.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs3ee\">For t<span class=\"_ _3\"></span>he yea<span class=\"_ _3\"></span>r end<span class=\"_ _3\"></span>ed 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd1 wsc5 gs3ef\">Revenue<span class=\"_ _4\"></span> by primary geographical mark<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls85 ws7d gs3f0\">Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc4 ws9e gs3f1\">Kingdom<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs3f2\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls85 ws7d gs3f3\">Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd2 wsc6 gs3f4\">States<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs3f5\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs3f6\">Re<span class=\"_ _3\"></span>st o<span class=\"_ _3\"></span>f </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls4f ws49 gs3f7\">worl<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs3f8\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs3f9\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs3fa\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs3fb\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs3fc\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _1bd\"> </span><span class=\"ff3b ls16 ws12\">3,<span class=\"_ _3\"></span>025<span class=\"_ _1f7\"> </span>3,6<span class=\"_ _3\"></span>97<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">8<span class=\"_ _3\"></span>,0<span class=\"_ _3\"></span>81<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs3fd\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _282\"> </span><span class=\"ff3b ls16 ws12\">3,02<span class=\"_ _3\"></span>5<span class=\"_ _110\"> </span>3,6<span class=\"_ _3\"></span>69<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _110\"> </span><span class=\"ls4f ws49\">6,69<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs3fe\">Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs3ff\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _283\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>3<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _1f7\"> </span><span class=\"ls113 ws10b\">1<span class=\"_ _4\"></span>,006<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs400\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _282\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>03<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _a6\"> </span><span class=\"ls113 ws10b\">1<span class=\"_ _4\"></span>,006<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs401\">Infrastructure </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs402\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs403\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _207\"> </span><span class=\"ff3b ls90 ws116\">164<span class=\"_ _180\"> </span><span class=\"lsa9 wsa0\">338<span class=\"_ _9a\"> </span></span></span><span class=\"ff3b\">6<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">508<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs404\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _206\"> </span><span class=\"ff3b ls43 ws3e\">63<span class=\"_ _a1\"> </span><span class=\"ls3e ws39\">228<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _a0\"> </span><span class=\"ls74 ws6b\">292<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs405\">T<span class=\"_ _5\"></span>otal revenue<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs406\">Rev<span class=\"_ _4\"></span>enue including<span class=\"_ _4\"></span> s<span class=\"_ _3\"></span>h<span class=\"_ _4\"></span>are of joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates <span class=\"_ _87\"> </span><span class=\"ls125 ws11c\">4<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>2<span class=\"_ _a6\"> </span><span class=\"lsc ws8\">4,0<span class=\"_ _3\"></span>35<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _110\"> </span><span class=\"ls43 ws3e\">9,5<span class=\"_ _4\"></span>95<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs407\">Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _20b\"> </span><span class=\"lse9 wscd\">4,<span class=\"_ _3\"></span>091<span class=\"_ _1f7\"> </span><span class=\"ls16 ws12\">3,<span class=\"_ _3\"></span>897<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _a6\"> </span><span class=\"ls104 wsf9\">7,<span class=\"_ _2\"> </span>9<span class=\"_ _2\"> </span>9<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs408\">Re<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span>ue by t<span class=\"_ _3\"></span>ype<span class=\"_ _3\"></span>s of a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ice<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc4 ws9e gs409\">Buildings<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs40a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls102 wsf7 gs40b\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs40c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc4 ws9e gs40d\">Utilities<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs40e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs40f\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs410\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs411\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs412\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs413\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs414\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs415\">and<span class=\"_ gs52\"> </span>as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s <span class=\"_ _187\"> </span><span class=\"ff3b ls16 ws12\">3,9<span class=\"_ _3\"></span>54<span class=\"_ _110\"> </span>3,4<span class=\"_ _3\"></span>40<span class=\"_ _a0\"> </span><span class=\"ls3e ws39\">595<span class=\"_ _9d\"> </span><span class=\"ls74 ws6b\">92<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">8<span class=\"_ _3\"></span>,081<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs416\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _96\"> </span><span class=\"ff3b ls16 ws12\">3,<span class=\"_ _3\"></span>284<span class=\"_ _1f7\"> </span><span class=\"ls8b ws4\">2<span class=\"_ _3\"></span>,738<span class=\"_ _97\"> </span><span class=\"lsf7 ws100\">581<span class=\"_ _38\"> </span><span class=\"ls74 ws6b\">92<span class=\"_ _110\"> </span><span class=\"ls4f ws49\">6,695<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs417\">Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs418\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs419\">and<span class=\"_ gs52\"> </span>as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s <span class=\"_ _4e\"> </span><span class=\"ff3b\">9<span class=\"_ _180\"> </span><span class=\"ls10d ws101\">6<span class=\"_ _3\"></span>61<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">326<span class=\"_ _38\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _1f7\"> </span><span class=\"ls113 ws10b\">1,<span class=\"_ _4\"></span>006<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs41a\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _67\"> </span><span class=\"ff3b ls5 ws3\">9<span class=\"_ _a0\"> </span><span class=\"ls10d ws101\">6<span class=\"_ _3\"></span>61<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">3<span class=\"_ _3\"></span>26<span class=\"_ _9d\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _1f7\"> </span><span class=\"ls113 ws10b\">1,<span class=\"_ _4\"></span>006<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs41b\">Infrastructure </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs41c\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs41d\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs41e\">and<span class=\"_ gs52\"> </span>as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs41f\">34<span class=\"_ _3\"></span>6 </div><div class=\"t m0 h6a ff3b fs19 fc4 sc0 ls5 ws3 gs420\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls2e ws7 gs421\">14<span class=\"_ _3\"></span>6<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">508<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs422\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _6d\"> </span><span class=\"ff3b ls5 ws3\">28<span class=\"_ _3\"></span>9 </span></div><div class=\"t m0 h6a ff3b fs19 fc4 sc0 ls5 ws3 gs423\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs424\">3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls74 ws6b\">2<span class=\"_ _3\"></span>92<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs425\">T<span class=\"_ _5\"></span>otal revenue<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs426\">Rev<span class=\"_ _3\"></span>enu<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>g sha<span class=\"_ _3\"></span>re of j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>es </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs427\">and<span class=\"_ gs52\"> </span><span class=\"_ _4\"></span>associates <span class=\"_ _1b9\"> </span><span class=\"ls72 wsf5\">4,30<span class=\"_ _3\"></span>9<span class=\"_ _110\"> </span><span class=\"ls48 ws42\">4,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>47<span class=\"_ _a0\"> </span><span class=\"ls73 ws80\">9<span class=\"_ _3\"></span>37<span class=\"_ _a0\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>2<span class=\"_ _110\"> </span><span class=\"ls43 ws3e\">9,5<span class=\"_ _4\"></span>95<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs428\">Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _1c6\"> </span><span class=\"ls16 ws12\">3,<span class=\"_ _3\"></span>582<span class=\"_ _110\"> </span>3,<span class=\"_ _3\"></span>402<span class=\"_ _180\"> </span><span class=\"ls15 ws11\">9<span class=\"_ _3\"></span>07<span class=\"_ _a0\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>2<span class=\"_ _a6\"> </span><span class=\"ls104 wsf9\">7,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs429\">Ti<span class=\"_ _3\"></span>min<span class=\"_ _3\"></span>g of r<span class=\"_ _3\"></span>even<span class=\"_ _3\"></span>ue r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs42a\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs42b\">Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs42c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs42d\">Suppor<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs42e\">Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs42f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls102 wsf7 gs430\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs431\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs432\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs433\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs434\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs435\">Ove<span class=\"_ _3\"></span>r time <span class=\"_ _284\"> </span><span class=\"ff3b\">8,0<span class=\"_ _3\"></span>76<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _a0\"> </span><span class=\"lsab wsa1\">496<span class=\"_ _1f7\"> </span><span class=\"ls1b wsa9\">9<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>574<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs436\">At a poi<span class=\"_ _3\"></span>nt in time <span class=\"_ _259\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _38\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs437\">Rev<span class=\"_ _4\"></span>enue including<span class=\"_ _4\"></span> s<span class=\"_ _3\"></span>h<span class=\"_ _4\"></span>are of joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _e7\"> </span><span class=\"lsf7 ws100\">8,0<span class=\"_ _3\"></span>81<span class=\"_ _1f7\"> </span><span class=\"ls113 ws10b\">1<span class=\"_ _4\"></span>,006<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">508<span class=\"_ _110\"> </span><span class=\"ls43 ws3e\">9,5<span class=\"_ _4\"></span>95<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs438\">Ove<span class=\"_ _3\"></span>r time <span class=\"_ _285\"> </span><span class=\"ff3b ls4f ws49\">6,69<span class=\"_ _3\"></span>0<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _a0\"> </span><span class=\"ls3e ws39\">280<span class=\"_ _dd\"> </span><span class=\"ls104 wsf9\">7,<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs439\">At a poi<span class=\"_ _3\"></span>nt in time <span class=\"_ _259\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _38\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs43a\">Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _170\"> </span><span class=\"ls4f ws49\">6,69<span class=\"_ _3\"></span>5<span class=\"_ _110\"> </span><span class=\"ls113 ws10b\">1<span class=\"_ _4\"></span>,006<span class=\"_ _a1\"> </span><span class=\"ls74 ws6b\">292<span class=\"_ _a6\"> </span><span class=\"ls104 wsf9\">7,<span class=\"_ _2\"> </span>9<span class=\"_ _2\"> </span>9<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs43b\">+ <span class=\"_ _37\"> </span>In<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>es rent<span class=\"_ _3\"></span>al inc<span class=\"_ _3\"></span>ome of \u00a3<span class=\"_ _3\"></span>53<span class=\"_ _3\"></span>m incl<span class=\"_ _3\"></span>udin<span class=\"_ _3\"></span>g share of j<span class=\"_ _3\"></span>oint ven<span class=\"_ _3\"></span>tures an<span class=\"_ _3\"></span>d asso<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>tes or \u00a3<span class=\"_ _3\"></span>21<span class=\"_ _4\"></span>m exc<span class=\"_ _3\"></span>ludi<span class=\"_ _3\"></span>ng shar<span class=\"_ _3\"></span>e of joint v<span class=\"_ _3\"></span>enture<span class=\"_ _3\"></span>s and ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ates.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs43d\">For t<span class=\"_ _3\"></span>he yea<span class=\"_ _3\"></span>r end<span class=\"_ _3\"></span>ed 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd1 wsc5 gs43e\">Revenue<span class=\"_ _4\"></span> by primary geographical mark<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls10c ws85 gs43f\">Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls4d ws47 gs440\">Kingdom<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs441\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls10c ws85 gs442\">Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls10c ws85 gs443\">Sta<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs444\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs445\">Res<span class=\"_ _3\"></span>t of </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls127 ws11d gs446\">world<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs447\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs448\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs449\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs44a\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs44b\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _1d0\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,761<span class=\"_ _1f7\"> </span><span class=\"ls72 wsf5\">3,65<span class=\"_ _3\"></span>0<span class=\"_ _dd\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>71<span class=\"_ _dd\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws37 gs44c\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _286\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,761<span class=\"_ _110\"> </span><span class=\"ls72 wsf5\">3,6<span class=\"_ _3\"></span>45<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _110\"> </span><span class=\"lsaa ws69\">6,409<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs44d\">Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs44e\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _40\"> </span><span class=\"ls113 ws10b\">982<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _a0\"> </span><span class=\"ls114 ws10c\">989<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws37 gs44f\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _262\"> </span><span class=\"ls113 ws10b\">982<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>6<span class=\"_ _a0\"> </span><span class=\"ls18f ws191\">988<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs450\">Infrastructure </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs451\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs452\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _1d2\"> </span><span class=\"ls100 ws104\">151<span class=\"_ _a0\"> </span><span class=\"ls105 wsc2\">304<span class=\"_ _9a\"> </span></span></span>5<span class=\"_ _a1\"> </span><span class=\"ls114 ws10c\">460<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws37 gs453\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _206\"> </span><span class=\"ls16a ws15f\">53<span class=\"_ _180\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>9<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"lsa9 wsa0\">232<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs454\">T<span class=\"_ _5\"></span>otal revenue<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs455\">Rev<span class=\"_ _4\"></span>enue including<span class=\"_ _4\"></span> s<span class=\"_ _3\"></span>h<span class=\"_ _4\"></span>are of joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates <span class=\"_ _97\"> </span><span class=\"ff3c lsaa ws69\">3,<span class=\"_ _3\"></span>894<span class=\"_ _de\"> </span>3,9<span class=\"_ _3\"></span>54<span class=\"_ _110\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _1f7\"> </span><span class=\"ls3c ws37\">8<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>31<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs456\">Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _20b\"> </span><span class=\"ff3c ls93 wsfa\">3<span class=\"_ _3\"></span>,79<span class=\"_ _3\"></span>6<span class=\"_ _1f7\"> </span><span class=\"ls109 ws87\">3<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>24<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">9<span class=\"_ _dd\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs457\">Re<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span>ue by t<span class=\"_ _3\"></span>ype<span class=\"_ _3\"></span>s of a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ice<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs458\">Buildings<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs459\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs45a\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs45b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lscf ws78 gs45c\">Utilities<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs45d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs45e\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs45f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs460\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs461\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs462\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs463\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs464\">associates <span class=\"_ _287\"> </span><span class=\"ls5f ws57\">3,878<span class=\"_ _de\"> </span><span class=\"ls73 ws80\">2,<span class=\"_ _3\"></span>96<span class=\"_ _3\"></span>0<span class=\"_ _a1\"> </span><span class=\"ls11d wsf4\">639<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _a6\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws37 gs465\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _96\"> </span><span class=\"ls33 ws2c\">3,387<span class=\"_ _110\"> </span></span>2,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>01<span class=\"_ _180\"> </span><span class=\"ls93 wsfa\">6<span class=\"_ _3\"></span>16<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _de\"> </span><span class=\"lsaa ws69\">6<span class=\"_ _3\"></span>,409<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs466\">Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs467\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs468\">associates <span class=\"_ _178\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">6<span class=\"_ _3\"></span>25<span class=\"_ _116\"> </span><span class=\"ls115 ws10d\">349<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _a1\"> </span><span class=\"ls114 ws10c\">989<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws37 gs469\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _67\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _a0\"> </span><span class=\"ls4a ws44\">6<span class=\"_ _3\"></span>25<span class=\"_ _116\"> </span><span class=\"ls121 wsa3\">348<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _a1\"> </span><span class=\"ls18f ws191\">988<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs46a\">Infrastructure </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs46b\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs46c\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs46d\">associates </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs46e\">291 </div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs46f\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls100 ws104 gs470\">15<span class=\"_ _3\"></span>4<span class=\"_ _7d\"> </span>15<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span><span class=\"ls114 ws10c\">460<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws37 gs471\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _6d\"> </span><span class=\"ls5 ws3\">22<span class=\"_ _3\"></span>9 </span></div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs472\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs473\">3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"lsa9 wsa0\">232<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs474\">T<span class=\"_ _5\"></span>otal revenue<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs475\">Rev<span class=\"_ _3\"></span>enu<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>g sha<span class=\"_ _3\"></span>re of j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>es an<span class=\"_ _3\"></span>d </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs476\">associates <span class=\"_ _d0\"> </span><span class=\"ff3c ls162 ws155\">4<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>74<span class=\"_ _dd\"> </span><span class=\"ls93 wsfa\">3<span class=\"_ _3\"></span>,7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9<span class=\"_ _1f7\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _39\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _1f7\"> </span><span class=\"ls3c ws37\">8,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>31<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs477\">Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _288\"> </span><span class=\"ff3c ls78 ws11a\">3,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>21<span class=\"_ _110\"> </span><span class=\"ls4f ws49\">3,029<span class=\"_ _a1\"> </span><span class=\"ls42 ws3d\">964<span class=\"_ _9d\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _a8\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs478\">Ti<span class=\"_ _3\"></span>min<span class=\"_ _3\"></span>g of r<span class=\"_ _3\"></span>even<span class=\"_ _3\"></span>ue r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs479\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs47a\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs47b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls97 ws8e gs47c\">Support<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs47d\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs47e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs47f\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs480\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs481\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs482\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs483\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs484\">Ove<span class=\"_ _3\"></span>r time <span class=\"_ _16b\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>5<span class=\"_ _180\"> </span><span class=\"ls18f ws191\">984<span class=\"_ _a1\"> </span><span class=\"ls105 wsc2\">430<span class=\"_ _e3\"> </span><span class=\"ls3b ws36\">8,88<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs485\">At a poi<span class=\"_ _3\"></span>nt in time <span class=\"_ _259\"> </span>7<span class=\"_ _9a\"> </span>5<span class=\"_ _a3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs486\">Rev<span class=\"_ _4\"></span>enue including<span class=\"_ _4\"></span> s<span class=\"_ _3\"></span>h<span class=\"_ _4\"></span>are of joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _e7\"> </span><span class=\"ff3c ls10e ws103\">7,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2<span class=\"_ _180\"> </span><span class=\"ls114 ws10c\">989<span class=\"_ _a1\"> </span>460<span class=\"_ _de\"> </span><span class=\"ls3c ws37\">8<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>31<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs487\">Ove<span class=\"_ _3\"></span>r time <span class=\"_ _285\"> </span><span class=\"lsaa ws69\">6,402<span class=\"_ _a1\"> </span><span class=\"ls18f ws191\">983<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">202<span class=\"_ _a6\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>7<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs488\">At a poi<span class=\"_ _3\"></span>nt in time <span class=\"_ _259\"> </span>7<span class=\"_ _9a\"> </span>5<span class=\"_ _a3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs489\">Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _289\"> </span><span class=\"ff3c lsaa ws69\">6,40<span class=\"_ _3\"></span>9<span class=\"_ _116\"> </span><span class=\"ls18f ws191\">988<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">232<span class=\"_ _dd\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _3\"></span>6<span class=\"_ _2\"> </span>2<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs48a\">+ <span class=\"_ _37\"> </span>In<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>es rent<span class=\"_ _3\"></span>al inc<span class=\"_ _3\"></span>ome of \u00a34<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m inclu<span class=\"_ _3\"></span>ding s<span class=\"_ _3\"></span>hare of j<span class=\"_ _3\"></span>oint ven<span class=\"_ _3\"></span>tures an<span class=\"_ _3\"></span>d asso<span class=\"_ _3\"></span>ciate<span class=\"_ _3\"></span>s or \u00a316<span class=\"_ _3\"></span>m exclud<span class=\"_ _3\"></span>ing sh<span class=\"_ _3\"></span>are of joi<span class=\"_ _3\"></span>nt ventur<span class=\"_ _3\"></span>es and as<span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>iates<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs48b\">4.3 T<span class=\"_ _5\"></span>ransaction price<span class=\"_ _4\"></span> allocated to<span class=\"_ _4\"></span> the remaining<span class=\"_ _4\"></span> per<span class=\"_ _3\"></span>for<span class=\"_ _4\"></span>mance obligations<span class=\"_ _4\"></span> (e<span class=\"_ _4\"></span>xcluding joint<span class=\"_ _4\"></span> ventures and<span class=\"_ _4\"></span> associates)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls4a ws44 gs48c\">2024<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs48d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs48e\">2025<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs48f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsc8 wsbd gs490\">2026<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls59 ws52 gs491\">onwar<span class=\"_ _3\"></span>ds<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs492\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs493\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs494\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs495\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _1d5\"> </span><span class=\"lsab wsa1\">5,362<span class=\"_ _110\"> </span><span class=\"ls78 ws11a\">2,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>47<span class=\"_ _dd\"> </span><span class=\"ls162 ws155\">3<span class=\"_ _2\"></span>,1<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _c3\"> </span></span></span>1<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>,392<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs496\">Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices <span class=\"_ _278\"> </span><span class=\"ls49 ws43\">703<span class=\"_ _a0\"> </span><span class=\"ls74 ws6b\">4<span class=\"_ _3\"></span>52<span class=\"_ _a6\"> </span><span class=\"ls5b ws15e\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>41<span class=\"_ _dd\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,79<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs497\">Infrastructure Inv<span class=\"_ _4\"></span>estments <span class=\"_ _192\"> </span><span class=\"ls113 ws10b\">82<span class=\"_ _a3\"> </span><span class=\"ls16a ws15f\">66<span class=\"_ _a6\"> </span><span class=\"ls10a wsfe\">1,7<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>9<span class=\"_ _10a\"> </span><span class=\"ls11e ws117\">1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>917<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs498\">T<span class=\"_ _5\"></span>otal transac<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> pric<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> allocate<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> to remaining performance obligations<span class=\"_ _156\"> </span><span class=\"ls125 ws11c\">6<span class=\"_ _2\"></span>,1<span class=\"_ _3\"></span>47<span class=\"_ _a6\"> </span><span class=\"ls16 ws12\">3,<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>5<span class=\"_ _110\"> </span><span class=\"ls4f ws49\">6,593<span class=\"_ _f\"> </span></span></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs499\">Th<span class=\"_ _3\"></span>e to<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>al trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>n price al<span class=\"_ _3\"></span>locate<span class=\"_ _3\"></span>d to the remainin<span class=\"_ _3\"></span>g per<span class=\"_ _3\"></span>formanc<span class=\"_ _3\"></span>e oblig<span class=\"_ _3\"></span>ations rep<span class=\"_ _3\"></span>resents the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d revenue to be ear<span class=\"_ _3\"></span>ned by the G<span class=\"_ _3\"></span>roup for </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs49a\">disti<span class=\"_ _3\"></span>nct go<span class=\"_ _3\"></span>ods and s<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>ices whi<span class=\"_ _3\"></span>ch the Grou<span class=\"_ _3\"></span>p has promise<span class=\"_ _3\"></span>d to deliver to it<span class=\"_ _3\"></span>s customer<span class=\"_ _3\"></span>s. The<span class=\"_ _3\"></span>se includ<span class=\"_ _3\"></span>e promises w<span class=\"_ _3\"></span>hich are par<span class=\"_ _3\"></span>tia<span class=\"_ _3\"></span>lly satis<span class=\"_ _3\"></span>fied at </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs49b\">the p<span class=\"_ _3\"></span>eriod en<span class=\"_ _3\"></span>d or those w<span class=\"_ _3\"></span>hich are uns<span class=\"_ _3\"></span>atisfied b<span class=\"_ _3\"></span>ut which t<span class=\"_ _3\"></span>he Group ha<span class=\"_ _3\"></span>s commit<span class=\"_ _3\"></span>ted to provid<span class=\"_ _3\"></span>ing. In de<span class=\"_ _3\"></span>rivin<span class=\"_ _3\"></span>g this trans<span class=\"_ _3\"></span>action p<span class=\"_ _3\"></span>rice, any el<span class=\"_ _3\"></span>ement </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs49c\">of vari<span class=\"_ _3\"></span>able revenue is e<span class=\"_ _3\"></span>stimated at a v<span class=\"_ _3\"></span>alue that is hi<span class=\"_ _3\"></span>ghly pro<span class=\"_ _3\"></span>bable n<span class=\"_ _3\"></span>ot t<span class=\"_ _4\"></span>o rever<span class=\"_ _3\"></span>se in the futu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs49d\">Th<span class=\"_ _3\"></span>e transa<span class=\"_ _3\"></span>ction pr<span class=\"_ _3\"></span>ice ab<span class=\"_ _3\"></span>ove does not in<span class=\"_ _3\"></span>clude any es<span class=\"_ _3\"></span>timated revenue to b<span class=\"_ _3\"></span>e earne<span class=\"_ _3\"></span>d on framewo<span class=\"_ _3\"></span>rk contra<span class=\"_ _3\"></span>cts for whi<span class=\"_ _3\"></span>ch a firm ord<span class=\"_ _3\"></span>er or instr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs49e\">has not b<span class=\"_ _3\"></span>een recei<span class=\"_ _3\"></span>ved from the c<span class=\"_ _3\"></span>ustomer.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-619": {
   "value": "4 R<span class=\"_ _3\"></span>even<span class=\"_ _3\"></span>ue<span class=\"_ _3ab\"> </span>4.<span class=\"_ _4\"></span>1 N<span class=\"_ _3\"></span>atu<span class=\"_ _3\"></span>re of s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>s prov<span class=\"_ _3\"></span>id<span class=\"_ _3\"></span>ed 4.<span class=\"_ _4\"></span>1.<span class=\"_ _5\"></span>1 C<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>uc<span class=\"_ _3\"></span>tion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es Th<span class=\"_ _3\"></span>e Group\u2019s Constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n Ser<span class=\"_ _3\"></span>vices s<span class=\"_ _3\"></span>egment en<span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>asses ac<span class=\"_ _3\"></span>tivitie<span class=\"_ _3\"></span>s in relation to t<span class=\"_ _3\"></span>he physic<span class=\"_ _3\"></span>al constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n of assets prov<span class=\"_ _3\"></span>ided to pub<span class=\"_ _3\"></span>lic and pri<span class=\"_ _3\"></span>vate customer<span class=\"_ _3\"></span>s. Revenue ge<span class=\"_ _3\"></span>nerated in th<span class=\"_ _3\"></span>is segment i<span class=\"_ _3\"></span>s measured over t<span class=\"_ _3\"></span>ime as cont<span class=\"_ _3\"></span>rol passe<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he custome<span class=\"_ _3\"></span>r as the asset is c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>cted. Pro<span class=\"_ _3\"></span>gress is mea<span class=\"_ _3\"></span>sured by reference to th<span class=\"_ _3\"></span>e cost incu<span class=\"_ _3\"></span>rred on the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t to date comp<span class=\"_ _3\"></span>ared to the co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s en<span class=\"_ _3\"></span>d of job forec<span class=\"_ _3\"></span>ast (the inp<span class=\"_ _3\"></span>ut metho<span class=\"_ _3\"></span>d). Payme<span class=\"_ _3\"></span>nt terms are bas<span class=\"_ _3\"></span>ed on a sche<span class=\"_ _3\"></span>dule of valu<span class=\"_ _3\"></span>e that is set out i<span class=\"_ _3\"></span>n the contr<span class=\"_ _3\"></span>act and fai<span class=\"_ _3\"></span>rly reflec<span class=\"_ _3\"></span>t the timing a<span class=\"_ _3\"></span>nd per<span class=\"_ _3\"></span>forman<span class=\"_ _3\"></span>ce of ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e<span class=\"_ gs52\"> </span>deliver<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. C<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts with c<span class=\"_ _3\"></span>ustomers a<span class=\"_ _3\"></span>re typ<span class=\"_ _3\"></span>icall<span class=\"_ _3\"></span>y acco<span class=\"_ _3\"></span>unted for as one pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>mance o<span class=\"_ _3\"></span>bligat<span class=\"_ _3\"></span>ion (P<span class=\"_ _3\"></span>O).<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>s of a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts<span class=\"_ _5f\"> </span><span class=\"ls102 wsf7\">Typical<span class=\"_ _4\"></span> contrac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> length<span class=\"_ _ef\"> </span><span class=\"ls5 ws3\">Na<span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>re, t<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ng of s<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>fac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on of p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>nce o<span class=\"_ _3\"></span>bl<span class=\"_ _3\"></span>iga<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns a<span class=\"_ _3\"></span>nd si<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>nt pa<span class=\"_ _3\"></span>yme<span class=\"_ _3\"></span>nt te<span class=\"_ _3\"></span>rm<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></span></span>Buildings <span class=\"_ _b5\"> </span><span class=\"ff3c ls5 ws3\">1<span class=\"_ _4\"></span>2 to 3<span class=\"_ _3\"></span>6 months<span class=\"_ _17e\"> </span>The G<span class=\"_ _3\"></span>roup cons<span class=\"_ _3\"></span>truct<span class=\"_ _3\"></span>s buildin<span class=\"_ _3\"></span>gs which i<span class=\"_ _3\"></span>nclude c<span class=\"_ _3\"></span>ommerci<span class=\"_ _3\"></span>al, heal<span class=\"_ _3\"></span>thcare, e<span class=\"_ _3\"></span>ducati<span class=\"_ _3\"></span>on, retail an<span class=\"_ _3\"></span>d </span>resid<span class=\"_ _3\"></span>ential asset<span class=\"_ _3\"></span>s. As p<span class=\"_ _3\"></span>art of i<span class=\"_ _3\"></span>ts const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n ser<span class=\"_ _3\"></span>vices, t<span class=\"_ _3\"></span>he Group prov<span class=\"_ _3\"></span>ides a ra<span class=\"_ _3\"></span>nge of ser<span class=\"_ _3\"></span>vice<span class=\"_ _3\"></span>s incl<span class=\"_ _3\"></span>uding de<span class=\"_ _3\"></span>sign and<span class=\"_ _3\"></span>/or buil<span class=\"_ _3\"></span>d, mec<span class=\"_ _3\"></span>hanica<span class=\"_ _3\"></span>l and elec<span class=\"_ _3\"></span>trica<span class=\"_ _3\"></span>l enginee<span class=\"_ _3\"></span>ring, sh<span class=\"_ _3\"></span>ell and co<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>nd/o<span class=\"_ _3\"></span>r fit-<span class=\"_ _3\"></span>out and inter<span class=\"_ _3\"></span>ior refurbi<span class=\"_ _3\"></span>shment. T<span class=\"_ _3\"></span>he Group\u2019s customer<span class=\"_ _3\"></span>s in this area are a mi<span class=\"_ _3\"></span>x of private an<span class=\"_ _3\"></span>d public e<span class=\"_ _3\"></span>ntities.<span class=\"_ _3\"></span> Th<span class=\"_ _3\"></span>e contrac<span class=\"_ _3\"></span>t lengt<span class=\"_ _3\"></span>h depen<span class=\"_ _3\"></span>ds on the c<span class=\"_ _3\"></span>omplexit<span class=\"_ _3\"></span>y and s<span class=\"_ _3\"></span>cale of the b<span class=\"_ _3\"></span>uilding a<span class=\"_ _3\"></span>nd contra<span class=\"_ _3\"></span>cts entered into for these s<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>ices are t<span class=\"_ _3\"></span>ypi<span class=\"_ _3\"></span>cally fi<span class=\"_ _3\"></span>xed price<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>In mos<span class=\"_ _3\"></span>t instan<span class=\"_ _3\"></span>ces, the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t with the cu<span class=\"_ _3\"></span>stomer is ass<span class=\"_ _3\"></span>essed to onl<span class=\"_ _3\"></span>y conta<span class=\"_ _3\"></span>in one PO a<span class=\"_ _3\"></span>s the ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es provide<span class=\"_ _3\"></span>d by the Grou<span class=\"_ _3\"></span>p, includi<span class=\"_ _3\"></span>ng those w<span class=\"_ _3\"></span>here the Grou<span class=\"_ _3\"></span>p is also provi<span class=\"_ _3\"></span>ding desi<span class=\"_ _3\"></span>gn ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es, are highl<span class=\"_ _3\"></span>y interrelated<span class=\"_ _3\"></span>. However<span class=\"_ _4\"></span>, for c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain t<span class=\"_ _3\"></span>ypes of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts, ser<span class=\"_ _3\"></span>vice<span class=\"_ _3\"></span>s relating to fit-<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ut and interio<span class=\"_ _3\"></span>r refurbishm<span class=\"_ _3\"></span>ent may somet<span class=\"_ _3\"></span>imes be as<span class=\"_ _3\"></span>sessed as a s<span class=\"_ _3\"></span>eparate P<span class=\"_ _3\"></span>O.<span class=\"_ _3ab\"> </span>Infrastruc<span class=\"_ _3\"></span>ture<span class=\"_ _bc\"> </span><span class=\"ff3c ls5 ws3\">1 to 3 months for </span>small<span class=\"_ _3\"></span>-scal<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e works 24 to 6<span class=\"_ _3\"></span>0 months for large<span class=\"_ _3\"></span>-scale comp<span class=\"_ _3\"></span>le<span class=\"_ _4\"></span>x construction<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group provi<span class=\"_ _3\"></span>des con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ion ser<span class=\"_ _3\"></span>vice<span class=\"_ _3\"></span>s for three main t<span class=\"_ _3\"></span>yp<span class=\"_ _3\"></span>es of infrastr<span class=\"_ _3\"></span>ucture as<span class=\"_ _3\"></span>sets: highways<span class=\"_ _3\"></span>, rail<span class=\"_ _3\"></span>ways and othe<span class=\"_ _3\"></span>r large<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>scale i<span class=\"_ _3\"></span>nfrastru<span class=\"_ _3\"></span>cture asset<span class=\"_ _3\"></span>s such as was<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>, water and energ<span class=\"_ _3\"></span>y plant<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Hig<span class=\"_ _3\"></span>h<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>ays represent th<span class=\"_ _3\"></span>e Group\u2019s activ<span class=\"_ _3\"></span>ities in co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>ting motor<span class=\"_ _3\"></span>ways in t<span class=\"_ _3\"></span>he UK<span class=\"_ _3\"></span>, US and Ho<span class=\"_ _3\"></span>ng Kong<span class=\"_ _3\"></span>. This inc<span class=\"_ _3\"></span>ludes ac<span class=\"_ _3\"></span>tivit<span class=\"_ _3\"></span>ies such as d<span class=\"_ _3\"></span>esign and c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction of ro<span class=\"_ _3\"></span>ads, wi<span class=\"_ _3\"></span>dening of exis<span class=\"_ _3\"></span>ting motor<span class=\"_ _3\"></span>ways or c<span class=\"_ _3\"></span>onver<span class=\"_ _3\"></span>ting existin<span class=\"_ _3\"></span>g motor<span class=\"_ _3\"></span>ways. Th<span class=\"_ _3\"></span>e main custo<span class=\"_ _3\"></span>mers are gover<span class=\"_ _3\"></span>nment bo<span class=\"_ _3\"></span>dies.<span class=\"_ _3ab\"> </span>Railway construc<span class=\"_ _3\"></span>tion services includ<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> d<span class=\"_ _3\"></span>esign and managing the construction of railway systems deli<span class=\"_ _3\"></span>vering ma<span class=\"_ _3\"></span>jor multi<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>disc<span class=\"_ _3\"></span>iplinar<span class=\"_ _3\"></span>y proj<span class=\"_ _3\"></span>ects, t<span class=\"_ _3\"></span>rack work<span class=\"_ _3\"></span>, elec<span class=\"_ _3\"></span>trific<span class=\"_ _3\"></span>ation an<span class=\"_ _3\"></span>d power sup<span class=\"_ _3\"></span>ply<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p ser<span class=\"_ _3\"></span>ves both p<span class=\"_ _3\"></span>ublic an<span class=\"_ _3\"></span>d private ra<span class=\"_ _3\"></span>ilways inc<span class=\"_ _3\"></span>luding hi<span class=\"_ _3\"></span>gh-<span class=\"_ _3\"></span>sp<span class=\"_ _3\"></span>eed pas<span class=\"_ _3\"></span>senger r<span class=\"_ _3\"></span>ailways, f<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ight and mixe<span class=\"_ _3\"></span>d traf<span class=\"_ _3\"></span>fic routes<span class=\"_ _3\"></span>, dense co<span class=\"_ _3\"></span>mmuter net<span class=\"_ _3\"></span>works, m<span class=\"_ _3\"></span>etros and light r<span class=\"_ _3\"></span>ail.<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her infrast<span class=\"_ _3\"></span>ructure as<span class=\"_ _3\"></span>sets inclu<span class=\"_ _3\"></span>de cons<span class=\"_ _3\"></span>tructi<span class=\"_ _3\"></span>on, desi<span class=\"_ _3\"></span>gn and buil<span class=\"_ _3\"></span>d ser<span class=\"_ _3\"></span>vices on l<span class=\"_ _3\"></span>arge<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>scale c<span class=\"_ _3\"></span>omplex asset<span class=\"_ _3\"></span>s predomi<span class=\"_ _3\"></span>nantly ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>cing the wa<span class=\"_ _3\"></span>ste, water and ene<span class=\"_ _3\"></span>rgy sec<span class=\"_ _3\"></span>tors.<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>s entered into relating to t<span class=\"_ _3\"></span>hese infrast<span class=\"_ _3\"></span>ructure a<span class=\"_ _3\"></span>ssets ca<span class=\"_ _3\"></span>n take the form of fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d-<span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>ice, cost-<span class=\"_ _3\"></span>plus or target-<span class=\"_ _3\"></span>cost contracts with shared pain<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>g<span class=\"_ _3\"></span>ain mechanisms. Contract lengths var<span class=\"_ _3\"></span>y acc<span class=\"_ _3\"></span>ording to th<span class=\"_ _3\"></span>e size and comp<span class=\"_ _3\"></span>lexit<span class=\"_ _3\"></span>y of the asset bu<span class=\"_ _3\"></span>ild and c<span class=\"_ _3\"></span>an range fro<span class=\"_ _3\"></span>m a fe<span class=\"_ _4\"></span>w m<span class=\"_ _3\"></span>onths for small<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>sca<span class=\"_ _3\"></span>le infrastr<span class=\"_ _3\"></span>ucture wor<span class=\"_ _3\"></span>ks to f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur to five years for l<span class=\"_ _3\"></span>arge<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>scale c<span class=\"_ _3\"></span>omplex c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion wor<span class=\"_ _3\"></span>ks.<span class=\"_ _3ab\"> </span>In mos<span class=\"_ _3\"></span>t cases<span class=\"_ _3\"></span>, the contr<span class=\"_ _3\"></span>act itse<span class=\"_ _3\"></span>lf represent<span class=\"_ _3\"></span>s a single P<span class=\"_ _3\"></span>O where onl<span class=\"_ _3\"></span>y the desi<span class=\"_ _3\"></span>gn and co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion elem<span class=\"_ _3\"></span>ents are contr<span class=\"_ _3\"></span>acted. I<span class=\"_ _3\"></span>n some inst<span class=\"_ _3\"></span>ances<span class=\"_ _3\"></span>, the contr<span class=\"_ _3\"></span>act wit<span class=\"_ _3\"></span>h the custome<span class=\"_ _3\"></span>r will incl<span class=\"_ _3\"></span>ude mainten<span class=\"_ _3\"></span>ance of the c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>ted asset. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p assesse<span class=\"_ _3\"></span>s the maintena<span class=\"_ _3\"></span>nce elem<span class=\"_ _3\"></span>ent as a sepa<span class=\"_ _3\"></span>rate PO and<span class=\"_ _3\"></span> revenue from t<span class=\"_ _3\"></span>his PO is rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in the Sup<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es segment<span class=\"_ _3\"></span>. Refer to Note 4.<span class=\"_ _4\"></span>1.2.<span class=\"_ _3ab\"> </span>4.<span class=\"_ _4\"></span>1.2 S<span class=\"_ _3\"></span>upp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ice<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s work in this se<span class=\"_ _3\"></span>gment sup<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ts existing a<span class=\"_ _3\"></span>ssets throu<span class=\"_ _3\"></span>gh maint<span class=\"_ _3\"></span>aining, u<span class=\"_ _3\"></span>pgrad<span class=\"_ _3\"></span>ing and ma<span class=\"_ _3\"></span>naging se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices acro<span class=\"_ _3\"></span>ss utiliti<span class=\"_ _3\"></span>es and infras<span class=\"_ _3\"></span>tructu<span class=\"_ _3\"></span>re assets. Reve<span class=\"_ _3\"></span>nue gener<span class=\"_ _3\"></span>ated in this seg<span class=\"_ _3\"></span>ment is meas<span class=\"_ _3\"></span>ured over time as c<span class=\"_ _3\"></span>ontrol pa<span class=\"_ _3\"></span>sses to the cus<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>mer as and w<span class=\"_ _3\"></span>hen ser<span class=\"_ _3\"></span>vice<span class=\"_ _3\"></span>s are provi<span class=\"_ _3\"></span>ded. P<span class=\"_ _3\"></span>rogress is me<span class=\"_ _3\"></span>asured by referenc<span class=\"_ _3\"></span>e to the cost in<span class=\"_ _3\"></span>curred on t<span class=\"_ _3\"></span>he contra<span class=\"_ _3\"></span>ct to date co<span class=\"_ _3\"></span>mpared to the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t\u2019s end of job forec<span class=\"_ _3\"></span>ast (the inpu<span class=\"_ _3\"></span>t method<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>. P<span class=\"_ _3\"></span>ayments a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e s<span class=\"_ _3\"></span>tructu<span class=\"_ _3\"></span>red as milesto<span class=\"_ _3\"></span>ne payme<span class=\"_ _3\"></span>nts set out in th<span class=\"_ _3\"></span>e respec<span class=\"_ _3\"></span>tive contr<span class=\"_ _3\"></span>acts.<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>s of a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts<span class=\"_ _5f\"> </span>N<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>, tim<span class=\"_ _3\"></span>ing o<span class=\"_ _3\"></span>f sa<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f pe<span class=\"_ _3\"></span>rf<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e ob<span class=\"_ _3\"></span>lig<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ion<span class=\"_ _3\"></span>s and s<span class=\"_ _3\"></span>ign<span class=\"_ _3\"></span>if<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>ant p<span class=\"_ _3\"></span>aym<span class=\"_ _3\"></span>ent t<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ms<span class=\"_ _3ab\"> </span>Utilities <span class=\"_ _128\"> </span><span class=\"ff3c ls5 ws3\">Wi<span class=\"_ _3\"></span>thin the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es contr<span class=\"_ _3\"></span>acts, th<span class=\"_ _3\"></span>e Group prov<span class=\"_ _3\"></span>ides sup<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>t ser<span class=\"_ _3\"></span>vices to va<span class=\"_ _3\"></span>rious t<span class=\"_ _3\"></span>ype<span class=\"_ _3\"></span>s of utilit<span class=\"_ _3\"></span>y assets<span class=\"_ _3\"></span>. </span>For c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts ser<span class=\"_ _3\"></span>vicin<span class=\"_ _3\"></span>g power tran<span class=\"_ _3\"></span>smission a<span class=\"_ _3\"></span>nd distri<span class=\"_ _3\"></span>bution a<span class=\"_ _3\"></span>ssets, th<span class=\"_ _3\"></span>e Group con<span class=\"_ _3\"></span>struc<span class=\"_ _3\"></span>ts and maint<span class=\"_ _3\"></span>ains elec<span class=\"_ _3\"></span>trici<span class=\"_ _3\"></span>ty net<span class=\"_ _3\"></span>works<span class=\"_ _3\"></span>, incl<span class=\"_ _3\"></span>uding rep<span class=\"_ _3\"></span>laceme<span class=\"_ _3\"></span>nt or new build of ove<span class=\"_ _3\"></span>rhead lin<span class=\"_ _3\"></span>es, unde<span class=\"_ _3\"></span>rground c<span class=\"_ _3\"></span>abling<span class=\"_ _3\"></span>, cab<span class=\"_ _3\"></span>le tunnels an<span class=\"_ _3\"></span>d offsho<span class=\"_ _3\"></span>re wind far<span class=\"_ _3\"></span>m maintenanc<span class=\"_ _3\"></span>e. Co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>s entered into are norm<span class=\"_ _3\"></span>ally fixed<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>pri<span class=\"_ _3\"></span>ce and co<span class=\"_ _3\"></span>ntract le<span class=\"_ _3\"></span>ngths c<span class=\"_ _3\"></span>an var<span class=\"_ _3\"></span>y from 1<span class=\"_ _4\"></span>2 to 3<span class=\"_ _3\"></span>6 months<span class=\"_ _3\"></span>, and up to 20 yea<span class=\"_ _3\"></span>rs for off<span class=\"_ _3\"></span>shore wind f<span class=\"_ _3\"></span>arm mainten<span class=\"_ _3\"></span>ance cont<span class=\"_ _3\"></span>racts<span class=\"_ _3\"></span>. Each c<span class=\"_ _3\"></span>ontract i<span class=\"_ _3\"></span>s normal<span class=\"_ _3\"></span>ly asses<span class=\"_ _3\"></span>sed to cont<span class=\"_ _3\"></span>ain one P<span class=\"_ _3\"></span>O<span class=\"_ _4\"></span>. H<span class=\"_ _3\"></span>owever<span class=\"_ _4\"></span>, wh<span class=\"_ _3\"></span>ere a contract contains both a construc<span class=\"_ _3\"></span>tion phase and a main<span class=\"_ _4\"></span>tenanc<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>hase,<span class=\"_ _4\"></span> the<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span> are assessed to contain t<span class=\"_ _3\"></span>w<span class=\"_ _4\"></span>o sep<span class=\"_ _3\"></span>arat<span class=\"_ _4\"></span>e P<span class=\"_ _3\"></span>Os.<span class=\"_ _3ab\"> </span>Infrastruc<span class=\"_ _3\"></span>ture <span class=\"_ _1c1\"> </span><span class=\"ff3c ls5 ws3\">T<span class=\"_ _3\"></span>he Group p<span class=\"_ _3\"></span>rovides m<span class=\"_ _3\"></span>aintenance<span class=\"_ _3\"></span>, asset and net<span class=\"_ _3\"></span>work ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent and desi<span class=\"_ _3\"></span>gn ser<span class=\"_ _3\"></span>vices i<span class=\"_ _3\"></span>n r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>spec<span class=\"_ _3\"></span>t of highways, r<span class=\"_ _3\"></span>ailways an<span class=\"_ _3\"></span>d </span>other p<span class=\"_ _3\"></span>ublicl<span class=\"_ _3\"></span>y availab<span class=\"_ _3\"></span>le assets<span class=\"_ _3\"></span>. The cus<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>mer in this are<span class=\"_ _3\"></span>a of the Group is m<span class=\"_ _3\"></span>ainly g<span class=\"_ _3\"></span>overnment b<span class=\"_ _3\"></span>odies. Types of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t includ<span class=\"_ _3\"></span>e a fixed sc<span class=\"_ _3\"></span>hedule of r<span class=\"_ _3\"></span>ates, fixed<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>pric<span class=\"_ _3\"></span>e, target-<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ost arr<span class=\"_ _3\"></span>angeme<span class=\"_ _3\"></span>nts and cos<span class=\"_ _3\"></span>t-p<span class=\"_ _3\"></span>lus. Co<span class=\"_ _3\"></span>ntract ter<span class=\"_ _3\"></span>ms range f<span class=\"_ _3\"></span>rom 1 to 25 years. W<span class=\"_ _3\"></span>here co<span class=\"_ _3\"></span>ntracts i<span class=\"_ _3\"></span>nclude a l<span class=\"_ _3\"></span>ifecycle el<span class=\"_ _3\"></span>ement, th<span class=\"_ _3\"></span>is is acco<span class=\"_ _3\"></span>unted for as a sep<span class=\"_ _3\"></span>arate PO<span class=\"_ gs52\"> </span>a<span class=\"_ _3\"></span>nd recog<span class=\"_ _3\"></span>nised wh<span class=\"_ _3\"></span>en the work is d<span class=\"_ _3\"></span>elivered<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>4.<span class=\"_ _5\"></span>1.3 I<span class=\"_ _4\"></span>nf<span class=\"_ _3\"></span>rastructure Investments<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group invest<span class=\"_ _3\"></span>s directl<span class=\"_ _3\"></span>y in a variet<span class=\"_ _3\"></span>y of assets<span class=\"_ _3\"></span>, predom<span class=\"_ _3\"></span>inantly c<span class=\"_ _3\"></span>onsisting of i<span class=\"_ _3\"></span>nfrastru<span class=\"_ _3\"></span>cture asset<span class=\"_ _3\"></span>s where there a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e o<span class=\"_ _3\"></span>ppor<span class=\"_ _3\"></span>tuni<span class=\"_ _3\"></span>ties to mana<span class=\"_ _3\"></span>ge the<span class=\"_ gs52\"> </span>as<span class=\"_ _3\"></span>set upon c<span class=\"_ _3\"></span>ompleti<span class=\"_ _3\"></span>on of const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on. The G<span class=\"_ _3\"></span>roup also inves<span class=\"_ _3\"></span>ts in real est<span class=\"_ _3\"></span>ate ty<span class=\"_ _3\"></span>pe asset<span class=\"_ _3\"></span>s, in par<span class=\"_ _3\"></span>ticul<span class=\"_ _3\"></span>ar private res<span class=\"_ _3\"></span>idential a<span class=\"_ _3\"></span>nd student acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation as<span class=\"_ _3\"></span>sets. Revenu<span class=\"_ _3\"></span>e generate<span class=\"_ _3\"></span>d in this segm<span class=\"_ _3\"></span>ent is from the prov<span class=\"_ _3\"></span>ision of co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion, ma<span class=\"_ _3\"></span>intenance an<span class=\"_ _3\"></span>d manag<span class=\"_ _3\"></span>ement ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es and<span class=\"_ gs52\"> </span>als<span class=\"_ _3\"></span>o from the rec<span class=\"_ _3\"></span>ogniti<span class=\"_ _3\"></span>on of rental inc<span class=\"_ _3\"></span>ome. Th<span class=\"_ _3\"></span>e Group\u2019s strateg<span class=\"_ _3\"></span>y is to hold the<span class=\"_ _3\"></span>se assets unti<span class=\"_ _3\"></span>l optimal v<span class=\"_ _3\"></span>alues are achi<span class=\"_ _3\"></span>eved through disp<span class=\"_ _3\"></span>osal<span class=\"_ gs52\"> </span>of m<span class=\"_ _3\"></span>ature assets.<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>s of s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es <span class=\"_ _55\"> </span>N<span class=\"_ _3\"></span>atu<span class=\"_ _3\"></span>re, t<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ng of s<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>fac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on of p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e obl<span class=\"_ _3\"></span>iga<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>ons a<span class=\"_ _3\"></span>nd s<span class=\"_ _3\"></span>ign<span class=\"_ _3\"></span>if<span class=\"_ _3\"></span>ica<span class=\"_ _3\"></span>nt p<span class=\"_ _3\"></span>ayme<span class=\"_ _3\"></span>nt t<span class=\"_ _3\"></span>erm<span class=\"_ _3\"></span>s Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e conce<span class=\"_ _3\"></span>ssions Th<span class=\"_ _3\"></span>e Group op<span class=\"_ _3\"></span>erates a UK an<span class=\"_ _3\"></span>d US por<span class=\"_ _3\"></span>tfo<span class=\"_ _3\"></span>lio of ser<span class=\"_ _3\"></span>vice c<span class=\"_ _3\"></span>onces<span class=\"_ _3\"></span>sion asset<span class=\"_ _3\"></span>s compr<span class=\"_ _3\"></span>ising asset<span class=\"_ _3\"></span>s in the road<span class=\"_ _3\"></span>s, healt<span class=\"_ _3\"></span>hcare, stu<span class=\"_ _3\"></span>dent acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation, b<span class=\"_ _3\"></span>iomas<span class=\"_ _3\"></span>s and waste and of<span class=\"_ _3\"></span>fshore t<span class=\"_ _3\"></span>ransmissi<span class=\"_ _3\"></span>on sector<span class=\"_ _3\"></span>s. The G<span class=\"_ _3\"></span>roup acc<span class=\"_ _3\"></span>ounts for the<span class=\"_ _3\"></span>se assets un<span class=\"_ _3\"></span>der IFR<span class=\"_ _3\"></span>IC 1<span class=\"_ _4\"></span>2<span class=\"_ _3\"></span> Ser<span class=\"_ _3\"></span>vice Concession A<span class=\"_ _3\"></span>rrangements. Wh<span class=\"_ _3\"></span>ere the Group c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>cts and m<span class=\"_ _3\"></span>aintains t<span class=\"_ _3\"></span>hese asset<span class=\"_ _3\"></span>s, the t<span class=\"_ _3\"></span>wo ser<span class=\"_ _3\"></span>vices are d<span class=\"_ _3\"></span>eemed to be s<span class=\"_ _3\"></span>eparate p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>mance o<span class=\"_ _3\"></span>bliga<span class=\"_ _3\"></span>tions and ac<span class=\"_ _3\"></span>counted for s<span class=\"_ _3\"></span>eparatel<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. If the m<span class=\"_ _3\"></span>aintenanc<span class=\"_ _3\"></span>e phase in<span class=\"_ _3\"></span>cludes a li<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cycle el<span class=\"_ _3\"></span>ement, thi<span class=\"_ _3\"></span>s is consid<span class=\"_ _3\"></span>ered to be a sep<span class=\"_ _3\"></span>arate PO.<span class=\"_ _3\"></span> Co<span class=\"_ _3\"></span>ntract ter<span class=\"_ _3\"></span>ms can b<span class=\"_ _3\"></span>e up to 40 yea<span class=\"_ _3\"></span>rs. Th<span class=\"_ _3\"></span>e Group reco<span class=\"_ _3\"></span>gnises revenu<span class=\"_ _3\"></span>e over time usin<span class=\"_ _3\"></span>g the input m<span class=\"_ _3\"></span>ethod. C<span class=\"_ _3\"></span>onsid<span class=\"_ _3\"></span>eration is p<span class=\"_ _3\"></span>aid throug<span class=\"_ _3\"></span>h a fixed unit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y payment c<span class=\"_ _3\"></span>harge sp<span class=\"_ _3\"></span>read over the li<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e of t<span class=\"_ _3\"></span>he contra<span class=\"_ _3\"></span>ct. Rev<span class=\"_ _3\"></span>enu<span class=\"_ _3\"></span>e fro<span class=\"_ _3\"></span>m thi<span class=\"_ _3\"></span>s se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e is pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ed a<span class=\"_ _3\"></span>cro<span class=\"_ _3\"></span>ss B<span class=\"_ _3\"></span>uil<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>gs, I<span class=\"_ _3\"></span>nf<span class=\"_ _3\"></span>ras<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>uc<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e or Ut<span class=\"_ _3\"></span>ili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s in N<span class=\"_ _3\"></span>ote 4<span class=\"_ _3\"></span>.2<span class=\"_ _3\"></span>. Management se<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es The Group provides real estate<span class=\"_ _4\"></span> man<span class=\"_ _3\"></span>agement<span class=\"_ _4\"></span> ser<span class=\"_ _3\"></span>vices such as propert<span class=\"_ _3\"></span>y development and asse<span class=\"_ _4\"></span>t manag<span class=\"_ _3\"></span>emen<span class=\"_ _4\"></span>t ser<span class=\"_ _3\"></span>vices. Contract<span class=\"_ _3\"></span> terms c<span class=\"_ _3\"></span>an be up to 5<span class=\"_ _3\"></span>0 years<span class=\"_ _3\"></span>. The Grou<span class=\"_ _3\"></span>p recog<span class=\"_ _3\"></span>nises revenue over tim<span class=\"_ _3\"></span>e as and whe<span class=\"_ _3\"></span>n ser<span class=\"_ _3\"></span>vice is de<span class=\"_ _3\"></span>livered to the cu<span class=\"_ _3\"></span>stomer<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Rev<span class=\"_ _3\"></span>enu<span class=\"_ _3\"></span>e fro<span class=\"_ _3\"></span>m thi<span class=\"_ _3\"></span>s se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e is pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ed w<span class=\"_ _3\"></span>ith<span class=\"_ _3\"></span>in Bu<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>s in N<span class=\"_ _3\"></span>ote 4<span class=\"_ _3\"></span>.2<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Ho<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>ng de<span class=\"_ _3\"></span>velo<span class=\"_ _3\"></span>pme<span class=\"_ _3\"></span>nt Th<span class=\"_ _3\"></span>e Group also d<span class=\"_ _3\"></span>evelops h<span class=\"_ _3\"></span>ousing uni<span class=\"_ _3\"></span>ts on land t<span class=\"_ _3\"></span>hat is owne<span class=\"_ _3\"></span>d by the Group<span class=\"_ _3\"></span>. Revenue is reco<span class=\"_ _3\"></span>gnised o<span class=\"_ _3\"></span>n the sale of in<span class=\"_ _3\"></span>divid<span class=\"_ _3\"></span>ual unit<span class=\"_ _3\"></span>s at the point in t<span class=\"_ _3\"></span>ime when c<span class=\"_ _3\"></span>ontrol of the as<span class=\"_ _3\"></span>set is transfer<span class=\"_ _3\"></span>red to the purch<span class=\"_ _3\"></span>aser<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his is dee<span class=\"_ _3\"></span>med to be whe<span class=\"_ _3\"></span>n an uncondition<span class=\"_ _3\"></span>al sale is<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>hie<span class=\"_ _4\"></span>ved.<span class=\"_ _3ab\"> </span>Rev<span class=\"_ _3\"></span>enu<span class=\"_ _3\"></span>e fro<span class=\"_ _3\"></span>m thi<span class=\"_ _3\"></span>s se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e is pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ed w<span class=\"_ _3\"></span>ith<span class=\"_ _3\"></span>in Bu<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>s in N<span class=\"_ _3\"></span>ote 4<span class=\"_ _3\"></span>.2<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>4.2 Disaggregation of<span class=\"_ _4\"></span> revenue<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group prese<span class=\"_ _3\"></span>nts a disa<span class=\"_ _3\"></span>ggrega<span class=\"_ _3\"></span>tion of its revenue a<span class=\"_ _3\"></span>ccord<span class=\"_ _3\"></span>ing to the prim<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y geog<span class=\"_ _3\"></span>raphic<span class=\"_ _3\"></span>al markets in w<span class=\"_ _3\"></span>hich the G<span class=\"_ _3\"></span>roup oper<span class=\"_ _3\"></span>ates as well as the t<span class=\"_ _3\"></span>ypes of as<span class=\"_ _3\"></span>sets ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>ed by the Grou<span class=\"_ _3\"></span>p. The na<span class=\"_ _3\"></span>ture of the vari<span class=\"_ _3\"></span>ous ser<span class=\"_ _3\"></span>vice<span class=\"_ _3\"></span>s provide<span class=\"_ _3\"></span>d by the Group is ex<span class=\"_ _3\"></span>plaine<span class=\"_ _3\"></span>d in Note 4.<span class=\"_ _4\"></span>1. This dis<span class=\"_ _3\"></span>aggre<span class=\"_ _3\"></span>gation of<span class=\"_ gs52\"> </span>revenue is als<span class=\"_ _3\"></span>o presented ac<span class=\"_ _3\"></span>cordin<span class=\"_ _3\"></span>g to the Group\u2019s repor<span class=\"_ _3\"></span>tab<span class=\"_ _3\"></span>le segm<span class=\"_ _3\"></span>ents as desc<span class=\"_ _3\"></span>ribe<span class=\"_ _3\"></span>d in Note 5.<span class=\"_ _3ab\"> </span>For t<span class=\"_ _3\"></span>he yea<span class=\"_ _3\"></span>r end<span class=\"_ _3\"></span>ed 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span>Revenue<span class=\"_ _4\"></span> by primary geographical mark<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Kingdom<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>States<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Re<span class=\"_ _3\"></span>st o<span class=\"_ _3\"></span>f worl<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _1bd\"> </span><span class=\"ff3b ls16 ws12\">3,<span class=\"_ _3\"></span>025<span class=\"_ _1f7\"> </span>3,6<span class=\"_ _3\"></span>97<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">8<span class=\"_ _3\"></span>,0<span class=\"_ _3\"></span>81<span class=\"_ _3ab\"> </span></span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _282\"> </span><span class=\"ff3b ls16 ws12\">3,02<span class=\"_ _3\"></span>5<span class=\"_ _110\"> </span>3,6<span class=\"_ _3\"></span>69<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _110\"> </span><span class=\"ls4f ws49\">6,69<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span>Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _283\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>3<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _1f7\"> </span><span class=\"ls113 ws10b\">1<span class=\"_ _4\"></span>,006<span class=\"_ _3ab\"> </span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _282\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>03<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _a6\"> </span><span class=\"ls113 ws10b\">1<span class=\"_ _4\"></span>,006<span class=\"_ _3ab\"> </span></span></span></span>Infrastructure Investments<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _207\"> </span><span class=\"ff3b ls90 ws116\">164<span class=\"_ _180\"> </span><span class=\"lsa9 wsa0\">338<span class=\"_ _9a\"> </span></span></span><span class=\"ff3b\">6<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">508<span class=\"_ _3ab\"> </span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _206\"> </span><span class=\"ff3b ls43 ws3e\">63<span class=\"_ _a1\"> </span><span class=\"ls3e ws39\">228<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _a0\"> </span><span class=\"ls74 ws6b\">292<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal revenue<span class=\"_ _3ab\"> </span>Rev<span class=\"_ _4\"></span>enue including<span class=\"_ _4\"></span> s<span class=\"_ _3\"></span>h<span class=\"_ _4\"></span>are of joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates <span class=\"_ _87\"> </span><span class=\"ls125 ws11c\">4<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>2<span class=\"_ _a6\"> </span><span class=\"lsc ws8\">4,0<span class=\"_ _3\"></span>35<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _110\"> </span><span class=\"ls43 ws3e\">9,5<span class=\"_ _4\"></span>95<span class=\"_ _3ab\"> </span></span></span></span></span>Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _20b\"> </span><span class=\"lse9 wscd\">4,<span class=\"_ _3\"></span>091<span class=\"_ _1f7\"> </span><span class=\"ls16 ws12\">3,<span class=\"_ _3\"></span>897<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _a6\"> </span><span class=\"ls104 wsf9\">7,<span class=\"_ _2\"> </span>9<span class=\"_ _2\"> </span>9<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>Re<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span>ue by t<span class=\"_ _3\"></span>ype<span class=\"_ _3\"></span>s of a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ice<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Buildings<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Infrastructure<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Utilities<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and<span class=\"_ gs52\"> </span>as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s <span class=\"_ _187\"> </span><span class=\"ff3b ls16 ws12\">3,9<span class=\"_ _3\"></span>54<span class=\"_ _110\"> </span>3,4<span class=\"_ _3\"></span>40<span class=\"_ _a0\"> </span><span class=\"ls3e ws39\">595<span class=\"_ _9d\"> </span><span class=\"ls74 ws6b\">92<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">8<span class=\"_ _3\"></span>,081<span class=\"_ _3ab\"> </span></span></span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _96\"> </span><span class=\"ff3b ls16 ws12\">3,<span class=\"_ _3\"></span>284<span class=\"_ _1f7\"> </span><span class=\"ls8b ws4\">2<span class=\"_ _3\"></span>,738<span class=\"_ _97\"> </span><span class=\"lsf7 ws100\">581<span class=\"_ _38\"> </span><span class=\"ls74 ws6b\">92<span class=\"_ _110\"> </span><span class=\"ls4f ws49\">6,695<span class=\"_ _3ab\"> </span></span></span></span></span></span>Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and<span class=\"_ gs52\"> </span>as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s <span class=\"_ _4e\"> </span><span class=\"ff3b\">9<span class=\"_ _180\"> </span><span class=\"ls10d ws101\">6<span class=\"_ _3\"></span>61<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">326<span class=\"_ _38\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _1f7\"> </span><span class=\"ls113 ws10b\">1,<span class=\"_ _4\"></span>006<span class=\"_ _3ab\"> </span></span></span></span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _67\"> </span><span class=\"ff3b ls5 ws3\">9<span class=\"_ _a0\"> </span><span class=\"ls10d ws101\">6<span class=\"_ _3\"></span>61<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">3<span class=\"_ _3\"></span>26<span class=\"_ _9d\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _1f7\"> </span><span class=\"ls113 ws10b\">1,<span class=\"_ _4\"></span>006<span class=\"_ _3ab\"> </span></span></span></span></span></span>Infrastructure Investments<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and<span class=\"_ gs52\"> </span>as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s 34<span class=\"_ _3\"></span>6 +<span class=\"_ _3ab\"> </span>14<span class=\"_ _3\"></span>6<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">508<span class=\"_ _3ab\"> </span></span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _6d\"> </span><span class=\"ff3b ls5 ws3\">28<span class=\"_ _3\"></span>9 </span>+<span class=\"_ _3ab\"> </span>3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls74 ws6b\">2<span class=\"_ _3\"></span>92<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _5\"></span>otal revenue<span class=\"_ _3ab\"> </span>Rev<span class=\"_ _3\"></span>enu<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>g sha<span class=\"_ _3\"></span>re of j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>es and<span class=\"_ gs52\"> </span><span class=\"_ _4\"></span>associates <span class=\"_ _1b9\"> </span><span class=\"ls72 wsf5\">4,30<span class=\"_ _3\"></span>9<span class=\"_ _110\"> </span><span class=\"ls48 ws42\">4,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>47<span class=\"_ _a0\"> </span><span class=\"ls73 ws80\">9<span class=\"_ _3\"></span>37<span class=\"_ _a0\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>2<span class=\"_ _110\"> </span><span class=\"ls43 ws3e\">9,5<span class=\"_ _4\"></span>95<span class=\"_ _3ab\"> </span></span></span></span></span></span>Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _1c6\"> </span><span class=\"ls16 ws12\">3,<span class=\"_ _3\"></span>582<span class=\"_ _110\"> </span>3,<span class=\"_ _3\"></span>402<span class=\"_ _180\"> </span><span class=\"ls15 ws11\">9<span class=\"_ _3\"></span>07<span class=\"_ _a0\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>2<span class=\"_ _a6\"> </span><span class=\"ls104 wsf9\">7,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>Ti<span class=\"_ _3\"></span>min<span class=\"_ _3\"></span>g of r<span class=\"_ _3\"></span>even<span class=\"_ _3\"></span>ue r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Suppor<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span>Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Infrastructure<span class=\"_ _3ab\"> </span>Investments<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Ove<span class=\"_ _3\"></span>r time <span class=\"_ _284\"> </span><span class=\"ff3b\">8,0<span class=\"_ _3\"></span>76<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _a0\"> </span><span class=\"lsab wsa1\">496<span class=\"_ _1f7\"> </span><span class=\"ls1b wsa9\">9<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>574<span class=\"_ _3ab\"> </span></span></span></span></span>At a poi<span class=\"_ _3\"></span>nt in time <span class=\"_ _259\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _38\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _3ab\"> </span></span></span></span>Rev<span class=\"_ _4\"></span>enue including<span class=\"_ _4\"></span> s<span class=\"_ _3\"></span>h<span class=\"_ _4\"></span>are of joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _e7\"> </span><span class=\"lsf7 ws100\">8,0<span class=\"_ _3\"></span>81<span class=\"_ _1f7\"> </span><span class=\"ls113 ws10b\">1<span class=\"_ _4\"></span>,006<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">508<span class=\"_ _110\"> </span><span class=\"ls43 ws3e\">9,5<span class=\"_ _4\"></span>95<span class=\"_ _3ab\"> </span></span></span></span></span>Ove<span class=\"_ _3\"></span>r time <span class=\"_ _285\"> </span><span class=\"ff3b ls4f ws49\">6,69<span class=\"_ _3\"></span>0<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _a0\"> </span><span class=\"ls3e ws39\">280<span class=\"_ _dd\"> </span><span class=\"ls104 wsf9\">7,<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></span></span>At a poi<span class=\"_ _3\"></span>nt in time <span class=\"_ _259\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _38\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _3ab\"> </span></span></span></span>Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _170\"> </span><span class=\"ls4f ws49\">6,69<span class=\"_ _3\"></span>5<span class=\"_ _110\"> </span><span class=\"ls113 ws10b\">1<span class=\"_ _4\"></span>,006<span class=\"_ _a1\"> </span><span class=\"ls74 ws6b\">292<span class=\"_ _a6\"> </span><span class=\"ls104 wsf9\">7,<span class=\"_ _2\"> </span>9<span class=\"_ _2\"> </span>9<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>+ <span class=\"_ _37\"> </span>In<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>es rent<span class=\"_ _3\"></span>al inc<span class=\"_ _3\"></span>ome of \u00a3<span class=\"_ _3\"></span>53<span class=\"_ _3\"></span>m incl<span class=\"_ _3\"></span>udin<span class=\"_ _3\"></span>g share of j<span class=\"_ _3\"></span>oint ven<span class=\"_ _3\"></span>tures an<span class=\"_ _3\"></span>d asso<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>tes or \u00a3<span class=\"_ _3\"></span>21<span class=\"_ _4\"></span>m exc<span class=\"_ _3\"></span>ludi<span class=\"_ _3\"></span>ng shar<span class=\"_ _3\"></span>e of joint v<span class=\"_ _3\"></span>enture<span class=\"_ _3\"></span>s and ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ates.<span class=\"_ _3ab\"> </span>For t<span class=\"_ _3\"></span>he yea<span class=\"_ _3\"></span>r end<span class=\"_ _3\"></span>ed 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span>Revenue<span class=\"_ _4\"></span> by primary geographical mark<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Kingdom<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Sta<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Res<span class=\"_ _3\"></span>t of world<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _1d0\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,761<span class=\"_ _1f7\"> </span><span class=\"ls72 wsf5\">3,65<span class=\"_ _3\"></span>0<span class=\"_ _dd\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>71<span class=\"_ _dd\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _286\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,761<span class=\"_ _110\"> </span><span class=\"ls72 wsf5\">3,6<span class=\"_ _3\"></span>45<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _110\"> </span><span class=\"lsaa ws69\">6,409<span class=\"_ _3ab\"> </span></span></span></span></span>Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _40\"> </span><span class=\"ls113 ws10b\">982<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _a0\"> </span><span class=\"ls114 ws10c\">989<span class=\"_ _3ab\"> </span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _262\"> </span><span class=\"ls113 ws10b\">982<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>6<span class=\"_ _a0\"> </span><span class=\"ls18f ws191\">988<span class=\"_ _3ab\"> </span></span></span></span>Infrastructure Investments<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates <span class=\"_ _1d2\"> </span><span class=\"ls100 ws104\">151<span class=\"_ _a0\"> </span><span class=\"ls105 wsc2\">304<span class=\"_ _9a\"> </span></span></span>5<span class=\"_ _a1\"> </span><span class=\"ls114 ws10c\">460<span class=\"_ _3ab\"> </span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _206\"> </span><span class=\"ls16a ws15f\">53<span class=\"_ _180\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>9<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"lsa9 wsa0\">232<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal revenue<span class=\"_ _3ab\"> </span>Rev<span class=\"_ _4\"></span>enue including<span class=\"_ _4\"></span> s<span class=\"_ _3\"></span>h<span class=\"_ _4\"></span>are of joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates <span class=\"_ _97\"> </span><span class=\"ff3c lsaa ws69\">3,<span class=\"_ _3\"></span>894<span class=\"_ _de\"> </span>3,9<span class=\"_ _3\"></span>54<span class=\"_ _110\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _1f7\"> </span><span class=\"ls3c ws37\">8<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>31<span class=\"_ _3ab\"> </span></span></span></span>Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _20b\"> </span><span class=\"ff3c ls93 wsfa\">3<span class=\"_ _3\"></span>,79<span class=\"_ _3\"></span>6<span class=\"_ _1f7\"> </span><span class=\"ls109 ws87\">3<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>24<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">9<span class=\"_ _dd\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span>Re<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span>ue by t<span class=\"_ _3\"></span>ype<span class=\"_ _3\"></span>s of a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ice<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Buildings<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Infrastructure<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Utilities<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and associates <span class=\"_ _287\"> </span><span class=\"ls5f ws57\">3,878<span class=\"_ _de\"> </span><span class=\"ls73 ws80\">2,<span class=\"_ _3\"></span>96<span class=\"_ _3\"></span>0<span class=\"_ _a1\"> </span><span class=\"ls11d wsf4\">639<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _a6\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _96\"> </span><span class=\"ls33 ws2c\">3,387<span class=\"_ _110\"> </span></span>2,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>01<span class=\"_ _180\"> </span><span class=\"ls93 wsfa\">6<span class=\"_ _3\"></span>16<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _de\"> </span><span class=\"lsaa ws69\">6<span class=\"_ _3\"></span>,409<span class=\"_ _3ab\"> </span></span></span></span>Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and associates <span class=\"_ _178\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">6<span class=\"_ _3\"></span>25<span class=\"_ _116\"> </span><span class=\"ls115 ws10d\">349<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _a1\"> </span><span class=\"ls114 ws10c\">989<span class=\"_ _3ab\"> </span></span></span></span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _67\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _a0\"> </span><span class=\"ls4a ws44\">6<span class=\"_ _3\"></span>25<span class=\"_ _116\"> </span><span class=\"ls121 wsa3\">348<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _a1\"> </span><span class=\"ls18f ws191\">988<span class=\"_ _3ab\"> </span></span></span></span></span></span>Infrastructure Investments<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and associates 291 +<span class=\"_ _3ab\"> </span>15<span class=\"_ _3\"></span>4<span class=\"_ _7d\"> </span>15<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span><span class=\"ls114 ws10c\">460<span class=\"_ _3ab\"> </span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _6d\"> </span><span class=\"ls5 ws3\">22<span class=\"_ _3\"></span>9 </span>+<span class=\"_ _3ab\"> </span>3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"lsa9 wsa0\">232<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _5\"></span>otal revenue<span class=\"_ _3ab\"> </span>Rev<span class=\"_ _3\"></span>enu<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>g sha<span class=\"_ _3\"></span>re of j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>es an<span class=\"_ _3\"></span>d associates <span class=\"_ _d0\"> </span><span class=\"ff3c ls162 ws155\">4<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>74<span class=\"_ _dd\"> </span><span class=\"ls93 wsfa\">3<span class=\"_ _3\"></span>,7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9<span class=\"_ _1f7\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _39\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _1f7\"> </span><span class=\"ls3c ws37\">8,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>31<span class=\"_ _3ab\"> </span></span></span></span></span></span>Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _288\"> </span><span class=\"ff3c ls78 ws11a\">3,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>21<span class=\"_ _110\"> </span><span class=\"ls4f ws49\">3,029<span class=\"_ _a1\"> </span><span class=\"ls42 ws3d\">964<span class=\"_ _9d\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _a8\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span></span>Ti<span class=\"_ _3\"></span>min<span class=\"_ _3\"></span>g of r<span class=\"_ _3\"></span>even<span class=\"_ _3\"></span>ue r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Support<span class=\"_ _3ab\"> </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Infrastructure<span class=\"_ _3ab\"> </span>Investments<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Ove<span class=\"_ _3\"></span>r time <span class=\"_ _16b\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>5<span class=\"_ _180\"> </span><span class=\"ls18f ws191\">984<span class=\"_ _a1\"> </span><span class=\"ls105 wsc2\">430<span class=\"_ _e3\"> </span><span class=\"ls3b ws36\">8,88<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span>At a poi<span class=\"_ _3\"></span>nt in time <span class=\"_ _259\"> </span>7<span class=\"_ _9a\"> </span>5<span class=\"_ _a3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3ab\"> </span></span></span>Rev<span class=\"_ _4\"></span>enue including<span class=\"_ _4\"></span> s<span class=\"_ _3\"></span>h<span class=\"_ _4\"></span>are of joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _e7\"> </span><span class=\"ff3c ls10e ws103\">7,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2<span class=\"_ _180\"> </span><span class=\"ls114 ws10c\">989<span class=\"_ _a1\"> </span>460<span class=\"_ _de\"> </span><span class=\"ls3c ws37\">8<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>31<span class=\"_ _3ab\"> </span></span></span></span>Ove<span class=\"_ _3\"></span>r time <span class=\"_ _285\"> </span><span class=\"lsaa ws69\">6,402<span class=\"_ _a1\"> </span><span class=\"ls18f ws191\">983<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">202<span class=\"_ _a6\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>7<span class=\"_ _3ab\"> </span></span></span></span></span>At a poi<span class=\"_ _3\"></span>nt in time <span class=\"_ _259\"> </span>7<span class=\"_ _9a\"> </span>5<span class=\"_ _a3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3ab\"> </span></span></span>Group rev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nue<span class=\"_ _289\"> </span><span class=\"ff3c lsaa ws69\">6,40<span class=\"_ _3\"></span>9<span class=\"_ _116\"> </span><span class=\"ls18f ws191\">988<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">232<span class=\"_ _dd\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _3\"></span>6<span class=\"_ _2\"> </span>2<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span>+ <span class=\"_ _37\"> </span>In<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>es rent<span class=\"_ _3\"></span>al inc<span class=\"_ _3\"></span>ome of \u00a34<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m inclu<span class=\"_ _3\"></span>ding s<span class=\"_ _3\"></span>hare of j<span class=\"_ _3\"></span>oint ven<span class=\"_ _3\"></span>tures an<span class=\"_ _3\"></span>d asso<span class=\"_ _3\"></span>ciate<span class=\"_ _3\"></span>s or \u00a316<span class=\"_ _3\"></span>m exclud<span class=\"_ _3\"></span>ing sh<span class=\"_ _3\"></span>are of joi<span class=\"_ _3\"></span>nt ventur<span class=\"_ _3\"></span>es and as<span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>iates<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>4.3 T<span class=\"_ _5\"></span>ransaction price<span class=\"_ _4\"></span> allocated to<span class=\"_ _4\"></span> the remaining<span class=\"_ _4\"></span> per<span class=\"_ _3\"></span>for<span class=\"_ _4\"></span>mance obligations<span class=\"_ _4\"></span> (e<span class=\"_ _4\"></span>xcluding joint<span class=\"_ _4\"></span> ventures and<span class=\"_ _4\"></span> associates)<span class=\"_ _3ab\"> </span>2024<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2025<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2026<span class=\"_ _3ab\"> </span>onwar<span class=\"_ _3\"></span>ds<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _1d5\"> </span><span class=\"lsab wsa1\">5,362<span class=\"_ _110\"> </span><span class=\"ls78 ws11a\">2,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>47<span class=\"_ _dd\"> </span><span class=\"ls162 ws155\">3<span class=\"_ _2\"></span>,1<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _c3\"> </span></span></span>1<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>,392<span class=\"_ _3ab\"> </span></span>Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices <span class=\"_ _278\"> </span><span class=\"ls49 ws43\">703<span class=\"_ _a0\"> </span><span class=\"ls74 ws6b\">4<span class=\"_ _3\"></span>52<span class=\"_ _a6\"> </span><span class=\"ls5b ws15e\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>41<span class=\"_ _dd\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,79<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span>Infrastructure Inv<span class=\"_ _4\"></span>estments <span class=\"_ _192\"> </span><span class=\"ls113 ws10b\">82<span class=\"_ _a3\"> </span><span class=\"ls16a ws15f\">66<span class=\"_ _a6\"> </span><span class=\"ls10a wsfe\">1,7<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>9<span class=\"_ _10a\"> </span><span class=\"ls11e ws117\">1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>917<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal transac<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> pric<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> allocate<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> to remaining performance obligations<span class=\"_ _156\"> </span><span class=\"ls125 ws11c\">6<span class=\"_ _2\"></span>,1<span class=\"_ _3\"></span>47<span class=\"_ _a6\"> </span><span class=\"ls16 ws12\">3,<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>5<span class=\"_ _110\"> </span><span class=\"ls4f ws49\">6,593<span class=\"_ _f\"> </span></span></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e to<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>al trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>n price al<span class=\"_ _3\"></span>locate<span class=\"_ _3\"></span>d to the remainin<span class=\"_ _3\"></span>g per<span class=\"_ _3\"></span>formanc<span class=\"_ _3\"></span>e oblig<span class=\"_ _3\"></span>ations rep<span class=\"_ _3\"></span>resents the c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d revenue to be ear<span class=\"_ _3\"></span>ned by the G<span class=\"_ _3\"></span>roup for disti<span class=\"_ _3\"></span>nct go<span class=\"_ _3\"></span>ods and s<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>ices whi<span class=\"_ _3\"></span>ch the Grou<span class=\"_ _3\"></span>p has promise<span class=\"_ _3\"></span>d to deliver to it<span class=\"_ _3\"></span>s customer<span class=\"_ _3\"></span>s. The<span class=\"_ _3\"></span>se includ<span class=\"_ _3\"></span>e promises w<span class=\"_ _3\"></span>hich are par<span class=\"_ _3\"></span>tia<span class=\"_ _3\"></span>lly satis<span class=\"_ _3\"></span>fied at the p<span class=\"_ _3\"></span>eriod en<span class=\"_ _3\"></span>d or those w<span class=\"_ _3\"></span>hich are uns<span class=\"_ _3\"></span>atisfied b<span class=\"_ _3\"></span>ut which t<span class=\"_ _3\"></span>he Group ha<span class=\"_ _3\"></span>s commit<span class=\"_ _3\"></span>ted to provid<span class=\"_ _3\"></span>ing. In de<span class=\"_ _3\"></span>rivin<span class=\"_ _3\"></span>g this trans<span class=\"_ _3\"></span>action p<span class=\"_ _3\"></span>rice, any el<span class=\"_ _3\"></span>ement of vari<span class=\"_ _3\"></span>able revenue is e<span class=\"_ _3\"></span>stimated at a v<span class=\"_ _3\"></span>alue that is hi<span class=\"_ _3\"></span>ghly pro<span class=\"_ _3\"></span>bable n<span class=\"_ _3\"></span>ot t<span class=\"_ _4\"></span>o rever<span class=\"_ _3\"></span>se in the futu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>. Th<span class=\"_ _3\"></span>e transa<span class=\"_ _3\"></span>ction pr<span class=\"_ _3\"></span>ice ab<span class=\"_ _3\"></span>ove does not in<span class=\"_ _3\"></span>clude any es<span class=\"_ _3\"></span>timated revenue to b<span class=\"_ _3\"></span>e earne<span class=\"_ _3\"></span>d on framewo<span class=\"_ _3\"></span>rk contra<span class=\"_ _3\"></span>cts for whi<span class=\"_ _3\"></span>ch a firm ord<span class=\"_ _3\"></span>er or instr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n has not b<span class=\"_ _3\"></span>een recei<span class=\"_ _3\"></span>ved from the c<span class=\"_ _3\"></span>ustomer.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-620": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls47 ws19 gs4a0\">5 Segment analysis<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4a1\">Rep<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>able se<span class=\"_ _3\"></span>gments of th<span class=\"_ _3\"></span>e Group:</div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs4a2\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4 ls14 ws10\">Constru<span class=\"_ _3\"></span>ction Serv<span class=\"_ _3\"></span>ices \u2013 activities resulting in<span class=\"_ _4\"></span> the physic<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>onstruction of an asset;</span></span></div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs4a3\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4\">Sup<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es \u2013 activ<span class=\"_ _3\"></span>ities wh<span class=\"_ _3\"></span>ich supp<span class=\"_ _3\"></span>ort ex<span class=\"_ _3\"></span>isting ass<span class=\"_ _3\"></span>ets or func<span class=\"_ _3\"></span>tions suc<span class=\"_ _3\"></span>h as asset mai<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nance an<span class=\"_ _3\"></span>d re<span class=\"_ _4\"></span>f<span class=\"_ _3\"></span>urbishm<span class=\"_ _3\"></span>ent; and</span></span></div><div class=\"t m0 h19 ff3c fs5 fc6 sc0 ls5 ws3 gs4a4\"> <span class=\"_ _43\"></span><span class=\"ff40\">@<span class=\"_ _44\"> </span><span class=\"ff3c fc4 lsc ws8\">Infrastructu<span class=\"_ _4\"></span>re Inves<span class=\"_ _4\"></span>tments \u2013 acquisit<span class=\"_ _4\"></span>ion, operation and disposal o<span class=\"_ _4\"></span>f infrastructur<span class=\"_ _4\"></span>e assets such<span class=\"_ _4\"></span> as roads, hospitals, st<span class=\"_ _4\"></span>udent accommodation, </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4a5\">milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y housing<span class=\"_ _3\"></span>, multifam<span class=\"_ _3\"></span>ily reside<span class=\"_ _3\"></span>nces, of<span class=\"_ _3\"></span>fshore tr<span class=\"_ _3\"></span>ansmissio<span class=\"_ _3\"></span>n netwo<span class=\"_ _3\"></span>rks, waste an<span class=\"_ _3\"></span>d biomas<span class=\"_ _3\"></span>s and other c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ions. T<span class=\"_ _3\"></span>his segme<span class=\"_ _3\"></span>nt also </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4a6\">incl<span class=\"_ _3\"></span>udes the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s ho<span class=\"_ _3\"></span>using devel<span class=\"_ _3\"></span>opment di<span class=\"_ _3\"></span>vision<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs4a7\">5.<span class=\"_ _4\"></span>1 T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs4a8\">In<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt \u2013 p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>man<span class=\"_ _3\"></span>ce by a<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>iv<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs4a9\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs4aa\">Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs4ab\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs4ac\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs4ad\">Suppor<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs4ae\">Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs4af\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs4b0\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls102 wsf7 gs4b1\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs4b2\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs4b3\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs4b4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs4b5\">Corporate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc4 ws9e gs4b6\">activities </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs4b7\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs4b8\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs4b9\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs4ba\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs4bb\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs4bc\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates<span class=\"_ _24d\"> </span><span class=\"ff3b lsf7 ws100\">8,0<span class=\"_ _3\"></span>81<span class=\"_ _110\"> </span><span class=\"ls113 ws10b\">1<span class=\"_ _4\"></span>,006<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">508<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _110\"> </span><span class=\"ls43 ws3e\">9,595<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs4bd\">Sha<span class=\"_ _3\"></span>re of r<span class=\"_ _4\"></span>even<span class=\"_ _3\"></span>ue of joint ventures a<span class=\"_ _3\"></span>nd assoc<span class=\"_ _3\"></span>iates<span class=\"_ _237\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _145\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _e0\"> </span>(21<span class=\"_ _4\"></span>6)<span class=\"_ _7b\"> </span>\u2013<span class=\"_ _2f\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs4be\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _28a\"> </span><span class=\"ff3b ls4f ws49\">6,69<span class=\"_ _3\"></span>5<span class=\"_ _110\"> </span><span class=\"ls113 ws10b\">1<span class=\"_ _4\"></span>,006<span class=\"_ _a1\"> </span><span class=\"ls74 ws6b\">2<span class=\"_ _3\"></span>92<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a6\"> </span><span class=\"ls104 wsf9\">7,<span class=\"_ _2\"> </span>9<span class=\"_ _2\"> </span>9<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs4bf\">Group operati<span class=\"_ _4\"></span>ng profit<span class=\"_ _3\"></span>/(loss<span class=\"_ _4\"></span>)</div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs4c0\">1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls90 ws116 gs4c1\">120<span class=\"_ _38\"> </span><span class=\"ls3b ws36\">80<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _87\"> </span><span class=\"lsf7 ws100\">(39)<span class=\"_ _b2\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs4c2\">Sha<span class=\"_ _3\"></span>re of r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sults of joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates<span class=\"_ _ed\"> </span><span class=\"ff3b ls3e ws39\">36<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _38\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs4c3\">Profit/(loss) from operat<span class=\"_ _4\"></span>ions</div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs4c4\">1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls10d ws101 gs4c5\">156<span class=\"_ _38\"> </span><span class=\"ls3b ws36\">80<span class=\"_ _9d\"> </span><span class=\"ls7 ws102\">31<span class=\"_ _87\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>9)<span class=\"_ _128\"> </span><span class=\"ls3e ws39\">228<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs4c6\">Non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>underlying items:<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4c7\">\u2013  <span class=\"_ _d\"></span>prov<span class=\"_ _3\"></span>ision reco<span class=\"_ _3\"></span>gnised for re<span class=\"_ _3\"></span>ctific<span class=\"_ _3\"></span>ation wo<span class=\"_ _3\"></span>rks to be car<span class=\"_ _3\"></span>ried ou<span class=\"_ _3\"></span>t on a </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs4c8\">developmen<span class=\"_ _4\"></span>t in London<span class=\"_ _1fc\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>2)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _51\"> </span></span>(1<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs4c9\">\u2013 amor<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>ation of ac<span class=\"_ _3\"></span>quired inta<span class=\"_ _3\"></span>ngible a<span class=\"_ _3\"></span>ssets<span class=\"_ _66\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _145\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls10f ws105 gs4ca\">(13<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _ff\"> </span></span>(17<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs4cb\">Profit/(loss) from operat<span class=\"_ _4\"></span>ions<span class=\"_ _1f8\"> </span><span class=\"ff3b ls2e ws7\">14<span class=\"_ _3\"></span>3<span class=\"_ _38\"> </span><span class=\"ls3b ws36\">80<span class=\"_ _a3\"> </span><span class=\"ls85 ws7d\">27<span class=\"_ _87\"> </span><span class=\"lsf7 ws100\">(39)<span class=\"_ _e0\"> </span><span class=\"ls110 ws106\">2<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs4cc\">Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _28b\"> </span><span class=\"ff3b ls18b ws188\">82<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls73 ws80 gs4cd\">Finance costs<span class=\"_ _28c\"> </span><span class=\"ff3b ls48 ws42\">(4<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs4ce\">Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>e ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion<span class=\"_ _28d\"> </span><span class=\"ls5f ws57\">244<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls18 ws3 gs4cf\">1 <span class=\"_ _b\"> </span>Be<span class=\"_ _3\"></span>fore non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erly<span class=\"_ _3\"></span>ing ite<span class=\"_ _3\"></span>ms (N<span class=\"_ _3\"></span>otes 2.1<span class=\"_ _4\"></span>0 a<span class=\"_ _3\"></span>nd 10).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs4d0\">In<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt \u2013 p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>man<span class=\"_ _3\"></span>ce by a<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>iv<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs4d1\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs4d2\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs4d3\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs4d4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls97 ws8e gs4d5\">Support<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs4d6\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs4d7\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs4d8\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs4d9\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs4da\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs4db\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs4dc\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs4dd\">Corporate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs4de\">activities </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs4df\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs4e0\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs4e1\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs4e2\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs4e3\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4e4\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates<span class=\"_ _24d\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _3\"></span>4<span class=\"_ _45\"> </span>8<span class=\"_ _2\"></span>2<span class=\"_ _180\"> </span><span class=\"ls114 ws10c\">989<span class=\"_ _116\"> </span>460<span class=\"_ _11c\"> </span></span></span>\u2013<span class=\"_ _110\"> </span><span class=\"ls3c ws37\">8,<span class=\"_ _3\"></span>931<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4e5\">Sha<span class=\"_ _3\"></span>re of r<span class=\"_ _4\"></span>even<span class=\"_ _3\"></span>ue of joint ventures a<span class=\"_ _3\"></span>nd assoc<span class=\"_ _3\"></span>iates<span class=\"_ _17f\"> </span><span class=\"ls10a wsfe\">(1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _7d\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _cc\"> </span><span class=\"ls3e ws39\">(228)<span class=\"_ _7f\"> </span></span></span></span>\u2013<span class=\"_ _2f\"> </span><span class=\"ls10a wsfe\">(1,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws37 gs4e6\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _28a\"> </span><span class=\"lsaa ws69\">6,409<span class=\"_ _a1\"> </span><span class=\"ls18f ws191\">988<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">232<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a6\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs4e7\">Group operati<span class=\"_ _4\"></span>ng profit<span class=\"_ _3\"></span>/(loss<span class=\"_ _4\"></span>)</div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs4e8\">1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls30 ws29 gs4e9\">12<span class=\"_ _3\"></span>9<span class=\"_ _38\"> </span><span class=\"ls115 ws10d\">83<span class=\"_ _17e\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>4)<span class=\"_ _a1\"> </span>(34)<span class=\"_ _25\"> </span><span class=\"ls11e ws117\">174<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4ea\">Sha<span class=\"_ _3\"></span>re of r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sults of joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates<span class=\"_ _ed\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">85<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs4eb\">Profit/(loss) from operat<span class=\"_ _4\"></span>ions</div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs4ec\">1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls100 ws104 gs4ed\">14<span class=\"_ _3\"></span>9<span class=\"_ _38\"> </span><span class=\"ls115 ws10d\">83<span class=\"_ _a3\"> </span><span class=\"ls10c ws85\">81<span class=\"_ _87\"> </span><span class=\"ls72 wsf5\">(34)<span class=\"_ _b2\"> </span><span class=\"lsc ws8\">279<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs4ee\">Non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>underlying items:<span class=\"_ _28e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4ef\">\u2013 amor<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>ation of ac<span class=\"_ _3\"></span>quired inta<span class=\"_ _3\"></span>ngible a<span class=\"_ _3\"></span>ssets<span class=\"_ _66\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _ad\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4f0\">\u2013 other n<span class=\"_ _3\"></span>et operati<span class=\"_ _3\"></span>ng incom<span class=\"_ _3\"></span>e <span class=\"_ _282\"> </span>2<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs4f1\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs4f2\">Profit/(loss) from operat<span class=\"_ _4\"></span>ions<span class=\"_ _1f8\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>0<span class=\"_ _38\"> </span><span class=\"ls115 ws10d\">83<span class=\"_ _a3\"> </span><span class=\"ls16 ws12\">76<span class=\"_ _87\"> </span><span class=\"ls72 wsf5\">(34)<span class=\"_ _b2\"> </span></span></span></span></span>275<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs4f3\">Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _28f\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _145\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls73 ws80 gs4f4\">Finance costs<span class=\"_ _290\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _47\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs4f5\">Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>e ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion<span class=\"_ _17b\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _51\"> </span><span class=\"ls3e ws39\">287<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls18 ws3 gs4f6\">1 <span class=\"_ _b\"> </span>Be<span class=\"_ _3\"></span>fore non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erly<span class=\"_ _3\"></span>ing ite<span class=\"_ _3\"></span>ms (N<span class=\"_ _3\"></span>otes 2.1<span class=\"_ _4\"></span>0 a<span class=\"_ _3\"></span>nd 10).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs4f7\">As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>nd li<span class=\"_ _3\"></span>ab<span class=\"_ _3\"></span>ili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s by ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs4f8\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs4f9\">Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs4fa\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs4fb\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs4fc\">Suppor<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs4fd\">Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs4fe\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs4ff\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls102 wsf7 gs500\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs501\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs502\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs503\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs504\">Corporate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc4 ws9e gs505\">activities </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs506\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs507\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs508\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs509\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs50a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs50b\">Contract assets<span class=\"_ _291\"> </span><span class=\"ff3b ls92 ws8a\">203<span class=\"_ _9d\"> </span><span class=\"ls103 wsf8\">69<span class=\"_ _a3\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs50c\">Contract liabilit<span class=\"_ _4\"></span>ies \u2013 curren<span class=\"_ _4\"></span>t<span class=\"_ _1f8\"> </span><span class=\"ff3b ls5 ws3\">(506)<span class=\"_ _a1\"> </span><span class=\"ls3c ws37\">(90)<span class=\"_ _a3\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _128\"> </span><span class=\"ls10d ws101\">(6<span class=\"_ _3\"></span>00)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs50d\">Inventor<span class=\"_ _3\"></span>ies<span class=\"_ _292\"> </span><span class=\"ff3b ls43 ws3e\">45<span class=\"_ _a3\"> </span><span class=\"ls3b ws36\">25<span class=\"_ _a3\"> </span><span class=\"ls18b ws188\">54<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs50e\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other rec<span class=\"_ _3\"></span>eivab<span class=\"_ _3\"></span>les \u2013 current<span class=\"_ _126\"> </span><span class=\"ff3b\">768<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">33<span class=\"_ _38\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _a1\"> </span><span class=\"lsab wsa1\">894<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs50f\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables \u2013 c<span class=\"_ _3\"></span>urrent<span class=\"_ _126\"> </span><span class=\"ff3b ls14b ws189\">(1,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>1)<span class=\"_ _cc\"> </span></span><span class=\"ff3b\">(1<span class=\"_ _4\"></span>76)<span class=\"_ _116\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _180\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>9)<span class=\"_ _15\"> </span>(1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs510\">Provi<span class=\"_ _3\"></span>sions \u2013 cur<span class=\"_ _3\"></span>rent<span class=\"_ _249\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7)<span class=\"_ _9d\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _a3\"> </span><span class=\"ls170 ws18f\">(7)<span class=\"_ _a0\"> </span></span></span>(18<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span></span><span class=\"ff3b\">(216)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls66 ws5e gs511\">Working<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>apital<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h6a ff3b fs19 fc4 sc0 ls5 ws3 gs512\">*<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls125 ws11c gs513\">(1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3)<span class=\"_ _87\"> </span><span class=\"ls74 ws6b\">56<span class=\"_ _ff\"> </span></span>(17<span class=\"_ _3\"></span>)<span class=\"_ _1e\"> </span>(1,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs514\">T<span class=\"_ _4\"></span>otal assets<span class=\"_ _293\"> </span><span class=\"ff3b ls125 ws11c\">2<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _180\"> </span><span class=\"ls3e ws39\">4<span class=\"_ _3\"></span>59<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>60<span class=\"_ _dd\"> </span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>78<span class=\"_ _110\"> </span><span class=\"ls49 ws43\">5,<span class=\"_ _3\"></span>26<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls16 ws12 gs515\">T<span class=\"_ _4\"></span>otal liab<span class=\"_ _3\"></span>ilities<span class=\"_ _28a\"> </span><span class=\"ff3b ls43 ws3e\">(2<span class=\"_ _4\"></span>,48<span class=\"_ _3\"></span>4<span class=\"_ _5\"></span>)<span class=\"_ _10a\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>5)<span class=\"_ _3b\"> </span><span class=\"ls94 ws18a\">(66<span class=\"_ _3\"></span>4)<span class=\"_ _3b\"> </span>(<span class=\"_ _3\"></span>52<span class=\"_ _3\"></span>4)<span class=\"_ _57\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>,0<span class=\"_ _3\"></span>57)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls113 ws10b gs516\">Net<span class=\"_ _4\"></span> assets<span class=\"_ _251\"> </span><span class=\"ls7 ws102\">(316)<span class=\"_ _51\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _180\"> </span><span class=\"ls3e ws39\">596<span class=\"_ _a1\"> </span><span class=\"ls18b ws188\">8<span class=\"_ _3\"></span>54<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs517\">* <span class=\"_ _133\"> </span>Includes non<span class=\"_ _3\"></span>-operating items<span class=\"_ _4\"></span> and current<span class=\"_ _4\"></span> working capital<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs519\">As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>nd li<span class=\"_ _3\"></span>ab<span class=\"_ _3\"></span>ili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s by ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs51a\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs51b\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs51c\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs51d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls97 ws8e gs51e\">Support<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs51f\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs520\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs521\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs522\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs523\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs524\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs525\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs526\">Corporate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs527\">activities </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs528\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs529\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs52a\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs52b\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs52c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs52d\">Contract assets<span class=\"_ _260\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>9<span class=\"_ _a3\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _a3\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a1\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs52e\">Contract liabilit<span class=\"_ _4\"></span>ies \u2013 curren<span class=\"_ _4\"></span>t<span class=\"_ _1f8\"> </span><span class=\"lsaa ws69\">(550)<span class=\"_ _f2\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _17e\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _128\"> </span><span class=\"ls33 ws2c\">(66<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws37 gs52f\">Inventor<span class=\"_ _3\"></span>ies<span class=\"_ _292\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _a3\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _9d\"> </span>32<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs530\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other rec<span class=\"_ _3\"></span>eivab<span class=\"_ _3\"></span>les \u2013 current<span class=\"_ _294\"> </span><span class=\"ls74 ws6b\">730<span class=\"_ _38\"> </span><span class=\"ls109 ws87\">91<span class=\"_ _9d\"> </span><span class=\"ls85 ws7d\">37<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _a0\"> </span><span class=\"ls10c ws85\">8<span class=\"_ _3\"></span>81<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs531\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables \u2013 c<span class=\"_ _3\"></span>urrent<span class=\"_ _287\"> </span><span class=\"ls10a wsfe\">(1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>74<span class=\"_ _3\"></span>)<span class=\"_ _ee\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>171<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>44)<span class=\"_ _a3\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _4f\"> </span></span></span></span>(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs532\">Provi<span class=\"_ _3\"></span>sions \u2013 cur<span class=\"_ _3\"></span>rent<span class=\"_ _146\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _38\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _a3\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls72 wsf5\">(2<span class=\"_ _3\"></span>04)<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls66 ws5e gs533\">Working<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>apital</div><div class=\"t m0 h6a ff3b fs19 fc4 sc0 ls5 ws3 gs534\">*<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls11c ws115 gs535\">(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,114<span class=\"_ _2\"></span>)<span class=\"_ _128\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>01)<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">45<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _e3\"> </span><span class=\"ls162 ws155\">(<span class=\"_ _3\"></span>1,1<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs536\">T<span class=\"_ _4\"></span>otal assets<span class=\"_ _149\"> </span><span class=\"ls4a ws44\">2,3<span class=\"_ _3\"></span>42<span class=\"_ _a1\"> </span><span class=\"ls42 ws3d\">443<span class=\"_ _116\"> </span><span class=\"ls11f ws118\">940<span class=\"_ _110\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _10a\"> </span><span class=\"ls162 ws155\">5<span class=\"_ _2\"></span>,12<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls16 ws12 gs537\">T<span class=\"_ _4\"></span>otal liab<span class=\"_ _3\"></span>ilities<span class=\"_ _295\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>21)<span class=\"_ _cc\"> </span><span class=\"ls85 ws7d\">(378)<span class=\"_ _fa\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>347<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>94)<span class=\"_ _4f\"> </span><span class=\"lsaa ws69\">(3,7<span class=\"_ _5\"></span>4<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls113 ws10b gs538\">Net<span class=\"_ _4\"></span> assets<span class=\"_ _296\"> </span><span class=\"ff3c ls61 ws59\">(79)<span class=\"_ _87\"> </span><span class=\"ls105 wsc2\">65<span class=\"_ _a1\"> </span>593<span class=\"_ _a1\"> </span><span class=\"ls16a ws15f\">804<span class=\"_ _de\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs539\">* <span class=\"_ _133\"> </span>Includes non<span class=\"_ _3\"></span>-operating items<span class=\"_ _4\"></span> and current<span class=\"_ _4\"></span> working capital.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs53a\">Other information<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs53b\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs53c\">Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs53d\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs53e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs53f\">Suppor<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs540\">Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs541\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs542\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls102 wsf7 gs543\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs544\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs545\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs546\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs547\">Corporate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc4 ws9e gs548\">activities </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs549\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs54a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs54b\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs54c\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs54d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs54e\">C<span class=\"_ _3\"></span>apital ex<span class=\"_ _3\"></span>pendit<span class=\"_ _3\"></span>ure on prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equ<span class=\"_ _3\"></span>ipment (N<span class=\"_ _3\"></span>ote 1<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _ca\"> </span><span class=\"ff3b\">8<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">47<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _38\"> </span><span class=\"ls113 ws10b\">66<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs54f\">C<span class=\"_ _3\"></span>apital ex<span class=\"_ _3\"></span>pendit<span class=\"_ _3\"></span>ure on intang<span class=\"_ _3\"></span>ible ass<span class=\"_ _3\"></span>ets (Note 15)<span class=\"_ _cb\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs550\">Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on (Note 16, N<span class=\"_ _3\"></span>ote 1<span class=\"_ _5\"></span>7 a<span class=\"_ _3\"></span>nd Note 18)<span class=\"_ _df\"> </span><span class=\"ff3b ls3e ws39\">28<span class=\"_ _a3\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _9a\"> </span></span></span><span class=\"ff3b\">2<span class=\"_ _9a\"> </span>9<span class=\"_ _9d\"> </span><span class=\"ls3e ws39\">87<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs551\">Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s (Note 3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>2) <span class=\"_ _297\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs552\">Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s within joi<span class=\"_ _3\"></span>nt ventures and </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls10d ws101 gs553\">as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ates (<span class=\"_ _3\"></span>Note 3<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.2<span class=\"_ _3\"></span>)<span class=\"_ _298\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs554\">Other information<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs555\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs556\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs557\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs558\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls97 ws8e gs559\">Support<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs55a\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs55b\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs55c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs55d\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs55e\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs55f\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs560\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs561\">Corporate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs562\">activities </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs563\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs564\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs565\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs566\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs567\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs568\">C<span class=\"_ _3\"></span>apital ex<span class=\"_ _3\"></span>pendit<span class=\"_ _3\"></span>ure on prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equ<span class=\"_ _3\"></span>ipment (N<span class=\"_ _3\"></span>ote 1<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _1ba\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _38\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _b1\"> </span></span></span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _38\"> </span><span class=\"ls3c ws37\">31<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs569\">C<span class=\"_ _3\"></span>apital ex<span class=\"_ _3\"></span>pendit<span class=\"_ _3\"></span>ure on intang<span class=\"_ _3\"></span>ible ass<span class=\"_ _3\"></span>ets (Note 15)<span class=\"_ _cb\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs56a\">Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on (Note 16, N<span class=\"_ _3\"></span>ote 1<span class=\"_ _5\"></span>7 a<span class=\"_ _3\"></span>nd Note 18)<span class=\"_ _df\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9d\"> </span><span class=\"ls5b ws15e\">41<span class=\"_ _11c\"> </span></span></span>2<span class=\"_ _7d\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _a3\"> </span><span class=\"ls115 ws10d\">83<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs56b\">Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s within joi<span class=\"_ _3\"></span>nt ventures and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls10d ws101 gs56c\">as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ates (<span class=\"_ _3\"></span>Note 3<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.3<span class=\"_ _3\"></span>)<span class=\"_ _298\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs56d\">Performance by geographic<span class=\"_ _4\"></span> de<span class=\"_ _3\"></span>stination<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls85 ws7d gs56e\">Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc4 ws9e gs56f\">Kingdom<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs570\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs571\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs572\">Un<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd2 wsc6 gs573\">States<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs574\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs575\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs576\">Re<span class=\"_ _3\"></span>st o<span class=\"_ _3\"></span>f </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls4f ws49 gs577\">worl<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs578\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs579\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs57a\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs57b\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs57c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs57d\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates<span class=\"_ _1ec\"> </span><span class=\"ff3b ls125 ws11c\">4<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _a6\"> </span><span class=\"lsc ws8\">4,03<span class=\"_ _3\"></span>5<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>68<span class=\"_ _1f7\"> </span><span class=\"ls43 ws3e\">9,595<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs57e\">Sha<span class=\"_ _3\"></span>re of r<span class=\"_ _4\"></span>even<span class=\"_ _3\"></span>ue of joint ventures a<span class=\"_ _3\"></span>nd assoc<span class=\"_ _3\"></span>iates<span class=\"_ _299\"> </span><span class=\"ff3b ls14b ws189\">(10<span class=\"_ _3\"></span>1)<span class=\"_ _cc\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8)<span class=\"_ _4f\"> </span>(1,<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3)<span class=\"_ _15\"> </span>(1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs57f\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _29a\"> </span><span class=\"ff3b lse9 wscd\">4,<span class=\"_ _3\"></span>091<span class=\"_ _1f7\"> </span><span class=\"ls16 ws12\">3,<span class=\"_ _3\"></span>897<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _a6\"> </span><span class=\"ls104 wsf9\">7,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs580\">Performance by geographic<span class=\"_ _4\"></span> de<span class=\"_ _3\"></span>stination<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls10c ws85 gs581\">Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls4d ws47 gs582\">Kingdom<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs583\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs584\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs585\">Uni<span class=\"_ _3\"></span>ted </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls10c ws85 gs586\">Sta<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs587\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs588\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs589\">Res<span class=\"_ _3\"></span>t of </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls127 ws11d gs58a\">world<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs58b\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs58c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs58d\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs58e\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs58f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs590\">Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates<span class=\"_ _a7\"> </span><span class=\"lsaa ws69\">3,89<span class=\"_ _3\"></span>4<span class=\"_ _e3\"> </span>3,9<span class=\"_ _3\"></span>54<span class=\"_ _110\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _1f7\"> </span><span class=\"ls3c ws37\">8<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>31<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs591\">Sha<span class=\"_ _3\"></span>re of r<span class=\"_ _4\"></span>even<span class=\"_ _3\"></span>ue of joint ventures a<span class=\"_ _3\"></span>nd assoc<span class=\"_ _3\"></span>iates<span class=\"_ _65\"> </span><span class=\"ls3b ws36\">(98)<span class=\"_ _cc\"> </span><span class=\"ls164 ws157\">(13<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _f\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>074<span class=\"_ _3\"></span>)<span class=\"_ _d5\"> </span>(1,<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls3c ws37 gs592\">Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _29a\"> </span><span class=\"ls93 wsfa\">3,7<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _1f7\"> </span><span class=\"ls109 ws87\">3<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>24<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">9<span class=\"_ _dd\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5f ws57 gs593\">Major<span class=\"_ _4\"></span> cus<span class=\"_ _3\"></span>tomers<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs594\">Inc<span class=\"_ _3\"></span>luded in G<span class=\"_ _3\"></span>roup revenue are revenues of \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>,<span class=\"_ _3\"></span>981 <span class=\"_ _c\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>03<span class=\"_ _3\"></span>m) from the US G<span class=\"_ _3\"></span>overnme<span class=\"_ _3\"></span>nt and \u00a3<span class=\"_ _3\"></span>3,<span class=\"_ _5\"></span>19<span class=\"_ _3\"></span>8m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a32<span class=\"_ _3\"></span>,670<span class=\"_ _3\"></span>m) from the U<span class=\"_ _3\"></span>K </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs595\">Gover<span class=\"_ _3\"></span>nment, w<span class=\"_ _3\"></span>hich are the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s t<span class=\"_ _3\"></span>wo large<span class=\"_ _3\"></span>st custome<span class=\"_ _3\"></span>rs, throug<span class=\"_ _3\"></span>h multipl<span class=\"_ _3\"></span>e central an<span class=\"_ _3\"></span>d regiona<span class=\"_ _3\"></span>l bodie<span class=\"_ _3\"></span>s. Thes<span class=\"_ _3\"></span>e revenues are incl<span class=\"_ _3\"></span>uded in th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs596\">result<span class=\"_ _3\"></span>s across all t<span class=\"_ _3\"></span>hree repor<span class=\"_ _3\"></span>ted seg<span class=\"_ _3\"></span>ments.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs598\">5.2 Infrastructure<span class=\"_ _4\"></span> Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs599\">Group<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs59a\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs59b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs59c\">Sh<span class=\"_ _3\"></span>are o<span class=\"_ _3\"></span>f joi<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs59d\">ventures<span class=\"_ _4\"></span> and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs59e\">associates<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs59f\">(No<span class=\"_ _3\"></span>te 19.<span class=\"_ _3\"></span>2) </div><div class=\"t m0 h45 ff3b fs22 fc4 sc0 ls5 ws3 gs5a0\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs5a1\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs5a2\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs5a3\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs5a4\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs5a5\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls128 ws10e gs5a6\">Group<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs5a7\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs5a8\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs5a9\">Sh<span class=\"_ _3\"></span>are of joi<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs5aa\">ventures<span class=\"_ _4\"></span> and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs5ab\">associates<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs5ac\">(N<span class=\"_ _3\"></span>ote 19.<span class=\"_ _3\"></span>2) </div><div class=\"t m0 h46 ff3c fs22 fc4 sc0 ls5 ws3 gs5ad\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs5ae\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs5af\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs5b0\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs5b1\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs5b2\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs5b3\">Underlying<span class=\"_ _4\"></span> profit/(<span class=\"_ _4\"></span>loss)<span class=\"_ _4\"></span> from operations</div><div class=\"t m0 h6a ff3b fs19 fc4 sc0 ls5 ws3 gs5b4\">1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls85 ws7d gs5b5\">UK</div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs5b6\">^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls14b ws189 gs5b7\">(1)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _9a\"> </span>2<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _145\"> </span>3<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>4<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs5b8\">Nor<span class=\"_ _3\"></span>th America<span class=\"_ _16d\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _7d\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _81\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _7d\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _9d\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs5b9\">Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s (Note </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3e ws39 gs5ba\">34.<span class=\"_ _3\"></span>2/<span class=\"_ _3\"></span>34.3)<span class=\"_ _29b\"> </span><span class=\"ff3b ls5f ws57\">24<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _38\"> </span></span>26<span class=\"_ _2e\"> </span></span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _38\"> </span>70</span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5bb\"> <span class=\"_ _29c\"> </span><span class=\"ff3b ls66 ws5e\">30<span class=\"_ _38\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _7d\"> </span><span class=\"ls48 ws42\">47<span class=\"_ _2e\"> </span></span></span></span> <span class=\"_ _81\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">85<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5bc\">Bid<span class=\"_ _3\"></span>ding cos<span class=\"_ _3\"></span>ts and overh<span class=\"_ _3\"></span>eads<span class=\"_ _df\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6)<span class=\"_ _133\"> </span></span></span> <span class=\"_ _180\"> </span><span class=\"ls4a ws44\">(25<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls4a ws44\">(25<span class=\"_ _3\"></span>)</span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs5bd\"> <span class=\"_ _29d\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _38\"> </span><span class=\"ls7 ws102\">31<span class=\"_ _1c4\"> </span></span></span></span><span class=\"ff3c\"> <span class=\"_ _38\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _87\"> </span><span class=\"ls11d wsf4\">85<span class=\"_ _9d\"> </span><span class=\"ls10c ws85\">81<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs5be\">Net assets/(<span class=\"_ _4\"></span>liabilities)<span class=\"_ _258\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _7b\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls85 ws7d gs5bf\">UK</div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs5c0\">^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls10a wsfe gs5c1\">412<span class=\"_ _20c\"> </span><span class=\"ls90 ws116\">121<span class=\"_ _a0\"> </span><span class=\"lsa9 wsa0\">533<span class=\"_ _2e\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _125\"> </span><span class=\"ls11f ws118\">38<span class=\"_ _3\"></span>4<span class=\"_ _a1\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _2\"></span>0<span class=\"_ _180\"> </span><span class=\"ls109 ws87\">5<span class=\"_ _3\"></span>24<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs5c2\">Nor<span class=\"_ _3\"></span>th America<span class=\"_ _29e\"> </span><span class=\"ff3b ls10d ws101\">152<span class=\"_ _98\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span><span class=\"ls85 ws7d\">327<span class=\"_ _2e\"> </span></span></span></span><span class=\"ls5 ws3\"> <span class=\"_ _27\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>4<span class=\"_ _98\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">3<span class=\"_ _3\"></span>11</span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5c3\"> <span class=\"_ _1ff\"> </span><span class=\"ff3b ls74 ws6b\">564<span class=\"_ _a0\"> </span><span class=\"ls10b wsff\">296<span class=\"_ _a1\"> </span><span class=\"ls16d ws230\">860<span class=\"_ _2e\"> </span></span></span></span> <span class=\"_ _125\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _3\"></span>8<span class=\"_ _a1\"> </span><span class=\"lsc ws8\">327<span class=\"_ _a1\"> </span><span class=\"ls103 wsf8\">8<span class=\"_ _3\"></span>35<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs5c4\">No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>reco<span class=\"_ _3\"></span>urse bor<span class=\"_ _3\"></span>rowings n<span class=\"_ _3\"></span>et of associ<span class=\"_ _3\"></span>ated cas<span class=\"_ _3\"></span>h and cash </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5c5\">equi<span class=\"_ _3\"></span>valents (<span class=\"_ _3\"></span>Note 27<span class=\"_ _3\"></span>)<span class=\"_ _29f\"> </span><span class=\"ff3b ls94 ws18a\">(2<span class=\"_ _3\"></span>64)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _128\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>4)<span class=\"_ _78\"> </span></span></span> <span class=\"_ _ef\"> </span><span class=\"ls109 ws87\">(24<span class=\"_ _3\"></span>2)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _b2\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>242)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs5c6\">T<span class=\"_ _5\"></span>otal Infrastructure In<span class=\"_ _4\"></span>vestments net assets<span class=\"_ _2a0\"> </span><span class=\"ls66 ws5e\">300<span class=\"_ _a0\"> </span><span class=\"ls10b wsff\">296<span class=\"_ _a1\"> </span><span class=\"ls3e ws39\">59<span class=\"_ _3\"></span>6<span class=\"_ _c9\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _b2\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3\"></span>6<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">327<span class=\"_ _a1\"> </span><span class=\"ls105 wsc2\">593<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs5c7\">+ <span class=\"_ _37\"> </span>T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p\u2019s share of t<span class=\"_ _3\"></span>he resul<span class=\"_ _3\"></span>ts of jo<span class=\"_ _3\"></span>int ventu<span class=\"_ _3\"></span>res and a<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates i<span class=\"_ _3\"></span>s disc<span class=\"_ _3\"></span>lose<span class=\"_ _3\"></span>d net of inve<span class=\"_ _3\"></span>stme<span class=\"_ _3\"></span>nt inco<span class=\"_ _3\"></span>me, fin<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ost<span class=\"_ _3\"></span>s and ta<span class=\"_ _3\"></span>xati<span class=\"_ _3\"></span>on.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs5c8\">^ <span class=\"_ _78\"> </span>Inc<span class=\"_ _3\"></span>l<span class=\"_ _4\"></span>uding Ireland.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls18 ws3 gs5c9\">1 <span class=\"_ _b\"> </span>Be<span class=\"_ _3\"></span>fore non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erly<span class=\"_ _3\"></span>ing ite<span class=\"_ _3\"></span>ms (N<span class=\"_ _3\"></span>otes 2.1<span class=\"_ _4\"></span>0 a<span class=\"_ _3\"></span>nd 10).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-646": {
   "value": "Performance by geographic<span class=\"_ _4\"></span> de<span class=\"_ _3\"></span>stination<span class=\"_ _3ab\"> </span>Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Kingdom<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Un<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d States<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Re<span class=\"_ _3\"></span>st o<span class=\"_ _3\"></span>f worl<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates<span class=\"_ _1ec\"> </span><span class=\"ff3b ls125 ws11c\">4<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _a6\"> </span><span class=\"lsc ws8\">4,03<span class=\"_ _3\"></span>5<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>68<span class=\"_ _1f7\"> </span><span class=\"ls43 ws3e\">9,595<span class=\"_ _3ab\"> </span></span></span></span></span>Sha<span class=\"_ _3\"></span>re of r<span class=\"_ _4\"></span>even<span class=\"_ _3\"></span>ue of joint ventures a<span class=\"_ _3\"></span>nd assoc<span class=\"_ _3\"></span>iates<span class=\"_ _299\"> </span><span class=\"ff3b ls14b ws189\">(10<span class=\"_ _3\"></span>1)<span class=\"_ _cc\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8)<span class=\"_ _4f\"> </span>(1,<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3)<span class=\"_ _15\"> </span>(1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _29a\"> </span><span class=\"ff3b lse9 wscd\">4,<span class=\"_ _3\"></span>091<span class=\"_ _1f7\"> </span><span class=\"ls16 ws12\">3,<span class=\"_ _3\"></span>897<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _a6\"> </span><span class=\"ls104 wsf9\">7,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>Performance by geographic<span class=\"_ _4\"></span> de<span class=\"_ _3\"></span>stination<span class=\"_ _3ab\"> </span>Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Kingdom<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Uni<span class=\"_ _3\"></span>ted Sta<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Res<span class=\"_ _3\"></span>t of world<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Revenue in<span class=\"_ _3\"></span>cludin<span class=\"_ _3\"></span>g share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates<span class=\"_ _a7\"> </span><span class=\"lsaa ws69\">3,89<span class=\"_ _3\"></span>4<span class=\"_ _e3\"> </span>3,9<span class=\"_ _3\"></span>54<span class=\"_ _110\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _1f7\"> </span><span class=\"ls3c ws37\">8<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>31<span class=\"_ _3ab\"> </span></span></span></span>Sha<span class=\"_ _3\"></span>re of r<span class=\"_ _4\"></span>even<span class=\"_ _3\"></span>ue of joint ventures a<span class=\"_ _3\"></span>nd assoc<span class=\"_ _3\"></span>iates<span class=\"_ _65\"> </span><span class=\"ls3b ws36\">(98)<span class=\"_ _cc\"> </span><span class=\"ls164 ws157\">(13<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _f\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>074<span class=\"_ _3\"></span>)<span class=\"_ _d5\"> </span>(1,<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>Grou<span class=\"_ _3\"></span>p revenue<span class=\"_ _29a\"> </span><span class=\"ls93 wsfa\">3,7<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _1f7\"> </span><span class=\"ls109 ws87\">3<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>24<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">9<span class=\"_ _dd\"> </span><span class=\"ls10e ws103\">7,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-647": {
   "value": "Major<span class=\"_ _4\"></span> cus<span class=\"_ _3\"></span>tomers<span class=\"_ _3ab\"> </span>Inc<span class=\"_ _3\"></span>luded in G<span class=\"_ _3\"></span>roup revenue are revenues of \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>,<span class=\"_ _3\"></span>981 <span class=\"_ _c\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>03<span class=\"_ _3\"></span>m) from the US G<span class=\"_ _3\"></span>overnme<span class=\"_ _3\"></span>nt and \u00a3<span class=\"_ _3\"></span>3,<span class=\"_ _5\"></span>19<span class=\"_ _3\"></span>8m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a32<span class=\"_ _3\"></span>,670<span class=\"_ _3\"></span>m) from the U<span class=\"_ _3\"></span>K Gover<span class=\"_ _3\"></span>nment, w<span class=\"_ _3\"></span>hich are the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s t<span class=\"_ _3\"></span>wo large<span class=\"_ _3\"></span>st custome<span class=\"_ _3\"></span>rs, throug<span class=\"_ _3\"></span>h multipl<span class=\"_ _3\"></span>e central an<span class=\"_ _3\"></span>d regiona<span class=\"_ _3\"></span>l bodie<span class=\"_ _3\"></span>s. Thes<span class=\"_ _3\"></span>e revenues are incl<span class=\"_ _3\"></span>uded in th<span class=\"_ _3\"></span>e result<span class=\"_ _3\"></span>s across all t<span class=\"_ _3\"></span>hree repor<span class=\"_ _3\"></span>ted seg<span class=\"_ _3\"></span>ments.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-579": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 lsf wsb gs5cb\">6 Profit/<span class=\"_ _5\"></span>(loss<span class=\"_ _4\"></span>) from operatio<span class=\"_ _4\"></span>ns<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs5cc\">6.<span class=\"_ _4\"></span>1 Pr<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>(lo<span class=\"_ _3\"></span>ss) f<span class=\"_ _3\"></span>rom o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ons i<span class=\"_ _3\"></span>s st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ed af<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>er ch<span class=\"_ _3\"></span>arg<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>(c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>ing)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs5cd\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs5ce\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs5cf\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs5d0\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5d1\">Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment<span class=\"_ _278\"> </span><span class=\"ff3b ls3e ws39\">28<span class=\"_ _9d\"> </span></span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5d2\">Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of right-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use a<span class=\"_ _3\"></span>ssets<span class=\"_ _a\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _9d\"> </span></span><span class=\"ls42 ws3d\">54<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs5d3\">Depreciation of inv<span class=\"_ _4\"></span>estment proper<span class=\"_ _3\"></span>ties<span class=\"_ _265\"> </span><span class=\"ff3b ls5 ws3\">2<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5d4\">Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of ot<span class=\"_ _3\"></span>her intan<span class=\"_ _3\"></span>gible as<span class=\"_ _3\"></span>sets<span class=\"_ _2a1\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _38\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5d5\">Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t fulfilme<span class=\"_ _3\"></span>nt assets<span class=\"_ _279\"> </span><span class=\"ff3b ls10d ws101\">15<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5d6\">Net c<span class=\"_ _3\"></span>harge of tra<span class=\"_ _3\"></span>de receiv<span class=\"_ _3\"></span>ables im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent provision<span class=\"_ _2a2\"> </span><span class=\"ff3b\">5<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5d7\">Profi<span class=\"_ _3\"></span>t on dispo<span class=\"_ _3\"></span>sal of prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, p<span class=\"_ _3\"></span>lant and eq<span class=\"_ _3\"></span>uipment<span class=\"_ _15f\"> </span><span class=\"ff3b ls78 ws11a\">(2)<span class=\"_ _a3\"> </span></span><span class=\"ls72 wsf5\">(4)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs5d8\">Gove<span class=\"_ _3\"></span>rnment g<span class=\"_ _3\"></span>rant inc<span class=\"_ _3\"></span>ome<span class=\"_ _2a3\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _47\"> </span></span><span class=\"ls124 ws6a\">(6)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5d9\">Co<span class=\"_ _3\"></span>st of inventor<span class=\"_ _3\"></span>y recogn<span class=\"_ _3\"></span>ised as an exp<span class=\"_ _3\"></span>ense<span class=\"_ _2a4\"> </span><span class=\"ff3b ls10b wsff\">222<span class=\"_ _a0\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>4<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs5da\">Auditor\u2019<span class=\"_ _4\"></span>s remune<span class=\"_ _4\"></span>ration<span class=\"_ _239\"> </span><span class=\"ff3b ls5 ws3\">6<span class=\"_ _9a\"> </span><span class=\"ff3c\">5<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs5db\">6.<span class=\"_ _3\"></span>2 Ana<span class=\"_ _3\"></span>lys<span class=\"_ _3\"></span>is o<span class=\"_ _3\"></span>f aud<span class=\"_ _3\"></span>ito<span class=\"_ _3\"></span>r\u2019s re<span class=\"_ _3\"></span>mun<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs5dc\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs5dd\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs5de\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs5df\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5e0\">Ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ces as audi<span class=\"_ _3\"></span>tor to the Com<span class=\"_ _3\"></span>pany<span class=\"_ _2a5\"> </span><span class=\"ff3b ls14 ws10\">0.8<span class=\"_ _51\"> </span></span><span class=\"ls2e ws7\">0<span class=\"_ _3\"></span>.7<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5e1\">Ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ces as audi<span class=\"_ _3\"></span>tor to Group sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es<span class=\"_ _279\"> </span><span class=\"ff3b ls3e ws39\">4.<span class=\"_ _3\"></span>3<span class=\"_ _7e\"> </span></span><span class=\"lsaa ws69\">3.4<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs5e2\">T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al au<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>t fee<span class=\"_ _3\"></span>s<span class=\"_ _2a6\"> </span><span class=\"ls104 wsf9\">5<span class=\"_ _3\"></span>.1<span class=\"_ _34\"> </span><span class=\"ff3c ls106 wsfb\">4<span class=\"_ _2\"></span>.1<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs5e3\">Audit-<span class=\"_ _3\"></span>relat<span class=\"_ _4\"></span>ed assurance fees<span class=\"_ _2a7\"> </span><span class=\"ff3b ls14 ws10\">0.5<span class=\"_ _87\"> </span></span><span class=\"ls85 ws7d\">0.8<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs5e4\">Other assurance fees<span class=\"_ _2a8\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs5e5\">T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>aud<span class=\"_ _3\"></span>it fe<span class=\"_ _3\"></span>es<span class=\"_ _2a9\"> </span><span class=\"ls14 ws10\">0.5<span class=\"_ _87\"> </span><span class=\"ff3c ls85 ws7d\">0.8<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs5e6\">T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al fe<span class=\"_ _3\"></span>es i<span class=\"_ _3\"></span>n re<span class=\"_ _3\"></span>lat<span class=\"_ _3\"></span>ion t<span class=\"_ _3\"></span>o aud<span class=\"_ _3\"></span>it an<span class=\"_ _3\"></span>d oth<span class=\"_ _3\"></span>er s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>s<span class=\"_ _24b\"> </span><span class=\"ls73 ws80\">5.6<span class=\"_ _87\"> </span><span class=\"ff3c ls3e ws39\">4.9</span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-676": {
   "value": "6.<span class=\"_ _4\"></span>1 Pr<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>(lo<span class=\"_ _3\"></span>ss) f<span class=\"_ _3\"></span>rom o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ons i<span class=\"_ _3\"></span>s st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ed af<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>er ch<span class=\"_ _3\"></span>arg<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>(c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>ing)<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment<span class=\"_ _278\"> </span><span class=\"ff3b ls3e ws39\">28<span class=\"_ _9d\"> </span></span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span>Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of right-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use a<span class=\"_ _3\"></span>ssets<span class=\"_ _a\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _9d\"> </span></span><span class=\"ls42 ws3d\">54<span class=\"_ _3ab\"> </span></span>Depreciation of inv<span class=\"_ _4\"></span>estment proper<span class=\"_ _3\"></span>ties<span class=\"_ _265\"> </span><span class=\"ff3b ls5 ws3\">2<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _3ab\"> </span></span></span>Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of ot<span class=\"_ _3\"></span>her intan<span class=\"_ _3\"></span>gible as<span class=\"_ _3\"></span>sets<span class=\"_ _2a1\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _38\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3ab\"> </span></span>Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t fulfilme<span class=\"_ _3\"></span>nt assets<span class=\"_ _279\"> </span><span class=\"ff3b ls10d ws101\">15<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span>Net c<span class=\"_ _3\"></span>harge of tra<span class=\"_ _3\"></span>de receiv<span class=\"_ _3\"></span>ables im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent provision<span class=\"_ _2a2\"> </span><span class=\"ff3b\">5<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Profi<span class=\"_ _3\"></span>t on dispo<span class=\"_ _3\"></span>sal of prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, p<span class=\"_ _3\"></span>lant and eq<span class=\"_ _3\"></span>uipment<span class=\"_ _15f\"> </span><span class=\"ff3b ls78 ws11a\">(2)<span class=\"_ _a3\"> </span></span><span class=\"ls72 wsf5\">(4)<span class=\"_ _3ab\"> </span></span>Gove<span class=\"_ _3\"></span>rnment g<span class=\"_ _3\"></span>rant inc<span class=\"_ _3\"></span>ome<span class=\"_ _2a3\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _47\"> </span></span><span class=\"ls124 ws6a\">(6)<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>st of inventor<span class=\"_ _3\"></span>y recogn<span class=\"_ _3\"></span>ised as an exp<span class=\"_ _3\"></span>ense<span class=\"_ _2a4\"> </span><span class=\"ff3b ls10b wsff\">222<span class=\"_ _a0\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>4<span class=\"_ _3ab\"> </span></span>Auditor\u2019<span class=\"_ _4\"></span>s remune<span class=\"_ _4\"></span>ration<span class=\"_ _239\"> </span><span class=\"ff3b ls5 ws3\">6<span class=\"_ _9a\"> </span><span class=\"ff3c\">5<span class=\"_ _3ab\"> </span></span></span>6.<span class=\"_ _3\"></span>2 Ana<span class=\"_ _3\"></span>lys<span class=\"_ _3\"></span>is o<span class=\"_ _3\"></span>f aud<span class=\"_ _3\"></span>ito<span class=\"_ _3\"></span>r\u2019s re<span class=\"_ _3\"></span>mun<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ces as audi<span class=\"_ _3\"></span>tor to the Com<span class=\"_ _3\"></span>pany<span class=\"_ _2a5\"> </span><span class=\"ff3b ls14 ws10\">0.8<span class=\"_ _51\"> </span></span><span class=\"ls2e ws7\">0<span class=\"_ _3\"></span>.7<span class=\"_ _3ab\"> </span></span>Ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ces as audi<span class=\"_ _3\"></span>tor to Group sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es<span class=\"_ _279\"> </span><span class=\"ff3b ls3e ws39\">4.<span class=\"_ _3\"></span>3<span class=\"_ _7e\"> </span></span><span class=\"lsaa ws69\">3.4<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al au<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>t fee<span class=\"_ _3\"></span>s<span class=\"_ _2a6\"> </span><span class=\"ls104 wsf9\">5<span class=\"_ _3\"></span>.1<span class=\"_ _34\"> </span><span class=\"ff3c ls106 wsfb\">4<span class=\"_ _2\"></span>.1<span class=\"_ _3ab\"> </span></span></span>Audit-<span class=\"_ _3\"></span>relat<span class=\"_ _4\"></span>ed assurance fees<span class=\"_ _2a7\"> </span><span class=\"ff3b ls14 ws10\">0.5<span class=\"_ _87\"> </span></span><span class=\"ls85 ws7d\">0.8<span class=\"_ _3ab\"> </span></span>Other assurance fees<span class=\"_ _2a8\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>aud<span class=\"_ _3\"></span>it fe<span class=\"_ _3\"></span>es<span class=\"_ _2a9\"> </span><span class=\"ls14 ws10\">0.5<span class=\"_ _87\"> </span><span class=\"ff3c ls85 ws7d\">0.8<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al fe<span class=\"_ _3\"></span>es i<span class=\"_ _3\"></span>n re<span class=\"_ _3\"></span>lat<span class=\"_ _3\"></span>ion t<span class=\"_ _3\"></span>o aud<span class=\"_ _3\"></span>it an<span class=\"_ _3\"></span>d oth<span class=\"_ _3\"></span>er s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>s<span class=\"_ _24b\"> </span><span class=\"ls73 ws80\">5.6<span class=\"_ _87\"> </span><span class=\"ff3c ls3e ws39\">4.9</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-671": {
   "value": "6.<span class=\"_ _4\"></span>1 Pr<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>(lo<span class=\"_ _3\"></span>ss) f<span class=\"_ _3\"></span>rom o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ons i<span class=\"_ _3\"></span>s st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ed af<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>er ch<span class=\"_ _3\"></span>arg<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>(c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>ing)<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment<span class=\"_ _278\"> </span><span class=\"ff3b ls3e ws39\">28<span class=\"_ _9d\"> </span></span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span>Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of right-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use a<span class=\"_ _3\"></span>ssets<span class=\"_ _a\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _9d\"> </span></span><span class=\"ls42 ws3d\">54<span class=\"_ _3ab\"> </span></span>Depreciation of inv<span class=\"_ _4\"></span>estment proper<span class=\"_ _3\"></span>ties<span class=\"_ _265\"> </span><span class=\"ff3b ls5 ws3\">2<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _3ab\"> </span></span></span>Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of ot<span class=\"_ _3\"></span>her intan<span class=\"_ _3\"></span>gible as<span class=\"_ _3\"></span>sets<span class=\"_ _2a1\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _38\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3ab\"> </span></span>Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t fulfilme<span class=\"_ _3\"></span>nt assets<span class=\"_ _279\"> </span><span class=\"ff3b ls10d ws101\">15<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span>Net c<span class=\"_ _3\"></span>harge of tra<span class=\"_ _3\"></span>de receiv<span class=\"_ _3\"></span>ables im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent provision<span class=\"_ _2a2\"> </span><span class=\"ff3b\">5<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Profi<span class=\"_ _3\"></span>t on dispo<span class=\"_ _3\"></span>sal of prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, p<span class=\"_ _3\"></span>lant and eq<span class=\"_ _3\"></span>uipment<span class=\"_ _15f\"> </span><span class=\"ff3b ls78 ws11a\">(2)<span class=\"_ _a3\"> </span></span><span class=\"ls72 wsf5\">(4)<span class=\"_ _3ab\"> </span></span>Gove<span class=\"_ _3\"></span>rnment g<span class=\"_ _3\"></span>rant inc<span class=\"_ _3\"></span>ome<span class=\"_ _2a3\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _47\"> </span></span><span class=\"ls124 ws6a\">(6)<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>st of inventor<span class=\"_ _3\"></span>y recogn<span class=\"_ _3\"></span>ised as an exp<span class=\"_ _3\"></span>ense<span class=\"_ _2a4\"> </span><span class=\"ff3b ls10b wsff\">222<span class=\"_ _a0\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>4<span class=\"_ _3ab\"> </span></span>Auditor\u2019<span class=\"_ _4\"></span>s remune<span class=\"_ _4\"></span>ration<span class=\"_ _239\"> </span><span class=\"ff3b ls5 ws3\">6<span class=\"_ _9a\"> </span><span class=\"ff3c\">5<span class=\"_ _3ab\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-648": {
   "value": "6.<span class=\"_ _4\"></span>1 Pr<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>(lo<span class=\"_ _3\"></span>ss) f<span class=\"_ _3\"></span>rom o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ons i<span class=\"_ _3\"></span>s st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ed af<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>er ch<span class=\"_ _3\"></span>arg<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>(c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>ing)<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment<span class=\"_ _278\"> </span><span class=\"ff3b ls3e ws39\">28<span class=\"_ _9d\"> </span></span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span>Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of right-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use a<span class=\"_ _3\"></span>ssets<span class=\"_ _a\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _9d\"> </span></span><span class=\"ls42 ws3d\">54<span class=\"_ _3ab\"> </span></span>Depreciation of inv<span class=\"_ _4\"></span>estment proper<span class=\"_ _3\"></span>ties<span class=\"_ _265\"> </span><span class=\"ff3b ls5 ws3\">2<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _3ab\"> </span></span></span>Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of ot<span class=\"_ _3\"></span>her intan<span class=\"_ _3\"></span>gible as<span class=\"_ _3\"></span>sets<span class=\"_ _2a1\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _38\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3ab\"> </span></span>Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t fulfilme<span class=\"_ _3\"></span>nt assets<span class=\"_ _279\"> </span><span class=\"ff3b ls10d ws101\">15<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span>Net c<span class=\"_ _3\"></span>harge of tra<span class=\"_ _3\"></span>de receiv<span class=\"_ _3\"></span>ables im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent provision<span class=\"_ _2a2\"> </span><span class=\"ff3b\">5<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Profi<span class=\"_ _3\"></span>t on dispo<span class=\"_ _3\"></span>sal of prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, p<span class=\"_ _3\"></span>lant and eq<span class=\"_ _3\"></span>uipment<span class=\"_ _15f\"> </span><span class=\"ff3b ls78 ws11a\">(2)<span class=\"_ _a3\"> </span></span><span class=\"ls72 wsf5\">(4)<span class=\"_ _3ab\"> </span></span>Gove<span class=\"_ _3\"></span>rnment g<span class=\"_ _3\"></span>rant inc<span class=\"_ _3\"></span>ome<span class=\"_ _2a3\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _47\"> </span></span><span class=\"ls124 ws6a\">(6)<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>st of inventor<span class=\"_ _3\"></span>y recogn<span class=\"_ _3\"></span>ised as an exp<span class=\"_ _3\"></span>ense<span class=\"_ _2a4\"> </span><span class=\"ff3b ls10b wsff\">222<span class=\"_ _a0\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>4<span class=\"_ _3ab\"> </span></span>Auditor\u2019<span class=\"_ _4\"></span>s remune<span class=\"_ _4\"></span>ration<span class=\"_ _239\"> </span><span class=\"ff3b ls5 ws3\">6<span class=\"_ _9a\"> </span><span class=\"ff3c\">5<span class=\"_ _3ab\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-621": {
   "value": "6.<span class=\"_ _4\"></span>1 Pr<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>(lo<span class=\"_ _3\"></span>ss) f<span class=\"_ _3\"></span>rom o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ons i<span class=\"_ _3\"></span>s st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ed af<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>er ch<span class=\"_ _3\"></span>arg<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>/<span class=\"_ _4\"></span>(c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>ing)<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment<span class=\"_ _278\"> </span><span class=\"ff3b ls3e ws39\">28<span class=\"_ _9d\"> </span></span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span>Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of right-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use a<span class=\"_ _3\"></span>ssets<span class=\"_ _a\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _9d\"> </span></span><span class=\"ls42 ws3d\">54<span class=\"_ _3ab\"> </span></span>Depreciation of inv<span class=\"_ _4\"></span>estment proper<span class=\"_ _3\"></span>ties<span class=\"_ _265\"> </span><span class=\"ff3b ls5 ws3\">2<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _3ab\"> </span></span></span>Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of ot<span class=\"_ _3\"></span>her intan<span class=\"_ _3\"></span>gible as<span class=\"_ _3\"></span>sets<span class=\"_ _2a1\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _38\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3ab\"> </span></span>Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t fulfilme<span class=\"_ _3\"></span>nt assets<span class=\"_ _279\"> </span><span class=\"ff3b ls10d ws101\">15<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span>Net c<span class=\"_ _3\"></span>harge of tra<span class=\"_ _3\"></span>de receiv<span class=\"_ _3\"></span>ables im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent provision<span class=\"_ _2a2\"> </span><span class=\"ff3b\">5<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Profi<span class=\"_ _3\"></span>t on dispo<span class=\"_ _3\"></span>sal of prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, p<span class=\"_ _3\"></span>lant and eq<span class=\"_ _3\"></span>uipment<span class=\"_ _15f\"> </span><span class=\"ff3b ls78 ws11a\">(2)<span class=\"_ _a3\"> </span></span><span class=\"ls72 wsf5\">(4)<span class=\"_ _3ab\"> </span></span>Gove<span class=\"_ _3\"></span>rnment g<span class=\"_ _3\"></span>rant inc<span class=\"_ _3\"></span>ome<span class=\"_ _2a3\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _47\"> </span></span><span class=\"ls124 ws6a\">(6)<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>st of inventor<span class=\"_ _3\"></span>y recogn<span class=\"_ _3\"></span>ised as an exp<span class=\"_ _3\"></span>ense<span class=\"_ _2a4\"> </span><span class=\"ff3b ls10b wsff\">222<span class=\"_ _a0\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>4<span class=\"_ _3ab\"> </span></span>Auditor\u2019<span class=\"_ _4\"></span>s remune<span class=\"_ _4\"></span>ration<span class=\"_ _239\"> </span><span class=\"ff3b ls5 ws3\">6<span class=\"_ _9a\"> </span><span class=\"ff3c\">5<span class=\"_ _3ab\"> </span></span></span>1<span class=\"_ _4\"></span>6 Propert<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, plant a<span class=\"_ _4\"></span>nd equipment<span class=\"_ _3ab\"> </span>Land and<span class=\"_ _3ab\"> </span>buildings<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Plant and<span class=\"_ _3ab\"> </span>equipment<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Assets in<span class=\"_ _3ab\"> </span>the course of<span class=\"_ _3ab\"> </span>construction<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>st o<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on<span class=\"_ _2bd\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2a4\"> </span><span class=\"ls105 wsc2\">65<span class=\"_ _a1\"> </span><span class=\"ls4a ws44\">252<span class=\"_ _9a\"> </span></span></span>8<span class=\"_ _a0\"> </span><span class=\"ls4a ws44\">3<span class=\"_ _3\"></span>25<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2e0\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _9a\"> </span>9<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _5\"></span>ransfers <span class=\"_ _2e1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _ad\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span>Additions <span class=\"_ _2e2\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span><span class=\"ls3c ws37\">31<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls3c ws37\">31<span class=\"_ _3ab\"> </span></span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _69\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>)<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _ff\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>15)<span class=\"_ _3ab\"> </span></span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _2e3\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _ff\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span></span>\u2013<span class=\"_ _ff\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2e4\"> </span><span class=\"ls3e ws39\">57<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">277<span class=\"_ _9a\"> </span></span></span>1<span class=\"_ _a1\"> </span><span class=\"ls103 wsf8\">3<span class=\"_ _3\"></span>35<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _15d\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls10d ws101\">(6)<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>ransfers <span class=\"_ _2e1\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span>Additions <span class=\"_ _2e5\"> </span><span class=\"ff3b ls5 ws3\">4<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _9d\"> </span><span class=\"ls113 ws10b\">66<span class=\"_ _3ab\"> </span></span></span></span></span>Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed from rig<span class=\"_ _3\"></span>ht-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use assets (<span class=\"_ _3\"></span>Note 1<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _1f2\"> </span><span class=\"ff3b\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _3ab\"> </span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _2e6\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _a3\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _145\"> </span></span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls8b ws4\">(8)<span class=\"_ _3ab\"> </span></span></span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _2e3\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2e7\"> </span><span class=\"ls10d ws101\">61<span class=\"_ _180\"> </span><span class=\"ls4c ws46\">3<span class=\"_ _3\"></span>01<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _180\"> </span></span></span></span>3<span class=\"_ _3\"></span>76<span class=\"_ _3ab\"> </span>Accumulat<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> depreciation<span class=\"_ _dc\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _26e\"> </span><span class=\"ls5f ws57\">(49)<span class=\"_ _ef\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span></span></span>\u2013<span class=\"_ _125\"> </span><span class=\"lsc ws8\">(227<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _15d\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _3ab\"> </span></span></span>Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2c6\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">(23)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"lsc ws8\">(27<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _2e8\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _9a\"> </span></span>5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _2e3\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3ab\"> </span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _27e\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>3)<span class=\"_ _fa\"> </span><span class=\"ls12a ws11f\">(18<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span></span></span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsa9 wsa0\">(23<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>)<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2e9\"> </span><span class=\"ff3b ls5 ws3\">1<span class=\"_ _9a\"> </span>3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _3ab\"> </span></span>Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2c6\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _a1\"> </span><span class=\"ls94 ws18a\">(24)<span class=\"_ _7b\"> </span></span></span><span class=\"ff3b\">\u2013<span class=\"_ _87\"> </span><span class=\"ls170 ws18f\">(28)<span class=\"_ _3ab\"> </span></span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _287\"> </span><span class=\"ff3b\">3<span class=\"_ _3ab\"> </span></span>5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>8<span class=\"_ _3ab\"> </span>Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed from rig<span class=\"_ _3\"></span>ht-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use assets (<span class=\"_ _3\"></span>Note 1<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _2d2\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _3ab\"> </span></span></span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _2e3\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _11b\"> </span><span class=\"ls48 ws42\">(44)<span class=\"_ _1cb\"> </span><span class=\"ls14b ws189\">(1<span class=\"_ _3\"></span>91)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _128\"> </span><span class=\"ls1c ws107\">(2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span>Carrying amo<span class=\"_ _4\"></span>unt<span class=\"_ _2ea\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2e7\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _82\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>0<span class=\"_ _7d\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _98\"> </span><span class=\"ls10a wsfe\">1<span class=\"_ _3\"></span>41<span class=\"_ _3ab\"> </span></span></span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _1fb\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _38\"> </span><span class=\"ls114 ws10c\">89<span class=\"_ _b0\"> </span></span></span>1<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2\"></span>4<span class=\"_ _3ab\"> </span></span>E<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ept for land a<span class=\"_ _3\"></span>nd assets in t<span class=\"_ _3\"></span>he cours<span class=\"_ _3\"></span>e of constr<span class=\"_ _3\"></span>uction<span class=\"_ _3\"></span>, the cost<span class=\"_ _3\"></span>s of proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pla<span class=\"_ _3\"></span>nt and equi<span class=\"_ _3\"></span>pment are de<span class=\"_ _3\"></span>preciated o<span class=\"_ _3\"></span>n a straight<span class=\"_ _3\"></span>-lin<span class=\"_ _3\"></span>e basis over thei<span class=\"_ _3\"></span>r e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pecte<span class=\"_ _3\"></span>d useful lives<span class=\"_ _3\"></span>. Buildin<span class=\"_ _3\"></span>gs are depre<span class=\"_ _3\"></span>ciated at 2.<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>% p<span class=\"_ _3\"></span>er annum and p<span class=\"_ _3\"></span>lant and eq<span class=\"_ _3\"></span>uipment is d<span class=\"_ _3\"></span>epreci<span class=\"_ _3\"></span>ated at 4<span class=\"_ _4\"></span>% to 3<span class=\"_ _3\"></span>3% per annum<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>1<span class=\"_ _4\"></span>7 Ri<span class=\"_ _3\"></span>ght-o<span class=\"_ _3\"></span>f-us<span class=\"_ _3\"></span>e as<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s Land and<span class=\"_ _3ab\"> </span>buildings<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Plant and<span class=\"_ _3ab\"> </span>equipment<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Mot<span class=\"_ _3\"></span>or vehicles \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>st o<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on<span class=\"_ _2bd\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2a4\"> </span><span class=\"ls114 ws10c\">86<span class=\"_ _47\"> </span><span class=\"ls187 ws184\">44<span class=\"_ _47\"> </span><span class=\"lsab wsa1\">92<span class=\"_ _a0\"> </span><span class=\"ls120 ws119\">222<span class=\"_ _3ab\"> </span></span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2e9\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>6<span class=\"_ _3ab\"> </span></span>Additions <span class=\"_ _265\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _7d\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _38\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _3ab\"> </span></span></span></span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _6a\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11)<span class=\"_ _20c\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>)<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _a1\"> </span><span class=\"lsc ws8\">(<span class=\"_ _3\"></span>27)<span class=\"_ _3ab\"> </span></span></span></span></span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2eb\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _38\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _38\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2e4\"> </span><span class=\"ls12c ws121\">95<span class=\"_ _47\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _98\"> </span><span class=\"ls78 ws11a\">247<span class=\"_ _3ab\"> </span></span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2ec\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _9d\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span></span></span>Additions <span class=\"_ _265\"> </span><span class=\"ff3b ls110 ws106\">11<span class=\"_ _39\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">47<span class=\"_ _7d\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _3ab\"> </span></span></span></span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _2e6\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _a3\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _a0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>4)<span class=\"_ _a1\"> </span><span class=\"ls94 ws18a\">(<span class=\"_ _3\"></span>24)<span class=\"_ _3ab\"> </span></span></span></span></span>Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed to prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment (N<span class=\"_ _3\"></span>ote 1<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _234\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span>Lease modific<span class=\"_ _3\"></span>ation<span class=\"_ _14b\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _38\"> </span>(1)<span class=\"_ _3ab\"> </span></span></span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2eb\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _a3\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _a0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0)<span class=\"_ _180\"> </span>(1<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _27e\"> </span><span class=\"ls21f ws108\">89<span class=\"_ _a3\"> </span><span class=\"ls124 ws6a\">55<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>8<span class=\"_ _a0\"> </span><span class=\"ls85 ws7d\">272<span class=\"_ _3ab\"> </span></span></span></span></span>Accumulat<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> depreciation<span class=\"_ _dc\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _26e\"> </span><span class=\"ls72 wsf5\">(34)<span class=\"_ _97\"> </span><span class=\"ls12a ws11f\">(19<span class=\"_ _3\"></span>)<span class=\"_ _a0\"> </span></span>(4<span class=\"_ _3\"></span>4)<span class=\"_ _a1\"> </span><span class=\"ls3b ws36\">(97)<span class=\"_ _3ab\"> </span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2ec\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _7d\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _3ab\"> </span></span></span></span></span>Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2ed\"> </span><span class=\"ls12a ws11f\">(18<span class=\"_ _3\"></span>)<span class=\"_ _7e\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11)<span class=\"_ _97\"> </span><span class=\"ls4a ws44\">(<span class=\"_ _3\"></span>25)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _2ee\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _39\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _9a\"> </span></span></span>6<span class=\"_ _38\"> </span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2ef\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>3<span class=\"_ _9a\"> </span>7<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _27e\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>0)<span class=\"_ _a1\"> </span>(20)<span class=\"_ _a1\"> </span><span class=\"ls124 ws6a\">(60)<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2e9\"> </span><span class=\"ff3b ls5 ws3\">1<span class=\"_ _9a\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2ed\"> </span><span class=\"ff3b ls10f ws105\">(18<span class=\"_ _3\"></span>)<span class=\"_ _98\"> </span><span class=\"ls110 ws106\">(11<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(28)<span class=\"_ _a1\"> </span>(57)<span class=\"_ _3ab\"> </span></span></span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _287\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _38\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _3ab\"> </span></span></span></span>Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed to prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment (N<span class=\"_ _3\"></span>ote 1<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _2f0\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2ef\"> </span><span class=\"ff3b ls5 ws3\">4<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>8<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _11b\"> </span><span class=\"ls48 ws42\">(46<span class=\"_ _3\"></span>)<span class=\"_ _116\"> </span><span class=\"ls1c ws107\">(2<span class=\"_ _3\"></span>5)<span class=\"_ _116\"> </span><span class=\"ls10d ws101\">(6<span class=\"_ _3\"></span>6)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>7)<span class=\"_ _3ab\"> </span></span></span></span></span>Carrying amo<span class=\"_ _4\"></span>unt<span class=\"_ _2ea\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _27e\"> </span><span class=\"ls11d wsf4\">43<span class=\"_ _a3\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _9d\"> </span><span class=\"ls18b ws188\">62<span class=\"_ _a0\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2e4\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _a3\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _a3\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span></span>1<span class=\"_ _4\"></span>8 Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span> proper<span class=\"_ _3\"></span>ties<span class=\"_ _3ab\"> </span>Cost<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Accumul<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> depreciation<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ying amou<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2f1\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _ad\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _87\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3ab\"> </span></span></span></span>Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on charge fo<span class=\"_ _3\"></span>r the year <span class=\"_ _29a\"> </span>\u2013<span class=\"_ _ad\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>2)<span class=\"_ _a3\"> </span>(2)<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2d6\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _17e\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _51\"> </span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2f2\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7f\"> </span></span>(1)<span class=\"_ _3ab\"> </span></span>Additions<span class=\"_ _197\"> </span><span class=\"ff3b ls45 ws40\">42<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>42<span class=\"_ _3ab\"> </span></span>Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on charge fo<span class=\"_ _3\"></span>r the year <span class=\"_ _29a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _ad\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _a3\"> </span>(2)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2f3\"> </span>76<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0)<span class=\"_ _87\"> </span><span class=\"ls113 ws10b\">66<span class=\"_ _3ab\"> </span></span></span>Investm<span class=\"_ _3\"></span>ent proper<span class=\"_ _3\"></span>ties a<span class=\"_ _3\"></span>re held by the G<span class=\"_ _3\"></span>roup to gener<span class=\"_ _3\"></span>ate rental inc<span class=\"_ _3\"></span>ome and c<span class=\"_ _3\"></span>apita<span class=\"_ _3\"></span>l apprec<span class=\"_ _3\"></span>iation. T<span class=\"_ _3\"></span>he Group h<span class=\"_ _3\"></span>as chose<span class=\"_ _3\"></span>n to account for i<span class=\"_ _3\"></span>ts investme<span class=\"_ _3\"></span>nt prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y asset<span class=\"_ _3\"></span>s under th<span class=\"_ _3\"></span>e cost meth<span class=\"_ _3\"></span>od. In 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, the Grou<span class=\"_ _3\"></span>p acquire<span class=\"_ _3\"></span>d a new student a<span class=\"_ _3\"></span>ccomm<span class=\"_ _3\"></span>odati<span class=\"_ _3\"></span>on proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y in T<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llahas<span class=\"_ _3\"></span>see, Flor<span class=\"_ _3\"></span>ida for \u00a342m<span class=\"_ _3\"></span>. The Grou<span class=\"_ _3\"></span>p has non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>recour<span class=\"_ _3\"></span>se projec<span class=\"_ _3\"></span>t speci<span class=\"_ _3\"></span>fic financ<span class=\"_ _3\"></span>ing amou<span class=\"_ _3\"></span>nting to \u00a34<span class=\"_ _3\"></span>8m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a32<span class=\"_ _3\"></span>3m), whi<span class=\"_ _3\"></span>ch is secure<span class=\"_ _3\"></span>d through fl<span class=\"_ _3\"></span>oating c<span class=\"_ _3\"></span>harges over t<span class=\"_ _3\"></span>he<span class=\"_ gs52\"> </span>proper<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>. Onc<span class=\"_ _3\"></span>e a proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y is read<span class=\"_ _3\"></span>y f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r use, the Grou<span class=\"_ _3\"></span>p cease<span class=\"_ _3\"></span>s capit<span class=\"_ _3\"></span>alisati<span class=\"_ _3\"></span>on of interest cos<span class=\"_ _3\"></span>t and comm<span class=\"_ _3\"></span>ences d<span class=\"_ _3\"></span>eprecia<span class=\"_ _3\"></span>tion on the p<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>ty, on a stra<span class=\"_ _3\"></span>ight-<span class=\"_ _3\"></span>line basi<span class=\"_ _3\"></span>s over 25 years. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p generate<span class=\"_ _3\"></span>d \u00a37m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a34m) of renta<span class=\"_ _3\"></span>l income f<span class=\"_ _3\"></span>rom its investm<span class=\"_ _3\"></span>ent proper<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-649": {
   "value": "6.<span class=\"_ _3\"></span>2 Ana<span class=\"_ _3\"></span>lys<span class=\"_ _3\"></span>is o<span class=\"_ _3\"></span>f aud<span class=\"_ _3\"></span>ito<span class=\"_ _3\"></span>r\u2019s re<span class=\"_ _3\"></span>mun<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ces as audi<span class=\"_ _3\"></span>tor to the Com<span class=\"_ _3\"></span>pany<span class=\"_ _2a5\"> </span><span class=\"ff3b ls14 ws10\">0.8<span class=\"_ _51\"> </span></span><span class=\"ls2e ws7\">0<span class=\"_ _3\"></span>.7<span class=\"_ _3ab\"> </span></span>Ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ces as audi<span class=\"_ _3\"></span>tor to Group sub<span class=\"_ _3\"></span>sidiari<span class=\"_ _3\"></span>es<span class=\"_ _279\"> </span><span class=\"ff3b ls3e ws39\">4.<span class=\"_ _3\"></span>3<span class=\"_ _7e\"> </span></span><span class=\"lsaa ws69\">3.4<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al au<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>t fee<span class=\"_ _3\"></span>s<span class=\"_ _2a6\"> </span><span class=\"ls104 wsf9\">5<span class=\"_ _3\"></span>.1<span class=\"_ _34\"> </span><span class=\"ff3c ls106 wsfb\">4<span class=\"_ _2\"></span>.1<span class=\"_ _3ab\"> </span></span></span>Audit-<span class=\"_ _3\"></span>relat<span class=\"_ _4\"></span>ed assurance fees<span class=\"_ _2a7\"> </span><span class=\"ff3b ls14 ws10\">0.5<span class=\"_ _87\"> </span></span><span class=\"ls85 ws7d\">0.8<span class=\"_ _3ab\"> </span></span>Other assurance fees<span class=\"_ _2a8\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>aud<span class=\"_ _3\"></span>it fe<span class=\"_ _3\"></span>es<span class=\"_ _2a9\"> </span><span class=\"ls14 ws10\">0.5<span class=\"_ _87\"> </span><span class=\"ff3c ls85 ws7d\">0.8<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al fe<span class=\"_ _3\"></span>es i<span class=\"_ _3\"></span>n re<span class=\"_ _3\"></span>lat<span class=\"_ _3\"></span>ion t<span class=\"_ _3\"></span>o aud<span class=\"_ _3\"></span>it an<span class=\"_ _3\"></span>d oth<span class=\"_ _3\"></span>er s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>s<span class=\"_ _24b\"> </span><span class=\"ls73 ws80\">5.6<span class=\"_ _87\"> </span><span class=\"ff3c ls3e ws39\">4.9</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-580": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls5 ws3 gs5e8\">7 Emp<span class=\"_ _3\"></span>loyee co<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs5e9\">7<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 Group<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs5ea\">Em<span class=\"_ _3\"></span>plo<span class=\"_ _3\"></span>yee c<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>ts d<span class=\"_ _3\"></span>uri<span class=\"_ _3\"></span>ng th<span class=\"_ _3\"></span>e yea<span class=\"_ _3\"></span>r<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs5eb\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs5ec\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs5ed\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs5ee\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs5ef\">Wages and salaries<span class=\"_ _2a9\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>318<span class=\"_ _a6\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls73 ws80 gs5f0\">Redundancy costs<span class=\"_ _2a6\"> </span><span class=\"ff3b ls5 ws3\">6<span class=\"_ _9a\"> </span><span class=\"ff3c\">4<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs5f1\">Soci<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> se<span class=\"_ _3\"></span>curity costs<span class=\"_ _2aa\"> </span><span class=\"ff3b ls15 ws11\">97<span class=\"_ _a3\"> </span></span><span class=\"ls18f ws191\">98<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5f2\">Pensi<span class=\"_ _3\"></span>on costs (<span class=\"_ _3\"></span>Note 3<span class=\"_ _3\"></span>0)<span class=\"_ _2ab\"> </span><span class=\"ff3b lsaa ws69\">58<span class=\"_ _a3\"> </span></span><span class=\"ls114 ws10c\">63<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5f3\">Sha<span class=\"_ _3\"></span>re-<span class=\"_ _3\"></span>ba<span class=\"_ _3\"></span>sed paym<span class=\"_ _3\"></span>ents (N<span class=\"_ _3\"></span>ote 35)<span class=\"_ _2ac\"> </span><span class=\"ff3b ls5f ws57\">24<span class=\"_ _9d\"> </span><span class=\"ff3c\">20</span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5f4\"> <span class=\"_ _2ad\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>03<span class=\"_ _1f7\"> </span></span><span class=\"ls187 ws184\">1<span class=\"_ _5\"></span>,444<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs5f5\">Ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e num<span class=\"_ _3\"></span>ber o<span class=\"_ _3\"></span>f Gr<span class=\"_ _3\"></span>oup e<span class=\"_ _3\"></span>mpl<span class=\"_ _3\"></span>oye<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs5f6\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd2 wsc6 gs5f7\">Number<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs5f8\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs5f9\">Number<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs5fa\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _2ae\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _3\"></span>,0<span class=\"_ _3\"></span>69<span class=\"_ _15\"> </span></span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs5fb\">Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _2aa\"> </span><span class=\"ff3b ls72 wsf5\">4,375<span class=\"_ _1f7\"> </span></span><span class=\"ls93 wsfa\">3<span class=\"_ _3\"></span>,79<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs5fc\">Infrastructure Inv<span class=\"_ _4\"></span>estments<span class=\"_ _2af\"> </span><span class=\"ff3b ls3e ws39\">1<span class=\"_ _4\"></span>,6<span class=\"_ _3\"></span>36<span class=\"_ _110\"> </span><span class=\"ff3c ls10a wsfe\">1,5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs5fd\">Corporate<span class=\"_ _2b0\"> </span><span class=\"ff3b ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span></span><span class=\"ls100 ws104\">14<span class=\"_ _2\"></span>5</span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs5fe\"> <span class=\"_ _2b1\"> </span><span class=\"ff3b ls90 ws116\">18,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _c6\"> </span></span><span class=\"ls10e ws103\">1<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs5ff\">Det<span class=\"_ _3\"></span>ailed dis<span class=\"_ _3\"></span>closures of item<span class=\"_ _3\"></span>s of remunerati<span class=\"_ _3\"></span>on, incl<span class=\"_ _3\"></span>uding tho<span class=\"_ _3\"></span>se accr<span class=\"_ _3\"></span>uing unde<span class=\"_ _3\"></span>r the Com<span class=\"_ _3\"></span>pany\u2019s equi<span class=\"_ _3\"></span>ty<span class=\"_ _3\"></span>-set<span class=\"_ _3\"></span>tled sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased pay<span class=\"_ _3\"></span>ment </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs600\">arr<span class=\"_ _3\"></span>angeme<span class=\"_ _3\"></span>nts can be fou<span class=\"_ _3\"></span>nd within t<span class=\"_ _3\"></span>he Remuner<span class=\"_ _3\"></span>ation rep<span class=\"_ _3\"></span>ort o<span class=\"_ _3\"></span>n pages 152 to 16<span class=\"_ _3\"></span>8. </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs601\">7<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span>2 Co<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>ny </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs602\">Th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any did not have a<span class=\"_ _3\"></span>ny employee<span class=\"_ _3\"></span>s and did not in<span class=\"_ _3\"></span>cur any empl<span class=\"_ _3\"></span>oyee cost<span class=\"_ _3\"></span>s in the year (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3nil). Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Empl<span class=\"_ _3\"></span>oyment Ltd, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs603\">whic<span class=\"_ _3\"></span>h was esta<span class=\"_ _3\"></span>blishe<span class=\"_ _3\"></span>d in Febru<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 201<span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>, remains th<span class=\"_ _3\"></span>e employ<span class=\"_ _3\"></span>ing entit<span class=\"_ _3\"></span>y for the Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s U<span class=\"_ _3\"></span>K employe<span class=\"_ _3\"></span>es.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-622": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls73 ws80 gs605\">8 Inv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>stment in<span class=\"_ _3\"></span>come<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs606\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs607\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs608\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs609\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls4f ws49 gs60a\">Subordinat<span class=\"_ _4\"></span>ed debt int<span class=\"_ _4\"></span>erest r<span class=\"_ _4\"></span>eceivable<span class=\"_ _2b2\"> </span><span class=\"ff3b ls120 ws119\">34<span class=\"_ _9d\"> </span></span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs60b\">Interest rec<span class=\"_ _3\"></span>eivab<span class=\"_ _3\"></span>le on PP<span class=\"_ _3\"></span>P financi<span class=\"_ _3\"></span>al assets (<span class=\"_ _3\"></span>Note 21<span class=\"_ _4\"></span>)<span class=\"_ _2b3\"> </span><span class=\"ff3b\">2<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs60c\">Fair v<span class=\"_ _3\"></span>alue gain o<span class=\"_ _3\"></span>n investment as<span class=\"_ _3\"></span>set (Note 20<span class=\"_ _3\"></span>)<span class=\"_ _11d\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _9a\"> </span></span>6<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs60d\">Interest rec<span class=\"_ _3\"></span>eived on b<span class=\"_ _3\"></span>ank dep<span class=\"_ _3\"></span>osits<span class=\"_ _a\"> </span><span class=\"ff3b lsa9 wsa0\">33<span class=\"_ _b0\"> </span></span>8<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs60e\">Ot<span class=\"_ _3\"></span>her interest rece<span class=\"_ _3\"></span>ivable a<span class=\"_ _3\"></span>nd similar i<span class=\"_ _3\"></span>ncome<span class=\"_ _18a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs60f\">Imp<span class=\"_ _3\"></span>airment rever<span class=\"_ _3\"></span>sal of joint ventu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates<span class=\"_ _1e4\"> </span> \u2013 a<span class=\"_ _3\"></span>ccrue<span class=\"_ _3\"></span>d interest (Se<span class=\"_ _3\"></span>e Note 9)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs610\">1<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs611\">Net fi<span class=\"_ _3\"></span>nance inc<span class=\"_ _3\"></span>ome on p<span class=\"_ _3\"></span>ension sc<span class=\"_ _3\"></span>heme asset<span class=\"_ _3\"></span>s and obli<span class=\"_ _3\"></span>gation<span class=\"_ _3\"></span>s (Note 3<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2)<span class=\"_ _255\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _9a\"> </span></span>5<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls18b ws188 gs612\">82<span class=\"_ _a3\"> </span><span class=\"ff3c lsb4 wsad\">50<span class=\"_ _3ab\"> </span></span></div>20 In<span class=\"_ _4\"></span>vestments<span class=\"_ _3ab\"> </span>20.<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span> Gr<span class=\"_ _3\"></span>oup<span class=\"_ _3ab\"> </span>Corporate<span class=\"_ _3ab\"> </span>bonds \u00a3m<span class=\"_ _3ab\"> </span>Investments<span class=\"_ _4\"></span> in<span class=\"_ _3ab\"> </span>mutual funds \u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> \u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _31b\"> </span>2<span class=\"_ _38\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _9a\"> </span></span>9<span class=\"_ _a3\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _15d\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Additions <span class=\"_ _2e2\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _9a\"> </span>7<span class=\"_ _3ab\"> </span></span>Fair value (losses)/gains<span class=\"_ _2e4\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _ad\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _145\"> </span></span>6<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span>Inter<span class=\"_ _4\"></span>est acc<span class=\"_ _3\"></span>rued <span class=\"_ _2d8\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span>Benefits paid<span class=\"_ _267\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _3ab\"> </span></span></span>Dividends <span class=\"_ _31c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _30c\"> </span>2<span class=\"_ _9d\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _38\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _3ab\"> </span></span></span></span>Additions <span class=\"_ _2e2\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Fair value gains/(l<span class=\"_ _3\"></span>osses)<span class=\"_ _166\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _145\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span>Matur<span class=\"_ _3\"></span>ities <span class=\"_ _151\"> </span><span class=\"ff3b ls78 ws11a\">(2)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls170 ws18f\">(7)<span class=\"_ _47\"> </span><span class=\"lsf7 ws100\">(9)<span class=\"_ _3ab\"> </span></span></span></span></span>Inter<span class=\"_ _4\"></span>est acc<span class=\"_ _3\"></span>rued <span class=\"_ _2d8\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span>Benefits paid<span class=\"_ _267\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span></span>Dividends<span class=\"_ _2e1\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _a3\"> </span>(3)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _258\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _11c\"> </span></span>9<span class=\"_ _9d\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e investments in m<span class=\"_ _3\"></span>utual fun<span class=\"_ _3\"></span>ds comp<span class=\"_ _3\"></span>rise hol<span class=\"_ _3\"></span>dings in a num<span class=\"_ _3\"></span>ber of fund<span class=\"_ _3\"></span>s, base<span class=\"_ _3\"></span>d on employe<span class=\"_ _3\"></span>es\u2019 investment el<span class=\"_ _3\"></span>ection<span class=\"_ _3\"></span>s, in respe<span class=\"_ _3\"></span>ct of the deferre<span class=\"_ _3\"></span>d compe<span class=\"_ _3\"></span>nsatio<span class=\"_ _3\"></span>n oblig<span class=\"_ _3\"></span>ations of the G<span class=\"_ _3\"></span>roup as disc<span class=\"_ _3\"></span>losed in N<span class=\"_ _3\"></span>ote 30<span class=\"_ _3\"></span>.2. T<span class=\"_ _3\"></span>he fair valu<span class=\"_ _3\"></span>e of these investm<span class=\"_ _3\"></span>ents is \u00a319m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>20m), determ<span class=\"_ _3\"></span>ined by the m<span class=\"_ _3\"></span>arket price of th<span class=\"_ _3\"></span>e funds at the re<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ting da<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e.<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her investment<span class=\"_ _3\"></span>s relate to the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s interest in t<span class=\"_ _3\"></span>wo Limi<span class=\"_ _3\"></span>ted Par<span class=\"_ _3\"></span>tnersh<span class=\"_ _3\"></span>ips (LP<span class=\"_ _3\"></span>s) incor<span class=\"_ _3\"></span>porate<span class=\"_ _3\"></span>d in Bermu<span class=\"_ _3\"></span>da. Th<span class=\"_ _3\"></span>e princi<span class=\"_ _3\"></span>pal act<span class=\"_ _3\"></span>ivit<span class=\"_ _3\"></span>y of the t<span class=\"_ _3\"></span>wo LPs is<span class=\"_ _3\"></span> to<span class=\"_ gs52\"> </span>recei<span class=\"_ _3\"></span>ve carri<span class=\"_ _3\"></span>ed interest from a fu<span class=\"_ _3\"></span>nd. Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>y interest refers to a per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce fee paya<span class=\"_ _3\"></span>ble onc<span class=\"_ _3\"></span>e the per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce of the fun<span class=\"_ _3\"></span>d e<span class=\"_ _4\"></span>xc<span class=\"_ _3\"></span>eeds ag<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ed hurdle<span class=\"_ _3\"></span>s. Dur<span class=\"_ _3\"></span>ing the year, the Grou<span class=\"_ _3\"></span>p r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed a fair valu<span class=\"_ _3\"></span>e loss in rel<span class=\"_ _3\"></span>ation to its c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>y interest of \u00a31m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>6m g<span class=\"_ _3\"></span>ain). The fund m<span class=\"_ _3\"></span>atures in Jan<span class=\"_ _3\"></span>uar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>5. Al<span class=\"_ _3\"></span>l<span class=\"_ gs52\"> </span>gains wil<span class=\"_ _3\"></span>l be realise<span class=\"_ _3\"></span>d by the final m<span class=\"_ _3\"></span>aturit<span class=\"_ _3\"></span>y date. Di<span class=\"_ _3\"></span>viden<span class=\"_ _3\"></span>ds of \u00a3<span class=\"_ _3\"></span>3m were recei<span class=\"_ _3\"></span>ved from the fu<span class=\"_ _3\"></span>nd in the year (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a34m).<span class=\"_ _3\"></span> Inc<span class=\"_ _3\"></span>luded in oth<span class=\"_ _3\"></span>er investment<span class=\"_ _3\"></span>s is also \u00a3<span class=\"_ _3\"></span>2m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>7m) of cash he<span class=\"_ _3\"></span>ld in term de<span class=\"_ _3\"></span>posits t<span class=\"_ _3\"></span>hat have a matu<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y date of more tha<span class=\"_ _3\"></span>n three months<span class=\"_ _3\"></span>. 20.<span class=\"_ _3\"></span>2 Co<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>ny<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> in subsidiaries<span class=\"_ _10f\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>77<span class=\"_ _3\"></span>1<span class=\"_ _dd\"> </span></span><span class=\"ls10a wsfe\">1,7<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span>Provisions<span class=\"_ _2b0\"> </span><span class=\"ff3b ls5 ws3\">(2<span class=\"_ _3\"></span>6)<span class=\"_ _116\"> </span></span><span class=\"ls61 ws59\">(26<span class=\"_ _3\"></span>)</span> <span class=\"_ _2ad\"> </span><span class=\"ff3b ls1b wsa9\">1,74<span class=\"_ _3\"></span>5<span class=\"_ _a8\"> </span></span><span class=\"ls10a wsfe\">1,7<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e increase of i<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>stment in sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies of \u00a31<span class=\"_ _4\"></span>2m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>m) rel<span class=\"_ _3\"></span>ates to new cap<span class=\"_ _3\"></span>ital inje<span class=\"_ _3\"></span>cted into the C<span class=\"_ _3\"></span>ompany<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s exist<span class=\"_ _3\"></span>ing subsid<span class=\"_ _3\"></span>iaries<span class=\"_ _3\"></span>. Inc<span class=\"_ _3\"></span>luding prov<span class=\"_ _3\"></span>isions rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d to date, the Dire<span class=\"_ _3\"></span>ctors have as<span class=\"_ _3\"></span>sessed th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any\u2019s investment in su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies to be full<span class=\"_ _3\"></span>y recoverab<span class=\"_ _3\"></span>le",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-581": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls5 ws3 gs614\">9 Fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e cos<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs615\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs616\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs617\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs618\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs619\">Non<span class=\"_ _3\"></span>-recourse borrowings<span class=\"_ _173\"> </span><span class=\"ls5 ws3\">\u2013 bank l<span class=\"_ _3\"></span>oans and over<span class=\"_ _3\"></span>draft<span class=\"_ _3\"></span>s<span class=\"_ _187\"> </span><span class=\"ff3b ls110 ws106\">11<span class=\"_ _11c\"> </span></span>9<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs61a\">US private placement<span class=\"_ _ab\"> </span><span class=\"ls5 ws3\">\u2013 fina<span class=\"_ _3\"></span>nce cos<span class=\"_ _3\"></span>t<span class=\"_ _127\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs61b\">Interest on l<span class=\"_ _3\"></span>ease lia<span class=\"_ _3\"></span>bilities (<span class=\"_ _3\"></span>Note 28<span class=\"_ _3\"></span>)<span class=\"_ _a\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span></span>6<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs61c\">Fair v<span class=\"_ _3\"></span>alue loss o<span class=\"_ _3\"></span>n investment as<span class=\"_ _3\"></span>set (Note 20<span class=\"_ _3\"></span>)<span class=\"_ _2b4\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs61d\">Other interest<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>ya<span class=\"_ _3\"></span>ble<span class=\"_ _1fe\"> </span><span class=\"ls5 ws3\">\u2013 commit<span class=\"_ _3\"></span>ted fac<span class=\"_ _3\"></span>ilities<span class=\"_ _e1\"> </span><span class=\"ff3b\">3<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs61e\">\u2013 let<span class=\"_ _3\"></span>ter of credit fee<span class=\"_ _3\"></span>s<span class=\"_ _255\"> </span><span class=\"ff3b\">2<span class=\"_ _b0\"> </span></span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs61f\">\u2013 other fi<span class=\"_ _3\"></span>nance ch<span class=\"_ _3\"></span>arges<span class=\"_ _67\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs620\">Imp<span class=\"_ _3\"></span>airment of jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _ad\"> </span>\u2013 loa<span class=\"_ _3\"></span>ns <span class=\"_ _242\"> </span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs621\">\u2013 accrued interest<span class=\"_ _2b5\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls21f ws108 gs622\">49<span class=\"_ _a3\"> </span><span class=\"ff3c ls11f ws118\">38<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs623\">Th<span class=\"_ _3\"></span>e net impair<span class=\"_ _3\"></span>ment of loa<span class=\"_ _3\"></span>ns to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates and ac<span class=\"_ _3\"></span>crued intere<span class=\"_ _3\"></span>st receiva<span class=\"_ _3\"></span>ble of \u00a3<span class=\"_ _3\"></span>8m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a32m) re<span class=\"_ _3\"></span>lates to expec<span class=\"_ _3\"></span>ted credit </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs624\">los<span class=\"_ _3\"></span>s assessm<span class=\"_ _3\"></span>ents per<span class=\"_ _3\"></span>forme<span class=\"_ _3\"></span>d. All of t<span class=\"_ _3\"></span>hese impa<span class=\"_ _3\"></span>irments rel<span class=\"_ _3\"></span>ate to subordi<span class=\"_ _3\"></span>nated debt a<span class=\"_ _3\"></span>nd accr<span class=\"_ _3\"></span>ued interest rec<span class=\"_ _3\"></span>eivab<span class=\"_ _3\"></span>le from joint ventu<span class=\"_ _3\"></span>res and </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs625\">associates held within the In<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>uctur<span class=\"_ _4\"></span>e Investments segment.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-672": {
   "value": "9 Fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e cos<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-recourse borrowings<span class=\"_ _173\"> </span><span class=\"ls5 ws3\">\u2013 bank l<span class=\"_ _3\"></span>oans and over<span class=\"_ _3\"></span>draft<span class=\"_ _3\"></span>s<span class=\"_ _187\"> </span><span class=\"ff3b ls110 ws106\">11<span class=\"_ _11c\"> </span></span>9<span class=\"_ _3ab\"> </span></span>US private placement<span class=\"_ _ab\"> </span><span class=\"ls5 ws3\">\u2013 fina<span class=\"_ _3\"></span>nce cos<span class=\"_ _3\"></span>t<span class=\"_ _127\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span></span>Interest on l<span class=\"_ _3\"></span>ease lia<span class=\"_ _3\"></span>bilities (<span class=\"_ _3\"></span>Note 28<span class=\"_ _3\"></span>)<span class=\"_ _a\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span></span>6<span class=\"_ _3ab\"> </span>Fair v<span class=\"_ _3\"></span>alue loss o<span class=\"_ _3\"></span>n investment as<span class=\"_ _3\"></span>set (Note 20<span class=\"_ _3\"></span>)<span class=\"_ _2b4\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Other interest<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>ya<span class=\"_ _3\"></span>ble<span class=\"_ _1fe\"> </span><span class=\"ls5 ws3\">\u2013 commit<span class=\"_ _3\"></span>ted fac<span class=\"_ _3\"></span>ilities<span class=\"_ _e1\"> </span><span class=\"ff3b\">3<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span></span>\u2013 let<span class=\"_ _3\"></span>ter of credit fee<span class=\"_ _3\"></span>s<span class=\"_ _255\"> </span><span class=\"ff3b\">2<span class=\"_ _b0\"> </span></span>2<span class=\"_ _3ab\"> </span>\u2013 other fi<span class=\"_ _3\"></span>nance ch<span class=\"_ _3\"></span>arges<span class=\"_ _67\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span>Imp<span class=\"_ _3\"></span>airment of jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _ad\"> </span>\u2013 loa<span class=\"_ _3\"></span>ns <span class=\"_ _242\"> </span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>\u2013 accrued interest<span class=\"_ _2b5\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _3ab\"> </span></span></span>49<span class=\"_ _a3\"> </span><span class=\"ff3c ls11f ws118\">38<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e net impair<span class=\"_ _3\"></span>ment of loa<span class=\"_ _3\"></span>ns to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates and ac<span class=\"_ _3\"></span>crued intere<span class=\"_ _3\"></span>st receiva<span class=\"_ _3\"></span>ble of \u00a3<span class=\"_ _3\"></span>8m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a32m) re<span class=\"_ _3\"></span>lates to expec<span class=\"_ _3\"></span>ted credit los<span class=\"_ _3\"></span>s assessm<span class=\"_ _3\"></span>ents per<span class=\"_ _3\"></span>forme<span class=\"_ _3\"></span>d. All of t<span class=\"_ _3\"></span>hese impa<span class=\"_ _3\"></span>irments rel<span class=\"_ _3\"></span>ate to subordi<span class=\"_ _3\"></span>nated debt a<span class=\"_ _3\"></span>nd accr<span class=\"_ _3\"></span>ued interest rec<span class=\"_ _3\"></span>eivab<span class=\"_ _3\"></span>le from joint ventu<span class=\"_ _3\"></span>res and associates held within the In<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>uctur<span class=\"_ _4\"></span>e Investments segment.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-650": {
   "value": "9 Fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e cos<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-recourse borrowings<span class=\"_ _173\"> </span><span class=\"ls5 ws3\">\u2013 bank l<span class=\"_ _3\"></span>oans and over<span class=\"_ _3\"></span>draft<span class=\"_ _3\"></span>s<span class=\"_ _187\"> </span><span class=\"ff3b ls110 ws106\">11<span class=\"_ _11c\"> </span></span>9<span class=\"_ _3ab\"> </span></span>US private placement<span class=\"_ _ab\"> </span><span class=\"ls5 ws3\">\u2013 fina<span class=\"_ _3\"></span>nce cos<span class=\"_ _3\"></span>t<span class=\"_ _127\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span></span>Interest on l<span class=\"_ _3\"></span>ease lia<span class=\"_ _3\"></span>bilities (<span class=\"_ _3\"></span>Note 28<span class=\"_ _3\"></span>)<span class=\"_ _a\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span></span>6<span class=\"_ _3ab\"> </span>Fair v<span class=\"_ _3\"></span>alue loss o<span class=\"_ _3\"></span>n investment as<span class=\"_ _3\"></span>set (Note 20<span class=\"_ _3\"></span>)<span class=\"_ _2b4\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Other interest<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>ya<span class=\"_ _3\"></span>ble<span class=\"_ _1fe\"> </span><span class=\"ls5 ws3\">\u2013 commit<span class=\"_ _3\"></span>ted fac<span class=\"_ _3\"></span>ilities<span class=\"_ _e1\"> </span><span class=\"ff3b\">3<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span></span>\u2013 let<span class=\"_ _3\"></span>ter of credit fee<span class=\"_ _3\"></span>s<span class=\"_ _255\"> </span><span class=\"ff3b\">2<span class=\"_ _b0\"> </span></span>2<span class=\"_ _3ab\"> </span>\u2013 other fi<span class=\"_ _3\"></span>nance ch<span class=\"_ _3\"></span>arges<span class=\"_ _67\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span>Imp<span class=\"_ _3\"></span>airment of jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _ad\"> </span>\u2013 loa<span class=\"_ _3\"></span>ns <span class=\"_ _242\"> </span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>\u2013 accrued interest<span class=\"_ _2b5\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _3ab\"> </span></span></span>49<span class=\"_ _a3\"> </span><span class=\"ff3c ls11f ws118\">38<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e net impair<span class=\"_ _3\"></span>ment of loa<span class=\"_ _3\"></span>ns to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates and ac<span class=\"_ _3\"></span>crued intere<span class=\"_ _3\"></span>st receiva<span class=\"_ _3\"></span>ble of \u00a3<span class=\"_ _3\"></span>8m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a32m) re<span class=\"_ _3\"></span>lates to expec<span class=\"_ _3\"></span>ted credit los<span class=\"_ _3\"></span>s assessm<span class=\"_ _3\"></span>ents per<span class=\"_ _3\"></span>forme<span class=\"_ _3\"></span>d. All of t<span class=\"_ _3\"></span>hese impa<span class=\"_ _3\"></span>irments rel<span class=\"_ _3\"></span>ate to subordi<span class=\"_ _3\"></span>nated debt a<span class=\"_ _3\"></span>nd accr<span class=\"_ _3\"></span>ued interest rec<span class=\"_ _3\"></span>eivab<span class=\"_ _3\"></span>le from joint ventu<span class=\"_ _3\"></span>res and associates held within the In<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>uctur<span class=\"_ _4\"></span>e Investments segment.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-623": {
   "value": "9 Fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e cos<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-recourse borrowings<span class=\"_ _173\"> </span><span class=\"ls5 ws3\">\u2013 bank l<span class=\"_ _3\"></span>oans and over<span class=\"_ _3\"></span>draft<span class=\"_ _3\"></span>s<span class=\"_ _187\"> </span><span class=\"ff3b ls110 ws106\">11<span class=\"_ _11c\"> </span></span>9<span class=\"_ _3ab\"> </span></span>US private placement<span class=\"_ _ab\"> </span><span class=\"ls5 ws3\">\u2013 fina<span class=\"_ _3\"></span>nce cos<span class=\"_ _3\"></span>t<span class=\"_ _127\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span></span>Interest on l<span class=\"_ _3\"></span>ease lia<span class=\"_ _3\"></span>bilities (<span class=\"_ _3\"></span>Note 28<span class=\"_ _3\"></span>)<span class=\"_ _a\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span></span>6<span class=\"_ _3ab\"> </span>Fair v<span class=\"_ _3\"></span>alue loss o<span class=\"_ _3\"></span>n investment as<span class=\"_ _3\"></span>set (Note 20<span class=\"_ _3\"></span>)<span class=\"_ _2b4\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Other interest<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>ya<span class=\"_ _3\"></span>ble<span class=\"_ _1fe\"> </span><span class=\"ls5 ws3\">\u2013 commit<span class=\"_ _3\"></span>ted fac<span class=\"_ _3\"></span>ilities<span class=\"_ _e1\"> </span><span class=\"ff3b\">3<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span></span>\u2013 let<span class=\"_ _3\"></span>ter of credit fee<span class=\"_ _3\"></span>s<span class=\"_ _255\"> </span><span class=\"ff3b\">2<span class=\"_ _b0\"> </span></span>2<span class=\"_ _3ab\"> </span>\u2013 other fi<span class=\"_ _3\"></span>nance ch<span class=\"_ _3\"></span>arges<span class=\"_ _67\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span>Imp<span class=\"_ _3\"></span>airment of jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _ad\"> </span>\u2013 loa<span class=\"_ _3\"></span>ns <span class=\"_ _242\"> </span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>\u2013 accrued interest<span class=\"_ _2b5\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _3ab\"> </span></span></span>49<span class=\"_ _a3\"> </span><span class=\"ff3c ls11f ws118\">38<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e net impair<span class=\"_ _3\"></span>ment of loa<span class=\"_ _3\"></span>ns to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates and ac<span class=\"_ _3\"></span>crued intere<span class=\"_ _3\"></span>st receiva<span class=\"_ _3\"></span>ble of \u00a3<span class=\"_ _3\"></span>8m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a32m) re<span class=\"_ _3\"></span>lates to expec<span class=\"_ _3\"></span>ted credit los<span class=\"_ _3\"></span>s assessm<span class=\"_ _3\"></span>ents per<span class=\"_ _3\"></span>forme<span class=\"_ _3\"></span>d. All of t<span class=\"_ _3\"></span>hese impa<span class=\"_ _3\"></span>irments rel<span class=\"_ _3\"></span>ate to subordi<span class=\"_ _3\"></span>nated debt a<span class=\"_ _3\"></span>nd accr<span class=\"_ _3\"></span>ued interest rec<span class=\"_ _3\"></span>eivab<span class=\"_ _3\"></span>le from joint ventu<span class=\"_ _3\"></span>res and associates held within the In<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>uctur<span class=\"_ _4\"></span>e Investments segment.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-582": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls5 ws3 gs627\">10 Non-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erly<span class=\"_ _3\"></span>ing i<span class=\"_ _3\"></span>tems<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs628\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs629\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs62a\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs62b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs62c\">Items (<span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>harg<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> against)<span class=\"_ _4\"></span>/<span class=\"_ _4\"></span>credited to profit<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff43 fs5 fc4 sc0 ls162 ws155 gs62d\">1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>.1<span class=\"_ _c6\"> </span><span class=\"ff3c ls5 ws3\">A<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tisa<span class=\"_ _3\"></span>tion of acq<span class=\"_ _3\"></span>uired intan<span class=\"_ _3\"></span>gible as<span class=\"_ _3\"></span>sets<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls1c ws107 gs62e\">(5)<span class=\"_ _a3\"> </span><span class=\"ff3c ls124 ws6a\">(6)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff43 fs5 fc4 sc0 ls4 ws7b gs62f\">10.<span class=\"_ _3\"></span>2<span class=\"_ _d5\"> </span><span class=\"ff3c ls14 ws10\">O<span class=\"_ _3\"></span>ther non-<span class=\"_ _3\"></span>underlyin<span class=\"_ _3\"></span>g<span class=\"_ _4\"></span> items:<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs630\">\u2013 provis<span class=\"_ _3\"></span>ion reco<span class=\"_ _3\"></span>gnised for rec<span class=\"_ _3\"></span>tific<span class=\"_ _3\"></span>ation wor<span class=\"_ _3\"></span>ks to be car<span class=\"_ _3\"></span>ried out o<span class=\"_ _3\"></span>n a developm<span class=\"_ _3\"></span>ent in Lond<span class=\"_ _3\"></span>on </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls10f ws105 gs631\">(12<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span><span class=\"ff3c ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs632\">\u2013 relea<span class=\"_ _3\"></span>se of indemni<span class=\"_ _3\"></span>ty prov<span class=\"_ _3\"></span>isions rela<span class=\"_ _3\"></span>ting to sale of H<span class=\"_ _3\"></span>eer<span class=\"_ _3\"></span>y Internati<span class=\"_ _3\"></span>onal Inc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs633\">\u2013<span class=\"_ _b0\"> </span><span class=\"ff3c\">2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs634\">T<span class=\"_ _4\"></span>otal other non-<span class=\"_ _3\"></span>underl<span class=\"_ _3\"></span>ying it<span class=\"_ _4\"></span>ems<span class=\"_ _11d\"> </span><span class=\"ff3b ls10f ws105\">(12<span class=\"_ _3\"></span>)<span class=\"_ _145\"> </span></span><span class=\"ls5 ws3\">2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs635\">Ch<span class=\"_ _3\"></span>arg<span class=\"_ _3\"></span>ed ag<span class=\"_ _3\"></span>ain<span class=\"_ _3\"></span>st p<span class=\"_ _3\"></span>rof<span class=\"_ _3\"></span>it b<span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>ore t<span class=\"_ _3\"></span>axa<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n <span class=\"_ _259\"> </span><span class=\"ls10f ws105\">(17<span class=\"_ _3\"></span>)<span class=\"_ _a3\"> </span><span class=\"ff3c ls72 wsf5\">(4)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff43 fs5 fc4 sc0 ls4 ws7b gs636\">10.<span class=\"_ _3\"></span>3<span class=\"_ _d5\"> </span><span class=\"ff3c ls5 ws3\">Tax credit<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>(charge): </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs637\">\u2013 ta<span class=\"_ _3\"></span>x on rectif<span class=\"_ _3\"></span>icatio<span class=\"_ _3\"></span>n works provis<span class=\"_ _3\"></span>ion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs638\">3<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs639\">\u2013 ta<span class=\"_ _3\"></span>x on other items a<span class=\"_ _3\"></span>bove<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs63a\">3<span class=\"_ _7b\"> </span><span class=\"ff3c ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs63b\">\u2013 imp<span class=\"_ _3\"></span>act of ta<span class=\"_ _3\"></span>x rate chang<span class=\"_ _3\"></span>e on deferred t<span class=\"_ _3\"></span>ax asset<span class=\"_ _3\"></span>s previous<span class=\"_ _3\"></span>ly recog<span class=\"_ _3\"></span>nised throu<span class=\"_ _3\"></span>gh non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>under<span class=\"_ _3\"></span>lying<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs63c\">\u2013<span class=\"_ _b0\"> </span><span class=\"ff3c\">2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs63d\">T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l tax cre<span class=\"_ _3\"></span>dit<span class=\"_ _2b6\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span></span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs63e\">Ch<span class=\"_ _3\"></span>arg<span class=\"_ _3\"></span>ed ag<span class=\"_ _3\"></span>ain<span class=\"_ _3\"></span>st p<span class=\"_ _3\"></span>rof<span class=\"_ _3\"></span>it f<span class=\"_ _3\"></span>or th<span class=\"_ _3\"></span>e year<span class=\"_ _2b7\"> </span><span class=\"ls110 ws106\">(11<span class=\"_ _3\"></span>)<span class=\"_ _a3\"> </span><span class=\"ff3c ls33 ws2c\">(3)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff43 fs5 fc4 sc0 ls220 ws23f gs63f\">1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span> <span class=\"ff3c ls77 ws3\">The a<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tisatio<span class=\"_ _3\"></span>n of acquire<span class=\"_ _3\"></span>d intangi<span class=\"_ _3\"></span>ble asset<span class=\"_ _3\"></span>s compr<span class=\"_ _3\"></span>ises: custom<span class=\"_ _3\"></span>er contra<span class=\"_ _3\"></span>cts \u00a34<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>5m); and cus<span class=\"_ _3\"></span>tomer relati<span class=\"_ _3\"></span>onships \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a31m)<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs640\">Th<span class=\"_ _3\"></span>e charge w<span class=\"_ _3\"></span>as recog<span class=\"_ _3\"></span>nised in the fol<span class=\"_ _3\"></span>lowing se<span class=\"_ _3\"></span>gments: C<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion S<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>ices \u00a31m (20<span class=\"_ _3\"></span>22: \u00a31m); and Infra<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ure Investments \u00a3<span class=\"_ _3\"></span>4m (2<span class=\"_ _3\"></span>022<span class=\"_ _3\"></span>: \u00a35m).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff43 fs5 fc4 sc0 ls162 ws155 gs641\">1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span><span class=\"ff3c ls5 ws3\"> I<span class=\"_ _3\"></span>n 2021, the Group re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed a provisio<span class=\"_ _3\"></span>n of \u00a342m in relati<span class=\"_ _3\"></span>on to rectif<span class=\"_ _3\"></span>icatio<span class=\"_ _3\"></span>n works to be c<span class=\"_ _3\"></span>arried o<span class=\"_ _3\"></span>ut on a develo<span class=\"_ _3\"></span>pment in Lo<span class=\"_ _3\"></span>ndon w<span class=\"_ _3\"></span>hich </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs642\">was c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>ted by the Gro<span class=\"_ _3\"></span>up bet<span class=\"_ _3\"></span>ween 2013 and 2016. T<span class=\"_ _3\"></span>he rectif<span class=\"_ _3\"></span>icatio<span class=\"_ _3\"></span>n work incl<span class=\"_ _3\"></span>udes the re<span class=\"_ _3\"></span>place<span class=\"_ _3\"></span>ment of stone pa<span class=\"_ _3\"></span>nels af<span class=\"_ _3\"></span>fixed to the fa\u00e7<span class=\"_ _3\"></span>ade </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs643\">of the deve<span class=\"_ _3\"></span>lopment to me<span class=\"_ _3\"></span>et per<span class=\"_ _3\"></span>forman<span class=\"_ _3\"></span>ce requirem<span class=\"_ _3\"></span>ents. Th<span class=\"_ _3\"></span>e provision w<span class=\"_ _3\"></span>as initiall<span class=\"_ _3\"></span>y calc<span class=\"_ _3\"></span>ulated in lin<span class=\"_ _3\"></span>e with a metho<span class=\"_ _3\"></span>dolo<span class=\"_ _3\"></span>gy bas<span class=\"_ _3\"></span>ed on an </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 wsc8 gs644\">inde<span class=\"_ _3\"></span>pende<span class=\"_ _3\"></span>nt e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>t\u2019s assess<span class=\"_ _3\"></span>ment of the rect<span class=\"_ _3\"></span>ificat<span class=\"_ _3\"></span>ion at that ti<span class=\"_ _3\"></span>me and incl<span class=\"_ _3\"></span>uded an es<span class=\"_ _3\"></span>timate of cos<span class=\"_ _3\"></span>ts assoc<span class=\"_ _3\"></span>iated wit<span class=\"_ _3\"></span>h any potential c<span class=\"_ _3\"></span>onsequ<span class=\"_ _3\"></span>ential </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs645\">disr<span class=\"_ _3\"></span>uption to the d<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nt as a result of thes<span class=\"_ _3\"></span>e rectifi<span class=\"_ _3\"></span>cation wo<span class=\"_ _3\"></span>rks. Rec<span class=\"_ _3\"></span>tific<span class=\"_ _3\"></span>ation wor<span class=\"_ _3\"></span>ks are expec<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d to compl<span class=\"_ _3\"></span>ete in 2025<span class=\"_ _3\"></span>. The m<span class=\"_ _3\"></span>ost recent </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs646\">asse<span class=\"_ _3\"></span>ssment c<span class=\"_ _3\"></span>arried o<span class=\"_ _3\"></span>ut in 20<span class=\"_ _3\"></span>23 resulted i<span class=\"_ _3\"></span>n a \u00a31<span class=\"_ _4\"></span>2m inc<span class=\"_ _3\"></span>rease in the es<span class=\"_ _3\"></span>timated c<span class=\"_ _3\"></span>ost of rectif<span class=\"_ _3\"></span>icatio<span class=\"_ _3\"></span>n. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs647\">Th<span class=\"_ _3\"></span>e Group init<span class=\"_ _3\"></span>ially prese<span class=\"_ _3\"></span>nted the provis<span class=\"_ _3\"></span>ion reco<span class=\"_ _3\"></span>gnised in 2<span class=\"_ _3\"></span>021 in non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>under<span class=\"_ _3\"></span>lying d<span class=\"_ _3\"></span>ue to its size. In line w<span class=\"_ _3\"></span>ith this pres<span class=\"_ _3\"></span>entation<span class=\"_ _3\"></span>, the Group </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs648\">cont<span class=\"_ _3\"></span>inues to present thi<span class=\"_ _3\"></span>s within no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g. The p<span class=\"_ _3\"></span>rovision do<span class=\"_ _3\"></span>es not inc<span class=\"_ _3\"></span>lude potenti<span class=\"_ _3\"></span>al recoveri<span class=\"_ _3\"></span>es from third pa<span class=\"_ _3\"></span>rtie<span class=\"_ _3\"></span>s. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs649\">Thi<span class=\"_ _3\"></span>s charge w<span class=\"_ _3\"></span>as recog<span class=\"_ _3\"></span>nised in the C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vices se<span class=\"_ _3\"></span>gment.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff43 fs5 fc4 sc0 ls162 ws155 gs64a\">1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.1<span class=\"_ _3\"></span> <span class=\"ff3c ls5 ws3\">As ex<span class=\"_ _3\"></span>plaine<span class=\"_ _3\"></span>d in Note 10.2.<span class=\"_ _4\"></span>1, a non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>underl<span class=\"_ _3\"></span>ying ch<span class=\"_ _3\"></span>arge of \u00a312m was recog<span class=\"_ _3\"></span>nised in rel<span class=\"_ _3\"></span>ation to the rec<span class=\"_ _3\"></span>tific<span class=\"_ _3\"></span>ation works to b<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>ied out on a </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs64b\">develo<span class=\"_ _3\"></span>pment in Lo<span class=\"_ _3\"></span>ndon. T<span class=\"_ _3\"></span>his expe<span class=\"_ _3\"></span>nse has give<span class=\"_ _3\"></span>n rise to a tax c<span class=\"_ _3\"></span>redit of \u00a3<span class=\"_ _3\"></span>3m. </div><div class=\"t m0 h8 ff43 fs5 fc4 sc0 ls10a wsfe gs64c\">10.<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"ff3c ls77 ws3\">The rem<span class=\"_ _3\"></span>aining no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g items reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he Group\u2019s operat<span class=\"_ _3\"></span>ing profit g<span class=\"_ _3\"></span>ave rise to a tax c<span class=\"_ _3\"></span>redit of \u00a3<span class=\"_ _3\"></span>3m w<span class=\"_ _3\"></span>hich was rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d mainly<span class=\"_ _3\"></span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs64d\">on the a<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tisatio<span class=\"_ _3\"></span>n of acquire<span class=\"_ _3\"></span>d intangi<span class=\"_ _3\"></span>ble asset<span class=\"_ _3\"></span>s (20<span class=\"_ _3\"></span>22: \u00a31m charge).<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff43 fs5 fc4 sc0 ls113 ws10b gs64e\">1<span class=\"_ _4\"></span>0.3.3<span class=\"_ _4\"></span> <span class=\"ff3c ls5 ws3\">In 202<span class=\"_ _3\"></span>2, <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>ere was an ad<span class=\"_ _3\"></span>ditiona<span class=\"_ _3\"></span>l deferred ta<span class=\"_ _3\"></span>x credit of \u00a3<span class=\"_ _3\"></span>2m to revalue d<span class=\"_ _3\"></span>eferred ta<span class=\"_ _3\"></span>x assets prev<span class=\"_ _3\"></span>iously rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d through n<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs64f\">items du<span class=\"_ _3\"></span>e to a corp<span class=\"_ _3\"></span>oration t<span class=\"_ _3\"></span>ax rate ch<span class=\"_ _3\"></span>ange ena<span class=\"_ _3\"></span>cted in the U<span class=\"_ _3\"></span>K.</div>",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfNonUnderlyingItems",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-583": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls5 ws3 gs651\">1<span class=\"_ _5\"></span>1 In<span class=\"_ _3\"></span>come t<span class=\"_ _3\"></span>axe<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs652\">1<span class=\"_ _4\"></span>1.<span class=\"_ _5\"></span>1 In<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me ta<span class=\"_ _3\"></span>x ch<span class=\"_ _3\"></span>arg<span class=\"_ _3\"></span>e/<span class=\"_ _4\"></span>(c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd1 wsc5 gs653\">Underlying<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs654\">it<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>s </div><div class=\"t m0 h45 ff3b fs22 fc4 sc0 ls5 ws3 gs655\">1 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs656\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs657\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls6b ws63 gs658\">Non-underlying</div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs659\"> it<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>s </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs65a\">(No<span class=\"_ _3\"></span>te 10) </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs65b\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs65c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs65d\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs65e\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs65f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs660\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs661\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs662\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs663\">T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l UK tax<span class=\"_ _2a1\"> </span><span class=\"ff3b lsa9 wsa0\">38<span class=\"_ _ad\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _87\"> </span><span class=\"ls3b ws36\">35<span class=\"_ _7e\"> </span></span></span></span><span class=\"ls66 ws5e\">(35)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs664\">T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l non<span class=\"_ _3\"></span>-U<span class=\"_ _3\"></span>K tax<span class=\"_ _2b8\"> </span><span class=\"ff3b ls90 ws116\">18<span class=\"_ _145\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _87\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _9d\"> </span></span></span></span><span class=\"ls103 wsf8\">35<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs665\">T<span class=\"_ _5\"></span>otal tax charg<span class=\"_ _4\"></span>e/<span class=\"_ _4\"></span>(credit)</div><div class=\"t m0 h6a ff3b fs19 fc4 sc0 ls5 ws240 gs666\"> x<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs667\">56<span class=\"_ _ad\"> </span><span class=\"ls10d ws101\">(6)<span class=\"_ _87\"> </span><span class=\"ls5f ws57\">50<span class=\"_ _11c\"> </span><span class=\"ff3c ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs668\">UK c<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t ta<span class=\"_ _3\"></span>x<span class=\"_ _2b9\"> </span><span class=\"ff3c\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs669\">\u2013 cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt tax <span class=\"_ _267\"> </span><span class=\"ff3b\">7<span class=\"_ _145\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _ad\"> </span></span>4<span class=\"_ _9a\"> </span></span>2</div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs66a\"> <span class=\"_ _2ba\"> </span><span class=\"ff3b\">7<span class=\"_ _145\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _ad\"> </span></span>4<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs66b\">No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>UK cu<span class=\"_ _3\"></span>rre<span class=\"_ _3\"></span>nt t<span class=\"_ _3\"></span>ax<span class=\"_ _194\"> </span><span class=\"ff3c\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs66c\">\u2013 cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt tax<span class=\"_ _2b7\"> </span><span class=\"ff3b\">2<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>1)<span class=\"_ _145\"> </span></span>1<span class=\"_ _38\"> </span></span><span class=\"ls12a ws11f\">18<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs66d\">\u2013 adju<span class=\"_ _3\"></span>stments in res<span class=\"_ _3\"></span>pect of p<span class=\"_ _3\"></span>re<span class=\"_ _4\"></span>v<span class=\"_ _3\"></span>ious pe<span class=\"_ _3\"></span>riods<span class=\"_ _2bb\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _47\"> </span></span></span><span class=\"ls33 ws2c\">(3)</span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs66e\"> <span class=\"_ _2bc\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _38\"> </span>(1)<span class=\"_ _a3\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _51\"> </span></span></span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs66f\">T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t tax <span class=\"_ _2bd\"> </span>6<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _ad\"> </span></span>2<span class=\"_ _7d\"> </span><span class=\"ff3c ls11e ws117\">17<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs670\">UK d<span class=\"_ _3\"></span>efe<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>ax<span class=\"_ _2be\"> </span><span class=\"ff3c\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs671\">\u2013 orig<span class=\"_ _3\"></span>ination a<span class=\"_ _3\"></span>nd reversal of tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ference<span class=\"_ _3\"></span>s <span class=\"_ _243\"> </span><span class=\"ff3b ls66 ws5e\">30<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _87\"> </span></span></span><span class=\"ls72 wsf5\">(22)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs672\">\u2013 UK corporation tax rat<span class=\"_ _4\"></span>e change<span class=\"_ _28f\"> </span><span class=\"ff3b ls5 ws3\">2<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _ff\"> </span></span><span class=\"ls164 ws157\">(13<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs673\">\u2013 adju<span class=\"_ _3\"></span>stments in res<span class=\"_ _3\"></span>pect of p<span class=\"_ _3\"></span>re<span class=\"_ _4\"></span>v<span class=\"_ _3\"></span>ious pe<span class=\"_ _3\"></span>riods<span class=\"_ _eb\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _a3\"> </span></span></span><span class=\"ls72 wsf5\">(2)</span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs674\"> <span class=\"_ _2bf\"> </span><span class=\"ff3b ls7 ws102\">31<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _38\"> </span><span class=\"ls7 ws102\">31<span class=\"_ _87\"> </span></span></span><span class=\"ls85 ws7d\">(37<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs675\">No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>UK de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>d ta<span class=\"_ _3\"></span>x<span class=\"_ _2c0\"> </span><span class=\"ff3c\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs676\">\u2013 orig<span class=\"_ _3\"></span>ination a<span class=\"_ _3\"></span>nd reversal of tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ference<span class=\"_ _3\"></span>s<span class=\"_ _185\"> </span><span class=\"ff3b ls88 ws4f\">17<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _51\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _7d\"> </span></span></span></span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs677\">\u2013 adju<span class=\"_ _3\"></span>stments in res<span class=\"_ _3\"></span>pect of p<span class=\"_ _3\"></span>re<span class=\"_ _4\"></span>v<span class=\"_ _3\"></span>ious pe<span class=\"_ _3\"></span>riods<span class=\"_ _20b\"> </span><span class=\"ff3b\">2<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _145\"> </span></span>1<span class=\"_ _9a\"> </span></span>3</div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs678\"> <span class=\"_ _2bf\"> </span><span class=\"ff3b ls94 ws18a\">19<span class=\"_ _ad\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>2)<span class=\"_ _87\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _38\"> </span></span></span></span><span class=\"ls5f ws57\">20<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs679\">T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al d<span class=\"_ _3\"></span>efe<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ed ta<span class=\"_ _3\"></span>x<span class=\"_ _2c1\"> </span><span class=\"ls5f ws57\">50<span class=\"_ _ad\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _87\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _51\"> </span><span class=\"ff3c ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs67a\">T<span class=\"_ _5\"></span>otal tax charg<span class=\"_ _4\"></span>e/<span class=\"_ _4\"></span>(credit)</div><div class=\"t m0 h6a ff3b fs19 fc4 sc0 ls5 ws240 gs67b\"> x<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs67c\">56<span class=\"_ _ad\"> </span><span class=\"ls10d ws101\">(6)<span class=\"_ _87\"> </span><span class=\"ls5f ws57\">50<span class=\"_ _11c\"> </span><span class=\"ff3c ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs67d\">x <span class=\"_ _12b\"> </span>E<span class=\"_ _3\"></span>xclud<span class=\"_ _3\"></span>ing joi<span class=\"_ _3\"></span>nt ventu<span class=\"_ _3\"></span>res and a<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs67e\">1 <span class=\"_ _b\"> </span>Befo<span class=\"_ _3\"></span>re non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>unde<span class=\"_ _3\"></span>rlyi<span class=\"_ _3\"></span>ng item<span class=\"_ _3\"></span>s (Not<span class=\"_ _3\"></span>es 2.<span class=\"_ _4\"></span>10 an<span class=\"_ _3\"></span>d 10).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs67f\">Th<span class=\"_ _3\"></span>e Group has re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed a \u00a36<span class=\"_ _3\"></span>m tax c<span class=\"_ _3\"></span>redit (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a31<span class=\"_ _4\"></span>m) w<span class=\"_ _3\"></span>ithin non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>under<span class=\"_ _3\"></span>lying ite<span class=\"_ _3\"></span>ms in the year. Refer to Notes 10.3<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1 to 10.3<span class=\"_ _3\"></span>.3<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs680\">Th<span class=\"_ _3\"></span>e Group ta<span class=\"_ _3\"></span>x charge exclu<span class=\"_ _3\"></span>des amo<span class=\"_ _3\"></span>unts for joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates (refer to Note 19.<span class=\"_ _3\"></span>2), ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ept where t<span class=\"_ _3\"></span>ax is levie<span class=\"_ _3\"></span>d at the Grou<span class=\"_ _3\"></span>p<span class=\"_ gs52\"> </span>level.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs681\">In ad<span class=\"_ _3\"></span>dition to th<span class=\"_ _3\"></span>e Group ta<span class=\"_ _3\"></span>x charge, t<span class=\"_ _3\"></span>ax of \u00a34<span class=\"_ _3\"></span>3m h<span class=\"_ _3\"></span>as been c<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>dited (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a34<span class=\"_ _3\"></span>4m) dire<span class=\"_ _3\"></span>ctly to Gro<span class=\"_ _3\"></span>up other co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e, compr<span class=\"_ _3\"></span>ising: a </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs682\">ta<span class=\"_ _3\"></span>x credit of \u00a34<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>m for subsid<span class=\"_ _3\"></span>iaries (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a319m); and a t<span class=\"_ _3\"></span>ax cha<span class=\"_ _3\"></span>rge in respe<span class=\"_ _3\"></span>ct of joint ventu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates of \u00a3<span class=\"_ _3\"></span>5m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a325<span class=\"_ _3\"></span>m credit<span class=\"_ _3\"></span>). A tax </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs683\">cha<span class=\"_ _3\"></span>rge of \u00a3nil (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a32m c<span class=\"_ _3\"></span>redit) h<span class=\"_ _3\"></span>as been rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d direct<span class=\"_ _3\"></span>ly in Group e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y relating to sh<span class=\"_ _3\"></span>are-<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>ased pay<span class=\"_ _3\"></span>ments co<span class=\"_ _3\"></span>mprisin<span class=\"_ _3\"></span>g a current ta<span class=\"_ _3\"></span>x credit </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs684\">of \u00a3<span class=\"_ _3\"></span>2m (20<span class=\"_ _3\"></span>22: \u00a3ni<span class=\"_ _3\"></span>l) and a deferre<span class=\"_ _3\"></span>d tax ch<span class=\"_ _3\"></span>arge of \u00a3<span class=\"_ _3\"></span>2m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>2m credi<span class=\"_ _3\"></span>t). Refer to Note 32<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>. </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs686\">1<span class=\"_ _4\"></span>1.2 I<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>ome t<span class=\"_ _3\"></span>ax c<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>ge/(<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>t) rec<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>cil<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs687\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs688\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs689\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs68a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs68b\">Profi<span class=\"_ _3\"></span>t before tax<span class=\"_ _3\"></span>ation inc<span class=\"_ _3\"></span>luding sha<span class=\"_ _3\"></span>re of results from jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s <span class=\"_ _9f\"> </span><span class=\"ff3b ls5f ws57\">24<span class=\"_ _3\"></span>4<span class=\"_ _a1\"> </span></span><span class=\"ls3e ws39\">287<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs68c\">Les<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: s<span class=\"_ _3\"></span>hare of results of j<span class=\"_ _3\"></span>oint ventures and as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ates<span class=\"_ _dc\"> </span><span class=\"ff3b lsd ws18e\">(<span class=\"_ _3\"></span>53)<span class=\"_ _fa\"> </span></span><span class=\"ls89 ws88\">(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs68d\">Profi<span class=\"_ _3\"></span>t before tax<span class=\"_ _3\"></span>ation<span class=\"_ _221\"> </span><span class=\"ff3b ls94 ws18a\">191<span class=\"_ _97\"> </span></span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs68e\">Ad<span class=\"_ _3\"></span>d: non<span class=\"_ _3\"></span>-un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing items ch<span class=\"_ _3\"></span>arged exclud<span class=\"_ _3\"></span>ing share of jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>sociates<span class=\"_ _1c6\"> </span><span class=\"ff3b ls88 ws4f\">17<span class=\"_ _9a\"> </span></span>4<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs68f\">Underlying pro<span class=\"_ _4\"></span>fit befor<span class=\"_ _4\"></span>e taxation for s<span class=\"_ _4\"></span>ubsidiaries</div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs690\">1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls92 ws8a gs691\">208<span class=\"_ _180\"> </span><span class=\"ff3c ls12a ws11f\">18<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs692\">T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n underl<span class=\"_ _3\"></span>ying profi<span class=\"_ _3\"></span>t before tax<span class=\"_ _3\"></span>ation at st<span class=\"_ _3\"></span>andard U<span class=\"_ _3\"></span>K corp<span class=\"_ _3\"></span>oratio<span class=\"_ _3\"></span>n tax rate of 2<span class=\"_ _3\"></span>3.5% (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: 1<span class=\"_ _4\"></span>9%)<span class=\"_ _1b2\"> </span><span class=\"ff3b ls21f ws108\">49<span class=\"_ _a3\"> </span></span><span class=\"ls103 wsf8\">35<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs693\">Ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d for t<span class=\"_ _3\"></span>he ef<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ts o<span class=\"_ _3\"></span>f: </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs694\">E<span class=\"_ _3\"></span>xpense<span class=\"_ _3\"></span>s not deduc<span class=\"_ _3\"></span>tible for t<span class=\"_ _3\"></span>ax pur<span class=\"_ _3\"></span>poses a<span class=\"_ _3\"></span>nd other per<span class=\"_ _3\"></span>manent item<span class=\"_ _3\"></span>s <span class=\"_ _25e\"> </span><span class=\"ff3b\">7<span class=\"_ _9a\"> </span></span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs695\">Benef<span class=\"_ _3\"></span>it of tax in<span class=\"_ _3\"></span>centives<span class=\"_ _197\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _7f\"> </span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs696\">Non<span class=\"_ _3\"></span>-taxable disposals <span class=\"_ _221\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _7b\"> </span></span><span class=\"ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs697\">T<span class=\"_ _4\"></span>ax l<span class=\"_ _3\"></span>evied at Gro<span class=\"_ _3\"></span>up level on share of j<span class=\"_ _3\"></span>oint ventures\u2019 and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s\u2019 profits</div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs698\"># </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs699\">3<span class=\"_ _38\"> </span><span class=\"ff3c ls164 ws157\">13<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs69a\">Rec<span class=\"_ _3\"></span>ogniti<span class=\"_ _3\"></span>on of losse<span class=\"_ _3\"></span>s not previous<span class=\"_ _3\"></span>ly recog<span class=\"_ _3\"></span>nised<span class=\"_ _289\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _7e\"> </span></span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs69b\">Utili<span class=\"_ _3\"></span>sation of oth<span class=\"_ _3\"></span>er losse<span class=\"_ _3\"></span>s not previous<span class=\"_ _3\"></span>ly recog<span class=\"_ _3\"></span>nised<span class=\"_ _2b3\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs69c\">Effe<span class=\"_ _3\"></span>ct of tax r<span class=\"_ _3\"></span>ates in non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>UK juris<span class=\"_ _3\"></span>dictio<span class=\"_ _3\"></span>ns<span class=\"_ _2c2\"> </span><span class=\"ff3b\">3<span class=\"_ _38\"> </span></span><span class=\"ls30 ws29\">12<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs69d\">Rec<span class=\"_ _3\"></span>ogniti<span class=\"_ _3\"></span>on of UK deferre<span class=\"_ _3\"></span>d tax at 25%<span class=\"_ _2c3\"> </span><span class=\"ff3b\">2<span class=\"_ _ff\"> </span></span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs69e\">Adjustments in respect of pr<span class=\"_ _4\"></span>evious perio<span class=\"_ _3\"></span>ds<span class=\"_ _2c4\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _a3\"> </span></span><span class=\"ls66 ws5e\">(5)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs69f\">T<span class=\"_ _5\"></span>otal tax charg<span class=\"_ _4\"></span>e on underl<span class=\"_ _4\"></span>ying profit<span class=\"_ _2c5\"> </span><span class=\"ls74 ws6b\">56<span class=\"_ _b0\"> </span><span class=\"ff3c ls5 ws3\">1<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6a0\">Ad<span class=\"_ _3\"></span>d: tax cred<span class=\"_ _3\"></span>it in non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>under<span class=\"_ _3\"></span>lying item<span class=\"_ _3\"></span>s (Note 10.<span class=\"_ _3\"></span>3)<span class=\"_ _165\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _38\"> </span></span><span class=\"ls10f ws105\">(1)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs6a1\">T<span class=\"_ _5\"></span>otal tax charg<span class=\"_ _4\"></span>e on profit<span class=\"_ _4\"></span> from operations<span class=\"_ _2c6\"> </span><span class=\"ls5f ws57\">50<span class=\"_ _11c\"> </span><span class=\"ff3c ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs6a2\"># <span class=\"_ _b\"> </span>Th<span class=\"_ _3\"></span>ese are m<span class=\"_ _3\"></span>ainl<span class=\"_ _3\"></span>y in conn<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>ion wi<span class=\"_ _3\"></span>th US jo<span class=\"_ _3\"></span>int ventu<span class=\"_ _3\"></span>res and a<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates w<span class=\"_ _3\"></span>here t<span class=\"_ _3\"></span>ax is lev<span class=\"_ _3\"></span>ied at t<span class=\"_ _3\"></span>he Gro<span class=\"_ _3\"></span>up level r<span class=\"_ _3\"></span>athe<span class=\"_ _3\"></span>r than w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>he shar<span class=\"_ _3\"></span>e of joint v<span class=\"_ _3\"></span>enture<span class=\"_ _3\"></span>s and ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ates.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls18 ws3 gs6a3\">1 <span class=\"_ _b\"> </span>Be<span class=\"_ _3\"></span>fore non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erly<span class=\"_ _3\"></span>ing ite<span class=\"_ _3\"></span>ms (N<span class=\"_ _3\"></span>otes 2.1<span class=\"_ _4\"></span>0 a<span class=\"_ _3\"></span>nd 10).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls5 ws3 gsb79\">29 De<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>d tax<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gsb7a\">29.<span class=\"_ _5\"></span>1 Group<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb7b\">Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e of<span class=\"_ _3\"></span>fset wh<span class=\"_ _3\"></span>en they relate to inc<span class=\"_ _3\"></span>ome ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s levied by th<span class=\"_ _3\"></span>e same ta<span class=\"_ _3\"></span>x author<span class=\"_ _3\"></span>ity a<span class=\"_ _3\"></span>nd the Grou<span class=\"_ _3\"></span>p int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nds to sett<span class=\"_ _3\"></span>le </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb7c\">its cu<span class=\"_ _3\"></span>rrent tax a<span class=\"_ _3\"></span>ssets and li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es on a net basi<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsb7d\">Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion a<span class=\"_ _3\"></span>t 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>ber<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsb7e\">Group</div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsb7f\"> 20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsb80\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsb81\">Gro<span class=\"_ _3\"></span>up </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsb82\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb83\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb84\">Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets<span class=\"_ _34c\"> </span><span class=\"ff46 ls90 ws116\">18<span class=\"_ _3\"></span>8<span class=\"_ _97\"> </span></span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls16 ws12 gsb85\">Deferred ta<span class=\"_ _3\"></span>x liabilities<span class=\"_ _34d\"> </span><span class=\"ff46 ls10f ws105\">(16<span class=\"_ _2\"></span>0)<span class=\"_ _1cb\"> </span></span><span class=\"ls100 ws104\">(15<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)</span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb86\"> <span class=\"_ _34e\"> </span><span class=\"ff46 ls3e ws39\">28<span class=\"_ _9d\"> </span></span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsb87\">Move<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t for th<span class=\"_ _3\"></span>e year in t<span class=\"_ _3\"></span>he ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsb88\">Gro<span class=\"_ _3\"></span>up </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb89\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb8a\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _34f\"> </span>5<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gsb8b\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _19e\"> </span><span class=\"ls11e ws117\">(17<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls10d ws101 gsb8c\">Cre<span class=\"_ _3\"></span>dite<span class=\"_ _3\"></span>d to inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atem<span class=\"_ _3\"></span>ent<span class=\"_ _18d\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb8d\">Cred<span class=\"_ _3\"></span>ited to other co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e<span class=\"_ _350\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls92 ws8a gsb8e\">Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _351\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb8f\">Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _268\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb90\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _352\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsb91\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _190\"> </span><span class=\"ff46 ls5 ws3\">9<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb92\">Char<span class=\"_ _3\"></span>ged to inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt<span class=\"_ _2a6\"> </span><span class=\"ff46 ls48 ws42\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb93\">Cred<span class=\"_ _3\"></span>ited to other co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e<span class=\"_ _334\"> </span><span class=\"ff46 ls43 ws3e\">48<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls92 ws8a gsb94\">Charged<span class=\"_ _4\"></span> to equity<span class=\"_ _353\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb95\">Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _268\"> </span><span class=\"ff46 lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsb96\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _354\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gsb97\">Th<span class=\"_ _3\"></span>e table b<span class=\"_ _3\"></span>elow shows t<span class=\"_ _3\"></span>he deferred t<span class=\"_ _3\"></span>ax asset<span class=\"_ _3\"></span>s and liabi<span class=\"_ _3\"></span>lities before b<span class=\"_ _3\"></span>eing off<span class=\"_ _3\"></span>set where they rel<span class=\"_ _3\"></span>ate to income t<span class=\"_ _3\"></span>axes levie<span class=\"_ _3\"></span>d by the sam<span class=\"_ _3\"></span>e tax auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsb98\">Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gsb99\">Depreciation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsb9a\">in exce<span class=\"_ _3\"></span>ss </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsb9b\">of c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsb9c\">allowances<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb9d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsb9e\">Retirement<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsb9f\">benefits<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsba0\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsba1\">Unrelieved<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gsba2\">trading<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsba3\">losses<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsba4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsba5\">Share<span class=\"_ _3\"></span>-based<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gsba6\">paym<span class=\"_ _3\"></span>ents<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsba7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsba8\">Provisions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsba9\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsbaa\">Fair value<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsbab\">adjustments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsbac\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsbad\">Derivatives<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsbae\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsbaf\">Other GA<span class=\"_ _3\"></span>AP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsbb0\">differences<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsbb1\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsbb2\">Research<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsbb3\">and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls172 ws166 gsbb4\">develo<span class=\"_ _3\"></span>pment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls1ff ws21d gsbb5\">cred<span class=\"_ _3\"></span>its<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsbb6\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsbb7\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsbb8\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbb9\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _1ac\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _110\"> </span><span class=\"ls124 ws6a\">(69)<span class=\"_ _f\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>0<span class=\"_ _20c\"> </span></span></span></span>5<span class=\"_ _ef\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1f7\"> </span><span class=\"ls66 ws5e\">(8<span class=\"_ _3\"></span>5)<span class=\"_ _e0\"> </span></span></span>1<span class=\"_ _a6\"> </span><span class=\"ls33 ws2c\">(87)<span class=\"_ _27\"> </span></span>5<span class=\"_ _1cc\"> </span>5<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gsbba\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _a3\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>6<span class=\"_ _10a\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _1cc\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _4f\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gsbbb\">T<span class=\"_ _5\"></span>ransfers<span class=\"_ _1be\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _97\"> </span>1<span class=\"_ _82\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls92 ws8a gsbbc\">Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> income </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gsbbd\">statement<span class=\"_ _12c\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _110\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11)<span class=\"_ _10a\"> </span><span class=\"ls121 wsa3\">48<span class=\"_ _98\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _ef\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _25\"> </span></span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls92 ws8a gsbbe\">Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> other </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gsbbf\">comprehensiv<span class=\"_ _4\"></span>e income<span class=\"_ _214\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls92 ws8a gsbc0\">Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _1ae\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _98\"> </span>2<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _fa\"> </span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls88 ws3 gsbc1\">Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls4 ws7b gsbc2\">credits<span class=\"_ _fb\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _c6\"> </span>(2)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsbc3\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _263\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _1f7\"> </span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _15\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>9<span class=\"_ _20c\"> </span></span></span></span>7<span class=\"_ _f2\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _c3\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _25\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _1f7\"> </span></span><span class=\"ls3b ws36\">(9<span class=\"_ _3\"></span>8)<span class=\"_ _e0\"> </span></span>3<span class=\"_ _c6\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsbc4\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _17e\"> </span><span class=\"ff46 ls5 ws3\">1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _e0\"> </span></span>6<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>5<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _fa\"> </span>9<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbc5\">(Ch<span class=\"_ _3\"></span>arged<span class=\"_ _3\"></span>)/credite<span class=\"_ _3\"></span>d to income </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsbc6\">statement<span class=\"_ _355\"> </span><span class=\"ff46 ls94 ws18a\">(2<span class=\"_ _3\"></span>4)<span class=\"_ _f6\"> </span><span class=\"ls110 ws106\">(<span class=\"_ _3\"></span>11)<span class=\"_ _27\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _97\"> </span>1<span class=\"_ _dd\"> </span></span></span>(2<span class=\"_ _3\"></span>4)<span class=\"_ _e0\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>4<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _57\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls92 ws8a gsbc7\">Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> other </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc ws8 gsbc8\">comprehensiv<span class=\"_ _4\"></span>e income <span class=\"_ _4a\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls21f ws108\">49<span class=\"_ _98\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c6\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsbc9\">Char<span class=\"_ _3\"></span>ged to equi<span class=\"_ _3\"></span>ty <span class=\"_ _2a\"> </span><span class=\"ff46\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _de\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc9 ws3 gsbca\">Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _125\"> </span><span class=\"ff46 ls5\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _c3\"> </span>(3)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsbcb\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _210\"> </span>3<span class=\"_ _a6\"> </span><span class=\"ls78 ws11a\">(2<span class=\"_ _3\"></span>2)<span class=\"_ _15\"> </span><span class=\"ls92 ws8a\">205<span class=\"_ _98\"> </span></span></span>6<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">(9<span class=\"_ _3\"></span>9)<span class=\"_ _27\"> </span></span></span>\u2013<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">(<span class=\"_ _3\"></span>89)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbcc\">As a re<span class=\"_ _3\"></span>sult of the ad<span class=\"_ _3\"></span>option of th<span class=\"_ _3\"></span>e amendm<span class=\"_ _3\"></span>ent to IAS 12 in relatio<span class=\"_ _3\"></span>n to Deferred T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x related to As<span class=\"_ _3\"></span>sets and L<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es arising f<span class=\"_ _3\"></span>rom a Singl<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbcd\">T<span class=\"_ _4\"></span>rans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>n, the Grou<span class=\"_ _3\"></span>p has provid<span class=\"_ _3\"></span>ed fur<span class=\"_ _3\"></span>ther dis<span class=\"_ _3\"></span>closure be<span class=\"_ _3\"></span>low to show the as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities to w<span class=\"_ _3\"></span>hich the de<span class=\"_ _3\"></span>preciat<span class=\"_ _3\"></span>ion in excess of c<span class=\"_ _3\"></span>apita<span class=\"_ _3\"></span>l </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbce\">allow<span class=\"_ _3\"></span>ances rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e. </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls10 wsc gsbcf\">Property,<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsbd0\">pl<span class=\"_ _3\"></span>ant and </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18a ws187 gsbd1\">equipment </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsbd2\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gsbd3\">Right-of-<span class=\"_ _3\"></span>use<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gsbd4\">assets<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsbd5\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsbd6\">Le<span class=\"_ _3\"></span>ase </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsbd7\">liabilities </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsbd8\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gsbd9\">Depreciation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsbda\">in exce<span class=\"_ _3\"></span>ss </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsbdb\">of c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsbdc\">allowances<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsbdd\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbde\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3<span class=\"_ _2b7\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _e0\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _e0\"> </span></span></span>9<span class=\"_ _1cb\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsbdf\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _14c\"> </span><span class=\"ff46 ls5 ws3\">1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsbe0\">(Ch<span class=\"_ _3\"></span>arged<span class=\"_ _3\"></span>)/credite<span class=\"_ _3\"></span>d to income s<span class=\"_ _3\"></span>tatement<span class=\"_ _356\"> </span><span class=\"ff46 ls1c ws107\">(2<span class=\"_ _3\"></span>5)<span class=\"_ _b2\"> </span></span><span class=\"ff46\">3<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _2f\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsbe1\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _27b\"> </span>1<span class=\"_ _b2\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _b2\"> </span></span>7<span class=\"_ _98\"> </span>3<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls5 ws3 gsbe3\">Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"ff47 ls3c ws37\"> c<span class=\"_ _3\"></span>ontinue<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbe4\">At the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet date, the G<span class=\"_ _3\"></span>roup had unu<span class=\"_ _3\"></span>sed trad<span class=\"_ _3\"></span>ing tax l<span class=\"_ _3\"></span>osses of \u00a31,2<span class=\"_ _3\"></span>07<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a31,<span class=\"_ _5\"></span>193<span class=\"_ _3\"></span>m) availab<span class=\"_ _3\"></span>le for offs<span class=\"_ _3\"></span>et against f<span class=\"_ _3\"></span>uture profits<span class=\"_ _3\"></span>, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbe5\">of<span class=\"_ gs52\"> </span>whic<span class=\"_ _3\"></span>h<span class=\"_ gs52\"> </span>\u00a38<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>m) arose in the U<span class=\"_ _3\"></span>K, \u00a3<span class=\"_ _3\"></span>37m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a38<span class=\"_ _3\"></span>m) in the US an<span class=\"_ _3\"></span>d \u00a33<span class=\"_ _3\"></span>42m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>0m) in ot<span class=\"_ _3\"></span>her jurisd<span class=\"_ _3\"></span>iction<span class=\"_ _3\"></span>s. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbe6\">A deferre<span class=\"_ _3\"></span>d tax ass<span class=\"_ _3\"></span>et has been re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed in respe<span class=\"_ _3\"></span>ct of \u00a3<span class=\"_ _3\"></span>821<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>79<span class=\"_ _3\"></span>4m) of such l<span class=\"_ _3\"></span>osses, of w<span class=\"_ _3\"></span>hich \u00a3<span class=\"_ _3\"></span>78<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a37<span class=\"_ _3\"></span>89<span class=\"_ _3\"></span>m) have bee<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbe7\">reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he UK and \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5m (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>5m) in t<span class=\"_ _3\"></span>he US. In c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>ring the am<span class=\"_ _3\"></span>ount of deferred t<span class=\"_ _3\"></span>ax ass<span class=\"_ _3\"></span>et t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e recog<span class=\"_ _3\"></span>nised for UK an<span class=\"_ _3\"></span>d US tax<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbe8\">los<span class=\"_ _3\"></span>ses, the p<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ntial use of tho<span class=\"_ _3\"></span>se losse<span class=\"_ _3\"></span>s based on t<span class=\"_ _3\"></span>he latest cur<span class=\"_ _3\"></span>rent and forec<span class=\"_ _3\"></span>ast busine<span class=\"_ _3\"></span>ss per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce was as<span class=\"_ _3\"></span>sessed<span class=\"_ _3\"></span>, and loss<span class=\"_ _3\"></span>es were </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbe9\">reco<span class=\"_ _3\"></span>gnised w<span class=\"_ _3\"></span>here it is prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at they will b<span class=\"_ _3\"></span>e utilised<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbea\">No d<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred ta<span class=\"_ _3\"></span>x asset has b<span class=\"_ _3\"></span>een reco<span class=\"_ _3\"></span>gnised in res<span class=\"_ _3\"></span>pect of th<span class=\"_ _3\"></span>e losses of \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a33<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>9m) wh<span class=\"_ _3\"></span>ere it is cons<span class=\"_ _3\"></span>idered th<span class=\"_ _3\"></span>at it is not prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbeb\">they wi<span class=\"_ _3\"></span>ll be utilise<span class=\"_ _3\"></span>d due to restri<span class=\"_ _3\"></span>ctions in u<span class=\"_ _3\"></span>se and unpre<span class=\"_ _3\"></span>dict<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y of future profi<span class=\"_ _3\"></span>tabili<span class=\"_ _3\"></span>ty. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbec\">Of t<span class=\"_ _3\"></span>he Group\u2019s tax lo<span class=\"_ _3\"></span>sses, \u00a3<span class=\"_ _3\"></span>7m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3m) w<span class=\"_ _3\"></span>ill expire wit<span class=\"_ _3\"></span>hin 20 years a<span class=\"_ _3\"></span>fter the yea<span class=\"_ _3\"></span>r in which th<span class=\"_ _3\"></span>ey arose, using l<span class=\"_ _3\"></span>osses in<span class=\"_ _3\"></span>curred in e<span class=\"_ _3\"></span>arlier year<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbed\">before tho<span class=\"_ _3\"></span>se incur<span class=\"_ _3\"></span>red in later year<span class=\"_ _3\"></span>s. Othe<span class=\"_ _3\"></span>r losses w<span class=\"_ _3\"></span>ill be ca<span class=\"_ _3\"></span>rried for<span class=\"_ _3\"></span>ward in<span class=\"_ _3\"></span>definitel<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbee\">In ad<span class=\"_ _3\"></span>dition to th<span class=\"_ _3\"></span>e losses referre<span class=\"_ _3\"></span>d to above, at 31 De<span class=\"_ _3\"></span>cember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 the Group h<span class=\"_ _3\"></span>ad UK ca<span class=\"_ _3\"></span>pital l<span class=\"_ _3\"></span>osses avail<span class=\"_ _3\"></span>able to c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>y forw<span class=\"_ _3\"></span>ard of \u00a31<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>4bn </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbef\">(2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2:<span class=\"_ gs52\"> </span>\u00a31<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>4bn). No defer<span class=\"_ _3\"></span>red tax a<span class=\"_ _3\"></span>ssets have be<span class=\"_ _3\"></span>en recog<span class=\"_ _3\"></span>nised in resp<span class=\"_ _3\"></span>ect of th<span class=\"_ _3\"></span>ese losse<span class=\"_ _3\"></span>s as there are no c<span class=\"_ _3\"></span>apita<span class=\"_ _3\"></span>l profits forec<span class=\"_ _3\"></span>ast ag<span class=\"_ _3\"></span>ainst </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbf0\">whic<span class=\"_ _3\"></span>h<span class=\"_ gs52\"> </span>these los<span class=\"_ _3\"></span>ses can b<span class=\"_ _3\"></span>e utilise<span class=\"_ _3\"></span>d.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbf1\">Deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities o<span class=\"_ _3\"></span>n fair value a<span class=\"_ _3\"></span>djustme<span class=\"_ _3\"></span>nts of \u00a39<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a310<span class=\"_ _3\"></span>4m) rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e to tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fference<span class=\"_ _3\"></span>s arising o<span class=\"_ _3\"></span>n good<span class=\"_ _3\"></span>will and int<span class=\"_ _3\"></span>angib<span class=\"_ _3\"></span>les. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsbf2\">Deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities o<span class=\"_ _3\"></span>n other G<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>AP d<span class=\"_ _3\"></span>ifferenc<span class=\"_ _3\"></span>es of \u00a3<span class=\"_ _3\"></span>89<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>8m) rel<span class=\"_ _3\"></span>ate t<span class=\"_ _4\"></span>o tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fferenc<span class=\"_ _3\"></span>es on joint venture<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbf3\">At the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date, un<span class=\"_ _3\"></span>distrib<span class=\"_ _3\"></span>uted reser<span class=\"_ _3\"></span>ves of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>UK sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies, joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates for w<span class=\"_ _3\"></span>hich deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities h<span class=\"_ _3\"></span>ave not </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbf4\">bee<span class=\"_ _3\"></span>n recogni<span class=\"_ _3\"></span>sed were \u00a3<span class=\"_ _3\"></span>607m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>5m) in resp<span class=\"_ _3\"></span>ect of subs<span class=\"_ _3\"></span>idiarie<span class=\"_ _3\"></span>s and \u00a342m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a34<span class=\"_ _3\"></span>5m) in resp<span class=\"_ _3\"></span>ect of joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbf5\">No<span class=\"_ gs52\"> </span>li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y has be<span class=\"_ _3\"></span>en recog<span class=\"_ _3\"></span>nised in resp<span class=\"_ _3\"></span>ect of th<span class=\"_ _3\"></span>ese dif<span class=\"_ _3\"></span>ferences be<span class=\"_ _3\"></span>cause ei<span class=\"_ _3\"></span>ther no temp<span class=\"_ _3\"></span>orar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ference ar<span class=\"_ _3\"></span>ises or the ti<span class=\"_ _3\"></span>ming of any distr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsbf6\">is und<span class=\"_ _3\"></span>er the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s contro<span class=\"_ _3\"></span>l and no dist<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>on which g<span class=\"_ _3\"></span>ives rise to t<span class=\"_ _3\"></span>axation i<span class=\"_ _3\"></span>s contempl<span class=\"_ _3\"></span>ated.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls10b wsff gsbf7\">29.2<span class=\"_ _4\"></span> Company<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gsbf8\">Th<span class=\"_ _3\"></span>e table b<span class=\"_ _3\"></span>elow shows t<span class=\"_ _3\"></span>he deferred t<span class=\"_ _3\"></span>ax asset<span class=\"_ _3\"></span>s and liabi<span class=\"_ _3\"></span>lities before b<span class=\"_ _3\"></span>eing off<span class=\"_ _3\"></span>set where they rel<span class=\"_ _3\"></span>ate to income t<span class=\"_ _3\"></span>axes levie<span class=\"_ _3\"></span>d by the sam<span class=\"_ _3\"></span>e tax auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsbf9\">Unrelieved<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gsbfa\">trading<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsbfb\">losses<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsbfc\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsbfd\">Share<span class=\"_ _3\"></span>-based </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gsbfe\">paym<span class=\"_ _3\"></span>ents<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsbff\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsc00\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls66 ws5e gsc01\">defe<span class=\"_ _4\"></span>rred </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gsc02\">tax assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsc03\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc04\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2f7\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc05\">Cred<span class=\"_ _3\"></span>ited to incom<span class=\"_ _3\"></span>e statement <span class=\"_ _10b\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls92 ws8a gsc06\">Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _357\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc07\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2f5\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsc08\">Cred<span class=\"_ _3\"></span>ited to incom<span class=\"_ _3\"></span>e statement <span class=\"_ _10b\"> </span><span class=\"ff46\">3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls92 ws8a gsc09\">Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _357\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsc0a\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2e3\"> </span>4<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>5</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-584": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls5 ws3 gs6a5\">12 Earni<span class=\"_ _3\"></span>ngs pe<span class=\"_ _3\"></span>r sha<span class=\"_ _3\"></span>re<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs6a6\">Earnings<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls6c ws64 gs6a7\">Basic<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs6a8\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs6a9\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs6aa\">Diluted<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs6ab\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs6ac\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs6ad\">Basic<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs6ae\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs6af\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lscf ws78 gs6b0\">Diluted<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs6b1\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs6b2\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls16 ws12 gs6b3\">Earnin<span class=\"_ _3\"></span>gs<span class=\"_ _265\"> </span><span class=\"ff3b ls94 ws18a\">19<span class=\"_ _3\"></span>7<span class=\"_ _180\"> </span>197<span class=\"_ _a0\"> </span></span><span class=\"ls3e ws39\">28<span class=\"_ _3\"></span>8<span class=\"_ _a1\"> </span>288<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls1c ws3 gs6b4\">Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of a<span class=\"_ _3\"></span>cquired i<span class=\"_ _3\"></span>ntangib<span class=\"_ _3\"></span>le assets \u2013 i<span class=\"_ _3\"></span>ncludin<span class=\"_ _3\"></span>g tax cre<span class=\"_ _3\"></span>dit of \u00a3<span class=\"_ _3\"></span>3m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a31<span class=\"_ _4\"></span>m ch<span class=\"_ _3\"></span>arge)<span class=\"_ _7b\"> </span><span class=\"ff3b ls5\">2<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span><span class=\"ff3c\">7<span class=\"_ _9a\"> </span>7<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6b5\">Ot<span class=\"_ _3\"></span>her non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>underl<span class=\"_ _3\"></span>ying item<span class=\"_ _3\"></span>s \u2013 includi<span class=\"_ _3\"></span>ng tax c<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>dit of \u00a3<span class=\"_ _3\"></span>3m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a32m)<span class=\"_ _2c7\"> </span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span>9<span class=\"_ _145\"> </span></span><span class=\"ls72 wsf5\">(4)<span class=\"_ _a3\"> </span>(4)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs6b6\">Underlying earnings<span class=\"_ _14c\"> </span><span class=\"ls92 ws8a\">208<span class=\"_ _a0\"> </span>208<span class=\"_ _180\"> </span><span class=\"ff3c ls109 ws87\">2<span class=\"_ _3\"></span>91<span class=\"_ _a0\"> </span>2<span class=\"_ _3\"></span>91<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls6c ws64 gs6b7\">Basic<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs6b8\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs6b9\">m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs6ba\">Diluted<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs6bb\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs6bc\">m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs6bd\">Basic<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs6be\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs6bf\">m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lscf ws78 gs6c0\">Diluted<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs6c1\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs6c2\">m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6c3\">Weighte<span class=\"_ _3\"></span>d average num<span class=\"_ _3\"></span>ber of ordin<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y shares<span class=\"_ _2c8\"> </span><span class=\"ff3b lsaa ws69\">558<span class=\"_ _a1\"> </span><span class=\"ls74 ws6b\">56<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span></span></span><span class=\"ls30 ws29\">6<span class=\"_ _3\"></span>12<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">6<span class=\"_ _3\"></span>20<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs6c4\">Th<span class=\"_ _3\"></span>e basic ea<span class=\"_ _3\"></span>rnings p<span class=\"_ _3\"></span>er ordina<span class=\"_ _3\"></span>ry sh<span class=\"_ _3\"></span>are is calc<span class=\"_ _3\"></span>ulated by di<span class=\"_ _3\"></span>viding t<span class=\"_ _3\"></span>he profit for the ye<span class=\"_ _3\"></span>ar attr<span class=\"_ _3\"></span>ibuta<span class=\"_ _3\"></span>ble to equi<span class=\"_ _3\"></span>ty ho<span class=\"_ _3\"></span>lders by th<span class=\"_ _3\"></span>e weighted avera<span class=\"_ _3\"></span>ge </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs6c5\">numb<span class=\"_ _3\"></span>er of ordina<span class=\"_ _3\"></span>ry sh<span class=\"_ _3\"></span>ares outst<span class=\"_ _3\"></span>andin<span class=\"_ _3\"></span>g during th<span class=\"_ _3\"></span>e y<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ar<span class=\"_ _4\"></span>, exclud<span class=\"_ _3\"></span>ing treasur<span class=\"_ _3\"></span>y sha<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and shares h<span class=\"_ _3\"></span>eld in the Emp<span class=\"_ _3\"></span>loyee Sha<span class=\"_ _3\"></span>re Owne<span class=\"_ _3\"></span>rship T<span class=\"_ _4\"></span>rus<span class=\"_ _3\"></span>t.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs6c6\">Th<span class=\"_ _3\"></span>e diluted ea<span class=\"_ _3\"></span>rnings p<span class=\"_ _3\"></span>er ordina<span class=\"_ _3\"></span>ry sh<span class=\"_ _3\"></span>are uses an ad<span class=\"_ _3\"></span>justed weighte<span class=\"_ _3\"></span>d average num<span class=\"_ _3\"></span>ber of shares a<span class=\"_ _3\"></span>nd includ<span class=\"_ _3\"></span>es shares th<span class=\"_ _3\"></span>at are potential<span class=\"_ _3\"></span>ly outst<span class=\"_ _3\"></span>andin<span class=\"_ _3\"></span>g </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs6c7\">in relat<span class=\"_ _3\"></span>ion to the equ<span class=\"_ _3\"></span>ity<span class=\"_ _3\"></span>-s<span class=\"_ _3\"></span>ettle<span class=\"_ _3\"></span>d share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>based p<span class=\"_ _3\"></span>ayment ar<span class=\"_ _3\"></span>rangem<span class=\"_ _3\"></span>ents detai<span class=\"_ _3\"></span>led in Note 3<span class=\"_ _3\"></span>5.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs6c8\">Potential d<span class=\"_ _3\"></span>ilutive ef<span class=\"_ _3\"></span>fect of ord<span class=\"_ _3\"></span>inar<span class=\"_ _3\"></span>y shares issu<span class=\"_ _3\"></span>able un<span class=\"_ _3\"></span>der equi<span class=\"_ _3\"></span>ty<span class=\"_ _3\"></span>-set<span class=\"_ _3\"></span>tled s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased pa<span class=\"_ _3\"></span>yment arr<span class=\"_ _3\"></span>angeme<span class=\"_ _3\"></span>nts is 8m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: 8m).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs6c9\">Earnings per<span class=\"_ _4\"></span> s<span class=\"_ _3\"></span>hare<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls6c ws64 gs6ca\">Basic<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs6cb\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls127 ws11d gs6cc\">Penc<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs6cd\">Diluted<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs6ce\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls127 ws11d gs6cf\">Penc<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs6d0\">Basic<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs6d1\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gs6d2\">Pence<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lscf ws78 gs6d3\">Diluted<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs6d4\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gs6d5\">Pence<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6d6\">Ear<span class=\"_ _3\"></span>nings pe<span class=\"_ _3\"></span>r ordinar<span class=\"_ _3\"></span>y sha<span class=\"_ _3\"></span>re<span class=\"_ _2c9\"> </span><span class=\"ff3b ls3b ws36\">35.3<span class=\"_ _128\"> </span><span class=\"ls66 ws5e\">34.8<span class=\"_ _128\"> </span></span></span><span class=\"ls10b wsff\">46.9<span class=\"_ _128\"> </span>46.<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6d7\">Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of a<span class=\"_ _3\"></span>cquired i<span class=\"_ _3\"></span>ntangib<span class=\"_ _3\"></span>le assets a<span class=\"_ _3\"></span>fter ta<span class=\"_ _3\"></span>x<span class=\"_ _294\"> </span><span class=\"ff3b ls14 ws10\">0.4<span class=\"_ _87\"> </span>0.4<span class=\"_ _51\"> </span></span><span class=\"ls10f ws105\">1.<span class=\"_ _2\"></span>2<span class=\"_ _34\"> </span><span class=\"ls106 wsfb\">1<span class=\"_ _3\"></span>.1<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6d8\">Ot<span class=\"_ _3\"></span>her non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>underl<span class=\"_ _3\"></span>ying item<span class=\"_ _3\"></span>s after ta<span class=\"_ _3\"></span>x<span class=\"_ _2ca\"> </span><span class=\"ff3b lsfe ws158\">1.6<span class=\"_ _81\"> </span>1.6<span class=\"_ _a0\"> </span></span><span class=\"ls10b wsff\">(0.6)<span class=\"_ _128\"> </span>(0.6)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs6d9\">Underlying earnings<span class=\"_ _4\"></span> pe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span> ordinar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> share<span class=\"_ _106\"> </span><span class=\"ls18d ws18d\">3<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _e0\"> </span><span class=\"ls66 ws5e\">36.8<span class=\"_ _e0\"> </span><span class=\"ff3c ls147 ws13c\">4<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>5<span class=\"_ _b2\"> </span><span class=\"ls10b wsff\">4<span class=\"_ _3\"></span>6.8</span></span></span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-585": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls17 ws13 gs6db\">1<span class=\"_ _4\"></span>3 Dividen<span class=\"_ _3\"></span>ds<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs6dc\">Pe<span class=\"_ _3\"></span>r sha<span class=\"_ _3\"></span>re<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs6dd\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls127 ws11d gs6de\">Penc<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls10 wsc gs6df\">Amount<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs6e0\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs6e1\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gs6e2\">Per share<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs6e3\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gs6e4\">Pence<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls128 ws10e gs6e5\">Am<span class=\"_ _3\"></span>ount<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs6e6\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs6e7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs6e8\">Pr<span class=\"_ _3\"></span>opo<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d div<span class=\"_ _3\"></span>id<span class=\"_ _3\"></span>end<span class=\"_ _3\"></span>s for t<span class=\"_ _3\"></span>he yea<span class=\"_ _3\"></span>r<span class=\"_ _2cb\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6e9\">Interim \u2013 c<span class=\"_ _3\"></span>urrent year<span class=\"_ _2cc\"> </span><span class=\"ff3b ls4f ws49\">3.5<span class=\"_ _38\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _87\"> </span></span></span><span class=\"ls33 ws2c\">3.5<span class=\"_ _38\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6ea\">Fina<span class=\"_ _3\"></span>l \u2013 current year<span class=\"_ _170\"> </span><span class=\"ff3b ls109 ws87\">8<span class=\"_ _3\"></span>.0<span class=\"_ _47\"> </span><span class=\"ls11d wsf4\">43</span></span></div><div class=\"t m0 h46 ff3c fs22 fc4 sc0 ls5 ws3 gs6eb\">&amp;<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls147 ws13c gs6ec\">7.<span class=\"_ _3\"></span>0<span class=\"_ _7d\"> </span><span class=\"ls11f ws118\">40</span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6ed\"> <span class=\"_ _8c\"> </span><span class=\"ff3b ls110 ws106\"><span><span class=\"gs12\" id=\"__2\">11 . 5</span></span><span class=\"_ _38\"> </span><span class=\"ls18b ws188\">62<span class=\"_ _b2\"> </span></span></span><span class=\"ls89 ws88\"><span><span class=\"gs10\" id=\"__1\">10 .5</span></span><span class=\"_ _7d\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs6ee\">Re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d div<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span>s for t<span class=\"_ _3\"></span>he yea<span class=\"_ _3\"></span>r<span class=\"_ _2cd\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6ef\">Fina<span class=\"_ _3\"></span>l \u2013 prior yea<span class=\"_ _3\"></span>r<span class=\"_ _2ce\"> </span><span class=\"ff3b\"> <span class=\"_ _145\"> </span><span class=\"ls124 ws6a\">39<span class=\"_ _b0\"> </span></span></span> <span class=\"_ _145\"> </span><span class=\"ls85 ws7d\">37<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6f0\">Interim \u2013 c<span class=\"_ _3\"></span>urrent year<span class=\"_ _10d\"> </span><span class=\"ff3b\"> <span class=\"_ _7b\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _9a\"> </span></span></span> <span class=\"_ _7b\"> </span><span class=\"ls78 ws11a\">21</span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs6f1\"> <span class=\"_ _2ba\"> </span><span class=\"ff3b\"> <span class=\"_ _145\"> </span><span class=\"lsaa ws69\">58<span class=\"_ _b0\"> </span></span></span> <span class=\"_ _145\"> </span><span class=\"ls44 ws3f\">58<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs6f2\">&amp; <span class=\"_ _78\"> </span>Am<span class=\"_ _3\"></span>ount d<span class=\"_ _3\"></span>epen<span class=\"_ _3\"></span>dent o<span class=\"_ _3\"></span>n numbe<span class=\"_ _3\"></span>r of shar<span class=\"_ _3\"></span>es on the r<span class=\"_ _3\"></span>egist<span class=\"_ _3\"></span>er on 17 May 2<span class=\"_ _3\"></span>024<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs6f3\">Sub<span class=\"_ _3\"></span>ject to ap<span class=\"_ _3\"></span>proval at the A<span class=\"_ _3\"></span>nnual Ge<span class=\"_ _3\"></span>neral Me<span class=\"_ _3\"></span>eting on 9 M<span class=\"_ _3\"></span>ay 2024<span class=\"_ _3\"></span>, the final 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 divid<span class=\"_ _3\"></span>end will b<span class=\"_ _3\"></span>e paid on 3 J<span class=\"_ _3\"></span>uly 20<span class=\"_ _3\"></span>24 to holder<span class=\"_ _3\"></span>s on the regi<span class=\"_ _3\"></span>ster </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs6f4\">on 1<span class=\"_ _4\"></span>7 M<span class=\"_ _3\"></span>ay 20<span class=\"_ _3\"></span>24 by direct c<span class=\"_ _3\"></span>redit or, where no ma<span class=\"_ _3\"></span>ndate has b<span class=\"_ _3\"></span>een given<span class=\"_ _3\"></span>, by chequ<span class=\"_ _3\"></span>e posted by 3 J<span class=\"_ _3\"></span>uly 20<span class=\"_ _3\"></span>24. Th<span class=\"_ _3\"></span>e ordinar<span class=\"_ _3\"></span>y sha<span class=\"_ _3\"></span>res will be qu<span class=\"_ _3\"></span>oted </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs6f5\">ex-<span class=\"_ _3\"></span>div<span class=\"_ _3\"></span>idend on 16 May 2<span class=\"_ _3\"></span>024<span class=\"_ _3\"></span>. The las<span class=\"_ _3\"></span>t date for Div<span class=\"_ _3\"></span>idend R<span class=\"_ _3\"></span>einvestment P<span class=\"_ _3\"></span>lan (D<span class=\"_ _3\"></span>RIP) el<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>ns will be 12 June 20<span class=\"_ _3\"></span>24.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-6": {
   "value": "0.115",
   "decimals": 3,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-5": {
   "value": "0.105",
   "decimals": 3,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-586": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls10 wsc gs6f7\">1<span class=\"_ _4\"></span>4 Intang<span class=\"_ _4\"></span>ible asset<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> \u2013 goodwill<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs6f8\">Co<span class=\"_ _3\"></span>st </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs6f9\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lscf ws78 gs6fa\">Accumul<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gs6fb\">impairment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs6fc\">los<span class=\"_ _3\"></span>ses </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs6fd\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gs6fe\">Carr<span class=\"_ _3\"></span>ying<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs6ff\">amo<span class=\"_ _3\"></span>unt </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs700\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs701\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2cf\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5<span class=\"_ _e0\"> </span><span class=\"ls12a ws11f\">(<span class=\"_ _3\"></span>218<span class=\"_ _3\"></span>)<span class=\"_ _27\"> </span><span class=\"ls11e ws117\">8<span class=\"_ _3\"></span>17<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs702\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _167\"> </span><span class=\"ls78 ws11a\">71<span class=\"_ _ff\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls105 wsc2\">59<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs703\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2d0\"> </span><span class=\"ls162 ws155\">1,1<span class=\"_ _3\"></span>0<span class=\"_ _2\"> </span>6<span class=\"_ _b2\"> </span><span class=\"lsa9 wsa0\">(23<span class=\"_ _3\"></span>0)<span class=\"_ _125\"> </span><span class=\"ls16 ws12\">876<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs704\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _278\"> </span><span class=\"ff3b lsf7 ws100\">(3<span class=\"_ _3\"></span>7)<span class=\"_ _ad\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _51\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>31)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs705\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2d1\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>9<span class=\"_ _125\"> </span><span class=\"ls94 ws18a\">(<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>4)<span class=\"_ _ee\"> </span><span class=\"ls43 ws3e\">845<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5f ws57 gs706\">Carr<span class=\"_ _3\"></span>ying amounts of<span class=\"_ _4\"></span> goo<span class=\"_ _3\"></span>dwill b<span class=\"_ _4\"></span>y segme<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs707\">2023<span class=\"_ _22f\"> </span><span class=\"ff3c ls33 ws2c\">2022<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls85 ws7d gs708\">Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc4 ws9e gs709\">Kingdom<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs70a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls85 ws7d gs70b\">Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd2 wsc6 gs70c\">States<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs70d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs70e\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs70f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls10c ws85 gs710\">Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls4d ws47 gs711\">Kingdom<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs712\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls10c ws85 gs713\">Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls10c ws85 gs714\">Sta<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs715\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs716\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs717\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs718\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _24e\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _3\"></span>0<span class=\"_ _a1\"> </span><span class=\"ls16d ws230\">460<span class=\"_ _a0\"> </span><span class=\"ls92 ws8a\">720<span class=\"_ _2e\"> </span></span></span></span><span class=\"ls5 ws3\"> <span class=\"_ _b2\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3\"></span>0<span class=\"_ _116\"> </span><span class=\"ls221 wsa6\">488<span class=\"_ _a0\"> </span><span class=\"ls122 ws11b\">74<span class=\"_ _2\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs719\">Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _2d2\"> </span><span class=\"ff3b ls66 ws5e\">73<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>73<span class=\"_ _2e\"> </span></span><span class=\"ls5 ws3\"> <span class=\"_ _ff\"> </span><span class=\"ls74 ws6b\">73<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls74 ws6b\">73<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs71a\">Infrastructure Inv<span class=\"_ _4\"></span>estments<span class=\"_ _2d3\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls3e ws39\">52<span class=\"_ _9d\"> </span>52<span class=\"_ _2e\"> </span></span><span class=\"ff3c\"> <span class=\"_ _7c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _9d\"> </span>55<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs71b\">Group<span class=\"_ _257\"> </span><span class=\"lsa9 wsa0\">333<span class=\"_ _180\"> </span><span class=\"ls107 wsfc\">51<span class=\"_ _3\"></span>2<span class=\"_ _a0\"> </span><span class=\"ls43 ws3e\">845<span class=\"_ _2e\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _125\"> </span><span class=\"ls44 ws3f\">333<span class=\"_ _116\"> </span><span class=\"ls42 ws3d\">543<span class=\"_ _a0\"> </span><span class=\"ls16 ws12\">876<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs71c\">Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s of go<span class=\"_ _3\"></span>od<span class=\"_ _3\"></span>wil<span class=\"_ _3\"></span>l by ca<span class=\"_ _3\"></span>sh-<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing u<span class=\"_ _3\"></span>nit<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs71d\">2023<span class=\"_ _2d4\"> </span><span class=\"ff3c ls33 ws2c\">2022<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs71e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs71f\">Pre-t<span class=\"_ _3\"></span>ax<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls6c ws64 gs720\">discount rat<span class=\"_ _4\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs721\">%<span class=\"_ _3e\"> </span><span class=\"ff3c ls85 ws7d\">\u00a3m<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls1ff ws21d gs722\">Pre<span class=\"_ _3\"></span>-t<span class=\"_ _3\"></span>ax<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs723\">discount rat<span class=\"_ _4\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs724\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs725\">UK Re<span class=\"_ _3\"></span>gional a<span class=\"_ _3\"></span>nd Engine<span class=\"_ _3\"></span>ering Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices<span class=\"_ _15e\"> </span><span class=\"ff3b ls5f ws57\">248<span class=\"_ _e0\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>.7<span class=\"_ _7d\"> </span></span></span><span class=\"ls109 ws87\">24<span class=\"_ _3\"></span>8<span class=\"_ _81\"> </span><span class=\"ls106 wsfb\">9<span class=\"_ _3\"></span>.1<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs726\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup Inc<span class=\"_ _2d5\"> </span><span class=\"ff3b ls73 ws80\">437<span class=\"_ _a1\"> </span><span class=\"ls104 wsf9\">11<span class=\"_ _3\"></span>.1<span class=\"_ _39\"> </span></span></span><span class=\"ls114 ws10c\">464<span class=\"_ _87\"> </span><span class=\"ls4f ws49\">9.3<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs727\">Rail U<span class=\"_ _3\"></span>K<span class=\"_ _2d6\"> </span><span class=\"ff3b ls103 wsf8\">68<span class=\"_ _27\"> </span><span class=\"ls110 ws106\">11.<span class=\"_ _3\"></span>0<span class=\"_ _3e\"> </span></span></span><span class=\"ls114 ws10c\">68<span class=\"_ _87\"> </span><span class=\"ls4f ws49\">9.3<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs728\">Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>vestments US<span class=\"_ _252\"> </span><span class=\"ff3b ls3e ws39\">52<span class=\"_ _e0\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _1f5\"> </span></span></span><span class=\"lsab wsa1\">55<span class=\"_ _116\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>.1<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs729\">Other<span class=\"_ _2d7\"> </span><span class=\"ff3b ls18b ws188\">40<span class=\"_ _27\"> </span><span class=\"ls110 ws106\">11.<span class=\"_ _3\"></span>0<span class=\"_ _ec\"> </span></span></span><span class=\"ls5b ws15e\">41<span class=\"_ _51\"> </span><span class=\"ls4f ws49\">9.3<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls74 ws6b gs72a\">Group total<span class=\"_ _2d8\"> </span><span class=\"ls43 ws3e\">845<span class=\"_ _2d4\"> </span><span class=\"ff3c ls16 ws12\">8<span class=\"_ _3\"></span>76<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs72b\">Th<span class=\"_ _3\"></span>e recoverab<span class=\"_ _3\"></span>le amount of g<span class=\"_ _3\"></span>ood<span class=\"_ _3\"></span>will is bas<span class=\"_ _3\"></span>ed on value<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>use, a key input of whi<span class=\"_ _3\"></span>ch is foreca<span class=\"_ _3\"></span>st cash fl<span class=\"_ _3\"></span>ows. Th<span class=\"_ _3\"></span>e Group\u2019<span class=\"_ _4\"></span>s c<span class=\"_ _3\"></span>ash flow fore<span class=\"_ _3\"></span>casts a<span class=\"_ _3\"></span>re </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs72c\">bas<span class=\"_ _3\"></span>ed on the exp<span class=\"_ _3\"></span>ected fut<span class=\"_ _3\"></span>ure re<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>nues and ma<span class=\"_ _3\"></span>rgins of eac<span class=\"_ _3\"></span>h CGU, giv<span class=\"_ _3\"></span>ing cons<span class=\"_ _3\"></span>iderati<span class=\"_ _3\"></span>on to the curre<span class=\"_ _3\"></span>nt level of confir<span class=\"_ _3\"></span>med and ant<span class=\"_ _3\"></span>icipate<span class=\"_ _3\"></span>d orders. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs72d\">C<span class=\"_ _3\"></span>ash flow forec<span class=\"_ _3\"></span>asts for the n<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>t three yea<span class=\"_ _3\"></span>rs are base<span class=\"_ _3\"></span>d on the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s Thre<span class=\"_ _3\"></span>e-Y<span class=\"_ _4\"></span>ear P<span class=\"_ _3\"></span>lan, wh<span class=\"_ _3\"></span>ich covers t<span class=\"_ _3\"></span>he perio<span class=\"_ _3\"></span>d from 20<span class=\"_ _3\"></span>24 to 202<span class=\"_ _3\"></span>6. Th<span class=\"_ _3\"></span>e cash </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs72e\">flow forec<span class=\"_ _3\"></span>asts for e<span class=\"_ _3\"></span>ach CG<span class=\"_ _3\"></span>U were compi<span class=\"_ _3\"></span>led from ea<span class=\"_ _3\"></span>ch of its co<span class=\"_ _3\"></span>nstituent b<span class=\"_ _3\"></span>usiness un<span class=\"_ _3\"></span>its as par<span class=\"_ _3\"></span>t of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s ann<span class=\"_ _3\"></span>ual finan<span class=\"_ _3\"></span>cial pl<span class=\"_ _3\"></span>anning proc<span class=\"_ _3\"></span>ess.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs72f\">Th<span class=\"_ _3\"></span>e other key inputs i<span class=\"_ _3\"></span>n assessi<span class=\"_ _3\"></span>ng each C<span class=\"_ _3\"></span>GU are its lo<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>-term grow<span class=\"_ _3\"></span>th rate an<span class=\"_ _3\"></span>d discou<span class=\"_ _3\"></span>nt rate. The d<span class=\"_ _3\"></span>iscount ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s have been c<span class=\"_ _3\"></span>alcul<span class=\"_ _3\"></span>ated using the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs730\">Weighte<span class=\"_ _3\"></span>d A<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>rage C<span class=\"_ _3\"></span>ost of Ca<span class=\"_ _3\"></span>pital (<span class=\"_ _3\"></span>WAC<span class=\"_ _3\"></span>C) metho<span class=\"_ _3\"></span>d, whic<span class=\"_ _3\"></span>h takes acc<span class=\"_ _3\"></span>ount of the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s ca<span class=\"_ _3\"></span>pital st<span class=\"_ _3\"></span>ructure (<span class=\"_ _3\"></span>financi<span class=\"_ _3\"></span>al risk<span class=\"_ _3\"></span>) as well as the na<span class=\"_ _3\"></span>ture of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs731\">eac<span class=\"_ _3\"></span>h CGU<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s busi<span class=\"_ _3\"></span>ness (op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>al risk). Lo<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>-term grow<span class=\"_ _3\"></span>th rate<span class=\"_ _3\"></span>s are assumed to b<span class=\"_ _3\"></span>e the estim<span class=\"_ _3\"></span>ated future G<span class=\"_ _3\"></span>DP grow<span class=\"_ _3\"></span>th rates ba<span class=\"_ _3\"></span>sed on pub<span class=\"_ _3\"></span>lished </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs732\">inde<span class=\"_ _3\"></span>pende<span class=\"_ _3\"></span>nt f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>recast<span class=\"_ _3\"></span>s for the cou<span class=\"_ _3\"></span>ntry o<span class=\"_ _3\"></span>r countri<span class=\"_ _3\"></span>es in which e<span class=\"_ _3\"></span>ach CG<span class=\"_ _3\"></span>U operates<span class=\"_ _3\"></span>, less 1.0% to reflect cu<span class=\"_ _3\"></span>rrent econ<span class=\"_ _3\"></span>omic unc<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ainties and t<span class=\"_ _3\"></span>heir </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs733\">con<span class=\"_ _3\"></span>sequent es<span class=\"_ _3\"></span>timated ef<span class=\"_ _3\"></span>fect on pu<span class=\"_ _3\"></span>blic sec<span class=\"_ _3\"></span>tor spend<span class=\"_ _3\"></span>ing on infra<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span></div>In the d<span class=\"_ _3\"></span>erivati<span class=\"_ _3\"></span>on of each C<span class=\"_ _3\"></span>GU\u2019s value<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>-u<span class=\"_ _3\"></span>se, a terminal v<span class=\"_ _3\"></span>alue is assum<span class=\"_ _3\"></span>ed base<span class=\"_ _3\"></span>d on a multip<span class=\"_ _3\"></span>le of earni<span class=\"_ _3\"></span>ngs before interest a<span class=\"_ _3\"></span>nd tax<span class=\"_ _3\"></span>. The mult<span class=\"_ _3\"></span>iple is ap<span class=\"_ _3\"></span>plied to a termi<span class=\"_ _3\"></span>nal cash f<span class=\"_ _3\"></span>low<span class=\"_ _4\"></span>, w<span class=\"_ _3\"></span>hich is the no<span class=\"_ _3\"></span>rmalise<span class=\"_ _3\"></span>d cash fl<span class=\"_ _3\"></span>ow in the last ye<span class=\"_ _3\"></span>ar of the forec<span class=\"_ _3\"></span>ast peri<span class=\"_ _3\"></span>od. Howeve<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, d<span class=\"_ _3\"></span>ue to the long<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rm nature an<span class=\"_ _3\"></span>d the deg<span class=\"_ _3\"></span>ree of predic<span class=\"_ _3\"></span>tabili<span class=\"_ _3\"></span>ty of so<span class=\"_ _3\"></span>me contra<span class=\"_ _3\"></span>cts wi<span class=\"_ _3\"></span>thin Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Invest<span class=\"_ _3\"></span>ments US<span class=\"_ _3\"></span>, the foreca<span class=\"_ _3\"></span>st perio<span class=\"_ _3\"></span>d used in th<span class=\"_ _3\"></span>e deriva<span class=\"_ _3\"></span>tion of this C<span class=\"_ _3\"></span>GU\u2019s value<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>in-<span class=\"_ _3\"></span>use ex<span class=\"_ _3\"></span>tends b<span class=\"_ _3\"></span>eyond the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s three<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>year ca<span class=\"_ _3\"></span>sh flow forec<span class=\"_ _3\"></span>ast peri<span class=\"_ _3\"></span>od in line wi<span class=\"_ _3\"></span>th the dura<span class=\"_ _3\"></span>tion of the c<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>s disclo<span class=\"_ _3\"></span>sed in Note 41<span class=\"_ _4\"></span>(e). The EB<span class=\"_ _3\"></span>IT multi<span class=\"_ _3\"></span>ple is ca<span class=\"_ _3\"></span>lculated u<span class=\"_ _3\"></span>sing the Go<span class=\"_ _3\"></span>rdon Grow<span class=\"_ _3\"></span>th Mo<span class=\"_ _3\"></span>del and i<span class=\"_ _3\"></span>s a factor of the d<span class=\"_ _3\"></span>iscount r<span class=\"_ _3\"></span>ate and grow<span class=\"_ _3\"></span>th rate for eac<span class=\"_ _3\"></span>h CGU. Th<span class=\"_ _3\"></span>e nominal ter<span class=\"_ _3\"></span>minal valu<span class=\"_ _3\"></span>e is disco<span class=\"_ _3\"></span>unted to present valu<span class=\"_ _3\"></span>e.<span class=\"_ _3ab\"> </span>2023<span class=\"_ _22f\"> </span><span class=\"ff3c ls33 ws2c\">2022<span class=\"_ _3ab\"> </span></span>Inflation<span class=\"_ _4\"></span> rate<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Real growth<span class=\"_ _3ab\"> </span>rate<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Nominal<span class=\"_ _3ab\"> </span>long-term growth rate<span class=\"_ _3ab\"> </span>applied<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Inflation<span class=\"_ _4\"></span> rate<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Real growth<span class=\"_ _3ab\"> </span>rate<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Nominal<span class=\"_ _3ab\"> </span>long-<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>erm grow<span class=\"_ _3\"></span>th r<span class=\"_ _3\"></span>ate<span class=\"_ _3ab\"> </span>applied<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>UK Re<span class=\"_ _3\"></span>gional a<span class=\"_ _3\"></span>nd Engine<span class=\"_ _3\"></span>ering Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices<span class=\"_ _2d9\"> </span><span class=\"ff3b ls66 ws5e\">2.8<span class=\"_ _81\"> </span><span class=\"ls104 wsf9\">1<span class=\"_ _3\"></span>.1<span class=\"_ _ff\"> </span><span class=\"ls4f ws49\">3.9<span class=\"_ _1c4\"> </span></span></span></span><span class=\"ff3b\"> <span class=\"_ _180\"> </span></span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>3<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">0.8<span class=\"_ _ff\"> </span><span class=\"ls106 wsfb\">3<span class=\"_ _2\"></span>.1<span class=\"_ _3ab\"> </span></span></span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup Inc<span class=\"_ _12c\"> </span><span class=\"ff3b lsab wsa1\">2.2<span class=\"_ _51\"> </span><span class=\"lsfe ws158\">1.<span class=\"_ _3\"></span>7<span class=\"_ _87\"> </span><span class=\"ls4f ws49\">3.9<span class=\"_ _1c4\"> </span></span></span></span><span class=\"ff3b\"> <span class=\"_ _180\"> </span></span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>2<span class=\"_ _87\"> </span><span class=\"ls2e ws7\">0<span class=\"_ _3\"></span>.7<span class=\"_ _51\"> </span></span>2.<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span>Rail U<span class=\"_ _3\"></span>K<span class=\"_ _124\"> </span><span class=\"ff3b ls66 ws5e\">2.8<span class=\"_ _81\"> </span><span class=\"ls104 wsf9\">1<span class=\"_ _3\"></span>.1<span class=\"_ _ff\"> </span><span class=\"ls4f ws49\">3.9<span class=\"_ _2e\"> </span></span></span></span><span class=\"ff3b\"> <span class=\"_ _97\"> </span></span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>3<span class=\"_ _7e\"> </span><span class=\"ls85 ws7d\">0.<span class=\"_ _3\"></span>8<span class=\"_ _51\"> </span><span class=\"ls106 wsfb\">3<span class=\"_ _2\"></span>.1<span class=\"_ _3ab\"> </span></span></span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments U<span class=\"_ _3\"></span>S <span class=\"_ _2da\"> </span><span class=\"ff3b lsab wsa1\">2.2<span class=\"_ _51\"> </span><span class=\"lsfe ws158\">1.7<span class=\"_ _51\"> </span><span class=\"ls4f ws49\">3.<span class=\"_ _3\"></span>9<span class=\"_ _2e\"> </span></span></span></span><span class=\"ff3b\"> <span class=\"_ _180\"> </span></span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>2<span class=\"_ _87\"> </span><span class=\"ls2e ws7\">0<span class=\"_ _3\"></span>.7<span class=\"_ _51\"> </span></span>2.<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span>Other<span class=\"_ _2db\"> </span><span class=\"ff3b ls73 ws80\">2.6<span class=\"_ _51\"> </span><span class=\"lsfe ws158\">1.<span class=\"_ _3\"></span>3<span class=\"_ _51\"> </span><span class=\"ls4f ws49\">3.9<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _97\"> </span></span></span></span></span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>3<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">0.8<span class=\"_ _ff\"> </span><span class=\"ls106 wsfb\">3<span class=\"_ _3\"></span>.1<span class=\"_ _3ab\"> </span></span></span></span>Sensitivit<span class=\"_ _4\"></span>ies<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s impair<span class=\"_ _3\"></span>ment review is sensi<span class=\"_ _3\"></span>tive to chan<span class=\"_ _3\"></span>ges in the key assum<span class=\"_ _3\"></span>ptions us<span class=\"_ _3\"></span>ed. Th<span class=\"_ _3\"></span>e major as<span class=\"_ _3\"></span>sumptions t<span class=\"_ _3\"></span>hat result in si<span class=\"_ _3\"></span>gnific<span class=\"_ _3\"></span>ant sensi<span class=\"_ _3\"></span>tivitie<span class=\"_ _3\"></span>s are the disc<span class=\"_ _3\"></span>ount rate and th<span class=\"_ _3\"></span>e long<span class=\"_ _3\"></span>-ter<span class=\"_ _3\"></span>m growt<span class=\"_ _3\"></span>h rate, and for cer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>n CGUs, c<span class=\"_ _3\"></span>hanges to un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing cas<span class=\"_ _3\"></span>h project<span class=\"_ _3\"></span>ions. A reaso<span class=\"_ _3\"></span>nable p<span class=\"_ _3\"></span>ossib<span class=\"_ _3\"></span>le chang<span class=\"_ _3\"></span>e in k<span class=\"_ _4\"></span>ey a<span class=\"_ _3\"></span>ssumptio<span class=\"_ _3\"></span>ns would not g<span class=\"_ _3\"></span>ive rise to an imp<span class=\"_ _3\"></span>airme<span class=\"_ _3\"></span>nt in any of the Group\u2019s CGU<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>15 Int<span class=\"_ _3\"></span>angib<span class=\"_ _3\"></span>le as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts \u2013 ot<span class=\"_ _3\"></span>her<span class=\"_ _3ab\"> </span>Customer<span class=\"_ _3ab\"> </span>contracts<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Customer<span class=\"_ _3ab\"> </span>relationships<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Brand<span class=\"_ _3ab\"> </span>names<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Infrastructure<span class=\"_ _3ab\"> </span>Investments<span class=\"_ _3ab\"> </span>intangibles<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Sof<span class=\"_ _3\"></span>twa<span class=\"_ _3\"></span>re<span class=\"_ _3ab\"> </span>and other<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>st o<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on<span class=\"_ _29e\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2dc\"> </span><span class=\"ls12a ws11f\">218<span class=\"_ _38\"> </span><span class=\"ls115 ws10d\">49<span class=\"_ _b0\"> </span></span></span>3<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"ls44 ws3f\">633<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _ac\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _9d\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _3ab\"> </span></span></span></span>Additions<span class=\"_ _246\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _185\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3\"></span>4<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _b0\"> </span></span></span>3<span class=\"_ _180\"> </span><span class=\"ls85 ws7d\">237<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>9<span class=\"_ _a0\"> </span><span class=\"ls16a ws15f\">668<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _79\"> </span><span class=\"ff3b ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _a3\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _180\"> </span></span></span></span>(1<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span>Additions<span class=\"_ _246\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue movement o<span class=\"_ _3\"></span>n loan as<span class=\"_ _3\"></span>sociate<span class=\"_ _3\"></span>d with inta<span class=\"_ _3\"></span>ngible a<span class=\"_ _3\"></span>sset<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _ff\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _243\"> </span><span class=\"ls66 ws5e\">230<span class=\"_ _9d\"> </span><span class=\"ls3e ws39\">52<span class=\"_ _9a\"> </span></span></span>3<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">248<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>8<span class=\"_ _180\"> </span><span class=\"ls10d ws101\">6<span class=\"_ _3\"></span>61<span class=\"_ _3ab\"> </span></span></span></span>Accumulate<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> amor<span class=\"_ _3\"></span>tisation<span class=\"_ _2dd\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _178\"> </span><span class=\"ls93 wsfa\">(16<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">(42)<span class=\"_ _9d\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _a3\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _cc\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls85 ws7d\">(3<span class=\"_ _3\"></span>37)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _153\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _a3\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _a0\"> </span><span class=\"ls61 ws59\">(26)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2de\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _38\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _7c\"> </span></span></span>\u2013<span class=\"_ _ad\"> </span><span class=\"ls66 ws5e\">(<span class=\"_ _3\"></span>5)<span class=\"_ _a3\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _97\"> </span><span class=\"ls164 ws157\">(13<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _148\"> </span><span class=\"ls12a ws11f\">(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _a3\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _180\"> </span><span class=\"ls164 ws157\">(<span class=\"_ _3\"></span>13)<span class=\"_ _f2\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls16 ws12\">(<span class=\"_ _3\"></span>376)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _e8\"> </span><span class=\"ff3b ls110 ws106\">11<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _38\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _3ab\"> </span></span></span></span>Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2de\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _38\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _47\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>2)<span class=\"_ _a1\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _294\"> </span><span class=\"ls10f ws105\">(18<span class=\"_ _2\"></span>2)<span class=\"_ _a1\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>6)<span class=\"_ _a3\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _a0\"> </span></span></span>(1<span class=\"_ _3\"></span>8)<span class=\"_ _ef\"> </span>(1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4)<span class=\"_ _fa\"> </span><span class=\"lsd ws18e\">(37<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span>Carrying amo<span class=\"_ _4\"></span>unt<span class=\"_ _2df\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _236\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _b0\"> </span></span>6<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls66 ws5e\">230<span class=\"_ _9a\"> </span></span>4<span class=\"_ _a0\"> </span><span class=\"ls3e ws39\">288<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _71\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _b0\"> </span></span>7<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls109 ws87\">2<span class=\"_ _3\"></span>24<span class=\"_ _9a\"> </span></span>6<span class=\"_ _a0\"> </span><span class=\"lsa9 wsa0\">292<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e Group rec<span class=\"_ _3\"></span>ognises c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain assets h<span class=\"_ _3\"></span>eld as pa<span class=\"_ _3\"></span>rt of ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e conc<span class=\"_ _3\"></span>ession ar<span class=\"_ _3\"></span>range<span class=\"_ _3\"></span>ments as Infr<span class=\"_ _3\"></span>astruc<span class=\"_ _3\"></span>ture Investment<span class=\"_ _3\"></span>s intangi<span class=\"_ _3\"></span>ble asset<span class=\"_ _3\"></span>s where the Gro<span class=\"_ _3\"></span>up bear<span class=\"_ _3\"></span>s demand r<span class=\"_ _3\"></span>isk under I<span class=\"_ _3\"></span>FRIC 12 Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e Conc<span class=\"_ _3\"></span>ession A<span class=\"_ _3\"></span>rran<span class=\"_ _3\"></span>gements<span class=\"_ _3\"></span>. In Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>, the Group c<span class=\"_ _3\"></span>ommenc<span class=\"_ _3\"></span>ed the co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion pha<span class=\"_ _3\"></span>se at Univers<span class=\"_ _3\"></span>ity of Su<span class=\"_ _3\"></span>ssex\u2019s W<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>st Slop<span class=\"_ _3\"></span>e student a<span class=\"_ _3\"></span>ccomm<span class=\"_ _3\"></span>odati<span class=\"_ _3\"></span>on projec<span class=\"_ _3\"></span>t, incur<span class=\"_ _3\"></span>ring a sp<span class=\"_ _3\"></span>end of \u00a3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>nil) in the year, which i<span class=\"_ _3\"></span>nclude<span class=\"_ _3\"></span>s bank a<span class=\"_ _3\"></span>rrang<span class=\"_ _3\"></span>ement fees of \u00a3<span class=\"_ _3\"></span>3m. N<span class=\"_ _3\"></span>o interest was c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>alised in the ye<span class=\"_ _3\"></span>ar<span class=\"_ _4\"></span>, however a fa<span class=\"_ _3\"></span>ir value movem<span class=\"_ _3\"></span>ent of \u00a319m was rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d agains<span class=\"_ _3\"></span>t the value of t<span class=\"_ _3\"></span>he asset, w<span class=\"_ _3\"></span>hich will u<span class=\"_ _3\"></span>nwind over the c<span class=\"_ _3\"></span>ourse of the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction p<span class=\"_ _3\"></span>hase. C<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion on th<span class=\"_ _3\"></span>is project i<span class=\"_ _3\"></span>s anticip<span class=\"_ _3\"></span>ated to comp<span class=\"_ _3\"></span>lete in 20<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>. The Infr<span class=\"_ _3\"></span>astruc<span class=\"_ _3\"></span>ture Investment<span class=\"_ _3\"></span>s intangi<span class=\"_ _3\"></span>ble asset<span class=\"_ _3\"></span>s are amor<span class=\"_ _3\"></span>tised o<span class=\"_ _3\"></span>n a straight-<span class=\"_ _3\"></span>lin<span class=\"_ _3\"></span>e basis over the l<span class=\"_ _3\"></span>ife of the projec<span class=\"_ _3\"></span>ts, whi<span class=\"_ _3\"></span>ch is 50 ye<span class=\"_ _3\"></span>ars. Inta<span class=\"_ _3\"></span>ngible a<span class=\"_ _3\"></span>ssets are amo<span class=\"_ _3\"></span>rtis<span class=\"_ _3\"></span>ed on a stra<span class=\"_ _3\"></span>ight-<span class=\"_ _3\"></span>line basi<span class=\"_ _3\"></span>s over their exp<span class=\"_ _3\"></span>ected usefu<span class=\"_ _3\"></span>l lives, whi<span class=\"_ _3\"></span>ch are one to four yea<span class=\"_ _3\"></span>rs for custome<span class=\"_ _3\"></span>r contrac<span class=\"_ _3\"></span>ts, three to 10 years for cu<span class=\"_ _3\"></span>stomer relat<span class=\"_ _3\"></span>ionships<span class=\"_ _3\"></span>, three to seven year<span class=\"_ _3\"></span>s f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r soft<span class=\"_ _3\"></span>ware, and u<span class=\"_ _3\"></span>p t<span class=\"_ _4\"></span>o f<span class=\"_ _3\"></span>ive years for b<span class=\"_ _3\"></span>rand nam<span class=\"_ _3\"></span>es, except for custo<span class=\"_ _3\"></span>mer cont<span class=\"_ _3\"></span>racts an<span class=\"_ _3\"></span>d relation<span class=\"_ _3\"></span>ships relati<span class=\"_ _3\"></span>ng to Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Investm<span class=\"_ _3\"></span>ents Nor<span class=\"_ _3\"></span>th A<span class=\"_ _3\"></span>meric<span class=\"_ _3\"></span>a which a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tised on a b<span class=\"_ _3\"></span>asis matchi<span class=\"_ _3\"></span>ng the returns e<span class=\"_ _3\"></span>arned over the li<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e of t<span class=\"_ _3\"></span>he under<span class=\"_ _3\"></span>lying c<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>s and relati<span class=\"_ _3\"></span>onships of u<span class=\"_ _3\"></span>p t<span class=\"_ _4\"></span>o 5<span class=\"_ _3\"></span>0 year<span class=\"_ _3\"></span>s. Ot<span class=\"_ _3\"></span>her intang<span class=\"_ _3\"></span>ible as<span class=\"_ _3\"></span>sets are amor<span class=\"_ _3\"></span>tise<span class=\"_ _3\"></span>d over perio<span class=\"_ _3\"></span>ds up to 10 years.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-624": {
   "value": "1<span class=\"_ _4\"></span>4 Intang<span class=\"_ _4\"></span>ible asset<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> \u2013 goodwill<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>st \u00a3m<span class=\"_ _3ab\"> </span>Accumul<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>impairment<span class=\"_ _3ab\"> </span>los<span class=\"_ _3\"></span>ses \u00a3m<span class=\"_ _3ab\"> </span>Carr<span class=\"_ _3\"></span>ying<span class=\"_ _3ab\"> </span>amo<span class=\"_ _3\"></span>unt \u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2cf\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5<span class=\"_ _e0\"> </span><span class=\"ls12a ws11f\">(<span class=\"_ _3\"></span>218<span class=\"_ _3\"></span>)<span class=\"_ _27\"> </span><span class=\"ls11e ws117\">8<span class=\"_ _3\"></span>17<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _167\"> </span><span class=\"ls78 ws11a\">71<span class=\"_ _ff\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls105 wsc2\">59<span class=\"_ _3ab\"> </span></span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2d0\"> </span><span class=\"ls162 ws155\">1,1<span class=\"_ _3\"></span>0<span class=\"_ _2\"> </span>6<span class=\"_ _b2\"> </span><span class=\"lsa9 wsa0\">(23<span class=\"_ _3\"></span>0)<span class=\"_ _125\"> </span><span class=\"ls16 ws12\">876<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _278\"> </span><span class=\"ff3b lsf7 ws100\">(3<span class=\"_ _3\"></span>7)<span class=\"_ _ad\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _51\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>31)<span class=\"_ _3ab\"> </span></span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2d1\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>9<span class=\"_ _125\"> </span><span class=\"ls94 ws18a\">(<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>4)<span class=\"_ _ee\"> </span><span class=\"ls43 ws3e\">845<span class=\"_ _3ab\"> </span></span></span></span>Carr<span class=\"_ _3\"></span>ying amounts of<span class=\"_ _4\"></span> goo<span class=\"_ _3\"></span>dwill b<span class=\"_ _4\"></span>y segme<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span>2023<span class=\"_ _22f\"> </span><span class=\"ff3c ls33 ws2c\">2022<span class=\"_ _3ab\"> </span></span>Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Kingdom<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>States<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Kingdom<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Unite<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Sta<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _24e\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _3\"></span>0<span class=\"_ _a1\"> </span><span class=\"ls16d ws230\">460<span class=\"_ _a0\"> </span><span class=\"ls92 ws8a\">720<span class=\"_ _2e\"> </span></span></span></span><span class=\"ls5 ws3\"> <span class=\"_ _b2\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3\"></span>0<span class=\"_ _116\"> </span><span class=\"ls221 wsa6\">488<span class=\"_ _a0\"> </span><span class=\"ls122 ws11b\">74<span class=\"_ _2\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></span>Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _2d2\"> </span><span class=\"ff3b ls66 ws5e\">73<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>73<span class=\"_ _2e\"> </span></span><span class=\"ls5 ws3\"> <span class=\"_ _ff\"> </span><span class=\"ls74 ws6b\">73<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls74 ws6b\">73<span class=\"_ _3ab\"> </span></span></span>Infrastructure Inv<span class=\"_ _4\"></span>estments<span class=\"_ _2d3\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls3e ws39\">52<span class=\"_ _9d\"> </span>52<span class=\"_ _2e\"> </span></span><span class=\"ff3c\"> <span class=\"_ _7c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _9d\"> </span>55<span class=\"_ _3ab\"> </span></span></span></span>Group<span class=\"_ _257\"> </span><span class=\"lsa9 wsa0\">333<span class=\"_ _180\"> </span><span class=\"ls107 wsfc\">51<span class=\"_ _3\"></span>2<span class=\"_ _a0\"> </span><span class=\"ls43 ws3e\">845<span class=\"_ _2e\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _125\"> </span><span class=\"ls44 ws3f\">333<span class=\"_ _116\"> </span><span class=\"ls42 ws3d\">543<span class=\"_ _a0\"> </span><span class=\"ls16 ws12\">876<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s of go<span class=\"_ _3\"></span>od<span class=\"_ _3\"></span>wil<span class=\"_ _3\"></span>l by ca<span class=\"_ _3\"></span>sh-<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing u<span class=\"_ _3\"></span>nit<span class=\"_ _3ab\"> </span>2023<span class=\"_ _2d4\"> </span><span class=\"ff3c ls33 ws2c\">2022<span class=\"_ _3ab\"> </span></span>\u00a3m<span class=\"_ _3ab\"> </span>Pre-t<span class=\"_ _3\"></span>ax<span class=\"_ _3ab\"> </span>discount rat<span class=\"_ _4\"></span>e<span class=\"_ _3ab\"> </span>%<span class=\"_ _3e\"> </span><span class=\"ff3c ls85 ws7d\">\u00a3m<span class=\"_ _3ab\"> </span></span>Pre<span class=\"_ _3\"></span>-t<span class=\"_ _3\"></span>ax<span class=\"_ _3ab\"> </span>discount rat<span class=\"_ _4\"></span>e<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>UK Re<span class=\"_ _3\"></span>gional a<span class=\"_ _3\"></span>nd Engine<span class=\"_ _3\"></span>ering Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices<span class=\"_ _15e\"> </span><span class=\"ff3b ls5f ws57\">248<span class=\"_ _e0\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>.7<span class=\"_ _7d\"> </span></span></span><span class=\"ls109 ws87\">24<span class=\"_ _3\"></span>8<span class=\"_ _81\"> </span><span class=\"ls106 wsfb\">9<span class=\"_ _3\"></span>.1<span class=\"_ _3ab\"> </span></span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup Inc<span class=\"_ _2d5\"> </span><span class=\"ff3b ls73 ws80\">437<span class=\"_ _a1\"> </span><span class=\"ls104 wsf9\">11<span class=\"_ _3\"></span>.1<span class=\"_ _39\"> </span></span></span><span class=\"ls114 ws10c\">464<span class=\"_ _87\"> </span><span class=\"ls4f ws49\">9.3<span class=\"_ _3ab\"> </span></span></span>Rail U<span class=\"_ _3\"></span>K<span class=\"_ _2d6\"> </span><span class=\"ff3b ls103 wsf8\">68<span class=\"_ _27\"> </span><span class=\"ls110 ws106\">11.<span class=\"_ _3\"></span>0<span class=\"_ _3e\"> </span></span></span><span class=\"ls114 ws10c\">68<span class=\"_ _87\"> </span><span class=\"ls4f ws49\">9.3<span class=\"_ _3ab\"> </span></span></span>Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>vestments US<span class=\"_ _252\"> </span><span class=\"ff3b ls3e ws39\">52<span class=\"_ _e0\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _1f5\"> </span></span></span><span class=\"lsab wsa1\">55<span class=\"_ _116\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>.1<span class=\"_ _3ab\"> </span></span></span>Other<span class=\"_ _2d7\"> </span><span class=\"ff3b ls18b ws188\">40<span class=\"_ _27\"> </span><span class=\"ls110 ws106\">11.<span class=\"_ _3\"></span>0<span class=\"_ _ec\"> </span></span></span><span class=\"ls5b ws15e\">41<span class=\"_ _51\"> </span><span class=\"ls4f ws49\">9.3<span class=\"_ _3ab\"> </span></span></span>Group total<span class=\"_ _2d8\"> </span><span class=\"ls43 ws3e\">845<span class=\"_ _2d4\"> </span><span class=\"ff3c ls16 ws12\">8<span class=\"_ _3\"></span>76<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\"> </span></span></span>Th<span class=\"_ _3\"></span>e recoverab<span class=\"_ _3\"></span>le amount of g<span class=\"_ _3\"></span>ood<span class=\"_ _3\"></span>will is bas<span class=\"_ _3\"></span>ed on value<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>use, a key input of whi<span class=\"_ _3\"></span>ch is foreca<span class=\"_ _3\"></span>st cash fl<span class=\"_ _3\"></span>ows. Th<span class=\"_ _3\"></span>e Group\u2019<span class=\"_ _4\"></span>s c<span class=\"_ _3\"></span>ash flow fore<span class=\"_ _3\"></span>casts a<span class=\"_ _3\"></span>re bas<span class=\"_ _3\"></span>ed on the exp<span class=\"_ _3\"></span>ected fut<span class=\"_ _3\"></span>ure re<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>nues and ma<span class=\"_ _3\"></span>rgins of eac<span class=\"_ _3\"></span>h CGU, giv<span class=\"_ _3\"></span>ing cons<span class=\"_ _3\"></span>iderati<span class=\"_ _3\"></span>on to the curre<span class=\"_ _3\"></span>nt level of confir<span class=\"_ _3\"></span>med and ant<span class=\"_ _3\"></span>icipate<span class=\"_ _3\"></span>d orders. C<span class=\"_ _3\"></span>ash flow forec<span class=\"_ _3\"></span>asts for the n<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>t three yea<span class=\"_ _3\"></span>rs are base<span class=\"_ _3\"></span>d on the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s Thre<span class=\"_ _3\"></span>e-Y<span class=\"_ _4\"></span>ear P<span class=\"_ _3\"></span>lan, wh<span class=\"_ _3\"></span>ich covers t<span class=\"_ _3\"></span>he perio<span class=\"_ _3\"></span>d from 20<span class=\"_ _3\"></span>24 to 202<span class=\"_ _3\"></span>6. Th<span class=\"_ _3\"></span>e cash flow forec<span class=\"_ _3\"></span>asts for e<span class=\"_ _3\"></span>ach CG<span class=\"_ _3\"></span>U were compi<span class=\"_ _3\"></span>led from ea<span class=\"_ _3\"></span>ch of its co<span class=\"_ _3\"></span>nstituent b<span class=\"_ _3\"></span>usiness un<span class=\"_ _3\"></span>its as par<span class=\"_ _3\"></span>t of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s ann<span class=\"_ _3\"></span>ual finan<span class=\"_ _3\"></span>cial pl<span class=\"_ _3\"></span>anning proc<span class=\"_ _3\"></span>ess.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e other key inputs i<span class=\"_ _3\"></span>n assessi<span class=\"_ _3\"></span>ng each C<span class=\"_ _3\"></span>GU are its lo<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>-term grow<span class=\"_ _3\"></span>th rate an<span class=\"_ _3\"></span>d discou<span class=\"_ _3\"></span>nt rate. The d<span class=\"_ _3\"></span>iscount ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s have been c<span class=\"_ _3\"></span>alcul<span class=\"_ _3\"></span>ated using the Weighte<span class=\"_ _3\"></span>d A<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>rage C<span class=\"_ _3\"></span>ost of Ca<span class=\"_ _3\"></span>pital (<span class=\"_ _3\"></span>WAC<span class=\"_ _3\"></span>C) metho<span class=\"_ _3\"></span>d, whic<span class=\"_ _3\"></span>h takes acc<span class=\"_ _3\"></span>ount of the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s ca<span class=\"_ _3\"></span>pital st<span class=\"_ _3\"></span>ructure (<span class=\"_ _3\"></span>financi<span class=\"_ _3\"></span>al risk<span class=\"_ _3\"></span>) as well as the na<span class=\"_ _3\"></span>ture of eac<span class=\"_ _3\"></span>h CGU<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s busi<span class=\"_ _3\"></span>ness (op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>al risk). Lo<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>-term grow<span class=\"_ _3\"></span>th rate<span class=\"_ _3\"></span>s are assumed to b<span class=\"_ _3\"></span>e the estim<span class=\"_ _3\"></span>ated future G<span class=\"_ _3\"></span>DP grow<span class=\"_ _3\"></span>th rates ba<span class=\"_ _3\"></span>sed on pub<span class=\"_ _3\"></span>lished inde<span class=\"_ _3\"></span>pende<span class=\"_ _3\"></span>nt f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>recast<span class=\"_ _3\"></span>s for the cou<span class=\"_ _3\"></span>ntry o<span class=\"_ _3\"></span>r countri<span class=\"_ _3\"></span>es in which e<span class=\"_ _3\"></span>ach CG<span class=\"_ _3\"></span>U operates<span class=\"_ _3\"></span>, less 1.0% to reflect cu<span class=\"_ _3\"></span>rrent econ<span class=\"_ _3\"></span>omic unc<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ainties and t<span class=\"_ _3\"></span>heir con<span class=\"_ _3\"></span>sequent es<span class=\"_ _3\"></span>timated ef<span class=\"_ _3\"></span>fect on pu<span class=\"_ _3\"></span>blic sec<span class=\"_ _3\"></span>tor spend<span class=\"_ _3\"></span>ing on infra<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs735\">In the d<span class=\"_ _3\"></span>erivati<span class=\"_ _3\"></span>on of each C<span class=\"_ _3\"></span>GU\u2019s value<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>-u<span class=\"_ _3\"></span>se, a terminal v<span class=\"_ _3\"></span>alue is assum<span class=\"_ _3\"></span>ed base<span class=\"_ _3\"></span>d on a multip<span class=\"_ _3\"></span>le of earni<span class=\"_ _3\"></span>ngs before interest a<span class=\"_ _3\"></span>nd tax<span class=\"_ _3\"></span>. The mult<span class=\"_ _3\"></span>iple </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs736\">is ap<span class=\"_ _3\"></span>plied to a termi<span class=\"_ _3\"></span>nal cash f<span class=\"_ _3\"></span>low<span class=\"_ _4\"></span>, w<span class=\"_ _3\"></span>hich is the no<span class=\"_ _3\"></span>rmalise<span class=\"_ _3\"></span>d cash fl<span class=\"_ _3\"></span>ow in the last ye<span class=\"_ _3\"></span>ar of the forec<span class=\"_ _3\"></span>ast peri<span class=\"_ _3\"></span>od. Howeve<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, d<span class=\"_ _3\"></span>ue to the long<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rm </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs737\">nature an<span class=\"_ _3\"></span>d the deg<span class=\"_ _3\"></span>ree of predic<span class=\"_ _3\"></span>tabili<span class=\"_ _3\"></span>ty of so<span class=\"_ _3\"></span>me contra<span class=\"_ _3\"></span>cts wi<span class=\"_ _3\"></span>thin Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Invest<span class=\"_ _3\"></span>ments US<span class=\"_ _3\"></span>, the foreca<span class=\"_ _3\"></span>st perio<span class=\"_ _3\"></span>d used in th<span class=\"_ _3\"></span>e deriva<span class=\"_ _3\"></span>tion of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs738\">this C<span class=\"_ _3\"></span>GU\u2019s value<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>in-<span class=\"_ _3\"></span>use ex<span class=\"_ _3\"></span>tends b<span class=\"_ _3\"></span>eyond the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s three<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>year ca<span class=\"_ _3\"></span>sh flow forec<span class=\"_ _3\"></span>ast peri<span class=\"_ _3\"></span>od in line wi<span class=\"_ _3\"></span>th the dura<span class=\"_ _3\"></span>tion of the c<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>s disclo<span class=\"_ _3\"></span>sed in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs739\">Note 41<span class=\"_ _4\"></span>(e). The EB<span class=\"_ _3\"></span>IT multi<span class=\"_ _3\"></span>ple is ca<span class=\"_ _3\"></span>lculated u<span class=\"_ _3\"></span>sing the Go<span class=\"_ _3\"></span>rdon Grow<span class=\"_ _3\"></span>th Mo<span class=\"_ _3\"></span>del and i<span class=\"_ _3\"></span>s a factor of the d<span class=\"_ _3\"></span>iscount r<span class=\"_ _3\"></span>ate and grow<span class=\"_ _3\"></span>th rate for eac<span class=\"_ _3\"></span>h CGU. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs73a\">Th<span class=\"_ _3\"></span>e nominal ter<span class=\"_ _3\"></span>minal valu<span class=\"_ _3\"></span>e is disco<span class=\"_ _3\"></span>unted to present valu<span class=\"_ _3\"></span>e.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs73b\">2023<span class=\"_ _22f\"> </span><span class=\"ff3c ls33 ws2c\">2022<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls6c ws64 gs73c\">Inflation<span class=\"_ _4\"></span> rate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs73d\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs73e\">Real growth<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd2 wsc6 gs73f\">rate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs740\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs741\">Nominal<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd2 wsc6 gs742\">long-term </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls102 wsf7 gs743\">growth rate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc4 ws9e gs744\">applied<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs745\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs746\">Inflation<span class=\"_ _4\"></span> rate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs747\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs748\">Real growth<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls10c ws85 gs749\">rate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs74a\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gs74b\">Nominal<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs74c\">long-<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>erm </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs74d\">grow<span class=\"_ _3\"></span>th r<span class=\"_ _3\"></span>ate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lscf ws78 gs74e\">applied<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs74f\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs750\">UK Re<span class=\"_ _3\"></span>gional a<span class=\"_ _3\"></span>nd Engine<span class=\"_ _3\"></span>ering Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices<span class=\"_ _2d9\"> </span><span class=\"ff3b ls66 ws5e\">2.8<span class=\"_ _81\"> </span><span class=\"ls104 wsf9\">1<span class=\"_ _3\"></span>.1<span class=\"_ _ff\"> </span><span class=\"ls4f ws49\">3.9<span class=\"_ _1c4\"> </span></span></span></span><span class=\"ff3b\"> <span class=\"_ _180\"> </span></span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>3<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">0.8<span class=\"_ _ff\"> </span><span class=\"ls106 wsfb\">3<span class=\"_ _2\"></span>.1<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs751\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup Inc<span class=\"_ _12c\"> </span><span class=\"ff3b lsab wsa1\">2.2<span class=\"_ _51\"> </span><span class=\"lsfe ws158\">1.<span class=\"_ _3\"></span>7<span class=\"_ _87\"> </span><span class=\"ls4f ws49\">3.9<span class=\"_ _1c4\"> </span></span></span></span><span class=\"ff3b\"> <span class=\"_ _180\"> </span></span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>2<span class=\"_ _87\"> </span><span class=\"ls2e ws7\">0<span class=\"_ _3\"></span>.7<span class=\"_ _51\"> </span></span>2.<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs752\">Rail U<span class=\"_ _3\"></span>K<span class=\"_ _124\"> </span><span class=\"ff3b ls66 ws5e\">2.8<span class=\"_ _81\"> </span><span class=\"ls104 wsf9\">1<span class=\"_ _3\"></span>.1<span class=\"_ _ff\"> </span><span class=\"ls4f ws49\">3.9<span class=\"_ _2e\"> </span></span></span></span><span class=\"ff3b\"> <span class=\"_ _97\"> </span></span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>3<span class=\"_ _7e\"> </span><span class=\"ls85 ws7d\">0.<span class=\"_ _3\"></span>8<span class=\"_ _51\"> </span><span class=\"ls106 wsfb\">3<span class=\"_ _2\"></span>.1<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs753\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments U<span class=\"_ _3\"></span>S <span class=\"_ _2da\"> </span><span class=\"ff3b lsab wsa1\">2.2<span class=\"_ _51\"> </span><span class=\"lsfe ws158\">1.7<span class=\"_ _51\"> </span><span class=\"ls4f ws49\">3.<span class=\"_ _3\"></span>9<span class=\"_ _2e\"> </span></span></span></span><span class=\"ff3b\"> <span class=\"_ _180\"> </span></span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>2<span class=\"_ _87\"> </span><span class=\"ls2e ws7\">0<span class=\"_ _3\"></span>.7<span class=\"_ _51\"> </span></span>2.<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs754\">Other<span class=\"_ _2db\"> </span><span class=\"ff3b ls73 ws80\">2.6<span class=\"_ _51\"> </span><span class=\"lsfe ws158\">1.<span class=\"_ _3\"></span>3<span class=\"_ _51\"> </span><span class=\"ls4f ws49\">3.9<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _97\"> </span></span></span></span></span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>3<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">0.8<span class=\"_ _ff\"> </span><span class=\"ls106 wsfb\">3<span class=\"_ _3\"></span>.1<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls120 ws119 gs755\">Sensitivit<span class=\"_ _4\"></span>ies<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs756\">Th<span class=\"_ _3\"></span>e Group\u2019s impair<span class=\"_ _3\"></span>ment review is sensi<span class=\"_ _3\"></span>tive to chan<span class=\"_ _3\"></span>ges in the key assum<span class=\"_ _3\"></span>ptions us<span class=\"_ _3\"></span>ed. Th<span class=\"_ _3\"></span>e major as<span class=\"_ _3\"></span>sumptions t<span class=\"_ _3\"></span>hat result in si<span class=\"_ _3\"></span>gnific<span class=\"_ _3\"></span>ant </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs757\">sensi<span class=\"_ _3\"></span>tivitie<span class=\"_ _3\"></span>s are the disc<span class=\"_ _3\"></span>ount rate and th<span class=\"_ _3\"></span>e long<span class=\"_ _3\"></span>-ter<span class=\"_ _3\"></span>m growt<span class=\"_ _3\"></span>h rate, and for cer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>n CGUs, c<span class=\"_ _3\"></span>hanges to un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing cas<span class=\"_ _3\"></span>h project<span class=\"_ _3\"></span>ions. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs758\">A reaso<span class=\"_ _3\"></span>nable p<span class=\"_ _3\"></span>ossib<span class=\"_ _3\"></span>le chang<span class=\"_ _3\"></span>e in k<span class=\"_ _4\"></span>ey a<span class=\"_ _3\"></span>ssumptio<span class=\"_ _3\"></span>ns would not g<span class=\"_ _3\"></span>ive rise to an imp<span class=\"_ _3\"></span>airme<span class=\"_ _3\"></span>nt in any of the Group\u2019s CGU<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-625": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls5 ws3 gs75a\">15 Int<span class=\"_ _3\"></span>angib<span class=\"_ _3\"></span>le as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts \u2013 ot<span class=\"_ _3\"></span>her<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs75b\">Customer<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs75c\">contracts<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs75d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs75e\">Customer<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls18a ws187 gs75f\">relationships<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs760\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs761\">Brand<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs762\">names<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs763\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs764\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs765\">Investments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls18a ws187 gs766\">intangibles<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs767\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls1ff ws21d gs768\">Sof<span class=\"_ _3\"></span>twa<span class=\"_ _3\"></span>re<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs769\">and other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs76a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs76b\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs76c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs76d\">Co<span class=\"_ _3\"></span>st o<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on<span class=\"_ _29e\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs76e\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2dc\"> </span><span class=\"ls12a ws11f\">218<span class=\"_ _38\"> </span><span class=\"ls115 ws10d\">49<span class=\"_ _b0\"> </span></span></span>3<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"ls44 ws3f\">633<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs76f\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _ac\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _9d\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls4a ws44 gs770\">Additions<span class=\"_ _246\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs771\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _185\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3\"></span>4<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _b0\"> </span></span></span>3<span class=\"_ _180\"> </span><span class=\"ls85 ws7d\">237<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>9<span class=\"_ _a0\"> </span><span class=\"ls16a ws15f\">668<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs772\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _79\"> </span><span class=\"ff3b ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _a3\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _180\"> </span></span></span></span>(1<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls4a ws44 gs773\">Additions<span class=\"_ _246\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs774\">Fair v<span class=\"_ _3\"></span>alue movement o<span class=\"_ _3\"></span>n loan as<span class=\"_ _3\"></span>sociate<span class=\"_ _3\"></span>d with inta<span class=\"_ _3\"></span>ngible a<span class=\"_ _3\"></span>sset<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs775\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _ff\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs776\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _243\"> </span><span class=\"ls66 ws5e\">230<span class=\"_ _9d\"> </span><span class=\"ls3e ws39\">52<span class=\"_ _9a\"> </span></span></span>3<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">248<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>8<span class=\"_ _180\"> </span><span class=\"ls10d ws101\">6<span class=\"_ _3\"></span>61<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls66 ws5e gs777\">Accumulate<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> amor<span class=\"_ _3\"></span>tisation<span class=\"_ _2dd\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs778\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _178\"> </span><span class=\"ls93 wsfa\">(16<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">(42)<span class=\"_ _9d\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _a3\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _cc\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls85 ws7d\">(3<span class=\"_ _3\"></span>37)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs779\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _153\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _a3\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _a0\"> </span><span class=\"ls61 ws59\">(26)<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs77a\">Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2de\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _38\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _7c\"> </span></span></span>\u2013<span class=\"_ _ad\"> </span><span class=\"ls66 ws5e\">(<span class=\"_ _3\"></span>5)<span class=\"_ _a3\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _97\"> </span><span class=\"ls164 ws157\">(13<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs77b\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _148\"> </span><span class=\"ls12a ws11f\">(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _a3\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _180\"> </span><span class=\"ls164 ws157\">(<span class=\"_ _3\"></span>13)<span class=\"_ _f2\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls16 ws12\">(<span class=\"_ _3\"></span>376)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs77c\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _e8\"> </span><span class=\"ff3b ls110 ws106\">11<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _38\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs77d\">Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2de\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _38\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _47\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>2)<span class=\"_ _a1\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs77e\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _294\"> </span><span class=\"ls10f ws105\">(18<span class=\"_ _2\"></span>2)<span class=\"_ _a1\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>6)<span class=\"_ _a3\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _a0\"> </span></span></span>(1<span class=\"_ _3\"></span>8)<span class=\"_ _ef\"> </span>(1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4)<span class=\"_ _fa\"> </span><span class=\"lsd ws18e\">(37<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs77f\">Carrying amo<span class=\"_ _4\"></span>unt<span class=\"_ _2df\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs780\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _236\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _b0\"> </span></span>6<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls66 ws5e\">230<span class=\"_ _9a\"> </span></span>4<span class=\"_ _a0\"> </span><span class=\"ls3e ws39\">288<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs781\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _71\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _b0\"> </span></span>7<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls109 ws87\">2<span class=\"_ _3\"></span>24<span class=\"_ _9a\"> </span></span>6<span class=\"_ _a0\"> </span><span class=\"lsa9 wsa0\">292<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs782\">Th<span class=\"_ _3\"></span>e Group rec<span class=\"_ _3\"></span>ognises c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain assets h<span class=\"_ _3\"></span>eld as pa<span class=\"_ _3\"></span>rt of ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e conc<span class=\"_ _3\"></span>ession ar<span class=\"_ _3\"></span>range<span class=\"_ _3\"></span>ments as Infr<span class=\"_ _3\"></span>astruc<span class=\"_ _3\"></span>ture Investment<span class=\"_ _3\"></span>s intangi<span class=\"_ _3\"></span>ble asset<span class=\"_ _3\"></span>s where </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs783\">the Gro<span class=\"_ _3\"></span>up bear<span class=\"_ _3\"></span>s demand r<span class=\"_ _3\"></span>isk under I<span class=\"_ _3\"></span>FRIC 12 Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e Conc<span class=\"_ _3\"></span>ession A<span class=\"_ _3\"></span>rran<span class=\"_ _3\"></span>gements<span class=\"_ _3\"></span>. In Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>, the Group c<span class=\"_ _3\"></span>ommenc<span class=\"_ _3\"></span>ed the co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs784\">pha<span class=\"_ _3\"></span>se at Univers<span class=\"_ _3\"></span>ity of Su<span class=\"_ _3\"></span>ssex\u2019s W<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>st Slop<span class=\"_ _3\"></span>e student a<span class=\"_ _3\"></span>ccomm<span class=\"_ _3\"></span>odati<span class=\"_ _3\"></span>on projec<span class=\"_ _3\"></span>t, incur<span class=\"_ _3\"></span>ring a sp<span class=\"_ _3\"></span>end of \u00a3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>nil) in the year, which i<span class=\"_ _3\"></span>nclude<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs785\">bank a<span class=\"_ _3\"></span>rrang<span class=\"_ _3\"></span>ement fees of \u00a3<span class=\"_ _3\"></span>3m. N<span class=\"_ _3\"></span>o interest was c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>alised in the ye<span class=\"_ _3\"></span>ar<span class=\"_ _4\"></span>, however a fa<span class=\"_ _3\"></span>ir value movem<span class=\"_ _3\"></span>ent of \u00a319m was rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d agains<span class=\"_ _3\"></span>t the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs786\">value of t<span class=\"_ _3\"></span>he asset, w<span class=\"_ _3\"></span>hich will u<span class=\"_ _3\"></span>nwind over the c<span class=\"_ _3\"></span>ourse of the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction p<span class=\"_ _3\"></span>hase. C<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion on th<span class=\"_ _3\"></span>is project i<span class=\"_ _3\"></span>s anticip<span class=\"_ _3\"></span>ated to comp<span class=\"_ _3\"></span>lete in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs787\">20<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>. The Infr<span class=\"_ _3\"></span>astruc<span class=\"_ _3\"></span>ture Investment<span class=\"_ _3\"></span>s intangi<span class=\"_ _3\"></span>ble asset<span class=\"_ _3\"></span>s are amor<span class=\"_ _3\"></span>tised o<span class=\"_ _3\"></span>n a straight-<span class=\"_ _3\"></span>lin<span class=\"_ _3\"></span>e basis over the l<span class=\"_ _3\"></span>ife of the projec<span class=\"_ _3\"></span>ts, whi<span class=\"_ _3\"></span>ch is 50 ye<span class=\"_ _3\"></span>ars. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs788\">Inta<span class=\"_ _3\"></span>ngible a<span class=\"_ _3\"></span>ssets are amo<span class=\"_ _3\"></span>rtis<span class=\"_ _3\"></span>ed on a stra<span class=\"_ _3\"></span>ight-<span class=\"_ _3\"></span>line basi<span class=\"_ _3\"></span>s over their exp<span class=\"_ _3\"></span>ected usefu<span class=\"_ _3\"></span>l lives, whi<span class=\"_ _3\"></span>ch are one to four yea<span class=\"_ _3\"></span>rs for custome<span class=\"_ _3\"></span>r contrac<span class=\"_ _3\"></span>ts, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs789\">three to 10 years for cu<span class=\"_ _3\"></span>stomer relat<span class=\"_ _3\"></span>ionships<span class=\"_ _3\"></span>, three to seven year<span class=\"_ _3\"></span>s f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r soft<span class=\"_ _3\"></span>ware, and u<span class=\"_ _3\"></span>p t<span class=\"_ _4\"></span>o f<span class=\"_ _3\"></span>ive years for b<span class=\"_ _3\"></span>rand nam<span class=\"_ _3\"></span>es, except for custo<span class=\"_ _3\"></span>mer </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs78a\">cont<span class=\"_ _3\"></span>racts an<span class=\"_ _3\"></span>d relation<span class=\"_ _3\"></span>ships relati<span class=\"_ _3\"></span>ng to Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Investm<span class=\"_ _3\"></span>ents Nor<span class=\"_ _3\"></span>th A<span class=\"_ _3\"></span>meric<span class=\"_ _3\"></span>a which a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tised on a b<span class=\"_ _3\"></span>asis matchi<span class=\"_ _3\"></span>ng the returns e<span class=\"_ _3\"></span>arned </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs78b\">over the li<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e of t<span class=\"_ _3\"></span>he under<span class=\"_ _3\"></span>lying c<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>s and relati<span class=\"_ _3\"></span>onships of u<span class=\"_ _3\"></span>p t<span class=\"_ _4\"></span>o 5<span class=\"_ _3\"></span>0 year<span class=\"_ _3\"></span>s. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs78c\">Ot<span class=\"_ _3\"></span>her intang<span class=\"_ _3\"></span>ible as<span class=\"_ _3\"></span>sets are amor<span class=\"_ _3\"></span>tise<span class=\"_ _3\"></span>d over perio<span class=\"_ _3\"></span>ds up to 10 years.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-587": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 lsf wsb gs78e\">1<span class=\"_ _4\"></span>6 Propert<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, plant a<span class=\"_ _4\"></span>nd equipment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs78f\">Land and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls4d ws47 gs790\">buildings<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs791\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs792\">Plant and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls18a ws187 gs793\">equipment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs794\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls97 ws8e gs795\">Assets in<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs796\">the course of<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs797\">construction<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs798\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs799\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs79a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs79b\">Co<span class=\"_ _3\"></span>st o<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on<span class=\"_ _2bd\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs79c\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2a4\"> </span><span class=\"ls105 wsc2\">65<span class=\"_ _a1\"> </span><span class=\"ls4a ws44\">252<span class=\"_ _9a\"> </span></span></span>8<span class=\"_ _a0\"> </span><span class=\"ls4a ws44\">3<span class=\"_ _3\"></span>25<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs79d\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2e0\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _9a\"> </span>9<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs79e\">T<span class=\"_ _5\"></span>ransfers <span class=\"_ _2e1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _ad\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls4a ws44 gs79f\">Additions <span class=\"_ _2e2\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span><span class=\"ls3c ws37\">31<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls3c ws37\">31<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7a0\">Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _69\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>)<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _ff\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>15)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs7a1\">Dispos<span class=\"_ _3\"></span>als<span class=\"_ _2e3\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _ff\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span></span>\u2013<span class=\"_ _ff\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7a2\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2e4\"> </span><span class=\"ls3e ws39\">57<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">277<span class=\"_ _9a\"> </span></span></span>1<span class=\"_ _a1\"> </span><span class=\"ls103 wsf8\">3<span class=\"_ _3\"></span>35<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs7a3\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _15d\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls10d ws101\">(6)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs7a4\">T<span class=\"_ _5\"></span>ransfers <span class=\"_ _2e1\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls4a ws44 gs7a5\">Additions <span class=\"_ _2e5\"> </span><span class=\"ff3b ls5 ws3\">4<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _9d\"> </span><span class=\"ls113 ws10b\">66<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs7a6\">Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed from rig<span class=\"_ _3\"></span>ht-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use assets (<span class=\"_ _3\"></span>Note 1<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _1f2\"> </span><span class=\"ff3b\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs7a7\">Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _2e6\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _a3\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _145\"> </span></span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls8b ws4\">(8)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs7a8\">Dispos<span class=\"_ _3\"></span>als<span class=\"_ _2e3\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs7a9\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2e7\"> </span><span class=\"ls10d ws101\">61<span class=\"_ _180\"> </span><span class=\"ls4c ws46\">3<span class=\"_ _3\"></span>01<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _180\"> </span></span></span></span>3<span class=\"_ _3\"></span>76<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls124 ws6a gs7aa\">Accumulat<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> depreciation<span class=\"_ _dc\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7ab\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _26e\"> </span><span class=\"ls5f ws57\">(49)<span class=\"_ _ef\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span></span></span>\u2013<span class=\"_ _125\"> </span><span class=\"lsc ws8\">(227<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs7ac\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _15d\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7ad\">Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2c6\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">(23)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"lsc ws8\">(27<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7ae\">Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _2e8\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _9a\"> </span></span>5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs7af\">Dispos<span class=\"_ _3\"></span>als<span class=\"_ _2e3\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7b0\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _27e\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>3)<span class=\"_ _fa\"> </span><span class=\"ls12a ws11f\">(18<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span></span></span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsa9 wsa0\">(23<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs7b1\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2e9\"> </span><span class=\"ff3b ls5 ws3\">1<span class=\"_ _9a\"> </span>3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs7b2\">Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2c6\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _a1\"> </span><span class=\"ls94 ws18a\">(24)<span class=\"_ _7b\"> </span></span></span><span class=\"ff3b\">\u2013<span class=\"_ _87\"> </span><span class=\"ls170 ws18f\">(28)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs7b3\">Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _287\"> </span><span class=\"ff3b\">3<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs7b4\">5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>8<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs7b5\">Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed from rig<span class=\"_ _3\"></span>ht-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use assets (<span class=\"_ _3\"></span>Note 1<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _2d2\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs7b6\">Dispos<span class=\"_ _3\"></span>als<span class=\"_ _2e3\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs7b7\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _11b\"> </span><span class=\"ls48 ws42\">(44)<span class=\"_ _1cb\"> </span><span class=\"ls14b ws189\">(1<span class=\"_ _3\"></span>91)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _128\"> </span><span class=\"ls1c ws107\">(2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs7b8\">Carrying amo<span class=\"_ _4\"></span>unt<span class=\"_ _2ea\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs7b9\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2e7\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _82\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>0<span class=\"_ _7d\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _98\"> </span><span class=\"ls10a wsfe\">1<span class=\"_ _3\"></span>41<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7ba\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _1fb\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _38\"> </span><span class=\"ls114 ws10c\">89<span class=\"_ _b0\"> </span></span></span>1<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2\"></span>4<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7bb\">E<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ept for land a<span class=\"_ _3\"></span>nd assets in t<span class=\"_ _3\"></span>he cours<span class=\"_ _3\"></span>e of constr<span class=\"_ _3\"></span>uction<span class=\"_ _3\"></span>, the cost<span class=\"_ _3\"></span>s of proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pla<span class=\"_ _3\"></span>nt and equi<span class=\"_ _3\"></span>pment are de<span class=\"_ _3\"></span>preciated o<span class=\"_ _3\"></span>n a straight<span class=\"_ _3\"></span>-lin<span class=\"_ _3\"></span>e basis </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gs7bc\">over thei<span class=\"_ _3\"></span>r e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pecte<span class=\"_ _3\"></span>d useful lives<span class=\"_ _3\"></span>. Buildin<span class=\"_ _3\"></span>gs are depre<span class=\"_ _3\"></span>ciated at 2.<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>% p<span class=\"_ _3\"></span>er annum and p<span class=\"_ _3\"></span>lant and eq<span class=\"_ _3\"></span>uipment is d<span class=\"_ _3\"></span>epreci<span class=\"_ _3\"></span>ated at 4<span class=\"_ _4\"></span>% to 3<span class=\"_ _3\"></span>3% per annum<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-588": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls5 ws3 gs7be\">1<span class=\"_ _4\"></span>7 Ri<span class=\"_ _3\"></span>ght-o<span class=\"_ _3\"></span>f-us<span class=\"_ _3\"></span>e as<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s </div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs7bf\">Land and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls4d ws47 gs7c0\">buildings<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs7c1\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs7c2\">Plant and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls18a ws187 gs7c3\">equipment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs7c4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs7c5\">Mot<span class=\"_ _3\"></span>or </div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs7c6\">vehicles </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs7c7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs7c8\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs7c9\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs7ca\">Co<span class=\"_ _3\"></span>st o<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on<span class=\"_ _2bd\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7cb\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2a4\"> </span><span class=\"ls114 ws10c\">86<span class=\"_ _47\"> </span><span class=\"ls187 ws184\">44<span class=\"_ _47\"> </span><span class=\"lsab wsa1\">92<span class=\"_ _a0\"> </span><span class=\"ls120 ws119\">222<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs7cc\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2e9\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>6<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls4a ws44 gs7cd\">Additions <span class=\"_ _265\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _7d\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _38\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7ce\">Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _6a\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11)<span class=\"_ _20c\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>)<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _a1\"> </span><span class=\"lsc ws8\">(<span class=\"_ _3\"></span>27)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs7cf\">Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2eb\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _38\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _38\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7d0\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2e4\"> </span><span class=\"ls12c ws121\">95<span class=\"_ _47\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _98\"> </span><span class=\"ls78 ws11a\">247<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs7d1\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2ec\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _9d\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls4a ws44 gs7d2\">Additions <span class=\"_ _265\"> </span><span class=\"ff3b ls110 ws106\">11<span class=\"_ _39\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">47<span class=\"_ _7d\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs7d3\">Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _2e6\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _a3\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _a0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>4)<span class=\"_ _a1\"> </span><span class=\"ls94 ws18a\">(<span class=\"_ _3\"></span>24)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs7d4\">Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed to prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment (N<span class=\"_ _3\"></span>ote 1<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _234\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs7d5\">Lease modific<span class=\"_ _3\"></span>ation<span class=\"_ _14b\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _38\"> </span>(1)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs7d6\">Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2eb\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _a3\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _a0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0)<span class=\"_ _180\"> </span>(1<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs7d7\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _27e\"> </span><span class=\"ls21f ws108\">89<span class=\"_ _a3\"> </span><span class=\"ls124 ws6a\">55<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>8<span class=\"_ _a0\"> </span><span class=\"ls85 ws7d\">272<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls124 ws6a gs7d8\">Accumulat<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> depreciation<span class=\"_ _dc\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7d9\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _26e\"> </span><span class=\"ls72 wsf5\">(34)<span class=\"_ _97\"> </span><span class=\"ls12a ws11f\">(19<span class=\"_ _3\"></span>)<span class=\"_ _a0\"> </span></span>(4<span class=\"_ _3\"></span>4)<span class=\"_ _a1\"> </span><span class=\"ls3b ws36\">(97)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs7da\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2ec\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _7d\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7db\">Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2ed\"> </span><span class=\"ls12a ws11f\">(18<span class=\"_ _3\"></span>)<span class=\"_ _7e\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11)<span class=\"_ _97\"> </span><span class=\"ls4a ws44\">(<span class=\"_ _3\"></span>25)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7dc\">Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _2ee\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _39\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _9a\"> </span></span></span>6<span class=\"_ _38\"> </span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs7dd\">Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2ef\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>3<span class=\"_ _9a\"> </span>7<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7de\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _27e\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>0)<span class=\"_ _a1\"> </span>(20)<span class=\"_ _a1\"> </span><span class=\"ls124 ws6a\">(60)<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs7df\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2e9\"> </span><span class=\"ff3b ls5 ws3\">1<span class=\"_ _9a\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs7e0\">Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2ed\"> </span><span class=\"ff3b ls10f ws105\">(18<span class=\"_ _3\"></span>)<span class=\"_ _98\"> </span><span class=\"ls110 ws106\">(11<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(28)<span class=\"_ _a1\"> </span>(57)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs7e1\">Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _287\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _38\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs7e2\">Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed to prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment (N<span class=\"_ _3\"></span>ote 1<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _2f0\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs7e3\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs7e4\">Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2ef\"> </span><span class=\"ff3b ls5 ws3\">4<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>8<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs7e5\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _11b\"> </span><span class=\"ls48 ws42\">(46<span class=\"_ _3\"></span>)<span class=\"_ _116\"> </span><span class=\"ls1c ws107\">(2<span class=\"_ _3\"></span>5)<span class=\"_ _116\"> </span><span class=\"ls10d ws101\">(6<span class=\"_ _3\"></span>6)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>7)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs7e6\">Carrying amo<span class=\"_ _4\"></span>unt<span class=\"_ _2ea\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs7e7\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _27e\"> </span><span class=\"ls11d wsf4\">43<span class=\"_ _a3\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _9d\"> </span><span class=\"ls18b ws188\">62<span class=\"_ _a0\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7e8\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2e4\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _a3\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _a3\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls8f ws86 gsb2d\">28 Lease liabilities<span class=\"_ _4\"></span> </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gsb2e\">28.<span class=\"_ _5\"></span>1 Mo<span class=\"_ _4\"></span>vements<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsb2f\">Land and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gsb30\">buildings<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb31\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsb32\">Plant and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18a ws187 gsb33\">equipment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb34\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsb35\">Mot<span class=\"_ _3\"></span>or </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsb36\">vehicles </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb37\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsb38\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb39\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb3a\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _337\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _9d\"> </span><span class=\"ls115 ws10d\">49<span class=\"_ _180\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gsb3b\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2e9\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4a ws44 gsb3c\">Additions<span class=\"_ _348\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _7d\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _38\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _9d\"> </span><span class=\"ls42 ws3d\">54<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb3d\">Pay<span class=\"_ _3\"></span>ments mad<span class=\"_ _3\"></span>e for lease li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gsb3e\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls12a ws11f gsb3f\">(19<span class=\"_ _3\"></span>)<span class=\"_ _98\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">(27<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"lsaa ws69\">(58)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gsb40\">Dispos<span class=\"_ _3\"></span>als<span class=\"_ _31c\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _9d\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gsb41\">Inter<span class=\"_ _4\"></span>est on lease liabilities <span class=\"_ _253\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _b0\"> </span>1<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span>6<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb42\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2e4\"> </span><span class=\"ls44 ws3f\">58<span class=\"_ _a3\"> </span><span class=\"lsc ws8\">27<span class=\"_ _38\"> </span><span class=\"ls78 ws11a\">47<span class=\"_ _180\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsb43\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2ec\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _145\"> </span></span>(2)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls4a ws44 gsb44\">Additions <span class=\"_ _265\"> </span><span class=\"ff46 ls110 ws106\">11<span class=\"_ _39\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _7d\"> </span><span class=\"ls48 ws42\">47<span class=\"_ _38\"> </span><span class=\"ls72 wsf5\">75<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsb45\">Lease modific<span class=\"_ _3\"></span>ation<span class=\"_ _4\"></span> <span class=\"_ _23a\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _38\"> </span>(1)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb46\">Pay<span class=\"_ _3\"></span>ments mad<span class=\"_ _3\"></span>e for lease li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gsb47\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3c ws37 gsb48\">(20)<span class=\"_ _a0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>3)<span class=\"_ _a0\"> </span><span class=\"lsf7 ws100\">(30)<span class=\"_ _a1\"> </span><span class=\"lsd ws18e\">(6<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsb49\">Dispos<span class=\"_ _3\"></span>als<span class=\"_ _349\"> </span><span class=\"ff46 ls14b ws189\">(1)<span class=\"_ _38\"> </span>(1)<span class=\"_ _a3\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _a3\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsb4a\">Inter<span class=\"_ _4\"></span>est on lease liabilities <span class=\"_ _253\"> </span><span class=\"ff46 ls5 ws3\">3<span class=\"_ _b0\"> </span>1<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span>6<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsb4b\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _27e\"> </span><span class=\"ls21f ws108\">49<span class=\"_ _9d\"> </span><span class=\"ls7 ws102\">31<span class=\"_ _38\"> </span><span class=\"ls43 ws3e\">63<span class=\"_ _a0\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gsb4c\">+ <span class=\"_ _37\"> </span>P<span class=\"_ _3\"></span>ayme<span class=\"_ _3\"></span>nts ma<span class=\"_ _3\"></span>de for le<span class=\"_ _3\"></span>ase li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>ties in<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>e an inter<span class=\"_ _3\"></span>est ele<span class=\"_ _3\"></span>ment of \u00a3<span class=\"_ _3\"></span>6m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>6m).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gsb4d\">28.2 Maturity analysis \u2013 contractual undiscounted cash flows<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gsb4e\">Land and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gsb4f\">buildings<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsb50\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsb51\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gsb52\">Plant and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsb53\">equipme<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsb54\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsb55\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gsb56\">Motor<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsb57\">ve<span class=\"_ _3\"></span>hic<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>s </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsb58\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsb59\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gsb5a\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsb5b\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsb5c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsb5d\">Land and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gsb5e\">buildings<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsb5f\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb60\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsb61\">Plant and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18a ws187 gsb62\">equipment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsb63\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb64\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsb65\">Mot<span class=\"_ _3\"></span>or </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsb66\">vehicles </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsb67\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb68\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsb69\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsb6a\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb6b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb6c\">Due w<span class=\"_ _3\"></span>ithin one ye<span class=\"_ _3\"></span>ar<span class=\"_ _34a\"> </span><span class=\"ff46 ls48 ws42\">13<span class=\"_ _38\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _38\"> </span><span class=\"ls85 ws7d\">27<span class=\"_ _9d\"> </span><span class=\"ls5f ws57\">50<span class=\"_ _38\"> </span></span></span></span></span><span class=\"ls93 wsfa\">16<span class=\"_ _9a\"> </span></span>9<span class=\"_ _38\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _9d\"> </span><span class=\"ls115 ws10d\">49<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb6d\">Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years<span class=\"_ _219\"> </span><span class=\"ff46 ls7 ws102\">10<span class=\"_ _9a\"> </span></span><span class=\"ff46\">7<span class=\"_ _38\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _9d\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _7d\"> </span></span></span></span><span class=\"ls11c ws115\">11<span class=\"_ _119\"> </span></span>7<span class=\"_ _7d\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _38\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb6e\">Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years<span class=\"_ _302\"> </span><span class=\"ff46 ls88 ws4f\">17<span class=\"_ _7d\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _9d\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _38\"> </span><span class=\"ls107 wsfc\">51<span class=\"_ _38\"> </span></span></span></span></span><span class=\"ls5f ws57\">20<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _39\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _17e\"> </span><span class=\"ls5b ws15e\">41<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb6f\">Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s<span class=\"_ _283\"> </span><span class=\"ff46 ls48 ws42\">13<span class=\"_ _9a\"> </span></span><span class=\"ff46\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _38\"> </span></span></span><span class=\"ls164 ws157\">13<span class=\"_ _11c\"> </span></span>4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gsb70\">T<span class=\"_ _5\"></span>otal undiscounted<span class=\"_ _4\"></span> cas<span class=\"_ _3\"></span>h<span class=\"_ _4\"></span> flows <span class=\"_ _20\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _9d\"> </span><span class=\"ls3b ws36\">35<span class=\"_ _a3\"> </span><span class=\"ls113 ws10b\">66<span class=\"_ _a0\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _3\"></span>4<span class=\"_ _9d\"> </span><span class=\"ff47 ls114 ws10c\">60<span class=\"_ _a3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _a3\"> </span><span class=\"ls115 ws10d\">49<span class=\"_ _a1\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsb71\">28<span class=\"_ _3\"></span>.3 Am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>ts re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d in th<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span>e st<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsb72\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsb73\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsb74\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb75\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsb76\">Inter<span class=\"_ _4\"></span>est on lease liabilities<span class=\"_ _34b\"> </span><span class=\"ff46 ls5 ws3\">6<span class=\"_ _9a\"> </span><span class=\"ff47\">6<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsb77\">Ex<span class=\"_ _3\"></span>penses r<span class=\"_ _4\"></span>elating to short-<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>erm leases <span class=\"_ _284\"> </span><span class=\"ff46 ls90 ws116\">12<span class=\"_ _3\"></span>3<span class=\"_ _98\"> </span></span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>1</span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-651": {
   "value": "1<span class=\"_ _4\"></span>7 Ri<span class=\"_ _3\"></span>ght-o<span class=\"_ _3\"></span>f-us<span class=\"_ _3\"></span>e as<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s Land and<span class=\"_ _3ab\"> </span>buildings<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Plant and<span class=\"_ _3ab\"> </span>equipment<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Mot<span class=\"_ _3\"></span>or vehicles \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>st o<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on<span class=\"_ _2bd\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2a4\"> </span><span class=\"ls114 ws10c\">86<span class=\"_ _47\"> </span><span class=\"ls187 ws184\">44<span class=\"_ _47\"> </span><span class=\"lsab wsa1\">92<span class=\"_ _a0\"> </span><span class=\"ls120 ws119\">222<span class=\"_ _3ab\"> </span></span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2e9\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>6<span class=\"_ _3ab\"> </span></span>Additions <span class=\"_ _265\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _7d\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _38\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _3ab\"> </span></span></span></span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _6a\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11)<span class=\"_ _20c\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>)<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _a1\"> </span><span class=\"lsc ws8\">(<span class=\"_ _3\"></span>27)<span class=\"_ _3ab\"> </span></span></span></span></span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2eb\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _38\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _38\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2e4\"> </span><span class=\"ls12c ws121\">95<span class=\"_ _47\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _98\"> </span><span class=\"ls78 ws11a\">247<span class=\"_ _3ab\"> </span></span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2ec\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _9d\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span></span></span>Additions <span class=\"_ _265\"> </span><span class=\"ff3b ls110 ws106\">11<span class=\"_ _39\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">47<span class=\"_ _7d\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _3ab\"> </span></span></span></span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _2e6\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _a3\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _a0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>4)<span class=\"_ _a1\"> </span><span class=\"ls94 ws18a\">(<span class=\"_ _3\"></span>24)<span class=\"_ _3ab\"> </span></span></span></span></span>Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed to prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment (N<span class=\"_ _3\"></span>ote 1<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _234\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span>Lease modific<span class=\"_ _3\"></span>ation<span class=\"_ _14b\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _38\"> </span>(1)<span class=\"_ _3ab\"> </span></span></span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2eb\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _a3\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _a0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0)<span class=\"_ _180\"> </span>(1<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _27e\"> </span><span class=\"ls21f ws108\">89<span class=\"_ _a3\"> </span><span class=\"ls124 ws6a\">55<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>8<span class=\"_ _a0\"> </span><span class=\"ls85 ws7d\">272<span class=\"_ _3ab\"> </span></span></span></span></span>Accumulat<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> depreciation<span class=\"_ _dc\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _26e\"> </span><span class=\"ls72 wsf5\">(34)<span class=\"_ _97\"> </span><span class=\"ls12a ws11f\">(19<span class=\"_ _3\"></span>)<span class=\"_ _a0\"> </span></span>(4<span class=\"_ _3\"></span>4)<span class=\"_ _a1\"> </span><span class=\"ls3b ws36\">(97)<span class=\"_ _3ab\"> </span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2ec\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _7d\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _3ab\"> </span></span></span></span></span>Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2ed\"> </span><span class=\"ls12a ws11f\">(18<span class=\"_ _3\"></span>)<span class=\"_ _7e\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11)<span class=\"_ _97\"> </span><span class=\"ls4a ws44\">(<span class=\"_ _3\"></span>25)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _2ee\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _39\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _9a\"> </span></span></span>6<span class=\"_ _38\"> </span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2ef\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>3<span class=\"_ _9a\"> </span>7<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _27e\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>0)<span class=\"_ _a1\"> </span>(20)<span class=\"_ _a1\"> </span><span class=\"ls124 ws6a\">(60)<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _2e9\"> </span><span class=\"ff3b ls5 ws3\">1<span class=\"_ _9a\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Char<span class=\"_ _3\"></span>ge for the year <span class=\"_ _2ed\"> </span><span class=\"ff3b ls10f ws105\">(18<span class=\"_ _3\"></span>)<span class=\"_ _98\"> </span><span class=\"ls110 ws106\">(11<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(28)<span class=\"_ _a1\"> </span>(57)<span class=\"_ _3ab\"> </span></span></span></span>Remov<span class=\"_ _3\"></span>al of fully de<span class=\"_ _3\"></span>preciate<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span>/assets sc<span class=\"_ _3\"></span>rapp<span class=\"_ _3\"></span>ed<span class=\"_ _287\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _38\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _3ab\"> </span></span></span></span>Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed to prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment (N<span class=\"_ _3\"></span>ote 1<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _2f0\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span>Dispos<span class=\"_ _3\"></span>als<span class=\"_ _4\"></span> <span class=\"_ _2ef\"> </span><span class=\"ff3b ls5 ws3\">4<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>8<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _11b\"> </span><span class=\"ls48 ws42\">(46<span class=\"_ _3\"></span>)<span class=\"_ _116\"> </span><span class=\"ls1c ws107\">(2<span class=\"_ _3\"></span>5)<span class=\"_ _116\"> </span><span class=\"ls10d ws101\">(6<span class=\"_ _3\"></span>6)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>7)<span class=\"_ _3ab\"> </span></span></span></span></span>Carrying amo<span class=\"_ _4\"></span>unt<span class=\"_ _2ea\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _27e\"> </span><span class=\"ls11d wsf4\">43<span class=\"_ _a3\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _9d\"> </span><span class=\"ls18b ws188\">62<span class=\"_ _a0\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2e4\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _a3\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _a3\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-589": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 lsf wsb gs7ea\">1<span class=\"_ _4\"></span>8 Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span> proper<span class=\"_ _3\"></span>ties<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs7eb\">Cost<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs7ec\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lscf ws78 gs7ed\">Accumul<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls97 ws8e gs7ee\">depreciation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs7ef\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs7f0\">Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ying </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls128 ws10e gs7f1\">amou<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs7f2\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7f3\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2f1\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _ad\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _87\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7f4\">Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on charge fo<span class=\"_ _3\"></span>r the year <span class=\"_ _29a\"> </span>\u2013<span class=\"_ _ad\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>2)<span class=\"_ _a3\"> </span>(2)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7f5\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2d6\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _17e\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _51\"> </span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs7f6\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2f2\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7f\"> </span></span>(1)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls4a ws44 gs7f7\">Additions<span class=\"_ _197\"> </span><span class=\"ff3b ls45 ws40\">42<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>42<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs7f8\">Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on charge fo<span class=\"_ _3\"></span>r the year <span class=\"_ _29a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _ad\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _a3\"> </span>(2)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs7f9\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2f3\"> </span>76<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0)<span class=\"_ _87\"> </span><span class=\"ls113 ws10b\">66<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs7fa\">Investm<span class=\"_ _3\"></span>ent proper<span class=\"_ _3\"></span>ties a<span class=\"_ _3\"></span>re held by the G<span class=\"_ _3\"></span>roup to gener<span class=\"_ _3\"></span>ate rental inc<span class=\"_ _3\"></span>ome and c<span class=\"_ _3\"></span>apita<span class=\"_ _3\"></span>l apprec<span class=\"_ _3\"></span>iation. T<span class=\"_ _3\"></span>he Group h<span class=\"_ _3\"></span>as chose<span class=\"_ _3\"></span>n to account for i<span class=\"_ _3\"></span>ts investme<span class=\"_ _3\"></span>nt </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs7fb\">prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y asset<span class=\"_ _3\"></span>s under th<span class=\"_ _3\"></span>e cost meth<span class=\"_ _3\"></span>od. In 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, the Grou<span class=\"_ _3\"></span>p acquire<span class=\"_ _3\"></span>d a new student a<span class=\"_ _3\"></span>ccomm<span class=\"_ _3\"></span>odati<span class=\"_ _3\"></span>on proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y in T<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llahas<span class=\"_ _3\"></span>see, Flor<span class=\"_ _3\"></span>ida for \u00a342m<span class=\"_ _3\"></span>. The </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs7fc\">Grou<span class=\"_ _3\"></span>p has non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>recour<span class=\"_ _3\"></span>se projec<span class=\"_ _3\"></span>t speci<span class=\"_ _3\"></span>fic financ<span class=\"_ _3\"></span>ing amou<span class=\"_ _3\"></span>nting to \u00a34<span class=\"_ _3\"></span>8m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a32<span class=\"_ _3\"></span>3m), whi<span class=\"_ _3\"></span>ch is secure<span class=\"_ _3\"></span>d through fl<span class=\"_ _3\"></span>oating c<span class=\"_ _3\"></span>harges over t<span class=\"_ _3\"></span>he<span class=\"_ gs52\"> </span>proper<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs7fd\">Onc<span class=\"_ _3\"></span>e a proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y is read<span class=\"_ _3\"></span>y f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r use, the Grou<span class=\"_ _3\"></span>p cease<span class=\"_ _3\"></span>s capit<span class=\"_ _3\"></span>alisati<span class=\"_ _3\"></span>on of interest cos<span class=\"_ _3\"></span>t and comm<span class=\"_ _3\"></span>ences d<span class=\"_ _3\"></span>eprecia<span class=\"_ _3\"></span>tion on the p<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>ty, on a stra<span class=\"_ _3\"></span>ight-<span class=\"_ _3\"></span>line </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gs7fe\">basi<span class=\"_ _3\"></span>s over 25 years. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p generate<span class=\"_ _3\"></span>d \u00a37m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a34m) of renta<span class=\"_ _3\"></span>l income f<span class=\"_ _3\"></span>rom its investm<span class=\"_ _3\"></span>ent proper<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-626": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 lsf wsb gs800\">1<span class=\"_ _4\"></span>9 Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tments i<span class=\"_ _4\"></span>n joint v<span class=\"_ _4\"></span>entures and associates<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs801\">19<span class=\"_ _4\"></span>.<span class=\"_ _5\"></span>1 Mov<span class=\"_ _4\"></span>ements<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls4b ws45 gs802\">Net<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls97 ws8e gs803\">assets<span class=\"_ _4\"></span> </div><div class=\"t m0 h46 ff3c fs22 fc4 sc0 ls5 ws3 gs804\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs805\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs806\">Lo<span class=\"_ _3\"></span>ans </div><div class=\"t m0 h46 ff3c fs22 fc4 sc0 ls5 ws3 gs807\">^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs808\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs809\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs80a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs80b\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _196\"> </span><span class=\"ls11d wsf4\">396<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"lsb4 wsad\">503<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs80c\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2f4\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>28<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs80d\">Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _2f5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs80e\">Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets (<span class=\"_ _3\"></span>Note 32.<span class=\"_ _4\"></span>1)<span class=\"_ _29e\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs80f\">Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _208\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs810\">Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment benefi<span class=\"_ _3\"></span>t assets<span class=\"_ _3\"></span>/li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _288\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs811\">T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome (N<span class=\"_ _3\"></span>ote 32.<span class=\"_ _5\"></span>1)<span class=\"_ _12a\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls73 ws80 gs812\">Dividends<span class=\"_ _2f6\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b2\"> </span></span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls4a ws44 gs813\">Additions<span class=\"_ _197\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>30<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs814\">Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y<span class=\"_ _2f7\"> </span><span class=\"ls72 wsf5\">(3<span class=\"_ _3\"></span>4)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls72 wsf5\">(34)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs815\">Loans repaid<span class=\"_ _2f8\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _39\"> </span>(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs816\">Dist<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>on in excess of ear<span class=\"_ _3\"></span>nings rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d directl<span class=\"_ _3\"></span>y in incom<span class=\"_ _3\"></span>e statement<span class=\"_ _153\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs817\">Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s (Note 26<span class=\"_ _3\"></span>)<span class=\"_ _2d5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs818\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2f9\"> </span><span class=\"ls5f ws57\">320<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2\"></span>6<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">426<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs819\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2c6\"> </span><span class=\"ff3b ls10f ws105\">(16<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _51\"> </span></span>(1<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs81a\">Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _2fa\"> </span><span class=\"ff3b ls120 ws119\">53<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs81b\">Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets (<span class=\"_ _3\"></span>Note 32.<span class=\"_ _4\"></span>1)<span class=\"_ _15a\"> </span><span class=\"ff3b ls92 ws8a\">20<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs81c\">Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _25c\"> </span><span class=\"ff3b\">2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs81d\">Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment benefi<span class=\"_ _3\"></span>t assets<span class=\"_ _3\"></span>/li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _1b9\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs81e\">T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome (N<span class=\"_ _3\"></span>ote 32.<span class=\"_ _5\"></span>1)<span class=\"_ _9f\"> </span><span class=\"ff3b ls1c ws107\">(5)<span class=\"_ _145\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls73 ws80 gs81f\">Dividends<span class=\"_ _2fb\"> </span><span class=\"ff3b ls10d ws101\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7e\"> </span></span>(6<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls4a ws44 gs820\">Additions<span class=\"_ _2fc\"> </span><span class=\"ff3b ls2e ws7\">14<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7d\"> </span></span>14<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs821\">Disp<span class=\"_ _3\"></span>osal of G<span class=\"_ _3\"></span>louces<span class=\"_ _3\"></span>ter Waste (N<span class=\"_ _3\"></span>ote 34<span class=\"_ _3\"></span>.2.<span class=\"_ _3\"></span>2)<span class=\"_ _14f\"> </span><span class=\"ff3b ls170 ws18f\">(7)<span class=\"_ _a1\"> </span><span class=\"ls94 ws18a\">(24)<span class=\"_ _180\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>31)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs822\">Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y<span class=\"_ _2fd\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs823\">Imp<span class=\"_ _3\"></span>airment of l<span class=\"_ _3\"></span>oans to joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates (<span class=\"_ _3\"></span>Note 9)<span class=\"_ _2de\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _ad\"> </span><span class=\"lsf7 ws100\">(9)<span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs824\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2b2\"> </span><span class=\"ls7 ws102\">316<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _a0\"> </span><span class=\"lsa9 wsa0\">389<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs825\">+ <span class=\"_ _37\"> </span>In<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>es goo<span class=\"_ _3\"></span>dwi<span class=\"_ _3\"></span>ll aris<span class=\"_ _3\"></span>ing on a<span class=\"_ _3\"></span>cqui<span class=\"_ _3\"></span>sitio<span class=\"_ _3\"></span>n of the G<span class=\"_ _3\"></span>roup\u2019s inte<span class=\"_ _3\"></span>rests in i<span class=\"_ _3\"></span>nvest<span class=\"_ _3\"></span>ments i<span class=\"_ _3\"></span>n joint ve<span class=\"_ _3\"></span>ntures a<span class=\"_ _3\"></span>nd ass<span class=\"_ _3\"></span>ocia<span class=\"_ _3\"></span>tes.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls18 ws3 gs826\">^ <span class=\"_ _37\"> </span>L<span class=\"_ _3\"></span>oans i<span class=\"_ _3\"></span>nclu<span class=\"_ _3\"></span>de sub<span class=\"_ _3\"></span>ordin<span class=\"_ _3\"></span>ated d<span class=\"_ _3\"></span>ebt rec<span class=\"_ _3\"></span>eiva<span class=\"_ _3\"></span>ble fro<span class=\"_ _3\"></span>m joint v<span class=\"_ _3\"></span>enture<span class=\"_ _3\"></span>s and ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ates wi<span class=\"_ _3\"></span>thin th<span class=\"_ _3\"></span>e Infra<span class=\"_ _3\"></span>stru<span class=\"_ _3\"></span>cture I<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ents se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>t.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs827\">Th<span class=\"_ _3\"></span>e princi<span class=\"_ _3\"></span>pal joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates are sh<span class=\"_ _3\"></span>own in Note 41<span class=\"_ _5\"></span>. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs828\">Th<span class=\"_ _3\"></span>e amount of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of borrow<span class=\"_ _3\"></span>ings of joi<span class=\"_ _3\"></span>nt ventures and ass<span class=\"_ _3\"></span>ociates w<span class=\"_ _3\"></span>hich was su<span class=\"_ _3\"></span>ppor<span class=\"_ _3\"></span>ted by the G<span class=\"_ _3\"></span>roup and th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any was \u00a3nil </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs829\">(2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a3nil). </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs82a\">Th<span class=\"_ _3\"></span>e non<span class=\"_ _3\"></span>-rec<span class=\"_ _3\"></span>ourse b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs of joint venture an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iate entities re<span class=\"_ _3\"></span>lating to infra<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ure conce<span class=\"_ _3\"></span>ssions pro<span class=\"_ _3\"></span>jects are re<span class=\"_ _3\"></span>payabl<span class=\"_ _3\"></span>e over perio<span class=\"_ _3\"></span>ds </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs82b\">exten<span class=\"_ _3\"></span>ding up to 20<span class=\"_ _3\"></span>57<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cours<span class=\"_ _3\"></span>e borrow<span class=\"_ _3\"></span>ings arise u<span class=\"_ _3\"></span>nder fac<span class=\"_ _3\"></span>ilities t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n out by proje<span class=\"_ _3\"></span>ct-<span class=\"_ _3\"></span>speci<span class=\"_ _3\"></span>fic joint ventu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>nd asso<span class=\"_ _3\"></span>ciate con<span class=\"_ _3\"></span>cession </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs82c\">com<span class=\"_ _3\"></span>panies<span class=\"_ _3\"></span>. The bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s of each co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>on comp<span class=\"_ _3\"></span>any are secure<span class=\"_ _3\"></span>d by a combi<span class=\"_ _3\"></span>nation of fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d and flo<span class=\"_ _3\"></span>ating char<span class=\"_ _3\"></span>ges over that c<span class=\"_ _3\"></span>onces<span class=\"_ _3\"></span>sion </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs82d\">com<span class=\"_ _3\"></span>pany\u2019s interests in i<span class=\"_ _3\"></span>ts projec<span class=\"_ _3\"></span>t\u2019s assets and revenu<span class=\"_ _3\"></span>es and the sh<span class=\"_ _3\"></span>ares in the co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>on comp<span class=\"_ _3\"></span>any held by it<span class=\"_ _3\"></span>s immedi<span class=\"_ _3\"></span>ate parent com<span class=\"_ _3\"></span>pany<span class=\"_ _4\"></span>. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs82e\">A<span class=\"_ gs52\"> </span>signi<span class=\"_ _3\"></span>ficant p<span class=\"_ _3\"></span>art of t<span class=\"_ _3\"></span>hese loa<span class=\"_ _3\"></span>ns has bee<span class=\"_ _3\"></span>n swappe<span class=\"_ _3\"></span>d into fixed rate de<span class=\"_ _3\"></span>bt by the use of interes<span class=\"_ _3\"></span>t rate swaps.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs82f\">As d<span class=\"_ _3\"></span>isclos<span class=\"_ _3\"></span>ed in Note 41<span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>f), the G<span class=\"_ _3\"></span>roup has co<span class=\"_ _3\"></span>mmitte<span class=\"_ _3\"></span>d to provide it<span class=\"_ _3\"></span>s share of fur<span class=\"_ _3\"></span>ther eq<span class=\"_ _3\"></span>uity f<span class=\"_ _3\"></span>unding of jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s in </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs830\">Infra<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ure Investments\u2019 p<span class=\"_ _3\"></span>rojects a<span class=\"_ _3\"></span>nd milita<span class=\"_ _3\"></span>ry ho<span class=\"_ _3\"></span>using co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>ons. Fur<span class=\"_ _3\"></span>ther, in respec<span class=\"_ _3\"></span>t of a number of th<span class=\"_ _3\"></span>ese investment<span class=\"_ _3\"></span>s the Group h<span class=\"_ _3\"></span>as </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs831\">com<span class=\"_ _3\"></span>mitted n<span class=\"_ _3\"></span>ot to dispose of i<span class=\"_ _3\"></span>ts equi<span class=\"_ _3\"></span>ty interest u<span class=\"_ _3\"></span>ntil constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n is comp<span class=\"_ _3\"></span>lete. As is cus<span class=\"_ _3\"></span>tomar<span class=\"_ _3\"></span>y in such pro<span class=\"_ _3\"></span>jects<span class=\"_ _3\"></span>, banking c<span class=\"_ _3\"></span>ovenants res<span class=\"_ _3\"></span>trict </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs832\">the<span class=\"_ gs52\"> </span>p<span class=\"_ _3\"></span>ayment of di<span class=\"_ _3\"></span>vidend<span class=\"_ _3\"></span>s and other d<span class=\"_ _3\"></span>istribu<span class=\"_ _3\"></span>tions.<span class=\"_ _3ab\"> </span></div>19.<span class=\"_ _3\"></span>2 Shar<span class=\"_ _3\"></span>e of r<span class=\"_ _3\"></span>esu<span class=\"_ _3\"></span>lt<span class=\"_ _3\"></span>s and n<span class=\"_ _3\"></span>et a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s of jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s and a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>iat<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _3ab\"> </span>Income sta<span class=\"_ _3\"></span>tement Construc<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Suppor<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span>Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>UK<span class=\"ff3c fs5 ls5 ws3\"> </span>^<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>North<span class=\"_ _3ab\"> </span>America<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Reve<span class=\"_ _3\"></span>nue<span class=\"_ _7a\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>6<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>3<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _98\"> </span><span class=\"ls90 ws116\">216<span class=\"_ _1f7\"> </span></span></span></span></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span>Op<span class=\"_ _3\"></span>erating p<span class=\"_ _3\"></span>rofit excluding g<span class=\"_ _3\"></span>ain on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3\"></span>s of int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests in<span class=\"_ gs52\"> </span>in<span class=\"_ _4\"></span>vestments<span class=\"_ _86\"> </span><span class=\"ff3b lsa9 wsa0\">33<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _38\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _38\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _a3\"> </span><span class=\"ls74 ws6b\">56<span class=\"_ _3ab\"> </span></span></span></span></span></span>Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s<span class=\"_ _2fe\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Operating profit<span class=\"_ _2ff\"> </span>33<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _38\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _a3\"> </span><span class=\"ls3b ws36\">25<span class=\"_ _9d\"> </span><span class=\"lsaa ws69\">58<span class=\"_ _3ab\"> </span></span></span></span></span>Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _300\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7d\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _38\"> </span><span class=\"ls18b ws188\">90<span class=\"_ _a1\"> </span></span></span></span></span>10<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span>Finance costs<span class=\"_ _203\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>25)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(98)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(99)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>e ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion<span class=\"_ _301\"> </span><span class=\"ls45 ws40\">42<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">59<span class=\"_ _3ab\"> </span></span></span></span>T<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>xa<span class=\"_ _4\"></span>tion<span class=\"_ _298\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span></span>(6)<span class=\"_ _3ab\"> </span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t af<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion <span class=\"_ _71\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span></span>Balance sheet<span class=\"_ _3ab\"> </span>Non-current assets<span class=\"_ _3ab\"> </span>Intangible assets \u2013<span class=\"_ _4\"></span> Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investments in<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>angible<span class=\"_ _302\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span>14</span></span> <span class=\"_ _1a8\"> </span> <span class=\"_ _20f\"> </span>\u2013 other<span class=\"_ _236\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _38\"> </span>12<span class=\"_ _3ab\"> </span></span></span>Proper<span class=\"_ _3\"></span>ty<span class=\"_ _4\"></span>, plant and equipmen<span class=\"_ _4\"></span>t<span class=\"_ _1b9\"> </span><span class=\"ff3b ls78 ws11a\">21<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span></span>21<span class=\"_ _3ab\"> </span></span>Investment<span class=\"_ _4\"></span> prop<span class=\"_ _3\"></span>erties<span class=\"_ _1d1\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls33 ws2c\">2<span class=\"_ _3\"></span>32<span class=\"_ _a1\"> </span>232<span class=\"_ _a0\"> </span>232<span class=\"_ _3ab\"> </span></span></span>Investments<span class=\"_ _4\"></span> in joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _303\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _3ab\"> </span></span>Mo<span class=\"_ _3\"></span>ney market funds<span class=\"_ _300\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">44<span class=\"_ _a3\"> </span>44<span class=\"_ _a3\"> </span>44<span class=\"_ _3ab\"> </span></span></span>PPP financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _1df\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls18b ws188\">905<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _3\"></span>4<span class=\"_ _a8\"> </span><span class=\"ls125 ws11c\">1<span class=\"_ _3\"></span>,14<span class=\"_ _2\"></span>9<span class=\"_ _3b\"> </span>1<span class=\"_ _3\"></span>,14<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span>Mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g project<span class=\"_ _3\"></span>s<span class=\"_ _304\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _20c\"> </span>11<span class=\"_ _3\"></span>3<span class=\"_ _82\"> </span>11<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span>Other non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current asse<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _9e\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _3\"></span>7<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _38\"> </span><span class=\"ls73 ws80\">37<span class=\"_ _a0\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Current assets<span class=\"_ _3ab\"> </span>Cash and cash equivalents<span class=\"_ _2dd\"> </span><span class=\"ff3b ls120 ws119\">340<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _38\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _a0\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _3\"></span>6<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">50<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Other current assets<span class=\"_ _e1\"> </span><span class=\"ff3b ls7 ws102\">310<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">55<span class=\"_ _b0\"> </span></span>5<span class=\"_ _38\"> </span><span class=\"ls16d ws230\">60<span class=\"_ _a1\"> </span><span class=\"ls73 ws80\">37<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal<span class=\"_ _4\"></span> assets<span class=\"_ _15e\"> </span><span class=\"ls72 wsf5\">785<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _10a\"> </span><span class=\"ls125 ws11c\">1<span class=\"_ _3\"></span>,15<span class=\"_ _2\"></span>6<span class=\"_ _98\"> </span><span class=\"ls1c ws107\">6<span class=\"_ _3\"></span>71<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>7<span class=\"_ _a6\"> </span><span class=\"ls10d ws101\">2<span class=\"_ _3\"></span>,615<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Current liabilities<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _70\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _87\"> </span><span class=\"lsf7 ws100\">(36<span class=\"_ _3\"></span>)<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>6)<span class=\"_ _a1\"> </span>(36)<span class=\"_ _3ab\"> </span></span></span>Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _126\"> </span><span class=\"ff3b lsf7 ws100\">(5<span class=\"_ _3\"></span>49)<span class=\"_ _a3\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>8)<span class=\"_ _a0\"> </span></span></span>(30)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span><span class=\"ls1b wsa9\">(<span class=\"_ _3\"></span>74<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span></span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _234\"> </span><span class=\"ff3b ls94 ws18a\">(<span class=\"_ _3\"></span>94)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _125\"> </span><span class=\"ls170 ws18f\">(767)<span class=\"_ _fa\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _56\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1e\"> </span>(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Othe<span class=\"_ _3\"></span>r non-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>t lia<span class=\"_ _3\"></span>bilities<span class=\"_ _234\"> </span><span class=\"ff3b ls3c ws37\">(90)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>47<span class=\"_ _3\"></span>)<span class=\"_ _a3\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _fa\"> </span></span>(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>2)<span class=\"_ _1cc\"> </span><span class=\"ls78 ws11a\">(2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal liabilities<span class=\"_ _2b5\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>33)<span class=\"_ _a3\"> </span>(3)<span class=\"_ _d5\"> </span><span class=\"ls125 ws11c\">(<span class=\"_ _3\"></span>1,1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>6)<span class=\"_ _1e\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _57\"> </span><span class=\"ls3c ws37\">(2,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>40)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Net<span class=\"_ _4\"></span> assets <span class=\"_ _204\"> </span><span class=\"ls3e ws39\">52<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _180\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span><span class=\"ls124 ws6a\">223<span class=\"_ _a0\"> </span><span class=\"ls72 wsf5\">275<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _17b\"> </span><span class=\"ff3b ls7 ws102\">31<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span></span>31<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s <span class=\"_ _1b3\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>10<span class=\"_ _3ab\"> </span>Lo<span class=\"_ _3\"></span>ans to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _5a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _a3\"> </span>73<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _5\"></span>otal inv<span class=\"_ _4\"></span>estment in jo<span class=\"_ _4\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _156\"> </span>93<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _97\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>1<span class=\"_ _180\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span><span class=\"ls10b wsff\">296<span class=\"_ _a1\"> </span></span></span></span></span>38<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span>^ <span class=\"_ _37\"> </span>Including Ireland.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s investment in mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g joint ventures\u2019 and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates\u2019 project<span class=\"_ _3\"></span>s is recog<span class=\"_ _3\"></span>nised at it<span class=\"_ _3\"></span>s remaining e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y investment p<span class=\"_ _3\"></span>lus the value of t<span class=\"_ _3\"></span>he Group\u2019s accr<span class=\"_ _3\"></span>ued returns fro<span class=\"_ _3\"></span>m the under<span class=\"_ _3\"></span>lying p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s. The mil<span class=\"_ _3\"></span>itar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates have total n<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>rec<span class=\"_ _3\"></span>ourse net bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s of \u00a32,<span class=\"_ _3\"></span>09<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m). Note 4<span class=\"_ _4\"></span>1(e) details th<span class=\"_ _3\"></span>e Group\u2019s militar<span class=\"_ _3\"></span>y hou<span class=\"_ _3\"></span>sing projec<span class=\"_ _3\"></span>ts.<span class=\"_ _3ab\"> </span>On ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain Infrast<span class=\"_ _3\"></span>ructure I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>stments c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ions where n<span class=\"_ _3\"></span>et fair value revalu<span class=\"_ _3\"></span>ations of P<span class=\"_ _3\"></span>PP finan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>ets and ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges resulted in<span class=\"_ gs52\"> </span>the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying va<span class=\"_ _3\"></span>lue of these inves<span class=\"_ _3\"></span>tments bei<span class=\"_ _3\"></span>ng negat<span class=\"_ _3\"></span>ive, the Grou<span class=\"_ _3\"></span>p has not reco<span class=\"_ _3\"></span>gnised l<span class=\"_ _3\"></span>osses b<span class=\"_ _3\"></span>eyond the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying valu<span class=\"_ _3\"></span>e of its investm<span class=\"_ _3\"></span>ents. Th<span class=\"_ _3\"></span>is is bec<span class=\"_ _3\"></span>ause the Grou<span class=\"_ _3\"></span>p has not co<span class=\"_ _3\"></span>mmitte<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o p<span class=\"_ _3\"></span>rovide any fu<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>r funding to th<span class=\"_ _3\"></span>ese investment<span class=\"_ _3\"></span>s and the b<span class=\"_ _3\"></span>orrowing<span class=\"_ _3\"></span>s within these c<span class=\"_ _3\"></span>onces<span class=\"_ _3\"></span>sions are no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>reco<span class=\"_ _3\"></span>urse to the Grou<span class=\"_ _3\"></span>p. At 31 Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>, the unreco<span class=\"_ _3\"></span>gnised c<span class=\"_ _3\"></span>umulati<span class=\"_ _3\"></span>ve net fair value c<span class=\"_ _3\"></span>harges to othe<span class=\"_ _3\"></span>r com<span class=\"_ _3\"></span>prehensi<span class=\"_ _3\"></span>ve income a<span class=\"_ _3\"></span>mounted to \u00a3<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>56<span class=\"_ _3\"></span>m).<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estments<span class=\"_ _3ab\"> </span>Income sta<span class=\"_ _3\"></span>tement Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Support<span class=\"_ _3ab\"> </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>UK<span class=\"fs5 ls5 ws3\"> </span>^<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Nor<span class=\"_ _3\"></span>th<span class=\"_ _3ab\"> </span>Americ<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Reve<span class=\"_ _3\"></span>nue<span class=\"_ _305\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>3<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _9d\"> </span><span class=\"ls114 ws10c\">99<span class=\"_ _180\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>9<span class=\"_ _97\"> </span><span class=\"ls3e ws39\">228<span class=\"_ _110\"> </span></span></span></span></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span>Op<span class=\"_ _3\"></span>erating p<span class=\"_ _3\"></span>rofit excluding g<span class=\"_ _3\"></span>ain on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3\"></span>s of int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests in<span class=\"_ gs52\"> </span>in<span class=\"_ _4\"></span>vestments<span class=\"_ _286\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _87\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _7d\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _38\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s<span class=\"_ _2fe\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _9d\"> </span>70<span class=\"_ _38\"> </span>70<span class=\"_ _3ab\"> </span></span>Operating profit<span class=\"_ _2ff\"> </span><span class=\"ff3c ls109 ws87\">24<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _87\"> </span></span></span>91<span class=\"_ _9d\"> </span><span class=\"ls221 wsa6\">88<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span></span>Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _231\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls72 wsf5\">72<span class=\"_ _7d\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">85<span class=\"_ _a3\"> </span><span class=\"ls221 wsa6\">88<span class=\"_ _3ab\"> </span></span></span></span></span></span>Finance costs<span class=\"_ _203\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"ls124 ws6a\">(66)<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _a1\"> </span><span class=\"ls10b wsff\">(8<span class=\"_ _3\"></span>6)<span class=\"_ _116\"> </span><span class=\"ls33 ws2c\">(<span class=\"_ _3\"></span>87)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>e ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion<span class=\"_ _301\"> </span><span class=\"ff3c ls61 ws59\">26<span class=\"_ _11c\"> </span></span><span class=\"ff3c\">\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _9d\"> </span><span class=\"ls46 ws41\">84<span class=\"_ _a3\"> </span><span class=\"ls33 ws2c\">87<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>xa<span class=\"_ _4\"></span>tion<span class=\"_ _298\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _a3\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _3ab\"> </span></span></span></span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t af<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion <span class=\"_ _184\"> </span><span class=\"ff3c ls5f ws57\">20<span class=\"_ _9a\"> </span></span><span class=\"ff3c\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9d\"> </span><span class=\"ls46 ws41\">84<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">85<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></span>Balance sheet<span class=\"_ _3ab\"> </span>Non-current assets<span class=\"_ _3ab\"> </span>Intangible assets \u2013<span class=\"_ _4\"></span> Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investments in<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>angible<span class=\"_ _302\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _a3\"> </span>40</span></span> <span class=\"_ _1a8\"> </span> <span class=\"_ _20f\"> </span>\u2013 other<span class=\"_ _236\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _7d\"> </span>13<span class=\"_ _3ab\"> </span></span></span>Proper<span class=\"_ _3\"></span>ty<span class=\"_ _4\"></span>, plant and equipmen<span class=\"_ _4\"></span>t<span class=\"_ _1c5\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span></span>33<span class=\"_ _3ab\"> </span></span>Investment<span class=\"_ _4\"></span> prop<span class=\"_ _3\"></span>erties<span class=\"_ _1d1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">257<span class=\"_ _180\"> </span>257<span class=\"_ _180\"> </span>257<span class=\"_ _3ab\"> </span></span></span>Investments<span class=\"_ _4\"></span> in joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _303\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _3ab\"> </span></span>Mo<span class=\"_ _3\"></span>ney market funds<span class=\"_ _300\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _a3\"> </span>26<span class=\"_ _38\"> </span>26<span class=\"_ _3ab\"> </span></span>PPP financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _1df\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls18f ws191\">984<span class=\"_ _a1\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3\"></span>0<span class=\"_ _110\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _a6\"> </span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span>Mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g project<span class=\"_ _3\"></span>s<span class=\"_ _304\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>9<span class=\"_ _7e\"> </span>11<span class=\"_ _3\"></span>9<span class=\"_ _7e\"> </span>11<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span>Other non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current asse<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _9e\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span><span class=\"lsc ws8\">27<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _38\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _a0\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Current assets<span class=\"_ _3ab\"> </span>Cash and cash equivalents<span class=\"_ _2dd\"> </span><span class=\"ls11d wsf4\">385<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>0<span class=\"_ _38\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _97\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span><span class=\"ls10c ws85\">5<span class=\"_ _3\"></span>61<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Other current assets<span class=\"_ _73\"> </span><span class=\"lsc ws8\">275<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _b0\"> </span></span>5<span class=\"_ _7d\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _180\"> </span><span class=\"ls61 ws59\">326<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal<span class=\"_ _4\"></span> assets<span class=\"_ _306\"> </span><span class=\"ff3c ls16a ws15f\">804<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1f7\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _180\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _3\"></span>6<span class=\"_ _110\"> </span></span>1,<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>6<span class=\"_ _dd\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,7<span class=\"_ _3\"></span>70<span class=\"_ _3ab\"> </span></span></span></span></span>Current liabilities<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _234\"> </span><span class=\"ls10b wsff\">(89)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">(37)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">(37)<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span>Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _287\"> </span><span class=\"ls61 ws59\">(579)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _20c\"> </span>(<span class=\"_ _3\"></span>12)<span class=\"_ _1cb\"> </span><span class=\"ls164 ws157\">(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>15)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _70\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _128\"> </span><span class=\"ls66 ws5e\">(8<span class=\"_ _3\"></span>85)<span class=\"_ _1cc\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>02)<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _15\"> </span>(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span>Othe<span class=\"_ _3\"></span>r non-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>t lia<span class=\"_ _3\"></span>bilities<span class=\"_ _234\"> </span><span class=\"ls120 ws119\">(80)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls12a ws11f\">(18<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _cc\"> </span></span>(18<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">(265)<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal liabilities<span class=\"_ _2b5\"> </span><span class=\"ff3c ls122 ws11b\">(<span class=\"_ _3\"></span>74<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _2f\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _1cb\"> </span><span class=\"ls108 wsfd\">(<span class=\"_ _3\"></span>519<span class=\"_ _3\"></span>)<span class=\"_ _c3\"> </span></span>(1,74<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _56\"> </span><span class=\"ls73 ws80\">(<span class=\"_ _3\"></span>2,49<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span></span></span>Net<span class=\"_ _4\"></span> assets<span class=\"_ _206\"> </span><span class=\"ff3c ls11d wsf4\">56<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a3\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _a0\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span><span class=\"ls78 ws11a\">2<span class=\"_ _3\"></span>21<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">277<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _24f\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span></span>33<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s (Note 26<span class=\"_ _3\"></span>)<span class=\"_ _f8\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>10<span class=\"_ _3ab\"> </span>Lo<span class=\"_ _3\"></span>ans to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _5a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _97\"> </span>10<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _5\"></span>otal inv<span class=\"_ _4\"></span>estment in jo<span class=\"_ _4\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _1d4\"> </span><span class=\"ff3c ls114 ws10c\">99<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>0<span class=\"_ _98\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">3<span class=\"_ _3\"></span>27<span class=\"_ _a0\"> </span><span class=\"ls4a ws44\">426<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>^ <span class=\"_ _37\"> </span>Including Ireland.<span class=\"_ _3ab\"> </span>19.3 Ag<span class=\"_ _3\"></span>gre<span class=\"_ _3\"></span>gat<span class=\"_ _3\"></span>e inf<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>es an<span class=\"_ _3\"></span>d as<span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span>Joint v<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ntures<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Associates<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s share of profit from o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>ons<span class=\"_ _307\"> </span><span class=\"ff3b ls45 ws40\">42<span class=\"_ _38\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span></span>Ag<span class=\"_ _3\"></span>gregate c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amo<span class=\"_ _3\"></span>unt of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest<span class=\"_ _308\"> </span><span class=\"ff3b\">276<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _180\"> </span><span class=\"lsa9 wsa0\">389<span class=\"_ _3ab\"> </span></span></span></span>Joint vent<span class=\"_ _3\"></span>ures<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Associates<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s share of profit from o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>ons<span class=\"_ _307\"> </span><span class=\"ls114 ws10c\">89<span class=\"_ _9d\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span>Ag<span class=\"_ _3\"></span>gregate c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amo<span class=\"_ _3\"></span>unt of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest<span class=\"_ _309\"> </span><span class=\"ls105 wsc2\">300<span class=\"_ _180\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>6<span class=\"_ _97\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span>19.4 De<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>s of ma<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>ial j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Ga<span class=\"_ _3\"></span>mmon C<span class=\"_ _3\"></span>hina Ltd<span class=\"_ _b0\"> </span>Co<span class=\"_ _3\"></span>nnec<span class=\"_ _3\"></span>t Plus (<span class=\"_ _3\"></span>M25<span class=\"_ _3\"></span>) Ltd<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Pr<span class=\"_ _3\"></span>opo<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up\u2019s own<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>p int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n th<span class=\"_ _3\"></span>e join<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e<span class=\"_ _30a\"> </span><span class=\"lsc ws8\">50%<span class=\"_ _f2\"> </span></span><span class=\"ff3c\">5<span class=\"_ _3\"></span>0%<span class=\"_ _2e\"> </span> <span class=\"_ _cc\"> </span></span><span class=\"ls10d ws101\">15%<span class=\"_ _128\"> </span><span class=\"ff3c ls100 ws104\">15<span class=\"_ _3\"></span>%<span class=\"_ _3ab\"> </span></span></span>Income sta<span class=\"_ _3\"></span>tement<span class=\"_ _3ab\"> </span>Revenue<span class=\"_ _16b\"> </span><span class=\"ff3b ls1c ws107\">2<span class=\"_ _3\"></span>,715<span class=\"_ _a8\"> </span></span><span class=\"ls162 ws155\">2<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _25d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span><span class=\"ff3b ls7 ws102\">2<span class=\"_ _3\"></span>31<span class=\"_ _180\"> </span></span><span class=\"ls49 ws43\">270<span class=\"_ _3ab\"> </span></span></span></span>Underlying<span class=\"_ _4\"></span> operating profit<span class=\"_ _30b\"> </span><span class=\"ls45 ws40\">65<span class=\"_ _a3\"> </span><span class=\"ff3c ls72 wsf5\">72<span class=\"_ _3e\"> </span></span><span class=\"ls92 ws8a\">20<span class=\"_ _b0\"> </span><span class=\"ff3c ls5 ws3\">9<span class=\"_ _3ab\"> </span></span></span></span>Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _30c\"> </span><span class=\"ff3b ls78 ws11a\">21<span class=\"_ _9a\"> </span></span><span class=\"ls5 ws3\">6<span class=\"_ _1c4\"> </span> <span class=\"_ _e0\"> </span><span class=\"ff3b ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span></span><span class=\"ls100 ws104\">14<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span></span>Finance costs<span class=\"_ _30d\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _a3\"> </span></span><span class=\"ls33 ws2c\">(3)<span class=\"_ _37\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _f2\"> </span><span class=\"ff3b ls14b ws189\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>1)<span class=\"_ _1cb\"> </span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>101)<span class=\"_ _3ab\"> </span></span></span></span>Inc<span class=\"_ _3\"></span>ome ta<span class=\"_ _3\"></span>x charge<span class=\"_ _18b\"> </span><span class=\"ff3b ls10f ws105\">(12<span class=\"_ _3\"></span>)<span class=\"_ _97\"> </span></span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _133\"> </span></span> <span class=\"_ _98\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _a3\"> </span></span><span class=\"ls10b wsff\">(9)<span class=\"_ _3ab\"> </span></span>Prof<span class=\"_ _3\"></span>it<span class=\"_ _30e\"> </span><span class=\"ff3b ls1c ws107\">71<span class=\"_ _9d\"> </span></span><span class=\"ls114 ws10c\">63<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _51\"> </span><span class=\"ff3b ls5f ws57\">50<span class=\"_ _9d\"> </span></span><span class=\"ls11d wsf4\">39<span class=\"_ _3ab\"> </span></span></span></span>T<span class=\"_ _5\"></span>otal other compr<span class=\"_ _4\"></span>ehensive income/(loss) <span class=\"_ _86\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _1c4\"> </span> <span class=\"_ _ff\"> </span></span><span class=\"ls90 ws116\">18<span class=\"_ _e0\"> </span></span></span><span class=\"ls122 ws11b\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>74<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>reh<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>sive i<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>ome/(los<span class=\"_ _3\"></span>s) (<span class=\"_ _4\"></span>100<span class=\"_ _3\"></span>%<span class=\"_ _4\"></span>)<span class=\"_ _216\"> </span><span class=\"ls1c ws107\">71<span class=\"_ _9d\"> </span><span class=\"ff3c ls105 wsc2\">65<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _51\"> </span></span><span class=\"ls103 wsf8\">68<span class=\"_ _128\"> </span><span class=\"ff3c lsa9 wsa0\">(235)<span class=\"_ _3ab\"> </span></span></span>Gr<span class=\"_ _3\"></span>oup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e of to<span class=\"_ _3\"></span>tal c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome/(lo<span class=\"_ _3\"></span>ss)<span class=\"_ _d7\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _a3\"> </span><span class=\"ff3c ls44 ws3f\">33<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span></span><span class=\"ls7 ws102\">10<span class=\"_ _87\"> </span><span class=\"ff3c ls66 ws5e\">(35)<span class=\"_ _3ab\"> </span></span></span>Di<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ds re<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>ive<span class=\"_ _3\"></span>d by th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up du<span class=\"_ _3\"></span>rin<span class=\"_ _3\"></span>g the ye<span class=\"_ _3\"></span>ar<span class=\"_ _30f\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _a3\"> </span><span class=\"ff3c ls44 ws3f\">33<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _7b\"> </span></span>5<span class=\"_ _9a\"> </span><span class=\"ff3c\">6<span class=\"_ _3ab\"> </span></span>Balance sheet<span class=\"_ _3ab\"> </span>Non-current assets<span class=\"_ _310\"> </span><span class=\"ls109 ws87\">270<span class=\"_ _a0\"> </span><span class=\"ff3c ls3e ws39\">289<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _2f\"> </span></span></span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _1f7\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span>Current assets<span class=\"_ _311\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span>Cash and cash equivalents<span class=\"_ _2c9\"> </span><span class=\"ff3b ls18b ws188\">654<span class=\"_ _a1\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _2\"></span>3<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _27\"> </span><span class=\"ff3b ls90 ws116\">123<span class=\"_ _97\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span>Other current assets<span class=\"_ _15f\"> </span><span class=\"ff3b ls48 ws42\">613<span class=\"_ _97\"> </span></span><span class=\"ls5b ws15e\">5<span class=\"_ _2\"></span>41<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _81\"> </span><span class=\"ff3b ls1b wsa9\">74<span class=\"_ _9d\"> </span></span><span class=\"ls105 wsc2\">65<span class=\"_ _3ab\"> </span></span></span></span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _110\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _25d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span></span></span><span class=\"ls94 ws18a\">19<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"ff3c ls12a ws11f\">19<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span>Current liabilities<span class=\"_ _312\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _149\"> </span><span class=\"ff3b ls8b ws4\">(8<span class=\"_ _3\"></span>97)<span class=\"_ _fa\"> </span></span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>914<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span></span> <span class=\"_ _a0\"> </span><span class=\"ff3b ls94 ws18a\">(6<span class=\"_ _3\"></span>4)<span class=\"_ _116\"> </span></span><span class=\"lsaa ws69\">(5<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span>Provisions<span class=\"_ _313\"> </span><span class=\"ff3b ls48 ws42\">(4<span class=\"_ _3\"></span>9)<span class=\"_ _25\"> </span></span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _192\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _b2\"> </span></span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _98\"> </span><span class=\"ff3b ls10f ws105\">(19<span class=\"_ _3\"></span>)<span class=\"_ _180\"> </span></span><span class=\"ls12a ws11f\">(19<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _290\"> </span><span class=\"ff3b ls14b ws189\">(1<span class=\"_ _3\"></span>01)<span class=\"_ _ef\"> </span></span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>142<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _97\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>0)<span class=\"_ _a3\"> </span></span><span class=\"ls66 ws5e\">(<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></span></span>(1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>7)<span class=\"_ _4f\"> </span><span class=\"ff3c ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _180\"> </span></span></span><span class=\"lsd ws18e\">(9<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span><span class=\"ff3c ls120 ws119\">(80)<span class=\"_ _3ab\"> </span></span></span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _314\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _293\"> </span><span class=\"ff3b ls10f ws105\">(12<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>(9<span class=\"_ _3\"></span>4)<span class=\"_ _37\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span>Provisions<span class=\"_ _313\"> </span><span class=\"ff3b lsd ws18e\">(3<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span></span><span class=\"ls3e ws39\">(28)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _2e0\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>9)<span class=\"_ _7b\"> </span></span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _c3\"> </span><span class=\"ff3b ls125 ws11c\">(1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _c3\"> </span></span><span class=\"ls162 ws155\">(<span class=\"_ _3\"></span>1,1<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span>Other non-<span class=\"_ _3\"></span>current<span class=\"_ _4\"></span> liabilities (including<span class=\"_ _4\"></span> shareholder loans)<span class=\"_ _315\"> </span><span class=\"ff3b ls3c ws37\">(20)<span class=\"_ _a1\"> </span></span><span class=\"ls85 ws7d\">(37)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _1cb\"> </span><span class=\"ff3b ls10a wsfe\">(<span class=\"_ _3\"></span>419<span class=\"_ _3\"></span>)<span class=\"_ _cc\"> </span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></span>(36<span class=\"_ _3\"></span>8)<span class=\"_ _fa\"> </span><span class=\"ff3c ls100 ws104\">(15<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _4f\"> </span></span></span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6)<span class=\"_ _4f\"> </span><span class=\"ff3c ls10a wsfe\">(<span class=\"_ _3\"></span>1,5<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span></span>Net<span class=\"_ _4\"></span> assets (<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>00%<span class=\"_ _4\"></span>)<span class=\"_ _316\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _97\"> </span><span class=\"ff3c ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span></span></span><span class=\"ls66 ws5e\">230<span class=\"_ _180\"> </span><span class=\"ff3c ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span>Re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of t<span class=\"_ _3\"></span>he ab<span class=\"_ _3\"></span>ove sum<span class=\"_ _3\"></span>mar<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al in<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>mat<span class=\"_ _3\"></span>ion to t<span class=\"_ _3\"></span>he c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>t of th<span class=\"_ _3\"></span>e int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n the a<span class=\"_ _3\"></span>bove j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>es re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d in th<span class=\"_ _3\"></span>e consolidate<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> financ<span class=\"_ _3\"></span>ial<span class=\"_ _4\"></span> st<span class=\"_ _3\"></span>atements:<span class=\"_ _3ab\"> </span>Net as<span class=\"_ _3\"></span>sets of joint ventu<span class=\"_ _3\"></span>re (<span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>0%<span class=\"_ _4\"></span>)<span class=\"_ _120\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _97\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _2e\"> </span></span> <span class=\"_ _e0\"> </span><span class=\"ff3b ls66 ws5e\">230<span class=\"_ _180\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span>Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s share of net a<span class=\"_ _3\"></span>ssets<span class=\"_ _29c\"> </span><span class=\"ff3b ls10d ws101\">61<span class=\"_ _9d\"> </span></span><span class=\"ls16a ws15f\">66<span class=\"_ _2e\"> </span></span> <span class=\"_ _51\"> </span><span class=\"ff3b ls3b ws36\">35<span class=\"_ _a3\"> </span></span><span class=\"ls105 wsc2\">30<span class=\"_ _3ab\"> </span></span>Ad<span class=\"_ _3\"></span>d: Group\u2019<span class=\"_ _4\"></span>s i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rest in shareh<span class=\"_ _3\"></span>older lo<span class=\"_ _3\"></span>ans<span class=\"_ _107\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _51\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _9d\"> </span></span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span>Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _26f\"> </span><span class=\"ff3b ls7 ws102\">31<span class=\"_ _9d\"> </span></span><span class=\"ls44 ws3f\">33<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7f\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span>Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amo<span class=\"_ _3\"></span>unt o<span class=\"_ _3\"></span>f the G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p\u2019s int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n the j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e<span class=\"_ _23c\"> </span><span class=\"ls74 ws6b\">92<span class=\"_ _a3\"> </span><span class=\"ff3c ls114 ws10c\">99<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span></span><span class=\"ls10d ws101\">61<span class=\"_ _9d\"> </span><span class=\"ff3c ls3e ws39\">57<span class=\"_ _3ab\"> </span></span></span>19<span class=\"_ _4\"></span>.5 Cash flo<span class=\"_ _4\"></span>w from/<span class=\"_ _5\"></span>(to<span class=\"_ _4\"></span>) joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _1c8\"> </span><span class=\"ff3c lsaf wsa8\">Infrastructure In<span class=\"_ _4\"></span>vestments<span class=\"_ _3ab\"> </span></span>Cash flows<span class=\"_ _4\"></span> from inv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sting<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivities<span class=\"_ _3ab\"> </span>UK ^<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>North<span class=\"_ _3ab\"> </span>America<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>UK ^<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Nor<span class=\"_ _3\"></span>th<span class=\"_ _3ab\"> </span>Americ<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Div<span class=\"_ _3\"></span>idend<span class=\"_ _3\"></span>s from joint venture<span class=\"_ _3\"></span>s and associates<span class=\"_ _317\"> </span><span class=\"ff3b ls5 ws3\">9<span class=\"_ _38\"> </span><span class=\"ls10d ws101\">15 </span></span>+<span class=\"_ _3ab\"> </span>36<span class=\"_ _a3\"> </span><span class=\"ls16d ws230\">60<span class=\"_ _2e\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _34\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _98\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span> </span></span></span></span>x<span class=\"_ _3ab\"> </span>34<span class=\"_ _a0\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span> </span>Sub<span class=\"_ _3\"></span>ordinate<span class=\"_ _3\"></span>d debt interest receiv<span class=\"_ _4\"></span>ed<span class=\"_ _fe\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></span></span>Investm<span class=\"_ _3\"></span>ents in and lo<span class=\"_ _3\"></span>ans to joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _3a\"> </span><span class=\"ff3b lsf7 ws100\">(9)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _ff\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _37\"> </span></span><span class=\"ff3c\"> <span class=\"_ _38\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(22)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"lsa9 wsa0\">(29)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Equit<span class=\"_ _3\"></span>y<span class=\"_ _2da\"> </span><span class=\"ff3b lsf7 ws100\">(9)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _ff\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _37\"> </span></span><span class=\"ff3c\"> <span class=\"_ _38\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(22)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Subordinat<span class=\"_ _4\"></span>ed debt repaid<span class=\"_ _213\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _7b\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span></span>Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y from joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _1e3\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span>4 +<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _2e\"> </span><span class=\"ff3c\"> <span class=\"_ _7c\"> </span>\u2013<span class=\"_ _9d\"> </span>3<span class=\"_ _3\"></span>4 </span>x<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _3ab\"> </span></span>Disp<span class=\"_ _3\"></span>osal of inves<span class=\"_ _3\"></span>tments in jo<span class=\"_ _3\"></span>int venture<span class=\"_ _3\"></span>s<span class=\"_ _fb\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _7f\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span></span>Ne<span class=\"_ _3\"></span>t ca<span class=\"_ _3\"></span>sh f<span class=\"_ _3\"></span>low fr<span class=\"_ _3\"></span>om jo<span class=\"_ _3\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _1ea\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _9d\"> </span><span class=\"ls109 ws87\">57<span class=\"_ _1c4\"> </span></span></span></span><span class=\"ff3c\"> <span class=\"_ _81\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>5<span class=\"_ _7d\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _a1\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _2\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>^ <span class=\"_ _78\"> </span>Inc<span class=\"_ _3\"></span>l<span class=\"_ _4\"></span>uding Ireland.<span class=\"_ _3ab\"> </span>+ <span class=\"_ _37\"> </span>In 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3, di<span class=\"_ _3\"></span>vide<span class=\"_ _3\"></span>nds an<span class=\"_ _3\"></span>d return o<span class=\"_ _3\"></span>f equi<span class=\"_ _3\"></span>ty fro<span class=\"_ _3\"></span>m joint v<span class=\"_ _3\"></span>enture<span class=\"_ _3\"></span>s and ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ates inc<span class=\"_ _3\"></span>lude<span class=\"_ _3\"></span>d \u00a31m and \u00a34<span class=\"_ _3\"></span>m resp<span class=\"_ _3\"></span>ecti<span class=\"_ _3\"></span>vely o<span class=\"_ _3\"></span>f proce<span class=\"_ _3\"></span>eds g<span class=\"_ _3\"></span>ener<span class=\"_ _3\"></span>ated fro<span class=\"_ _3\"></span>m the dis<span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>al of Mo<span class=\"_ _3\"></span>rett<span class=\"_ _3\"></span>i Apa<span class=\"_ _3\"></span>rtm<span class=\"_ _3\"></span>ents<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>x <span class=\"_ _12b\"> </span>I<span class=\"_ _3\"></span>n 202<span class=\"_ _3\"></span>2, di<span class=\"_ _3\"></span>vide<span class=\"_ _3\"></span>nds an<span class=\"_ _3\"></span>d retur<span class=\"_ _3\"></span>n of equi<span class=\"_ _3\"></span>ty fro<span class=\"_ _3\"></span>m join<span class=\"_ _3\"></span>t venture<span class=\"_ _3\"></span>s and as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ates in<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>ed \u00a35<span class=\"_ _3\"></span>9m a<span class=\"_ _3\"></span>nd \u00a3<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>m resp<span class=\"_ _3\"></span>ecti<span class=\"_ _3\"></span>vely of p<span class=\"_ _3\"></span>roce<span class=\"_ _3\"></span>eds ge<span class=\"_ _3\"></span>nera<span class=\"_ _3\"></span>ted from t<span class=\"_ _3\"></span>he dis<span class=\"_ _3\"></span>posa<span class=\"_ _3\"></span>l of Infr<span class=\"_ _3\"></span>astr<span class=\"_ _3\"></span>uctu<span class=\"_ _3\"></span>re Invest<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span>s ass<span class=\"_ _3\"></span>ets, of w<span class=\"_ _3\"></span>hich \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>2<span class=\"_ _3\"></span>m, \u00a35<span class=\"_ _3\"></span>0m<span class=\"_ _3\"></span>, \u00a34m<span class=\"_ _3\"></span>, \u00a313m and \u00a3<span class=\"_ _3\"></span>14m resp<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>ivel<span class=\"_ _3\"></span>y of proc<span class=\"_ _3\"></span>eeds w<span class=\"_ _3\"></span>ere gen<span class=\"_ _3\"></span>erate<span class=\"_ _3\"></span>d from th<span class=\"_ _3\"></span>e disp<span class=\"_ _3\"></span>osal o<span class=\"_ _3\"></span>f Rega<span class=\"_ _3\"></span>rd at Me<span class=\"_ _3\"></span>d Cente<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>, A<span class=\"_ _3\"></span>spir<span class=\"_ _3\"></span>e at Disc<span class=\"_ _3\"></span>over<span class=\"_ _3\"></span>y Par<span class=\"_ _3\"></span>k, Pr<span class=\"_ _3\"></span>eser<span class=\"_ _3\"></span>ve at S<span class=\"_ _3\"></span>outhw<span class=\"_ _3\"></span>ind, Preserve at Bartlet<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> and Waterchase Apar<span class=\"_ _3\"></span>tments.<span class=\"_ _3ab\"> </span>19.6 Sh<span class=\"_ _3\"></span>are o<span class=\"_ _3\"></span>f re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>s of jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s an<span class=\"_ _3\"></span>d ass<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>iat<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>Accumul<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>profit<span class=\"_ _3\"></span>/(lo<span class=\"_ _3\"></span>ss)<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Hedging<span class=\"_ _3ab\"> </span>reserve<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>PPP financial<span class=\"_ _3ab\"> </span>assets<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Cur<span class=\"_ _3\"></span>rency<span class=\"_ _3ab\"> </span>translation<span class=\"_ _3ab\"> </span>reserve<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> (<span class=\"_ _3\"></span>N<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span> 3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1)<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _291\"> </span>8<span class=\"_ _7e\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>54)<span class=\"_ _87\"> </span><span class=\"ls16a ws15f\">80<span class=\"_ _a3\"> </span><span class=\"ls11f ws118\">38<span class=\"_ _a3\"> </span></span></span>72<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2df\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _9d\"> </span>23<span class=\"_ _3ab\"> </span></span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _28e\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets<span class=\"_ _22a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span></span>\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es<span class=\"_ _141\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3ab\"> </span></span>Actuarial movements on re<span class=\"_ _4\"></span>tirement benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _4\"></span> <span class=\"_ _9b\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome<span class=\"_ _b3\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _87\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9a\"> </span></span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3ab\"> </span></span>Dividends<span class=\"_ _253\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _e0\"> </span></span>(14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement on di<span class=\"_ _3\"></span>sposa<span class=\"_ _3\"></span>l<span class=\"_ _1a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _a3\"> </span>(3)<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _318\"> </span><span class=\"ls72 wsf5\">(3<span class=\"_ _3\"></span>4)<span class=\"_ _a1\"> </span><span class=\"lsaa ws69\">(30)<span class=\"_ _97\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls44 ws3f\">58<span class=\"_ _7e\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2df\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>3)<span class=\"_ _97\"> </span>(13<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _319\"> </span><span class=\"ff3b ls120 ws119\">53<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets<span class=\"_ _22a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es<span class=\"_ _141\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Actuarial movements on re<span class=\"_ _4\"></span>tirement benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _4\"></span> <span class=\"_ _31a\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7b\"> </span></span>(1)<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome<span class=\"_ _b3\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _9d\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _3ab\"> </span></span></span>Dividends<span class=\"_ _2b3\"> </span><span class=\"ff3b ls10d ws101\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _87\"> </span></span>(60)<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement on di<span class=\"_ _3\"></span>sposa<span class=\"_ _3\"></span>l<span class=\"_ _1a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _ad\"> </span><span class=\"lsf7 ws100\">(9)<span class=\"_ _145\"> </span></span>6<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _ad\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2ca\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>2)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(38)<span class=\"_ _145\"> </span></span></span>8<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">45<span class=\"_ _7e\"> </span><span class=\"ls170 ws18f\">(27)<span class=\"_ _3ab\"> </span></span></span>34 A<span class=\"_ _4\"></span>cquisitions<span class=\"_ _4\"></span> and disposals<span class=\"_ _3ab\"> </span>34.<span class=\"_ _5\"></span>1 Current<span class=\"_ _4\"></span> and prior<span class=\"_ _4\"></span> year<span class=\"_ _4\"></span> acq<span class=\"_ _3\"></span>u<span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>sitio<span class=\"_ _4\"></span>ns<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ere were no materi<span class=\"_ _3\"></span>al acquis<span class=\"_ _3\"></span>itions in 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d consid<span class=\"_ _3\"></span>eration p<span class=\"_ _3\"></span>aid duri<span class=\"_ _3\"></span>ng 202<span class=\"_ _3\"></span>3 in respe<span class=\"_ _3\"></span>ct of acq<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span>s compl<span class=\"_ _3\"></span>et<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d in earlie<span class=\"_ _3\"></span>r years was \u00a3<span class=\"_ _3\"></span>nil (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3m). 34.2 Current<span class=\"_ _4\"></span> year disposals<span class=\"_ _3ab\"> </span>Dur<span class=\"_ _3\"></span>ing the year, the Grou<span class=\"_ _3\"></span>p dispos<span class=\"_ _3\"></span>ed of two I<span class=\"_ _3\"></span>nfrastru<span class=\"_ _3\"></span>cture Investm<span class=\"_ _3\"></span>ents assets a<span class=\"_ _3\"></span>s detaile<span class=\"_ _3\"></span>d below.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e gain reco<span class=\"_ _3\"></span>gnised f<span class=\"_ _3\"></span>rom the disp<span class=\"_ _3\"></span>osal of as<span class=\"_ _3\"></span>sets that were he<span class=\"_ _3\"></span>ld within j<span class=\"_ _3\"></span>oint venture entiti<span class=\"_ _3\"></span>es of the Grou<span class=\"_ _3\"></span>p is recogn<span class=\"_ _3\"></span>ised with<span class=\"_ _3\"></span>in the Group\u2019s share of result<span class=\"_ _3\"></span>s of joint ventures an<span class=\"_ _3\"></span>d associ<span class=\"_ _3\"></span>ates.<span class=\"_ _3ab\"> </span>Note<span class=\"_ _3\"></span>s<span class=\"_ _10c\"> </span><span class=\"lsd2 wsc6\">Disposal da<span class=\"_ _4\"></span>te<span class=\"_ _7e\"> </span><span class=\"lsce wsc3\">Entit<span class=\"_ _3\"></span>y/asset<span class=\"_ _1ad\"> </span><span class=\"ls5 ws3\">Str<span class=\"_ _3\"></span>uctu<span class=\"_ _3\"></span>re of sal<span class=\"_ _3\"></span>e </span></span></span>Percent<span class=\"_ _3\"></span>age disposed<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Cash<span class=\"_ _3ab\"> </span>consideration<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Net asset<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>disposed<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Am<span class=\"_ _3\"></span>ount recyc<span class=\"_ _3\"></span>led from<span class=\"_ _3ab\"> </span>reserves<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Underlying<span class=\"_ _3ab\"> </span>gain<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>.1<span class=\"_ _f4\"> </span><span class=\"ff47 ls5 ws3\">28 Se<span class=\"_ _3\"></span>ptember 20<span class=\"_ _3\"></span>23<span class=\"_ _0\"> </span><span class=\"ls3c ws37\">M<span class=\"_ _3\"></span>oret<span class=\"_ _3\"></span>ti Ap<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ments<span class=\"_ _3ab\"> </span></span></span>^ <span class=\"_ _1f5\"> </span><span class=\"ls14 ws10\">Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _b0\"> </span></span></span>5<span class=\"_ _ee\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _81\"> </span></span>\u2013<span class=\"_ _87\"> </span>2<span class=\"_ _3ab\"> </span>34.2.2<span class=\"_ _1b8\"> </span><span class=\"ff47 ls5 ws3\">8 N<span class=\"_ _3\"></span>ovembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _c0\"> </span><span class=\"ls15 ws11\">Gloucester Wast<span class=\"_ _4\"></span>e <span class=\"_ _227\"> </span>Equit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> interest sale<span class=\"_ _57\"> </span><span class=\"ls4f ws49\">4<span class=\"_ _3\"></span>9.5<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _de\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>5)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _b2\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>61<span class=\"_ _e3\"> </span><span class=\"lsf7 ws100\">(38)<span class=\"_ _51\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _125\"> </span><span class=\"ls5f ws57\">26<span class=\"_ _3ab\"> </span></span></span></span>^ <span class=\"_ _37\"> </span>D<span class=\"_ _3\"></span>ispo<span class=\"_ _3\"></span>sal of a<span class=\"_ _3\"></span>sset wi<span class=\"_ _3\"></span>thin a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure enti<span class=\"_ _3\"></span>ty.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1 On 2<span class=\"_ _3\"></span>8 Septem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Group di<span class=\"_ _3\"></span>spose<span class=\"_ _3\"></span>d of its Moret<span class=\"_ _3\"></span>ti A<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tments mul<span class=\"_ _3\"></span>tifamily p<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>ty a<span class=\"_ _3\"></span>sset loc<span class=\"_ _3\"></span>ated in Ho<span class=\"_ _3\"></span>mewood<span class=\"_ _3\"></span>, Alab<span class=\"_ _3\"></span>ama, an<span class=\"_ _3\"></span>d recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a35m<span class=\"_ _3\"></span>. The as<span class=\"_ _3\"></span>set dispo<span class=\"_ _3\"></span>sal resulted in a<span class=\"_ _3\"></span>n underl<span class=\"_ _3\"></span>ying ga<span class=\"_ _3\"></span>in of \u00a32m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he Group\u2019s share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates. 3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>2.2 O<span class=\"_ _3\"></span>n 8 Novembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s entire 49<span class=\"_ _3\"></span>.5% interest in UB<span class=\"_ _3\"></span>B Waste (Glo<span class=\"_ _3\"></span>ucesters<span class=\"_ _3\"></span>hire) Hold<span class=\"_ _3\"></span>ings Lim<span class=\"_ _3\"></span>ited (Glo<span class=\"_ _3\"></span>ucester Waste) for a c<span class=\"_ _3\"></span>ash cons<span class=\"_ _3\"></span>iderati<span class=\"_ _3\"></span>on of \u00a35<span class=\"_ _3\"></span>6m. T<span class=\"_ _3\"></span>he disp<span class=\"_ _3\"></span>osal in<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d the Group\u2019s share of joint ve<span class=\"_ _3\"></span>nture net assets of \u00a3<span class=\"_ _3\"></span>31<span class=\"_ _4\"></span>m an<span class=\"_ _3\"></span>d \u00a34m of ac<span class=\"_ _3\"></span>crued interest rec<span class=\"_ _3\"></span>eivabl<span class=\"_ _3\"></span>e and resulted in a n<span class=\"_ _3\"></span>et gain of \u00a3<span class=\"_ _3\"></span>24m bei<span class=\"_ _3\"></span>ng recog<span class=\"_ _3\"></span>nised in und<span class=\"_ _3\"></span>erly<span class=\"_ _3\"></span>ing oper<span class=\"_ _3\"></span>ating profit<span class=\"_ _3\"></span>, inclu<span class=\"_ _3\"></span>ding a loss of \u00a3<span class=\"_ _3\"></span>6m i<span class=\"_ _3\"></span>n respec<span class=\"_ _3\"></span>t of PPP fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>set reser<span class=\"_ _3\"></span>ves and a gai<span class=\"_ _3\"></span>n of \u00a39<span class=\"_ _3\"></span>m in respe<span class=\"_ _3\"></span>ct of hed<span class=\"_ _3\"></span>ging reser<span class=\"_ _3\"></span>ves rec<span class=\"_ _3\"></span>ycled to the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>34<span class=\"_ _3\"></span>.3 Pr<span class=\"_ _3\"></span>ior ye<span class=\"_ _3\"></span>ar d<span class=\"_ _3\"></span>isp<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>als<span class=\"_ _3ab\"> </span>Dur<span class=\"_ _3\"></span>ing 20<span class=\"_ _3\"></span>22, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of sever<span class=\"_ _3\"></span>al Infrastr<span class=\"_ _3\"></span>ucture Inves<span class=\"_ _3\"></span>tments ass<span class=\"_ _3\"></span>ets as deta<span class=\"_ _3\"></span>iled bel<span class=\"_ _3\"></span>ow<span class=\"_ _4\"></span>. Th<span class=\"_ _3\"></span>e gain reco<span class=\"_ _3\"></span>gnised f<span class=\"_ _3\"></span>rom the disp<span class=\"_ _3\"></span>osal of as<span class=\"_ _3\"></span>sets that were he<span class=\"_ _3\"></span>ld within j<span class=\"_ _3\"></span>oint venture entiti<span class=\"_ _3\"></span>es of the Grou<span class=\"_ _3\"></span>p was recog<span class=\"_ _3\"></span>nised wi<span class=\"_ _3\"></span>thin the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s share of resu<span class=\"_ _3\"></span>lts of joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span>Note<span class=\"_ _3\"></span>s<span class=\"_ _10c\"> </span><span class=\"lsd2 wsc6\">Disposal da<span class=\"_ _4\"></span>te<span class=\"_ _7e\"> </span><span class=\"lsce wsc3\">Entit<span class=\"_ _3\"></span>y/asset<span class=\"_ _1ad\"> </span><span class=\"ls5 ws3\">Str<span class=\"_ _3\"></span>uctu<span class=\"_ _3\"></span>re of sal<span class=\"_ _3\"></span>e </span></span></span>Percent<span class=\"_ _3\"></span>age disposed<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Cash<span class=\"_ _3ab\"> </span>consideration<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Net asset<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>disposed<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Am<span class=\"_ _3\"></span>ount recyc<span class=\"_ _3\"></span>led from<span class=\"_ _3ab\"> </span>reserves<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Underlying<span class=\"_ _3ab\"> </span>gain<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>34.3.<span class=\"_ _5\"></span>1<span class=\"_ _55\"> </span><span class=\"ff47 ls5 ws3\">30 J<span class=\"_ _3\"></span>une 20<span class=\"_ _3\"></span>22<span class=\"_ _f\"> </span>Re<span class=\"_ _3\"></span>gard at M<span class=\"_ _3\"></span>ed Center </span>(form<span class=\"_ _3\"></span>erly<span class=\"_ gs52\"> </span>Ci<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>ake) ^<span class=\"_ _3ab\"> </span>Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _38\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _128\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _51\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _87\"> </span>8<span class=\"_ _3ab\"> </span></span></span></span></span>34.3.2<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">1<span class=\"_ _5\"></span>1 Augu<span class=\"_ _3\"></span>st 202<span class=\"_ _3\"></span>2<span class=\"_ _11f\"> </span>Aspi<span class=\"_ _3\"></span>re at Discover<span class=\"_ _3\"></span>y Pa<span class=\"_ _3\"></span>rk</span> ^<span class=\"_ _3ab\"> </span>Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _a6\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12)<span class=\"_ _ff\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _128\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _3ab\"> </span></span></span></span></span></span>34.3.3<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">23 Aug<span class=\"_ _3\"></span>ust 20<span class=\"_ _3\"></span>22<span class=\"_ _e6\"> </span>Pre<span class=\"_ _3\"></span>serve a<span class=\"_ _3\"></span>t Southw<span class=\"_ _3\"></span>ind</span> ^<span class=\"_ _3ab\"> </span>Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _ff\"> </span></span>\u2013<span class=\"_ _87\"> </span>3<span class=\"_ _3ab\"> </span></span></span>34.3.4<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">23 Aug<span class=\"_ _3\"></span>ust 20<span class=\"_ _3\"></span>22<span class=\"_ _e6\"> </span><span class=\"ls14 ws10\">Preser<span class=\"_ _3\"></span>ve at<span class=\"_ _4\"></span> B<span class=\"_ _3\"></span>artlett</span></span>^<span class=\"_ _3ab\"> </span>Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _125\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _ff\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span>9<span class=\"_ _3ab\"> </span></span></span></span></span>34.3.5<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">2 Novemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2<span class=\"_ _c0\"> </span><span class=\"ls15 ws11\">Water<span class=\"_ _4\"></span>chase A<span class=\"_ _3\"></span>partments</span></span> ^<span class=\"_ _3ab\"> </span>Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _38\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _125\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>4)<span class=\"_ _87\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></span></span></span></span>93<span class=\"_ _e3\"> </span><span class=\"ls5 ws3\">(26)<span class=\"_ _87\"> </span>3<span class=\"_ _125\"> </span><span class=\"ls109 ws87\">70<span class=\"_ _3ab\"> </span></span></span>^ <span class=\"_ _37\"> </span>D<span class=\"_ _3\"></span>ispo<span class=\"_ _3\"></span>sal of a<span class=\"_ _3\"></span>sset wi<span class=\"_ _3\"></span>thin a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure enti<span class=\"_ _3\"></span>ty.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.<span class=\"_ _5\"></span>1 O<span class=\"_ _3\"></span>n 30 J<span class=\"_ _3\"></span>une 20<span class=\"_ _3\"></span>22, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s Regard at M<span class=\"_ _3\"></span>ed Ce<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r multifami<span class=\"_ _3\"></span>ly prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y asset lo<span class=\"_ _3\"></span>cated in H<span class=\"_ _3\"></span>ouston, Te<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>as, and rec<span class=\"_ _3\"></span>eived total c<span class=\"_ _3\"></span>ash cons<span class=\"_ _3\"></span>iderati<span class=\"_ _3\"></span>on of \u00a31<span class=\"_ _4\"></span>2m. T<span class=\"_ _3\"></span>he asset d<span class=\"_ _3\"></span>ispos<span class=\"_ _3\"></span>al resulted in an u<span class=\"_ _3\"></span>nderl<span class=\"_ _3\"></span>ying gai<span class=\"_ _3\"></span>n of \u00a38<span class=\"_ _3\"></span>m being rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s share of j<span class=\"_ _3\"></span>oint ventures<span class=\"fc4 ls5\"> </span>and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s, includ<span class=\"_ _3\"></span>ing a gain of \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>m in resp<span class=\"_ _3\"></span>ect of foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y translat<span class=\"_ _3\"></span>ion reser<span class=\"_ _3\"></span>ves recyc<span class=\"_ _3\"></span>led to the inc<span class=\"_ _3\"></span>ome sta<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ment on dis<span class=\"_ _3\"></span>posal.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>2 On 1<span class=\"_ _5\"></span>1 Au<span class=\"_ _3\"></span>gust 20<span class=\"_ _3\"></span>22, th<span class=\"_ _3\"></span>e Group disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s Aspi<span class=\"_ _3\"></span>re at Discover<span class=\"_ _3\"></span>y Pa<span class=\"_ _3\"></span>rk on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>campu<span class=\"_ _3\"></span>s acco<span class=\"_ _3\"></span>mmoda<span class=\"_ _3\"></span>tion at Purd<span class=\"_ _3\"></span>ue Univers<span class=\"_ _3\"></span>ity in We<span class=\"_ _3\"></span>st L<span class=\"_ _3\"></span>afayette, Ind<span class=\"_ _3\"></span>iana, an<span class=\"_ _3\"></span>d receive<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al cash c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>ration of \u00a3<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>m. Th<span class=\"_ _3\"></span>e asset disp<span class=\"_ _3\"></span>osal resu<span class=\"_ _3\"></span>lted in an und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g gain of \u00a34<span class=\"_ _3\"></span>0m b<span class=\"_ _3\"></span>eing rec<span class=\"_ _3\"></span>ognised in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates, inc<span class=\"_ _3\"></span>luding a g<span class=\"_ _3\"></span>ain of \u00a32m i<span class=\"_ _3\"></span>n r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>spec<span class=\"_ _3\"></span>t of f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>reign cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ncy tran<span class=\"_ _3\"></span>slation res<span class=\"_ _3\"></span>erve<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cycle<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he income statemen<span class=\"_ _4\"></span>t on disposal.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.3 O<span class=\"_ _3\"></span>n 23 Au<span class=\"_ _3\"></span>gust 20<span class=\"_ _3\"></span>22, th<span class=\"_ _3\"></span>e Group dis<span class=\"_ _3\"></span>posed of it<span class=\"_ _3\"></span>s Preser<span class=\"_ _3\"></span>ve at So<span class=\"_ _3\"></span>uthwind mu<span class=\"_ _3\"></span>ltifamil<span class=\"_ _3\"></span>y proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y asset loc<span class=\"_ _3\"></span>ated in M<span class=\"_ _3\"></span>emphis, T<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nnessee, a<span class=\"_ _3\"></span>nd recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a34m. T<span class=\"_ _3\"></span>he asset di<span class=\"_ _3\"></span>sposa<span class=\"_ _3\"></span>l resulted in an un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing gain of \u00a3<span class=\"_ _3\"></span>3m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>n the Group\u2019s share of joint ven<span class=\"_ _4\"></span>tures and associates.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.4 O<span class=\"_ _3\"></span>n 23 Aug<span class=\"_ _3\"></span>ust 20<span class=\"_ _3\"></span>22, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s Preser<span class=\"_ _3\"></span>ve at Bar<span class=\"_ _3\"></span>tlet<span class=\"_ _3\"></span>t multifa<span class=\"_ _3\"></span>mily prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y asset l<span class=\"_ _3\"></span>ocate<span class=\"_ _3\"></span>d in Bar<span class=\"_ _3\"></span>tlett<span class=\"_ _3\"></span>, T<span class=\"_ _5\"></span>en<span class=\"_ _3\"></span>nessee, an<span class=\"_ _3\"></span>d recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>m. The a<span class=\"_ _3\"></span>sset disp<span class=\"_ _3\"></span>osal resul<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d in an unde<span class=\"_ _3\"></span>rlyin<span class=\"_ _3\"></span>g gain of \u00a3<span class=\"_ _3\"></span>9m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e Group\u2019s share of<span class=\"_ gs52\"> </span>joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.5 O<span class=\"_ _3\"></span>n 2 Novemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of its W<span class=\"_ _3\"></span>aterchase A<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tments m<span class=\"_ _3\"></span>ultifamil<span class=\"_ _3\"></span>y proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y asset lo<span class=\"_ _3\"></span>cated in L<span class=\"_ _3\"></span>argo, F<span class=\"_ _3\"></span>lorid<span class=\"_ _3\"></span>a, and recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>4<span class=\"_ _3\"></span>m. The a<span class=\"_ _3\"></span>sset disp<span class=\"_ _3\"></span>osal resulte<span class=\"_ _3\"></span>d in an under<span class=\"_ _3\"></span>lying g<span class=\"_ _3\"></span>ain of \u00a310m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e Group\u2019s share of<span class=\"_ gs52\"> </span>joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span>In ad<span class=\"_ _3\"></span>dition to th<span class=\"_ _3\"></span>e dispos<span class=\"_ _3\"></span>als above, t<span class=\"_ _3\"></span>he Group rec<span class=\"_ _3\"></span>eived a fur<span class=\"_ _3\"></span>ther \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m of d<span class=\"_ _3\"></span>eferred con<span class=\"_ _3\"></span>siderat<span class=\"_ _3\"></span>ion in relati<span class=\"_ _3\"></span>on to the disp<span class=\"_ _3\"></span>osal of it<span class=\"_ _3\"></span>s Middl<span class=\"_ _3\"></span>e Eastern joint ventu<span class=\"_ _3\"></span>res in 201<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his deferred c<span class=\"_ _3\"></span>onsider<span class=\"_ _3\"></span>ation was in<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d in the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s asse<span class=\"_ _3\"></span>ssment of the g<span class=\"_ _3\"></span>ain on disp<span class=\"_ _3\"></span>osal rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in 201<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>4<span class=\"_ _5\"></span>1 Principal subsidiari<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>, joint v<span class=\"_ _4\"></span>entures and associates<span class=\"_ _3ab\"> </span>(<span class=\"_ _4\"></span>a) Principal subsidiaries<span class=\"_ _3ab\"> </span>Country of incorporation or registra<span class=\"_ _4\"></span>tion<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ion a<span class=\"_ _3\"></span>nd s<span class=\"_ _3\"></span>upp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup Inc<span class=\"_ _37f\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Inc<span class=\"_ _8b\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Infrastructure Inv<span class=\"_ _4\"></span>estments<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Communities LLC<span class=\"_ _2a8\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> Investments Ltd<span class=\"_ _4\"></span>*<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>vestments Inc<span class=\"_ _380\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ampus S<span class=\"_ _3\"></span>oluti<span class=\"_ _3\"></span>ons LLC<span class=\"_ _264\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts Inc<span class=\"_ _19d\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Other<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs Inc. <span class=\"_ _381\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>(b<span class=\"_ _5\"></span>) Principal jo<span class=\"_ _4\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _3ab\"> </span>Country of incorporation or registra<span class=\"_ _4\"></span>tion<span class=\"_ _3ab\"> </span>Ownership interest<span class=\"_ _4\"></span> %<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ion a<span class=\"_ _3\"></span>nd s<span class=\"_ _3\"></span>upp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>Gammon China<span class=\"_ _4\"></span> Ltd<span class=\"_ _349\"> </span><span class=\"lsc ws8\">Hong Kong<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">50.0<span class=\"_ _3ab\"> </span></span></span>Infrastructure Inv<span class=\"_ _4\"></span>estments (Note<span class=\"_ _4\"></span> 4<span class=\"_ _4\"></span>1<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Ltd<span class=\"_ _382\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span>(c<span class=\"_ _4\"></span>) Principal joint operations<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group c<span class=\"_ _3\"></span>arries ou<span class=\"_ _3\"></span>t a number of i<span class=\"_ _3\"></span>ts larger c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts in joint ar<span class=\"_ _3\"></span>range<span class=\"_ _3\"></span>ments wit<span class=\"_ _3\"></span>h other contr<span class=\"_ _3\"></span>actors s<span class=\"_ _3\"></span>o as to share resourc<span class=\"_ _3\"></span>es and risk<span class=\"_ _3\"></span>. The pr<span class=\"_ _3\"></span>incipa<span class=\"_ _3\"></span>l joint p<span class=\"_ _3\"></span>rojects i<span class=\"_ _3\"></span>n progress d<span class=\"_ _3\"></span>uring the ye<span class=\"_ _3\"></span>ar are shown b<span class=\"_ _3\"></span>elow<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Country of incorporation or registra<span class=\"_ _4\"></span>tion<span class=\"_ _3ab\"> </span>Ownership interest<span class=\"_ _4\"></span> %<span class=\"_ _3ab\"> </span>M25 Maintenance<span class=\"_ _383\"> </span><span class=\"ls10c ws85\">52.<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>HS<span class=\"_ _3\"></span>2 \u2013 Area N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>th<span class=\"_ _384\"> </span><span class=\"ls92 ws8a\">50.0<span class=\"_ _3ab\"> </span></span>Central Rail Systems Alliance<span class=\"_ _266\"> </span><span class=\"ls92 ws8a\">8<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span>Old O<span class=\"_ _3\"></span>ak Co<span class=\"_ _3\"></span>mmon<span class=\"_ _194\"> </span><span class=\"ls10c ws85\">4<span class=\"_ _3\"></span>2.0<span class=\"_ _3ab\"> </span></span>Gilb<span class=\"_ _3\"></span>ane/<span class=\"_ _3\"></span>Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty Ec<span class=\"_ _3\"></span>cles 1951<span class=\"_ _2b4\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">5<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span></span>Skanska<span class=\"_ _3\"></span>/Balfour Beat<span class=\"_ _3\"></span>ty <span class=\"_ _320\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">5<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span></span>Dri<span class=\"_ _3\"></span>scoll<span class=\"_ _3\"></span>/B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y <span class=\"_ _385\"> </span>US <span class=\"_ _386\"> </span><span class=\"ls92 ws8a\">35.0<span class=\"_ _3ab\"> </span></span>Greenline E<span class=\"_ _3\"></span>xtension <span class=\"_ _2a7\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _387\"> </span><span class=\"ls4a ws44\">25.0<span class=\"_ _3ab\"> </span></span></span>L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Inte<span class=\"_ _3\"></span>grated E<span class=\"_ _3\"></span>xpress S<span class=\"_ _3\"></span>olutio<span class=\"_ _3\"></span>ns <span class=\"_ _275\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">3<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span></span>LB<span class=\"_ _3\"></span>J East<span class=\"_ _190\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">45<span class=\"_ _3\"></span>.0<span class=\"_ _3ab\"> </span></span></span>Notes<span class=\"_ _3ab\"> </span>(i)  Subsidiaries, j<span class=\"ls5 ws3\">oint ve<span class=\"_ _3\"></span>ntures a<span class=\"_ _3\"></span>nd ass<span class=\"_ _3\"></span>ocia<span class=\"_ _3\"></span>tes who<span class=\"_ _3\"></span>se resu<span class=\"_ _3\"></span>lts di<span class=\"_ _3\"></span>d not, in t<span class=\"_ _3\"></span>he opi<span class=\"_ _3\"></span>nion of t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s, mate<span class=\"_ _3\"></span>riall<span class=\"_ _3\"></span>y affe<span class=\"_ _3\"></span>ct th<span class=\"_ _3\"></span>e result<span class=\"_ _3\"></span>s or net as<span class=\"_ _3\"></span>sets of t<span class=\"_ _3\"></span>he Gro<span class=\"_ _3\"></span>up are not s<span class=\"_ _3\"></span>hown<span class=\"_ _3\"></span>. </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>Unle<span class=\"_ _3\"></span>ss othe<span class=\"_ _3\"></span>rw<span class=\"_ _3\"></span>ise st<span class=\"_ _3\"></span>ated, 10<span class=\"_ _3\"></span>0% of th<span class=\"_ _3\"></span>e equi<span class=\"_ _3\"></span>ty c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al is ow<span class=\"_ _3\"></span>ned an<span class=\"_ _3\"></span>d comp<span class=\"_ _3\"></span>anie<span class=\"_ _3\"></span>s are reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wales a<span class=\"_ _3\"></span>nd the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of eac<span class=\"_ _3\"></span>h comp<span class=\"_ _3\"></span>any are c<span class=\"_ _3\"></span>ondu<span class=\"_ _3\"></span>cted in t<span class=\"_ _3\"></span>he country of incorporation.<span class=\"_ _3ab\"> </span>* <span class=\"_ _b\"> </span>In<span class=\"_ _3\"></span>dic<span class=\"_ _3\"></span>ates he<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>A full lis<span class=\"_ _3\"></span>t of the Group\u2019s related und<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>aking<span class=\"_ _3\"></span>s is includ<span class=\"_ _3\"></span>ed in Note 4<span class=\"_ _3\"></span>3.<span class=\"_ _3ab\"> </span>(d) Bal<span class=\"_ _3\"></span>fou<span class=\"_ _3\"></span>r Bea<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ty I<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s UK<span class=\"_ _3ab\"> </span>Roads<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty is a p<span class=\"_ _3\"></span>romoter<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>loper a<span class=\"_ _3\"></span>nd investor in 1<span class=\"_ _4\"></span>2 ro<span class=\"_ _3\"></span>ad and stre<span class=\"_ _3\"></span>et lighting pro<span class=\"_ _3\"></span>jects to c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>t new road<span class=\"_ _3\"></span>s, to upgra<span class=\"_ _3\"></span>de and ma<span class=\"_ _3\"></span>intain existin<span class=\"_ _3\"></span>g roads an<span class=\"_ _3\"></span>d to r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>place a<span class=\"_ _3\"></span>nd mainta<span class=\"_ _3\"></span>in street light<span class=\"_ _3\"></span>ing. Th<span class=\"_ _3\"></span>e princi<span class=\"_ _3\"></span>pal contr<span class=\"_ _3\"></span>act is the p<span class=\"_ _3\"></span>roject a<span class=\"_ _3\"></span>greement w<span class=\"_ _3\"></span>ith the gover<span class=\"_ _3\"></span>nmental hi<span class=\"_ _3\"></span>ghway auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. Al<span class=\"_ _3\"></span>l assets tra<span class=\"_ _3\"></span>nsfer to the custom<span class=\"_ _3\"></span>er at the end of t<span class=\"_ _3\"></span>he conc<span class=\"_ _3\"></span>ession.<span class=\"_ _3ab\"> </span>Conces<span class=\"_ _3\"></span>sion<span class=\"_ _4\"></span> company (i<span class=\"_ _4\"></span>)<span class=\"_ _a7\"> </span><span class=\"ff47 ls128 ws10e\">P<span class=\"_ _3\"></span>roject<span class=\"_ _3ab\"> </span></span>Total de<span class=\"_ _3\"></span>bt and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y funding \u00a3m<span class=\"_ _1a8\"> </span><span class=\"ls97 ws8e\">S<span class=\"_ _3\"></span>har<span class=\"_ _4\"></span>eholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial<span class=\"_ _3ab\"> </span>close<span class=\"_ _3ab\"> </span>Duration<span class=\"_ _3ab\"> </span>years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>completion<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect M1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _369\"> </span><span class=\"ls3c ws37\">3<span class=\"_ _3\"></span>0km ro<span class=\"_ _3\"></span>ad<span class=\"_ _1e\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3\"></span>0<span class=\"_ _a6\"> </span></span></span>20%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _c3\"> </span><span class=\"ls12a ws11f\">M<span class=\"_ _3\"></span>arc<span class=\"_ _3\"></span>h 19<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _e3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _3b\"> </span><span class=\"ls114 ws10c\">1<span class=\"_ _4\"></span>999<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>50 Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _3ab\"> </span>57k<span class=\"_ _3\"></span>m road<span class=\"_ _1f7\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _a8\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>5%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _128\"> </span><span class=\"ls12a ws11f\">Ma<span class=\"_ _3\"></span>y 19<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _f6\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _fa\"> </span></span>19<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0/A<span class=\"_ _3\"></span>35 Ltd (ii<span class=\"_ _3\"></span>)<span class=\"_ _af\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>2k<span class=\"_ _3\"></span>m ro<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d<span class=\"_ _d5\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>7<span class=\"_ _a8\"> </span></span></span>20%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b2\"> </span><span class=\"ls12a ws11f\">J<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>y 19<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _e3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _10a\"> </span><span class=\"ls4e ws48\">2000<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect M<span class=\"_ _3\"></span>77/GSO p<span class=\"_ _3\"></span>lc (ii)<span class=\"_ _130\"> </span><span class=\"ls3c ws37\">2<span class=\"_ _3\"></span>5km ro<span class=\"_ _3\"></span>ad<span class=\"_ _15\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _3\"></span>7<span class=\"_ _dd\"> </span>8<span class=\"_ _3\"></span>5%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _f2\"> </span></span></span></span>M<span class=\"_ _3\"></span>ay 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _b5\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _1cc\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>05<span class=\"_ _3ab\"> </span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Sun<span class=\"_ _3\"></span>derla<span class=\"_ _3\"></span>nd Ltd (ii)<span class=\"_ _40\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"lsc ws8\">27<span class=\"_ _dd\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _51\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _ce\"> </span><span class=\"ls15 ws11\">August 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _b5\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">200<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Ltd (i<span class=\"_ _3\"></span>i)<span class=\"_ _36\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _dd\"> </span></span></span>20%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _c0\"> </span><span class=\"ls15 ws11\">Dec<span class=\"_ _3\"></span>ember 200<span class=\"_ _3\"></span>5<span class=\"_ _f6\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _ef\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Ltd<span class=\"_ _1ae\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls11d wsf4\">36<span class=\"_ _d5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0%<span class=\"_ _be\"> </span><span class=\"ls73 ws80\">Subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _1cb\"> </span></span></span></span></span>A<span class=\"_ _3\"></span>pril 20<span class=\"_ _3\"></span>07<span class=\"_ _e3\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Ltd (ii)<span class=\"_ _1d2\"> </span>J16 \u2013 J23, J<span class=\"_ _3\"></span>27 \u2013 J3<span class=\"_ _3\"></span>0 and<span class=\"ls5 ws3\"> </span>A<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>(M<span class=\"_ _3\"></span>) Hatfield T<span class=\"_ _5\"></span>unnel<span class=\"_ _20d\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _3b\"> </span><span class=\"ls100 ws104\">15%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">M<span class=\"_ _3\"></span>ay 20<span class=\"_ _3\"></span>09<span class=\"_ _e3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _cc\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _388\"> </span><span class=\"ls14 ws10\">Carlisle N<span class=\"_ _3\"></span>orthern</span> Devel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt Route<span class=\"_ _d5\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _10a\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>5%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b2\"> </span><span class=\"ls5 ws3\">J<span class=\"_ _3\"></span>uly 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>9<span class=\"_ _b5\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Ltd (ii)<span class=\"_ _1b6\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _dd\"> </span></span></span>20%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _57\"> </span><span class=\"ls15 ws11\">August 2010<span class=\"_ _b5\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _1cb\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>015<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>ambri<span class=\"_ _3\"></span>dgeshire Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _1f5\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _a6\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _a8\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _51\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _128\"> </span><span class=\"ls11c ws115\">A<span class=\"_ _2\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _110\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>hamptonshire Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _ff\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls40 ws3b\">64<span class=\"_ _1f7\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _51\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _56\"> </span><span class=\"ls15 ws11\">August 201<span class=\"_ _5\"></span>1<span class=\"_ _e3\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in Eng<span class=\"_ _3\"></span>land a<span class=\"_ _3\"></span>nd Wal<span class=\"_ _3\"></span>es and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch com<span class=\"_ _3\"></span>pany a<span class=\"_ _3\"></span>re in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s, excep<span class=\"_ _3\"></span>t Conn<span class=\"_ _3\"></span>ect M<span class=\"_ _3\"></span>77/G<span class=\"_ _3\"></span>SO pl<span class=\"_ _3\"></span>c whic<span class=\"_ _3\"></span>h is regis<span class=\"_ _3\"></span>tered<span class=\"_ _3\"></span>, and co<span class=\"_ _3\"></span>nduc<span class=\"_ _3\"></span>ts th<span class=\"_ _3\"></span>eir pri<span class=\"_ _3\"></span>ncip<span class=\"_ _3\"></span>al operations, in Scotland.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span>Healthcare<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty is a p<span class=\"_ _3\"></span>romoter<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>loper a<span class=\"_ _3\"></span>nd investor in t<span class=\"_ _3\"></span>wo health<span class=\"_ _3\"></span>care proj<span class=\"_ _3\"></span>ects to buil<span class=\"_ _3\"></span>d hospit<span class=\"_ _3\"></span>al acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation an<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o p<span class=\"_ _3\"></span>rovide ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>medic<span class=\"_ _3\"></span>al faci<span class=\"_ _3\"></span>lities man<span class=\"_ _3\"></span>ageme<span class=\"_ _3\"></span>nt serv<span class=\"_ _3\"></span>ices over th<span class=\"_ _3\"></span>e conce<span class=\"_ _3\"></span>ssion pe<span class=\"_ _3\"></span>riod. T<span class=\"_ _3\"></span>he prin<span class=\"_ _3\"></span>cipal c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t for Birming<span class=\"_ _3\"></span>ham is the p<span class=\"_ _3\"></span>roject ag<span class=\"_ _3\"></span>reement bet<span class=\"_ _3\"></span>ween th<span class=\"_ _3\"></span>e conces<span class=\"_ _3\"></span>sion co<span class=\"_ _3\"></span>mp<span class=\"_ _3\"></span>any a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>the N<span class=\"_ _3\"></span>HS T<span class=\"_ _4\"></span>rust a<span class=\"_ _3\"></span>nd for the Iris<span class=\"_ _3\"></span>h primar<span class=\"_ _3\"></span>y c<span class=\"_ _3\"></span>are centres, th<span class=\"_ _3\"></span>e project a<span class=\"_ _3\"></span>greement is w<span class=\"_ _3\"></span>ith the Ir<span class=\"_ _3\"></span>ish Governm<span class=\"_ _3\"></span>ent. All a<span class=\"_ _3\"></span>ssets tran<span class=\"_ _3\"></span>sfer to the custom<span class=\"_ _3\"></span>er at the end of t<span class=\"_ _3\"></span>he conc<span class=\"_ _3\"></span>ession.<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny (i)(ii)<span class=\"_ _389\"> </span><span class=\"ff47 ls128 ws10e\">Proje<span class=\"_ _3\"></span>ct<span class=\"_ _3ab\"> </span></span>Total de<span class=\"_ _3\"></span>bt and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y funding \u00a3m<span class=\"_ _bf\"> </span><span class=\"ls97 ws8e\">Shar<span class=\"_ _4\"></span>eholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial<span class=\"_ _3ab\"> </span>close<span class=\"_ _3ab\"> </span>Duration<span class=\"_ _3ab\"> </span>years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>completion<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Ltd <span class=\"_ _116\"> </span><span class=\"lsc ws8\">T<span class=\"_ _4\"></span>eaching hospital a<span class=\"_ _4\"></span>nd </span>mental health hospital<span class=\"_ _b5\"> </span><span class=\"lsab wsa1\">553<span class=\"_ _d6\"> </span><span class=\"ls5 ws3\">40%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _e6\"> </span></span>June 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6<span class=\"_ _1f7\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _de\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span></span>Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Ltd <span class=\"_ _34a\"> </span><span class=\"ls14 ws10\">Primar<span class=\"_ _3\"></span>y health </span>ca<span class=\"_ _3\"></span>re<span class=\"_ gs52\"> </span>centre<span class=\"_ _3\"></span>s<span class=\"_ _b5\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>8<span class=\"_ _d6\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _3\"></span>0%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _122\"> </span><span class=\"ls93 wsfa\">M<span class=\"_ _3\"></span>ay<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>16<span class=\"_ _1f7\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _de\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>019<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>) <span class=\"_ _5d\"> </span>Reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s and the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of eac<span class=\"_ _3\"></span>h comp<span class=\"_ _3\"></span>any are i<span class=\"_ _3\"></span>n Engla<span class=\"_ _3\"></span>nd and W<span class=\"_ _3\"></span>ales<span class=\"_ _3\"></span>, except H<span class=\"_ _3\"></span>ealt<span class=\"_ _3\"></span>hcar<span class=\"_ _3\"></span>e Centr<span class=\"_ _3\"></span>es PP<span class=\"_ _3\"></span>P Ltd whic<span class=\"_ _3\"></span>h is reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d, and c<span class=\"_ _3\"></span>ondu<span class=\"_ _3\"></span>cts i<span class=\"_ _3\"></span>ts pri<span class=\"_ _3\"></span>ncip<span class=\"_ _3\"></span>al operations, in<span class=\"_ _4\"></span> Ireland.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span>Stude<span class=\"_ _3\"></span>nt accomm<span class=\"_ _3\"></span>odation<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty is a p<span class=\"_ _3\"></span>romoter<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>loper a<span class=\"_ _3\"></span>nd investor in five s<span class=\"_ _3\"></span>tudent ac<span class=\"_ _3\"></span>commo<span class=\"_ _3\"></span>dation p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s. On Ho<span class=\"_ _3\"></span>lyroo<span class=\"_ _3\"></span>d, A<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span>ystw<span class=\"_ _3\"></span>y<span class=\"_ _3\"></span>th and t<span class=\"_ _3\"></span>wo Sus<span class=\"_ _3\"></span>sex project<span class=\"_ _3\"></span>s, the<span class=\"_ _4\"></span> pri<span class=\"_ _4\"></span>ncipal<span class=\"_ _4\"></span> a<span class=\"_ _3\"></span>greement is b<span class=\"_ _3\"></span>etwee<span class=\"_ _3\"></span>n the conc<span class=\"_ _3\"></span>ession c<span class=\"_ _3\"></span>ompany an<span class=\"_ _3\"></span>d the univer<span class=\"_ _3\"></span>sity a<span class=\"_ _3\"></span>nd the asset<span class=\"_ _3\"></span>s transfer to the c<span class=\"_ _3\"></span>ustomer at th<span class=\"_ _3\"></span>e end of the con<span class=\"_ _3\"></span>cessio<span class=\"_ _3\"></span>n. On Gla<span class=\"_ _3\"></span>sgow Resi<span class=\"_ _3\"></span>dences t<span class=\"_ _3\"></span>he buildi<span class=\"_ _3\"></span>ng is owne<span class=\"_ _3\"></span>d outrig<span class=\"_ _3\"></span>ht by Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and roo<span class=\"_ _3\"></span>ms are let to indiv<span class=\"_ _3\"></span>idual s<span class=\"_ _3\"></span>tudents.<span class=\"_ _3ab\"> </span>Conces<span class=\"_ _3\"></span>sion<span class=\"_ _4\"></span> company (i<span class=\"_ _4\"></span>)<span class=\"_ _1fe\"> </span><span class=\"ff47 ls128 ws10e\">Projec<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></span>Total de<span class=\"_ _3\"></span>bt and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y funding \u00a3m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of<span class=\"_ _3ab\"> </span>accounting<span class=\"_ _3ab\"> </span>Financial<span class=\"_ _3ab\"> </span>close<span class=\"_ _3ab\"> </span>Duration<span class=\"_ _3ab\"> </span>years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>completion<span class=\"_ _3ab\"> </span>Ho<span class=\"_ _3\"></span>lyroo<span class=\"_ _3\"></span>d Student A<span class=\"_ _3\"></span>ccomm<span class=\"_ _3\"></span>odatio<span class=\"_ _3\"></span>n SP<span class=\"_ _3\"></span>V Ltd<span class=\"_ _4\"></span> (ii)<span class=\"_ _df\"> </span><span class=\"ls111 wsc8\">Edinburg<span class=\"_ _3\"></span>h<span class=\"_ _27\"> </span><span class=\"ls113 ws10b\">82<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">20%<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _9d\"> </span><span class=\"ls164 ws157\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>013<span class=\"_ _116\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Ab<span class=\"_ _3\"></span>eryst<span class=\"_ _3\"></span>wy<span class=\"_ _3\"></span>th Student Accommod<span class=\"_ _3\"></span>ation Lt<span class=\"_ _4\"></span>d<span class=\"_ _bc\"> </span><span class=\"ls14\">A<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span>ystw<span class=\"_ _3\"></span>yth<span class=\"_ _a1\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _e3\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _1e4\"> </span><span class=\"ls73 ws80\">Subsidiary<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">Ju<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>013<span class=\"_ _116\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _ef\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Glasgow Residences (Kennedy Street) LL<span class=\"_ _3\"></span>P<span class=\"_ _1f7\"> </span><span class=\"ls85 ws7d\">Glasgow<span class=\"_ _27\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _f6\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _bc\"> </span><span class=\"ls73 ws80\">Subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _51\"> </span><span class=\"ls93 wsfa\">A<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>l 2<span class=\"_ _3\"></span>016<span class=\"_ _128\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _ef\"> </span><span class=\"ls11e ws117\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>17<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Student Accomm<span class=\"_ _3\"></span>odation LLP<span class=\"_ _303\"> </span><span class=\"ls78 ws11a\">S<span class=\"_ _3\"></span>uss<span class=\"_ _3\"></span>ex<span class=\"_ _3b\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>18<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">8<span class=\"_ _3\"></span>0%<span class=\"_ _bc\"> </span><span class=\"ls73 ws80\">Subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _1cb\"> </span><span class=\"ls11e ws117\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>17<span class=\"_ _116\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">2020<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>West Slope Residencies LL<span class=\"_ _3\"></span>P<span class=\"_ _12e\"> </span><span class=\"ls78 ws11a\">S<span class=\"_ _3\"></span>ussex<span class=\"_ _a8\"> </span><span class=\"ls121 wsa3\">343<span class=\"_ _128\"> </span><span class=\"ls21b ws23a\">8<span class=\"_ _3\"></span>1%<span class=\"_ _1b8\"> </span><span class=\"ls73 ws80\">Subsidiary<span class=\"_ _11e\"> </span></span></span></span></span>Decemb<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span> 2<span class=\"_ _3\"></span>023<span class=\"_ _25\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cc\"> </span><span class=\"ls5f ws57\">202<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in Eng<span class=\"_ _3\"></span>land a<span class=\"_ _3\"></span>nd Wal<span class=\"_ _3\"></span>es and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch com<span class=\"_ _3\"></span>pany a<span class=\"_ _3\"></span>re in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s, excep<span class=\"_ _3\"></span>t Hol<span class=\"_ _3\"></span>yroo<span class=\"_ _3\"></span>d Stud<span class=\"_ _3\"></span>ent Ac<span class=\"_ _3\"></span>comm<span class=\"_ _3\"></span>odat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>PV Ltd a<span class=\"_ _3\"></span>nd Gla<span class=\"_ _3\"></span>sgow R<span class=\"_ _3\"></span>esid<span class=\"_ _3\"></span>ences (Ke<span class=\"_ _3\"></span>nned<span class=\"_ _3\"></span>y Stree<span class=\"_ _3\"></span>t) LL<span class=\"_ _3\"></span>P whi<span class=\"_ _3\"></span>ch are reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d, an<span class=\"_ _3\"></span>d cond<span class=\"_ _3\"></span>uct th<span class=\"_ _3\"></span>eir pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al op<span class=\"_ _3\"></span>erat<span class=\"_ _3\"></span>ions, i<span class=\"_ _3\"></span>n Scot<span class=\"_ _3\"></span>land<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her conce<span class=\"_ _3\"></span>ssions<span class=\"_ _3ab\"> </span>Pevensey C<span class=\"_ _3\"></span>oast<span class=\"_ _3\"></span>al Defence Ltd (<span class=\"_ _3\"></span>PCD<span class=\"_ _3\"></span>L) h<span class=\"_ _3\"></span>as a 25<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>year contr<span class=\"_ _3\"></span>act wit<span class=\"_ _3\"></span>h the Environme<span class=\"_ _3\"></span>nt Agenc<span class=\"_ _3\"></span>y to maintain a sh<span class=\"_ _3\"></span>ingle ba<span class=\"_ _3\"></span>nk sea defenc<span class=\"_ _3\"></span>e in East Su<span class=\"_ _3\"></span>ssex. Th<span class=\"_ _3\"></span>anet involves t<span class=\"_ _3\"></span>he opera<span class=\"_ _3\"></span>tion of trans<span class=\"_ _3\"></span>mission a<span class=\"_ _3\"></span>ssets for the 3<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0M<span class=\"_ _3\"></span>W offs<span class=\"_ _3\"></span>hore wind fa<span class=\"_ _3\"></span>rm project <span class=\"_ _4\"></span>loc<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>ed off the K<span class=\"_ _4\"></span>ent coast. Gwynt y <span class=\"_ _4\"></span>M<span class=\"_ _3\"></span>\u00f4r involve<span class=\"_ _3\"></span>s the oper<span class=\"_ _3\"></span>ation of tra<span class=\"_ _3\"></span>nsmission a<span class=\"_ _3\"></span>ssets for the 5<span class=\"_ _3\"></span>76M<span class=\"_ _3\"></span>W off<span class=\"_ _3\"></span>shore wind fa<span class=\"_ _3\"></span>rm in the Ir<span class=\"_ _3\"></span>ish Sea. <span class=\"_ _3\"></span>Hum<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span> invo<span class=\"_ _3\"></span>lves<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>op<span class=\"_ _3\"></span>erat<span class=\"_ _3\"></span>ion <span class=\"_ _3\"></span>of tr<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>miss<span class=\"_ _3\"></span>ion<span class=\"_ _3\"></span> asset<span class=\"_ _3\"></span>s for the 21<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>M<span class=\"_ _3\"></span>W offsho<span class=\"_ _3\"></span>re wind farm i<span class=\"_ _3\"></span>n the Nor<span class=\"_ _3\"></span>th Se<span class=\"_ _3\"></span>a. Tha<span class=\"_ _3\"></span>net, Gw<span class=\"_ _3\"></span>ynt y M\u00f4<span class=\"_ _3\"></span>r and Humb<span class=\"_ _3\"></span>er ope<span class=\"_ _3\"></span>rate and maint<span class=\"_ _3\"></span>ain the tra<span class=\"_ _3\"></span>nsmission a<span class=\"_ _3\"></span>ssets und<span class=\"_ _3\"></span>er the terms of p<span class=\"_ _3\"></span>erpetu<span class=\"_ _3\"></span>al licenc<span class=\"_ _3\"></span>es granted by O<span class=\"_ _3\"></span>fgem wh<span class=\"_ _3\"></span>ich cont<span class=\"_ _3\"></span>ain the rig<span class=\"_ _3\"></span>ht t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e paid a revenue s<span class=\"_ _3\"></span>tream over a 20<span class=\"_ _2\"></span>-ye<span class=\"_ _3\"></span>ar peri<span class=\"_ _3\"></span>od on an avail<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y basis<span class=\"_ _3\"></span>. Welland Bi<span class=\"_ _3\"></span>o Power involves th<span class=\"_ _3\"></span>e design<span class=\"_ _3\"></span>, constr<span class=\"_ _3\"></span>uction<span class=\"_ _3\"></span>, financ<span class=\"_ _3\"></span>ing, op<span class=\"_ _3\"></span>eration a<span class=\"_ _3\"></span>nd maintenan<span class=\"_ _3\"></span>ce of a 10.4M<span class=\"_ _3\"></span>W waste wo<span class=\"_ _3\"></span>od gasi<span class=\"_ _3\"></span>fier loc<span class=\"_ _3\"></span>ated at Peb<span class=\"_ _3\"></span>ble Ha<span class=\"_ _3\"></span>ll Farm, T<span class=\"_ _3\"></span>hreding<span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>th. Th<span class=\"_ _3\"></span>e East W<span class=\"_ _3\"></span>ick and Sweet<span class=\"_ _3\"></span>water d<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>lopme<span class=\"_ _3\"></span>nt is a Londo<span class=\"_ _3\"></span>n Legac<span class=\"_ _3\"></span>y Develo<span class=\"_ _3\"></span>pment Co<span class=\"_ _3\"></span>rpor<span class=\"_ _3\"></span>ation proje<span class=\"_ _3\"></span>ct, be<span class=\"_ _3\"></span>ing car<span class=\"_ _3\"></span>ried out i<span class=\"_ _3\"></span>n phases, w<span class=\"_ _3\"></span>hich wil<span class=\"_ _3\"></span>l result in the cre<span class=\"_ _3\"></span>ation of t<span class=\"_ _3\"></span>wo commun<span class=\"_ _3\"></span>ities, E<span class=\"_ _3\"></span>ast Wic<span class=\"_ _3\"></span>k and Sweet<span class=\"_ _3\"></span>water<span class=\"_ _4\"></span>, at th<span class=\"_ _3\"></span>e Queen El<span class=\"_ _3\"></span>izabeth Ol<span class=\"_ _3\"></span>ympic P<span class=\"_ _3\"></span>ark in Lon<span class=\"_ _3\"></span>don. W<span class=\"_ _3\"></span>ith the excepti<span class=\"_ _3\"></span>on of the Wella<span class=\"_ _3\"></span>nd Bio Power p<span class=\"_ _3\"></span>lant and the E<span class=\"_ _3\"></span>astw<span class=\"_ _3\"></span>ick and Swe<span class=\"_ _3\"></span>etwater p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>, all assets tr<span class=\"_ _3\"></span>ansfer to the cu<span class=\"_ _3\"></span>stomer at the e<span class=\"_ _3\"></span>nd of the relevant c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ion. Co<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny (i) (ii)<span class=\"_ _32\"> </span><span class=\"ff47 ls128 ws10e\">P<span class=\"_ _3\"></span>roject<span class=\"_ _3ab\"> </span></span>Total de<span class=\"_ _3\"></span>bt and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y funding \u00a3m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial<span class=\"_ _3ab\"> </span>close<span class=\"_ _3ab\"> </span>Duration<span class=\"_ _3ab\"> </span>years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>completion<span class=\"_ _3ab\"> </span>Pevensey C<span class=\"_ _3\"></span>oast<span class=\"_ _3\"></span>al Defence Ltd<span class=\"_ _215\"> </span><span class=\"ls15 ws11\">S<span class=\"_ _3\"></span>ea def<span class=\"_ _4\"></span>ences<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _128\"> </span><span class=\"ls93 wsfa\">25%<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _81\"> </span><span class=\"ls4e ws48\">Ju<span class=\"_ _4\"></span>ly<span class=\"_ _5\"></span> 2000<span class=\"_ _27\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _ff\"> </span><span class=\"ls128 ws10e\">n/a<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Proj<span class=\"_ _3\"></span>ects (P<span class=\"_ _3\"></span>hase 1) Ltd<span class=\"_ _215\"> </span><span class=\"ls3c ws37\">P<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y develo<span class=\"_ _3\"></span>pment<span class=\"_ _25\"> </span><span class=\"ls114 ws10c\">99<span class=\"_ _1cb\"> </span></span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Januar<span class=\"_ _3\"></span>y 201<span class=\"_ _4\"></span>9<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _ef\"> </span><span class=\"ls78 ws11a\">20<span class=\"_ _3\"></span>21<span class=\"_ _3ab\"> </span></span></span></span></span>Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Proj<span class=\"_ _3\"></span>ects (P<span class=\"_ _3\"></span>hase 2) Ltd<span class=\"_ _215\"> </span><span class=\"ls3c ws37\">P<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y develo<span class=\"_ _3\"></span>pment<span class=\"_ _116\"> </span><span class=\"ls16 ws12\">76<span class=\"_ _f2\"> </span></span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _110\"> </span><span class=\"ls15 ws11\">August 2023<span class=\"_ _47\"> </span></span></span>3<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">2026<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ltd<span class=\"_ _38a\"> </span><span class=\"ls128 ws10e\">Of<span class=\"_ _3\"></span>fshore transmission<span class=\"_ _3b\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _f2\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b7\"> </span><span class=\"ls15 ws11\">Decemb<span class=\"_ _3\"></span>er 20<span class=\"_ _4\"></span>14<span class=\"_ _25\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _51\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _3ab\"> </span></span></span></span></span>Gw<span class=\"_ _3\"></span>ynt y M\u00f4<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO plc <span class=\"_ _145\"> </span><span class=\"ls128 ws10e\">O<span class=\"_ _3\"></span>ffshore transmission<span class=\"_ _10a\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3\"></span>6<span class=\"_ _1cb\"> </span></span></span>6<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _d8\"> </span><span class=\"ls72 wsf5\">February 201<span class=\"_ _4\"></span>5<span class=\"_ _25\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _ff\"> </span><span class=\"ls128 ws10e\">n/a<span class=\"_ _3ab\"> </span></span></span></span></span>Wellan<span class=\"_ _3\"></span>d Bio Power Ltd<span class=\"_ _1fd\"> </span><span class=\"ls15 ws11\">Waste wood gasifier<span class=\"_ _a1\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _c3\"> </span><span class=\"ls1c ws107\">29<span class=\"_ _3\"></span>.2%<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _ef\"> </span><span class=\"ls100 ws104\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _128\"> </span><span class=\"ls128 ws10e\">n/a<span class=\"_ _ef\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Ltd<span class=\"_ _f6\"> </span><span class=\"ls128 ws10e\">O<span class=\"_ _3\"></span>ffshore transmission<span class=\"_ _3b\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _ee\"> </span></span></span>20%<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _f4\"> </span><span class=\"ls15 ws11\">September 201<span class=\"_ _4\"></span>6<span class=\"_ _116\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _51\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _3ab\"> </span></span></span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in Eng<span class=\"_ _3\"></span>land a<span class=\"_ _3\"></span>nd Wal<span class=\"_ _3\"></span>es and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch com<span class=\"_ _3\"></span>pany a<span class=\"_ _3\"></span>re in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in the<span class=\"_ _3\"></span>se com<span class=\"_ _3\"></span>pani<span class=\"_ _3\"></span>es as a jo<span class=\"_ _3\"></span>int ventu<span class=\"_ _3\"></span>re.<span class=\"_ _3ab\"> </span>(e) Bal<span class=\"_ _3\"></span>fou<span class=\"_ _3\"></span>r Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y I<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s Nor<span class=\"_ _3\"></span>th A<span class=\"_ _3\"></span>mer<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>Militar<span class=\"_ _3\"></span>y housing<span class=\"_ _3ab\"> </span>Summary<span class=\"ff47 ls5 ws3\"> B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y through it<span class=\"_ _3\"></span>s subsidi<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Com<span class=\"_ _3\"></span>munities L<span class=\"_ _3\"></span>LC is a mana<span class=\"_ _3\"></span>ger<span class=\"_ _4\"></span>, deve<span class=\"_ _3\"></span>loper, and investor in a nu<span class=\"_ _3\"></span>mber of US </span>milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y privati<span class=\"_ _3\"></span>sation p<span class=\"_ _3\"></span>rojects a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ated with a tota<span class=\"_ _3\"></span>l of 55 US G<span class=\"_ _3\"></span>overnment mil<span class=\"_ _3\"></span>itar<span class=\"_ _3\"></span>y base<span class=\"_ _3\"></span>s which inc<span class=\"_ _3\"></span>ludes 5<span class=\"_ _3\"></span>5 milita<span class=\"_ _3\"></span>ry fa<span class=\"_ _3\"></span>mily hous<span class=\"_ _3\"></span>ing commu<span class=\"_ _3\"></span>nities and on<span class=\"_ _3\"></span>e unacc<span class=\"_ _3\"></span>ompani<span class=\"_ _3\"></span>ed pers<span class=\"_ _3\"></span>onnel hou<span class=\"_ _3\"></span>sing comm<span class=\"_ _3\"></span>unity t<span class=\"_ _3\"></span>hat are expe<span class=\"_ _3\"></span>cted to cont<span class=\"_ _3\"></span>ain approxi<span class=\"_ _3\"></span>mately 4<span class=\"_ _3\"></span>3,<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>0 hou<span class=\"_ _3\"></span>sing units o<span class=\"_ _3\"></span>nce devel<span class=\"_ _3\"></span>opment<span class=\"_ _3\"></span>, con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ion and renov<span class=\"_ _3\"></span>ation are co<span class=\"_ _3\"></span>mplete.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e project<span class=\"_ _3\"></span>s compr<span class=\"_ _3\"></span>ise 1<span class=\"_ _5\"></span>1 mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y family h<span class=\"_ _3\"></span>ousing pr<span class=\"_ _3\"></span>ivatisa<span class=\"_ _3\"></span>tion proje<span class=\"_ _3\"></span>cts wit<span class=\"_ _3\"></span>h the United St<span class=\"_ _3\"></span>ates Dep<span class=\"_ _3\"></span>artm<span class=\"_ _3\"></span>ent of the Ar<span class=\"_ _3\"></span>my (A<span class=\"_ _3\"></span>rmy), seven p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s with t<span class=\"_ _3\"></span>he United St<span class=\"_ _3\"></span>ates Dep<span class=\"_ _3\"></span>artm<span class=\"_ _3\"></span>ent of the Ai<span class=\"_ _3\"></span>r Force (<span class=\"_ _3\"></span>Air F<span class=\"_ _3\"></span>orce) and t<span class=\"_ _3\"></span>wo proje<span class=\"_ _3\"></span>cts wit<span class=\"_ _3\"></span>h the United St<span class=\"_ _3\"></span>ates Dep<span class=\"_ _3\"></span>artm<span class=\"_ _3\"></span>ent of the Nav<span class=\"_ _3\"></span>y (<span class=\"_ _3\"></span>Nav<span class=\"_ _3\"></span>y). In addi<span class=\"_ _3\"></span>tion,<span class=\"_ _3\"></span> there is o<span class=\"_ _3\"></span>ne unacc<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>nied pers<span class=\"_ _3\"></span>onnel hou<span class=\"_ _3\"></span>sing (U<span class=\"_ _3\"></span>PH) proj<span class=\"_ _3\"></span>ect wit<span class=\"_ _3\"></span>h the Ar<span class=\"_ _3\"></span>my at For<span class=\"_ _3\"></span>t Stewar<span class=\"_ _3\"></span>t.<span class=\"_ _3ab\"> </span>Contractual arra<span class=\"_ _4\"></span>ngements<span class=\"ff47 ls5 ws3\"> T<span class=\"_ _3\"></span>he first ph<span class=\"_ _3\"></span>ase of the proj<span class=\"_ _3\"></span>ect, k<span class=\"_ _3\"></span>nown as the i<span class=\"_ _3\"></span>nitial devel<span class=\"_ _3\"></span>opment p<span class=\"_ _3\"></span>eriod<span class=\"_ _3\"></span>, covers the p<span class=\"_ _3\"></span>erio<span class=\"_ _3\"></span>d of initial co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion or </span>renovat<span class=\"_ _3\"></span>ion of milit<span class=\"_ _3\"></span>ary h<span class=\"_ _3\"></span>ousing on a b<span class=\"_ _3\"></span>ase, t<span class=\"_ _3\"></span>ypic<span class=\"_ _3\"></span>ally las<span class=\"_ _3\"></span>ting three to eig<span class=\"_ _3\"></span>ht y<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ars. W<span class=\"_ _3\"></span>ith resp<span class=\"_ _3\"></span>ect to Ar<span class=\"_ _3\"></span>my and Nav<span class=\"_ _3\"></span>y proj<span class=\"_ _3\"></span>ects, t<span class=\"_ _3\"></span>he Governm<span class=\"_ _3\"></span>ent beco<span class=\"_ _3\"></span>mes a memb<span class=\"_ _3\"></span>er or par<span class=\"_ _3\"></span>tne<span class=\"_ _3\"></span>r of the projec<span class=\"_ _3\"></span>t entit<span class=\"_ _3\"></span>y (Proje<span class=\"_ _3\"></span>ct LLC<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>; t<span class=\"_ _3\"></span>he Air Fo<span class=\"_ _3\"></span>rce is not a nam<span class=\"_ _3\"></span>ed par<span class=\"_ _3\"></span>tner or m<span class=\"_ _3\"></span>ember in B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Comm<span class=\"_ _3\"></span>unities\u2019 P<span class=\"_ _3\"></span>roje<span class=\"_ _3\"></span>ct LLC<span class=\"_ _3\"></span>s, however it c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s a commit<span class=\"_ _3\"></span>ment to provide a G<span class=\"_ _3\"></span>overnme<span class=\"_ _3\"></span>nt direct lo<span class=\"_ _3\"></span>an to the Proje<span class=\"_ _3\"></span>ct LLC an<span class=\"_ _3\"></span>d has simila<span class=\"_ _3\"></span>r rights to sha<span class=\"_ _3\"></span>re in distri<span class=\"_ _3\"></span>butions<span class=\"_ _3\"></span> and c<span class=\"_ _3\"></span>ash flows of th<span class=\"_ _3\"></span>e Projec<span class=\"_ _3\"></span>t LLC. O<span class=\"_ _3\"></span>n each pro<span class=\"_ _3\"></span>ject, t<span class=\"_ _3\"></span>he Projec<span class=\"_ _3\"></span>t LLC enters into a g<span class=\"_ _3\"></span>round leas<span class=\"_ _3\"></span>e with the G<span class=\"_ _3\"></span>overnment<span class=\"_ _3\"></span>, which p<span class=\"_ _3\"></span>rovides t<span class=\"_ _3\"></span>he P<span class=\"_ _3\"></span>roje<span class=\"_ _3\"></span>ct LLC w<span class=\"_ _3\"></span>ith a lease<span class=\"_ _3\"></span>hold interest i<span class=\"_ _3\"></span>n the land an<span class=\"_ _3\"></span>d title to the im<span class=\"_ _3\"></span>provements on t<span class=\"_ _3\"></span>he land for a p<span class=\"_ _3\"></span>eriod of 5<span class=\"_ _3\"></span>0 years<span class=\"_ _3\"></span>. Each of th<span class=\"_ _3\"></span>ese milita<span class=\"_ _3\"></span>ry h<span class=\"_ _3\"></span>ousing pri<span class=\"_ _3\"></span>vatisati<span class=\"_ _3\"></span>on projec<span class=\"_ _3\"></span>ts inclu<span class=\"_ _3\"></span>des agree<span class=\"_ _3\"></span>ments cover<span class=\"_ _3\"></span>ing the ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt, renovati<span class=\"_ _3\"></span>on, and devel<span class=\"_ _3\"></span>opment of exis<span class=\"_ _3\"></span>ting hous<span class=\"_ _3\"></span>ing units<span class=\"_ _3\"></span>, as well as the develo<span class=\"_ _3\"></span>pment, c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction<span class=\"_ _3\"></span>, r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>novation a<span class=\"_ _3\"></span>nd manag<span class=\"_ _3\"></span>ement of new uni<span class=\"_ _3\"></span>ts during t<span class=\"_ _3\"></span>he term of the pro<span class=\"_ _3\"></span>ject, w<span class=\"_ _3\"></span>hich, in th<span class=\"_ _3\"></span>e case of th<span class=\"_ _3\"></span>e Army, could potenti<span class=\"_ _3\"></span>ally exten<span class=\"_ _3\"></span>d for up to an add<span class=\"_ _3\"></span>itional 2<span class=\"_ _3\"></span>5 years. T<span class=\"_ _3\"></span>he 50<span class=\"_ _2\"></span>-ye<span class=\"_ _3\"></span>ar durati<span class=\"_ _3\"></span>on of each p<span class=\"_ _3\"></span>roject c<span class=\"_ _3\"></span>alls for conti<span class=\"_ _3\"></span>nuous renovat<span class=\"_ _3\"></span>ion, reha<span class=\"_ _3\"></span>bilitati<span class=\"_ _3\"></span>on, dem<span class=\"_ _3\"></span>olition a<span class=\"_ _3\"></span>nd reconst<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on of housin<span class=\"_ _3\"></span>g units. At th<span class=\"_ _3\"></span>e end of the grou<span class=\"_ _3\"></span>nd lease ter<span class=\"_ _3\"></span>m the Proje<span class=\"_ _3\"></span>ct LLC<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s le<span class=\"_ _3\"></span>asehol<span class=\"_ _3\"></span>d interest termin<span class=\"_ _3\"></span>ates and all proje<span class=\"_ _3\"></span>ct improvem<span class=\"_ _3\"></span>ents on the l<span class=\"_ _3\"></span>and gener<span class=\"_ _3\"></span>ally tran<span class=\"_ _3\"></span>sfer to the Gover<span class=\"_ _3\"></span>nment.<span class=\"_ _3ab\"> </span>Preferred<span class=\"_ _4\"></span> re<span class=\"_ _3\"></span>tu<span class=\"_ _4\"></span>rns<span class=\"ff47 ls5 ws3\"> The p<span class=\"_ _3\"></span>rojects w<span class=\"_ _3\"></span>ill ty<span class=\"_ _3\"></span>pica<span class=\"_ _3\"></span>lly recei<span class=\"_ _3\"></span>ve, to the extent tha<span class=\"_ _3\"></span>t adequ<span class=\"_ _3\"></span>ate funds are avail<span class=\"_ _3\"></span>able, an a<span class=\"_ _3\"></span>nnual minimu<span class=\"_ _3\"></span>m preferred return. </span>On<span class=\"_ gs52\"> </span>mo<span class=\"_ _3\"></span>st existing p<span class=\"_ _3\"></span>rojects<span class=\"_ _3\"></span>, this annua<span class=\"_ _3\"></span>l minimum preferre<span class=\"_ _3\"></span>d re<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>urn rang<span class=\"_ _3\"></span>es from 9% to 1<span class=\"_ _4\"></span>2% of Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ommuni<span class=\"_ _3\"></span>ties\u2019 initia<span class=\"_ _3\"></span>l equit<span class=\"_ _3\"></span>y contribution<span class=\"_ _4\"></span> to the proj<span class=\"_ _4\"></span>ec<span class=\"_ _3\"></span>t.<span class=\"_ _3ab\"> </span>Al<span class=\"_ _3\"></span>loc<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of re<span class=\"_ _3\"></span>mainin<span class=\"_ _3\"></span>g ope<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing c<span class=\"_ _3\"></span>ash f<span class=\"_ _3\"></span>low<span class=\"ff47\"> O<span class=\"_ _3\"></span>peratin<span class=\"_ _3\"></span>g cash fl<span class=\"_ _3\"></span>ow remaining af<span class=\"_ _3\"></span>ter the annu<span class=\"_ _3\"></span>al minimum p<span class=\"_ _3\"></span>ref<span class=\"_ _4\"></span>er<span class=\"_ _3\"></span>red return is p<span class=\"_ _3\"></span>aid is share<span class=\"_ _3\"></span>d </span>bet<span class=\"_ _3\"></span>ween Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ommuni<span class=\"_ _3\"></span>ties and the rei<span class=\"_ _3\"></span>nv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>stment ac<span class=\"_ _3\"></span>count hel<span class=\"_ _3\"></span>d by the proje<span class=\"_ _3\"></span>ct for the be<span class=\"_ _3\"></span>nefit of the Gove<span class=\"_ _3\"></span>rnment. O<span class=\"_ _3\"></span>n most of the existin<span class=\"_ _3\"></span>g projec<span class=\"_ _3\"></span>ts, the total a<span class=\"_ _3\"></span>mount that B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Comm<span class=\"_ _3\"></span>unities is ent<span class=\"_ _3\"></span>itled to rece<span class=\"_ _3\"></span>ive (inclu<span class=\"_ _3\"></span>sive of the preferre<span class=\"_ _3\"></span>d return) is gen<span class=\"_ _3\"></span>erally c<span class=\"_ _3\"></span>appe<span class=\"_ _3\"></span>d at an annu<span class=\"_ _3\"></span>al modi<span class=\"_ _3\"></span>fied rate of retur<span class=\"_ _3\"></span>n, or cas<span class=\"_ _3\"></span>h-<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>sh return, on it<span class=\"_ _3\"></span>s initial e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y contri<span class=\"_ _3\"></span>bution to the p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>. Historic<span class=\"_ _3\"></span>ally, these ca<span class=\"_ _3\"></span>ps have rang<span class=\"_ _3\"></span>ed bet<span class=\"_ _3\"></span>ween ap<span class=\"_ _3\"></span>proximatel<span class=\"_ _3\"></span>y 9% t<span class=\"_ _4\"></span>o 18% de<span class=\"_ _3\"></span>pendin<span class=\"_ _3\"></span>g on the par<span class=\"_ _3\"></span>ticu<span class=\"_ _3\"></span>lar proje<span class=\"_ _3\"></span>ct and the t<span class=\"_ _3\"></span>yp<span class=\"_ _3\"></span>e of return (annu<span class=\"_ _3\"></span>al modif<span class=\"_ _3\"></span>ied rates of retur<span class=\"_ _3\"></span>n or cash<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cash<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>. However, in some of th<span class=\"_ _3\"></span>e more recent pro<span class=\"_ _3\"></span>jects<span class=\"_ _3\"></span>, there are eithe<span class=\"_ _3\"></span>r no annual c<span class=\"_ _3\"></span>aps or lowe<span class=\"_ _3\"></span>r projecte<span class=\"_ _3\"></span>d annual rates of retu<span class=\"_ _3\"></span>rn. Th<span class=\"_ _3\"></span>e t<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al cap<span class=\"_ _3\"></span>ped return g<span class=\"_ _3\"></span>enerall<span class=\"_ _3\"></span>y will inclu<span class=\"_ _3\"></span>de the annu<span class=\"_ _3\"></span>al minimum prefer<span class=\"_ _3\"></span>red return. T<span class=\"_ _3\"></span>he reinvestme<span class=\"_ _3\"></span>nt account i<span class=\"_ _3\"></span>s an acco<span class=\"_ _3\"></span>unt estab<span class=\"_ _3\"></span>lished for th<span class=\"_ _3\"></span>e benefit of th<span class=\"_ _3\"></span>e milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, b<span class=\"_ _3\"></span>ut funds m<span class=\"_ _3\"></span>ay be with<span class=\"_ _3\"></span>drawn for c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion, d<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nt and renovatio<span class=\"_ _3\"></span>n costs d<span class=\"_ _3\"></span>uring the rem<span class=\"_ _3\"></span>aining life of a p<span class=\"_ _3\"></span>rivatis<span class=\"_ _3\"></span>ation proje<span class=\"_ _3\"></span>ct upo<span class=\"_ _3\"></span>n approva<span class=\"_ _3\"></span>l by the app<span class=\"_ _3\"></span>licab<span class=\"_ _3\"></span>le milita<span class=\"_ _3\"></span>ry se<span class=\"_ _3\"></span>rvi<span class=\"_ _3\"></span>ce.<span class=\"_ _3ab\"> </span>Re<span class=\"_ _3\"></span>turn o<span class=\"_ _3\"></span>f equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y<span class=\"ff47\"> Gener<span class=\"_ _3\"></span>ally<span class=\"_ _4\"></span>, at t<span class=\"_ _3\"></span>he end of a proje<span class=\"_ _3\"></span>ct term, any m<span class=\"_ _3\"></span>onies remai<span class=\"_ _3\"></span>ning in the reinves<span class=\"_ _3\"></span>tment acc<span class=\"_ _3\"></span>ount are distr<span class=\"_ _3\"></span>ibuted to Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y </span>Co<span class=\"_ _3\"></span>mmunities a<span class=\"_ _3\"></span>nd the A<span class=\"_ _3\"></span>rmy<span class=\"_ _4\"></span>, N<span class=\"_ _3\"></span>avy or A<span class=\"_ _3\"></span>ir Forc<span class=\"_ _3\"></span>e, in a predeter<span class=\"_ _3\"></span>mined ord<span class=\"_ _3\"></span>er of prior<span class=\"_ _3\"></span>ity. T<span class=\"_ _4\"></span>yp<span class=\"_ _3\"></span>ically t<span class=\"_ _3\"></span>hese dist<span class=\"_ _3\"></span>ributio<span class=\"_ _3\"></span>ns will have th<span class=\"_ _3\"></span>e effect of p<span class=\"_ _3\"></span>roviding the p<span class=\"_ _3\"></span>arti<span class=\"_ _3\"></span>es with suf<span class=\"_ _3\"></span>ficie<span class=\"_ _3\"></span>nt funds to provi<span class=\"_ _3\"></span>de a minimum an<span class=\"_ _3\"></span>nual return over th<span class=\"_ _3\"></span>e life of the proje<span class=\"_ _3\"></span>ct and a co<span class=\"_ _3\"></span>mplete return of th<span class=\"_ _3\"></span>e initial c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al contri<span class=\"_ _3\"></span>bution.<span class=\"_ _3\"></span> Af<span class=\"_ _3\"></span>ter payme<span class=\"_ _3\"></span>nt of the minimum an<span class=\"_ _3\"></span>nual return an<span class=\"_ _3\"></span>d the return of a pa<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y\u2019s initial c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tion, all rem<span class=\"_ _3\"></span>aining fun<span class=\"_ _3\"></span>ds will t<span class=\"_ _3\"></span>ypic<span class=\"_ _3\"></span>ally be d<span class=\"_ _3\"></span>istrib<span class=\"_ _3\"></span>uted to the appli<span class=\"_ _3\"></span>cable milit<span class=\"_ _3\"></span>ary ser<span class=\"_ _3\"></span>vice.<span class=\"_ _3ab\"> </span>Militar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> conc<span class=\"_ _3\"></span>ession company<span class=\"_ _4\"></span> (i)<span class=\"_ _e8\"> </span><span class=\"ff47 ls97 ws8e\">Projects<span class=\"_ _3ab\"> </span></span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>je<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span>funding US$m<span class=\"_ _3ab\"> </span>Financial close<span class=\"_ _3ab\"> </span>Duration years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>completion<span class=\"_ _3ab\"> </span>Militar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> family housing<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson Fa<span class=\"_ _3\"></span>mily Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _100\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy b<span class=\"_ _3\"></span>ase<span class=\"_ _97\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _9a\"> </span></span></span>Novem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _a3\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _3b\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>04<span class=\"_ _3ab\"> </span></span></span>\u2013 Fort Carson expansion<span class=\"_ _38b\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>0<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6<span class=\"_ _9d\"> </span><span class=\"ls42 ws3d\">43<span class=\"_ _cc\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span></span>\u2013 For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson GTA expans<span class=\"_ _3\"></span>ion<span class=\"_ _29e\"> </span><span class=\"ls114 ws10c\">99<span class=\"_ _38c\"> </span><span class=\"ls89 ws88\">A<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>l 2<span class=\"_ _3\"></span>010<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">39<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span></span>\u2013 For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson GTA II expa<span class=\"_ _3\"></span>nsion<span class=\"_ _38d\"> </span><span class=\"ls114 ws10c\">68<span class=\"_ _175\"> </span><span class=\"ls100 ws104\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>e 2<span class=\"_ _3\"></span>015<span class=\"_ _38\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _fa\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span>Stewar<span class=\"_ _3\"></span>t Hunter H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _38e\"> </span>T<span class=\"_ _4\"></span>wo A<span class=\"_ _3\"></span>rmy base<span class=\"_ _3\"></span>s<span class=\"_ _180\"> </span><span class=\"ls122 ws11b\">3<span class=\"_ _3\"></span>74<span class=\"_ _9a\"> </span></span>Nove<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span>For<span class=\"_ _3\"></span>t Ha<span class=\"_ _3\"></span>milton Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _aa\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy ba<span class=\"_ _3\"></span>se<span class=\"_ _9d\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _219\"> </span></span></span>June 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>4<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cc\"> </span><span class=\"ls5f ws57\">200<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></span>For<span class=\"_ _3\"></span>t Detr<span class=\"_ _3\"></span>ick<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>Wa<span class=\"_ _3\"></span>lter Reed A<span class=\"_ _3\"></span>rmy Me<span class=\"_ _3\"></span>dical C<span class=\"_ _3\"></span>enter Housing L<span class=\"_ _3\"></span>LC<span class=\"_ _38f\"> </span><span class=\"ls5 ws3\">T<span class=\"_ _4\"></span>wo A<span class=\"_ _3\"></span>rmy base<span class=\"_ _3\"></span>s<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>2<span class=\"_ _390\"> </span></span>Jul<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>04<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _3b\"> </span><span class=\"ls5f ws57\">200<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span>Nor<span class=\"_ _3\"></span>theast Housing LLC<span class=\"_ _22e\"> </span><span class=\"ls5 ws3\">Seven N<span class=\"_ _3\"></span>av<span class=\"_ _3\"></span>y bases<span class=\"_ _a1\"> </span><span class=\"ls115 ws10d\">496<span class=\"_ _20\"> </span></span>N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>4<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span>For<span class=\"_ _3\"></span>t Eustis<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>For<span class=\"_ _3\"></span>t Stor<span class=\"_ _3\"></span>y Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _1ab\"> </span>T<span class=\"_ _5\"></span>wo A<span class=\"_ _3\"></span>rmy bas<span class=\"_ _3\"></span>es<span class=\"_ _97\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>5<span class=\"_ _386\"> </span><span class=\"ls8b ws4\">M<span class=\"_ _3\"></span>arch 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>05<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span></span>\u2013 For<span class=\"_ _3\"></span>t Eustis ex<span class=\"_ _3\"></span>pansion<span class=\"_ _120\"> </span>8<span class=\"_ _1a0\"> </span><span class=\"ls89 ws88\">J<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>010<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">45<span class=\"_ _ef\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span>\u2013 For<span class=\"_ _3\"></span>t Eustis \u2013 M<span class=\"_ _3\"></span>arseill<span class=\"_ _3\"></span>es Vill<span class=\"_ _3\"></span>age<span class=\"_ _216\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _1cd\"> </span><span class=\"ls164 ws157\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>013<span class=\"_ _38\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _1cb\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>015<span class=\"_ _3ab\"> </span></span></span></span></span>For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>hite S<span class=\"_ _3\"></span>ands Mis<span class=\"_ _3\"></span>sile Rang<span class=\"_ _3\"></span>e Housin<span class=\"_ _3\"></span>g LP<span class=\"_ _c3\"> </span>T<span class=\"_ _5\"></span>w<span class=\"_ _3\"></span>o Army b<span class=\"_ _3\"></span>ases<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">427<span class=\"_ _1ef\"> </span></span>J<span class=\"_ _3\"></span>uly 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>5<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span>\u2013 For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pansio<span class=\"_ _3\"></span>n<span class=\"_ _247\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _20\"> </span><span class=\"ls15 ws11\">Decem<span class=\"_ _3\"></span>ber 200<span class=\"_ _3\"></span>9<span class=\"_ _a3\"> </span></span>46<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span>\u2013 For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s GT<span class=\"_ _4\"></span>A exp<span class=\"_ _3\"></span>ansion ph<span class=\"_ _3\"></span>ase I<span class=\"_ _299\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>6<span class=\"_ _156\"> </span><span class=\"ls11c ws115\">J<span class=\"_ _3\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>y<span class=\"_ _2\"></span> 2<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>11<span class=\"_ _38\"> </span><span class=\"ls187 ws184\">44<span class=\"_ _cc\"> </span></span></span>2<span class=\"_ _3\"></span>014<span class=\"_ _3ab\"> </span></span>\u2013 For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s GT<span class=\"_ _4\"></span>A exp<span class=\"_ _3\"></span>ansion ph<span class=\"_ _3\"></span>ase II<span class=\"_ _126\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>6<span class=\"_ _b1\"> </span><span class=\"ls3c ws37\">N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>01<span class=\"_ _4\"></span>2<span class=\"_ _9d\"> </span><span class=\"ls42 ws3d\">43<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Gordon Housing LLC<span class=\"_ _fe\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy base<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>9<span class=\"_ _38c\"> </span><span class=\"ls5 ws3\">M<span class=\"_ _3\"></span>ay 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span></span>Car<span class=\"_ _3\"></span>lisle/<span class=\"_ _3\"></span>Picatinny Famil<span class=\"_ _3\"></span>y Housing LP<span class=\"_ _213\"> </span><span class=\"ls5 ws3\">T<span class=\"_ _5\"></span>wo A<span class=\"_ _3\"></span>rmy ba<span class=\"_ _3\"></span>ses<span class=\"_ _a3\"> </span><span class=\"ls46 ws41\">84<span class=\"_ _1ef\"> </span></span>July 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span>\u2013 Carlisle<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>rit<span class=\"_ _3\"></span>age<span class=\"_ _4\"></span> Heights phase II<span class=\"_ _301\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _1d7\"> </span><span class=\"ls5f ws57\">October<span class=\"_ _4\"></span> 201<span class=\"_ _4\"></span>2<span class=\"_ _a3\"> </span><span class=\"ls187 ws184\">44<span class=\"_ _cc\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>014<span class=\"_ _3ab\"> </span></span></span></span></span>AE<span class=\"_ _3\"></span>TC H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P<span class=\"_ _391\"> </span>Fou<span class=\"_ _3\"></span>r Air Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _a0\"> </span><span class=\"ls103 wsf8\">359<span class=\"_ _1b\"> </span><span class=\"ls72 wsf5\">Februar<span class=\"_ _3\"></span>y 2007<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span>Southeast Housing L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _f0\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _5\"></span>1 Nav<span class=\"_ _3\"></span>y bas<span class=\"_ _3\"></span>es<span class=\"_ _a1\"> </span><span class=\"lsab wsa1\">558<span class=\"_ _b0\"> </span></span>N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>7<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span>Vandenberg Housing LP<span class=\"_ _391\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>ir Force b<span class=\"_ _3\"></span>ase<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>5<span class=\"_ _11c\"> </span></span>Novemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>07<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span>Leo<span class=\"_ _3\"></span>nard Woo<span class=\"_ _3\"></span>d Family C<span class=\"_ _3\"></span>ommunit<span class=\"_ _3\"></span>ies LLC<span class=\"_ _13c\"> </span><span class=\"ls170 ws18f\">Ar<span class=\"_ _3\"></span>my base<span class=\"_ _180\"> </span><span class=\"ls3c ws37\">2<span class=\"_ _3\"></span>31<span class=\"_ _3b\"> </span></span></span>Ac<span class=\"_ _3\"></span>quired Jun<span class=\"_ _3\"></span>e 20<span class=\"_ _3\"></span>08<span class=\"_ _3ab\"> </span>47<span class=\"_ _1cb\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>014<span class=\"_ _3ab\"> </span></span>A<span class=\"_ _3\"></span>MC West H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P<span class=\"_ _b3\"> </span>T<span class=\"_ _3\"></span>hree Air F<span class=\"_ _3\"></span>orce bas<span class=\"_ _3\"></span>es<span class=\"_ _a0\"> </span><span class=\"ls4a ws44\">428<span class=\"_ _31\"> </span></span>Jul<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>08<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>015<span class=\"_ _3ab\"> </span></span></span>West Po<span class=\"_ _3\"></span>int Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _ed\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy base<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">220<span class=\"_ _1bd\"> </span><span class=\"ls15 ws11\">August 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Jackson Housing LLC<span class=\"_ _1e8\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy base<span class=\"_ _98\"> </span><span class=\"ls12a ws11f\">181<span class=\"_ _392\"> </span><span class=\"ls5f ws57\">Octobe<span class=\"_ _4\"></span>r 20<span class=\"_ _3\"></span>08<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span></span></span>L<span class=\"_ _3\"></span>acklan<span class=\"_ _3\"></span>d Family H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _303\"> </span>A<span class=\"_ _3\"></span>ir Forc<span class=\"_ _3\"></span>e base<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _1a8\"> </span><span class=\"ls61 ws59\">Acquir<span class=\"_ _4\"></span>ed December<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>08<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span></span>Western Group<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>ousing LP<span class=\"_ _1ae\"> </span><span class=\"ls5 ws3\">Four A<span class=\"_ _3\"></span>ir Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _180\"> </span><span class=\"ls3e ws39\">328<span class=\"_ _1cd\"> </span><span class=\"ls30 ws29\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span> 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls11e ws117\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>17<span class=\"_ _3ab\"> </span></span></span></span></span></span>No<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>rn Group H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _30a\"> </span>Si<span class=\"_ _3\"></span>x Air Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3\"></span>7<span class=\"_ _1d0\"> </span><span class=\"ls15 ws11\">August 201<span class=\"_ _4\"></span>3<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>019<span class=\"_ _3ab\"> </span></span></span></span></span>ACC G<span class=\"_ _3\"></span>roup Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _130\"> </span>T<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>o Air Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _302\"> </span><span class=\"ls100 ws104\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span> 2<span class=\"_ _3\"></span>014<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span>Milit<span class=\"_ _3\"></span>ary unaccompanie<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>ersonnel housing<span class=\"_ _3ab\"> </span>Stewar<span class=\"_ _3\"></span>t Hunter H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _2df\"> </span>3<span class=\"_ _3\"></span>6 <span class=\"_ _13f\"> </span><span class=\"ls14 ws10\">J<span class=\"_ _3\"></span>anuary 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span>Note<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>) <span class=\"_ _5d\"> </span>Reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in the U<span class=\"_ _3\"></span>S and the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of eac<span class=\"_ _3\"></span>h proje<span class=\"_ _3\"></span>ct are c<span class=\"_ _3\"></span>ondu<span class=\"_ _3\"></span>cted in t<span class=\"_ _3\"></span>he US<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group evalu<span class=\"_ _3\"></span>ated each of i<span class=\"_ _3\"></span>ts interests in th<span class=\"_ _3\"></span>e militar<span class=\"_ _3\"></span>y ho<span class=\"_ _3\"></span>using proje<span class=\"_ _3\"></span>cts to determ<span class=\"_ _3\"></span>ine if the enti<span class=\"_ _3\"></span>ties shoul<span class=\"_ _3\"></span>d be cons<span class=\"_ _3\"></span>olidate<span class=\"_ _3\"></span>d. This an<span class=\"_ _3\"></span>alysis incl<span class=\"_ _3\"></span>uded, b<span class=\"_ _3\"></span>ut was not limi<span class=\"_ _3\"></span>ted to, identif<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g the acti<span class=\"_ _3\"></span>vities th<span class=\"_ _3\"></span>at most sig<span class=\"_ _3\"></span>nific<span class=\"_ _3\"></span>antly imp<span class=\"_ _3\"></span>act an enti<span class=\"_ _3\"></span>ty\u2019s eco<span class=\"_ _3\"></span>nomic pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>mance, w<span class=\"_ _3\"></span>hich par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or par<span class=\"_ _3\"></span>ties c<span class=\"_ _3\"></span>ontrol tho<span class=\"_ _3\"></span>se activ<span class=\"_ _3\"></span>ities and t<span class=\"_ _3\"></span>he risks ass<span class=\"_ _3\"></span>ociated w<span class=\"_ _3\"></span>ith these e<span class=\"_ _3\"></span>ntities. D<span class=\"_ _3\"></span>ecisio<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>mak<span class=\"_ _3\"></span>ing power over key fac<span class=\"_ _3\"></span>ets of the cont<span class=\"_ _3\"></span>racts w<span class=\"_ _3\"></span>as evalua<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d when deter<span class=\"_ _3\"></span>mining wh<span class=\"_ _3\"></span>ich par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or par<span class=\"_ _3\"></span>ties ha<span class=\"_ _3\"></span>d control over th<span class=\"_ _3\"></span>e activ<span class=\"_ _3\"></span>ities tha<span class=\"_ _3\"></span>t most sign<span class=\"_ _3\"></span>ificant<span class=\"_ _3\"></span>ly impa<span class=\"_ _3\"></span>cted a proje<span class=\"_ _3\"></span>ct\u2019s econ<span class=\"_ _3\"></span>omics. Bas<span class=\"_ _3\"></span>ed on this review, the Dire<span class=\"_ _3\"></span>ctors co<span class=\"_ _3\"></span>nsider th<span class=\"_ _3\"></span>at the Grou<span class=\"_ _3\"></span>p does not have t<span class=\"_ _3\"></span>he power to dire<span class=\"_ _3\"></span>ct these ac<span class=\"_ _3\"></span>tivit<span class=\"_ _3\"></span>ies and do<span class=\"_ _3\"></span>es not have co<span class=\"_ _3\"></span>ntrol and<span class=\"_ gs52\"> </span>th<span class=\"_ _3\"></span>eref<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>re the Group d<span class=\"_ _3\"></span>oes not co<span class=\"_ _3\"></span>nsolid<span class=\"_ _3\"></span>ate the milit<span class=\"_ _3\"></span>ary h<span class=\"_ _3\"></span>ousing pro<span class=\"_ _3\"></span>jects an<span class=\"_ _3\"></span>d accou<span class=\"_ _3\"></span>nts for these p<span class=\"_ _3\"></span>rojects a<span class=\"_ _3\"></span>s investments in a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates.<span class=\"_ _3ab\"> </span>Aviation<span class=\"_ _3ab\"> </span>Summary <span class=\"ff47 ls1c ws3\">Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty is a d<span class=\"_ _3\"></span>evelope<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, o<span class=\"_ _3\"></span>perator a<span class=\"_ _3\"></span>nd investor in an auto<span class=\"_ _3\"></span>mated peo<span class=\"_ _3\"></span>ple mover at L<span class=\"_ _3\"></span>os An<span class=\"_ _3\"></span>geles Inter<span class=\"_ _3\"></span>nationa<span class=\"_ _3\"></span>l Air<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>t. The p<span class=\"_ _3\"></span>eople<span class=\"_ _3\"></span> </span>mover w<span class=\"_ _3\"></span>ill be a 2.<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>mile above g<span class=\"_ _3\"></span>round air<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>t transp<span class=\"_ _3\"></span>ort s<span class=\"_ _3\"></span>ystem. Contractual arra<span class=\"_ _4\"></span>ngements <span class=\"ff47 ls5 ws3\">T<span class=\"_ _3\"></span>he princ<span class=\"_ _3\"></span>ipal co<span class=\"_ _3\"></span>ntract is th<span class=\"_ _3\"></span>e project a<span class=\"_ _3\"></span>greement b<span class=\"_ _3\"></span>etween t<span class=\"_ _3\"></span>he conc<span class=\"_ _3\"></span>ession p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>nership an<span class=\"_ _3\"></span>d the airp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t authori<span class=\"_ _3\"></span>ty. </span>Al<span class=\"_ _3\"></span>l<span class=\"_ gs52\"> </span>assets tra<span class=\"_ _3\"></span>nsfer to the autho<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y at the end of th<span class=\"_ _3\"></span>e conces<span class=\"_ _3\"></span>sion.<span class=\"_ _3ab\"> </span>Conces<span class=\"_ _3\"></span>sion<span class=\"_ _4\"></span> company<span class=\"_ _23b\"> </span><span class=\"ff47 ls128 ws10e\">Projec<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></span>Total pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t funding US$m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial close<span class=\"_ _3ab\"> </span>Duration years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span> completion<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Inte<span class=\"_ _3\"></span>grated E<span class=\"_ _3\"></span>xpress S<span class=\"_ _3\"></span>olutio<span class=\"_ _3\"></span>ns LLC (i<span class=\"_ _3\"></span>)(ii)<span class=\"_ _11c\"> </span><span class=\"ls61 ws59\">LINXS<span class=\"_ _110\"> </span><span class=\"ls73 ws80\">2,<span class=\"_ _3\"></span>828<span class=\"_ _ee\"> </span><span class=\"ls48 ws42\">27%<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _172\"> </span><span class=\"ls12a ws11f\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>18<span class=\"_ _9d\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _fa\"> </span><span class=\"ls109 ws87\">20<span class=\"_ _3\"></span>24<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>) <span class=\"_ _5d\"> </span>Reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in the U<span class=\"_ _3\"></span>S and the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of the pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t are con<span class=\"_ _3\"></span>duc<span class=\"_ _3\"></span>ted in the U<span class=\"_ _3\"></span>S.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span>Reside<span class=\"_ _3\"></span>ntial i<span class=\"_ _4\"></span>nve<span class=\"_ _3\"></span>stment<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Summary<span class=\"ff47 ls5 ws3\"> B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y is a develop<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>, op<span class=\"_ _3\"></span>erator and inves<span class=\"_ _3\"></span>tor in eight mul<span class=\"_ _3\"></span>tifamily res<span class=\"_ _3\"></span>idential p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></span>Contractual arra<span class=\"_ _4\"></span>ngements<span class=\"ff47 ls1c ws3\"> Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty h<span class=\"_ _3\"></span>as acqui<span class=\"_ _3\"></span>red residenti<span class=\"_ _3\"></span>al apar<span class=\"_ _3\"></span>tment b<span class=\"_ _3\"></span>uilding<span class=\"_ _3\"></span>s for eight mult<span class=\"_ _3\"></span>ifamily res<span class=\"_ _3\"></span>idential p<span class=\"_ _3\"></span>rojects<span class=\"_ _3\"></span>. For all resi<span class=\"_ _3\"></span>dential<span class=\"_ _3\"></span> </span>proje<span class=\"_ _3\"></span>cts, th<span class=\"_ _3\"></span>e entities have e<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>red into agreeme<span class=\"_ _3\"></span>nts with B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Commu<span class=\"_ _3\"></span>nities LLC to p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>m the ope<span class=\"_ _3\"></span>rations a<span class=\"_ _3\"></span>nd renovatio<span class=\"_ _3\"></span>n work.<span class=\"_ _3ab\"> </span>Re<span class=\"_ _3\"></span>sid<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ial i<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nts (i)(i<span class=\"_ _3\"></span>i)<span class=\"_ _3ab\"> </span>Total pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t funding US$m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial close<span class=\"_ _3ab\"> </span>Renovation<span class=\"_ _4\"></span> completion<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>arolina C<span class=\"_ _3\"></span>ove (W<span class=\"_ _3\"></span>ilmin<span class=\"_ _3\"></span>gton) Ow<span class=\"_ _3\"></span>ner LLC (<span class=\"_ _3\"></span>Nor<span class=\"_ _3\"></span>th Ca<span class=\"_ _3\"></span>rolina)<span class=\"_ _12e\"> </span><span class=\"ls121 wsa3\">48<span class=\"_ _1cb\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b7\"> </span><span class=\"ls15 ws11\">D<span class=\"_ _3\"></span>ecember 201<span class=\"_ _5\"></span>7<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>22<span class=\"_ _3ab\"> </span></span></span></span>Lexingt<span class=\"_ _4\"></span>on (Ridgeland) O<span class=\"_ _3\"></span>wner<span class=\"_ _5\"></span>, LLC (Jackson, Mississ<span class=\"_ _4\"></span>ip<span class=\"_ _3\"></span>pi)<span class=\"_ _49\"> </span>27<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">August 2018<span class=\"_ _fa\"> </span><span class=\"ls4a ws44\">2025<span class=\"_ _3ab\"> </span></span></span></span></span>L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>s (Jac<span class=\"_ _3\"></span>ksonville) O<span class=\"_ _3\"></span>wner, LLC (Fl<span class=\"_ _3\"></span>orida<span class=\"_ _3\"></span>)<span class=\"_ _393\"> </span><span class=\"ls121 wsa3\">48<span class=\"_ _1cb\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">August 2019<span class=\"_ _fa\"> </span><span class=\"ls4a ws44\">2025<span class=\"_ _3ab\"> </span></span></span></span>Retreat a<span class=\"_ _3\"></span>t Schillin<span class=\"_ _3\"></span>ger (M<span class=\"_ _3\"></span>obile) O<span class=\"_ _3\"></span>wner, LLC (<span class=\"_ _3\"></span>Ala<span class=\"_ _3\"></span>bama)<span class=\"_ _2d4\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _1cb\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _11e\"> </span><span class=\"ls15 ws11\">D<span class=\"_ _3\"></span>ecember 201<span class=\"_ _4\"></span>9<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">20<span class=\"_ _3\"></span>26<span class=\"_ _3ab\"> </span></span></span></span>Pac<span class=\"_ _3\"></span>es Brook (<span class=\"_ _3\"></span>Colum<span class=\"_ _3\"></span>bia) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC (Sou<span class=\"_ _3\"></span>th Carol<span class=\"_ _3\"></span>ina)<span class=\"_ _394\"> </span><span class=\"lsc ws8\">27<span class=\"_ _f2\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _11e\"> </span><span class=\"ls15 ws11\">D<span class=\"_ _3\"></span>ecember 201<span class=\"_ _4\"></span>9<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">20<span class=\"_ _3\"></span>26<span class=\"_ _3ab\"> </span></span></span></span>Chen<span class=\"_ _3\"></span>al Pointe (L<span class=\"_ _3\"></span>ittle R<span class=\"_ _3\"></span>ock<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>LC (A<span class=\"_ _3\"></span>rkan<span class=\"_ _3\"></span>sas)<span class=\"_ _62\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _ef\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _b1\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _15\"> </span><span class=\"ls5f ws57\">October<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>20<span class=\"_ _1cc\"> </span><span class=\"lsc ws8\">20<span class=\"_ _3\"></span>27<span class=\"_ _3ab\"> </span></span></span></span>Sa<span class=\"_ _3\"></span>n Mateo (K<span class=\"_ _3\"></span>issimm<span class=\"_ _3\"></span>ee) Own<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>, LLC (<span class=\"_ _3\"></span>Flori<span class=\"_ _3\"></span>da)<span class=\"_ _12c\"> </span><span class=\"ls10c ws85\">81<span class=\"_ _f2\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _110\"> </span><span class=\"ls15 ws11\">August 2<span class=\"_ _3\"></span>021<span class=\"_ _1cc\"> </span><span class=\"lsc ws8\">2<span class=\"_ _3\"></span>027<span class=\"_ _3ab\"> </span></span></span></span>V<span class=\"_ _3\"></span>iew SA LLC (<span class=\"_ _3\"></span>San A<span class=\"_ _3\"></span>ntonio, T<span class=\"_ _4\"></span>exas)<span class=\"_ _395\"> </span><span class=\"ls16 ws12\">76<span class=\"_ _ee\"> </span><span class=\"ls48 ws42\">87%<span class=\"_ _3e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _98\"> </span></span></span></span>June 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _fa\"> </span><span class=\"ls4a ws44\">2025<span class=\"_ _3ab\"> </span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in the U<span class=\"_ _3\"></span>S and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch proj<span class=\"_ _3\"></span>ect ar<span class=\"_ _3\"></span>e cond<span class=\"_ _3\"></span>ucte<span class=\"_ _3\"></span>d in the US<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019/pa<span class=\"_ _3\"></span>rtn<span class=\"_ _3\"></span>ershi<span class=\"_ _3\"></span>p agre<span class=\"_ _3\"></span>ement b<span class=\"_ _3\"></span>etwe<span class=\"_ _3\"></span>en Bal<span class=\"_ _3\"></span>four Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he othe<span class=\"_ _3\"></span>r share<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>er/p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ner req<span class=\"_ _3\"></span>uiri<span class=\"_ _3\"></span>ng una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in resp<span class=\"_ _3\"></span>ect of s<span class=\"_ _3\"></span>igni<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and o<span class=\"_ _3\"></span>pera<span class=\"_ _3\"></span>ting p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of thi<span class=\"_ _3\"></span>s unde<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>aking<span class=\"_ _3\"></span>, the D<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span>ors hav<span class=\"_ _3\"></span>e acco<span class=\"_ _3\"></span>unted fo<span class=\"_ _3\"></span>r its inte<span class=\"_ _3\"></span>rests i<span class=\"_ _3\"></span>n thes<span class=\"_ _3\"></span>e unde<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>king<span class=\"_ _3\"></span>s as a joi<span class=\"_ _3\"></span>nt venture<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Stude<span class=\"_ _3\"></span>nt accomm<span class=\"_ _3\"></span>odation<span class=\"_ _3ab\"> </span>Summary <span class=\"ff47 ls5 ws3\">B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y is also a develo<span class=\"_ _3\"></span>per and ow<span class=\"_ _3\"></span>ner of six st<span class=\"_ _3\"></span>udent acc<span class=\"_ _3\"></span>ommo<span class=\"_ _3\"></span>dation p<span class=\"_ _3\"></span>rojects<span class=\"_ _3\"></span>. </span>Contractual arra<span class=\"_ _4\"></span>ngements<span class=\"ff47 ls3c ws11\"> T<span class=\"_ _3\"></span>he pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al cont<span class=\"_ _3\"></span>ract<span class=\"_ _3\"></span>s in the<span class=\"_ _3\"></span> student accommodation projects are the ground<span class=\"_ _4\"></span> le<span class=\"_ _3\"></span>ases,<span class=\"_ _4\"></span> d<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>velopm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t leases and </span>operating agr<span class=\"_ _4\"></span>eements wit<span class=\"_ _3\"></span>h the state uni<span class=\"_ _3\"></span>versities s<span class=\"_ _3\"></span>etting o<span class=\"_ _3\"></span>ut the ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns for the con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ion, op<span class=\"_ _3\"></span>eration a<span class=\"_ _3\"></span>nd maintenan<span class=\"_ _3\"></span>ce of the stud<span class=\"_ _3\"></span>ent acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation in<span class=\"_ _3\"></span>cluding l<span class=\"_ _3\"></span>ifecycle re<span class=\"_ _3\"></span>place<span class=\"_ _3\"></span>ment durin<span class=\"_ _3\"></span>g the conc<span class=\"_ _3\"></span>ession p<span class=\"_ _3\"></span>eriod<span class=\"_ _3\"></span>. The T<span class=\"_ _4\"></span>al<span class=\"_ _3\"></span>lahass<span class=\"_ _3\"></span>ee projec<span class=\"_ _3\"></span>t is an investment in a<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>isting of<span class=\"_ _3\"></span>f-<span class=\"_ _3ab\"> </span>ca<span class=\"_ _3\"></span>mpus stud<span class=\"_ _3\"></span>ent housin<span class=\"_ _3\"></span>g communit<span class=\"_ _3\"></span>y whi<span class=\"_ _3\"></span>ch is stru<span class=\"_ _3\"></span>ctured as a su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>y.<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny (i)(ii)<span class=\"_ _3ab\"> </span>Total pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t funding US$m<span class=\"_ _d3\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial close<span class=\"_ _3ab\"> </span>Duration years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n/<span class=\"_ _3ab\"> </span>renovation completion<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exas Da<span class=\"_ _3\"></span>llas)<span class=\"_ _227\"> </span><span class=\"ls42 ws3d\">54<span class=\"_ _a1\"> </span><span class=\"ls89 ws88\">10%<span class=\"_ _87\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _23\"> </span><span class=\"ls100 ws104\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _38\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _ef\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 2, LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exas D<span class=\"_ _3\"></span>allas)<span class=\"_ _85\"> </span><span class=\"lsa9 wsa0\">67<span class=\"_ _a1\"> </span><span class=\"ls89 ws88\">10%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _a3\"> </span><span class=\"ls72 wsf5\">Februar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> 201<span class=\"_ _4\"></span>7<span class=\"_ _38\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _ef\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 3, LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exa<span class=\"_ _3\"></span>s Dallas) <span class=\"_ _11c\"> </span><span class=\"ls11d wsf4\">36<span class=\"_ _116\"> </span></span>70%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _1d7\"> </span><span class=\"ls12a ws11f\">J<span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>e 2<span class=\"_ _3\"></span>019<span class=\"_ _38\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>20<span class=\"_ _3ab\"> </span></span></span></span></span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 4, LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exa<span class=\"_ _3\"></span>s Dallas) <span class=\"_ _11c\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _a1\"> </span><span class=\"ls93 wsfa\">6<span class=\"_ _3\"></span>5%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _e0\"> </span><span class=\"ls15 ws11\">December 2019<span class=\"_ _9d\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _cc\"> </span><span class=\"ls78 ws11a\">2<span class=\"_ _3\"></span>021<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Swif<span class=\"_ _3\"></span>tsure H<span class=\"_ _3\"></span>ousing Pa<span class=\"_ _3\"></span>rtne<span class=\"_ _3\"></span>rs, LLC (<span class=\"_ _3\"></span>Vand<span class=\"_ _3\"></span>erbilt<span class=\"_ _3\"></span>) <span class=\"_ _13f\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>4<span class=\"_ _a0\"> </span><span class=\"ls8b ws4\">23%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _140\"> </span><span class=\"ls78 ws11a\">A<span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>il 2<span class=\"_ _3\"></span>021<span class=\"_ _9d\"> </span></span>45<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">2023<span class=\"_ _3ab\"> </span></span></span></span></span>Ok<span class=\"_ _3\"></span>tiv (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>all<span class=\"_ _3\"></span>ahassee) O<span class=\"_ _3\"></span>wner, LLC (F<span class=\"_ _3\"></span>lorid<span class=\"_ _3\"></span>a)<span class=\"_ _396\"> </span><span class=\"ls16a ws15f\">53<span class=\"_ _3b\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0%<span class=\"_ _1c1\"> </span><span class=\"ls73 ws80\">Su<span class=\"_ _3\"></span>bs<span class=\"_ _4\"></span>idi<span class=\"_ _3\"></span>ary<span class=\"_ _84\"> </span><span class=\"ls5 ws3\">Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3<span class=\"_ _1e3\"> </span><span class=\"ls4a ws44\">20<span class=\"_ _3\"></span>25<span class=\"_ _3ab\"> </span></span></span></span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in the U<span class=\"_ _3\"></span>S and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch proj<span class=\"_ _3\"></span>ect ar<span class=\"_ _3\"></span>e cond<span class=\"_ _3\"></span>ucte<span class=\"_ _3\"></span>d in the US<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019/pa<span class=\"_ _3\"></span>rtn<span class=\"_ _3\"></span>ershi<span class=\"_ _3\"></span>p agre<span class=\"_ _3\"></span>ement b<span class=\"_ _3\"></span>etwe<span class=\"_ _3\"></span>en Bal<span class=\"_ _3\"></span>four Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he othe<span class=\"_ _3\"></span>r share<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>er/p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ner req<span class=\"_ _3\"></span>uiri<span class=\"_ _3\"></span>ng una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in resp<span class=\"_ _3\"></span>ect of s<span class=\"_ _3\"></span>igni<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and o<span class=\"_ _3\"></span>pera<span class=\"_ _3\"></span>ting p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of thi<span class=\"_ _3\"></span>s unde<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>aking<span class=\"_ _3\"></span>, the D<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span>ors hav<span class=\"_ _3\"></span>e acco<span class=\"_ _3\"></span>unted fo<span class=\"_ _3\"></span>r its inte<span class=\"_ _3\"></span>rests i<span class=\"_ _3\"></span>n thes<span class=\"_ _3\"></span>e unde<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>king<span class=\"_ _3\"></span>s as a joi<span class=\"_ _3\"></span>nt venture<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(f) <span class=\"_ _4\"></span>B<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>four B<span class=\"_ _3\"></span>ea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y Inve<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nts U<span class=\"_ _3\"></span>K and N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>th A<span class=\"_ _3\"></span>mer<span class=\"_ _3\"></span>ica<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al fu<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y and d<span class=\"_ _3\"></span>ebt f<span class=\"_ _3\"></span>undi<span class=\"_ _3\"></span>ng for In<span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>ast<span class=\"_ _3\"></span>ruc<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ure Inve<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>\u2019 proj<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>t co<span class=\"_ _3\"></span>mpani<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>Conces<span class=\"_ _3\"></span>sions<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>24 \u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>25 \u00a3m<span class=\"_ _3ab\"> </span>2026<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>27 onw<span class=\"_ _3\"></span>ards \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> \u00a3m<span class=\"_ _3ab\"> </span>UK<span class=\"_ _191\"> </span><span class=\"ff47 ls5 ws3\"> </span>Student<span class=\"_ _4\"></span> acc<span class=\"_ _3\"></span>ommodation<span class=\"_ _257\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _9d\"> </span>62<span class=\"_ _3ab\"> </span></span></span>Other conces<span class=\"_ _3\"></span>sions<span class=\"_ _295\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _3ab\"> </span></span>5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">67<span class=\"_ _3ab\"> </span></span></span>North America<span class=\"_ _293\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _ec\"> </span> </span>Aviation<span class=\"_ _397\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _3ab\"> </span></span></span></span>24<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _a3\"> </span><span class=\"ls4e ws48\">90<span class=\"_ _3ab\"> </span></span></span></span>Proj<span class=\"_ _3\"></span>ects at fin<span class=\"_ _3\"></span>ancial c<span class=\"_ _3\"></span>lose<span class=\"_ _104\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _11c\"> </span></span>4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _a3\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _3ab\"> </span></span></span>Proj<span class=\"_ _3\"></span>ects at prefer<span class=\"_ _3\"></span>red bidd<span class=\"_ _3\"></span>er stag<span class=\"_ _3\"></span>e<span class=\"_ _398\"> </span>5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _a3\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _3ab\"> </span></span></span>To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _399\"> </span><span class=\"ff47 ls109 ws87\">24<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _a3\"> </span><span class=\"ls4e ws48\">90<span class=\"_ _3ab\"> </span></span></span></span></span>4<span class=\"_ _3\"></span>3 Det<span class=\"_ _3\"></span>ails o<span class=\"_ _3\"></span>f rel<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d unde<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>ngs o<span class=\"_ _3\"></span>f Balf<span class=\"_ _3\"></span>our Bea<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ty pl<span class=\"_ _3\"></span>c as at 31 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span>In ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with S<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>n 40<span class=\"_ _3\"></span>9 of the C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>nies Act 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6 a full l<span class=\"_ _3\"></span>ist of subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s, par<span class=\"_ _3\"></span>tnersh<span class=\"_ _3\"></span>ips, ass<span class=\"_ _3\"></span>ociates an<span class=\"_ _3\"></span>d joint ventures, i<span class=\"_ _3\"></span>ncludin<span class=\"_ _3\"></span>g the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al activ<span class=\"_ _3\"></span>ity, the cou<span class=\"_ _3\"></span>ntry of i<span class=\"_ _3\"></span>ncorp<span class=\"_ _3\"></span>oratio<span class=\"_ _3\"></span>n and the ef<span class=\"_ _3\"></span>fective perc<span class=\"_ _3\"></span>entage of e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y owned as a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 is dis<span class=\"_ _3\"></span>closed bel<span class=\"_ _3\"></span>ow<span class=\"_ _4\"></span>. Unle<span class=\"_ _3\"></span>ss other<span class=\"_ _3\"></span>wise st<span class=\"_ _3\"></span>ated, all i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests are in the o<span class=\"_ _3\"></span>rdinar<span class=\"_ _3\"></span>y share<span class=\"_ gs52\"> </span>c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al or shares of c<span class=\"_ _3\"></span>ommon sto<span class=\"_ _3\"></span>ck in the entit<span class=\"_ _3\"></span>y and are he<span class=\"_ _3\"></span>ld indi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ctly by t<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span>, and a<span class=\"_ _3\"></span>ll entities o<span class=\"_ _3\"></span>perate pr<span class=\"_ _3\"></span>incipa<span class=\"_ _3\"></span>lly in their cou<span class=\"_ _3\"></span>ntry of in<span class=\"_ _3\"></span>corp<span class=\"_ _3\"></span>oratio<span class=\"_ _3\"></span>n. All su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies had a rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting peri<span class=\"_ _3\"></span>od ende<span class=\"_ _3\"></span>d 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd are wholl<span class=\"_ _3\"></span>y owned a<span class=\"_ _3\"></span>nd conso<span class=\"_ _3\"></span>lidated into th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s results<span class=\"_ _3\"></span>, ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ept where in<span class=\"_ _3\"></span>dicate<span class=\"_ _3\"></span>d. Su<span class=\"_ _3\"></span>bsi<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>kin<span class=\"_ _3\"></span>gs in<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he Un<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d Ki<span class=\"_ _3\"></span>ngd<span class=\"_ _3\"></span>om Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Q1<span class=\"_ _4\"></span>4 Q<span class=\"_ _3\"></span>uor<span class=\"_ _3\"></span>um Bu<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s Park<span class=\"_ _3\"></span>, Be<span class=\"_ _3\"></span>nto<span class=\"_ _3\"></span>n Lan<span class=\"_ _3\"></span>e, Ne<span class=\"_ _3\"></span>wca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le up<span class=\"_ _3\"></span>on T<span class=\"_ _4\"></span>yn<span class=\"_ _3\"></span>e N<span class=\"_ _3\"></span>E12 8B<span class=\"_ _3\"></span>U<span class=\"_ _3ab\"> </span>Ab<span class=\"_ _3\"></span>eryst<span class=\"_ _3\"></span>wy<span class=\"_ _3\"></span>th Student Accommod<span class=\"_ _3\"></span>ation Lt<span class=\"_ _4\"></span>d<span class=\"_ _78\"> </span><span class=\"lsc ws8\">Infrastructure Concession<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Investments<span class=\"_ _4\"></span><span class=\"_ gs52\"> </span>Ltd (i) Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Partner<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Mem<span class=\"_ _3\"></span>ber Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Proje<span class=\"_ _3\"></span>cts Investments<span class=\"_ _4\"></span> Ltd<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Holdi<span class=\"_ _3\"></span>ngs Ltd <span class=\"_ _fa\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Cor<span class=\"_ _3\"></span>porate  Ser<span class=\"_ _3\"></span>vices Ltd<span class=\"_ _4\"></span> Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Wo<span class=\"_ _3\"></span>rkSma<span class=\"_ _3\"></span>rt Ltd<span class=\"_ _36\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>BBI Holdings Austral<span class=\"_ _4\"></span>ia Ltd<span class=\"_ _1bc\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>BBPF<span class=\"_ _4\"></span> LLP (iii)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artnership<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Hol<span class=\"_ _3\"></span>dings Ltd <span class=\"_ _e3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Ltd <span class=\"_ _387\"> </span><span class=\"lsc ws8\">Infrastructur<span class=\"_ _4\"></span>e Concession<span class=\"_ _3ab\"> </span></span>Connect Roads Infrastructu<span class=\"_ _4\"></span>re <span class=\"ls5 ws3\"> </span>Investments<span class=\"_ _4\"></span> Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany Consor<span class=\"_ _3\"></span>t Healthcare Infrastructure Investments<span class=\"_ _4\"></span> Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Fa<span class=\"_ _3\"></span>ciliti<span class=\"_ _4\"></span>es Ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt Ltd Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>Eas<span class=\"_ _3\"></span>t Slope R<span class=\"_ _3\"></span>esiden<span class=\"_ _3\"></span>cies Ho<span class=\"_ _3\"></span>ldings Ltd <span class=\"_ _ce\"> </span><span class=\"ls15 ws11\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>vestment Holding </span>Co<span class=\"_ _3\"></span>mpany East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artner Ltd<span class=\"_ _4\"></span> <span class=\"_ _e3\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> pl<span class=\"_ _3\"></span>c<span class=\"_ _4\"></span> (ii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Student Accomm<span class=\"_ _3\"></span>odation LLP (ii) (iii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>Education Investments Holdings Ltd<span class=\"_ _c6\"> </span>Investment Holding Co<span class=\"_ _3\"></span>mpany Initi<span class=\"_ _3\"></span>al GP1 Ltd <span class=\"_ _ae\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Manchester Residences (New Cross) Ltd<span class=\"_ _4\"></span> <span class=\"_ _1c4\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>South C<span class=\"_ _3\"></span>ambridgeshire In<span class=\"_ _4\"></span>vestments Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>West Slope Residencies Facilities Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Ltd<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>West Slope Residencies Finance Ltd<span class=\"_ _d5\"> </span><span class=\"lsc ws8\">Infrast<span class=\"_ _4\"></span>ruc<span class=\"_ _3\"></span>tu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span></span>West Slope Residencies Holding<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Ltd<span class=\"_ _ba\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>West Slope Residencies LL<span class=\"_ _3\"></span>P<span class=\"_ _4\"></span> (iii) (v)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>West Slope Residencies Par<span class=\"_ _3\"></span>tners L<span class=\"_ _4\"></span>td<span class=\"_ _ce\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>West Stratford Dev<span class=\"_ _4\"></span>elo<span class=\"_ _3\"></span>pments<span class=\"_ _4\"></span> Ltd (iv)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>5 Ch<span class=\"_ _3\"></span>urc<span class=\"_ _3\"></span>hi<span class=\"_ _3\"></span>ll Pl<span class=\"_ _3\"></span>ace<span class=\"_ _3\"></span>, Cana<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>y Wha<span class=\"_ _3\"></span>rf, L<span class=\"_ _3\"></span>ond<span class=\"_ _3\"></span>on E1<span class=\"_ _4\"></span>4 5<span class=\"_ _3\"></span>HU<span class=\"_ _3ab\"> </span>Avata<span class=\"_ _3\"></span>r Ltd <span class=\"_ _131\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Bu<span class=\"_ _3\"></span>ild Ltd <span class=\"_ _1d4\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Bu<span class=\"_ _3\"></span>ilding Ltd <span class=\"_ _378\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>E Ltd<span class=\"_ _12e\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivil Engi<span class=\"_ _3\"></span>neering (<span class=\"_ _3\"></span>SW<span class=\"_ _3\"></span>) Ltd <span class=\"_ _2e\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivil Engi<span class=\"_ _3\"></span>neering Ltd <span class=\"_ _b5\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivils Ltd <span class=\"_ _31\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onst Ltd <span class=\"_ _24\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction (<span class=\"_ _3\"></span>SW<span class=\"_ _3\"></span>) Ltd <span class=\"_ _5e\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on In<span class=\"_ _4\"></span>ternation<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>thern Ltd <span class=\"_ _c9\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty En<span class=\"_ _3\"></span>gineeri<span class=\"_ _3\"></span>ng Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es (HY<span class=\"_ _3\"></span>) Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Empl<span class=\"_ _3\"></span>oyment Ltd <span class=\"_ _b7\"> </span>Em<span class=\"_ _3\"></span>ployer Fo<span class=\"_ _3\"></span>r UK Workforce<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Ltd<span class=\"_ _39a\"> </span><span class=\"lsc ws8\">Construction &amp; Support </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>omes Ltd<span class=\"_ _1a\"> </span>A<span class=\"_ _3\"></span>gent of Ma<span class=\"_ _3\"></span>nring Ho<span class=\"_ _3\"></span>mes Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inter<span class=\"_ _3\"></span>nation<span class=\"_ _3\"></span>al Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stment Ho<span class=\"_ _3\"></span>ldings Ltd (i)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Ltd <span class=\"_ _81\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty N<span class=\"_ _3\"></span>ominee<span class=\"_ _3\"></span>s Ltd <span class=\"_ _215\"> </span><span class=\"lsc ws8\">Nominee Company<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Overseas Inv<span class=\"_ _4\"></span>estments Ltd<span class=\"_ _bf\"> </span>Inv<span class=\"_ _4\"></span>estment Hold<span class=\"_ _3\"></span>ing<span class=\"_ _4\"></span> Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty O<span class=\"_ _3\"></span>versea<span class=\"_ _3\"></span>s Ltd<span class=\"_ _140\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Hol<span class=\"_ _3\"></span>ding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Ltd (i)<span class=\"_ _3ab\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y plc<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Infrast<span class=\"_ _3\"></span>ructure S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vices Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Ltd <span class=\"_ _210\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Proje<span class=\"_ _3\"></span>cts Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail T<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>chnolo<span class=\"_ _3\"></span>gies Ltd <span class=\"_ _4f\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail T<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ack Systems Ltd <span class=\"_ _122\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>efurbishm<span class=\"_ _3\"></span>ent Ltd<span class=\"_ _a0\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>egiona<span class=\"_ _3\"></span>l Const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n Ltd <span class=\"_ _25d\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty U<span class=\"_ _3\"></span>tilit<span class=\"_ _3\"></span>y Solut<span class=\"_ _3\"></span>ions Ltd <span class=\"_ _10a\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Kilp<span class=\"_ _3\"></span>atrick Ltd <span class=\"_ _2c\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant </span>BB In<span class=\"_ _3\"></span>donesia Ltd<span class=\"_ _8\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>vac Ltd <span class=\"_ _a4\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bic<span class=\"_ _3\"></span>al Cons<span class=\"_ _3\"></span>truct<span class=\"_ _3\"></span>ion Ltd <span class=\"_ _213\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Bign<span class=\"_ _3\"></span>ell &amp; Ass<span class=\"_ _3\"></span>ociates Ltd<span class=\"_ _156\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Birs<span class=\"_ _3\"></span>e Group Ltd <span class=\"_ _62\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Birs<span class=\"_ _3\"></span>e Metro Ltd<span class=\"_ _1e5\"> </span>Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span>Bno<span class=\"_ _3\"></span>ms Ltd (i)<span class=\"_ _3ab\"> </span>Nominee Company<span class=\"_ _3ab\"> </span>BP<span class=\"_ _3\"></span>H Equipment Ltd <span class=\"_ _35\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Cow<span class=\"_ _3\"></span>lin Group Ltd <span class=\"_ _211\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Devons<span class=\"_ _3\"></span>hire House D<span class=\"_ _3\"></span>ormant T<span class=\"_ _3\"></span>hree Ltd<span class=\"_ _10c\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt </span>Guinea Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Ltd <span class=\"_ _1a0\"> </span>Investment Holding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>G. N<span class=\"_ _3\"></span>. Hade<span class=\"_ _3\"></span>n &amp; Sons Ltd <span class=\"_ _1a0\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Haden Building Ser<span class=\"_ _3\"></span>vices Ltd<span class=\"_ _140\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ha<span class=\"_ _3\"></span>den Y<span class=\"_ _4\"></span>oung Ltd (i)<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Hal<span class=\"_ _3\"></span>l &amp; T<span class=\"_ _5\"></span>awse We<span class=\"_ _3\"></span>stern Ltd <span class=\"_ _39b\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant </span>L<span class=\"_ _3\"></span>aser Rail Ltd <span class=\"_ _1b0\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Loun<span class=\"_ _3\"></span>sdale Ele<span class=\"_ _3\"></span>ctric Ltd <span class=\"_ _213\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>ormant<span class=\"_ _3\"></span> </span>Ma<span class=\"_ _3\"></span>nring Ho<span class=\"_ _3\"></span>mes Ltd (i)<span class=\"_ _3ab\"> </span>Proper<span class=\"_ _3\"></span>ty Investment<span class=\"_ _3ab\"> </span>Mult<span class=\"_ _3\"></span>ibuild (<span class=\"_ _3\"></span>Constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n &amp; Interiors) Ltd <span class=\"_ _1e4\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Of<span class=\"_ _3\"></span>fice Projects (Interiors)<span class=\"_ _4\"></span> Ltd<span class=\"_ _229\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </span>Grou<span class=\"_ _3\"></span>p Ltd Omnicom Enginee<span class=\"_ _4\"></span>ring Ltd <span class=\"_ _1cd\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ray<span class=\"_ _3\"></span>nesway C<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion Ltd <span class=\"_ _1d6\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Strata Construction L<span class=\"_ _4\"></span>td<span class=\"_ _30\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Urb<span class=\"_ _3\"></span>an Fox Net<span class=\"_ _3\"></span>works (<span class=\"_ _3\"></span>UK<span class=\"_ _3\"></span>) Ltd (vi)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>He<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>d Ste<span class=\"_ _3\"></span>el Wor<span class=\"_ _3\"></span>ks, H<span class=\"_ _3\"></span>olm<span class=\"_ _3\"></span>er Ro<span class=\"_ _3\"></span>ad, H<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>d HR<span class=\"_ _3\"></span>4 9SW<span class=\"_ _3ab\"> </span>Painter B<span class=\"_ _3\"></span>rothers Ltd <span class=\"_ _1d\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Ki<span class=\"_ _3\"></span>ngs B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss Pa<span class=\"_ _3\"></span>rk, K<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>s Dr<span class=\"_ _3\"></span>ive, Pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>t, Me<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>eysi<span class=\"_ _3\"></span>de L<span class=\"_ _3\"></span>34 1PJ<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Pe<span class=\"_ _3\"></span>nsion T<span class=\"_ _4\"></span>rus<span class=\"_ _3\"></span>t Ltd (i)<span class=\"_ _3ab\"> </span>Pension Fund T<span class=\"_ _5\"></span>rustee<span class=\"_ _3ab\"> </span>C/O Mc Gr<span class=\"_ _3\"></span>igg<span class=\"_ _3\"></span>ors L<span class=\"_ _3\"></span>LP<span class=\"_ _5\"></span>, Arn<span class=\"_ _3\"></span>ot<span class=\"_ _3\"></span>t Ho<span class=\"_ _3\"></span>use, 12<span class=\"_ _3\"></span>\u2013<span class=\"_ _4\"></span>16 Br<span class=\"_ _3\"></span>idg<span class=\"_ _3\"></span>e St<span class=\"_ _3\"></span>ree<span class=\"_ _3\"></span>t, B<span class=\"_ _3\"></span>el<span class=\"_ _3\"></span>fas<span class=\"_ _3\"></span>t BT1 1LS<span class=\"_ _3\"></span>, Nor<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>ern I<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Kilp<span class=\"_ _3\"></span>atrick N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>thern Irel<span class=\"_ _3\"></span>and Ltd <span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e Cur<span class=\"_ _3\"></span>ve Bu<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>g, Ax<span class=\"_ _3\"></span>is B<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>ss Par<span class=\"_ _3\"></span>k, H<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ica<span class=\"_ _3\"></span>ne Way, Lan<span class=\"_ _3\"></span>gley, Berkshire SL3 8AG<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>round Engin<span class=\"_ _3\"></span>eering Ltd <span class=\"_ _1a4\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es Ltd <span class=\"_ _b\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>iving P<span class=\"_ _3\"></span>laces Ltd <span class=\"_ _a3\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Sunderland Streetlighting Ltd <span class=\"_ _1f1\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </span>Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>esti<span class=\"_ _3\"></span>ng and A<span class=\"_ _3\"></span>nalysis Ltd <span class=\"_ _1ef\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>xi<span class=\"_ _3\"></span>m 7<span class=\"_ _5\"></span>, Ma<span class=\"_ _3\"></span>xim O<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ce Pa<span class=\"_ _3\"></span>rk, P<span class=\"_ _3\"></span>ark<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>ds Aven<span class=\"_ _3\"></span>ue, Eu<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>l, Holy<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>own ML<span class=\"_ _5\"></span>1 4<span class=\"_ _4\"></span>WQ<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction Ltd <span class=\"_ _7d\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction S<span class=\"_ _3\"></span>cot<span class=\"_ _3\"></span>tish &amp; So<span class=\"_ _3\"></span>uthern Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty K<span class=\"_ _3\"></span>ilpat<span class=\"_ _3\"></span>rick Ltd <span class=\"_ _1d7\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Residu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y Ltd <span class=\"_ _a0\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Regional Civil E<span class=\"_ _4\"></span>ngineering Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd BBPFS LP (iii)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artnership<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Glasgow Residences (Kennedy Street) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Glasgow Residences (Kennedy Street) LL<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession Glasgow Residences (Kennedy Street) SP<span class=\"_ _3\"></span>V Ltd Infrastructu<span class=\"_ _4\"></span>re Concession Hal<span class=\"_ _3\"></span>l &amp; T<span class=\"_ _5\"></span>awse Ltd <span class=\"_ _34a\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant </span>Initi<span class=\"_ _3\"></span>al Found<span class=\"_ _3\"></span>er Par<span class=\"_ _3\"></span>tner G<span class=\"_ _3\"></span>P1 Ltd <span class=\"_ _7c\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Mi<span class=\"_ _3\"></span>dmi<span class=\"_ _3\"></span>ll Bu<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>k, T<span class=\"_ _4\"></span>um<span class=\"_ _3\"></span>ulu<span class=\"_ _3\"></span>s Way<span class=\"_ _4\"></span>, K<span class=\"_ _3\"></span>int<span class=\"_ _3\"></span>ore, A<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re AB51<span class=\"_ _4\"></span> 0TG<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Engineering<span class=\"_ _4\"></span> Ser<span class=\"_ _3\"></span>vices (CL) Ltd<span class=\"_ _3ab\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s, T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>wer Br<span class=\"_ _3\"></span>idg<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>se, S<span class=\"_ _3\"></span>t Kat<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s Way, Lon<span class=\"_ _3\"></span>don E1W 1<span class=\"_ _3\"></span>DD<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Powe<span class=\"_ _3\"></span>r Const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on Ltd<span class=\"_ _e6\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Powe<span class=\"_ _3\"></span>r Netw<span class=\"_ _3\"></span>orks (Distribution S<span class=\"_ _3\"></span>ervices) Ltd<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Branlow<span class=\"_ _4\"></span> Ltd<span class=\"_ _a2\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Mansell Maintenance Ltd<span class=\"_ _302\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s LLP<span class=\"_ _5\"></span>, 30 O<span class=\"_ _3\"></span>ld Ba<span class=\"_ _3\"></span>ile<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, Lo<span class=\"_ _3\"></span>ndo<span class=\"_ _3\"></span>n EC4<span class=\"_ _3\"></span>M 7<span class=\"_ _4\"></span>AU<span class=\"_ _3ab\"> </span>Birse Construction<span class=\"_ _4\"></span> Ltd<span class=\"_ _3a\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany \u2013  In L<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>ation Edg<span class=\"_ _3\"></span>ar Alle<span class=\"_ _3\"></span>n Enginee<span class=\"_ _3\"></span>ring Ltd <span class=\"_ _140\"> </span>Dor<span class=\"_ _3\"></span>mant \u2013 In Li<span class=\"_ _3\"></span>quidati<span class=\"_ _3\"></span>on<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>nsell plc <span class=\"_ _2c7\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estment Hold<span class=\"_ _3\"></span>ing<span class=\"_ _4\"></span> </span>Co<span class=\"_ _3\"></span>mpany \u2013 In L<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>ation<span class=\"_ _3ab\"> </span>Wes<span class=\"_ _3\"></span>t Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e Roa<span class=\"_ _3\"></span>d, Ray<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>way<span class=\"_ _4\"></span>, D<span class=\"_ _3\"></span>erby D<span class=\"_ _3\"></span>E21 7BG<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>lant &amp; Fleet S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vices Ltd <span class=\"_ _132\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s LLP<span class=\"_ _5\"></span>, 100 Q<span class=\"_ _3\"></span>uee<span class=\"_ _3\"></span>n St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, G<span class=\"_ _3\"></span>las<span class=\"_ _3\"></span>gow G1 3D<span class=\"_ _3\"></span>N Sco<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>and<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty En<span class=\"_ _3\"></span>gineeri<span class=\"_ _3\"></span>ng Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es  (L<span class=\"_ _3\"></span>EL) L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Lumina<span class=\"_ _4\"></span> Building, 40 Ainslie<span class=\"_ _4\"></span> Road, Hillington<span class=\"_ _4\"></span> Park, Glasgow<span class=\"_ _4\"></span> G5<span class=\"_ _3\"></span>2<span class=\"_ gs52\"> </span>4RU Shaw<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Petrie Ltd<span class=\"_ _9b\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>4<span class=\"_ _3\"></span>2-<span class=\"_ _3\"></span>44 C<span class=\"_ _3\"></span>lar<span class=\"_ _3\"></span>end<span class=\"_ _3\"></span>on Ro<span class=\"_ _3\"></span>ad, Wa<span class=\"_ _3\"></span>tf<span class=\"_ _3\"></span>ord<span class=\"_ _3\"></span>, He<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rd<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re WD17 1DR<span class=\"_ _3ab\"> </span>Bar<span class=\"_ _3\"></span>low &amp; Y<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ung, Ltd <span class=\"_ _1c7\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ha<span class=\"_ _3\"></span>den Interna<span class=\"_ _3\"></span>tional Ltd<span class=\"_ _214\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Fo<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, 1<span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>0 Wi<span class=\"_ _3\"></span>lto<span class=\"_ _3\"></span>n Road<span class=\"_ _3\"></span>, Lon<span class=\"_ _3\"></span>don SW1V 1LQ<span class=\"_ _3ab\"> </span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>5 L<span class=\"_ _3\"></span>td<span class=\"_ _173\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>17<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span> L<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>d<span class=\"_ _46\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>BIC<span class=\"_ _3\"></span>C Dor<span class=\"_ _3\"></span>mant One Ltd<span class=\"_ _30\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Devons<span class=\"_ _3\"></span>hire House D<span class=\"_ _3\"></span>ormant O<span class=\"_ _3\"></span>ne Ltd<span class=\"_ _f\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>ird F<span class=\"_ _3\"></span>loo<span class=\"_ _3\"></span>r Devon<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re H<span class=\"_ _3\"></span>ous<span class=\"_ _3\"></span>e, May<span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ir Pl<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>e, Lon<span class=\"_ _3\"></span>don W1X 5F<span class=\"_ _3\"></span>H<span class=\"_ _3ab\"> </span>BIC<span class=\"_ _3\"></span>C The<span class=\"_ _3\"></span>rmohe<span class=\"_ _3\"></span>at Ltd<span class=\"_ _19f\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii) <span class=\"_ _3\"></span>80%<span class=\"_ _4\"></span> owned.<span class=\"_ _3ab\"> </span>(iii) <span class=\"_ _6\"></span>Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terests held.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>31 Ma<span class=\"_ _3\"></span>rch yea<span class=\"_ _3\"></span>r end.<span class=\"_ _3ab\"> </span>(v<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>81<span class=\"_ _5\"></span>% o<span class=\"_ _3\"></span>wned<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(v<span class=\"_ _3\"></span>i) Th<span class=\"_ _3\"></span>e Group h<span class=\"_ _3\"></span>olds a 7<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>8% dire<span class=\"_ _3\"></span>ct inte<span class=\"_ _3\"></span>rest in U<span class=\"_ _3\"></span>rban F<span class=\"_ _3\"></span>ox Net<span class=\"_ _3\"></span>work<span class=\"_ _3\"></span>s (UK<span class=\"_ _3\"></span>) Ltd an<span class=\"_ _3\"></span>d an ind<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span> inte<span class=\"_ _3\"></span>rest of 5<span class=\"_ _3\"></span>.6% thr<span class=\"_ _3\"></span>ough t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p intere<span class=\"_ _3\"></span>st in Ur<span class=\"_ _3\"></span>ban Ele<span class=\"_ _3\"></span>ctr<span class=\"_ _3\"></span>ic Net<span class=\"_ _3\"></span>work<span class=\"_ _3\"></span>s Ltd. Su<span class=\"_ _3\"></span>bs<span class=\"_ _3\"></span>idi<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>kin<span class=\"_ _3\"></span>gs i<span class=\"_ _3\"></span>nco<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>sid<span class=\"_ _3\"></span>e the U<span class=\"_ _3\"></span>nit<span class=\"_ _3\"></span>ed K<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>domEntity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Australia<span class=\"_ _ab\"> </span><span class=\"ls5 ws3\"> </span>Al<span class=\"_ _3\"></span>len<span class=\"_ _3\"></span>s Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>e Ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>s Pt<span class=\"_ _3\"></span>y Li<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>, Leve<span class=\"_ _3\"></span>l 33, 101 Co<span class=\"_ _3\"></span>lli<span class=\"_ _3\"></span>ns Stree<span class=\"_ _3\"></span>t,<span class=\"_ _4\"></span> Me<span class=\"_ _3\"></span>lbourne,<span class=\"_ _4\"></span> Vic<span class=\"_ _3\"></span>toria,<span class=\"_ _4\"></span> 30<span class=\"_ _3\"></span>00<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Australian Limited Par<span class=\"_ _3\"></span>tnership (ii)<span class=\"_ _3ab\"> </span>Holding company<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>vel 12, 6<span class=\"_ _3\"></span>80 Ge<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ge St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, S<span class=\"_ _3\"></span>ydne<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, NSW 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>0 Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty A<span class=\"_ _3\"></span>ustralia P<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Ltd <span class=\"_ _ad\"> </span><span class=\"lsc ws8\">Construction &amp; Support </span>Ser<span class=\"_ _3\"></span>vices Bahamas<span class=\"_ _39d\"> </span><span class=\"ls5 ws3\"> </span>Th<span class=\"_ _3\"></span>e Alex<span class=\"_ _3\"></span>and<span class=\"_ _3\"></span>er C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te Gr<span class=\"_ _3\"></span>oup L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span>, One M<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s Cou<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>t,  P<span class=\"_ _5\"></span>.O. Box N<span class=\"_ _3\"></span>-<span class=\"_ _4\"></span>71<span class=\"_ _5\"></span>17<span class=\"_ _5\"></span>, N<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sau<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty B<span class=\"_ _3\"></span>ahamas Ltd <span class=\"_ _140\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Canada<span class=\"_ _39e\"> </span><span class=\"ls5 ws3\"> </span>Bo<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>n La<span class=\"_ _3\"></span>dne<span class=\"_ _3\"></span>r Ge<span class=\"_ _3\"></span>rva<span class=\"_ _3\"></span>is LL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, 22 Ad<span class=\"_ _3\"></span>ela<span class=\"_ _3\"></span>ide S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t Wes<span class=\"_ _3\"></span>t, Su<span class=\"_ _3\"></span>ite 3<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0, T<span class=\"_ _5\"></span>oronto, ON,<span class=\"_ _4\"></span> M<span class=\"_ _3\"></span>5H<span class=\"_ _4\"></span> 4E<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span>BB Gro<span class=\"_ _3\"></span>up Can<span class=\"_ _3\"></span>ada Inc<span class=\"_ _1c7\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>ayl<span class=\"_ _3\"></span>or M<span class=\"_ _3\"></span>cCa<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>y LLP<span class=\"_ _5\"></span>, 9<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0 St<span class=\"_ _3\"></span>. Mar<span class=\"_ _3\"></span>y Aven<span class=\"_ _3\"></span>ue, W<span class=\"_ _3\"></span>inni<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>g, MB, R3C 4K5<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Communities GP<span class=\"_ _5\"></span>, Inc<span class=\"_ _e3\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Communities, LP (ii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on, LP (ii)<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, Inc<span class=\"_ _a8\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments G<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, Inc <span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>vestments, LP (ii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span>BB NI<span class=\"_ _3\"></span>H GP<span class=\"_ _5\"></span>, Inc<span class=\"_ _39f\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span></span>Germany<span class=\"_ _154\"> </span><span class=\"ls5 ws3\"> </span>Ga<span class=\"_ _3\"></span>rmi<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>her S<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>e 35, 81373 M<span class=\"_ _3\"></span>uni<span class=\"_ _3\"></span>ch<span class=\"_ _be\"> </span> Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Gmb<span class=\"_ _3\"></span>H<span class=\"_ _219\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>BICC Holdings GmbH<span class=\"_ _1e3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Schreck<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>Mieves<span class=\"_ _4\"></span> GmbH<span class=\"_ _49\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant </span>Hong K<span class=\"_ _4\"></span>ong<span class=\"_ _369\"> </span><span class=\"ls5 ws3\"> </span>5/F<span class=\"_ _5\"></span>, M<span class=\"_ _3\"></span>anu<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>fe Pla<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>8 Kwun T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ng Roa<span class=\"_ _3\"></span>d Kowl<span class=\"_ _3\"></span>oon Ho<span class=\"_ _3\"></span>ng Kon<span class=\"_ _3\"></span>g<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Hong Kong L<span class=\"_ _4\"></span>td<span class=\"_ _215\"> </span>Construction &amp; Support Ser<span class=\"_ _3\"></span>vices India<span class=\"_ _186\"> </span><span class=\"ls5 ws3\"> </span>6<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, N-<span class=\"_ _4\"></span>1 B<span class=\"_ _3\"></span>als<span class=\"_ _3\"></span>a Blo<span class=\"_ _3\"></span>ck<span class=\"_ _3\"></span>, Man<span class=\"_ _3\"></span>yata E<span class=\"_ _3\"></span>mba<span class=\"_ _3\"></span>ssy B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss Pa<span class=\"_ _3\"></span>rk, Nagav<span class=\"_ _4\"></span>ara, Rachenahalli Villag<span class=\"_ _4\"></span>e, Bangalore<span class=\"_ _4\"></span> \u2013 56004<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>, India<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Indi<span class=\"_ _3\"></span>a  P<span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>t. Ltd<span class=\"_ _3ab\"> </span>Engineerin<span class=\"_ _3\"></span>g Design Consultan<span class=\"_ _3\"></span>cy Ireland<span class=\"_ _5a\"> </span><span class=\"ls5 ws3\"> </span>Ci<span class=\"_ _3\"></span>ty J<span class=\"_ _3\"></span>unc<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on Bu<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>k, No<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>rn Cr<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s, Ma<span class=\"_ _3\"></span>lahi<span class=\"_ _3\"></span>de R<span class=\"_ _3\"></span>oad, Dublin 1<span class=\"_ _5\"></span>7<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Ire<span class=\"_ _3\"></span>land Ltd<span class=\"_ _302\"> </span><span class=\"ls15 ws11\">Su<span class=\"_ _3\"></span>pport Ser<span class=\"_ _3\"></span>vices </span>Is<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f Man<span class=\"_ _22e\"> </span> T<span class=\"_ _4\"></span>owe<span class=\"_ _3\"></span>r Hou<span class=\"_ _3\"></span>se, L<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>h Prom<span class=\"_ _3\"></span>ena<span class=\"_ _3\"></span>de, D<span class=\"_ _3\"></span>oug<span class=\"_ _3\"></span>las I<span class=\"_ _3\"></span>M<span class=\"_ _4\"></span>1 2<span class=\"_ _3\"></span>LZ<span class=\"_ _3\"></span>, Is<span class=\"_ _3\"></span>le of M<span class=\"_ _3\"></span>an<span class=\"_ _3ab\"> </span>Delphian Insurance C<span class=\"_ _3\"></span>ompany L<span class=\"_ _4\"></span>td (i)<span class=\"_ _3ab\"> </span>Insurance Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span> Jer<span class=\"_ _3\"></span>sey<span class=\"_ _1e8\"> </span><span class=\"ls5 ws3\"> </span>12 Ca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, S<span class=\"_ _3\"></span>t. H<span class=\"_ _3\"></span>eli<span class=\"_ _3\"></span>er, Jer<span class=\"_ _3\"></span>sey<span class=\"_ _15\"> </span> Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Em<span class=\"_ _3\"></span>ployees T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ustees Ltd (i)<span class=\"_ _3ab\"> </span>Employee T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ust<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>lays<span class=\"_ _3\"></span>ia<span class=\"_ _1c9\"> </span><span class=\"ls5 ws3\"> </span>12t<span class=\"_ _3\"></span>h Flo<span class=\"_ _3\"></span>or<span class=\"_ _4\"></span>, M<span class=\"_ _3\"></span>ena<span class=\"_ _3\"></span>ra sy<span class=\"_ _3\"></span>mph<span class=\"_ _3\"></span>ony<span class=\"_ _4\"></span>, N<span class=\"_ _3\"></span>o 5, Jal<span class=\"_ _3\"></span>an Pr<span class=\"_ _3\"></span>of. Kh<span class=\"_ _3\"></span>oo Kay K<span class=\"_ _3\"></span>im, Seksyen 1<span class=\"_ _4\"></span>3, 46200 Petaling Jaya,<span class=\"_ _4\"></span> Sel<span class=\"_ _3\"></span>angor<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Desig<span class=\"_ _3\"></span>n Internati<span class=\"_ _3\"></span>onal Sd<span class=\"_ _3\"></span>n Bhd Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices Netherlan<span class=\"_ _3\"></span>ds<span class=\"_ _35b\"> </span><span class=\"ls5 ws3\"> </span>Ra<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>bu<span class=\"_ _3\"></span>rge<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>at 177<span class=\"_ _4\"></span>/B, 101<span class=\"_ _4\"></span>1 V<span class=\"_ _3\"></span>M Ams<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>m<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Netherlands B.<span class=\"_ _4\"></span>V.<span class=\"_ _7f\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Romania<span class=\"_ _1c9\"> </span><span class=\"ls5 ws3\"> </span>23 G<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>ral E<span class=\"_ _3\"></span>rne<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>t Bro<span class=\"_ _3\"></span>ste<span class=\"_ _3\"></span>anu S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, 1st Distric<span class=\"_ _3\"></span>t, 0<span class=\"_ _4\"></span>10527<span class=\"_ _5\"></span>,<span class=\"_ _4\"></span> Buc<span class=\"_ _3\"></span>harest<span class=\"_ _3ab\"> </span>S.C<span class=\"_ _3\"></span>. Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Rail S<span class=\"_ _3\"></span>.R.<span class=\"_ _3\"></span>L.<span class=\"_ _3a0\"> </span>Dor<span class=\"_ _3\"></span>mant - In L<span class=\"_ _3\"></span>iquida<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Sri Lanka<span class=\"_ _17f\"> </span><span class=\"ls5 ws3\"> </span>Pha<span class=\"_ _3\"></span>se 3 I<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt P<span class=\"_ _3\"></span>romo<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n Zon<span class=\"_ _3\"></span>e, Kat<span class=\"_ _3\"></span>unaya<span class=\"_ _3\"></span>ke, Co<span class=\"_ _3\"></span>lom<span class=\"_ _3\"></span>bo, Western<span class=\"_ _4\"></span> Province<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>eylon (<span class=\"_ _3\"></span>Priva<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e) Ltd <span class=\"_ _cc\"> </span><span class=\"ls15 ws11\">Sup<span class=\"_ _3\"></span>port Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Thailand<span class=\"_ _68\"> </span><span class=\"ls5 ws3\"> </span>9 So<span class=\"_ _3\"></span>i San<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>uk, S<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>his<span class=\"_ _3\"></span>arn R<span class=\"_ _3\"></span>oad, H<span class=\"_ _3\"></span>uay Kwan<span class=\"_ _3\"></span>g, Ban<span class=\"_ _3\"></span>gkok<span class=\"_ _3ab\"> </span>As<span class=\"_ _3\"></span>ia T<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ade Develo<span class=\"_ _3\"></span>pment C<span class=\"_ _3\"></span>o Ltd <span class=\"_ _7d\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on <span class=\"ls5 ws3\"> </span>(<span class=\"_ _3\"></span>Th<span class=\"_ _3\"></span>ailand) C<span class=\"_ _3\"></span>o Ltd Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs (<span class=\"_ _3\"></span>Thail<span class=\"_ _3\"></span>and) C<span class=\"_ _3\"></span>o Ltd <span class=\"_ _2e\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty T<span class=\"_ _3\"></span>hai Ltd <span class=\"_ _3a1\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Linwo<span class=\"_ _3\"></span>od Co Ltd <span class=\"_ _1e9\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _39f\"> </span><span class=\"ls5 ws3\"> </span>101<span class=\"_ _5\"></span>1 C<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tre R<span class=\"_ _3\"></span>oad, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 31<span class=\"_ _4\"></span>0, W<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>ming<span class=\"_ _3\"></span>ton D<span class=\"_ _3\"></span>E 1980<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs Inc<span class=\"_ _2d\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>LC <span class=\"_ _13d\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>30<span class=\"_ _3\"></span>0 Gal<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>ria Pa<span class=\"_ _3\"></span>rk<span class=\"_ _3\"></span>way<span class=\"_ _4\"></span>, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 205<span class=\"_ _3\"></span>0, Atla<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>a, GA 30<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>9 National Enginee<span class=\"_ _4\"></span>ring &amp; Contracting Co<span class=\"_ _3\"></span>mpany Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture, Inc <span class=\"_ _7e\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 1<span class=\"_ _4\"></span>127 B<span class=\"_ _3\"></span>roa<span class=\"_ _3\"></span>dway S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et N<span class=\"_ _3\"></span>E, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 310, Sale<span class=\"_ _3\"></span>m OR 97<span class=\"_ _3\"></span>301<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ock Spr<span class=\"_ _3\"></span>ings, L<span class=\"_ _3\"></span>LC<span class=\"_ _82\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 1703 L<span class=\"_ _3\"></span>aur<span class=\"_ _3\"></span>el S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Col<span class=\"_ _3\"></span>umb<span class=\"_ _3\"></span>ia,  SC 2<span class=\"_ _3\"></span>92<span class=\"_ _3\"></span>01<span class=\"_ _3ab\"> </span>National C<span class=\"_ _3\"></span>asualty and As<span class=\"_ _3\"></span>surance, Inc<span class=\"_ _4\"></span> <span class=\"_ _db\"> </span>Insurance Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, W<span class=\"_ _3\"></span>ilmi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>ton DE 19<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>08<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ampus S<span class=\"_ _3\"></span>oluti<span class=\"_ _3\"></span>ons, LLC<span class=\"_ _b8\"> </span><span class=\"ls4f ws49\">Infrastructur<span class=\"_ _4\"></span>e Holding </span>Co<span class=\"_ _3\"></span>mpany Balfour Beatt<span class=\"_ _3\"></span>y Communities, LLC<span class=\"_ _98\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction D.C<span class=\"_ _3\"></span>., LLC<span class=\"_ _5f\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on, LLC<span class=\"_ _51\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts Hol<span class=\"_ _3\"></span>do, LLC<span class=\"_ _c1\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts, Inc<span class=\"_ _180\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion Services<span class=\"_ _3ab\"> </span></span>Balfour Beatty Equipment, LLC<span class=\"_ _11c\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments, I<span class=\"_ _3\"></span>nc <span class=\"_ _7d\"> </span><span class=\"ls15 ws11\">Investment Company<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Inc <span class=\"_ _9d\"> </span><span class=\"ls15 ws11\">Business Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty/<span class=\"_ _3\"></span>Ben<span class=\"_ _3\"></span>ham  Militar<span class=\"_ _3\"></span>y Communities LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Balfour Beatt<span class=\"_ _3\"></span>y/P<span class=\"_ _3\"></span>HELPS<span class=\"ls5 ws3\"> </span>Militar<span class=\"_ _3\"></span>y Communities LLC (iv)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Devel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Investments<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty \u2013 Wo<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>group, LLC<span class=\"_ _a1\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>BBC A<span class=\"_ _3\"></span>F Hou<span class=\"_ _3\"></span>sing Co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion LLC<span class=\"_ _f2\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC AF Management/<span class=\"_ _3\"></span>Developmen<span class=\"_ _4\"></span>t LLC<span class=\"_ _1a8\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC I<span class=\"_ _3\"></span>ndepe<span class=\"_ _3\"></span>ndent Mem<span class=\"_ _3\"></span>ber I, In<span class=\"_ _3\"></span>c <span class=\"_ _87\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC I<span class=\"_ _3\"></span>ndepe<span class=\"_ _3\"></span>ndent Mem<span class=\"_ _3\"></span>ber II, I<span class=\"_ _3\"></span>nc<span class=\"_ _87\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 ACC G<span class=\"_ _3\"></span>roup, LLC<span class=\"_ _1b8\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>ETC G<span class=\"_ _3\"></span>eneral Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (iii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>ETC L<span class=\"_ _3\"></span>imited Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (iii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>MC Gen<span class=\"_ _3\"></span>eral Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>MC Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>R General Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>R Limi<span class=\"_ _3\"></span>ted Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/ Picatinny General Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/ Pic<span class=\"_ _3\"></span>atinny Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estmen<span class=\"_ _3ab\"> </span>t<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 FD<span class=\"_ _3\"></span>WR LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt C<span class=\"_ _3\"></span>arson L<span class=\"_ _3\"></span>LC<span class=\"_ _1b8\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt Go<span class=\"_ _3\"></span>rdon LLC<span class=\"_ _bc\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt H<span class=\"_ _3\"></span>amilton LLC<span class=\"_ _1cf\"> </span><span class=\"ls15 ws11\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt Ja<span class=\"_ _3\"></span>ckson L<span class=\"_ _3\"></span>LC<span class=\"_ _c1\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Ha<span class=\"_ _3\"></span>mpton Roa<span class=\"_ _3\"></span>ds LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 L<span class=\"_ _3\"></span>ackla<span class=\"_ _3\"></span>nd LLC<span class=\"_ _57\"> </span><span class=\"ls15 ws11\">Infrastructure In<span class=\"_ _4\"></span>vestment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Le<span class=\"_ _3\"></span>onard Woo<span class=\"_ _3\"></span>d LLC<span class=\"_ _2\"></span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Nav<span class=\"_ _3\"></span>y N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>heast LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Nav<span class=\"_ _3\"></span>y S<span class=\"_ _3\"></span>outhea<span class=\"_ _3\"></span>st LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 No<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>ern Group, LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Stewar<span class=\"_ _3\"></span>t Hunter LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Vande<span class=\"_ _3\"></span>nberg Gen<span class=\"_ _3\"></span>eral Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Vande<span class=\"_ _3\"></span>nberg Limi<span class=\"_ _3\"></span>ted Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 West Po<span class=\"_ _3\"></span>int LLC<span class=\"_ _13e\"> </span><span class=\"ls15 ws11\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Wester<span class=\"_ _3\"></span>n Genera<span class=\"_ _3\"></span>l Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Wester<span class=\"_ _3\"></span>n Limited Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC Multif<span class=\"_ _4\"></span>amily Holdings, LLC<span class=\"_ _b1\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC<span class=\"_ _3\"></span>S \u2013 Nor<span class=\"_ _3\"></span>thsi<span class=\"_ _3\"></span>de Cam<span class=\"_ _3\"></span>pus LLC<span class=\"_ _1f6\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t </span>BBCS Developmen<span class=\"_ _4\"></span>t, LLC<span class=\"_ _38c\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BB Dev<span class=\"_ _4\"></span>elopments Sub Holdco, LLC<span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>BICC Cables Cor<span class=\"_ _3\"></span>poration<span class=\"_ _39a\"> </span><span class=\"ls15 ws11\">Business Ser<span class=\"_ _3\"></span>vices </span>Ok<span class=\"_ _3\"></span>tiv (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>all<span class=\"_ _3\"></span>ahassee) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _b0\"> </span><span class=\"ls15 ws11\">In<span class=\"_ _4\"></span>frastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e Investment<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 3<span class=\"_ _3\"></span>00 De<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>hut<span class=\"_ _3\"></span>es Way SW, Sui<span class=\"_ _3\"></span>te 30<span class=\"_ _3\"></span>4, T<span class=\"_ _4\"></span>um<span class=\"_ _3\"></span>wate<span class=\"_ _3\"></span>r WA 98<span class=\"_ _3\"></span>501<span class=\"_ _3ab\"> </span>Howa<span class=\"_ _3\"></span>rd S. Wrig<span class=\"_ _3\"></span>ht Const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on Co<span class=\"_ _128\"> </span><span class=\"ls15 ws11\">Construction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>HS<span class=\"_ _3\"></span>W, Inc <span class=\"_ _154\"> </span><span class=\"ls15 ws11\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span></span>CS<span class=\"_ _3\"></span>C \u2013 Neva<span class=\"_ _3\"></span>da, C/O C<span class=\"_ _3\"></span>SC Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es of N<span class=\"_ _3\"></span>evad<span class=\"_ _3\"></span>a, In<span class=\"_ _3\"></span>c., 5<span class=\"_ _3\"></span>02 Ea<span class=\"_ _3\"></span>st Jo<span class=\"_ _3\"></span>hn St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et Ca<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>on Ci<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, N<span class=\"_ _3\"></span>eva<span class=\"_ _3\"></span>da 89<span class=\"_ _3\"></span>706<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>Gol<span class=\"_ _3\"></span>den Construction Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on Company<span class=\"_ _4\"></span>, Inc<span class=\"_ _1cf\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Serv<span class=\"_ _3\"></span>ices<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup, Inc <span class=\"_ _1a7\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion Services<span class=\"_ _3ab\"> </span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii) <span class=\"_ _3\"></span>Partnership interests<span class=\"_ _4\"></span> held.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>i) <span class=\"_ _6\"></span>8<span class=\"_ _3\"></span>0% in<span class=\"_ _3\"></span>terest h<span class=\"_ _3\"></span>eld. (i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>89<span class=\"_ _3\"></span>% interes<span class=\"_ _3\"></span>t held<span class=\"_ _3\"></span>. (v) 9<span class=\"_ _3\"></span>0% in<span class=\"_ _4\"></span>terest held.<span class=\"_ _3ab\"> </span>Jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s inc<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d in t<span class=\"_ _3\"></span>he Uni<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d Kin<span class=\"_ _3\"></span>gdo<span class=\"_ _3\"></span>mEntity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Q1<span class=\"_ _4\"></span>4 Q<span class=\"_ _3\"></span>uor<span class=\"_ _3\"></span>um Bu<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s Park<span class=\"_ _3\"></span>, Be<span class=\"_ _3\"></span>nto<span class=\"_ _3\"></span>n Lan<span class=\"_ _3\"></span>e, Ne<span class=\"_ _3\"></span>wca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le Up<span class=\"_ _3\"></span>on T<span class=\"_ _5\"></span>yne, England,<span class=\"_ _4\"></span> England, NE<span class=\"_ _4\"></span>12 8BU<span class=\"_ _3ab\"> </span>BBDE Orbital Holdings, LLP (iii) (v)<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>5<span class=\"_ _5f\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t Ho<span class=\"_ _3\"></span>lding </span>Co<span class=\"_ _3\"></span>mpany Connect A3<span class=\"_ _3\"></span>0/A3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span> Holdings Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0/A<span class=\"_ _3\"></span>35 Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>50 Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Connect CNDR Holdings Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR I<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rmedi<span class=\"_ _3\"></span>ate Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Connect M<span class=\"_ _4\"></span>1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Holdings Lt<span class=\"_ _4\"></span>d (i) (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect M1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Ltd (iv) <span class=\"_ _2d\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Concession Connect M77/GSO Holdings<span class=\"_ _4\"></span> Ltd (ii) (iv)<span class=\"_ _3ab\"> </span>85<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect M<span class=\"_ _3\"></span>77/GSO p<span class=\"_ _3\"></span>lc (ii) (iv)<span class=\"_ _3ab\"> </span>85<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Ltd<span class=\"_ _bc\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Holdi<span class=\"_ _3\"></span>ngs Ltd<span class=\"_ _2\"></span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Intermed<span class=\"_ _3\"></span>iate Ltd 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Ltd<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Connect Roads Nor<span class=\"_ _3\"></span>thamp<span class=\"_ _4\"></span>tonshire<span class=\"_ _4\"></span> Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Connect Roads Nor<span class=\"_ _3\"></span>thamp<span class=\"_ _4\"></span>tonshire<span class=\"_ _4\"></span> Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3\"></span> 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>hamptonshire Ltd <span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Ltd<span class=\"_ _e\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Connect Roads Sunderland<span class=\"_ _4\"></span> Holdings Ltd<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Sun<span class=\"_ _3\"></span>derla<span class=\"_ _3\"></span>nd Ltd<span class=\"_ _e3\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (Holdings) L<span class=\"_ _4\"></span>td (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 1<span class=\"_ _4\"></span>) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 2) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 3) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 4) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 5) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 7<span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 7) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Financ<span class=\"_ _3\"></span>e (Holdings) L<span class=\"_ _4\"></span>td (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (Fi<span class=\"_ _3\"></span>nance) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO Hol<span class=\"_ _3\"></span>dings Ltd (ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t Ho<span class=\"_ _3\"></span>lding </span>Co<span class=\"_ _3\"></span>mpany Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO Interme<span class=\"_ _3\"></span>diate Ltd<span class=\"_ _3ab\"> </span>(ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO plc (ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Hold<span class=\"_ _3\"></span>ings Ltd<span class=\"_ _3ab\"> </span>(iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Intermed<span class=\"_ _3\"></span>iate Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession South Cambridgeshir<span class=\"_ _4\"></span>e Projects LLP (v)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ho<span class=\"_ _3\"></span>ldco Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Interm<span class=\"_ _3\"></span>ediate Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nne<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t Plu<span class=\"_ _3\"></span>s Hou<span class=\"_ _3\"></span>se, S<span class=\"_ _3\"></span>t Alb<span class=\"_ _3\"></span>ans R<span class=\"_ _3\"></span>oad, S<span class=\"_ _3\"></span>out<span class=\"_ _3\"></span>h Mim<span class=\"_ _3\"></span>ms, Hert<span class=\"_ _3\"></span>fo<span class=\"_ _4\"></span>rd<span class=\"_ _3\"></span>sh<span class=\"_ _4\"></span>ire EN6<span class=\"_ _4\"></span> 3NP<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Hol<span class=\"_ _3\"></span>dings Ltd (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Interme<span class=\"_ _3\"></span>diate Ltd<span class=\"_ _3ab\"> </span>(iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Issuer p<span class=\"_ _3\"></span>lc (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Ltd (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>xi<span class=\"_ _3\"></span>m 7<span class=\"_ _5\"></span>, Ma<span class=\"_ _3\"></span>xim O<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ce Pa<span class=\"_ _3\"></span>rk, P<span class=\"_ _3\"></span>ark<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>ds Aven<span class=\"_ _3\"></span>ue, Eu<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>l, Holy<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>own ML<span class=\"_ _5\"></span>1 4<span class=\"_ _4\"></span>WQ<span class=\"_ _3ab\"> </span>Holyrood Holdings Lt<span class=\"_ _4\"></span>d <span class=\"_ _1d0\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3\"></span> 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Holyrood Student Accommodation plc<span class=\"_ _2\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span></span>Concession<span class=\"_ _3ab\"> </span>Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> SP<span class=\"_ _3\"></span>V Ltd 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Wes<span class=\"_ _3\"></span>tm<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r Hou<span class=\"_ _3\"></span>se, C<span class=\"_ _3\"></span>rom<span class=\"_ _3\"></span>pto<span class=\"_ _3\"></span>n Way<span class=\"_ _5\"></span>, S<span class=\"_ _3\"></span>ege<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>th We<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>, Fareham,<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>ampshire<span class=\"_ _4\"></span> PO15<span class=\"_ _4\"></span> 5SS<span class=\"_ _3ab\"> </span>Pevense<span class=\"_ _4\"></span>y C<span class=\"_ _3\"></span>oastal<span class=\"ls5 ws3\"> </span>Defenc<span class=\"_ _3\"></span>e Ltd 25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession<span class=\"_ _3ab\"> </span>C/O Pari<span class=\"_ _3\"></span>o Ltd, 18 R<span class=\"_ _3\"></span>iver<span class=\"_ _3\"></span>sway B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss V<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span>age, N<span class=\"_ _3\"></span>avig<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on Way, Pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ton PR<span class=\"_ _3\"></span>2 2YP Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Funding plc<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Ltd<span class=\"_ _44\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession 9 Am<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>de Ho<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>e W<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>od L<span class=\"_ _3\"></span>ane, P<span class=\"_ _3\"></span>ara<span class=\"_ _3\"></span>dis<span class=\"_ _3\"></span>e In<span class=\"_ _3\"></span>dus<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ial E<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ate, Hemel Hempstead,<span class=\"_ _4\"></span> Her<span class=\"_ _3\"></span>tfordshire,<span class=\"_ _4\"></span> England HP2<span class=\"_ _4\"></span> 4TP<span class=\"_ _3ab\"> </span>Peb<span class=\"_ _3\"></span>blehall B<span class=\"_ _3\"></span>io Power Ltd <span class=\"_ _85\"> </span><span class=\"ls4f ws49\">29.2<span class=\"_ _1f4\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Urb<span class=\"_ _3\"></span>an Elec<span class=\"_ _3\"></span>tric Net<span class=\"_ _3\"></span>works Ltd<span class=\"_ _51\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span></span>Concession<span class=\"_ _3ab\"> </span>Wellan<span class=\"_ _3\"></span>d Bio Power Ltd 29.<span class=\"_ _3\"></span>2<span class=\"_ _3f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>Due to t<span class=\"_ _3\"></span>he shar<span class=\"_ _3\"></span>ehol<span class=\"_ _3\"></span>ders\u2019 a<span class=\"_ _3\"></span>greem<span class=\"_ _3\"></span>ent bet<span class=\"_ _3\"></span>wee<span class=\"_ _3\"></span>n Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y and th<span class=\"_ _3\"></span>e other s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs req<span class=\"_ _3\"></span>uirin<span class=\"_ _3\"></span>g unan<span class=\"_ _3\"></span>imit<span class=\"_ _3\"></span>y of agre<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t in resp<span class=\"_ _3\"></span>ect of si<span class=\"_ _3\"></span>gnif<span class=\"_ _3\"></span>ican<span class=\"_ _3\"></span>t mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to th<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncia<span class=\"_ _3\"></span>l and o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any, the D<span class=\"_ _3\"></span>irecto<span class=\"_ _3\"></span>rs co<span class=\"_ _3\"></span>nside<span class=\"_ _3\"></span>r that t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p doe<span class=\"_ _3\"></span>s not co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>pany an<span class=\"_ _3\"></span>d it has b<span class=\"_ _3\"></span>een ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted as a jo<span class=\"_ _3\"></span>int ventu<span class=\"_ _3\"></span>re. (ii<span class=\"_ _3\"></span>i) <span class=\"_ _6\"></span>T<span class=\"_ _3\"></span>he Gr<span class=\"_ _3\"></span>oup ow<span class=\"_ _3\"></span>ned a 37.5% par<span class=\"_ _3\"></span>tn<span class=\"_ _3\"></span>ershi<span class=\"_ _3\"></span>p interes<span class=\"_ _3\"></span>t in BB<span class=\"_ _3\"></span>DE Or<span class=\"_ _3\"></span>bita<span class=\"_ _3\"></span>l Hold<span class=\"_ _3\"></span>ings L<span class=\"_ _3\"></span>LP at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22. C<span class=\"_ _3\"></span>onne<span class=\"_ _3\"></span>ct Pl<span class=\"_ _3\"></span>us (M2<span class=\"_ _3\"></span>5) Ho<span class=\"_ _3\"></span>ldin<span class=\"_ _3\"></span>gs Ltd an<span class=\"_ _3\"></span>d its su<span class=\"_ _3\"></span>bsid<span class=\"_ _3\"></span>iarie<span class=\"_ _3\"></span>s are 4<span class=\"_ _3\"></span>0% owne<span class=\"_ _3\"></span>d by BB<span class=\"_ _3\"></span>DE O<span class=\"_ _3\"></span>rbit<span class=\"_ _3\"></span>al Ho<span class=\"_ _3\"></span>lding<span class=\"_ _3\"></span>s LL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>31 Ma<span class=\"_ _3\"></span>rch yea<span class=\"_ _3\"></span>r end. (v) Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terests held.<span class=\"_ _3ab\"> </span>Jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>ntu<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>s inc<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d out<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>de th<span class=\"_ _3\"></span>e Uni<span class=\"_ _3\"></span>ted K<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>gdo<span class=\"_ _3\"></span>m<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Bermuda<span class=\"_ _ae\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>nyer<span class=\"_ _3\"></span>s Dil<span class=\"_ _3\"></span>l &amp; Pear<span class=\"_ _3\"></span>man L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d, Cl<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>ndo<span class=\"_ _3\"></span>n Hou<span class=\"_ _3\"></span>se, 2 C<span class=\"_ _3\"></span>hur<span class=\"_ _3\"></span>ch St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Hami<span class=\"_ _3\"></span>lto<span class=\"_ _3\"></span>n HM 1<span class=\"_ _4\"></span>1<span class=\"_ _3ab\"> </span>CP B<span class=\"_ _3\"></span>ay Car<span class=\"_ _3\"></span>ry A L<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>CP B<span class=\"_ _3\"></span>ay Car<span class=\"_ _3\"></span>ry B L<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession British Virgin Islands<span class=\"_ _28\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Vi<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ra C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es Ce<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>re, W<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>kham<span class=\"_ _3\"></span>s Cay I<span class=\"_ _3\"></span>I Roa<span class=\"_ _3\"></span>d T<span class=\"_ _5\"></span>ow<span class=\"_ _3\"></span>n, To<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> V<span class=\"_ _3\"></span>G<span class=\"_ _3\"></span>1110<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Asi<span class=\"_ _3\"></span>a Ltd <span class=\"_ _3a1\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">M<span class=\"_ _3\"></span>anagement </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Gammon Construction Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Canada<span class=\"_ _100\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>T<span class=\"_ _4\"></span>ayl<span class=\"_ _3\"></span>or M<span class=\"_ _3\"></span>cCa<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>y LLP<span class=\"_ _5\"></span>, 9<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0 St<span class=\"_ _3\"></span>. Mar<span class=\"_ _3\"></span>y Aven<span class=\"_ _3\"></span>ue, W<span class=\"_ _3\"></span>inni<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>g, MB, R3C 4K5<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>WH Fa<span class=\"_ _3\"></span>cilities  Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>,LP (iii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>WH FM G<span class=\"_ _3\"></span>P Inc<span class=\"_ _36a\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>WH De<span class=\"_ _3\"></span>sign \u2013 Build G<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Constru<span class=\"_ _3\"></span>ction Servic<span class=\"_ _3\"></span>es<span class=\"_ _4\"></span> </span>China<span class=\"_ _3ab\"> </span>Ho<span class=\"_ _3\"></span>ng Kong Ave<span class=\"_ _3\"></span>nid<span class=\"_ _3\"></span>a da Pr<span class=\"_ _3\"></span>aia G<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>de, n\u00b04<span class=\"_ _3\"></span>29, 25<span class=\"_ _3\"></span>\u00b0 and<span class=\"_ _3\"></span>ar D, em Ma<span class=\"_ _3\"></span>cau BBE<span class=\"_ _3\"></span>&amp;M (M<span class=\"_ _3\"></span>acau) Ltd<span class=\"_ _24\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Electric<span class=\"_ _3\"></span>al and </span></span>Mechanic<span class=\"_ _3\"></span>al Contracting<span class=\"_ _3ab\"> </span>Gammon Building C<span class=\"_ _3\"></span>onstruction (Maca<span class=\"_ _4\"></span>u) L<span class=\"_ _4\"></span>td<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Co<span class=\"_ _3\"></span>nstruction<span class=\"_ _3ab\"> </span></span>No. 4<span class=\"_ _3\"></span>57<span class=\"_ _5\"></span>, S<span class=\"_ _3\"></span>hat<span class=\"_ _3\"></span>ian S<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n, Ga<span class=\"_ _3\"></span>ngga<span class=\"_ _3\"></span>ng Aven<span class=\"_ _3\"></span>ue, Sh<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>an T<span class=\"_ _4\"></span>ow<span class=\"_ _3\"></span>n, Dongguan City,<span class=\"_ _4\"></span> Guangdong Province<span class=\"_ _3ab\"> </span>Don<span class=\"_ _3\"></span>gguan P<span class=\"_ _3\"></span>ristin<span class=\"_ _3\"></span>e Metal Wor<span class=\"_ _3\"></span>ks Ltd<span class=\"_ _1bf\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">M<span class=\"_ _3\"></span>anuf<span class=\"_ _4\"></span>ac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>uring </span></span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>25<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, Jar<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>se, 1 C<span class=\"_ _3\"></span>onna<span class=\"_ _3\"></span>ugh<span class=\"_ _3\"></span>t Pla<span class=\"_ _3\"></span>ce, C<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>l, Hon<span class=\"_ _3\"></span>g Kong<span class=\"_ _3ab\"> </span>Sanfield<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Gammon Constr<span class=\"_ _3\"></span>uction JV Co<span class=\"_ _3\"></span>mpany L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>22<span class=\"_ _3\"></span>/F<span class=\"_ _5\"></span>, T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>wer 1, The Q<span class=\"_ _3\"></span>uays<span class=\"_ _3\"></span>id<span class=\"_ _3\"></span>e, 77 Ho<span class=\"_ _3\"></span>i Bun R<span class=\"_ _3\"></span>oad<span class=\"_ _3\"></span>, K<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>un T<span class=\"_ _4\"></span>on<span class=\"_ _3\"></span>g, Kowloon,<span class=\"_ _4\"></span> Hong Kong<span class=\"_ _3ab\"> </span>AsiaBuil<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> Ltd<span class=\"_ _1ae\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty E&amp;<span class=\"_ _3\"></span>M Ltd<span class=\"_ _84\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>Dig<span class=\"_ _3\"></span>ital G Ltd<span class=\"_ _8\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>T<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>chnolo<span class=\"_ _3\"></span>gy and Innovation<span class=\"_ _3ab\"> </span>Entasis Ltd<span class=\"_ _1b3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">General Contracto<span class=\"_ _4\"></span>r<span class=\"_ _3ab\"> </span></span></span>Gammon Building C<span class=\"_ _3\"></span>onstruction Ltd<span class=\"_ _e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>Building Constr<span class=\"_ _3\"></span>uction<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Ca<span class=\"_ _3\"></span>pital Ltd<span class=\"_ _7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>Gam<span class=\"_ _3\"></span>mon Ca<span class=\"_ _3\"></span>pital M<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>ement Ltd <span class=\"_ _e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gam<span class=\"_ _3\"></span>mon China Ltd <span class=\"_ _390\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></span>Co<span class=\"_ _3\"></span>mpany Gammon Con<span class=\"_ _3\"></span>cr<span class=\"_ _4\"></span>ete Ser<span class=\"_ _3\"></span>vices Lt<span class=\"_ _4\"></span>d<span class=\"_ _15\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Gammon Construction (China<span class=\"_ _4\"></span>) Ltd<span class=\"_ _e6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Constr<span class=\"_ _3\"></span>uction<span class=\"_ _3ab\"> </span></span></span>Gammon C<span class=\"_ _3\"></span>onstruction (<span class=\"_ _3\"></span>Vietnam) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Constr<span class=\"_ _3\"></span>uction and </span>Project Manag<span class=\"_ _3\"></span>emen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span>Gammon C<span class=\"_ _3\"></span>onstruction Consultants (Shenzhen) Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Gammon Construction Lt<span class=\"_ _4\"></span>d (ii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Engineering a<span class=\"_ _4\"></span>nd </span>Construction<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon E&amp;<span class=\"_ _3\"></span>M Ltd<span class=\"_ _263\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Engineering Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></span>Gammon Engineeri<span class=\"_ _4\"></span>ng &amp; Construction Co<span class=\"_ _3\"></span>mpany L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Engineering a<span class=\"_ _4\"></span>nd </span>Construction<span class=\"_ _3ab\"> </span>Gammon Engineeri<span class=\"_ _4\"></span>ng Ltd<span class=\"_ _85\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span></span>Gam<span class=\"_ _3\"></span>mon Fina<span class=\"_ _3\"></span>nce Ltd <span class=\"_ _1cd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls73 ws80\">Finance and </span></span>Investment<span class=\"_ _4\"></span> Gam<span class=\"_ _3\"></span>mon Interio<span class=\"_ _3\"></span>rs Ltd <span class=\"_ _3c\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>Gammon Mana<span class=\"_ _3\"></span>gement<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Ltd<span class=\"_ _16\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Construction </span></span>Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Pla<span class=\"_ _3\"></span>nt Lt<span class=\"_ _4\"></span>d<span class=\"_ _3a1\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls73 ws80\">P<span class=\"_ _3\"></span>lan<span class=\"_ _4\"></span>t and Equipment<span class=\"_ _4\"></span> </span></span>Hire and M<span class=\"_ _3\"></span>aintenan<span class=\"_ _3\"></span>ce Gold T<span class=\"_ _4\"></span>actic<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Investment Ltd<span class=\"_ _81\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Into G Ltd<span class=\"_ _ae\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>Inter<span class=\"_ _3\"></span>ior Fit-<span class=\"_ _3\"></span>O<span class=\"_ _3\"></span>ut and Contracting<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>ambeth A<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates Ltd <span class=\"_ _215\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span></span>Ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt and Consultanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Pr<span class=\"_ _3\"></span>istine Met<span class=\"_ _3\"></span>al Works Ltd <span class=\"_ _36\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Ireland<span class=\"_ _355\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>3 Dublin<span class=\"_ _4\"></span> Land<span class=\"_ _3\"></span>in<span class=\"_ _4\"></span>g<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>, Nor<span class=\"_ _3\"></span>th<span class=\"_ _4\"></span> Wall<span class=\"_ _4\"></span> Q<span class=\"_ _3\"></span>ua<span class=\"_ _4\"></span>y<span class=\"_ _4\"></span>, Dublin 1<span class=\"_ _5\"></span>, D01<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>4E0<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>LG Ltd <span class=\"_ _1d7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices </span></span>C/O Pari<span class=\"_ _3\"></span>o SPV M<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span>, Sui<span class=\"_ _3\"></span>te 5<span class=\"_ _3\"></span>4, Mor<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>son Ch<span class=\"_ _3\"></span>amb<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>s, 32 N<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sau S<span class=\"_ _3\"></span>t, Du<span class=\"_ _3\"></span>bli<span class=\"_ _3\"></span>n 2, D<span class=\"_ _3\"></span>02 AP<span class=\"_ _3\"></span>29 Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Hol<span class=\"_ _3\"></span>dings Ltd<span class=\"_ _44\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Ltd <span class=\"_ _7e\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>lays<span class=\"_ _3\"></span>ia<span class=\"_ _3a2\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Uni<span class=\"_ _3\"></span>t B<span class=\"_ _3\"></span>-9<span class=\"_ _3\"></span>-<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>, Le<span class=\"_ _3\"></span>vel 9, Ca<span class=\"_ _3\"></span>pi<span class=\"_ _3\"></span>tal 2<span class=\"_ _3\"></span>, Oas<span class=\"_ _3\"></span>is S<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>re, N<span class=\"_ _3\"></span>o.2 Ja<span class=\"_ _3\"></span>lan PJU 1A/<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>A, A<span class=\"_ _3\"></span>ra Da<span class=\"_ _3\"></span>man<span class=\"_ _3\"></span>sar<span class=\"_ _3\"></span>a, 47301 Pe<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span>ing J<span class=\"_ _3\"></span>aya, Se<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>gor, Mal<span class=\"_ _3\"></span>aysi<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Sdn B<span class=\"_ _3\"></span>hd <span class=\"_ _155\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>Pesaka Gammon<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>onstruction<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>dn<span class=\"_ _4\"></span> Bhd 15<span class=\"_ _2f\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Philippines<span class=\"_ _24d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>G/F M<span class=\"_ _3\"></span>aka<span class=\"_ _3\"></span>ti St<span class=\"_ _3\"></span>ock E<span class=\"_ _3\"></span>xc<span class=\"_ _3\"></span>han<span class=\"_ _3\"></span>ge, Ayal<span class=\"_ _3\"></span>a A<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>nu<span class=\"_ _3\"></span>e, Mak<span class=\"_ _3\"></span>ati C<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, M<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>ro Manila, P<span class=\"_ _4\"></span>hilippine<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Gammo<span class=\"_ _3\"></span>n Philippines, In<span class=\"_ _3\"></span>c.<span class=\"_ _85\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"lsc ws8\">General Construction<span class=\"_ _3ab\"> </span></span></span>MG C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction Ventures  Holdings, Inc.<span class=\"_ _3ab\"> </span>16<span class=\"_ _3\"></span>.6<span class=\"_ _3\"></span>5<span class=\"_ _13e\"> </span><span class=\"ls15 ws11\">Proper<span class=\"_ _3\"></span>ty Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Singapore<span class=\"_ _3a3\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>239 Ale<span class=\"_ _4\"></span>xandra Ro<span class=\"_ _4\"></span>ad, 15<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>930<span class=\"_ _a8\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Dig<span class=\"_ _3\"></span>ital G (S<span class=\"_ _3\"></span>ingap<span class=\"_ _3\"></span>ore) Pte. Ltd<span class=\"_ _180\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Equipment Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></span>Gammon C<span class=\"_ _3\"></span>onstruction and Engineering<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>te.<span class=\"_ _4\"></span> Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Constru<span class=\"_ _3\"></span>ction Servic<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></span>Gammon Construction<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>oldi<span class=\"_ _4\"></span>ngs (S) P<span class=\"_ _3\"></span>te. Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs17ee\">Entity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs17ef\">% he<span class=\"_ _3\"></span>ld by </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs17f0\">the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17f1\">Gam<span class=\"_ _3\"></span>mon P<span class=\"_ _3\"></span>te. Ltd<span class=\"_ _181\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"lsc ws8\">Engineering<span class=\"_ _4\"></span> and </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs17f2\">Construction<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17f3\">L<span class=\"_ _3\"></span>ambeth A<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates Desi<span class=\"_ _3\"></span>gn &amp; </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17f4\">Co<span class=\"_ _3\"></span>nsultan<span class=\"_ _3\"></span>cy P<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs17f5\">50<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">M<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent and </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs17f6\">Consultanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs17f7\">Thailand <span class=\"_ _130\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls8b ws57 gs17f8\">21<span class=\"_ _4\"></span>st Floor<span class=\"_ _4\"></span>, Times Square Build<span class=\"_ _3\"></span>ing,<span class=\"_ _4\"></span> 246 Sukhumvit Road, Klongtoey </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs17f9\">Sub-<span class=\"_ _3\"></span>District, Klongtoey District, Bangkok<span class=\"_ _4\"></span> 10<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>10<span class=\"_ _4\"></span>, Thailand<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs17fa\">Gammon (<span class=\"_ _3\"></span>Thailan<span class=\"_ _3\"></span>d) L<span class=\"_ _4\"></span>td<span class=\"_ _1af\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs17fb\">23<span class=\"_ _3\"></span>rd Fl<span class=\"_ _3\"></span>oor, Tim<span class=\"_ _3\"></span>es S<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>re Bu<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gs17fc\">246 Sukhumvit Road, Klongtoey<span class=\"_ _4\"></span> </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs17fd\">Sub-Di<span class=\"_ _3\"></span>strict, Klongtoey<span class=\"_ _4\"></span> Distric<span class=\"_ _3\"></span>t, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs17fe\">Bangkok<span class=\"_ _4\"></span> 10<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0, Thailand<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs17ff\">Gammon C<span class=\"_ _3\"></span>onstruction (<span class=\"_ _3\"></span>Thailand) Ltd<span class=\"_ _25d\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1800\">Th<span class=\"_ _3\"></span>ai Gamm<span class=\"_ _3\"></span>on Ltd<span class=\"_ _396\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls61 ws59 gs1801\">United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _1b7\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1802\">Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny 1201 Hays S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, T<span class=\"_ _4\"></span>al<span class=\"_ _3\"></span>lah<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>see F<span class=\"_ _3\"></span>L </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls4c ws46 gs1803\">32<span class=\"_ _3\"></span>301 </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1804\">C-<span class=\"_ _3\"></span>BB Management, LLC<span class=\"_ _1d6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1805\">Investment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1806\">C-<span class=\"_ _3\"></span>BBC Devel<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>pme<span class=\"_ _4\"></span>nt, LLC<span class=\"_ _119\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1807\">Investment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1808\">Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>/b/<span class=\"_ _4\"></span>a C<span class=\"_ _3\"></span>SC-<span class=\"_ _3\"></span>La<span class=\"_ _3\"></span>wye<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1809\">In<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e Co<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 21<span class=\"_ _4\"></span>1 E<span class=\"_ _3\"></span>. 7th S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Sui<span class=\"_ _3\"></span>te 6<span class=\"_ _3\"></span>20, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs180a\">Aus<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>n TX 7<span class=\"_ _3\"></span>8701-3<span class=\"_ _3\"></span>2<span class=\"_ _4\"></span>18<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs180b\">No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s, LP</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs180c\"> (iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs180d\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs180e\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs180f\">No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 2,LP</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs1810\"> (iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs1811\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1812\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1813\">No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 3, LP </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1814\">(i)(iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls49 ws43 gs1815\">70<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1816\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1817\">No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 4, LP </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1818\">(i)(iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls105 wsc2 gs1819\">65<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs181a\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs181b\">Nor<span class=\"_ _3\"></span>thside Campus General Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs181c\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs181d\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs181e\">Concession </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs181f\">Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, W<span class=\"_ _3\"></span>ilmi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>ton </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls48 ws42 gs1820\">DE1<span class=\"_ _3\"></span>98<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8 </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1821\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Caro<span class=\"_ _3\"></span>lina Cove, L<span class=\"_ _3\"></span>LC<span class=\"_ _be\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1822\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1823\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Chena<span class=\"_ _3\"></span>l Pointe, LLC<span class=\"_ _be\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1824\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1825\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Cit<span class=\"_ _3\"></span>y Lake, L<span class=\"_ _3\"></span>LC<span class=\"_ _d6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1826\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1827\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Lan<span class=\"_ _3\"></span>dings, L<span class=\"_ _3\"></span>LC<span class=\"_ _f6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1828\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1829\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Lexing<span class=\"_ _3\"></span>ton, LLC<span class=\"_ _15\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs182a\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs182b\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Moret<span class=\"_ _3\"></span>ti, LLC<span class=\"_ _b2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs182c\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs182d\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Pace<span class=\"_ _3\"></span>s Brook<span class=\"_ _3\"></span>, LLC<span class=\"_ _f4\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs182e\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs182f\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Retreat<span class=\"_ _3\"></span>, LLC<span class=\"_ _b2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1830\">Investment<span class=\"_ _3ab\"> </span><span class=\"_ _4\"></span> </div>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Riverch<span class=\"_ _3\"></span>ase L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne San M<span class=\"_ _3\"></span>ateo, LLC<span class=\"_ _ba\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Sout<span class=\"_ _3\"></span>hwind, L<span class=\"_ _3\"></span>LC<span class=\"_ _b9\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Wolfcha<span class=\"_ _3\"></span>se, LLC<span class=\"_ _db\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC A<span class=\"_ _3\"></span>rmy Integ<span class=\"_ _3\"></span>rated, L<span class=\"_ _3\"></span>LC<span class=\"_ _1f6\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>arolina C<span class=\"_ _3\"></span>ove (W<span class=\"_ _3\"></span>ilmin<span class=\"_ _3\"></span>gton) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Chen<span class=\"_ _3\"></span>al Pointe (L<span class=\"_ _3\"></span>ittle R<span class=\"_ _3\"></span>ock<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Cit<span class=\"_ _3\"></span>y L<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e (<span class=\"_ _3\"></span>Houston) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _57\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Inte<span class=\"_ _3\"></span>grated E<span class=\"_ _3\"></span>xpress S<span class=\"_ _3\"></span>olutio<span class=\"_ _3\"></span>ns Holdco, LLC<span class=\"_ _3ab\"> </span>27<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span>Concession L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Int<span class=\"_ _4\"></span>egrated Express Solutions,<span class=\"_ _4\"></span> LLC<span class=\"_ _3ab\"> </span>27<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span>Concession L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>s (Jac<span class=\"_ _3\"></span>ksonville) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _172\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture </span></span>Investment<span class=\"_ _4\"></span> Lexin<span class=\"_ _3\"></span>gton (Rid<span class=\"_ _3\"></span>gelan<span class=\"_ _3\"></span>d) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _1a7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> Mo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>ti (H<span class=\"_ _3\"></span>omewoo<span class=\"_ _3\"></span>d) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _11f\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner, LLC<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession Pac<span class=\"_ _3\"></span>es Brook (<span class=\"_ _3\"></span>Colum<span class=\"_ _3\"></span>bia) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _bd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Retreat at Schilling<span class=\"_ _3\"></span>er (Mobil<span class=\"_ _3\"></span>e)<span class=\"_ _4\"></span> O<span class=\"_ _3\"></span>wner<span class=\"_ _4\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Riverc<span class=\"_ _3\"></span>hase L<span class=\"_ _3\"></span>anding (<span class=\"_ _3\"></span>Hoover<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>7.<span class=\"_ _2\"></span>5<span class=\"_ _d5\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Sa<span class=\"_ _3\"></span>n Mateo (K<span class=\"_ _3\"></span>issimm<span class=\"_ _3\"></span>ee) Own<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>, LLC<span class=\"_ _bd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> So<span class=\"_ _3\"></span>uthwind (<span class=\"_ _3\"></span>Memphi<span class=\"_ _3\"></span>s) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _4c\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> Southwind<span class=\"_ _4\"></span> (<span class=\"_ _3\"></span>Memphi<span class=\"_ _4\"></span>s) Holdings, LLC<span class=\"_ _1c4\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Swif<span class=\"_ _3\"></span>tsure H<span class=\"_ _3\"></span>ousing Pa<span class=\"_ _3\"></span>rtne<span class=\"_ _3\"></span>rs, LLC<span class=\"_ _cf\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>T-BBA Riverchas<span class=\"_ _4\"></span>e Holdings, LLC<span class=\"_ _db\"> </span><span class=\"ls147 ws13c\">7.<span class=\"_ _3\"></span>5<span class=\"_ _f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>V<span class=\"_ _3\"></span>iew SA Ho<span class=\"_ _3\"></span>lding C<span class=\"_ _3\"></span>ompany L<span class=\"_ _3\"></span>P (i)(iii)<span class=\"_ _3ab\"> </span>87<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _3ab\"> </span>V<span class=\"_ _3\"></span>iew SA LLC (i)<span class=\"_ _3ab\"> </span>87<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _3ab\"> </span>Wolfch<span class=\"_ _3\"></span>ase (Ba<span class=\"_ _3\"></span>rtlet<span class=\"_ _3\"></span>t) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _db\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Corporation Ser<span class=\"_ _3\"></span>vice Company<span class=\"_ _5\"></span>, 1900 W<span class=\"_ _4\"></span> Li<span class=\"_ _3\"></span>ttleton Blvd.,<span class=\"_ _4\"></span> Li<span class=\"_ _3\"></span>ttleton, CO 8<span class=\"_ _3\"></span>0120 Denver<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransit Constructors<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _ce\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">D<span class=\"_ _3\"></span>esign an<span class=\"_ _3\"></span>d </span></span>Construction<span class=\"_ _3ab\"> </span>Denver<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransit Operators<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _128\"> </span><span class=\"lsaa ws69\">3<span class=\"_ _3\"></span>3.3<span class=\"_ _3f\"> </span><span class=\"ls5 ws3\">Op<span class=\"_ _3\"></span>erations a<span class=\"_ _3\"></span>nd </span></span>Maintanence<span class=\"_ _3ab\"> </span>Denver T<span class=\"_ _5\"></span>ransit Systems LLC<span class=\"_ _7e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">D<span class=\"_ _3\"></span>esign an<span class=\"_ _3\"></span>d </span></span>Construction<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Re<span class=\"_ _3\"></span>gis<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>d Agen<span class=\"_ _3\"></span>t Sol<span class=\"_ _3\"></span>uti<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>, Inc<span class=\"_ _3\"></span>. 9 E Lo<span class=\"_ _3\"></span>ocke<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>n St<span class=\"_ _3\"></span>ree<span class=\"_ _3\"></span>t, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 31<span class=\"_ _5\"></span>1 D<span class=\"_ _3\"></span>over DE 19<span class=\"_ _3\"></span>901<span class=\"_ _3ab\"> </span>United C<span class=\"_ _3\"></span>ampu<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>tners, L<span class=\"_ _3\"></span>LC<span class=\"_ _f2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>Vietnam<span class=\"_ _2fe\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>5t<span class=\"_ _3\"></span>h Floo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>, Ge<span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>dep<span class=\"_ _3\"></span>t T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>wer, 2Bi<span class=\"_ _3\"></span>s\u2013<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>\u2013<span class=\"_ _3\"></span>6 L<span class=\"_ _3\"></span>e Than<span class=\"_ _3\"></span>h T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>n Str<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, B<span class=\"_ _3\"></span>en Ng<span class=\"_ _3\"></span>he War<span class=\"_ _3\"></span>d, Di<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>t 1, Ho Ch<span class=\"_ _3\"></span>i Min<span class=\"_ _3\"></span>h Ci<span class=\"_ _3\"></span>ty, Vie<span class=\"_ _3\"></span>tn<span class=\"_ _3\"></span>am<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion V<span class=\"_ _3\"></span>ietnam C<span class=\"_ _3\"></span>o. Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Co<span class=\"_ _3\"></span>nstruction </span>and M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Du<span class=\"_ _3\"></span>e to the sh<span class=\"_ _3\"></span>areho<span class=\"_ _3\"></span>lder<span class=\"_ _3\"></span>s\u2019 agre<span class=\"_ _3\"></span>ement b<span class=\"_ _3\"></span>etwe<span class=\"_ _3\"></span>en Bal<span class=\"_ _3\"></span>four Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he othe<span class=\"_ _3\"></span>r share<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>ers req<span class=\"_ _3\"></span>uirin<span class=\"_ _3\"></span>g unan<span class=\"_ _3\"></span>imit<span class=\"_ _3\"></span>y of agre<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t in resp<span class=\"_ _3\"></span>ect of si<span class=\"_ _3\"></span>gnif<span class=\"_ _3\"></span>ican<span class=\"_ _3\"></span>t mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to th<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncia<span class=\"_ _3\"></span>l and o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any, the D<span class=\"_ _3\"></span>irecto<span class=\"_ _3\"></span>rs co<span class=\"_ _3\"></span>nside<span class=\"_ _3\"></span>r that t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p doe<span class=\"_ _3\"></span>s not co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>pany an<span class=\"_ _3\"></span>d it has b<span class=\"_ _3\"></span>een ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for as a j<span class=\"_ _3\"></span>oint ve<span class=\"_ _3\"></span>nture. (ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span> Prefe<span class=\"_ _3\"></span>rence s<span class=\"_ _3\"></span>hares a<span class=\"_ _3\"></span>nd/o<span class=\"_ _3\"></span>r defer<span class=\"_ _3\"></span>red sh<span class=\"_ _3\"></span>ares als<span class=\"_ _3\"></span>o held<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(iii) <span class=\"_ _6\"></span> Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terest held.<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>United Kingdom<span class=\"_ _396\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>As<span class=\"_ _3\"></span>hfo<span class=\"_ _3\"></span>rd Ho<span class=\"_ _3\"></span>use<span class=\"_ _3\"></span>, Gre<span class=\"_ _3\"></span>nad<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>r Road<span class=\"_ _3\"></span>, Exe<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r EX1 3LH<span class=\"_ _3ab\"> </span>UBB W<span class=\"_ _3\"></span>aste (Ess<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>) Ltd<span class=\"_ _41\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _1b7\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, Wi<span class=\"_ _3\"></span>lmi<span class=\"_ _3\"></span>ngt<span class=\"_ _3\"></span>on DE 19<span class=\"_ _3\"></span>808<span class=\"_ _3ab\"> </span>ACC G<span class=\"_ _3\"></span>roup Hou<span class=\"_ _3\"></span>sing, L<span class=\"_ _3\"></span>LC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>AE<span class=\"_ _3\"></span>TC H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>80<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>A<span class=\"_ _3\"></span>MC West H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/P<span class=\"_ _3\"></span>icatinny F<span class=\"_ _3\"></span>amily Ho<span class=\"_ _3\"></span>using LP (ii) 10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>FDWR Pare<span class=\"_ _4\"></span>nt LLC<span class=\"_ _30\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>hite S<span class=\"_ _3\"></span>ands Mis<span class=\"_ _3\"></span>sile Rang<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>sing LP (ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson Fa<span class=\"_ _3\"></span>mily Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _57\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Detr<span class=\"_ _3\"></span>ick<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>Wa<span class=\"_ _3\"></span>lter Reed A<span class=\"_ _3\"></span>rmy Me<span class=\"_ _3\"></span>dical C<span class=\"_ _3\"></span>enter Hous<span class=\"_ _3\"></span>ing LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Eustis<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>For<span class=\"_ _3\"></span>t Stor<span class=\"_ _3\"></span>y Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _55\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Gordon Housing LLC<span class=\"_ _85\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Ha<span class=\"_ _3\"></span>milton Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _ad\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Jackson Housing LLC<span class=\"_ _9a\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>acklan<span class=\"_ _3\"></span>d Family H<span class=\"_ _3\"></span>ousing<span class=\"_ _3\"></span>, LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Leo<span class=\"_ _3\"></span>nard Woo<span class=\"_ _3\"></span>d Family C<span class=\"_ _3\"></span>ommunit<span class=\"_ _3\"></span>ies, LLC<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>Nor<span class=\"_ _3\"></span>theast Housing LLC<span class=\"_ _fd\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Concession<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>rn Group H<span class=\"_ _3\"></span>ousing<span class=\"_ _3\"></span>, LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>So<span class=\"_ _3\"></span>utheast H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Stewar<span class=\"_ _3\"></span>t Hunter H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>Vanden<span class=\"_ _3\"></span>berg Ho<span class=\"_ _3\"></span>using LP (i)(ii)<span class=\"_ _3ab\"> </span>90<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Wester<span class=\"_ _3\"></span>n Group Ho<span class=\"_ _3\"></span>using, L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>West Po<span class=\"_ _3\"></span>int Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _13f\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p evalu<span class=\"_ _3\"></span>ated ea<span class=\"_ _3\"></span>ch of it<span class=\"_ _3\"></span>s interes<span class=\"_ _3\"></span>ts in th<span class=\"_ _3\"></span>e milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y housi<span class=\"_ _3\"></span>ng proj<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>s to deter<span class=\"_ _3\"></span>mine if the a<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iate<span class=\"_ _3\"></span>d entit<span class=\"_ _3\"></span>ies sho<span class=\"_ _3\"></span>uld be c<span class=\"_ _3\"></span>onso<span class=\"_ _3\"></span>lida<span class=\"_ _3\"></span>ted. T<span class=\"_ _3\"></span>his an<span class=\"_ _3\"></span>alysi<span class=\"_ _3\"></span>s incl<span class=\"_ _3\"></span>uded<span class=\"_ _3\"></span>, but wa<span class=\"_ _3\"></span>s not lim<span class=\"_ _3\"></span>ited to, i<span class=\"_ _3\"></span>denti<span class=\"_ _3\"></span>fyi<span class=\"_ _3\"></span>ng the a<span class=\"_ _3\"></span>ctiv<span class=\"_ _3\"></span>itie<span class=\"_ _3\"></span>s that m<span class=\"_ _3\"></span>ost sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cantl<span class=\"_ _3\"></span>y imp<span class=\"_ _3\"></span>act an e<span class=\"_ _3\"></span>ntit<span class=\"_ _3\"></span>y\u2019s eco<span class=\"_ _3\"></span>nomi<span class=\"_ _3\"></span>c pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>manc<span class=\"_ _3\"></span>e, whi<span class=\"_ _3\"></span>ch par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or par<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s cont<span class=\"_ _3\"></span>rol tho<span class=\"_ _3\"></span>se act<span class=\"_ _3\"></span>ivit<span class=\"_ _3\"></span>ies and t<span class=\"_ _3\"></span>he ris<span class=\"_ _3\"></span>ks asso<span class=\"_ _3\"></span>ciat<span class=\"_ _3\"></span>ed wit<span class=\"_ _3\"></span>h the<span class=\"_ _3\"></span>se enti<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>. Deci<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>maki<span class=\"_ _3\"></span>ng powe<span class=\"_ _3\"></span>r over key fa<span class=\"_ _3\"></span>cets of t<span class=\"_ _3\"></span>he cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts were ev<span class=\"_ _3\"></span>aluate<span class=\"_ _3\"></span>d wh<span class=\"_ _3\"></span>en deter<span class=\"_ _3\"></span>minin<span class=\"_ _3\"></span>g whic<span class=\"_ _3\"></span>h par<span class=\"_ _3\"></span>ty o<span class=\"_ _3\"></span>r par<span class=\"_ _3\"></span>ties h<span class=\"_ _3\"></span>ad co<span class=\"_ _3\"></span>ntrol ove<span class=\"_ _3\"></span>r the ac<span class=\"_ _3\"></span>tivi<span class=\"_ _3\"></span>ties t<span class=\"_ _3\"></span>hat mos<span class=\"_ _3\"></span>t sign<span class=\"_ _3\"></span>ific<span class=\"_ _3\"></span>antly<span class=\"_ _3\"></span> imp<span class=\"_ _3\"></span>act a p<span class=\"_ _3\"></span>rojec<span class=\"_ _3\"></span>t\u2019s ec<span class=\"_ _3\"></span>onomi<span class=\"_ _3\"></span>cs. B<span class=\"_ _3\"></span>ased o<span class=\"_ _3\"></span>n this rev<span class=\"_ _3\"></span>iew, the Di<span class=\"_ _3\"></span>recto<span class=\"_ _3\"></span>rs con<span class=\"_ _3\"></span>side<span class=\"_ _3\"></span>r that th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up doe<span class=\"_ _3\"></span>s not hav<span class=\"_ _3\"></span>e the po<span class=\"_ _3\"></span>wer to dire<span class=\"_ _3\"></span>ct the<span class=\"_ _3\"></span>se ac<span class=\"_ _3\"></span>tivi<span class=\"_ _3\"></span>ties an<span class=\"_ _3\"></span>d does n<span class=\"_ _3\"></span>ot cont<span class=\"_ _3\"></span>rol or j<span class=\"_ _3\"></span>ointl<span class=\"_ _3\"></span>y co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>em and t<span class=\"_ _3\"></span>herefor<span class=\"_ _3\"></span>e the ent<span class=\"_ _3\"></span>ities h<span class=\"_ _3\"></span>ave bee<span class=\"_ _3\"></span>n acc<span class=\"_ _3\"></span>ounted f<span class=\"_ _3\"></span>or as ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ated un<span class=\"_ _3\"></span>der<span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>ngs.<span class=\"_ _3\"></span> (ii) <span class=\"_ _3\"></span>Partnership interests<span class=\"_ _4\"></span> held.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-673": {
   "value": "1<span class=\"_ _4\"></span>9 Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tments i<span class=\"_ _4\"></span>n joint v<span class=\"_ _4\"></span>entures and associates<span class=\"_ _3ab\"> </span>19<span class=\"_ _4\"></span>.<span class=\"_ _5\"></span>1 Mov<span class=\"_ _4\"></span>ements<span class=\"_ _3ab\"> </span>Net<span class=\"_ _3ab\"> </span>assets<span class=\"_ _4\"></span> +<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Lo<span class=\"_ _3\"></span>ans ^<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _196\"> </span><span class=\"ls11d wsf4\">396<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"lsb4 wsad\">503<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2f4\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>28<span class=\"_ _3ab\"> </span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _2f5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets (<span class=\"_ _3\"></span>Note 32.<span class=\"_ _4\"></span>1)<span class=\"_ _29e\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _208\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3ab\"> </span></span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment benefi<span class=\"_ _3\"></span>t assets<span class=\"_ _3\"></span>/li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _288\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome (N<span class=\"_ _3\"></span>ote 32.<span class=\"_ _5\"></span>1)<span class=\"_ _12a\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3ab\"> </span></span>Dividends<span class=\"_ _2f6\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b2\"> </span></span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Additions<span class=\"_ _197\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>30<span class=\"_ _3ab\"> </span></span>Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y<span class=\"_ _2f7\"> </span><span class=\"ls72 wsf5\">(3<span class=\"_ _3\"></span>4)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls72 wsf5\">(34)<span class=\"_ _3ab\"> </span></span>Loans repaid<span class=\"_ _2f8\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _39\"> </span>(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span>Dist<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>on in excess of ear<span class=\"_ _3\"></span>nings rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d directl<span class=\"_ _3\"></span>y in incom<span class=\"_ _3\"></span>e statement<span class=\"_ _153\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span>Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s (Note 26<span class=\"_ _3\"></span>)<span class=\"_ _2d5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2f9\"> </span><span class=\"ls5f ws57\">320<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2\"></span>6<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">426<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2c6\"> </span><span class=\"ff3b ls10f ws105\">(16<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _51\"> </span></span>(1<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _2fa\"> </span><span class=\"ff3b ls120 ws119\">53<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets (<span class=\"_ _3\"></span>Note 32.<span class=\"_ _4\"></span>1)<span class=\"_ _15a\"> </span><span class=\"ff3b ls92 ws8a\">20<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _25c\"> </span><span class=\"ff3b\">2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment benefi<span class=\"_ _3\"></span>t assets<span class=\"_ _3\"></span>/li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _1b9\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome (N<span class=\"_ _3\"></span>ote 32.<span class=\"_ _5\"></span>1)<span class=\"_ _9f\"> </span><span class=\"ff3b ls1c ws107\">(5)<span class=\"_ _145\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _3ab\"> </span></span></span>Dividends<span class=\"_ _2fb\"> </span><span class=\"ff3b ls10d ws101\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7e\"> </span></span>(6<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span>Additions<span class=\"_ _2fc\"> </span><span class=\"ff3b ls2e ws7\">14<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7d\"> </span></span>14<span class=\"_ _3ab\"> </span></span>Disp<span class=\"_ _3\"></span>osal of G<span class=\"_ _3\"></span>louces<span class=\"_ _3\"></span>ter Waste (N<span class=\"_ _3\"></span>ote 34<span class=\"_ _3\"></span>.2.<span class=\"_ _3\"></span>2)<span class=\"_ _14f\"> </span><span class=\"ff3b ls170 ws18f\">(7)<span class=\"_ _a1\"> </span><span class=\"ls94 ws18a\">(24)<span class=\"_ _180\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>31)<span class=\"_ _3ab\"> </span></span></span></span>Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y<span class=\"_ _2fd\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span>Imp<span class=\"_ _3\"></span>airment of l<span class=\"_ _3\"></span>oans to joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates (<span class=\"_ _3\"></span>Note 9)<span class=\"_ _2de\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _ad\"> </span><span class=\"lsf7 ws100\">(9)<span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2b2\"> </span><span class=\"ls7 ws102\">316<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _a0\"> </span><span class=\"lsa9 wsa0\">389<span class=\"_ _3ab\"> </span></span></span></span>+ <span class=\"_ _37\"> </span>In<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>es goo<span class=\"_ _3\"></span>dwi<span class=\"_ _3\"></span>ll aris<span class=\"_ _3\"></span>ing on a<span class=\"_ _3\"></span>cqui<span class=\"_ _3\"></span>sitio<span class=\"_ _3\"></span>n of the G<span class=\"_ _3\"></span>roup\u2019s inte<span class=\"_ _3\"></span>rests in i<span class=\"_ _3\"></span>nvest<span class=\"_ _3\"></span>ments i<span class=\"_ _3\"></span>n joint ve<span class=\"_ _3\"></span>ntures a<span class=\"_ _3\"></span>nd ass<span class=\"_ _3\"></span>ocia<span class=\"_ _3\"></span>tes.<span class=\"_ _3ab\"> </span>^ <span class=\"_ _37\"> </span>L<span class=\"_ _3\"></span>oans i<span class=\"_ _3\"></span>nclu<span class=\"_ _3\"></span>de sub<span class=\"_ _3\"></span>ordin<span class=\"_ _3\"></span>ated d<span class=\"_ _3\"></span>ebt rec<span class=\"_ _3\"></span>eiva<span class=\"_ _3\"></span>ble fro<span class=\"_ _3\"></span>m joint v<span class=\"_ _3\"></span>enture<span class=\"_ _3\"></span>s and ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ates wi<span class=\"_ _3\"></span>thin th<span class=\"_ _3\"></span>e Infra<span class=\"_ _3\"></span>stru<span class=\"_ _3\"></span>cture I<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ents se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>t.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e princi<span class=\"_ _3\"></span>pal joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates are sh<span class=\"_ _3\"></span>own in Note 41<span class=\"_ _5\"></span>. Th<span class=\"_ _3\"></span>e amount of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of borrow<span class=\"_ _3\"></span>ings of joi<span class=\"_ _3\"></span>nt ventures and ass<span class=\"_ _3\"></span>ociates w<span class=\"_ _3\"></span>hich was su<span class=\"_ _3\"></span>ppor<span class=\"_ _3\"></span>ted by the G<span class=\"_ _3\"></span>roup and th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any was \u00a3nil (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a3nil). Th<span class=\"_ _3\"></span>e non<span class=\"_ _3\"></span>-rec<span class=\"_ _3\"></span>ourse b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs of joint venture an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iate entities re<span class=\"_ _3\"></span>lating to infra<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ure conce<span class=\"_ _3\"></span>ssions pro<span class=\"_ _3\"></span>jects are re<span class=\"_ _3\"></span>payabl<span class=\"_ _3\"></span>e over perio<span class=\"_ _3\"></span>ds exten<span class=\"_ _3\"></span>ding up to 20<span class=\"_ _3\"></span>57<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cours<span class=\"_ _3\"></span>e borrow<span class=\"_ _3\"></span>ings arise u<span class=\"_ _3\"></span>nder fac<span class=\"_ _3\"></span>ilities t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n out by proje<span class=\"_ _3\"></span>ct-<span class=\"_ _3\"></span>speci<span class=\"_ _3\"></span>fic joint ventu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>nd asso<span class=\"_ _3\"></span>ciate con<span class=\"_ _3\"></span>cession com<span class=\"_ _3\"></span>panies<span class=\"_ _3\"></span>. The bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s of each co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>on comp<span class=\"_ _3\"></span>any are secure<span class=\"_ _3\"></span>d by a combi<span class=\"_ _3\"></span>nation of fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d and flo<span class=\"_ _3\"></span>ating char<span class=\"_ _3\"></span>ges over that c<span class=\"_ _3\"></span>onces<span class=\"_ _3\"></span>sion com<span class=\"_ _3\"></span>pany\u2019s interests in i<span class=\"_ _3\"></span>ts projec<span class=\"_ _3\"></span>t\u2019s assets and revenu<span class=\"_ _3\"></span>es and the sh<span class=\"_ _3\"></span>ares in the co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>on comp<span class=\"_ _3\"></span>any held by it<span class=\"_ _3\"></span>s immedi<span class=\"_ _3\"></span>ate parent com<span class=\"_ _3\"></span>pany<span class=\"_ _4\"></span>. A<span class=\"_ gs52\"> </span>signi<span class=\"_ _3\"></span>ficant p<span class=\"_ _3\"></span>art of t<span class=\"_ _3\"></span>hese loa<span class=\"_ _3\"></span>ns has bee<span class=\"_ _3\"></span>n swappe<span class=\"_ _3\"></span>d into fixed rate de<span class=\"_ _3\"></span>bt by the use of interes<span class=\"_ _3\"></span>t rate swaps.<span class=\"_ _3ab\"> </span>As d<span class=\"_ _3\"></span>isclos<span class=\"_ _3\"></span>ed in Note 41<span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>f), the G<span class=\"_ _3\"></span>roup has co<span class=\"_ _3\"></span>mmitte<span class=\"_ _3\"></span>d to provide it<span class=\"_ _3\"></span>s share of fur<span class=\"_ _3\"></span>ther eq<span class=\"_ _3\"></span>uity f<span class=\"_ _3\"></span>unding of jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s in Infra<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ure Investments\u2019 p<span class=\"_ _3\"></span>rojects a<span class=\"_ _3\"></span>nd milita<span class=\"_ _3\"></span>ry ho<span class=\"_ _3\"></span>using co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>ons. Fur<span class=\"_ _3\"></span>ther, in respec<span class=\"_ _3\"></span>t of a number of th<span class=\"_ _3\"></span>ese investment<span class=\"_ _3\"></span>s the Group h<span class=\"_ _3\"></span>as com<span class=\"_ _3\"></span>mitted n<span class=\"_ _3\"></span>ot to dispose of i<span class=\"_ _3\"></span>ts equi<span class=\"_ _3\"></span>ty interest u<span class=\"_ _3\"></span>ntil constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n is comp<span class=\"_ _3\"></span>lete. As is cus<span class=\"_ _3\"></span>tomar<span class=\"_ _3\"></span>y in such pro<span class=\"_ _3\"></span>jects<span class=\"_ _3\"></span>, banking c<span class=\"_ _3\"></span>ovenants res<span class=\"_ _3\"></span>trict the<span class=\"_ gs52\"> </span>p<span class=\"_ _3\"></span>ayment of di<span class=\"_ _3\"></span>vidend<span class=\"_ _3\"></span>s and other d<span class=\"_ _3\"></span>istribu<span class=\"_ _3\"></span>tions.<span class=\"_ _3ab\"> </span>19.<span class=\"_ _3\"></span>2 Shar<span class=\"_ _3\"></span>e of r<span class=\"_ _3\"></span>esu<span class=\"_ _3\"></span>lt<span class=\"_ _3\"></span>s and n<span class=\"_ _3\"></span>et a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s of jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s and a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>iat<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _3ab\"> </span>Income sta<span class=\"_ _3\"></span>tement Construc<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Suppor<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span>Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>UK<span class=\"ff3c fs5 ls5 ws3\"> </span>^<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>North<span class=\"_ _3ab\"> </span>America<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Reve<span class=\"_ _3\"></span>nue<span class=\"_ _7a\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>6<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>3<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _98\"> </span><span class=\"ls90 ws116\">216<span class=\"_ _1f7\"> </span></span></span></span></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span>Op<span class=\"_ _3\"></span>erating p<span class=\"_ _3\"></span>rofit excluding g<span class=\"_ _3\"></span>ain on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3\"></span>s of int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests in<span class=\"_ gs52\"> </span>in<span class=\"_ _4\"></span>vestments<span class=\"_ _86\"> </span><span class=\"ff3b lsa9 wsa0\">33<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _38\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _38\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _a3\"> </span><span class=\"ls74 ws6b\">56<span class=\"_ _3ab\"> </span></span></span></span></span></span>Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s<span class=\"_ _2fe\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Operating profit<span class=\"_ _2ff\"> </span>33<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _38\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _a3\"> </span><span class=\"ls3b ws36\">25<span class=\"_ _9d\"> </span><span class=\"lsaa ws69\">58<span class=\"_ _3ab\"> </span></span></span></span></span>Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _300\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7d\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _38\"> </span><span class=\"ls18b ws188\">90<span class=\"_ _a1\"> </span></span></span></span></span>10<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span>Finance costs<span class=\"_ _203\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>25)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(98)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(99)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>e ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion<span class=\"_ _301\"> </span><span class=\"ls45 ws40\">42<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">59<span class=\"_ _3ab\"> </span></span></span></span>T<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>xa<span class=\"_ _4\"></span>tion<span class=\"_ _298\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span></span>(6)<span class=\"_ _3ab\"> </span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t af<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion <span class=\"_ _71\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span></span>Balance sheet<span class=\"_ _3ab\"> </span>Non-current assets<span class=\"_ _3ab\"> </span>Intangible assets \u2013<span class=\"_ _4\"></span> Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investments in<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>angible<span class=\"_ _302\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span>14</span></span> <span class=\"_ _1a8\"> </span> <span class=\"_ _20f\"> </span>\u2013 other<span class=\"_ _236\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _38\"> </span>12<span class=\"_ _3ab\"> </span></span></span>Proper<span class=\"_ _3\"></span>ty<span class=\"_ _4\"></span>, plant and equipmen<span class=\"_ _4\"></span>t<span class=\"_ _1b9\"> </span><span class=\"ff3b ls78 ws11a\">21<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span></span>21<span class=\"_ _3ab\"> </span></span>Investment<span class=\"_ _4\"></span> prop<span class=\"_ _3\"></span>erties<span class=\"_ _1d1\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls33 ws2c\">2<span class=\"_ _3\"></span>32<span class=\"_ _a1\"> </span>232<span class=\"_ _a0\"> </span>232<span class=\"_ _3ab\"> </span></span></span>Investments<span class=\"_ _4\"></span> in joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _303\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _3ab\"> </span></span>Mo<span class=\"_ _3\"></span>ney market funds<span class=\"_ _300\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">44<span class=\"_ _a3\"> </span>44<span class=\"_ _a3\"> </span>44<span class=\"_ _3ab\"> </span></span></span>PPP financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _1df\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls18b ws188\">905<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _3\"></span>4<span class=\"_ _a8\"> </span><span class=\"ls125 ws11c\">1<span class=\"_ _3\"></span>,14<span class=\"_ _2\"></span>9<span class=\"_ _3b\"> </span>1<span class=\"_ _3\"></span>,14<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span>Mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g project<span class=\"_ _3\"></span>s<span class=\"_ _304\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _20c\"> </span>11<span class=\"_ _3\"></span>3<span class=\"_ _82\"> </span>11<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span>Other non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current asse<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _9e\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _3\"></span>7<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _38\"> </span><span class=\"ls73 ws80\">37<span class=\"_ _a0\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Current assets<span class=\"_ _3ab\"> </span>Cash and cash equivalents<span class=\"_ _2dd\"> </span><span class=\"ff3b ls120 ws119\">340<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _38\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _a0\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _3\"></span>6<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">50<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Other current assets<span class=\"_ _e1\"> </span><span class=\"ff3b ls7 ws102\">310<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">55<span class=\"_ _b0\"> </span></span>5<span class=\"_ _38\"> </span><span class=\"ls16d ws230\">60<span class=\"_ _a1\"> </span><span class=\"ls73 ws80\">37<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal<span class=\"_ _4\"></span> assets<span class=\"_ _15e\"> </span><span class=\"ls72 wsf5\">785<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _10a\"> </span><span class=\"ls125 ws11c\">1<span class=\"_ _3\"></span>,15<span class=\"_ _2\"></span>6<span class=\"_ _98\"> </span><span class=\"ls1c ws107\">6<span class=\"_ _3\"></span>71<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>7<span class=\"_ _a6\"> </span><span class=\"ls10d ws101\">2<span class=\"_ _3\"></span>,615<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Current liabilities<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _70\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _87\"> </span><span class=\"lsf7 ws100\">(36<span class=\"_ _3\"></span>)<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>6)<span class=\"_ _a1\"> </span>(36)<span class=\"_ _3ab\"> </span></span></span>Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _126\"> </span><span class=\"ff3b lsf7 ws100\">(5<span class=\"_ _3\"></span>49)<span class=\"_ _a3\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>8)<span class=\"_ _a0\"> </span></span></span>(30)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span><span class=\"ls1b wsa9\">(<span class=\"_ _3\"></span>74<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span></span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _234\"> </span><span class=\"ff3b ls94 ws18a\">(<span class=\"_ _3\"></span>94)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _125\"> </span><span class=\"ls170 ws18f\">(767)<span class=\"_ _fa\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _56\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1e\"> </span>(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Othe<span class=\"_ _3\"></span>r non-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>t lia<span class=\"_ _3\"></span>bilities<span class=\"_ _234\"> </span><span class=\"ff3b ls3c ws37\">(90)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>47<span class=\"_ _3\"></span>)<span class=\"_ _a3\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _fa\"> </span></span>(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>2)<span class=\"_ _1cc\"> </span><span class=\"ls78 ws11a\">(2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal liabilities<span class=\"_ _2b5\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>33)<span class=\"_ _a3\"> </span>(3)<span class=\"_ _d5\"> </span><span class=\"ls125 ws11c\">(<span class=\"_ _3\"></span>1,1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>6)<span class=\"_ _1e\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _57\"> </span><span class=\"ls3c ws37\">(2,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>40)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Net<span class=\"_ _4\"></span> assets <span class=\"_ _204\"> </span><span class=\"ls3e ws39\">52<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _180\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span><span class=\"ls124 ws6a\">223<span class=\"_ _a0\"> </span><span class=\"ls72 wsf5\">275<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _17b\"> </span><span class=\"ff3b ls7 ws102\">31<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span></span>31<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s <span class=\"_ _1b3\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>10<span class=\"_ _3ab\"> </span>Lo<span class=\"_ _3\"></span>ans to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _5a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _a3\"> </span>73<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _5\"></span>otal inv<span class=\"_ _4\"></span>estment in jo<span class=\"_ _4\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _156\"> </span>93<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _97\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>1<span class=\"_ _180\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span><span class=\"ls10b wsff\">296<span class=\"_ _a1\"> </span></span></span></span></span>38<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span>^ <span class=\"_ _37\"> </span>Including Ireland.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s investment in mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g joint ventures\u2019 and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates\u2019 project<span class=\"_ _3\"></span>s is recog<span class=\"_ _3\"></span>nised at it<span class=\"_ _3\"></span>s remaining e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y investment p<span class=\"_ _3\"></span>lus the value of t<span class=\"_ _3\"></span>he Group\u2019s accr<span class=\"_ _3\"></span>ued returns fro<span class=\"_ _3\"></span>m the under<span class=\"_ _3\"></span>lying p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s. The mil<span class=\"_ _3\"></span>itar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates have total n<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>rec<span class=\"_ _3\"></span>ourse net bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s of \u00a32,<span class=\"_ _3\"></span>09<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m). Note 4<span class=\"_ _4\"></span>1(e) details th<span class=\"_ _3\"></span>e Group\u2019s militar<span class=\"_ _3\"></span>y hou<span class=\"_ _3\"></span>sing projec<span class=\"_ _3\"></span>ts.<span class=\"_ _3ab\"> </span>On ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain Infrast<span class=\"_ _3\"></span>ructure I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>stments c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ions where n<span class=\"_ _3\"></span>et fair value revalu<span class=\"_ _3\"></span>ations of P<span class=\"_ _3\"></span>PP finan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>ets and ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges resulted in<span class=\"_ gs52\"> </span>the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying va<span class=\"_ _3\"></span>lue of these inves<span class=\"_ _3\"></span>tments bei<span class=\"_ _3\"></span>ng negat<span class=\"_ _3\"></span>ive, the Grou<span class=\"_ _3\"></span>p has not reco<span class=\"_ _3\"></span>gnised l<span class=\"_ _3\"></span>osses b<span class=\"_ _3\"></span>eyond the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying valu<span class=\"_ _3\"></span>e of its investm<span class=\"_ _3\"></span>ents. Th<span class=\"_ _3\"></span>is is bec<span class=\"_ _3\"></span>ause the Grou<span class=\"_ _3\"></span>p has not co<span class=\"_ _3\"></span>mmitte<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o p<span class=\"_ _3\"></span>rovide any fu<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>r funding to th<span class=\"_ _3\"></span>ese investment<span class=\"_ _3\"></span>s and the b<span class=\"_ _3\"></span>orrowing<span class=\"_ _3\"></span>s within these c<span class=\"_ _3\"></span>onces<span class=\"_ _3\"></span>sions are no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>reco<span class=\"_ _3\"></span>urse to the Grou<span class=\"_ _3\"></span>p. At 31 Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>, the unreco<span class=\"_ _3\"></span>gnised c<span class=\"_ _3\"></span>umulati<span class=\"_ _3\"></span>ve net fair value c<span class=\"_ _3\"></span>harges to othe<span class=\"_ _3\"></span>r com<span class=\"_ _3\"></span>prehensi<span class=\"_ _3\"></span>ve income a<span class=\"_ _3\"></span>mounted to \u00a3<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>56<span class=\"_ _3\"></span>m).<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estments<span class=\"_ _3ab\"> </span>Income sta<span class=\"_ _3\"></span>tement Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Support<span class=\"_ _3ab\"> </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>UK<span class=\"fs5 ls5 ws3\"> </span>^<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Nor<span class=\"_ _3\"></span>th<span class=\"_ _3ab\"> </span>Americ<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Reve<span class=\"_ _3\"></span>nue<span class=\"_ _305\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>3<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _9d\"> </span><span class=\"ls114 ws10c\">99<span class=\"_ _180\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>9<span class=\"_ _97\"> </span><span class=\"ls3e ws39\">228<span class=\"_ _110\"> </span></span></span></span></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span>Op<span class=\"_ _3\"></span>erating p<span class=\"_ _3\"></span>rofit excluding g<span class=\"_ _3\"></span>ain on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3\"></span>s of int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests in<span class=\"_ gs52\"> </span>in<span class=\"_ _4\"></span>vestments<span class=\"_ _286\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _87\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _7d\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _38\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s<span class=\"_ _2fe\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _9d\"> </span>70<span class=\"_ _38\"> </span>70<span class=\"_ _3ab\"> </span></span>Operating profit<span class=\"_ _2ff\"> </span><span class=\"ff3c ls109 ws87\">24<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _87\"> </span></span></span>91<span class=\"_ _9d\"> </span><span class=\"ls221 wsa6\">88<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span></span>Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _231\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls72 wsf5\">72<span class=\"_ _7d\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">85<span class=\"_ _a3\"> </span><span class=\"ls221 wsa6\">88<span class=\"_ _3ab\"> </span></span></span></span></span></span>Finance costs<span class=\"_ _203\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"ls124 ws6a\">(66)<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _a1\"> </span><span class=\"ls10b wsff\">(8<span class=\"_ _3\"></span>6)<span class=\"_ _116\"> </span><span class=\"ls33 ws2c\">(<span class=\"_ _3\"></span>87)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>e ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion<span class=\"_ _301\"> </span><span class=\"ff3c ls61 ws59\">26<span class=\"_ _11c\"> </span></span><span class=\"ff3c\">\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _9d\"> </span><span class=\"ls46 ws41\">84<span class=\"_ _a3\"> </span><span class=\"ls33 ws2c\">87<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>xa<span class=\"_ _4\"></span>tion<span class=\"_ _298\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _a3\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _3ab\"> </span></span></span></span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t af<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion <span class=\"_ _184\"> </span><span class=\"ff3c ls5f ws57\">20<span class=\"_ _9a\"> </span></span><span class=\"ff3c\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9d\"> </span><span class=\"ls46 ws41\">84<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">85<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></span>Balance sheet<span class=\"_ _3ab\"> </span>Non-current assets<span class=\"_ _3ab\"> </span>Intangible assets \u2013<span class=\"_ _4\"></span> Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investments in<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>angible<span class=\"_ _302\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _a3\"> </span>40</span></span> <span class=\"_ _1a8\"> </span> <span class=\"_ _20f\"> </span>\u2013 other<span class=\"_ _236\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _7d\"> </span>13<span class=\"_ _3ab\"> </span></span></span>Proper<span class=\"_ _3\"></span>ty<span class=\"_ _4\"></span>, plant and equipmen<span class=\"_ _4\"></span>t<span class=\"_ _1c5\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span></span>33<span class=\"_ _3ab\"> </span></span>Investment<span class=\"_ _4\"></span> prop<span class=\"_ _3\"></span>erties<span class=\"_ _1d1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">257<span class=\"_ _180\"> </span>257<span class=\"_ _180\"> </span>257<span class=\"_ _3ab\"> </span></span></span>Investments<span class=\"_ _4\"></span> in joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _303\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _3ab\"> </span></span>Mo<span class=\"_ _3\"></span>ney market funds<span class=\"_ _300\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _a3\"> </span>26<span class=\"_ _38\"> </span>26<span class=\"_ _3ab\"> </span></span>PPP financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _1df\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls18f ws191\">984<span class=\"_ _a1\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3\"></span>0<span class=\"_ _110\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _a6\"> </span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span>Mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g project<span class=\"_ _3\"></span>s<span class=\"_ _304\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>9<span class=\"_ _7e\"> </span>11<span class=\"_ _3\"></span>9<span class=\"_ _7e\"> </span>11<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span>Other non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current asse<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _9e\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span><span class=\"lsc ws8\">27<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _38\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _a0\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Current assets<span class=\"_ _3ab\"> </span>Cash and cash equivalents<span class=\"_ _2dd\"> </span><span class=\"ls11d wsf4\">385<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>0<span class=\"_ _38\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _97\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span><span class=\"ls10c ws85\">5<span class=\"_ _3\"></span>61<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Other current assets<span class=\"_ _73\"> </span><span class=\"lsc ws8\">275<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _b0\"> </span></span>5<span class=\"_ _7d\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _180\"> </span><span class=\"ls61 ws59\">326<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal<span class=\"_ _4\"></span> assets<span class=\"_ _306\"> </span><span class=\"ff3c ls16a ws15f\">804<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1f7\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _180\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _3\"></span>6<span class=\"_ _110\"> </span></span>1,<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>6<span class=\"_ _dd\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,7<span class=\"_ _3\"></span>70<span class=\"_ _3ab\"> </span></span></span></span></span>Current liabilities<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _234\"> </span><span class=\"ls10b wsff\">(89)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">(37)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">(37)<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span>Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _287\"> </span><span class=\"ls61 ws59\">(579)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _20c\"> </span>(<span class=\"_ _3\"></span>12)<span class=\"_ _1cb\"> </span><span class=\"ls164 ws157\">(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>15)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _70\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _128\"> </span><span class=\"ls66 ws5e\">(8<span class=\"_ _3\"></span>85)<span class=\"_ _1cc\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>02)<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _15\"> </span>(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span>Othe<span class=\"_ _3\"></span>r non-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>t lia<span class=\"_ _3\"></span>bilities<span class=\"_ _234\"> </span><span class=\"ls120 ws119\">(80)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls12a ws11f\">(18<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _cc\"> </span></span>(18<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">(265)<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal liabilities<span class=\"_ _2b5\"> </span><span class=\"ff3c ls122 ws11b\">(<span class=\"_ _3\"></span>74<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _2f\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _1cb\"> </span><span class=\"ls108 wsfd\">(<span class=\"_ _3\"></span>519<span class=\"_ _3\"></span>)<span class=\"_ _c3\"> </span></span>(1,74<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _56\"> </span><span class=\"ls73 ws80\">(<span class=\"_ _3\"></span>2,49<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span></span></span>Net<span class=\"_ _4\"></span> assets<span class=\"_ _206\"> </span><span class=\"ff3c ls11d wsf4\">56<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a3\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _a0\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span><span class=\"ls78 ws11a\">2<span class=\"_ _3\"></span>21<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">277<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _24f\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span></span>33<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s (Note 26<span class=\"_ _3\"></span>)<span class=\"_ _f8\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>10<span class=\"_ _3ab\"> </span>Lo<span class=\"_ _3\"></span>ans to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _5a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _97\"> </span>10<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _5\"></span>otal inv<span class=\"_ _4\"></span>estment in jo<span class=\"_ _4\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _1d4\"> </span><span class=\"ff3c ls114 ws10c\">99<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>0<span class=\"_ _98\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">3<span class=\"_ _3\"></span>27<span class=\"_ _a0\"> </span><span class=\"ls4a ws44\">426<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>^ <span class=\"_ _37\"> </span>Including Ireland.<span class=\"_ _3ab\"> </span>19.3 Ag<span class=\"_ _3\"></span>gre<span class=\"_ _3\"></span>gat<span class=\"_ _3\"></span>e inf<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>es an<span class=\"_ _3\"></span>d as<span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span>Joint v<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ntures<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Associates<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s share of profit from o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>ons<span class=\"_ _307\"> </span><span class=\"ff3b ls45 ws40\">42<span class=\"_ _38\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span></span>Ag<span class=\"_ _3\"></span>gregate c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amo<span class=\"_ _3\"></span>unt of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest<span class=\"_ _308\"> </span><span class=\"ff3b\">276<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _180\"> </span><span class=\"lsa9 wsa0\">389<span class=\"_ _3ab\"> </span></span></span></span>Joint vent<span class=\"_ _3\"></span>ures<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Associates<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s share of profit from o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>ons<span class=\"_ _307\"> </span><span class=\"ls114 ws10c\">89<span class=\"_ _9d\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span>Ag<span class=\"_ _3\"></span>gregate c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amo<span class=\"_ _3\"></span>unt of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest<span class=\"_ _309\"> </span><span class=\"ls105 wsc2\">300<span class=\"_ _180\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>6<span class=\"_ _97\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span>19.4 De<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>s of ma<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>ial j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Ga<span class=\"_ _3\"></span>mmon C<span class=\"_ _3\"></span>hina Ltd<span class=\"_ _b0\"> </span>Co<span class=\"_ _3\"></span>nnec<span class=\"_ _3\"></span>t Plus (<span class=\"_ _3\"></span>M25<span class=\"_ _3\"></span>) Ltd<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Pr<span class=\"_ _3\"></span>opo<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up\u2019s own<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>p int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n th<span class=\"_ _3\"></span>e join<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e<span class=\"_ _30a\"> </span><span class=\"lsc ws8\">50%<span class=\"_ _f2\"> </span></span><span class=\"ff3c\">5<span class=\"_ _3\"></span>0%<span class=\"_ _2e\"> </span> <span class=\"_ _cc\"> </span></span><span class=\"ls10d ws101\">15%<span class=\"_ _128\"> </span><span class=\"ff3c ls100 ws104\">15<span class=\"_ _3\"></span>%<span class=\"_ _3ab\"> </span></span></span>Income sta<span class=\"_ _3\"></span>tement<span class=\"_ _3ab\"> </span>Revenue<span class=\"_ _16b\"> </span><span class=\"ff3b ls1c ws107\">2<span class=\"_ _3\"></span>,715<span class=\"_ _a8\"> </span></span><span class=\"ls162 ws155\">2<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _25d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span><span class=\"ff3b ls7 ws102\">2<span class=\"_ _3\"></span>31<span class=\"_ _180\"> </span></span><span class=\"ls49 ws43\">270<span class=\"_ _3ab\"> </span></span></span></span>Underlying<span class=\"_ _4\"></span> operating profit<span class=\"_ _30b\"> </span><span class=\"ls45 ws40\">65<span class=\"_ _a3\"> </span><span class=\"ff3c ls72 wsf5\">72<span class=\"_ _3e\"> </span></span><span class=\"ls92 ws8a\">20<span class=\"_ _b0\"> </span><span class=\"ff3c ls5 ws3\">9<span class=\"_ _3ab\"> </span></span></span></span>Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _30c\"> </span><span class=\"ff3b ls78 ws11a\">21<span class=\"_ _9a\"> </span></span><span class=\"ls5 ws3\">6<span class=\"_ _1c4\"> </span> <span class=\"_ _e0\"> </span><span class=\"ff3b ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span></span><span class=\"ls100 ws104\">14<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span></span>Finance costs<span class=\"_ _30d\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _a3\"> </span></span><span class=\"ls33 ws2c\">(3)<span class=\"_ _37\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _f2\"> </span><span class=\"ff3b ls14b ws189\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>1)<span class=\"_ _1cb\"> </span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>101)<span class=\"_ _3ab\"> </span></span></span></span>Inc<span class=\"_ _3\"></span>ome ta<span class=\"_ _3\"></span>x charge<span class=\"_ _18b\"> </span><span class=\"ff3b ls10f ws105\">(12<span class=\"_ _3\"></span>)<span class=\"_ _97\"> </span></span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _133\"> </span></span> <span class=\"_ _98\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _a3\"> </span></span><span class=\"ls10b wsff\">(9)<span class=\"_ _3ab\"> </span></span>Prof<span class=\"_ _3\"></span>it<span class=\"_ _30e\"> </span><span class=\"ff3b ls1c ws107\">71<span class=\"_ _9d\"> </span></span><span class=\"ls114 ws10c\">63<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _51\"> </span><span class=\"ff3b ls5f ws57\">50<span class=\"_ _9d\"> </span></span><span class=\"ls11d wsf4\">39<span class=\"_ _3ab\"> </span></span></span></span>T<span class=\"_ _5\"></span>otal other compr<span class=\"_ _4\"></span>ehensive income/(loss) <span class=\"_ _86\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _1c4\"> </span> <span class=\"_ _ff\"> </span></span><span class=\"ls90 ws116\">18<span class=\"_ _e0\"> </span></span></span><span class=\"ls122 ws11b\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>74<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>reh<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>sive i<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>ome/(los<span class=\"_ _3\"></span>s) (<span class=\"_ _4\"></span>100<span class=\"_ _3\"></span>%<span class=\"_ _4\"></span>)<span class=\"_ _216\"> </span><span class=\"ls1c ws107\">71<span class=\"_ _9d\"> </span><span class=\"ff3c ls105 wsc2\">65<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _51\"> </span></span><span class=\"ls103 wsf8\">68<span class=\"_ _128\"> </span><span class=\"ff3c lsa9 wsa0\">(235)<span class=\"_ _3ab\"> </span></span></span>Gr<span class=\"_ _3\"></span>oup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e of to<span class=\"_ _3\"></span>tal c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome/(lo<span class=\"_ _3\"></span>ss)<span class=\"_ _d7\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _a3\"> </span><span class=\"ff3c ls44 ws3f\">33<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span></span><span class=\"ls7 ws102\">10<span class=\"_ _87\"> </span><span class=\"ff3c ls66 ws5e\">(35)<span class=\"_ _3ab\"> </span></span></span>Di<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ds re<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>ive<span class=\"_ _3\"></span>d by th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up du<span class=\"_ _3\"></span>rin<span class=\"_ _3\"></span>g the ye<span class=\"_ _3\"></span>ar<span class=\"_ _30f\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _a3\"> </span><span class=\"ff3c ls44 ws3f\">33<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _7b\"> </span></span>5<span class=\"_ _9a\"> </span><span class=\"ff3c\">6<span class=\"_ _3ab\"> </span></span>Balance sheet<span class=\"_ _3ab\"> </span>Non-current assets<span class=\"_ _310\"> </span><span class=\"ls109 ws87\">270<span class=\"_ _a0\"> </span><span class=\"ff3c ls3e ws39\">289<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _2f\"> </span></span></span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _1f7\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span>Current assets<span class=\"_ _311\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span>Cash and cash equivalents<span class=\"_ _2c9\"> </span><span class=\"ff3b ls18b ws188\">654<span class=\"_ _a1\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _2\"></span>3<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _27\"> </span><span class=\"ff3b ls90 ws116\">123<span class=\"_ _97\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span>Other current assets<span class=\"_ _15f\"> </span><span class=\"ff3b ls48 ws42\">613<span class=\"_ _97\"> </span></span><span class=\"ls5b ws15e\">5<span class=\"_ _2\"></span>41<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _81\"> </span><span class=\"ff3b ls1b wsa9\">74<span class=\"_ _9d\"> </span></span><span class=\"ls105 wsc2\">65<span class=\"_ _3ab\"> </span></span></span></span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _110\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _25d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span></span></span><span class=\"ls94 ws18a\">19<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"ff3c ls12a ws11f\">19<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span>Current liabilities<span class=\"_ _312\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _149\"> </span><span class=\"ff3b ls8b ws4\">(8<span class=\"_ _3\"></span>97)<span class=\"_ _fa\"> </span></span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>914<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span></span> <span class=\"_ _a0\"> </span><span class=\"ff3b ls94 ws18a\">(6<span class=\"_ _3\"></span>4)<span class=\"_ _116\"> </span></span><span class=\"lsaa ws69\">(5<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span>Provisions<span class=\"_ _313\"> </span><span class=\"ff3b ls48 ws42\">(4<span class=\"_ _3\"></span>9)<span class=\"_ _25\"> </span></span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _192\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _b2\"> </span></span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _98\"> </span><span class=\"ff3b ls10f ws105\">(19<span class=\"_ _3\"></span>)<span class=\"_ _180\"> </span></span><span class=\"ls12a ws11f\">(19<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _290\"> </span><span class=\"ff3b ls14b ws189\">(1<span class=\"_ _3\"></span>01)<span class=\"_ _ef\"> </span></span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>142<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _97\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>0)<span class=\"_ _a3\"> </span></span><span class=\"ls66 ws5e\">(<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></span></span>(1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>7)<span class=\"_ _4f\"> </span><span class=\"ff3c ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _180\"> </span></span></span><span class=\"lsd ws18e\">(9<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span><span class=\"ff3c ls120 ws119\">(80)<span class=\"_ _3ab\"> </span></span></span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _314\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _293\"> </span><span class=\"ff3b ls10f ws105\">(12<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>(9<span class=\"_ _3\"></span>4)<span class=\"_ _37\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span>Provisions<span class=\"_ _313\"> </span><span class=\"ff3b lsd ws18e\">(3<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span></span><span class=\"ls3e ws39\">(28)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _2e0\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>9)<span class=\"_ _7b\"> </span></span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _c3\"> </span><span class=\"ff3b ls125 ws11c\">(1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _c3\"> </span></span><span class=\"ls162 ws155\">(<span class=\"_ _3\"></span>1,1<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span>Other non-<span class=\"_ _3\"></span>current<span class=\"_ _4\"></span> liabilities (including<span class=\"_ _4\"></span> shareholder loans)<span class=\"_ _315\"> </span><span class=\"ff3b ls3c ws37\">(20)<span class=\"_ _a1\"> </span></span><span class=\"ls85 ws7d\">(37)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _1cb\"> </span><span class=\"ff3b ls10a wsfe\">(<span class=\"_ _3\"></span>419<span class=\"_ _3\"></span>)<span class=\"_ _cc\"> </span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></span>(36<span class=\"_ _3\"></span>8)<span class=\"_ _fa\"> </span><span class=\"ff3c ls100 ws104\">(15<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _4f\"> </span></span></span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6)<span class=\"_ _4f\"> </span><span class=\"ff3c ls10a wsfe\">(<span class=\"_ _3\"></span>1,5<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span></span>Net<span class=\"_ _4\"></span> assets (<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>00%<span class=\"_ _4\"></span>)<span class=\"_ _316\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _97\"> </span><span class=\"ff3c ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span></span></span><span class=\"ls66 ws5e\">230<span class=\"_ _180\"> </span><span class=\"ff3c ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span>Re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of t<span class=\"_ _3\"></span>he ab<span class=\"_ _3\"></span>ove sum<span class=\"_ _3\"></span>mar<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al in<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>mat<span class=\"_ _3\"></span>ion to t<span class=\"_ _3\"></span>he c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>t of th<span class=\"_ _3\"></span>e int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n the a<span class=\"_ _3\"></span>bove j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>es re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d in th<span class=\"_ _3\"></span>e consolidate<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> financ<span class=\"_ _3\"></span>ial<span class=\"_ _4\"></span> st<span class=\"_ _3\"></span>atements:<span class=\"_ _3ab\"> </span>Net as<span class=\"_ _3\"></span>sets of joint ventu<span class=\"_ _3\"></span>re (<span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>0%<span class=\"_ _4\"></span>)<span class=\"_ _120\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _97\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _2e\"> </span></span> <span class=\"_ _e0\"> </span><span class=\"ff3b ls66 ws5e\">230<span class=\"_ _180\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span>Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s share of net a<span class=\"_ _3\"></span>ssets<span class=\"_ _29c\"> </span><span class=\"ff3b ls10d ws101\">61<span class=\"_ _9d\"> </span></span><span class=\"ls16a ws15f\">66<span class=\"_ _2e\"> </span></span> <span class=\"_ _51\"> </span><span class=\"ff3b ls3b ws36\">35<span class=\"_ _a3\"> </span></span><span class=\"ls105 wsc2\">30<span class=\"_ _3ab\"> </span></span>Ad<span class=\"_ _3\"></span>d: Group\u2019<span class=\"_ _4\"></span>s i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rest in shareh<span class=\"_ _3\"></span>older lo<span class=\"_ _3\"></span>ans<span class=\"_ _107\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _51\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _9d\"> </span></span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span>Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _26f\"> </span><span class=\"ff3b ls7 ws102\">31<span class=\"_ _9d\"> </span></span><span class=\"ls44 ws3f\">33<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7f\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span>Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amo<span class=\"_ _3\"></span>unt o<span class=\"_ _3\"></span>f the G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p\u2019s int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n the j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e<span class=\"_ _23c\"> </span><span class=\"ls74 ws6b\">92<span class=\"_ _a3\"> </span><span class=\"ff3c ls114 ws10c\">99<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span></span><span class=\"ls10d ws101\">61<span class=\"_ _9d\"> </span><span class=\"ff3c ls3e ws39\">57<span class=\"_ _3ab\"> </span></span></span>19<span class=\"_ _4\"></span>.5 Cash flo<span class=\"_ _4\"></span>w from/<span class=\"_ _5\"></span>(to<span class=\"_ _4\"></span>) joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _1c8\"> </span><span class=\"ff3c lsaf wsa8\">Infrastructure In<span class=\"_ _4\"></span>vestments<span class=\"_ _3ab\"> </span></span>Cash flows<span class=\"_ _4\"></span> from inv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sting<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivities<span class=\"_ _3ab\"> </span>UK ^<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>North<span class=\"_ _3ab\"> </span>America<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>UK ^<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Nor<span class=\"_ _3\"></span>th<span class=\"_ _3ab\"> </span>Americ<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Div<span class=\"_ _3\"></span>idend<span class=\"_ _3\"></span>s from joint venture<span class=\"_ _3\"></span>s and associates<span class=\"_ _317\"> </span><span class=\"ff3b ls5 ws3\">9<span class=\"_ _38\"> </span><span class=\"ls10d ws101\">15 </span></span>+<span class=\"_ _3ab\"> </span>36<span class=\"_ _a3\"> </span><span class=\"ls16d ws230\">60<span class=\"_ _2e\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _34\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _98\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span> </span></span></span></span>x<span class=\"_ _3ab\"> </span>34<span class=\"_ _a0\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span> </span>Sub<span class=\"_ _3\"></span>ordinate<span class=\"_ _3\"></span>d debt interest receiv<span class=\"_ _4\"></span>ed<span class=\"_ _fe\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></span></span>Investm<span class=\"_ _3\"></span>ents in and lo<span class=\"_ _3\"></span>ans to joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _3a\"> </span><span class=\"ff3b lsf7 ws100\">(9)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _ff\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _37\"> </span></span><span class=\"ff3c\"> <span class=\"_ _38\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(22)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"lsa9 wsa0\">(29)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Equit<span class=\"_ _3\"></span>y<span class=\"_ _2da\"> </span><span class=\"ff3b lsf7 ws100\">(9)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _ff\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _37\"> </span></span><span class=\"ff3c\"> <span class=\"_ _38\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(22)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Subordinat<span class=\"_ _4\"></span>ed debt repaid<span class=\"_ _213\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _7b\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span></span>Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y from joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _1e3\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span>4 +<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _2e\"> </span><span class=\"ff3c\"> <span class=\"_ _7c\"> </span>\u2013<span class=\"_ _9d\"> </span>3<span class=\"_ _3\"></span>4 </span>x<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _3ab\"> </span></span>Disp<span class=\"_ _3\"></span>osal of inves<span class=\"_ _3\"></span>tments in jo<span class=\"_ _3\"></span>int venture<span class=\"_ _3\"></span>s<span class=\"_ _fb\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _7f\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span></span>Ne<span class=\"_ _3\"></span>t ca<span class=\"_ _3\"></span>sh f<span class=\"_ _3\"></span>low fr<span class=\"_ _3\"></span>om jo<span class=\"_ _3\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _1ea\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _9d\"> </span><span class=\"ls109 ws87\">57<span class=\"_ _1c4\"> </span></span></span></span><span class=\"ff3c\"> <span class=\"_ _81\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>5<span class=\"_ _7d\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _a1\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _2\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>^ <span class=\"_ _78\"> </span>Inc<span class=\"_ _3\"></span>l<span class=\"_ _4\"></span>uding Ireland.<span class=\"_ _3ab\"> </span>+ <span class=\"_ _37\"> </span>In 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3, di<span class=\"_ _3\"></span>vide<span class=\"_ _3\"></span>nds an<span class=\"_ _3\"></span>d return o<span class=\"_ _3\"></span>f equi<span class=\"_ _3\"></span>ty fro<span class=\"_ _3\"></span>m joint v<span class=\"_ _3\"></span>enture<span class=\"_ _3\"></span>s and ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ates inc<span class=\"_ _3\"></span>lude<span class=\"_ _3\"></span>d \u00a31m and \u00a34<span class=\"_ _3\"></span>m resp<span class=\"_ _3\"></span>ecti<span class=\"_ _3\"></span>vely o<span class=\"_ _3\"></span>f proce<span class=\"_ _3\"></span>eds g<span class=\"_ _3\"></span>ener<span class=\"_ _3\"></span>ated fro<span class=\"_ _3\"></span>m the dis<span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>al of Mo<span class=\"_ _3\"></span>rett<span class=\"_ _3\"></span>i Apa<span class=\"_ _3\"></span>rtm<span class=\"_ _3\"></span>ents<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>x <span class=\"_ _12b\"> </span>I<span class=\"_ _3\"></span>n 202<span class=\"_ _3\"></span>2, di<span class=\"_ _3\"></span>vide<span class=\"_ _3\"></span>nds an<span class=\"_ _3\"></span>d retur<span class=\"_ _3\"></span>n of equi<span class=\"_ _3\"></span>ty fro<span class=\"_ _3\"></span>m join<span class=\"_ _3\"></span>t venture<span class=\"_ _3\"></span>s and as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ates in<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>ed \u00a35<span class=\"_ _3\"></span>9m a<span class=\"_ _3\"></span>nd \u00a3<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>m resp<span class=\"_ _3\"></span>ecti<span class=\"_ _3\"></span>vely of p<span class=\"_ _3\"></span>roce<span class=\"_ _3\"></span>eds ge<span class=\"_ _3\"></span>nera<span class=\"_ _3\"></span>ted from t<span class=\"_ _3\"></span>he dis<span class=\"_ _3\"></span>posa<span class=\"_ _3\"></span>l of Infr<span class=\"_ _3\"></span>astr<span class=\"_ _3\"></span>uctu<span class=\"_ _3\"></span>re Invest<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span>s ass<span class=\"_ _3\"></span>ets, of w<span class=\"_ _3\"></span>hich \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>2<span class=\"_ _3\"></span>m, \u00a35<span class=\"_ _3\"></span>0m<span class=\"_ _3\"></span>, \u00a34m<span class=\"_ _3\"></span>, \u00a313m and \u00a3<span class=\"_ _3\"></span>14m resp<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>ivel<span class=\"_ _3\"></span>y of proc<span class=\"_ _3\"></span>eeds w<span class=\"_ _3\"></span>ere gen<span class=\"_ _3\"></span>erate<span class=\"_ _3\"></span>d from th<span class=\"_ _3\"></span>e disp<span class=\"_ _3\"></span>osal o<span class=\"_ _3\"></span>f Rega<span class=\"_ _3\"></span>rd at Me<span class=\"_ _3\"></span>d Cente<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>, A<span class=\"_ _3\"></span>spir<span class=\"_ _3\"></span>e at Disc<span class=\"_ _3\"></span>over<span class=\"_ _3\"></span>y Par<span class=\"_ _3\"></span>k, Pr<span class=\"_ _3\"></span>eser<span class=\"_ _3\"></span>ve at S<span class=\"_ _3\"></span>outhw<span class=\"_ _3\"></span>ind, Preserve at Bartlet<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> and Waterchase Apar<span class=\"_ _3\"></span>tments.<span class=\"_ _3ab\"> </span>19.6 Sh<span class=\"_ _3\"></span>are o<span class=\"_ _3\"></span>f re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>s of jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s an<span class=\"_ _3\"></span>d ass<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>iat<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>Accumul<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>profit<span class=\"_ _3\"></span>/(lo<span class=\"_ _3\"></span>ss)<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Hedging<span class=\"_ _3ab\"> </span>reserve<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>PPP financial<span class=\"_ _3ab\"> </span>assets<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Cur<span class=\"_ _3\"></span>rency<span class=\"_ _3ab\"> </span>translation<span class=\"_ _3ab\"> </span>reserve<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> (<span class=\"_ _3\"></span>N<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span> 3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1)<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _291\"> </span>8<span class=\"_ _7e\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>54)<span class=\"_ _87\"> </span><span class=\"ls16a ws15f\">80<span class=\"_ _a3\"> </span><span class=\"ls11f ws118\">38<span class=\"_ _a3\"> </span></span></span>72<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2df\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _9d\"> </span>23<span class=\"_ _3ab\"> </span></span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _28e\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets<span class=\"_ _22a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span></span>\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es<span class=\"_ _141\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3ab\"> </span></span>Actuarial movements on re<span class=\"_ _4\"></span>tirement benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _4\"></span> <span class=\"_ _9b\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome<span class=\"_ _b3\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _87\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9a\"> </span></span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3ab\"> </span></span>Dividends<span class=\"_ _253\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _e0\"> </span></span>(14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement on di<span class=\"_ _3\"></span>sposa<span class=\"_ _3\"></span>l<span class=\"_ _1a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _a3\"> </span>(3)<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _318\"> </span><span class=\"ls72 wsf5\">(3<span class=\"_ _3\"></span>4)<span class=\"_ _a1\"> </span><span class=\"lsaa ws69\">(30)<span class=\"_ _97\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls44 ws3f\">58<span class=\"_ _7e\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2df\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>3)<span class=\"_ _97\"> </span>(13<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _319\"> </span><span class=\"ff3b ls120 ws119\">53<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets<span class=\"_ _22a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es<span class=\"_ _141\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Actuarial movements on re<span class=\"_ _4\"></span>tirement benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _4\"></span> <span class=\"_ _31a\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7b\"> </span></span>(1)<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome<span class=\"_ _b3\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _9d\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _3ab\"> </span></span></span>Dividends<span class=\"_ _2b3\"> </span><span class=\"ff3b ls10d ws101\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _87\"> </span></span>(60)<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement on di<span class=\"_ _3\"></span>sposa<span class=\"_ _3\"></span>l<span class=\"_ _1a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _ad\"> </span><span class=\"lsf7 ws100\">(9)<span class=\"_ _145\"> </span></span>6<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _ad\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2ca\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>2)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(38)<span class=\"_ _145\"> </span></span></span>8<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">45<span class=\"_ _7e\"> </span><span class=\"ls170 ws18f\">(27)<span class=\"_ _3ab\"> </span></span></span>4<span class=\"_ _3\"></span>3 Det<span class=\"_ _3\"></span>ails o<span class=\"_ _3\"></span>f rel<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d unde<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>ngs o<span class=\"_ _3\"></span>f Balf<span class=\"_ _3\"></span>our Bea<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ty pl<span class=\"_ _3\"></span>c as at 31 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span>In ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with S<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>n 40<span class=\"_ _3\"></span>9 of the C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>nies Act 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6 a full l<span class=\"_ _3\"></span>ist of subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s, par<span class=\"_ _3\"></span>tnersh<span class=\"_ _3\"></span>ips, ass<span class=\"_ _3\"></span>ociates an<span class=\"_ _3\"></span>d joint ventures, i<span class=\"_ _3\"></span>ncludin<span class=\"_ _3\"></span>g the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al activ<span class=\"_ _3\"></span>ity, the cou<span class=\"_ _3\"></span>ntry of i<span class=\"_ _3\"></span>ncorp<span class=\"_ _3\"></span>oratio<span class=\"_ _3\"></span>n and the ef<span class=\"_ _3\"></span>fective perc<span class=\"_ _3\"></span>entage of e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y owned as a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 is dis<span class=\"_ _3\"></span>closed bel<span class=\"_ _3\"></span>ow<span class=\"_ _4\"></span>. Unle<span class=\"_ _3\"></span>ss other<span class=\"_ _3\"></span>wise st<span class=\"_ _3\"></span>ated, all i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests are in the o<span class=\"_ _3\"></span>rdinar<span class=\"_ _3\"></span>y share<span class=\"_ gs52\"> </span>c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al or shares of c<span class=\"_ _3\"></span>ommon sto<span class=\"_ _3\"></span>ck in the entit<span class=\"_ _3\"></span>y and are he<span class=\"_ _3\"></span>ld indi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ctly by t<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span>, and a<span class=\"_ _3\"></span>ll entities o<span class=\"_ _3\"></span>perate pr<span class=\"_ _3\"></span>incipa<span class=\"_ _3\"></span>lly in their cou<span class=\"_ _3\"></span>ntry of in<span class=\"_ _3\"></span>corp<span class=\"_ _3\"></span>oratio<span class=\"_ _3\"></span>n. All su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies had a rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting peri<span class=\"_ _3\"></span>od ende<span class=\"_ _3\"></span>d 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd are wholl<span class=\"_ _3\"></span>y owned a<span class=\"_ _3\"></span>nd conso<span class=\"_ _3\"></span>lidated into th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s results<span class=\"_ _3\"></span>, ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ept where in<span class=\"_ _3\"></span>dicate<span class=\"_ _3\"></span>d. Su<span class=\"_ _3\"></span>bsi<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>kin<span class=\"_ _3\"></span>gs in<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he Un<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d Ki<span class=\"_ _3\"></span>ngd<span class=\"_ _3\"></span>om Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Q1<span class=\"_ _4\"></span>4 Q<span class=\"_ _3\"></span>uor<span class=\"_ _3\"></span>um Bu<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s Park<span class=\"_ _3\"></span>, Be<span class=\"_ _3\"></span>nto<span class=\"_ _3\"></span>n Lan<span class=\"_ _3\"></span>e, Ne<span class=\"_ _3\"></span>wca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le up<span class=\"_ _3\"></span>on T<span class=\"_ _4\"></span>yn<span class=\"_ _3\"></span>e N<span class=\"_ _3\"></span>E12 8B<span class=\"_ _3\"></span>U<span class=\"_ _3ab\"> </span>Ab<span class=\"_ _3\"></span>eryst<span class=\"_ _3\"></span>wy<span class=\"_ _3\"></span>th Student Accommod<span class=\"_ _3\"></span>ation Lt<span class=\"_ _4\"></span>d<span class=\"_ _78\"> </span><span class=\"lsc ws8\">Infrastructure Concession<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Investments<span class=\"_ _4\"></span><span class=\"_ gs52\"> </span>Ltd (i) Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Partner<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Mem<span class=\"_ _3\"></span>ber Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Proje<span class=\"_ _3\"></span>cts Investments<span class=\"_ _4\"></span> Ltd<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Holdi<span class=\"_ _3\"></span>ngs Ltd <span class=\"_ _fa\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Cor<span class=\"_ _3\"></span>porate  Ser<span class=\"_ _3\"></span>vices Ltd<span class=\"_ _4\"></span> Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Wo<span class=\"_ _3\"></span>rkSma<span class=\"_ _3\"></span>rt Ltd<span class=\"_ _36\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>BBI Holdings Austral<span class=\"_ _4\"></span>ia Ltd<span class=\"_ _1bc\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>BBPF<span class=\"_ _4\"></span> LLP (iii)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artnership<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Hol<span class=\"_ _3\"></span>dings Ltd <span class=\"_ _e3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Ltd <span class=\"_ _387\"> </span><span class=\"lsc ws8\">Infrastructur<span class=\"_ _4\"></span>e Concession<span class=\"_ _3ab\"> </span></span>Connect Roads Infrastructu<span class=\"_ _4\"></span>re <span class=\"ls5 ws3\"> </span>Investments<span class=\"_ _4\"></span> Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany Consor<span class=\"_ _3\"></span>t Healthcare Infrastructure Investments<span class=\"_ _4\"></span> Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Fa<span class=\"_ _3\"></span>ciliti<span class=\"_ _4\"></span>es Ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt Ltd Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>Eas<span class=\"_ _3\"></span>t Slope R<span class=\"_ _3\"></span>esiden<span class=\"_ _3\"></span>cies Ho<span class=\"_ _3\"></span>ldings Ltd <span class=\"_ _ce\"> </span><span class=\"ls15 ws11\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>vestment Holding </span>Co<span class=\"_ _3\"></span>mpany East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artner Ltd<span class=\"_ _4\"></span> <span class=\"_ _e3\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> pl<span class=\"_ _3\"></span>c<span class=\"_ _4\"></span> (ii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Student Accomm<span class=\"_ _3\"></span>odation LLP (ii) (iii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>Education Investments Holdings Ltd<span class=\"_ _c6\"> </span>Investment Holding Co<span class=\"_ _3\"></span>mpany Initi<span class=\"_ _3\"></span>al GP1 Ltd <span class=\"_ _ae\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Manchester Residences (New Cross) Ltd<span class=\"_ _4\"></span> <span class=\"_ _1c4\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>South C<span class=\"_ _3\"></span>ambridgeshire In<span class=\"_ _4\"></span>vestments Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>West Slope Residencies Facilities Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Ltd<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>West Slope Residencies Finance Ltd<span class=\"_ _d5\"> </span><span class=\"lsc ws8\">Infrast<span class=\"_ _4\"></span>ruc<span class=\"_ _3\"></span>tu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span></span>West Slope Residencies Holding<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Ltd<span class=\"_ _ba\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>West Slope Residencies LL<span class=\"_ _3\"></span>P<span class=\"_ _4\"></span> (iii) (v)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>West Slope Residencies Par<span class=\"_ _3\"></span>tners L<span class=\"_ _4\"></span>td<span class=\"_ _ce\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>West Stratford Dev<span class=\"_ _4\"></span>elo<span class=\"_ _3\"></span>pments<span class=\"_ _4\"></span> Ltd (iv)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>5 Ch<span class=\"_ _3\"></span>urc<span class=\"_ _3\"></span>hi<span class=\"_ _3\"></span>ll Pl<span class=\"_ _3\"></span>ace<span class=\"_ _3\"></span>, Cana<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>y Wha<span class=\"_ _3\"></span>rf, L<span class=\"_ _3\"></span>ond<span class=\"_ _3\"></span>on E1<span class=\"_ _4\"></span>4 5<span class=\"_ _3\"></span>HU<span class=\"_ _3ab\"> </span>Avata<span class=\"_ _3\"></span>r Ltd <span class=\"_ _131\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Bu<span class=\"_ _3\"></span>ild Ltd <span class=\"_ _1d4\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Bu<span class=\"_ _3\"></span>ilding Ltd <span class=\"_ _378\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>E Ltd<span class=\"_ _12e\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivil Engi<span class=\"_ _3\"></span>neering (<span class=\"_ _3\"></span>SW<span class=\"_ _3\"></span>) Ltd <span class=\"_ _2e\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivil Engi<span class=\"_ _3\"></span>neering Ltd <span class=\"_ _b5\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivils Ltd <span class=\"_ _31\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onst Ltd <span class=\"_ _24\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction (<span class=\"_ _3\"></span>SW<span class=\"_ _3\"></span>) Ltd <span class=\"_ _5e\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on In<span class=\"_ _4\"></span>ternation<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>thern Ltd <span class=\"_ _c9\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty En<span class=\"_ _3\"></span>gineeri<span class=\"_ _3\"></span>ng Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es (HY<span class=\"_ _3\"></span>) Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Empl<span class=\"_ _3\"></span>oyment Ltd <span class=\"_ _b7\"> </span>Em<span class=\"_ _3\"></span>ployer Fo<span class=\"_ _3\"></span>r UK Workforce<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Ltd<span class=\"_ _39a\"> </span><span class=\"lsc ws8\">Construction &amp; Support </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>omes Ltd<span class=\"_ _1a\"> </span>A<span class=\"_ _3\"></span>gent of Ma<span class=\"_ _3\"></span>nring Ho<span class=\"_ _3\"></span>mes Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inter<span class=\"_ _3\"></span>nation<span class=\"_ _3\"></span>al Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stment Ho<span class=\"_ _3\"></span>ldings Ltd (i)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Ltd <span class=\"_ _81\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty N<span class=\"_ _3\"></span>ominee<span class=\"_ _3\"></span>s Ltd <span class=\"_ _215\"> </span><span class=\"lsc ws8\">Nominee Company<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Overseas Inv<span class=\"_ _4\"></span>estments Ltd<span class=\"_ _bf\"> </span>Inv<span class=\"_ _4\"></span>estment Hold<span class=\"_ _3\"></span>ing<span class=\"_ _4\"></span> Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty O<span class=\"_ _3\"></span>versea<span class=\"_ _3\"></span>s Ltd<span class=\"_ _140\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Hol<span class=\"_ _3\"></span>ding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Ltd (i)<span class=\"_ _3ab\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y plc<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Infrast<span class=\"_ _3\"></span>ructure S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vices Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Ltd <span class=\"_ _210\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Proje<span class=\"_ _3\"></span>cts Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail T<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>chnolo<span class=\"_ _3\"></span>gies Ltd <span class=\"_ _4f\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail T<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ack Systems Ltd <span class=\"_ _122\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>efurbishm<span class=\"_ _3\"></span>ent Ltd<span class=\"_ _a0\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>egiona<span class=\"_ _3\"></span>l Const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n Ltd <span class=\"_ _25d\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty U<span class=\"_ _3\"></span>tilit<span class=\"_ _3\"></span>y Solut<span class=\"_ _3\"></span>ions Ltd <span class=\"_ _10a\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Kilp<span class=\"_ _3\"></span>atrick Ltd <span class=\"_ _2c\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant </span>BB In<span class=\"_ _3\"></span>donesia Ltd<span class=\"_ _8\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>vac Ltd <span class=\"_ _a4\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bic<span class=\"_ _3\"></span>al Cons<span class=\"_ _3\"></span>truct<span class=\"_ _3\"></span>ion Ltd <span class=\"_ _213\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Bign<span class=\"_ _3\"></span>ell &amp; Ass<span class=\"_ _3\"></span>ociates Ltd<span class=\"_ _156\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Birs<span class=\"_ _3\"></span>e Group Ltd <span class=\"_ _62\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Birs<span class=\"_ _3\"></span>e Metro Ltd<span class=\"_ _1e5\"> </span>Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span>Bno<span class=\"_ _3\"></span>ms Ltd (i)<span class=\"_ _3ab\"> </span>Nominee Company<span class=\"_ _3ab\"> </span>BP<span class=\"_ _3\"></span>H Equipment Ltd <span class=\"_ _35\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Cow<span class=\"_ _3\"></span>lin Group Ltd <span class=\"_ _211\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Devons<span class=\"_ _3\"></span>hire House D<span class=\"_ _3\"></span>ormant T<span class=\"_ _3\"></span>hree Ltd<span class=\"_ _10c\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt </span>Guinea Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Ltd <span class=\"_ _1a0\"> </span>Investment Holding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>G. N<span class=\"_ _3\"></span>. Hade<span class=\"_ _3\"></span>n &amp; Sons Ltd <span class=\"_ _1a0\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Haden Building Ser<span class=\"_ _3\"></span>vices Ltd<span class=\"_ _140\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ha<span class=\"_ _3\"></span>den Y<span class=\"_ _4\"></span>oung Ltd (i)<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Hal<span class=\"_ _3\"></span>l &amp; T<span class=\"_ _5\"></span>awse We<span class=\"_ _3\"></span>stern Ltd <span class=\"_ _39b\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant </span>L<span class=\"_ _3\"></span>aser Rail Ltd <span class=\"_ _1b0\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Loun<span class=\"_ _3\"></span>sdale Ele<span class=\"_ _3\"></span>ctric Ltd <span class=\"_ _213\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>ormant<span class=\"_ _3\"></span> </span>Ma<span class=\"_ _3\"></span>nring Ho<span class=\"_ _3\"></span>mes Ltd (i)<span class=\"_ _3ab\"> </span>Proper<span class=\"_ _3\"></span>ty Investment<span class=\"_ _3ab\"> </span>Mult<span class=\"_ _3\"></span>ibuild (<span class=\"_ _3\"></span>Constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n &amp; Interiors) Ltd <span class=\"_ _1e4\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Of<span class=\"_ _3\"></span>fice Projects (Interiors)<span class=\"_ _4\"></span> Ltd<span class=\"_ _229\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </span>Grou<span class=\"_ _3\"></span>p Ltd Omnicom Enginee<span class=\"_ _4\"></span>ring Ltd <span class=\"_ _1cd\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ray<span class=\"_ _3\"></span>nesway C<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion Ltd <span class=\"_ _1d6\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Strata Construction L<span class=\"_ _4\"></span>td<span class=\"_ _30\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Urb<span class=\"_ _3\"></span>an Fox Net<span class=\"_ _3\"></span>works (<span class=\"_ _3\"></span>UK<span class=\"_ _3\"></span>) Ltd (vi)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>He<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>d Ste<span class=\"_ _3\"></span>el Wor<span class=\"_ _3\"></span>ks, H<span class=\"_ _3\"></span>olm<span class=\"_ _3\"></span>er Ro<span class=\"_ _3\"></span>ad, H<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>d HR<span class=\"_ _3\"></span>4 9SW<span class=\"_ _3ab\"> </span>Painter B<span class=\"_ _3\"></span>rothers Ltd <span class=\"_ _1d\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Ki<span class=\"_ _3\"></span>ngs B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss Pa<span class=\"_ _3\"></span>rk, K<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>s Dr<span class=\"_ _3\"></span>ive, Pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>t, Me<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>eysi<span class=\"_ _3\"></span>de L<span class=\"_ _3\"></span>34 1PJ<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Pe<span class=\"_ _3\"></span>nsion T<span class=\"_ _4\"></span>rus<span class=\"_ _3\"></span>t Ltd (i)<span class=\"_ _3ab\"> </span>Pension Fund T<span class=\"_ _5\"></span>rustee<span class=\"_ _3ab\"> </span>C/O Mc Gr<span class=\"_ _3\"></span>igg<span class=\"_ _3\"></span>ors L<span class=\"_ _3\"></span>LP<span class=\"_ _5\"></span>, Arn<span class=\"_ _3\"></span>ot<span class=\"_ _3\"></span>t Ho<span class=\"_ _3\"></span>use, 12<span class=\"_ _3\"></span>\u2013<span class=\"_ _4\"></span>16 Br<span class=\"_ _3\"></span>idg<span class=\"_ _3\"></span>e St<span class=\"_ _3\"></span>ree<span class=\"_ _3\"></span>t, B<span class=\"_ _3\"></span>el<span class=\"_ _3\"></span>fas<span class=\"_ _3\"></span>t BT1 1LS<span class=\"_ _3\"></span>, Nor<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>ern I<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Kilp<span class=\"_ _3\"></span>atrick N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>thern Irel<span class=\"_ _3\"></span>and Ltd <span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e Cur<span class=\"_ _3\"></span>ve Bu<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>g, Ax<span class=\"_ _3\"></span>is B<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>ss Par<span class=\"_ _3\"></span>k, H<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ica<span class=\"_ _3\"></span>ne Way, Lan<span class=\"_ _3\"></span>gley, Berkshire SL3 8AG<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>round Engin<span class=\"_ _3\"></span>eering Ltd <span class=\"_ _1a4\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es Ltd <span class=\"_ _b\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>iving P<span class=\"_ _3\"></span>laces Ltd <span class=\"_ _a3\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Sunderland Streetlighting Ltd <span class=\"_ _1f1\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </span>Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>esti<span class=\"_ _3\"></span>ng and A<span class=\"_ _3\"></span>nalysis Ltd <span class=\"_ _1ef\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>xi<span class=\"_ _3\"></span>m 7<span class=\"_ _5\"></span>, Ma<span class=\"_ _3\"></span>xim O<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ce Pa<span class=\"_ _3\"></span>rk, P<span class=\"_ _3\"></span>ark<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>ds Aven<span class=\"_ _3\"></span>ue, Eu<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>l, Holy<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>own ML<span class=\"_ _5\"></span>1 4<span class=\"_ _4\"></span>WQ<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction Ltd <span class=\"_ _7d\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction S<span class=\"_ _3\"></span>cot<span class=\"_ _3\"></span>tish &amp; So<span class=\"_ _3\"></span>uthern Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty K<span class=\"_ _3\"></span>ilpat<span class=\"_ _3\"></span>rick Ltd <span class=\"_ _1d7\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Residu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y Ltd <span class=\"_ _a0\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Regional Civil E<span class=\"_ _4\"></span>ngineering Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd BBPFS LP (iii)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artnership<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Glasgow Residences (Kennedy Street) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Glasgow Residences (Kennedy Street) LL<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession Glasgow Residences (Kennedy Street) SP<span class=\"_ _3\"></span>V Ltd Infrastructu<span class=\"_ _4\"></span>re Concession Hal<span class=\"_ _3\"></span>l &amp; T<span class=\"_ _5\"></span>awse Ltd <span class=\"_ _34a\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant </span>Initi<span class=\"_ _3\"></span>al Found<span class=\"_ _3\"></span>er Par<span class=\"_ _3\"></span>tner G<span class=\"_ _3\"></span>P1 Ltd <span class=\"_ _7c\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Mi<span class=\"_ _3\"></span>dmi<span class=\"_ _3\"></span>ll Bu<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>k, T<span class=\"_ _4\"></span>um<span class=\"_ _3\"></span>ulu<span class=\"_ _3\"></span>s Way<span class=\"_ _4\"></span>, K<span class=\"_ _3\"></span>int<span class=\"_ _3\"></span>ore, A<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re AB51<span class=\"_ _4\"></span> 0TG<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Engineering<span class=\"_ _4\"></span> Ser<span class=\"_ _3\"></span>vices (CL) Ltd<span class=\"_ _3ab\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s, T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>wer Br<span class=\"_ _3\"></span>idg<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>se, S<span class=\"_ _3\"></span>t Kat<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s Way, Lon<span class=\"_ _3\"></span>don E1W 1<span class=\"_ _3\"></span>DD<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Powe<span class=\"_ _3\"></span>r Const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on Ltd<span class=\"_ _e6\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Powe<span class=\"_ _3\"></span>r Netw<span class=\"_ _3\"></span>orks (Distribution S<span class=\"_ _3\"></span>ervices) Ltd<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Branlow<span class=\"_ _4\"></span> Ltd<span class=\"_ _a2\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Mansell Maintenance Ltd<span class=\"_ _302\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s LLP<span class=\"_ _5\"></span>, 30 O<span class=\"_ _3\"></span>ld Ba<span class=\"_ _3\"></span>ile<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, Lo<span class=\"_ _3\"></span>ndo<span class=\"_ _3\"></span>n EC4<span class=\"_ _3\"></span>M 7<span class=\"_ _4\"></span>AU<span class=\"_ _3ab\"> </span>Birse Construction<span class=\"_ _4\"></span> Ltd<span class=\"_ _3a\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany \u2013  In L<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>ation Edg<span class=\"_ _3\"></span>ar Alle<span class=\"_ _3\"></span>n Enginee<span class=\"_ _3\"></span>ring Ltd <span class=\"_ _140\"> </span>Dor<span class=\"_ _3\"></span>mant \u2013 In Li<span class=\"_ _3\"></span>quidati<span class=\"_ _3\"></span>on<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>nsell plc <span class=\"_ _2c7\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estment Hold<span class=\"_ _3\"></span>ing<span class=\"_ _4\"></span> </span>Co<span class=\"_ _3\"></span>mpany \u2013 In L<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>ation<span class=\"_ _3ab\"> </span>Wes<span class=\"_ _3\"></span>t Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e Roa<span class=\"_ _3\"></span>d, Ray<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>way<span class=\"_ _4\"></span>, D<span class=\"_ _3\"></span>erby D<span class=\"_ _3\"></span>E21 7BG<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>lant &amp; Fleet S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vices Ltd <span class=\"_ _132\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s LLP<span class=\"_ _5\"></span>, 100 Q<span class=\"_ _3\"></span>uee<span class=\"_ _3\"></span>n St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, G<span class=\"_ _3\"></span>las<span class=\"_ _3\"></span>gow G1 3D<span class=\"_ _3\"></span>N Sco<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>and<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty En<span class=\"_ _3\"></span>gineeri<span class=\"_ _3\"></span>ng Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es  (L<span class=\"_ _3\"></span>EL) L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Lumina<span class=\"_ _4\"></span> Building, 40 Ainslie<span class=\"_ _4\"></span> Road, Hillington<span class=\"_ _4\"></span> Park, Glasgow<span class=\"_ _4\"></span> G5<span class=\"_ _3\"></span>2<span class=\"_ gs52\"> </span>4RU Shaw<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Petrie Ltd<span class=\"_ _9b\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>4<span class=\"_ _3\"></span>2-<span class=\"_ _3\"></span>44 C<span class=\"_ _3\"></span>lar<span class=\"_ _3\"></span>end<span class=\"_ _3\"></span>on Ro<span class=\"_ _3\"></span>ad, Wa<span class=\"_ _3\"></span>tf<span class=\"_ _3\"></span>ord<span class=\"_ _3\"></span>, He<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rd<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re WD17 1DR<span class=\"_ _3ab\"> </span>Bar<span class=\"_ _3\"></span>low &amp; Y<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ung, Ltd <span class=\"_ _1c7\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ha<span class=\"_ _3\"></span>den Interna<span class=\"_ _3\"></span>tional Ltd<span class=\"_ _214\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Fo<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, 1<span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>0 Wi<span class=\"_ _3\"></span>lto<span class=\"_ _3\"></span>n Road<span class=\"_ _3\"></span>, Lon<span class=\"_ _3\"></span>don SW1V 1LQ<span class=\"_ _3ab\"> </span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>5 L<span class=\"_ _3\"></span>td<span class=\"_ _173\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>17<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span> L<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>d<span class=\"_ _46\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>BIC<span class=\"_ _3\"></span>C Dor<span class=\"_ _3\"></span>mant One Ltd<span class=\"_ _30\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Devons<span class=\"_ _3\"></span>hire House D<span class=\"_ _3\"></span>ormant O<span class=\"_ _3\"></span>ne Ltd<span class=\"_ _f\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>ird F<span class=\"_ _3\"></span>loo<span class=\"_ _3\"></span>r Devon<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re H<span class=\"_ _3\"></span>ous<span class=\"_ _3\"></span>e, May<span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ir Pl<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>e, Lon<span class=\"_ _3\"></span>don W1X 5F<span class=\"_ _3\"></span>H<span class=\"_ _3ab\"> </span>BIC<span class=\"_ _3\"></span>C The<span class=\"_ _3\"></span>rmohe<span class=\"_ _3\"></span>at Ltd<span class=\"_ _19f\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii) <span class=\"_ _3\"></span>80%<span class=\"_ _4\"></span> owned.<span class=\"_ _3ab\"> </span>(iii) <span class=\"_ _6\"></span>Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terests held.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>31 Ma<span class=\"_ _3\"></span>rch yea<span class=\"_ _3\"></span>r end.<span class=\"_ _3ab\"> </span>(v<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>81<span class=\"_ _5\"></span>% o<span class=\"_ _3\"></span>wned<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(v<span class=\"_ _3\"></span>i) Th<span class=\"_ _3\"></span>e Group h<span class=\"_ _3\"></span>olds a 7<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>8% dire<span class=\"_ _3\"></span>ct inte<span class=\"_ _3\"></span>rest in U<span class=\"_ _3\"></span>rban F<span class=\"_ _3\"></span>ox Net<span class=\"_ _3\"></span>work<span class=\"_ _3\"></span>s (UK<span class=\"_ _3\"></span>) Ltd an<span class=\"_ _3\"></span>d an ind<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span> inte<span class=\"_ _3\"></span>rest of 5<span class=\"_ _3\"></span>.6% thr<span class=\"_ _3\"></span>ough t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p intere<span class=\"_ _3\"></span>st in Ur<span class=\"_ _3\"></span>ban Ele<span class=\"_ _3\"></span>ctr<span class=\"_ _3\"></span>ic Net<span class=\"_ _3\"></span>work<span class=\"_ _3\"></span>s Ltd. Su<span class=\"_ _3\"></span>bs<span class=\"_ _3\"></span>idi<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>kin<span class=\"_ _3\"></span>gs i<span class=\"_ _3\"></span>nco<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>sid<span class=\"_ _3\"></span>e the U<span class=\"_ _3\"></span>nit<span class=\"_ _3\"></span>ed K<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>domEntity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Australia<span class=\"_ _ab\"> </span><span class=\"ls5 ws3\"> </span>Al<span class=\"_ _3\"></span>len<span class=\"_ _3\"></span>s Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>e Ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>s Pt<span class=\"_ _3\"></span>y Li<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>, Leve<span class=\"_ _3\"></span>l 33, 101 Co<span class=\"_ _3\"></span>lli<span class=\"_ _3\"></span>ns Stree<span class=\"_ _3\"></span>t,<span class=\"_ _4\"></span> Me<span class=\"_ _3\"></span>lbourne,<span class=\"_ _4\"></span> Vic<span class=\"_ _3\"></span>toria,<span class=\"_ _4\"></span> 30<span class=\"_ _3\"></span>00<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Australian Limited Par<span class=\"_ _3\"></span>tnership (ii)<span class=\"_ _3ab\"> </span>Holding company<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>vel 12, 6<span class=\"_ _3\"></span>80 Ge<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ge St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, S<span class=\"_ _3\"></span>ydne<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, NSW 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>0 Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty A<span class=\"_ _3\"></span>ustralia P<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Ltd <span class=\"_ _ad\"> </span><span class=\"lsc ws8\">Construction &amp; Support </span>Ser<span class=\"_ _3\"></span>vices Bahamas<span class=\"_ _39d\"> </span><span class=\"ls5 ws3\"> </span>Th<span class=\"_ _3\"></span>e Alex<span class=\"_ _3\"></span>and<span class=\"_ _3\"></span>er C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te Gr<span class=\"_ _3\"></span>oup L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span>, One M<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s Cou<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>t,  P<span class=\"_ _5\"></span>.O. Box N<span class=\"_ _3\"></span>-<span class=\"_ _4\"></span>71<span class=\"_ _5\"></span>17<span class=\"_ _5\"></span>, N<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sau<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty B<span class=\"_ _3\"></span>ahamas Ltd <span class=\"_ _140\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Canada<span class=\"_ _39e\"> </span><span class=\"ls5 ws3\"> </span>Bo<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>n La<span class=\"_ _3\"></span>dne<span class=\"_ _3\"></span>r Ge<span class=\"_ _3\"></span>rva<span class=\"_ _3\"></span>is LL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, 22 Ad<span class=\"_ _3\"></span>ela<span class=\"_ _3\"></span>ide S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t Wes<span class=\"_ _3\"></span>t, Su<span class=\"_ _3\"></span>ite 3<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0, T<span class=\"_ _5\"></span>oronto, ON,<span class=\"_ _4\"></span> M<span class=\"_ _3\"></span>5H<span class=\"_ _4\"></span> 4E<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span>BB Gro<span class=\"_ _3\"></span>up Can<span class=\"_ _3\"></span>ada Inc<span class=\"_ _1c7\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>ayl<span class=\"_ _3\"></span>or M<span class=\"_ _3\"></span>cCa<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>y LLP<span class=\"_ _5\"></span>, 9<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0 St<span class=\"_ _3\"></span>. Mar<span class=\"_ _3\"></span>y Aven<span class=\"_ _3\"></span>ue, W<span class=\"_ _3\"></span>inni<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>g, MB, R3C 4K5<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Communities GP<span class=\"_ _5\"></span>, Inc<span class=\"_ _e3\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Communities, LP (ii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on, LP (ii)<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, Inc<span class=\"_ _a8\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments G<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, Inc <span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>vestments, LP (ii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span>BB NI<span class=\"_ _3\"></span>H GP<span class=\"_ _5\"></span>, Inc<span class=\"_ _39f\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span></span>Germany<span class=\"_ _154\"> </span><span class=\"ls5 ws3\"> </span>Ga<span class=\"_ _3\"></span>rmi<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>her S<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>e 35, 81373 M<span class=\"_ _3\"></span>uni<span class=\"_ _3\"></span>ch<span class=\"_ _be\"> </span> Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Gmb<span class=\"_ _3\"></span>H<span class=\"_ _219\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>BICC Holdings GmbH<span class=\"_ _1e3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Schreck<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>Mieves<span class=\"_ _4\"></span> GmbH<span class=\"_ _49\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant </span>Hong K<span class=\"_ _4\"></span>ong<span class=\"_ _369\"> </span><span class=\"ls5 ws3\"> </span>5/F<span class=\"_ _5\"></span>, M<span class=\"_ _3\"></span>anu<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>fe Pla<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>8 Kwun T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ng Roa<span class=\"_ _3\"></span>d Kowl<span class=\"_ _3\"></span>oon Ho<span class=\"_ _3\"></span>ng Kon<span class=\"_ _3\"></span>g<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Hong Kong L<span class=\"_ _4\"></span>td<span class=\"_ _215\"> </span>Construction &amp; Support Ser<span class=\"_ _3\"></span>vices India<span class=\"_ _186\"> </span><span class=\"ls5 ws3\"> </span>6<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, N-<span class=\"_ _4\"></span>1 B<span class=\"_ _3\"></span>als<span class=\"_ _3\"></span>a Blo<span class=\"_ _3\"></span>ck<span class=\"_ _3\"></span>, Man<span class=\"_ _3\"></span>yata E<span class=\"_ _3\"></span>mba<span class=\"_ _3\"></span>ssy B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss Pa<span class=\"_ _3\"></span>rk, Nagav<span class=\"_ _4\"></span>ara, Rachenahalli Villag<span class=\"_ _4\"></span>e, Bangalore<span class=\"_ _4\"></span> \u2013 56004<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>, India<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Indi<span class=\"_ _3\"></span>a  P<span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>t. Ltd<span class=\"_ _3ab\"> </span>Engineerin<span class=\"_ _3\"></span>g Design Consultan<span class=\"_ _3\"></span>cy Ireland<span class=\"_ _5a\"> </span><span class=\"ls5 ws3\"> </span>Ci<span class=\"_ _3\"></span>ty J<span class=\"_ _3\"></span>unc<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on Bu<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>k, No<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>rn Cr<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s, Ma<span class=\"_ _3\"></span>lahi<span class=\"_ _3\"></span>de R<span class=\"_ _3\"></span>oad, Dublin 1<span class=\"_ _5\"></span>7<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Ire<span class=\"_ _3\"></span>land Ltd<span class=\"_ _302\"> </span><span class=\"ls15 ws11\">Su<span class=\"_ _3\"></span>pport Ser<span class=\"_ _3\"></span>vices </span>Is<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f Man<span class=\"_ _22e\"> </span> T<span class=\"_ _4\"></span>owe<span class=\"_ _3\"></span>r Hou<span class=\"_ _3\"></span>se, L<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>h Prom<span class=\"_ _3\"></span>ena<span class=\"_ _3\"></span>de, D<span class=\"_ _3\"></span>oug<span class=\"_ _3\"></span>las I<span class=\"_ _3\"></span>M<span class=\"_ _4\"></span>1 2<span class=\"_ _3\"></span>LZ<span class=\"_ _3\"></span>, Is<span class=\"_ _3\"></span>le of M<span class=\"_ _3\"></span>an<span class=\"_ _3ab\"> </span>Delphian Insurance C<span class=\"_ _3\"></span>ompany L<span class=\"_ _4\"></span>td (i)<span class=\"_ _3ab\"> </span>Insurance Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span> Jer<span class=\"_ _3\"></span>sey<span class=\"_ _1e8\"> </span><span class=\"ls5 ws3\"> </span>12 Ca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, S<span class=\"_ _3\"></span>t. H<span class=\"_ _3\"></span>eli<span class=\"_ _3\"></span>er, Jer<span class=\"_ _3\"></span>sey<span class=\"_ _15\"> </span> Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Em<span class=\"_ _3\"></span>ployees T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ustees Ltd (i)<span class=\"_ _3ab\"> </span>Employee T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ust<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>lays<span class=\"_ _3\"></span>ia<span class=\"_ _1c9\"> </span><span class=\"ls5 ws3\"> </span>12t<span class=\"_ _3\"></span>h Flo<span class=\"_ _3\"></span>or<span class=\"_ _4\"></span>, M<span class=\"_ _3\"></span>ena<span class=\"_ _3\"></span>ra sy<span class=\"_ _3\"></span>mph<span class=\"_ _3\"></span>ony<span class=\"_ _4\"></span>, N<span class=\"_ _3\"></span>o 5, Jal<span class=\"_ _3\"></span>an Pr<span class=\"_ _3\"></span>of. Kh<span class=\"_ _3\"></span>oo Kay K<span class=\"_ _3\"></span>im, Seksyen 1<span class=\"_ _4\"></span>3, 46200 Petaling Jaya,<span class=\"_ _4\"></span> Sel<span class=\"_ _3\"></span>angor<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Desig<span class=\"_ _3\"></span>n Internati<span class=\"_ _3\"></span>onal Sd<span class=\"_ _3\"></span>n Bhd Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices Netherlan<span class=\"_ _3\"></span>ds<span class=\"_ _35b\"> </span><span class=\"ls5 ws3\"> </span>Ra<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>bu<span class=\"_ _3\"></span>rge<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>at 177<span class=\"_ _4\"></span>/B, 101<span class=\"_ _4\"></span>1 V<span class=\"_ _3\"></span>M Ams<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>m<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Netherlands B.<span class=\"_ _4\"></span>V.<span class=\"_ _7f\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Romania<span class=\"_ _1c9\"> </span><span class=\"ls5 ws3\"> </span>23 G<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>ral E<span class=\"_ _3\"></span>rne<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>t Bro<span class=\"_ _3\"></span>ste<span class=\"_ _3\"></span>anu S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, 1st Distric<span class=\"_ _3\"></span>t, 0<span class=\"_ _4\"></span>10527<span class=\"_ _5\"></span>,<span class=\"_ _4\"></span> Buc<span class=\"_ _3\"></span>harest<span class=\"_ _3ab\"> </span>S.C<span class=\"_ _3\"></span>. Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Rail S<span class=\"_ _3\"></span>.R.<span class=\"_ _3\"></span>L.<span class=\"_ _3a0\"> </span>Dor<span class=\"_ _3\"></span>mant - In L<span class=\"_ _3\"></span>iquida<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Sri Lanka<span class=\"_ _17f\"> </span><span class=\"ls5 ws3\"> </span>Pha<span class=\"_ _3\"></span>se 3 I<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt P<span class=\"_ _3\"></span>romo<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n Zon<span class=\"_ _3\"></span>e, Kat<span class=\"_ _3\"></span>unaya<span class=\"_ _3\"></span>ke, Co<span class=\"_ _3\"></span>lom<span class=\"_ _3\"></span>bo, Western<span class=\"_ _4\"></span> Province<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>eylon (<span class=\"_ _3\"></span>Priva<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e) Ltd <span class=\"_ _cc\"> </span><span class=\"ls15 ws11\">Sup<span class=\"_ _3\"></span>port Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Thailand<span class=\"_ _68\"> </span><span class=\"ls5 ws3\"> </span>9 So<span class=\"_ _3\"></span>i San<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>uk, S<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>his<span class=\"_ _3\"></span>arn R<span class=\"_ _3\"></span>oad, H<span class=\"_ _3\"></span>uay Kwan<span class=\"_ _3\"></span>g, Ban<span class=\"_ _3\"></span>gkok<span class=\"_ _3ab\"> </span>As<span class=\"_ _3\"></span>ia T<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ade Develo<span class=\"_ _3\"></span>pment C<span class=\"_ _3\"></span>o Ltd <span class=\"_ _7d\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on <span class=\"ls5 ws3\"> </span>(<span class=\"_ _3\"></span>Th<span class=\"_ _3\"></span>ailand) C<span class=\"_ _3\"></span>o Ltd Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs (<span class=\"_ _3\"></span>Thail<span class=\"_ _3\"></span>and) C<span class=\"_ _3\"></span>o Ltd <span class=\"_ _2e\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty T<span class=\"_ _3\"></span>hai Ltd <span class=\"_ _3a1\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Linwo<span class=\"_ _3\"></span>od Co Ltd <span class=\"_ _1e9\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _39f\"> </span><span class=\"ls5 ws3\"> </span>101<span class=\"_ _5\"></span>1 C<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tre R<span class=\"_ _3\"></span>oad, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 31<span class=\"_ _4\"></span>0, W<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>ming<span class=\"_ _3\"></span>ton D<span class=\"_ _3\"></span>E 1980<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs Inc<span class=\"_ _2d\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>LC <span class=\"_ _13d\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>30<span class=\"_ _3\"></span>0 Gal<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>ria Pa<span class=\"_ _3\"></span>rk<span class=\"_ _3\"></span>way<span class=\"_ _4\"></span>, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 205<span class=\"_ _3\"></span>0, Atla<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>a, GA 30<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>9 National Enginee<span class=\"_ _4\"></span>ring &amp; Contracting Co<span class=\"_ _3\"></span>mpany Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture, Inc <span class=\"_ _7e\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 1<span class=\"_ _4\"></span>127 B<span class=\"_ _3\"></span>roa<span class=\"_ _3\"></span>dway S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et N<span class=\"_ _3\"></span>E, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 310, Sale<span class=\"_ _3\"></span>m OR 97<span class=\"_ _3\"></span>301<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ock Spr<span class=\"_ _3\"></span>ings, L<span class=\"_ _3\"></span>LC<span class=\"_ _82\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 1703 L<span class=\"_ _3\"></span>aur<span class=\"_ _3\"></span>el S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Col<span class=\"_ _3\"></span>umb<span class=\"_ _3\"></span>ia,  SC 2<span class=\"_ _3\"></span>92<span class=\"_ _3\"></span>01<span class=\"_ _3ab\"> </span>National C<span class=\"_ _3\"></span>asualty and As<span class=\"_ _3\"></span>surance, Inc<span class=\"_ _4\"></span> <span class=\"_ _db\"> </span>Insurance Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, W<span class=\"_ _3\"></span>ilmi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>ton DE 19<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>08<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ampus S<span class=\"_ _3\"></span>oluti<span class=\"_ _3\"></span>ons, LLC<span class=\"_ _b8\"> </span><span class=\"ls4f ws49\">Infrastructur<span class=\"_ _4\"></span>e Holding </span>Co<span class=\"_ _3\"></span>mpany Balfour Beatt<span class=\"_ _3\"></span>y Communities, LLC<span class=\"_ _98\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction D.C<span class=\"_ _3\"></span>., LLC<span class=\"_ _5f\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on, LLC<span class=\"_ _51\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts Hol<span class=\"_ _3\"></span>do, LLC<span class=\"_ _c1\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts, Inc<span class=\"_ _180\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion Services<span class=\"_ _3ab\"> </span></span>Balfour Beatty Equipment, LLC<span class=\"_ _11c\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments, I<span class=\"_ _3\"></span>nc <span class=\"_ _7d\"> </span><span class=\"ls15 ws11\">Investment Company<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Inc <span class=\"_ _9d\"> </span><span class=\"ls15 ws11\">Business Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty/<span class=\"_ _3\"></span>Ben<span class=\"_ _3\"></span>ham  Militar<span class=\"_ _3\"></span>y Communities LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Balfour Beatt<span class=\"_ _3\"></span>y/P<span class=\"_ _3\"></span>HELPS<span class=\"ls5 ws3\"> </span>Militar<span class=\"_ _3\"></span>y Communities LLC (iv)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Devel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Investments<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty \u2013 Wo<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>group, LLC<span class=\"_ _a1\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>BBC A<span class=\"_ _3\"></span>F Hou<span class=\"_ _3\"></span>sing Co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion LLC<span class=\"_ _f2\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC AF Management/<span class=\"_ _3\"></span>Developmen<span class=\"_ _4\"></span>t LLC<span class=\"_ _1a8\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC I<span class=\"_ _3\"></span>ndepe<span class=\"_ _3\"></span>ndent Mem<span class=\"_ _3\"></span>ber I, In<span class=\"_ _3\"></span>c <span class=\"_ _87\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC I<span class=\"_ _3\"></span>ndepe<span class=\"_ _3\"></span>ndent Mem<span class=\"_ _3\"></span>ber II, I<span class=\"_ _3\"></span>nc<span class=\"_ _87\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 ACC G<span class=\"_ _3\"></span>roup, LLC<span class=\"_ _1b8\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>ETC G<span class=\"_ _3\"></span>eneral Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (iii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>ETC L<span class=\"_ _3\"></span>imited Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (iii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>MC Gen<span class=\"_ _3\"></span>eral Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>MC Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>R General Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>R Limi<span class=\"_ _3\"></span>ted Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/ Picatinny General Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/ Pic<span class=\"_ _3\"></span>atinny Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estmen<span class=\"_ _3ab\"> </span>t<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 FD<span class=\"_ _3\"></span>WR LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt C<span class=\"_ _3\"></span>arson L<span class=\"_ _3\"></span>LC<span class=\"_ _1b8\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt Go<span class=\"_ _3\"></span>rdon LLC<span class=\"_ _bc\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt H<span class=\"_ _3\"></span>amilton LLC<span class=\"_ _1cf\"> </span><span class=\"ls15 ws11\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt Ja<span class=\"_ _3\"></span>ckson L<span class=\"_ _3\"></span>LC<span class=\"_ _c1\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Ha<span class=\"_ _3\"></span>mpton Roa<span class=\"_ _3\"></span>ds LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 L<span class=\"_ _3\"></span>ackla<span class=\"_ _3\"></span>nd LLC<span class=\"_ _57\"> </span><span class=\"ls15 ws11\">Infrastructure In<span class=\"_ _4\"></span>vestment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Le<span class=\"_ _3\"></span>onard Woo<span class=\"_ _3\"></span>d LLC<span class=\"_ _2\"></span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Nav<span class=\"_ _3\"></span>y N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>heast LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Nav<span class=\"_ _3\"></span>y S<span class=\"_ _3\"></span>outhea<span class=\"_ _3\"></span>st LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 No<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>ern Group, LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Stewar<span class=\"_ _3\"></span>t Hunter LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Vande<span class=\"_ _3\"></span>nberg Gen<span class=\"_ _3\"></span>eral Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Vande<span class=\"_ _3\"></span>nberg Limi<span class=\"_ _3\"></span>ted Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 West Po<span class=\"_ _3\"></span>int LLC<span class=\"_ _13e\"> </span><span class=\"ls15 ws11\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Wester<span class=\"_ _3\"></span>n Genera<span class=\"_ _3\"></span>l Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Wester<span class=\"_ _3\"></span>n Limited Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC Multif<span class=\"_ _4\"></span>amily Holdings, LLC<span class=\"_ _b1\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC<span class=\"_ _3\"></span>S \u2013 Nor<span class=\"_ _3\"></span>thsi<span class=\"_ _3\"></span>de Cam<span class=\"_ _3\"></span>pus LLC<span class=\"_ _1f6\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t </span>BBCS Developmen<span class=\"_ _4\"></span>t, LLC<span class=\"_ _38c\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BB Dev<span class=\"_ _4\"></span>elopments Sub Holdco, LLC<span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>BICC Cables Cor<span class=\"_ _3\"></span>poration<span class=\"_ _39a\"> </span><span class=\"ls15 ws11\">Business Ser<span class=\"_ _3\"></span>vices </span>Ok<span class=\"_ _3\"></span>tiv (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>all<span class=\"_ _3\"></span>ahassee) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _b0\"> </span><span class=\"ls15 ws11\">In<span class=\"_ _4\"></span>frastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e Investment<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 3<span class=\"_ _3\"></span>00 De<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>hut<span class=\"_ _3\"></span>es Way SW, Sui<span class=\"_ _3\"></span>te 30<span class=\"_ _3\"></span>4, T<span class=\"_ _4\"></span>um<span class=\"_ _3\"></span>wate<span class=\"_ _3\"></span>r WA 98<span class=\"_ _3\"></span>501<span class=\"_ _3ab\"> </span>Howa<span class=\"_ _3\"></span>rd S. Wrig<span class=\"_ _3\"></span>ht Const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on Co<span class=\"_ _128\"> </span><span class=\"ls15 ws11\">Construction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>HS<span class=\"_ _3\"></span>W, Inc <span class=\"_ _154\"> </span><span class=\"ls15 ws11\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span></span>CS<span class=\"_ _3\"></span>C \u2013 Neva<span class=\"_ _3\"></span>da, C/O C<span class=\"_ _3\"></span>SC Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es of N<span class=\"_ _3\"></span>evad<span class=\"_ _3\"></span>a, In<span class=\"_ _3\"></span>c., 5<span class=\"_ _3\"></span>02 Ea<span class=\"_ _3\"></span>st Jo<span class=\"_ _3\"></span>hn St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et Ca<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>on Ci<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, N<span class=\"_ _3\"></span>eva<span class=\"_ _3\"></span>da 89<span class=\"_ _3\"></span>706<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>Gol<span class=\"_ _3\"></span>den Construction Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on Company<span class=\"_ _4\"></span>, Inc<span class=\"_ _1cf\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Serv<span class=\"_ _3\"></span>ices<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup, Inc <span class=\"_ _1a7\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion Services<span class=\"_ _3ab\"> </span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii) <span class=\"_ _3\"></span>Partnership interests<span class=\"_ _4\"></span> held.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>i) <span class=\"_ _6\"></span>8<span class=\"_ _3\"></span>0% in<span class=\"_ _3\"></span>terest h<span class=\"_ _3\"></span>eld. (i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>89<span class=\"_ _3\"></span>% interes<span class=\"_ _3\"></span>t held<span class=\"_ _3\"></span>. (v) 9<span class=\"_ _3\"></span>0% in<span class=\"_ _4\"></span>terest held.<span class=\"_ _3ab\"> </span>Jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s inc<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d in t<span class=\"_ _3\"></span>he Uni<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d Kin<span class=\"_ _3\"></span>gdo<span class=\"_ _3\"></span>mEntity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Q1<span class=\"_ _4\"></span>4 Q<span class=\"_ _3\"></span>uor<span class=\"_ _3\"></span>um Bu<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s Park<span class=\"_ _3\"></span>, Be<span class=\"_ _3\"></span>nto<span class=\"_ _3\"></span>n Lan<span class=\"_ _3\"></span>e, Ne<span class=\"_ _3\"></span>wca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le Up<span class=\"_ _3\"></span>on T<span class=\"_ _5\"></span>yne, England,<span class=\"_ _4\"></span> England, NE<span class=\"_ _4\"></span>12 8BU<span class=\"_ _3ab\"> </span>BBDE Orbital Holdings, LLP (iii) (v)<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>5<span class=\"_ _5f\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t Ho<span class=\"_ _3\"></span>lding </span>Co<span class=\"_ _3\"></span>mpany Connect A3<span class=\"_ _3\"></span>0/A3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span> Holdings Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0/A<span class=\"_ _3\"></span>35 Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>50 Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Connect CNDR Holdings Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR I<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rmedi<span class=\"_ _3\"></span>ate Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Connect M<span class=\"_ _4\"></span>1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Holdings Lt<span class=\"_ _4\"></span>d (i) (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect M1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Ltd (iv) <span class=\"_ _2d\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Concession Connect M77/GSO Holdings<span class=\"_ _4\"></span> Ltd (ii) (iv)<span class=\"_ _3ab\"> </span>85<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect M<span class=\"_ _3\"></span>77/GSO p<span class=\"_ _3\"></span>lc (ii) (iv)<span class=\"_ _3ab\"> </span>85<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Ltd<span class=\"_ _bc\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Holdi<span class=\"_ _3\"></span>ngs Ltd<span class=\"_ _2\"></span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Intermed<span class=\"_ _3\"></span>iate Ltd 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Ltd<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Connect Roads Nor<span class=\"_ _3\"></span>thamp<span class=\"_ _4\"></span>tonshire<span class=\"_ _4\"></span> Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Connect Roads Nor<span class=\"_ _3\"></span>thamp<span class=\"_ _4\"></span>tonshire<span class=\"_ _4\"></span> Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3\"></span> 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>hamptonshire Ltd <span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Ltd<span class=\"_ _e\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Connect Roads Sunderland<span class=\"_ _4\"></span> Holdings Ltd<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Sun<span class=\"_ _3\"></span>derla<span class=\"_ _3\"></span>nd Ltd<span class=\"_ _e3\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (Holdings) L<span class=\"_ _4\"></span>td (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 1<span class=\"_ _4\"></span>) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 2) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 3) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 4) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 5) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 7<span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 7) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Financ<span class=\"_ _3\"></span>e (Holdings) L<span class=\"_ _4\"></span>td (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (Fi<span class=\"_ _3\"></span>nance) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO Hol<span class=\"_ _3\"></span>dings Ltd (ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t Ho<span class=\"_ _3\"></span>lding </span>Co<span class=\"_ _3\"></span>mpany Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO Interme<span class=\"_ _3\"></span>diate Ltd<span class=\"_ _3ab\"> </span>(ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO plc (ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Hold<span class=\"_ _3\"></span>ings Ltd<span class=\"_ _3ab\"> </span>(iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Intermed<span class=\"_ _3\"></span>iate Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession South Cambridgeshir<span class=\"_ _4\"></span>e Projects LLP (v)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ho<span class=\"_ _3\"></span>ldco Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Interm<span class=\"_ _3\"></span>ediate Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nne<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t Plu<span class=\"_ _3\"></span>s Hou<span class=\"_ _3\"></span>se, S<span class=\"_ _3\"></span>t Alb<span class=\"_ _3\"></span>ans R<span class=\"_ _3\"></span>oad, S<span class=\"_ _3\"></span>out<span class=\"_ _3\"></span>h Mim<span class=\"_ _3\"></span>ms, Hert<span class=\"_ _3\"></span>fo<span class=\"_ _4\"></span>rd<span class=\"_ _3\"></span>sh<span class=\"_ _4\"></span>ire EN6<span class=\"_ _4\"></span> 3NP<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Hol<span class=\"_ _3\"></span>dings Ltd (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Interme<span class=\"_ _3\"></span>diate Ltd<span class=\"_ _3ab\"> </span>(iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Issuer p<span class=\"_ _3\"></span>lc (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Ltd (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>xi<span class=\"_ _3\"></span>m 7<span class=\"_ _5\"></span>, Ma<span class=\"_ _3\"></span>xim O<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ce Pa<span class=\"_ _3\"></span>rk, P<span class=\"_ _3\"></span>ark<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>ds Aven<span class=\"_ _3\"></span>ue, Eu<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>l, Holy<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>own ML<span class=\"_ _5\"></span>1 4<span class=\"_ _4\"></span>WQ<span class=\"_ _3ab\"> </span>Holyrood Holdings Lt<span class=\"_ _4\"></span>d <span class=\"_ _1d0\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3\"></span> 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Holyrood Student Accommodation plc<span class=\"_ _2\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span></span>Concession<span class=\"_ _3ab\"> </span>Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> SP<span class=\"_ _3\"></span>V Ltd 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Wes<span class=\"_ _3\"></span>tm<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r Hou<span class=\"_ _3\"></span>se, C<span class=\"_ _3\"></span>rom<span class=\"_ _3\"></span>pto<span class=\"_ _3\"></span>n Way<span class=\"_ _5\"></span>, S<span class=\"_ _3\"></span>ege<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>th We<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>, Fareham,<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>ampshire<span class=\"_ _4\"></span> PO15<span class=\"_ _4\"></span> 5SS<span class=\"_ _3ab\"> </span>Pevense<span class=\"_ _4\"></span>y C<span class=\"_ _3\"></span>oastal<span class=\"ls5 ws3\"> </span>Defenc<span class=\"_ _3\"></span>e Ltd 25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession<span class=\"_ _3ab\"> </span>C/O Pari<span class=\"_ _3\"></span>o Ltd, 18 R<span class=\"_ _3\"></span>iver<span class=\"_ _3\"></span>sway B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss V<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span>age, N<span class=\"_ _3\"></span>avig<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on Way, Pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ton PR<span class=\"_ _3\"></span>2 2YP Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Funding plc<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Ltd<span class=\"_ _44\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession 9 Am<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>de Ho<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>e W<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>od L<span class=\"_ _3\"></span>ane, P<span class=\"_ _3\"></span>ara<span class=\"_ _3\"></span>dis<span class=\"_ _3\"></span>e In<span class=\"_ _3\"></span>dus<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ial E<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ate, Hemel Hempstead,<span class=\"_ _4\"></span> Her<span class=\"_ _3\"></span>tfordshire,<span class=\"_ _4\"></span> England HP2<span class=\"_ _4\"></span> 4TP<span class=\"_ _3ab\"> </span>Peb<span class=\"_ _3\"></span>blehall B<span class=\"_ _3\"></span>io Power Ltd <span class=\"_ _85\"> </span><span class=\"ls4f ws49\">29.2<span class=\"_ _1f4\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Urb<span class=\"_ _3\"></span>an Elec<span class=\"_ _3\"></span>tric Net<span class=\"_ _3\"></span>works Ltd<span class=\"_ _51\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span></span>Concession<span class=\"_ _3ab\"> </span>Wellan<span class=\"_ _3\"></span>d Bio Power Ltd 29.<span class=\"_ _3\"></span>2<span class=\"_ _3f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>Due to t<span class=\"_ _3\"></span>he shar<span class=\"_ _3\"></span>ehol<span class=\"_ _3\"></span>ders\u2019 a<span class=\"_ _3\"></span>greem<span class=\"_ _3\"></span>ent bet<span class=\"_ _3\"></span>wee<span class=\"_ _3\"></span>n Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y and th<span class=\"_ _3\"></span>e other s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs req<span class=\"_ _3\"></span>uirin<span class=\"_ _3\"></span>g unan<span class=\"_ _3\"></span>imit<span class=\"_ _3\"></span>y of agre<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t in resp<span class=\"_ _3\"></span>ect of si<span class=\"_ _3\"></span>gnif<span class=\"_ _3\"></span>ican<span class=\"_ _3\"></span>t mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to th<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncia<span class=\"_ _3\"></span>l and o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any, the D<span class=\"_ _3\"></span>irecto<span class=\"_ _3\"></span>rs co<span class=\"_ _3\"></span>nside<span class=\"_ _3\"></span>r that t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p doe<span class=\"_ _3\"></span>s not co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>pany an<span class=\"_ _3\"></span>d it has b<span class=\"_ _3\"></span>een ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted as a jo<span class=\"_ _3\"></span>int ventu<span class=\"_ _3\"></span>re. (ii<span class=\"_ _3\"></span>i) <span class=\"_ _6\"></span>T<span class=\"_ _3\"></span>he Gr<span class=\"_ _3\"></span>oup ow<span class=\"_ _3\"></span>ned a 37.5% par<span class=\"_ _3\"></span>tn<span class=\"_ _3\"></span>ershi<span class=\"_ _3\"></span>p interes<span class=\"_ _3\"></span>t in BB<span class=\"_ _3\"></span>DE Or<span class=\"_ _3\"></span>bita<span class=\"_ _3\"></span>l Hold<span class=\"_ _3\"></span>ings L<span class=\"_ _3\"></span>LP at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22. C<span class=\"_ _3\"></span>onne<span class=\"_ _3\"></span>ct Pl<span class=\"_ _3\"></span>us (M2<span class=\"_ _3\"></span>5) Ho<span class=\"_ _3\"></span>ldin<span class=\"_ _3\"></span>gs Ltd an<span class=\"_ _3\"></span>d its su<span class=\"_ _3\"></span>bsid<span class=\"_ _3\"></span>iarie<span class=\"_ _3\"></span>s are 4<span class=\"_ _3\"></span>0% owne<span class=\"_ _3\"></span>d by BB<span class=\"_ _3\"></span>DE O<span class=\"_ _3\"></span>rbit<span class=\"_ _3\"></span>al Ho<span class=\"_ _3\"></span>lding<span class=\"_ _3\"></span>s LL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>31 Ma<span class=\"_ _3\"></span>rch yea<span class=\"_ _3\"></span>r end. (v) Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terests held.<span class=\"_ _3ab\"> </span>Jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>ntu<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>s inc<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d out<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>de th<span class=\"_ _3\"></span>e Uni<span class=\"_ _3\"></span>ted K<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>gdo<span class=\"_ _3\"></span>m<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Bermuda<span class=\"_ _ae\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>nyer<span class=\"_ _3\"></span>s Dil<span class=\"_ _3\"></span>l &amp; Pear<span class=\"_ _3\"></span>man L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d, Cl<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>ndo<span class=\"_ _3\"></span>n Hou<span class=\"_ _3\"></span>se, 2 C<span class=\"_ _3\"></span>hur<span class=\"_ _3\"></span>ch St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Hami<span class=\"_ _3\"></span>lto<span class=\"_ _3\"></span>n HM 1<span class=\"_ _4\"></span>1<span class=\"_ _3ab\"> </span>CP B<span class=\"_ _3\"></span>ay Car<span class=\"_ _3\"></span>ry A L<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>CP B<span class=\"_ _3\"></span>ay Car<span class=\"_ _3\"></span>ry B L<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession British Virgin Islands<span class=\"_ _28\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Vi<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ra C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es Ce<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>re, W<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>kham<span class=\"_ _3\"></span>s Cay I<span class=\"_ _3\"></span>I Roa<span class=\"_ _3\"></span>d T<span class=\"_ _5\"></span>ow<span class=\"_ _3\"></span>n, To<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> V<span class=\"_ _3\"></span>G<span class=\"_ _3\"></span>1110<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Asi<span class=\"_ _3\"></span>a Ltd <span class=\"_ _3a1\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">M<span class=\"_ _3\"></span>anagement </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Gammon Construction Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Canada<span class=\"_ _100\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>T<span class=\"_ _4\"></span>ayl<span class=\"_ _3\"></span>or M<span class=\"_ _3\"></span>cCa<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>y LLP<span class=\"_ _5\"></span>, 9<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0 St<span class=\"_ _3\"></span>. Mar<span class=\"_ _3\"></span>y Aven<span class=\"_ _3\"></span>ue, W<span class=\"_ _3\"></span>inni<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>g, MB, R3C 4K5<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>WH Fa<span class=\"_ _3\"></span>cilities  Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>,LP (iii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>WH FM G<span class=\"_ _3\"></span>P Inc<span class=\"_ _36a\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>WH De<span class=\"_ _3\"></span>sign \u2013 Build G<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Constru<span class=\"_ _3\"></span>ction Servic<span class=\"_ _3\"></span>es<span class=\"_ _4\"></span> </span>China<span class=\"_ _3ab\"> </span>Ho<span class=\"_ _3\"></span>ng Kong Ave<span class=\"_ _3\"></span>nid<span class=\"_ _3\"></span>a da Pr<span class=\"_ _3\"></span>aia G<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>de, n\u00b04<span class=\"_ _3\"></span>29, 25<span class=\"_ _3\"></span>\u00b0 and<span class=\"_ _3\"></span>ar D, em Ma<span class=\"_ _3\"></span>cau BBE<span class=\"_ _3\"></span>&amp;M (M<span class=\"_ _3\"></span>acau) Ltd<span class=\"_ _24\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Electric<span class=\"_ _3\"></span>al and </span></span>Mechanic<span class=\"_ _3\"></span>al Contracting<span class=\"_ _3ab\"> </span>Gammon Building C<span class=\"_ _3\"></span>onstruction (Maca<span class=\"_ _4\"></span>u) L<span class=\"_ _4\"></span>td<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Co<span class=\"_ _3\"></span>nstruction<span class=\"_ _3ab\"> </span></span>No. 4<span class=\"_ _3\"></span>57<span class=\"_ _5\"></span>, S<span class=\"_ _3\"></span>hat<span class=\"_ _3\"></span>ian S<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n, Ga<span class=\"_ _3\"></span>ngga<span class=\"_ _3\"></span>ng Aven<span class=\"_ _3\"></span>ue, Sh<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>an T<span class=\"_ _4\"></span>ow<span class=\"_ _3\"></span>n, Dongguan City,<span class=\"_ _4\"></span> Guangdong Province<span class=\"_ _3ab\"> </span>Don<span class=\"_ _3\"></span>gguan P<span class=\"_ _3\"></span>ristin<span class=\"_ _3\"></span>e Metal Wor<span class=\"_ _3\"></span>ks Ltd<span class=\"_ _1bf\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">M<span class=\"_ _3\"></span>anuf<span class=\"_ _4\"></span>ac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>uring </span></span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>25<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, Jar<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>se, 1 C<span class=\"_ _3\"></span>onna<span class=\"_ _3\"></span>ugh<span class=\"_ _3\"></span>t Pla<span class=\"_ _3\"></span>ce, C<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>l, Hon<span class=\"_ _3\"></span>g Kong<span class=\"_ _3ab\"> </span>Sanfield<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Gammon Constr<span class=\"_ _3\"></span>uction JV Co<span class=\"_ _3\"></span>mpany L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>22<span class=\"_ _3\"></span>/F<span class=\"_ _5\"></span>, T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>wer 1, The Q<span class=\"_ _3\"></span>uays<span class=\"_ _3\"></span>id<span class=\"_ _3\"></span>e, 77 Ho<span class=\"_ _3\"></span>i Bun R<span class=\"_ _3\"></span>oad<span class=\"_ _3\"></span>, K<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>un T<span class=\"_ _4\"></span>on<span class=\"_ _3\"></span>g, Kowloon,<span class=\"_ _4\"></span> Hong Kong<span class=\"_ _3ab\"> </span>AsiaBuil<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> Ltd<span class=\"_ _1ae\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty E&amp;<span class=\"_ _3\"></span>M Ltd<span class=\"_ _84\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>Dig<span class=\"_ _3\"></span>ital G Ltd<span class=\"_ _8\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>T<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>chnolo<span class=\"_ _3\"></span>gy and Innovation<span class=\"_ _3ab\"> </span>Entasis Ltd<span class=\"_ _1b3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">General Contracto<span class=\"_ _4\"></span>r<span class=\"_ _3ab\"> </span></span></span>Gammon Building C<span class=\"_ _3\"></span>onstruction Ltd<span class=\"_ _e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>Building Constr<span class=\"_ _3\"></span>uction<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Ca<span class=\"_ _3\"></span>pital Ltd<span class=\"_ _7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>Gam<span class=\"_ _3\"></span>mon Ca<span class=\"_ _3\"></span>pital M<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>ement Ltd <span class=\"_ _e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gam<span class=\"_ _3\"></span>mon China Ltd <span class=\"_ _390\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></span>Co<span class=\"_ _3\"></span>mpany Gammon Con<span class=\"_ _3\"></span>cr<span class=\"_ _4\"></span>ete Ser<span class=\"_ _3\"></span>vices Lt<span class=\"_ _4\"></span>d<span class=\"_ _15\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Gammon Construction (China<span class=\"_ _4\"></span>) Ltd<span class=\"_ _e6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Constr<span class=\"_ _3\"></span>uction<span class=\"_ _3ab\"> </span></span></span>Gammon C<span class=\"_ _3\"></span>onstruction (<span class=\"_ _3\"></span>Vietnam) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Constr<span class=\"_ _3\"></span>uction and </span>Project Manag<span class=\"_ _3\"></span>emen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span>Gammon C<span class=\"_ _3\"></span>onstruction Consultants (Shenzhen) Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Gammon Construction Lt<span class=\"_ _4\"></span>d (ii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Engineering a<span class=\"_ _4\"></span>nd </span>Construction<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon E&amp;<span class=\"_ _3\"></span>M Ltd<span class=\"_ _263\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Engineering Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></span>Gammon Engineeri<span class=\"_ _4\"></span>ng &amp; Construction Co<span class=\"_ _3\"></span>mpany L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Engineering a<span class=\"_ _4\"></span>nd </span>Construction<span class=\"_ _3ab\"> </span>Gammon Engineeri<span class=\"_ _4\"></span>ng Ltd<span class=\"_ _85\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span></span>Gam<span class=\"_ _3\"></span>mon Fina<span class=\"_ _3\"></span>nce Ltd <span class=\"_ _1cd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls73 ws80\">Finance and </span></span>Investment<span class=\"_ _4\"></span> Gam<span class=\"_ _3\"></span>mon Interio<span class=\"_ _3\"></span>rs Ltd <span class=\"_ _3c\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>Gammon Mana<span class=\"_ _3\"></span>gement<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Ltd<span class=\"_ _16\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Construction </span></span>Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Pla<span class=\"_ _3\"></span>nt Lt<span class=\"_ _4\"></span>d<span class=\"_ _3a1\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls73 ws80\">P<span class=\"_ _3\"></span>lan<span class=\"_ _4\"></span>t and Equipment<span class=\"_ _4\"></span> </span></span>Hire and M<span class=\"_ _3\"></span>aintenan<span class=\"_ _3\"></span>ce Gold T<span class=\"_ _4\"></span>actic<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Investment Ltd<span class=\"_ _81\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Into G Ltd<span class=\"_ _ae\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>Inter<span class=\"_ _3\"></span>ior Fit-<span class=\"_ _3\"></span>O<span class=\"_ _3\"></span>ut and Contracting<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>ambeth A<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates Ltd <span class=\"_ _215\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span></span>Ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt and Consultanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Pr<span class=\"_ _3\"></span>istine Met<span class=\"_ _3\"></span>al Works Ltd <span class=\"_ _36\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Ireland<span class=\"_ _355\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>3 Dublin<span class=\"_ _4\"></span> Land<span class=\"_ _3\"></span>in<span class=\"_ _4\"></span>g<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>, Nor<span class=\"_ _3\"></span>th<span class=\"_ _4\"></span> Wall<span class=\"_ _4\"></span> Q<span class=\"_ _3\"></span>ua<span class=\"_ _4\"></span>y<span class=\"_ _4\"></span>, Dublin 1<span class=\"_ _5\"></span>, D01<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>4E0<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>LG Ltd <span class=\"_ _1d7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices </span></span>C/O Pari<span class=\"_ _3\"></span>o SPV M<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span>, Sui<span class=\"_ _3\"></span>te 5<span class=\"_ _3\"></span>4, Mor<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>son Ch<span class=\"_ _3\"></span>amb<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>s, 32 N<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sau S<span class=\"_ _3\"></span>t, Du<span class=\"_ _3\"></span>bli<span class=\"_ _3\"></span>n 2, D<span class=\"_ _3\"></span>02 AP<span class=\"_ _3\"></span>29 Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Hol<span class=\"_ _3\"></span>dings Ltd<span class=\"_ _44\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Ltd <span class=\"_ _7e\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>lays<span class=\"_ _3\"></span>ia<span class=\"_ _3a2\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Uni<span class=\"_ _3\"></span>t B<span class=\"_ _3\"></span>-9<span class=\"_ _3\"></span>-<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>, Le<span class=\"_ _3\"></span>vel 9, Ca<span class=\"_ _3\"></span>pi<span class=\"_ _3\"></span>tal 2<span class=\"_ _3\"></span>, Oas<span class=\"_ _3\"></span>is S<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>re, N<span class=\"_ _3\"></span>o.2 Ja<span class=\"_ _3\"></span>lan PJU 1A/<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>A, A<span class=\"_ _3\"></span>ra Da<span class=\"_ _3\"></span>man<span class=\"_ _3\"></span>sar<span class=\"_ _3\"></span>a, 47301 Pe<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span>ing J<span class=\"_ _3\"></span>aya, Se<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>gor, Mal<span class=\"_ _3\"></span>aysi<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Sdn B<span class=\"_ _3\"></span>hd <span class=\"_ _155\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>Pesaka Gammon<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>onstruction<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>dn<span class=\"_ _4\"></span> Bhd 15<span class=\"_ _2f\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Philippines<span class=\"_ _24d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>G/F M<span class=\"_ _3\"></span>aka<span class=\"_ _3\"></span>ti St<span class=\"_ _3\"></span>ock E<span class=\"_ _3\"></span>xc<span class=\"_ _3\"></span>han<span class=\"_ _3\"></span>ge, Ayal<span class=\"_ _3\"></span>a A<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>nu<span class=\"_ _3\"></span>e, Mak<span class=\"_ _3\"></span>ati C<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, M<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>ro Manila, P<span class=\"_ _4\"></span>hilippine<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Gammo<span class=\"_ _3\"></span>n Philippines, In<span class=\"_ _3\"></span>c.<span class=\"_ _85\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"lsc ws8\">General Construction<span class=\"_ _3ab\"> </span></span></span>MG C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction Ventures  Holdings, Inc.<span class=\"_ _3ab\"> </span>16<span class=\"_ _3\"></span>.6<span class=\"_ _3\"></span>5<span class=\"_ _13e\"> </span><span class=\"ls15 ws11\">Proper<span class=\"_ _3\"></span>ty Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Singapore<span class=\"_ _3a3\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>239 Ale<span class=\"_ _4\"></span>xandra Ro<span class=\"_ _4\"></span>ad, 15<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>930<span class=\"_ _a8\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Dig<span class=\"_ _3\"></span>ital G (S<span class=\"_ _3\"></span>ingap<span class=\"_ _3\"></span>ore) Pte. Ltd<span class=\"_ _180\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Equipment Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></span>Gammon C<span class=\"_ _3\"></span>onstruction and Engineering<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>te.<span class=\"_ _4\"></span> Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Constru<span class=\"_ _3\"></span>ction Servic<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></span>Gammon Construction<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>oldi<span class=\"_ _4\"></span>ngs (S) P<span class=\"_ _3\"></span>te. Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gam<span class=\"_ _3\"></span>mon P<span class=\"_ _3\"></span>te. Ltd<span class=\"_ _181\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"lsc ws8\">Engineering<span class=\"_ _4\"></span> and </span></span>Construction<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>ambeth A<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates Desi<span class=\"_ _3\"></span>gn &amp; Co<span class=\"_ _3\"></span>nsultan<span class=\"_ _3\"></span>cy P<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">M<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent and </span>Consultanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Thailand <span class=\"_ _130\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>21<span class=\"_ _4\"></span>st Floor<span class=\"_ _4\"></span>, Times Square Build<span class=\"_ _3\"></span>ing,<span class=\"_ _4\"></span> 246 Sukhumvit Road, Klongtoey Sub-<span class=\"_ _3\"></span>District, Klongtoey District, Bangkok<span class=\"_ _4\"></span> 10<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>10<span class=\"_ _4\"></span>, Thailand<span class=\"_ _3ab\"> </span>Gammon (<span class=\"_ _3\"></span>Thailan<span class=\"_ _3\"></span>d) L<span class=\"_ _4\"></span>td<span class=\"_ _1af\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>23<span class=\"_ _3\"></span>rd Fl<span class=\"_ _3\"></span>oor, Tim<span class=\"_ _3\"></span>es S<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>re Bu<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>, 246 Sukhumvit Road, Klongtoey<span class=\"_ _4\"></span> Sub-Di<span class=\"_ _3\"></span>strict, Klongtoey<span class=\"_ _4\"></span> Distric<span class=\"_ _3\"></span>t, Bangkok<span class=\"_ _4\"></span> 10<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0, Thailand<span class=\"_ _3ab\"> </span>Gammon C<span class=\"_ _3\"></span>onstruction (<span class=\"_ _3\"></span>Thailand) Ltd<span class=\"_ _25d\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Th<span class=\"_ _3\"></span>ai Gamm<span class=\"_ _3\"></span>on Ltd<span class=\"_ _396\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _1b7\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny 1201 Hays S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, T<span class=\"_ _4\"></span>al<span class=\"_ _3\"></span>lah<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>see F<span class=\"_ _3\"></span>L 32<span class=\"_ _3\"></span>301 C-<span class=\"_ _3\"></span>BB Management, LLC<span class=\"_ _1d6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>C-<span class=\"_ _3\"></span>BBC Devel<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>pme<span class=\"_ _4\"></span>nt, LLC<span class=\"_ _119\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>/b/<span class=\"_ _4\"></span>a C<span class=\"_ _3\"></span>SC-<span class=\"_ _3\"></span>La<span class=\"_ _3\"></span>wye<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>, In<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e Co<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 21<span class=\"_ _4\"></span>1 E<span class=\"_ _3\"></span>. 7th S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Sui<span class=\"_ _3\"></span>te 6<span class=\"_ _3\"></span>20, Aus<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>n TX 7<span class=\"_ _3\"></span>8701-3<span class=\"_ _3\"></span>2<span class=\"_ _4\"></span>18<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s, LP (iii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 2,LP (iii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Investment<span class=\"_ _4\"></span> No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 3, LP (i)(iii)<span class=\"_ _3ab\"> </span>70<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span>Concession No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 4, LP (i)(iii)<span class=\"_ _3ab\"> </span>65<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Nor<span class=\"_ _3\"></span>thside Campus General Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, W<span class=\"_ _3\"></span>ilmi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>ton DE1<span class=\"_ _3\"></span>98<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8 BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Caro<span class=\"_ _3\"></span>lina Cove, L<span class=\"_ _3\"></span>LC<span class=\"_ _be\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Chena<span class=\"_ _3\"></span>l Pointe, LLC<span class=\"_ _be\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Cit<span class=\"_ _3\"></span>y Lake, L<span class=\"_ _3\"></span>LC<span class=\"_ _d6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Lan<span class=\"_ _3\"></span>dings, L<span class=\"_ _3\"></span>LC<span class=\"_ _f6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Lexing<span class=\"_ _3\"></span>ton, LLC<span class=\"_ _15\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Moret<span class=\"_ _3\"></span>ti, LLC<span class=\"_ _b2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Pace<span class=\"_ _3\"></span>s Brook<span class=\"_ _3\"></span>, LLC<span class=\"_ _f4\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Retreat<span class=\"_ _3\"></span>, LLC<span class=\"_ _b2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Investment<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Riverch<span class=\"_ _3\"></span>ase L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne San M<span class=\"_ _3\"></span>ateo, LLC<span class=\"_ _ba\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Sout<span class=\"_ _3\"></span>hwind, L<span class=\"_ _3\"></span>LC<span class=\"_ _b9\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Wolfcha<span class=\"_ _3\"></span>se, LLC<span class=\"_ _db\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC A<span class=\"_ _3\"></span>rmy Integ<span class=\"_ _3\"></span>rated, L<span class=\"_ _3\"></span>LC<span class=\"_ _1f6\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>arolina C<span class=\"_ _3\"></span>ove (W<span class=\"_ _3\"></span>ilmin<span class=\"_ _3\"></span>gton) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Chen<span class=\"_ _3\"></span>al Pointe (L<span class=\"_ _3\"></span>ittle R<span class=\"_ _3\"></span>ock<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Cit<span class=\"_ _3\"></span>y L<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e (<span class=\"_ _3\"></span>Houston) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _57\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Inte<span class=\"_ _3\"></span>grated E<span class=\"_ _3\"></span>xpress S<span class=\"_ _3\"></span>olutio<span class=\"_ _3\"></span>ns Holdco, LLC<span class=\"_ _3ab\"> </span>27<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span>Concession L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Int<span class=\"_ _4\"></span>egrated Express Solutions,<span class=\"_ _4\"></span> LLC<span class=\"_ _3ab\"> </span>27<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span>Concession L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>s (Jac<span class=\"_ _3\"></span>ksonville) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _172\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture </span></span>Investment<span class=\"_ _4\"></span> Lexin<span class=\"_ _3\"></span>gton (Rid<span class=\"_ _3\"></span>gelan<span class=\"_ _3\"></span>d) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _1a7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> Mo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>ti (H<span class=\"_ _3\"></span>omewoo<span class=\"_ _3\"></span>d) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _11f\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner, LLC<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession Pac<span class=\"_ _3\"></span>es Brook (<span class=\"_ _3\"></span>Colum<span class=\"_ _3\"></span>bia) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _bd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Retreat at Schilling<span class=\"_ _3\"></span>er (Mobil<span class=\"_ _3\"></span>e)<span class=\"_ _4\"></span> O<span class=\"_ _3\"></span>wner<span class=\"_ _4\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Riverc<span class=\"_ _3\"></span>hase L<span class=\"_ _3\"></span>anding (<span class=\"_ _3\"></span>Hoover<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>7.<span class=\"_ _2\"></span>5<span class=\"_ _d5\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Sa<span class=\"_ _3\"></span>n Mateo (K<span class=\"_ _3\"></span>issimm<span class=\"_ _3\"></span>ee) Own<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>, LLC<span class=\"_ _bd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> So<span class=\"_ _3\"></span>uthwind (<span class=\"_ _3\"></span>Memphi<span class=\"_ _3\"></span>s) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _4c\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> Southwind<span class=\"_ _4\"></span> (<span class=\"_ _3\"></span>Memphi<span class=\"_ _4\"></span>s) Holdings, LLC<span class=\"_ _1c4\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Swif<span class=\"_ _3\"></span>tsure H<span class=\"_ _3\"></span>ousing Pa<span class=\"_ _3\"></span>rtne<span class=\"_ _3\"></span>rs, LLC<span class=\"_ _cf\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>T-BBA Riverchas<span class=\"_ _4\"></span>e Holdings, LLC<span class=\"_ _db\"> </span><span class=\"ls147 ws13c\">7.<span class=\"_ _3\"></span>5<span class=\"_ _f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>V<span class=\"_ _3\"></span>iew SA Ho<span class=\"_ _3\"></span>lding C<span class=\"_ _3\"></span>ompany L<span class=\"_ _3\"></span>P (i)(iii)<span class=\"_ _3ab\"> </span>87<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _3ab\"> </span>V<span class=\"_ _3\"></span>iew SA LLC (i)<span class=\"_ _3ab\"> </span>87<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _3ab\"> </span>Wolfch<span class=\"_ _3\"></span>ase (Ba<span class=\"_ _3\"></span>rtlet<span class=\"_ _3\"></span>t) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _db\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Corporation Ser<span class=\"_ _3\"></span>vice Company<span class=\"_ _5\"></span>, 1900 W<span class=\"_ _4\"></span> Li<span class=\"_ _3\"></span>ttleton Blvd.,<span class=\"_ _4\"></span> Li<span class=\"_ _3\"></span>ttleton, CO 8<span class=\"_ _3\"></span>0120 Denver<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransit Constructors<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _ce\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">D<span class=\"_ _3\"></span>esign an<span class=\"_ _3\"></span>d </span></span>Construction<span class=\"_ _3ab\"> </span>Denver<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransit Operators<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _128\"> </span><span class=\"lsaa ws69\">3<span class=\"_ _3\"></span>3.3<span class=\"_ _3f\"> </span><span class=\"ls5 ws3\">Op<span class=\"_ _3\"></span>erations a<span class=\"_ _3\"></span>nd </span></span>Maintanence<span class=\"_ _3ab\"> </span>Denver T<span class=\"_ _5\"></span>ransit Systems LLC<span class=\"_ _7e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">D<span class=\"_ _3\"></span>esign an<span class=\"_ _3\"></span>d </span></span>Construction<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Re<span class=\"_ _3\"></span>gis<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>d Agen<span class=\"_ _3\"></span>t Sol<span class=\"_ _3\"></span>uti<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>, Inc<span class=\"_ _3\"></span>. 9 E Lo<span class=\"_ _3\"></span>ocke<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>n St<span class=\"_ _3\"></span>ree<span class=\"_ _3\"></span>t, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 31<span class=\"_ _5\"></span>1 D<span class=\"_ _3\"></span>over DE 19<span class=\"_ _3\"></span>901<span class=\"_ _3ab\"> </span>United C<span class=\"_ _3\"></span>ampu<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>tners, L<span class=\"_ _3\"></span>LC<span class=\"_ _f2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>Vietnam<span class=\"_ _2fe\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>5t<span class=\"_ _3\"></span>h Floo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>, Ge<span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>dep<span class=\"_ _3\"></span>t T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>wer, 2Bi<span class=\"_ _3\"></span>s\u2013<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>\u2013<span class=\"_ _3\"></span>6 L<span class=\"_ _3\"></span>e Than<span class=\"_ _3\"></span>h T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>n Str<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, B<span class=\"_ _3\"></span>en Ng<span class=\"_ _3\"></span>he War<span class=\"_ _3\"></span>d, Di<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>t 1, Ho Ch<span class=\"_ _3\"></span>i Min<span class=\"_ _3\"></span>h Ci<span class=\"_ _3\"></span>ty, Vie<span class=\"_ _3\"></span>tn<span class=\"_ _3\"></span>am<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion V<span class=\"_ _3\"></span>ietnam C<span class=\"_ _3\"></span>o. Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Co<span class=\"_ _3\"></span>nstruction </span>and M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Du<span class=\"_ _3\"></span>e to the sh<span class=\"_ _3\"></span>areho<span class=\"_ _3\"></span>lder<span class=\"_ _3\"></span>s\u2019 agre<span class=\"_ _3\"></span>ement b<span class=\"_ _3\"></span>etwe<span class=\"_ _3\"></span>en Bal<span class=\"_ _3\"></span>four Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he othe<span class=\"_ _3\"></span>r share<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>ers req<span class=\"_ _3\"></span>uirin<span class=\"_ _3\"></span>g unan<span class=\"_ _3\"></span>imit<span class=\"_ _3\"></span>y of agre<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t in resp<span class=\"_ _3\"></span>ect of si<span class=\"_ _3\"></span>gnif<span class=\"_ _3\"></span>ican<span class=\"_ _3\"></span>t mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to th<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncia<span class=\"_ _3\"></span>l and o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any, the D<span class=\"_ _3\"></span>irecto<span class=\"_ _3\"></span>rs co<span class=\"_ _3\"></span>nside<span class=\"_ _3\"></span>r that t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p doe<span class=\"_ _3\"></span>s not co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>pany an<span class=\"_ _3\"></span>d it has b<span class=\"_ _3\"></span>een ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for as a j<span class=\"_ _3\"></span>oint ve<span class=\"_ _3\"></span>nture. (ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span> Prefe<span class=\"_ _3\"></span>rence s<span class=\"_ _3\"></span>hares a<span class=\"_ _3\"></span>nd/o<span class=\"_ _3\"></span>r defer<span class=\"_ _3\"></span>red sh<span class=\"_ _3\"></span>ares als<span class=\"_ _3\"></span>o held<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(iii) <span class=\"_ _6\"></span> Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terest held.<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>United Kingdom<span class=\"_ _396\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>As<span class=\"_ _3\"></span>hfo<span class=\"_ _3\"></span>rd Ho<span class=\"_ _3\"></span>use<span class=\"_ _3\"></span>, Gre<span class=\"_ _3\"></span>nad<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>r Road<span class=\"_ _3\"></span>, Exe<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r EX1 3LH<span class=\"_ _3ab\"> </span>UBB W<span class=\"_ _3\"></span>aste (Ess<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>) Ltd<span class=\"_ _41\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _1b7\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, Wi<span class=\"_ _3\"></span>lmi<span class=\"_ _3\"></span>ngt<span class=\"_ _3\"></span>on DE 19<span class=\"_ _3\"></span>808<span class=\"_ _3ab\"> </span>ACC G<span class=\"_ _3\"></span>roup Hou<span class=\"_ _3\"></span>sing, L<span class=\"_ _3\"></span>LC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>AE<span class=\"_ _3\"></span>TC H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>80<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>A<span class=\"_ _3\"></span>MC West H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/P<span class=\"_ _3\"></span>icatinny F<span class=\"_ _3\"></span>amily Ho<span class=\"_ _3\"></span>using LP (ii) 10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>FDWR Pare<span class=\"_ _4\"></span>nt LLC<span class=\"_ _30\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>hite S<span class=\"_ _3\"></span>ands Mis<span class=\"_ _3\"></span>sile Rang<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>sing LP (ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson Fa<span class=\"_ _3\"></span>mily Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _57\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Detr<span class=\"_ _3\"></span>ick<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>Wa<span class=\"_ _3\"></span>lter Reed A<span class=\"_ _3\"></span>rmy Me<span class=\"_ _3\"></span>dical C<span class=\"_ _3\"></span>enter Hous<span class=\"_ _3\"></span>ing LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Eustis<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>For<span class=\"_ _3\"></span>t Stor<span class=\"_ _3\"></span>y Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _55\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Gordon Housing LLC<span class=\"_ _85\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Ha<span class=\"_ _3\"></span>milton Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _ad\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Jackson Housing LLC<span class=\"_ _9a\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>acklan<span class=\"_ _3\"></span>d Family H<span class=\"_ _3\"></span>ousing<span class=\"_ _3\"></span>, LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Leo<span class=\"_ _3\"></span>nard Woo<span class=\"_ _3\"></span>d Family C<span class=\"_ _3\"></span>ommunit<span class=\"_ _3\"></span>ies, LLC<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>Nor<span class=\"_ _3\"></span>theast Housing LLC<span class=\"_ _fd\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Concession<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>rn Group H<span class=\"_ _3\"></span>ousing<span class=\"_ _3\"></span>, LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>So<span class=\"_ _3\"></span>utheast H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Stewar<span class=\"_ _3\"></span>t Hunter H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>Vanden<span class=\"_ _3\"></span>berg Ho<span class=\"_ _3\"></span>using LP (i)(ii)<span class=\"_ _3ab\"> </span>90<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Wester<span class=\"_ _3\"></span>n Group Ho<span class=\"_ _3\"></span>using, L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>West Po<span class=\"_ _3\"></span>int Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _13f\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p evalu<span class=\"_ _3\"></span>ated ea<span class=\"_ _3\"></span>ch of it<span class=\"_ _3\"></span>s interes<span class=\"_ _3\"></span>ts in th<span class=\"_ _3\"></span>e milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y housi<span class=\"_ _3\"></span>ng proj<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>s to deter<span class=\"_ _3\"></span>mine if the a<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iate<span class=\"_ _3\"></span>d entit<span class=\"_ _3\"></span>ies sho<span class=\"_ _3\"></span>uld be c<span class=\"_ _3\"></span>onso<span class=\"_ _3\"></span>lida<span class=\"_ _3\"></span>ted. T<span class=\"_ _3\"></span>his an<span class=\"_ _3\"></span>alysi<span class=\"_ _3\"></span>s incl<span class=\"_ _3\"></span>uded<span class=\"_ _3\"></span>, but wa<span class=\"_ _3\"></span>s not lim<span class=\"_ _3\"></span>ited to, i<span class=\"_ _3\"></span>denti<span class=\"_ _3\"></span>fyi<span class=\"_ _3\"></span>ng the a<span class=\"_ _3\"></span>ctiv<span class=\"_ _3\"></span>itie<span class=\"_ _3\"></span>s that m<span class=\"_ _3\"></span>ost sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cantl<span class=\"_ _3\"></span>y imp<span class=\"_ _3\"></span>act an e<span class=\"_ _3\"></span>ntit<span class=\"_ _3\"></span>y\u2019s eco<span class=\"_ _3\"></span>nomi<span class=\"_ _3\"></span>c pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>manc<span class=\"_ _3\"></span>e, whi<span class=\"_ _3\"></span>ch par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or par<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s cont<span class=\"_ _3\"></span>rol tho<span class=\"_ _3\"></span>se act<span class=\"_ _3\"></span>ivit<span class=\"_ _3\"></span>ies and t<span class=\"_ _3\"></span>he ris<span class=\"_ _3\"></span>ks asso<span class=\"_ _3\"></span>ciat<span class=\"_ _3\"></span>ed wit<span class=\"_ _3\"></span>h the<span class=\"_ _3\"></span>se enti<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>. Deci<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>maki<span class=\"_ _3\"></span>ng powe<span class=\"_ _3\"></span>r over key fa<span class=\"_ _3\"></span>cets of t<span class=\"_ _3\"></span>he cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts were ev<span class=\"_ _3\"></span>aluate<span class=\"_ _3\"></span>d wh<span class=\"_ _3\"></span>en deter<span class=\"_ _3\"></span>minin<span class=\"_ _3\"></span>g whic<span class=\"_ _3\"></span>h par<span class=\"_ _3\"></span>ty o<span class=\"_ _3\"></span>r par<span class=\"_ _3\"></span>ties h<span class=\"_ _3\"></span>ad co<span class=\"_ _3\"></span>ntrol ove<span class=\"_ _3\"></span>r the ac<span class=\"_ _3\"></span>tivi<span class=\"_ _3\"></span>ties t<span class=\"_ _3\"></span>hat mos<span class=\"_ _3\"></span>t sign<span class=\"_ _3\"></span>ific<span class=\"_ _3\"></span>antly<span class=\"_ _3\"></span> imp<span class=\"_ _3\"></span>act a p<span class=\"_ _3\"></span>rojec<span class=\"_ _3\"></span>t\u2019s ec<span class=\"_ _3\"></span>onomi<span class=\"_ _3\"></span>cs. B<span class=\"_ _3\"></span>ased o<span class=\"_ _3\"></span>n this rev<span class=\"_ _3\"></span>iew, the Di<span class=\"_ _3\"></span>recto<span class=\"_ _3\"></span>rs con<span class=\"_ _3\"></span>side<span class=\"_ _3\"></span>r that th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up doe<span class=\"_ _3\"></span>s not hav<span class=\"_ _3\"></span>e the po<span class=\"_ _3\"></span>wer to dire<span class=\"_ _3\"></span>ct the<span class=\"_ _3\"></span>se ac<span class=\"_ _3\"></span>tivi<span class=\"_ _3\"></span>ties an<span class=\"_ _3\"></span>d does n<span class=\"_ _3\"></span>ot cont<span class=\"_ _3\"></span>rol or j<span class=\"_ _3\"></span>ointl<span class=\"_ _3\"></span>y co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>em and t<span class=\"_ _3\"></span>herefor<span class=\"_ _3\"></span>e the ent<span class=\"_ _3\"></span>ities h<span class=\"_ _3\"></span>ave bee<span class=\"_ _3\"></span>n acc<span class=\"_ _3\"></span>ounted f<span class=\"_ _3\"></span>or as ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ated un<span class=\"_ _3\"></span>der<span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>ngs.<span class=\"_ _3\"></span> (ii) <span class=\"_ _3\"></span>Partnership interests<span class=\"_ _4\"></span> held.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-652": {
   "value": "1<span class=\"_ _4\"></span>9 Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tments i<span class=\"_ _4\"></span>n joint v<span class=\"_ _4\"></span>entures and associates<span class=\"_ _3ab\"> </span>19<span class=\"_ _4\"></span>.<span class=\"_ _5\"></span>1 Mov<span class=\"_ _4\"></span>ements<span class=\"_ _3ab\"> </span>Net<span class=\"_ _3ab\"> </span>assets<span class=\"_ _4\"></span> +<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Lo<span class=\"_ _3\"></span>ans ^<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _196\"> </span><span class=\"ls11d wsf4\">396<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"lsb4 wsad\">503<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2f4\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>28<span class=\"_ _3ab\"> </span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _2f5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets (<span class=\"_ _3\"></span>Note 32.<span class=\"_ _4\"></span>1)<span class=\"_ _29e\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _208\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3ab\"> </span></span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment benefi<span class=\"_ _3\"></span>t assets<span class=\"_ _3\"></span>/li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _288\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome (N<span class=\"_ _3\"></span>ote 32.<span class=\"_ _5\"></span>1)<span class=\"_ _12a\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3ab\"> </span></span>Dividends<span class=\"_ _2f6\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b2\"> </span></span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Additions<span class=\"_ _197\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>30<span class=\"_ _3ab\"> </span></span>Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y<span class=\"_ _2f7\"> </span><span class=\"ls72 wsf5\">(3<span class=\"_ _3\"></span>4)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls72 wsf5\">(34)<span class=\"_ _3ab\"> </span></span>Loans repaid<span class=\"_ _2f8\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _39\"> </span>(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span>Dist<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>on in excess of ear<span class=\"_ _3\"></span>nings rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d directl<span class=\"_ _3\"></span>y in incom<span class=\"_ _3\"></span>e statement<span class=\"_ _153\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span>Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s (Note 26<span class=\"_ _3\"></span>)<span class=\"_ _2d5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2f9\"> </span><span class=\"ls5f ws57\">320<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2\"></span>6<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">426<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2c6\"> </span><span class=\"ff3b ls10f ws105\">(16<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _51\"> </span></span>(1<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _2fa\"> </span><span class=\"ff3b ls120 ws119\">53<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets (<span class=\"_ _3\"></span>Note 32.<span class=\"_ _4\"></span>1)<span class=\"_ _15a\"> </span><span class=\"ff3b ls92 ws8a\">20<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _25c\"> </span><span class=\"ff3b\">2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment benefi<span class=\"_ _3\"></span>t assets<span class=\"_ _3\"></span>/li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _1b9\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome (N<span class=\"_ _3\"></span>ote 32.<span class=\"_ _5\"></span>1)<span class=\"_ _9f\"> </span><span class=\"ff3b ls1c ws107\">(5)<span class=\"_ _145\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _3ab\"> </span></span></span>Dividends<span class=\"_ _2fb\"> </span><span class=\"ff3b ls10d ws101\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7e\"> </span></span>(6<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span>Additions<span class=\"_ _2fc\"> </span><span class=\"ff3b ls2e ws7\">14<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7d\"> </span></span>14<span class=\"_ _3ab\"> </span></span>Disp<span class=\"_ _3\"></span>osal of G<span class=\"_ _3\"></span>louces<span class=\"_ _3\"></span>ter Waste (N<span class=\"_ _3\"></span>ote 34<span class=\"_ _3\"></span>.2.<span class=\"_ _3\"></span>2)<span class=\"_ _14f\"> </span><span class=\"ff3b ls170 ws18f\">(7)<span class=\"_ _a1\"> </span><span class=\"ls94 ws18a\">(24)<span class=\"_ _180\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>31)<span class=\"_ _3ab\"> </span></span></span></span>Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y<span class=\"_ _2fd\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span>Imp<span class=\"_ _3\"></span>airment of l<span class=\"_ _3\"></span>oans to joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates (<span class=\"_ _3\"></span>Note 9)<span class=\"_ _2de\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _ad\"> </span><span class=\"lsf7 ws100\">(9)<span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2b2\"> </span><span class=\"ls7 ws102\">316<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _a0\"> </span><span class=\"lsa9 wsa0\">389<span class=\"_ _3ab\"> </span></span></span></span>+ <span class=\"_ _37\"> </span>In<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>es goo<span class=\"_ _3\"></span>dwi<span class=\"_ _3\"></span>ll aris<span class=\"_ _3\"></span>ing on a<span class=\"_ _3\"></span>cqui<span class=\"_ _3\"></span>sitio<span class=\"_ _3\"></span>n of the G<span class=\"_ _3\"></span>roup\u2019s inte<span class=\"_ _3\"></span>rests in i<span class=\"_ _3\"></span>nvest<span class=\"_ _3\"></span>ments i<span class=\"_ _3\"></span>n joint ve<span class=\"_ _3\"></span>ntures a<span class=\"_ _3\"></span>nd ass<span class=\"_ _3\"></span>ocia<span class=\"_ _3\"></span>tes.<span class=\"_ _3ab\"> </span>^ <span class=\"_ _37\"> </span>L<span class=\"_ _3\"></span>oans i<span class=\"_ _3\"></span>nclu<span class=\"_ _3\"></span>de sub<span class=\"_ _3\"></span>ordin<span class=\"_ _3\"></span>ated d<span class=\"_ _3\"></span>ebt rec<span class=\"_ _3\"></span>eiva<span class=\"_ _3\"></span>ble fro<span class=\"_ _3\"></span>m joint v<span class=\"_ _3\"></span>enture<span class=\"_ _3\"></span>s and ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ates wi<span class=\"_ _3\"></span>thin th<span class=\"_ _3\"></span>e Infra<span class=\"_ _3\"></span>stru<span class=\"_ _3\"></span>cture I<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ents se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>t.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e princi<span class=\"_ _3\"></span>pal joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates are sh<span class=\"_ _3\"></span>own in Note 41<span class=\"_ _5\"></span>. Th<span class=\"_ _3\"></span>e amount of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of borrow<span class=\"_ _3\"></span>ings of joi<span class=\"_ _3\"></span>nt ventures and ass<span class=\"_ _3\"></span>ociates w<span class=\"_ _3\"></span>hich was su<span class=\"_ _3\"></span>ppor<span class=\"_ _3\"></span>ted by the G<span class=\"_ _3\"></span>roup and th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any was \u00a3nil (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a3nil). Th<span class=\"_ _3\"></span>e non<span class=\"_ _3\"></span>-rec<span class=\"_ _3\"></span>ourse b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs of joint venture an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iate entities re<span class=\"_ _3\"></span>lating to infra<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ure conce<span class=\"_ _3\"></span>ssions pro<span class=\"_ _3\"></span>jects are re<span class=\"_ _3\"></span>payabl<span class=\"_ _3\"></span>e over perio<span class=\"_ _3\"></span>ds exten<span class=\"_ _3\"></span>ding up to 20<span class=\"_ _3\"></span>57<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cours<span class=\"_ _3\"></span>e borrow<span class=\"_ _3\"></span>ings arise u<span class=\"_ _3\"></span>nder fac<span class=\"_ _3\"></span>ilities t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n out by proje<span class=\"_ _3\"></span>ct-<span class=\"_ _3\"></span>speci<span class=\"_ _3\"></span>fic joint ventu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>nd asso<span class=\"_ _3\"></span>ciate con<span class=\"_ _3\"></span>cession com<span class=\"_ _3\"></span>panies<span class=\"_ _3\"></span>. The bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s of each co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>on comp<span class=\"_ _3\"></span>any are secure<span class=\"_ _3\"></span>d by a combi<span class=\"_ _3\"></span>nation of fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d and flo<span class=\"_ _3\"></span>ating char<span class=\"_ _3\"></span>ges over that c<span class=\"_ _3\"></span>onces<span class=\"_ _3\"></span>sion com<span class=\"_ _3\"></span>pany\u2019s interests in i<span class=\"_ _3\"></span>ts projec<span class=\"_ _3\"></span>t\u2019s assets and revenu<span class=\"_ _3\"></span>es and the sh<span class=\"_ _3\"></span>ares in the co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>on comp<span class=\"_ _3\"></span>any held by it<span class=\"_ _3\"></span>s immedi<span class=\"_ _3\"></span>ate parent com<span class=\"_ _3\"></span>pany<span class=\"_ _4\"></span>. A<span class=\"_ gs52\"> </span>signi<span class=\"_ _3\"></span>ficant p<span class=\"_ _3\"></span>art of t<span class=\"_ _3\"></span>hese loa<span class=\"_ _3\"></span>ns has bee<span class=\"_ _3\"></span>n swappe<span class=\"_ _3\"></span>d into fixed rate de<span class=\"_ _3\"></span>bt by the use of interes<span class=\"_ _3\"></span>t rate swaps.<span class=\"_ _3ab\"> </span>As d<span class=\"_ _3\"></span>isclos<span class=\"_ _3\"></span>ed in Note 41<span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>f), the G<span class=\"_ _3\"></span>roup has co<span class=\"_ _3\"></span>mmitte<span class=\"_ _3\"></span>d to provide it<span class=\"_ _3\"></span>s share of fur<span class=\"_ _3\"></span>ther eq<span class=\"_ _3\"></span>uity f<span class=\"_ _3\"></span>unding of jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s in Infra<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ure Investments\u2019 p<span class=\"_ _3\"></span>rojects a<span class=\"_ _3\"></span>nd milita<span class=\"_ _3\"></span>ry ho<span class=\"_ _3\"></span>using co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>ons. Fur<span class=\"_ _3\"></span>ther, in respec<span class=\"_ _3\"></span>t of a number of th<span class=\"_ _3\"></span>ese investment<span class=\"_ _3\"></span>s the Group h<span class=\"_ _3\"></span>as com<span class=\"_ _3\"></span>mitted n<span class=\"_ _3\"></span>ot to dispose of i<span class=\"_ _3\"></span>ts equi<span class=\"_ _3\"></span>ty interest u<span class=\"_ _3\"></span>ntil constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n is comp<span class=\"_ _3\"></span>lete. As is cus<span class=\"_ _3\"></span>tomar<span class=\"_ _3\"></span>y in such pro<span class=\"_ _3\"></span>jects<span class=\"_ _3\"></span>, banking c<span class=\"_ _3\"></span>ovenants res<span class=\"_ _3\"></span>trict the<span class=\"_ gs52\"> </span>p<span class=\"_ _3\"></span>ayment of di<span class=\"_ _3\"></span>vidend<span class=\"_ _3\"></span>s and other d<span class=\"_ _3\"></span>istribu<span class=\"_ _3\"></span>tions.<span class=\"_ _3ab\"> </span>19.<span class=\"_ _3\"></span>2 Shar<span class=\"_ _3\"></span>e of r<span class=\"_ _3\"></span>esu<span class=\"_ _3\"></span>lt<span class=\"_ _3\"></span>s and n<span class=\"_ _3\"></span>et a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s of jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s and a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>iat<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _3ab\"> </span>Income sta<span class=\"_ _3\"></span>tement Construc<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Suppor<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span>Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>UK<span class=\"ff3c fs5 ls5 ws3\"> </span>^<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>North<span class=\"_ _3ab\"> </span>America<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Reve<span class=\"_ _3\"></span>nue<span class=\"_ _7a\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>6<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>3<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _98\"> </span><span class=\"ls90 ws116\">216<span class=\"_ _1f7\"> </span></span></span></span></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span>Op<span class=\"_ _3\"></span>erating p<span class=\"_ _3\"></span>rofit excluding g<span class=\"_ _3\"></span>ain on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3\"></span>s of int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests in<span class=\"_ gs52\"> </span>in<span class=\"_ _4\"></span>vestments<span class=\"_ _86\"> </span><span class=\"ff3b lsa9 wsa0\">33<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _38\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _38\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _a3\"> </span><span class=\"ls74 ws6b\">56<span class=\"_ _3ab\"> </span></span></span></span></span></span>Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s<span class=\"_ _2fe\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Operating profit<span class=\"_ _2ff\"> </span>33<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _38\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _a3\"> </span><span class=\"ls3b ws36\">25<span class=\"_ _9d\"> </span><span class=\"lsaa ws69\">58<span class=\"_ _3ab\"> </span></span></span></span></span>Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _300\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7d\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _38\"> </span><span class=\"ls18b ws188\">90<span class=\"_ _a1\"> </span></span></span></span></span>10<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span>Finance costs<span class=\"_ _203\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>25)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(98)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(99)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>e ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion<span class=\"_ _301\"> </span><span class=\"ls45 ws40\">42<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">59<span class=\"_ _3ab\"> </span></span></span></span>T<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>xa<span class=\"_ _4\"></span>tion<span class=\"_ _298\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span></span>(6)<span class=\"_ _3ab\"> </span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t af<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion <span class=\"_ _71\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span></span>Balance sheet<span class=\"_ _3ab\"> </span>Non-current assets<span class=\"_ _3ab\"> </span>Intangible assets \u2013<span class=\"_ _4\"></span> Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investments in<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>angible<span class=\"_ _302\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span>14</span></span> <span class=\"_ _1a8\"> </span> <span class=\"_ _20f\"> </span>\u2013 other<span class=\"_ _236\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _38\"> </span>12<span class=\"_ _3ab\"> </span></span></span>Proper<span class=\"_ _3\"></span>ty<span class=\"_ _4\"></span>, plant and equipmen<span class=\"_ _4\"></span>t<span class=\"_ _1b9\"> </span><span class=\"ff3b ls78 ws11a\">21<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span></span>21<span class=\"_ _3ab\"> </span></span>Investment<span class=\"_ _4\"></span> prop<span class=\"_ _3\"></span>erties<span class=\"_ _1d1\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls33 ws2c\">2<span class=\"_ _3\"></span>32<span class=\"_ _a1\"> </span>232<span class=\"_ _a0\"> </span>232<span class=\"_ _3ab\"> </span></span></span>Investments<span class=\"_ _4\"></span> in joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _303\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _3ab\"> </span></span>Mo<span class=\"_ _3\"></span>ney market funds<span class=\"_ _300\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">44<span class=\"_ _a3\"> </span>44<span class=\"_ _a3\"> </span>44<span class=\"_ _3ab\"> </span></span></span>PPP financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _1df\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls18b ws188\">905<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _3\"></span>4<span class=\"_ _a8\"> </span><span class=\"ls125 ws11c\">1<span class=\"_ _3\"></span>,14<span class=\"_ _2\"></span>9<span class=\"_ _3b\"> </span>1<span class=\"_ _3\"></span>,14<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span>Mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g project<span class=\"_ _3\"></span>s<span class=\"_ _304\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _20c\"> </span>11<span class=\"_ _3\"></span>3<span class=\"_ _82\"> </span>11<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span>Other non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current asse<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _9e\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _3\"></span>7<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _38\"> </span><span class=\"ls73 ws80\">37<span class=\"_ _a0\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Current assets<span class=\"_ _3ab\"> </span>Cash and cash equivalents<span class=\"_ _2dd\"> </span><span class=\"ff3b ls120 ws119\">340<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _38\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _a0\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _3\"></span>6<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">50<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Other current assets<span class=\"_ _e1\"> </span><span class=\"ff3b ls7 ws102\">310<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">55<span class=\"_ _b0\"> </span></span>5<span class=\"_ _38\"> </span><span class=\"ls16d ws230\">60<span class=\"_ _a1\"> </span><span class=\"ls73 ws80\">37<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal<span class=\"_ _4\"></span> assets<span class=\"_ _15e\"> </span><span class=\"ls72 wsf5\">785<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _10a\"> </span><span class=\"ls125 ws11c\">1<span class=\"_ _3\"></span>,15<span class=\"_ _2\"></span>6<span class=\"_ _98\"> </span><span class=\"ls1c ws107\">6<span class=\"_ _3\"></span>71<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>7<span class=\"_ _a6\"> </span><span class=\"ls10d ws101\">2<span class=\"_ _3\"></span>,615<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Current liabilities<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _70\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _87\"> </span><span class=\"lsf7 ws100\">(36<span class=\"_ _3\"></span>)<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>6)<span class=\"_ _a1\"> </span>(36)<span class=\"_ _3ab\"> </span></span></span>Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _126\"> </span><span class=\"ff3b lsf7 ws100\">(5<span class=\"_ _3\"></span>49)<span class=\"_ _a3\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>8)<span class=\"_ _a0\"> </span></span></span>(30)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span><span class=\"ls1b wsa9\">(<span class=\"_ _3\"></span>74<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span></span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _234\"> </span><span class=\"ff3b ls94 ws18a\">(<span class=\"_ _3\"></span>94)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _125\"> </span><span class=\"ls170 ws18f\">(767)<span class=\"_ _fa\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _56\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1e\"> </span>(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Othe<span class=\"_ _3\"></span>r non-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>t lia<span class=\"_ _3\"></span>bilities<span class=\"_ _234\"> </span><span class=\"ff3b ls3c ws37\">(90)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>47<span class=\"_ _3\"></span>)<span class=\"_ _a3\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _fa\"> </span></span>(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>2)<span class=\"_ _1cc\"> </span><span class=\"ls78 ws11a\">(2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal liabilities<span class=\"_ _2b5\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>33)<span class=\"_ _a3\"> </span>(3)<span class=\"_ _d5\"> </span><span class=\"ls125 ws11c\">(<span class=\"_ _3\"></span>1,1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>6)<span class=\"_ _1e\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _57\"> </span><span class=\"ls3c ws37\">(2,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>40)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Net<span class=\"_ _4\"></span> assets <span class=\"_ _204\"> </span><span class=\"ls3e ws39\">52<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _180\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span><span class=\"ls124 ws6a\">223<span class=\"_ _a0\"> </span><span class=\"ls72 wsf5\">275<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _17b\"> </span><span class=\"ff3b ls7 ws102\">31<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span></span>31<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s <span class=\"_ _1b3\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>10<span class=\"_ _3ab\"> </span>Lo<span class=\"_ _3\"></span>ans to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _5a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _a3\"> </span>73<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _5\"></span>otal inv<span class=\"_ _4\"></span>estment in jo<span class=\"_ _4\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _156\"> </span>93<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _97\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>1<span class=\"_ _180\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span><span class=\"ls10b wsff\">296<span class=\"_ _a1\"> </span></span></span></span></span>38<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span>^ <span class=\"_ _37\"> </span>Including Ireland.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s investment in mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g joint ventures\u2019 and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates\u2019 project<span class=\"_ _3\"></span>s is recog<span class=\"_ _3\"></span>nised at it<span class=\"_ _3\"></span>s remaining e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y investment p<span class=\"_ _3\"></span>lus the value of t<span class=\"_ _3\"></span>he Group\u2019s accr<span class=\"_ _3\"></span>ued returns fro<span class=\"_ _3\"></span>m the under<span class=\"_ _3\"></span>lying p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s. The mil<span class=\"_ _3\"></span>itar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates have total n<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>rec<span class=\"_ _3\"></span>ourse net bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s of \u00a32,<span class=\"_ _3\"></span>09<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m). Note 4<span class=\"_ _4\"></span>1(e) details th<span class=\"_ _3\"></span>e Group\u2019s militar<span class=\"_ _3\"></span>y hou<span class=\"_ _3\"></span>sing projec<span class=\"_ _3\"></span>ts.<span class=\"_ _3ab\"> </span>On ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain Infrast<span class=\"_ _3\"></span>ructure I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>stments c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ions where n<span class=\"_ _3\"></span>et fair value revalu<span class=\"_ _3\"></span>ations of P<span class=\"_ _3\"></span>PP finan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>ets and ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges resulted in<span class=\"_ gs52\"> </span>the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying va<span class=\"_ _3\"></span>lue of these inves<span class=\"_ _3\"></span>tments bei<span class=\"_ _3\"></span>ng negat<span class=\"_ _3\"></span>ive, the Grou<span class=\"_ _3\"></span>p has not reco<span class=\"_ _3\"></span>gnised l<span class=\"_ _3\"></span>osses b<span class=\"_ _3\"></span>eyond the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying valu<span class=\"_ _3\"></span>e of its investm<span class=\"_ _3\"></span>ents. Th<span class=\"_ _3\"></span>is is bec<span class=\"_ _3\"></span>ause the Grou<span class=\"_ _3\"></span>p has not co<span class=\"_ _3\"></span>mmitte<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o p<span class=\"_ _3\"></span>rovide any fu<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>r funding to th<span class=\"_ _3\"></span>ese investment<span class=\"_ _3\"></span>s and the b<span class=\"_ _3\"></span>orrowing<span class=\"_ _3\"></span>s within these c<span class=\"_ _3\"></span>onces<span class=\"_ _3\"></span>sions are no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>reco<span class=\"_ _3\"></span>urse to the Grou<span class=\"_ _3\"></span>p. At 31 Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>, the unreco<span class=\"_ _3\"></span>gnised c<span class=\"_ _3\"></span>umulati<span class=\"_ _3\"></span>ve net fair value c<span class=\"_ _3\"></span>harges to othe<span class=\"_ _3\"></span>r com<span class=\"_ _3\"></span>prehensi<span class=\"_ _3\"></span>ve income a<span class=\"_ _3\"></span>mounted to \u00a3<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>56<span class=\"_ _3\"></span>m).<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estments<span class=\"_ _3ab\"> </span>Income sta<span class=\"_ _3\"></span>tement Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Support<span class=\"_ _3ab\"> </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>UK<span class=\"fs5 ls5 ws3\"> </span>^<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Nor<span class=\"_ _3\"></span>th<span class=\"_ _3ab\"> </span>Americ<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Reve<span class=\"_ _3\"></span>nue<span class=\"_ _305\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>3<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _9d\"> </span><span class=\"ls114 ws10c\">99<span class=\"_ _180\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>9<span class=\"_ _97\"> </span><span class=\"ls3e ws39\">228<span class=\"_ _110\"> </span></span></span></span></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span>Op<span class=\"_ _3\"></span>erating p<span class=\"_ _3\"></span>rofit excluding g<span class=\"_ _3\"></span>ain on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3\"></span>s of int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests in<span class=\"_ gs52\"> </span>in<span class=\"_ _4\"></span>vestments<span class=\"_ _286\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _87\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _7d\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _38\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s<span class=\"_ _2fe\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _9d\"> </span>70<span class=\"_ _38\"> </span>70<span class=\"_ _3ab\"> </span></span>Operating profit<span class=\"_ _2ff\"> </span><span class=\"ff3c ls109 ws87\">24<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _87\"> </span></span></span>91<span class=\"_ _9d\"> </span><span class=\"ls221 wsa6\">88<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span></span>Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _231\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls72 wsf5\">72<span class=\"_ _7d\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">85<span class=\"_ _a3\"> </span><span class=\"ls221 wsa6\">88<span class=\"_ _3ab\"> </span></span></span></span></span></span>Finance costs<span class=\"_ _203\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"ls124 ws6a\">(66)<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _a1\"> </span><span class=\"ls10b wsff\">(8<span class=\"_ _3\"></span>6)<span class=\"_ _116\"> </span><span class=\"ls33 ws2c\">(<span class=\"_ _3\"></span>87)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>e ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion<span class=\"_ _301\"> </span><span class=\"ff3c ls61 ws59\">26<span class=\"_ _11c\"> </span></span><span class=\"ff3c\">\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _9d\"> </span><span class=\"ls46 ws41\">84<span class=\"_ _a3\"> </span><span class=\"ls33 ws2c\">87<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>xa<span class=\"_ _4\"></span>tion<span class=\"_ _298\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _a3\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _3ab\"> </span></span></span></span></span>Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t af<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion <span class=\"_ _184\"> </span><span class=\"ff3c ls5f ws57\">20<span class=\"_ _9a\"> </span></span><span class=\"ff3c\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9d\"> </span><span class=\"ls46 ws41\">84<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">85<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></span>Balance sheet<span class=\"_ _3ab\"> </span>Non-current assets<span class=\"_ _3ab\"> </span>Intangible assets \u2013<span class=\"_ _4\"></span> Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investments in<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>angible<span class=\"_ _302\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _a3\"> </span>40</span></span> <span class=\"_ _1a8\"> </span> <span class=\"_ _20f\"> </span>\u2013 other<span class=\"_ _236\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _7d\"> </span>13<span class=\"_ _3ab\"> </span></span></span>Proper<span class=\"_ _3\"></span>ty<span class=\"_ _4\"></span>, plant and equipmen<span class=\"_ _4\"></span>t<span class=\"_ _1c5\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span></span>33<span class=\"_ _3ab\"> </span></span>Investment<span class=\"_ _4\"></span> prop<span class=\"_ _3\"></span>erties<span class=\"_ _1d1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">257<span class=\"_ _180\"> </span>257<span class=\"_ _180\"> </span>257<span class=\"_ _3ab\"> </span></span></span>Investments<span class=\"_ _4\"></span> in joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _303\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _3ab\"> </span></span>Mo<span class=\"_ _3\"></span>ney market funds<span class=\"_ _300\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _a3\"> </span>26<span class=\"_ _38\"> </span>26<span class=\"_ _3ab\"> </span></span>PPP financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _1df\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls18f ws191\">984<span class=\"_ _a1\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3\"></span>0<span class=\"_ _110\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _a6\"> </span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span>Mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g project<span class=\"_ _3\"></span>s<span class=\"_ _304\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>9<span class=\"_ _7e\"> </span>11<span class=\"_ _3\"></span>9<span class=\"_ _7e\"> </span>11<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span>Other non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current asse<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _9e\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span><span class=\"lsc ws8\">27<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _38\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _a0\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Current assets<span class=\"_ _3ab\"> </span>Cash and cash equivalents<span class=\"_ _2dd\"> </span><span class=\"ls11d wsf4\">385<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>0<span class=\"_ _38\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _97\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span><span class=\"ls10c ws85\">5<span class=\"_ _3\"></span>61<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Other current assets<span class=\"_ _73\"> </span><span class=\"lsc ws8\">275<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _b0\"> </span></span>5<span class=\"_ _7d\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _180\"> </span><span class=\"ls61 ws59\">326<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal<span class=\"_ _4\"></span> assets<span class=\"_ _306\"> </span><span class=\"ff3c ls16a ws15f\">804<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1f7\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _180\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _3\"></span>6<span class=\"_ _110\"> </span></span>1,<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>6<span class=\"_ _dd\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,7<span class=\"_ _3\"></span>70<span class=\"_ _3ab\"> </span></span></span></span></span>Current liabilities<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _234\"> </span><span class=\"ls10b wsff\">(89)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">(37)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">(37)<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span>Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _287\"> </span><span class=\"ls61 ws59\">(579)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _20c\"> </span>(<span class=\"_ _3\"></span>12)<span class=\"_ _1cb\"> </span><span class=\"ls164 ws157\">(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>15)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _70\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _128\"> </span><span class=\"ls66 ws5e\">(8<span class=\"_ _3\"></span>85)<span class=\"_ _1cc\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>02)<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _15\"> </span>(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span>Othe<span class=\"_ _3\"></span>r non-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>t lia<span class=\"_ _3\"></span>bilities<span class=\"_ _234\"> </span><span class=\"ls120 ws119\">(80)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls12a ws11f\">(18<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _cc\"> </span></span>(18<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">(265)<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _5\"></span>otal liabilities<span class=\"_ _2b5\"> </span><span class=\"ff3c ls122 ws11b\">(<span class=\"_ _3\"></span>74<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _2f\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _1cb\"> </span><span class=\"ls108 wsfd\">(<span class=\"_ _3\"></span>519<span class=\"_ _3\"></span>)<span class=\"_ _c3\"> </span></span>(1,74<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _56\"> </span><span class=\"ls73 ws80\">(<span class=\"_ _3\"></span>2,49<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span></span></span>Net<span class=\"_ _4\"></span> assets<span class=\"_ _206\"> </span><span class=\"ff3c ls11d wsf4\">56<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a3\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _a0\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span><span class=\"ls78 ws11a\">2<span class=\"_ _3\"></span>21<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">277<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _24f\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span></span>33<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s (Note 26<span class=\"_ _3\"></span>)<span class=\"_ _f8\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>10<span class=\"_ _3ab\"> </span>Lo<span class=\"_ _3\"></span>ans to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _5a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _97\"> </span>10<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _5\"></span>otal inv<span class=\"_ _4\"></span>estment in jo<span class=\"_ _4\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _1d4\"> </span><span class=\"ff3c ls114 ws10c\">99<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>0<span class=\"_ _98\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">3<span class=\"_ _3\"></span>27<span class=\"_ _a0\"> </span><span class=\"ls4a ws44\">426<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>^ <span class=\"_ _37\"> </span>Including Ireland.<span class=\"_ _3ab\"> </span>19.3 Ag<span class=\"_ _3\"></span>gre<span class=\"_ _3\"></span>gat<span class=\"_ _3\"></span>e inf<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>es an<span class=\"_ _3\"></span>d as<span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span>Joint v<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ntures<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Associates<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s share of profit from o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>ons<span class=\"_ _307\"> </span><span class=\"ff3b ls45 ws40\">42<span class=\"_ _38\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span></span>Ag<span class=\"_ _3\"></span>gregate c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amo<span class=\"_ _3\"></span>unt of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest<span class=\"_ _308\"> </span><span class=\"ff3b\">276<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _180\"> </span><span class=\"lsa9 wsa0\">389<span class=\"_ _3ab\"> </span></span></span></span>Joint vent<span class=\"_ _3\"></span>ures<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Associates<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s share of profit from o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>ons<span class=\"_ _307\"> </span><span class=\"ls114 ws10c\">89<span class=\"_ _9d\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span>Ag<span class=\"_ _3\"></span>gregate c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amo<span class=\"_ _3\"></span>unt of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest<span class=\"_ _309\"> </span><span class=\"ls105 wsc2\">300<span class=\"_ _180\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>6<span class=\"_ _97\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span>19.4 De<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>s of ma<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>ial j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Ga<span class=\"_ _3\"></span>mmon C<span class=\"_ _3\"></span>hina Ltd<span class=\"_ _b0\"> </span>Co<span class=\"_ _3\"></span>nnec<span class=\"_ _3\"></span>t Plus (<span class=\"_ _3\"></span>M25<span class=\"_ _3\"></span>) Ltd<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Pr<span class=\"_ _3\"></span>opo<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up\u2019s own<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>p int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n th<span class=\"_ _3\"></span>e join<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e<span class=\"_ _30a\"> </span><span class=\"lsc ws8\">50%<span class=\"_ _f2\"> </span></span><span class=\"ff3c\">5<span class=\"_ _3\"></span>0%<span class=\"_ _2e\"> </span> <span class=\"_ _cc\"> </span></span><span class=\"ls10d ws101\">15%<span class=\"_ _128\"> </span><span class=\"ff3c ls100 ws104\">15<span class=\"_ _3\"></span>%<span class=\"_ _3ab\"> </span></span></span>Income sta<span class=\"_ _3\"></span>tement<span class=\"_ _3ab\"> </span>Revenue<span class=\"_ _16b\"> </span><span class=\"ff3b ls1c ws107\">2<span class=\"_ _3\"></span>,715<span class=\"_ _a8\"> </span></span><span class=\"ls162 ws155\">2<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _25d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span><span class=\"ff3b ls7 ws102\">2<span class=\"_ _3\"></span>31<span class=\"_ _180\"> </span></span><span class=\"ls49 ws43\">270<span class=\"_ _3ab\"> </span></span></span></span>Underlying<span class=\"_ _4\"></span> operating profit<span class=\"_ _30b\"> </span><span class=\"ls45 ws40\">65<span class=\"_ _a3\"> </span><span class=\"ff3c ls72 wsf5\">72<span class=\"_ _3e\"> </span></span><span class=\"ls92 ws8a\">20<span class=\"_ _b0\"> </span><span class=\"ff3c ls5 ws3\">9<span class=\"_ _3ab\"> </span></span></span></span>Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _30c\"> </span><span class=\"ff3b ls78 ws11a\">21<span class=\"_ _9a\"> </span></span><span class=\"ls5 ws3\">6<span class=\"_ _1c4\"> </span> <span class=\"_ _e0\"> </span><span class=\"ff3b ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span></span><span class=\"ls100 ws104\">14<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span></span>Finance costs<span class=\"_ _30d\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _a3\"> </span></span><span class=\"ls33 ws2c\">(3)<span class=\"_ _37\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _f2\"> </span><span class=\"ff3b ls14b ws189\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>1)<span class=\"_ _1cb\"> </span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>101)<span class=\"_ _3ab\"> </span></span></span></span>Inc<span class=\"_ _3\"></span>ome ta<span class=\"_ _3\"></span>x charge<span class=\"_ _18b\"> </span><span class=\"ff3b ls10f ws105\">(12<span class=\"_ _3\"></span>)<span class=\"_ _97\"> </span></span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _133\"> </span></span> <span class=\"_ _98\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _a3\"> </span></span><span class=\"ls10b wsff\">(9)<span class=\"_ _3ab\"> </span></span>Prof<span class=\"_ _3\"></span>it<span class=\"_ _30e\"> </span><span class=\"ff3b ls1c ws107\">71<span class=\"_ _9d\"> </span></span><span class=\"ls114 ws10c\">63<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _51\"> </span><span class=\"ff3b ls5f ws57\">50<span class=\"_ _9d\"> </span></span><span class=\"ls11d wsf4\">39<span class=\"_ _3ab\"> </span></span></span></span>T<span class=\"_ _5\"></span>otal other compr<span class=\"_ _4\"></span>ehensive income/(loss) <span class=\"_ _86\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _1c4\"> </span> <span class=\"_ _ff\"> </span></span><span class=\"ls90 ws116\">18<span class=\"_ _e0\"> </span></span></span><span class=\"ls122 ws11b\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>74<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>reh<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>sive i<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>ome/(los<span class=\"_ _3\"></span>s) (<span class=\"_ _4\"></span>100<span class=\"_ _3\"></span>%<span class=\"_ _4\"></span>)<span class=\"_ _216\"> </span><span class=\"ls1c ws107\">71<span class=\"_ _9d\"> </span><span class=\"ff3c ls105 wsc2\">65<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _51\"> </span></span><span class=\"ls103 wsf8\">68<span class=\"_ _128\"> </span><span class=\"ff3c lsa9 wsa0\">(235)<span class=\"_ _3ab\"> </span></span></span>Gr<span class=\"_ _3\"></span>oup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e of to<span class=\"_ _3\"></span>tal c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome/(lo<span class=\"_ _3\"></span>ss)<span class=\"_ _d7\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _a3\"> </span><span class=\"ff3c ls44 ws3f\">33<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span></span><span class=\"ls7 ws102\">10<span class=\"_ _87\"> </span><span class=\"ff3c ls66 ws5e\">(35)<span class=\"_ _3ab\"> </span></span></span>Di<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ds re<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>ive<span class=\"_ _3\"></span>d by th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up du<span class=\"_ _3\"></span>rin<span class=\"_ _3\"></span>g the ye<span class=\"_ _3\"></span>ar<span class=\"_ _30f\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _a3\"> </span><span class=\"ff3c ls44 ws3f\">33<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _7b\"> </span></span>5<span class=\"_ _9a\"> </span><span class=\"ff3c\">6<span class=\"_ _3ab\"> </span></span>Balance sheet<span class=\"_ _3ab\"> </span>Non-current assets<span class=\"_ _310\"> </span><span class=\"ls109 ws87\">270<span class=\"_ _a0\"> </span><span class=\"ff3c ls3e ws39\">289<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _2f\"> </span></span></span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _1f7\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span>Current assets<span class=\"_ _311\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span>Cash and cash equivalents<span class=\"_ _2c9\"> </span><span class=\"ff3b ls18b ws188\">654<span class=\"_ _a1\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _2\"></span>3<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _27\"> </span><span class=\"ff3b ls90 ws116\">123<span class=\"_ _97\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span>Other current assets<span class=\"_ _15f\"> </span><span class=\"ff3b ls48 ws42\">613<span class=\"_ _97\"> </span></span><span class=\"ls5b ws15e\">5<span class=\"_ _2\"></span>41<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _81\"> </span><span class=\"ff3b ls1b wsa9\">74<span class=\"_ _9d\"> </span></span><span class=\"ls105 wsc2\">65<span class=\"_ _3ab\"> </span></span></span></span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _110\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _25d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span></span></span><span class=\"ls94 ws18a\">19<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"ff3c ls12a ws11f\">19<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span>Current liabilities<span class=\"_ _312\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _149\"> </span><span class=\"ff3b ls8b ws4\">(8<span class=\"_ _3\"></span>97)<span class=\"_ _fa\"> </span></span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>914<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span></span> <span class=\"_ _a0\"> </span><span class=\"ff3b ls94 ws18a\">(6<span class=\"_ _3\"></span>4)<span class=\"_ _116\"> </span></span><span class=\"lsaa ws69\">(5<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span>Provisions<span class=\"_ _313\"> </span><span class=\"ff3b ls48 ws42\">(4<span class=\"_ _3\"></span>9)<span class=\"_ _25\"> </span></span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _192\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _b2\"> </span></span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _98\"> </span><span class=\"ff3b ls10f ws105\">(19<span class=\"_ _3\"></span>)<span class=\"_ _180\"> </span></span><span class=\"ls12a ws11f\">(19<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _290\"> </span><span class=\"ff3b ls14b ws189\">(1<span class=\"_ _3\"></span>01)<span class=\"_ _ef\"> </span></span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>142<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _97\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>0)<span class=\"_ _a3\"> </span></span><span class=\"ls66 ws5e\">(<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></span></span>(1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>7)<span class=\"_ _4f\"> </span><span class=\"ff3c ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _180\"> </span></span></span><span class=\"lsd ws18e\">(9<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span><span class=\"ff3c ls120 ws119\">(80)<span class=\"_ _3ab\"> </span></span></span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _314\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _293\"> </span><span class=\"ff3b ls10f ws105\">(12<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>(9<span class=\"_ _3\"></span>4)<span class=\"_ _37\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span>Provisions<span class=\"_ _313\"> </span><span class=\"ff3b lsd ws18e\">(3<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span></span><span class=\"ls3e ws39\">(28)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span>Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _2e0\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>9)<span class=\"_ _7b\"> </span></span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _c3\"> </span><span class=\"ff3b ls125 ws11c\">(1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _c3\"> </span></span><span class=\"ls162 ws155\">(<span class=\"_ _3\"></span>1,1<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span>Other non-<span class=\"_ _3\"></span>current<span class=\"_ _4\"></span> liabilities (including<span class=\"_ _4\"></span> shareholder loans)<span class=\"_ _315\"> </span><span class=\"ff3b ls3c ws37\">(20)<span class=\"_ _a1\"> </span></span><span class=\"ls85 ws7d\">(37)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _1cb\"> </span><span class=\"ff3b ls10a wsfe\">(<span class=\"_ _3\"></span>419<span class=\"_ _3\"></span>)<span class=\"_ _cc\"> </span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></span>(36<span class=\"_ _3\"></span>8)<span class=\"_ _fa\"> </span><span class=\"ff3c ls100 ws104\">(15<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _4f\"> </span></span></span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6)<span class=\"_ _4f\"> </span><span class=\"ff3c ls10a wsfe\">(<span class=\"_ _3\"></span>1,5<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span></span>Net<span class=\"_ _4\"></span> assets (<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>00%<span class=\"_ _4\"></span>)<span class=\"_ _316\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _97\"> </span><span class=\"ff3c ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span></span></span><span class=\"ls66 ws5e\">230<span class=\"_ _180\"> </span><span class=\"ff3c ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span>Re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of t<span class=\"_ _3\"></span>he ab<span class=\"_ _3\"></span>ove sum<span class=\"_ _3\"></span>mar<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al in<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>mat<span class=\"_ _3\"></span>ion to t<span class=\"_ _3\"></span>he c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>t of th<span class=\"_ _3\"></span>e int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n the a<span class=\"_ _3\"></span>bove j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>es re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d in th<span class=\"_ _3\"></span>e consolidate<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> financ<span class=\"_ _3\"></span>ial<span class=\"_ _4\"></span> st<span class=\"_ _3\"></span>atements:<span class=\"_ _3ab\"> </span>Net as<span class=\"_ _3\"></span>sets of joint ventu<span class=\"_ _3\"></span>re (<span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>0%<span class=\"_ _4\"></span>)<span class=\"_ _120\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _97\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _2e\"> </span></span> <span class=\"_ _e0\"> </span><span class=\"ff3b ls66 ws5e\">230<span class=\"_ _180\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span>Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s share of net a<span class=\"_ _3\"></span>ssets<span class=\"_ _29c\"> </span><span class=\"ff3b ls10d ws101\">61<span class=\"_ _9d\"> </span></span><span class=\"ls16a ws15f\">66<span class=\"_ _2e\"> </span></span> <span class=\"_ _51\"> </span><span class=\"ff3b ls3b ws36\">35<span class=\"_ _a3\"> </span></span><span class=\"ls105 wsc2\">30<span class=\"_ _3ab\"> </span></span>Ad<span class=\"_ _3\"></span>d: Group\u2019<span class=\"_ _4\"></span>s i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rest in shareh<span class=\"_ _3\"></span>older lo<span class=\"_ _3\"></span>ans<span class=\"_ _107\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _51\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _9d\"> </span></span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span>Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _26f\"> </span><span class=\"ff3b ls7 ws102\">31<span class=\"_ _9d\"> </span></span><span class=\"ls44 ws3f\">33<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7f\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span>Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amo<span class=\"_ _3\"></span>unt o<span class=\"_ _3\"></span>f the G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p\u2019s int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n the j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e<span class=\"_ _23c\"> </span><span class=\"ls74 ws6b\">92<span class=\"_ _a3\"> </span><span class=\"ff3c ls114 ws10c\">99<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span></span><span class=\"ls10d ws101\">61<span class=\"_ _9d\"> </span><span class=\"ff3c ls3e ws39\">57<span class=\"_ _3ab\"> </span></span></span>19<span class=\"_ _4\"></span>.5 Cash flo<span class=\"_ _4\"></span>w from/<span class=\"_ _5\"></span>(to<span class=\"_ _4\"></span>) joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _1c8\"> </span><span class=\"ff3c lsaf wsa8\">Infrastructure In<span class=\"_ _4\"></span>vestments<span class=\"_ _3ab\"> </span></span>Cash flows<span class=\"_ _4\"></span> from inv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sting<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivities<span class=\"_ _3ab\"> </span>UK ^<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>North<span class=\"_ _3ab\"> </span>America<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>UK ^<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Nor<span class=\"_ _3\"></span>th<span class=\"_ _3ab\"> </span>Americ<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Div<span class=\"_ _3\"></span>idend<span class=\"_ _3\"></span>s from joint venture<span class=\"_ _3\"></span>s and associates<span class=\"_ _317\"> </span><span class=\"ff3b ls5 ws3\">9<span class=\"_ _38\"> </span><span class=\"ls10d ws101\">15 </span></span>+<span class=\"_ _3ab\"> </span>36<span class=\"_ _a3\"> </span><span class=\"ls16d ws230\">60<span class=\"_ _2e\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _34\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _98\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span> </span></span></span></span>x<span class=\"_ _3ab\"> </span>34<span class=\"_ _a0\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span> </span>Sub<span class=\"_ _3\"></span>ordinate<span class=\"_ _3\"></span>d debt interest receiv<span class=\"_ _4\"></span>ed<span class=\"_ _fe\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></span></span>Investm<span class=\"_ _3\"></span>ents in and lo<span class=\"_ _3\"></span>ans to joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _3a\"> </span><span class=\"ff3b lsf7 ws100\">(9)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _ff\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _37\"> </span></span><span class=\"ff3c\"> <span class=\"_ _38\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(22)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"lsa9 wsa0\">(29)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Equit<span class=\"_ _3\"></span>y<span class=\"_ _2da\"> </span><span class=\"ff3b lsf7 ws100\">(9)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _ff\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _37\"> </span></span><span class=\"ff3c\"> <span class=\"_ _38\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(22)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Subordinat<span class=\"_ _4\"></span>ed debt repaid<span class=\"_ _213\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _7b\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span></span>Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y from joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _1e3\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span>4 +<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _2e\"> </span><span class=\"ff3c\"> <span class=\"_ _7c\"> </span>\u2013<span class=\"_ _9d\"> </span>3<span class=\"_ _3\"></span>4 </span>x<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _3ab\"> </span></span>Disp<span class=\"_ _3\"></span>osal of inves<span class=\"_ _3\"></span>tments in jo<span class=\"_ _3\"></span>int venture<span class=\"_ _3\"></span>s<span class=\"_ _fb\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _7f\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span></span>Ne<span class=\"_ _3\"></span>t ca<span class=\"_ _3\"></span>sh f<span class=\"_ _3\"></span>low fr<span class=\"_ _3\"></span>om jo<span class=\"_ _3\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _1ea\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _9d\"> </span><span class=\"ls109 ws87\">57<span class=\"_ _1c4\"> </span></span></span></span><span class=\"ff3c\"> <span class=\"_ _81\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>5<span class=\"_ _7d\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _a1\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _2\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>^ <span class=\"_ _78\"> </span>Inc<span class=\"_ _3\"></span>l<span class=\"_ _4\"></span>uding Ireland.<span class=\"_ _3ab\"> </span>+ <span class=\"_ _37\"> </span>In 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3, di<span class=\"_ _3\"></span>vide<span class=\"_ _3\"></span>nds an<span class=\"_ _3\"></span>d return o<span class=\"_ _3\"></span>f equi<span class=\"_ _3\"></span>ty fro<span class=\"_ _3\"></span>m joint v<span class=\"_ _3\"></span>enture<span class=\"_ _3\"></span>s and ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ates inc<span class=\"_ _3\"></span>lude<span class=\"_ _3\"></span>d \u00a31m and \u00a34<span class=\"_ _3\"></span>m resp<span class=\"_ _3\"></span>ecti<span class=\"_ _3\"></span>vely o<span class=\"_ _3\"></span>f proce<span class=\"_ _3\"></span>eds g<span class=\"_ _3\"></span>ener<span class=\"_ _3\"></span>ated fro<span class=\"_ _3\"></span>m the dis<span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>al of Mo<span class=\"_ _3\"></span>rett<span class=\"_ _3\"></span>i Apa<span class=\"_ _3\"></span>rtm<span class=\"_ _3\"></span>ents<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>x <span class=\"_ _12b\"> </span>I<span class=\"_ _3\"></span>n 202<span class=\"_ _3\"></span>2, di<span class=\"_ _3\"></span>vide<span class=\"_ _3\"></span>nds an<span class=\"_ _3\"></span>d retur<span class=\"_ _3\"></span>n of equi<span class=\"_ _3\"></span>ty fro<span class=\"_ _3\"></span>m join<span class=\"_ _3\"></span>t venture<span class=\"_ _3\"></span>s and as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ates in<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>ed \u00a35<span class=\"_ _3\"></span>9m a<span class=\"_ _3\"></span>nd \u00a3<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>m resp<span class=\"_ _3\"></span>ecti<span class=\"_ _3\"></span>vely of p<span class=\"_ _3\"></span>roce<span class=\"_ _3\"></span>eds ge<span class=\"_ _3\"></span>nera<span class=\"_ _3\"></span>ted from t<span class=\"_ _3\"></span>he dis<span class=\"_ _3\"></span>posa<span class=\"_ _3\"></span>l of Infr<span class=\"_ _3\"></span>astr<span class=\"_ _3\"></span>uctu<span class=\"_ _3\"></span>re Invest<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span>s ass<span class=\"_ _3\"></span>ets, of w<span class=\"_ _3\"></span>hich \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>2<span class=\"_ _3\"></span>m, \u00a35<span class=\"_ _3\"></span>0m<span class=\"_ _3\"></span>, \u00a34m<span class=\"_ _3\"></span>, \u00a313m and \u00a3<span class=\"_ _3\"></span>14m resp<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>ivel<span class=\"_ _3\"></span>y of proc<span class=\"_ _3\"></span>eeds w<span class=\"_ _3\"></span>ere gen<span class=\"_ _3\"></span>erate<span class=\"_ _3\"></span>d from th<span class=\"_ _3\"></span>e disp<span class=\"_ _3\"></span>osal o<span class=\"_ _3\"></span>f Rega<span class=\"_ _3\"></span>rd at Me<span class=\"_ _3\"></span>d Cente<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>, A<span class=\"_ _3\"></span>spir<span class=\"_ _3\"></span>e at Disc<span class=\"_ _3\"></span>over<span class=\"_ _3\"></span>y Par<span class=\"_ _3\"></span>k, Pr<span class=\"_ _3\"></span>eser<span class=\"_ _3\"></span>ve at S<span class=\"_ _3\"></span>outhw<span class=\"_ _3\"></span>ind, Preserve at Bartlet<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> and Waterchase Apar<span class=\"_ _3\"></span>tments.<span class=\"_ _3ab\"> </span>19.6 Sh<span class=\"_ _3\"></span>are o<span class=\"_ _3\"></span>f re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>s of jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s an<span class=\"_ _3\"></span>d ass<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>iat<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>Accumul<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>profit<span class=\"_ _3\"></span>/(lo<span class=\"_ _3\"></span>ss)<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Hedging<span class=\"_ _3ab\"> </span>reserve<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>PPP financial<span class=\"_ _3ab\"> </span>assets<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Cur<span class=\"_ _3\"></span>rency<span class=\"_ _3ab\"> </span>translation<span class=\"_ _3ab\"> </span>reserve<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> (<span class=\"_ _3\"></span>N<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span> 3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1)<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _291\"> </span>8<span class=\"_ _7e\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>54)<span class=\"_ _87\"> </span><span class=\"ls16a ws15f\">80<span class=\"_ _a3\"> </span><span class=\"ls11f ws118\">38<span class=\"_ _a3\"> </span></span></span>72<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2df\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _9d\"> </span>23<span class=\"_ _3ab\"> </span></span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _28e\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets<span class=\"_ _22a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span></span>\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es<span class=\"_ _141\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3ab\"> </span></span>Actuarial movements on re<span class=\"_ _4\"></span>tirement benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _4\"></span> <span class=\"_ _9b\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome<span class=\"_ _b3\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _87\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9a\"> </span></span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3ab\"> </span></span>Dividends<span class=\"_ _253\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _e0\"> </span></span>(14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement on di<span class=\"_ _3\"></span>sposa<span class=\"_ _3\"></span>l<span class=\"_ _1a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _a3\"> </span>(3)<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _318\"> </span><span class=\"ls72 wsf5\">(3<span class=\"_ _3\"></span>4)<span class=\"_ _a1\"> </span><span class=\"lsaa ws69\">(30)<span class=\"_ _97\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls44 ws3f\">58<span class=\"_ _7e\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2df\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>3)<span class=\"_ _97\"> </span>(13<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _319\"> </span><span class=\"ff3b ls120 ws119\">53<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets<span class=\"_ _22a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es<span class=\"_ _141\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Actuarial movements on re<span class=\"_ _4\"></span>tirement benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _4\"></span> <span class=\"_ _31a\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7b\"> </span></span>(1)<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome<span class=\"_ _b3\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _9d\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _3ab\"> </span></span></span>Dividends<span class=\"_ _2b3\"> </span><span class=\"ff3b ls10d ws101\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _87\"> </span></span>(60)<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement on di<span class=\"_ _3\"></span>sposa<span class=\"_ _3\"></span>l<span class=\"_ _1a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _ad\"> </span><span class=\"lsf7 ws100\">(9)<span class=\"_ _145\"> </span></span>6<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _ad\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2ca\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>2)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(38)<span class=\"_ _145\"> </span></span></span>8<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">45<span class=\"_ _7e\"> </span><span class=\"ls170 ws18f\">(27)<span class=\"_ _3ab\"> </span></span></span>4<span class=\"_ _3\"></span>3 Det<span class=\"_ _3\"></span>ails o<span class=\"_ _3\"></span>f rel<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d unde<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>ngs o<span class=\"_ _3\"></span>f Balf<span class=\"_ _3\"></span>our Bea<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ty pl<span class=\"_ _3\"></span>c as at 31 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span>In ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with S<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>n 40<span class=\"_ _3\"></span>9 of the C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>nies Act 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6 a full l<span class=\"_ _3\"></span>ist of subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s, par<span class=\"_ _3\"></span>tnersh<span class=\"_ _3\"></span>ips, ass<span class=\"_ _3\"></span>ociates an<span class=\"_ _3\"></span>d joint ventures, i<span class=\"_ _3\"></span>ncludin<span class=\"_ _3\"></span>g the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al activ<span class=\"_ _3\"></span>ity, the cou<span class=\"_ _3\"></span>ntry of i<span class=\"_ _3\"></span>ncorp<span class=\"_ _3\"></span>oratio<span class=\"_ _3\"></span>n and the ef<span class=\"_ _3\"></span>fective perc<span class=\"_ _3\"></span>entage of e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y owned as a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 is dis<span class=\"_ _3\"></span>closed bel<span class=\"_ _3\"></span>ow<span class=\"_ _4\"></span>. Unle<span class=\"_ _3\"></span>ss other<span class=\"_ _3\"></span>wise st<span class=\"_ _3\"></span>ated, all i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests are in the o<span class=\"_ _3\"></span>rdinar<span class=\"_ _3\"></span>y share<span class=\"_ gs52\"> </span>c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al or shares of c<span class=\"_ _3\"></span>ommon sto<span class=\"_ _3\"></span>ck in the entit<span class=\"_ _3\"></span>y and are he<span class=\"_ _3\"></span>ld indi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ctly by t<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span>, and a<span class=\"_ _3\"></span>ll entities o<span class=\"_ _3\"></span>perate pr<span class=\"_ _3\"></span>incipa<span class=\"_ _3\"></span>lly in their cou<span class=\"_ _3\"></span>ntry of in<span class=\"_ _3\"></span>corp<span class=\"_ _3\"></span>oratio<span class=\"_ _3\"></span>n. All su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies had a rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting peri<span class=\"_ _3\"></span>od ende<span class=\"_ _3\"></span>d 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd are wholl<span class=\"_ _3\"></span>y owned a<span class=\"_ _3\"></span>nd conso<span class=\"_ _3\"></span>lidated into th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s results<span class=\"_ _3\"></span>, ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ept where in<span class=\"_ _3\"></span>dicate<span class=\"_ _3\"></span>d. Su<span class=\"_ _3\"></span>bsi<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>kin<span class=\"_ _3\"></span>gs in<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he Un<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d Ki<span class=\"_ _3\"></span>ngd<span class=\"_ _3\"></span>om Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Q1<span class=\"_ _4\"></span>4 Q<span class=\"_ _3\"></span>uor<span class=\"_ _3\"></span>um Bu<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s Park<span class=\"_ _3\"></span>, Be<span class=\"_ _3\"></span>nto<span class=\"_ _3\"></span>n Lan<span class=\"_ _3\"></span>e, Ne<span class=\"_ _3\"></span>wca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le up<span class=\"_ _3\"></span>on T<span class=\"_ _4\"></span>yn<span class=\"_ _3\"></span>e N<span class=\"_ _3\"></span>E12 8B<span class=\"_ _3\"></span>U<span class=\"_ _3ab\"> </span>Ab<span class=\"_ _3\"></span>eryst<span class=\"_ _3\"></span>wy<span class=\"_ _3\"></span>th Student Accommod<span class=\"_ _3\"></span>ation Lt<span class=\"_ _4\"></span>d<span class=\"_ _78\"> </span><span class=\"lsc ws8\">Infrastructure Concession<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Investments<span class=\"_ _4\"></span><span class=\"_ gs52\"> </span>Ltd (i) Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Partner<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Mem<span class=\"_ _3\"></span>ber Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Proje<span class=\"_ _3\"></span>cts Investments<span class=\"_ _4\"></span> Ltd<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Holdi<span class=\"_ _3\"></span>ngs Ltd <span class=\"_ _fa\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Cor<span class=\"_ _3\"></span>porate  Ser<span class=\"_ _3\"></span>vices Ltd<span class=\"_ _4\"></span> Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Wo<span class=\"_ _3\"></span>rkSma<span class=\"_ _3\"></span>rt Ltd<span class=\"_ _36\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>BBI Holdings Austral<span class=\"_ _4\"></span>ia Ltd<span class=\"_ _1bc\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>BBPF<span class=\"_ _4\"></span> LLP (iii)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artnership<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Hol<span class=\"_ _3\"></span>dings Ltd <span class=\"_ _e3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Ltd <span class=\"_ _387\"> </span><span class=\"lsc ws8\">Infrastructur<span class=\"_ _4\"></span>e Concession<span class=\"_ _3ab\"> </span></span>Connect Roads Infrastructu<span class=\"_ _4\"></span>re <span class=\"ls5 ws3\"> </span>Investments<span class=\"_ _4\"></span> Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany Consor<span class=\"_ _3\"></span>t Healthcare Infrastructure Investments<span class=\"_ _4\"></span> Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Fa<span class=\"_ _3\"></span>ciliti<span class=\"_ _4\"></span>es Ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt Ltd Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>Eas<span class=\"_ _3\"></span>t Slope R<span class=\"_ _3\"></span>esiden<span class=\"_ _3\"></span>cies Ho<span class=\"_ _3\"></span>ldings Ltd <span class=\"_ _ce\"> </span><span class=\"ls15 ws11\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>vestment Holding </span>Co<span class=\"_ _3\"></span>mpany East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artner Ltd<span class=\"_ _4\"></span> <span class=\"_ _e3\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> pl<span class=\"_ _3\"></span>c<span class=\"_ _4\"></span> (ii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Student Accomm<span class=\"_ _3\"></span>odation LLP (ii) (iii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>Education Investments Holdings Ltd<span class=\"_ _c6\"> </span>Investment Holding Co<span class=\"_ _3\"></span>mpany Initi<span class=\"_ _3\"></span>al GP1 Ltd <span class=\"_ _ae\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Manchester Residences (New Cross) Ltd<span class=\"_ _4\"></span> <span class=\"_ _1c4\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>South C<span class=\"_ _3\"></span>ambridgeshire In<span class=\"_ _4\"></span>vestments Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>West Slope Residencies Facilities Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Ltd<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>West Slope Residencies Finance Ltd<span class=\"_ _d5\"> </span><span class=\"lsc ws8\">Infrast<span class=\"_ _4\"></span>ruc<span class=\"_ _3\"></span>tu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span></span>West Slope Residencies Holding<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Ltd<span class=\"_ _ba\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>West Slope Residencies LL<span class=\"_ _3\"></span>P<span class=\"_ _4\"></span> (iii) (v)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>West Slope Residencies Par<span class=\"_ _3\"></span>tners L<span class=\"_ _4\"></span>td<span class=\"_ _ce\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>West Stratford Dev<span class=\"_ _4\"></span>elo<span class=\"_ _3\"></span>pments<span class=\"_ _4\"></span> Ltd (iv)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>5 Ch<span class=\"_ _3\"></span>urc<span class=\"_ _3\"></span>hi<span class=\"_ _3\"></span>ll Pl<span class=\"_ _3\"></span>ace<span class=\"_ _3\"></span>, Cana<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>y Wha<span class=\"_ _3\"></span>rf, L<span class=\"_ _3\"></span>ond<span class=\"_ _3\"></span>on E1<span class=\"_ _4\"></span>4 5<span class=\"_ _3\"></span>HU<span class=\"_ _3ab\"> </span>Avata<span class=\"_ _3\"></span>r Ltd <span class=\"_ _131\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Bu<span class=\"_ _3\"></span>ild Ltd <span class=\"_ _1d4\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Bu<span class=\"_ _3\"></span>ilding Ltd <span class=\"_ _378\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>E Ltd<span class=\"_ _12e\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivil Engi<span class=\"_ _3\"></span>neering (<span class=\"_ _3\"></span>SW<span class=\"_ _3\"></span>) Ltd <span class=\"_ _2e\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivil Engi<span class=\"_ _3\"></span>neering Ltd <span class=\"_ _b5\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivils Ltd <span class=\"_ _31\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onst Ltd <span class=\"_ _24\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction (<span class=\"_ _3\"></span>SW<span class=\"_ _3\"></span>) Ltd <span class=\"_ _5e\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on In<span class=\"_ _4\"></span>ternation<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>thern Ltd <span class=\"_ _c9\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty En<span class=\"_ _3\"></span>gineeri<span class=\"_ _3\"></span>ng Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es (HY<span class=\"_ _3\"></span>) Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Empl<span class=\"_ _3\"></span>oyment Ltd <span class=\"_ _b7\"> </span>Em<span class=\"_ _3\"></span>ployer Fo<span class=\"_ _3\"></span>r UK Workforce<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Ltd<span class=\"_ _39a\"> </span><span class=\"lsc ws8\">Construction &amp; Support </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>omes Ltd<span class=\"_ _1a\"> </span>A<span class=\"_ _3\"></span>gent of Ma<span class=\"_ _3\"></span>nring Ho<span class=\"_ _3\"></span>mes Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inter<span class=\"_ _3\"></span>nation<span class=\"_ _3\"></span>al Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stment Ho<span class=\"_ _3\"></span>ldings Ltd (i)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Ltd <span class=\"_ _81\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty N<span class=\"_ _3\"></span>ominee<span class=\"_ _3\"></span>s Ltd <span class=\"_ _215\"> </span><span class=\"lsc ws8\">Nominee Company<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Overseas Inv<span class=\"_ _4\"></span>estments Ltd<span class=\"_ _bf\"> </span>Inv<span class=\"_ _4\"></span>estment Hold<span class=\"_ _3\"></span>ing<span class=\"_ _4\"></span> Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty O<span class=\"_ _3\"></span>versea<span class=\"_ _3\"></span>s Ltd<span class=\"_ _140\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Hol<span class=\"_ _3\"></span>ding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Ltd (i)<span class=\"_ _3ab\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y plc<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Infrast<span class=\"_ _3\"></span>ructure S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vices Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Ltd <span class=\"_ _210\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Proje<span class=\"_ _3\"></span>cts Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail T<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>chnolo<span class=\"_ _3\"></span>gies Ltd <span class=\"_ _4f\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail T<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ack Systems Ltd <span class=\"_ _122\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>efurbishm<span class=\"_ _3\"></span>ent Ltd<span class=\"_ _a0\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>egiona<span class=\"_ _3\"></span>l Const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n Ltd <span class=\"_ _25d\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty U<span class=\"_ _3\"></span>tilit<span class=\"_ _3\"></span>y Solut<span class=\"_ _3\"></span>ions Ltd <span class=\"_ _10a\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Kilp<span class=\"_ _3\"></span>atrick Ltd <span class=\"_ _2c\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant </span>BB In<span class=\"_ _3\"></span>donesia Ltd<span class=\"_ _8\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>vac Ltd <span class=\"_ _a4\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bic<span class=\"_ _3\"></span>al Cons<span class=\"_ _3\"></span>truct<span class=\"_ _3\"></span>ion Ltd <span class=\"_ _213\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Bign<span class=\"_ _3\"></span>ell &amp; Ass<span class=\"_ _3\"></span>ociates Ltd<span class=\"_ _156\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Birs<span class=\"_ _3\"></span>e Group Ltd <span class=\"_ _62\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Birs<span class=\"_ _3\"></span>e Metro Ltd<span class=\"_ _1e5\"> </span>Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span>Bno<span class=\"_ _3\"></span>ms Ltd (i)<span class=\"_ _3ab\"> </span>Nominee Company<span class=\"_ _3ab\"> </span>BP<span class=\"_ _3\"></span>H Equipment Ltd <span class=\"_ _35\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Cow<span class=\"_ _3\"></span>lin Group Ltd <span class=\"_ _211\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Devons<span class=\"_ _3\"></span>hire House D<span class=\"_ _3\"></span>ormant T<span class=\"_ _3\"></span>hree Ltd<span class=\"_ _10c\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt </span>Guinea Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Ltd <span class=\"_ _1a0\"> </span>Investment Holding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>G. N<span class=\"_ _3\"></span>. Hade<span class=\"_ _3\"></span>n &amp; Sons Ltd <span class=\"_ _1a0\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Haden Building Ser<span class=\"_ _3\"></span>vices Ltd<span class=\"_ _140\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ha<span class=\"_ _3\"></span>den Y<span class=\"_ _4\"></span>oung Ltd (i)<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Hal<span class=\"_ _3\"></span>l &amp; T<span class=\"_ _5\"></span>awse We<span class=\"_ _3\"></span>stern Ltd <span class=\"_ _39b\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant </span>L<span class=\"_ _3\"></span>aser Rail Ltd <span class=\"_ _1b0\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Loun<span class=\"_ _3\"></span>sdale Ele<span class=\"_ _3\"></span>ctric Ltd <span class=\"_ _213\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>ormant<span class=\"_ _3\"></span> </span>Ma<span class=\"_ _3\"></span>nring Ho<span class=\"_ _3\"></span>mes Ltd (i)<span class=\"_ _3ab\"> </span>Proper<span class=\"_ _3\"></span>ty Investment<span class=\"_ _3ab\"> </span>Mult<span class=\"_ _3\"></span>ibuild (<span class=\"_ _3\"></span>Constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n &amp; Interiors) Ltd <span class=\"_ _1e4\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Of<span class=\"_ _3\"></span>fice Projects (Interiors)<span class=\"_ _4\"></span> Ltd<span class=\"_ _229\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </span>Grou<span class=\"_ _3\"></span>p Ltd Omnicom Enginee<span class=\"_ _4\"></span>ring Ltd <span class=\"_ _1cd\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ray<span class=\"_ _3\"></span>nesway C<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion Ltd <span class=\"_ _1d6\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Strata Construction L<span class=\"_ _4\"></span>td<span class=\"_ _30\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Urb<span class=\"_ _3\"></span>an Fox Net<span class=\"_ _3\"></span>works (<span class=\"_ _3\"></span>UK<span class=\"_ _3\"></span>) Ltd (vi)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>He<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>d Ste<span class=\"_ _3\"></span>el Wor<span class=\"_ _3\"></span>ks, H<span class=\"_ _3\"></span>olm<span class=\"_ _3\"></span>er Ro<span class=\"_ _3\"></span>ad, H<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>d HR<span class=\"_ _3\"></span>4 9SW<span class=\"_ _3ab\"> </span>Painter B<span class=\"_ _3\"></span>rothers Ltd <span class=\"_ _1d\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Ki<span class=\"_ _3\"></span>ngs B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss Pa<span class=\"_ _3\"></span>rk, K<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>s Dr<span class=\"_ _3\"></span>ive, Pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>t, Me<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>eysi<span class=\"_ _3\"></span>de L<span class=\"_ _3\"></span>34 1PJ<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Pe<span class=\"_ _3\"></span>nsion T<span class=\"_ _4\"></span>rus<span class=\"_ _3\"></span>t Ltd (i)<span class=\"_ _3ab\"> </span>Pension Fund T<span class=\"_ _5\"></span>rustee<span class=\"_ _3ab\"> </span>C/O Mc Gr<span class=\"_ _3\"></span>igg<span class=\"_ _3\"></span>ors L<span class=\"_ _3\"></span>LP<span class=\"_ _5\"></span>, Arn<span class=\"_ _3\"></span>ot<span class=\"_ _3\"></span>t Ho<span class=\"_ _3\"></span>use, 12<span class=\"_ _3\"></span>\u2013<span class=\"_ _4\"></span>16 Br<span class=\"_ _3\"></span>idg<span class=\"_ _3\"></span>e St<span class=\"_ _3\"></span>ree<span class=\"_ _3\"></span>t, B<span class=\"_ _3\"></span>el<span class=\"_ _3\"></span>fas<span class=\"_ _3\"></span>t BT1 1LS<span class=\"_ _3\"></span>, Nor<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>ern I<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Kilp<span class=\"_ _3\"></span>atrick N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>thern Irel<span class=\"_ _3\"></span>and Ltd <span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e Cur<span class=\"_ _3\"></span>ve Bu<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>g, Ax<span class=\"_ _3\"></span>is B<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>ss Par<span class=\"_ _3\"></span>k, H<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ica<span class=\"_ _3\"></span>ne Way, Lan<span class=\"_ _3\"></span>gley, Berkshire SL3 8AG<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>round Engin<span class=\"_ _3\"></span>eering Ltd <span class=\"_ _1a4\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es Ltd <span class=\"_ _b\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>iving P<span class=\"_ _3\"></span>laces Ltd <span class=\"_ _a3\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Sunderland Streetlighting Ltd <span class=\"_ _1f1\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </span>Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>esti<span class=\"_ _3\"></span>ng and A<span class=\"_ _3\"></span>nalysis Ltd <span class=\"_ _1ef\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>xi<span class=\"_ _3\"></span>m 7<span class=\"_ _5\"></span>, Ma<span class=\"_ _3\"></span>xim O<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ce Pa<span class=\"_ _3\"></span>rk, P<span class=\"_ _3\"></span>ark<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>ds Aven<span class=\"_ _3\"></span>ue, Eu<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>l, Holy<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>own ML<span class=\"_ _5\"></span>1 4<span class=\"_ _4\"></span>WQ<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction Ltd <span class=\"_ _7d\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction S<span class=\"_ _3\"></span>cot<span class=\"_ _3\"></span>tish &amp; So<span class=\"_ _3\"></span>uthern Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty K<span class=\"_ _3\"></span>ilpat<span class=\"_ _3\"></span>rick Ltd <span class=\"_ _1d7\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Residu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y Ltd <span class=\"_ _a0\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Regional Civil E<span class=\"_ _4\"></span>ngineering Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd BBPFS LP (iii)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artnership<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Glasgow Residences (Kennedy Street) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Glasgow Residences (Kennedy Street) LL<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession Glasgow Residences (Kennedy Street) SP<span class=\"_ _3\"></span>V Ltd Infrastructu<span class=\"_ _4\"></span>re Concession Hal<span class=\"_ _3\"></span>l &amp; T<span class=\"_ _5\"></span>awse Ltd <span class=\"_ _34a\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant </span>Initi<span class=\"_ _3\"></span>al Found<span class=\"_ _3\"></span>er Par<span class=\"_ _3\"></span>tner G<span class=\"_ _3\"></span>P1 Ltd <span class=\"_ _7c\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Mi<span class=\"_ _3\"></span>dmi<span class=\"_ _3\"></span>ll Bu<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>k, T<span class=\"_ _4\"></span>um<span class=\"_ _3\"></span>ulu<span class=\"_ _3\"></span>s Way<span class=\"_ _4\"></span>, K<span class=\"_ _3\"></span>int<span class=\"_ _3\"></span>ore, A<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re AB51<span class=\"_ _4\"></span> 0TG<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Engineering<span class=\"_ _4\"></span> Ser<span class=\"_ _3\"></span>vices (CL) Ltd<span class=\"_ _3ab\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s, T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>wer Br<span class=\"_ _3\"></span>idg<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>se, S<span class=\"_ _3\"></span>t Kat<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s Way, Lon<span class=\"_ _3\"></span>don E1W 1<span class=\"_ _3\"></span>DD<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Powe<span class=\"_ _3\"></span>r Const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on Ltd<span class=\"_ _e6\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Powe<span class=\"_ _3\"></span>r Netw<span class=\"_ _3\"></span>orks (Distribution S<span class=\"_ _3\"></span>ervices) Ltd<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Branlow<span class=\"_ _4\"></span> Ltd<span class=\"_ _a2\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Mansell Maintenance Ltd<span class=\"_ _302\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s LLP<span class=\"_ _5\"></span>, 30 O<span class=\"_ _3\"></span>ld Ba<span class=\"_ _3\"></span>ile<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, Lo<span class=\"_ _3\"></span>ndo<span class=\"_ _3\"></span>n EC4<span class=\"_ _3\"></span>M 7<span class=\"_ _4\"></span>AU<span class=\"_ _3ab\"> </span>Birse Construction<span class=\"_ _4\"></span> Ltd<span class=\"_ _3a\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany \u2013  In L<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>ation Edg<span class=\"_ _3\"></span>ar Alle<span class=\"_ _3\"></span>n Enginee<span class=\"_ _3\"></span>ring Ltd <span class=\"_ _140\"> </span>Dor<span class=\"_ _3\"></span>mant \u2013 In Li<span class=\"_ _3\"></span>quidati<span class=\"_ _3\"></span>on<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>nsell plc <span class=\"_ _2c7\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estment Hold<span class=\"_ _3\"></span>ing<span class=\"_ _4\"></span> </span>Co<span class=\"_ _3\"></span>mpany \u2013 In L<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>ation<span class=\"_ _3ab\"> </span>Wes<span class=\"_ _3\"></span>t Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e Roa<span class=\"_ _3\"></span>d, Ray<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>way<span class=\"_ _4\"></span>, D<span class=\"_ _3\"></span>erby D<span class=\"_ _3\"></span>E21 7BG<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>lant &amp; Fleet S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vices Ltd <span class=\"_ _132\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s LLP<span class=\"_ _5\"></span>, 100 Q<span class=\"_ _3\"></span>uee<span class=\"_ _3\"></span>n St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, G<span class=\"_ _3\"></span>las<span class=\"_ _3\"></span>gow G1 3D<span class=\"_ _3\"></span>N Sco<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>and<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty En<span class=\"_ _3\"></span>gineeri<span class=\"_ _3\"></span>ng Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es  (L<span class=\"_ _3\"></span>EL) L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Lumina<span class=\"_ _4\"></span> Building, 40 Ainslie<span class=\"_ _4\"></span> Road, Hillington<span class=\"_ _4\"></span> Park, Glasgow<span class=\"_ _4\"></span> G5<span class=\"_ _3\"></span>2<span class=\"_ gs52\"> </span>4RU Shaw<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Petrie Ltd<span class=\"_ _9b\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>4<span class=\"_ _3\"></span>2-<span class=\"_ _3\"></span>44 C<span class=\"_ _3\"></span>lar<span class=\"_ _3\"></span>end<span class=\"_ _3\"></span>on Ro<span class=\"_ _3\"></span>ad, Wa<span class=\"_ _3\"></span>tf<span class=\"_ _3\"></span>ord<span class=\"_ _3\"></span>, He<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rd<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re WD17 1DR<span class=\"_ _3ab\"> </span>Bar<span class=\"_ _3\"></span>low &amp; Y<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ung, Ltd <span class=\"_ _1c7\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ha<span class=\"_ _3\"></span>den Interna<span class=\"_ _3\"></span>tional Ltd<span class=\"_ _214\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Fo<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, 1<span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>0 Wi<span class=\"_ _3\"></span>lto<span class=\"_ _3\"></span>n Road<span class=\"_ _3\"></span>, Lon<span class=\"_ _3\"></span>don SW1V 1LQ<span class=\"_ _3ab\"> </span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>5 L<span class=\"_ _3\"></span>td<span class=\"_ _173\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>17<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span> L<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>d<span class=\"_ _46\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>BIC<span class=\"_ _3\"></span>C Dor<span class=\"_ _3\"></span>mant One Ltd<span class=\"_ _30\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Devons<span class=\"_ _3\"></span>hire House D<span class=\"_ _3\"></span>ormant O<span class=\"_ _3\"></span>ne Ltd<span class=\"_ _f\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>ird F<span class=\"_ _3\"></span>loo<span class=\"_ _3\"></span>r Devon<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re H<span class=\"_ _3\"></span>ous<span class=\"_ _3\"></span>e, May<span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ir Pl<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>e, Lon<span class=\"_ _3\"></span>don W1X 5F<span class=\"_ _3\"></span>H<span class=\"_ _3ab\"> </span>BIC<span class=\"_ _3\"></span>C The<span class=\"_ _3\"></span>rmohe<span class=\"_ _3\"></span>at Ltd<span class=\"_ _19f\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii) <span class=\"_ _3\"></span>80%<span class=\"_ _4\"></span> owned.<span class=\"_ _3ab\"> </span>(iii) <span class=\"_ _6\"></span>Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terests held.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>31 Ma<span class=\"_ _3\"></span>rch yea<span class=\"_ _3\"></span>r end.<span class=\"_ _3ab\"> </span>(v<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>81<span class=\"_ _5\"></span>% o<span class=\"_ _3\"></span>wned<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(v<span class=\"_ _3\"></span>i) Th<span class=\"_ _3\"></span>e Group h<span class=\"_ _3\"></span>olds a 7<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>8% dire<span class=\"_ _3\"></span>ct inte<span class=\"_ _3\"></span>rest in U<span class=\"_ _3\"></span>rban F<span class=\"_ _3\"></span>ox Net<span class=\"_ _3\"></span>work<span class=\"_ _3\"></span>s (UK<span class=\"_ _3\"></span>) Ltd an<span class=\"_ _3\"></span>d an ind<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span> inte<span class=\"_ _3\"></span>rest of 5<span class=\"_ _3\"></span>.6% thr<span class=\"_ _3\"></span>ough t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p intere<span class=\"_ _3\"></span>st in Ur<span class=\"_ _3\"></span>ban Ele<span class=\"_ _3\"></span>ctr<span class=\"_ _3\"></span>ic Net<span class=\"_ _3\"></span>work<span class=\"_ _3\"></span>s Ltd. Su<span class=\"_ _3\"></span>bs<span class=\"_ _3\"></span>idi<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>kin<span class=\"_ _3\"></span>gs i<span class=\"_ _3\"></span>nco<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>sid<span class=\"_ _3\"></span>e the U<span class=\"_ _3\"></span>nit<span class=\"_ _3\"></span>ed K<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>domEntity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Australia<span class=\"_ _ab\"> </span><span class=\"ls5 ws3\"> </span>Al<span class=\"_ _3\"></span>len<span class=\"_ _3\"></span>s Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>e Ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>s Pt<span class=\"_ _3\"></span>y Li<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>, Leve<span class=\"_ _3\"></span>l 33, 101 Co<span class=\"_ _3\"></span>lli<span class=\"_ _3\"></span>ns Stree<span class=\"_ _3\"></span>t,<span class=\"_ _4\"></span> Me<span class=\"_ _3\"></span>lbourne,<span class=\"_ _4\"></span> Vic<span class=\"_ _3\"></span>toria,<span class=\"_ _4\"></span> 30<span class=\"_ _3\"></span>00<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Australian Limited Par<span class=\"_ _3\"></span>tnership (ii)<span class=\"_ _3ab\"> </span>Holding company<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>vel 12, 6<span class=\"_ _3\"></span>80 Ge<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ge St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, S<span class=\"_ _3\"></span>ydne<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, NSW 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>0 Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty A<span class=\"_ _3\"></span>ustralia P<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Ltd <span class=\"_ _ad\"> </span><span class=\"lsc ws8\">Construction &amp; Support </span>Ser<span class=\"_ _3\"></span>vices Bahamas<span class=\"_ _39d\"> </span><span class=\"ls5 ws3\"> </span>Th<span class=\"_ _3\"></span>e Alex<span class=\"_ _3\"></span>and<span class=\"_ _3\"></span>er C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te Gr<span class=\"_ _3\"></span>oup L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span>, One M<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s Cou<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>t,  P<span class=\"_ _5\"></span>.O. Box N<span class=\"_ _3\"></span>-<span class=\"_ _4\"></span>71<span class=\"_ _5\"></span>17<span class=\"_ _5\"></span>, N<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sau<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty B<span class=\"_ _3\"></span>ahamas Ltd <span class=\"_ _140\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Canada<span class=\"_ _39e\"> </span><span class=\"ls5 ws3\"> </span>Bo<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>n La<span class=\"_ _3\"></span>dne<span class=\"_ _3\"></span>r Ge<span class=\"_ _3\"></span>rva<span class=\"_ _3\"></span>is LL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, 22 Ad<span class=\"_ _3\"></span>ela<span class=\"_ _3\"></span>ide S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t Wes<span class=\"_ _3\"></span>t, Su<span class=\"_ _3\"></span>ite 3<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0, T<span class=\"_ _5\"></span>oronto, ON,<span class=\"_ _4\"></span> M<span class=\"_ _3\"></span>5H<span class=\"_ _4\"></span> 4E<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span>BB Gro<span class=\"_ _3\"></span>up Can<span class=\"_ _3\"></span>ada Inc<span class=\"_ _1c7\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>ayl<span class=\"_ _3\"></span>or M<span class=\"_ _3\"></span>cCa<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>y LLP<span class=\"_ _5\"></span>, 9<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0 St<span class=\"_ _3\"></span>. Mar<span class=\"_ _3\"></span>y Aven<span class=\"_ _3\"></span>ue, W<span class=\"_ _3\"></span>inni<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>g, MB, R3C 4K5<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Communities GP<span class=\"_ _5\"></span>, Inc<span class=\"_ _e3\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Communities, LP (ii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on, LP (ii)<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, Inc<span class=\"_ _a8\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments G<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, Inc <span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>vestments, LP (ii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span>BB NI<span class=\"_ _3\"></span>H GP<span class=\"_ _5\"></span>, Inc<span class=\"_ _39f\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span></span>Germany<span class=\"_ _154\"> </span><span class=\"ls5 ws3\"> </span>Ga<span class=\"_ _3\"></span>rmi<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>her S<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>e 35, 81373 M<span class=\"_ _3\"></span>uni<span class=\"_ _3\"></span>ch<span class=\"_ _be\"> </span> Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Gmb<span class=\"_ _3\"></span>H<span class=\"_ _219\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>BICC Holdings GmbH<span class=\"_ _1e3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Schreck<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>Mieves<span class=\"_ _4\"></span> GmbH<span class=\"_ _49\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant </span>Hong K<span class=\"_ _4\"></span>ong<span class=\"_ _369\"> </span><span class=\"ls5 ws3\"> </span>5/F<span class=\"_ _5\"></span>, M<span class=\"_ _3\"></span>anu<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>fe Pla<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>8 Kwun T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ng Roa<span class=\"_ _3\"></span>d Kowl<span class=\"_ _3\"></span>oon Ho<span class=\"_ _3\"></span>ng Kon<span class=\"_ _3\"></span>g<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Hong Kong L<span class=\"_ _4\"></span>td<span class=\"_ _215\"> </span>Construction &amp; Support Ser<span class=\"_ _3\"></span>vices India<span class=\"_ _186\"> </span><span class=\"ls5 ws3\"> </span>6<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, N-<span class=\"_ _4\"></span>1 B<span class=\"_ _3\"></span>als<span class=\"_ _3\"></span>a Blo<span class=\"_ _3\"></span>ck<span class=\"_ _3\"></span>, Man<span class=\"_ _3\"></span>yata E<span class=\"_ _3\"></span>mba<span class=\"_ _3\"></span>ssy B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss Pa<span class=\"_ _3\"></span>rk, Nagav<span class=\"_ _4\"></span>ara, Rachenahalli Villag<span class=\"_ _4\"></span>e, Bangalore<span class=\"_ _4\"></span> \u2013 56004<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>, India<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Indi<span class=\"_ _3\"></span>a  P<span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>t. Ltd<span class=\"_ _3ab\"> </span>Engineerin<span class=\"_ _3\"></span>g Design Consultan<span class=\"_ _3\"></span>cy Ireland<span class=\"_ _5a\"> </span><span class=\"ls5 ws3\"> </span>Ci<span class=\"_ _3\"></span>ty J<span class=\"_ _3\"></span>unc<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on Bu<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>k, No<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>rn Cr<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s, Ma<span class=\"_ _3\"></span>lahi<span class=\"_ _3\"></span>de R<span class=\"_ _3\"></span>oad, Dublin 1<span class=\"_ _5\"></span>7<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Ire<span class=\"_ _3\"></span>land Ltd<span class=\"_ _302\"> </span><span class=\"ls15 ws11\">Su<span class=\"_ _3\"></span>pport Ser<span class=\"_ _3\"></span>vices </span>Is<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f Man<span class=\"_ _22e\"> </span> T<span class=\"_ _4\"></span>owe<span class=\"_ _3\"></span>r Hou<span class=\"_ _3\"></span>se, L<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>h Prom<span class=\"_ _3\"></span>ena<span class=\"_ _3\"></span>de, D<span class=\"_ _3\"></span>oug<span class=\"_ _3\"></span>las I<span class=\"_ _3\"></span>M<span class=\"_ _4\"></span>1 2<span class=\"_ _3\"></span>LZ<span class=\"_ _3\"></span>, Is<span class=\"_ _3\"></span>le of M<span class=\"_ _3\"></span>an<span class=\"_ _3ab\"> </span>Delphian Insurance C<span class=\"_ _3\"></span>ompany L<span class=\"_ _4\"></span>td (i)<span class=\"_ _3ab\"> </span>Insurance Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span> Jer<span class=\"_ _3\"></span>sey<span class=\"_ _1e8\"> </span><span class=\"ls5 ws3\"> </span>12 Ca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, S<span class=\"_ _3\"></span>t. H<span class=\"_ _3\"></span>eli<span class=\"_ _3\"></span>er, Jer<span class=\"_ _3\"></span>sey<span class=\"_ _15\"> </span> Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Em<span class=\"_ _3\"></span>ployees T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ustees Ltd (i)<span class=\"_ _3ab\"> </span>Employee T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ust<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>lays<span class=\"_ _3\"></span>ia<span class=\"_ _1c9\"> </span><span class=\"ls5 ws3\"> </span>12t<span class=\"_ _3\"></span>h Flo<span class=\"_ _3\"></span>or<span class=\"_ _4\"></span>, M<span class=\"_ _3\"></span>ena<span class=\"_ _3\"></span>ra sy<span class=\"_ _3\"></span>mph<span class=\"_ _3\"></span>ony<span class=\"_ _4\"></span>, N<span class=\"_ _3\"></span>o 5, Jal<span class=\"_ _3\"></span>an Pr<span class=\"_ _3\"></span>of. Kh<span class=\"_ _3\"></span>oo Kay K<span class=\"_ _3\"></span>im, Seksyen 1<span class=\"_ _4\"></span>3, 46200 Petaling Jaya,<span class=\"_ _4\"></span> Sel<span class=\"_ _3\"></span>angor<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Desig<span class=\"_ _3\"></span>n Internati<span class=\"_ _3\"></span>onal Sd<span class=\"_ _3\"></span>n Bhd Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices Netherlan<span class=\"_ _3\"></span>ds<span class=\"_ _35b\"> </span><span class=\"ls5 ws3\"> </span>Ra<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>bu<span class=\"_ _3\"></span>rge<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>at 177<span class=\"_ _4\"></span>/B, 101<span class=\"_ _4\"></span>1 V<span class=\"_ _3\"></span>M Ams<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>m<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Netherlands B.<span class=\"_ _4\"></span>V.<span class=\"_ _7f\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Romania<span class=\"_ _1c9\"> </span><span class=\"ls5 ws3\"> </span>23 G<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>ral E<span class=\"_ _3\"></span>rne<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>t Bro<span class=\"_ _3\"></span>ste<span class=\"_ _3\"></span>anu S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, 1st Distric<span class=\"_ _3\"></span>t, 0<span class=\"_ _4\"></span>10527<span class=\"_ _5\"></span>,<span class=\"_ _4\"></span> Buc<span class=\"_ _3\"></span>harest<span class=\"_ _3ab\"> </span>S.C<span class=\"_ _3\"></span>. Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Rail S<span class=\"_ _3\"></span>.R.<span class=\"_ _3\"></span>L.<span class=\"_ _3a0\"> </span>Dor<span class=\"_ _3\"></span>mant - In L<span class=\"_ _3\"></span>iquida<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Sri Lanka<span class=\"_ _17f\"> </span><span class=\"ls5 ws3\"> </span>Pha<span class=\"_ _3\"></span>se 3 I<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt P<span class=\"_ _3\"></span>romo<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n Zon<span class=\"_ _3\"></span>e, Kat<span class=\"_ _3\"></span>unaya<span class=\"_ _3\"></span>ke, Co<span class=\"_ _3\"></span>lom<span class=\"_ _3\"></span>bo, Western<span class=\"_ _4\"></span> Province<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>eylon (<span class=\"_ _3\"></span>Priva<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e) Ltd <span class=\"_ _cc\"> </span><span class=\"ls15 ws11\">Sup<span class=\"_ _3\"></span>port Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Thailand<span class=\"_ _68\"> </span><span class=\"ls5 ws3\"> </span>9 So<span class=\"_ _3\"></span>i San<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>uk, S<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>his<span class=\"_ _3\"></span>arn R<span class=\"_ _3\"></span>oad, H<span class=\"_ _3\"></span>uay Kwan<span class=\"_ _3\"></span>g, Ban<span class=\"_ _3\"></span>gkok<span class=\"_ _3ab\"> </span>As<span class=\"_ _3\"></span>ia T<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ade Develo<span class=\"_ _3\"></span>pment C<span class=\"_ _3\"></span>o Ltd <span class=\"_ _7d\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on <span class=\"ls5 ws3\"> </span>(<span class=\"_ _3\"></span>Th<span class=\"_ _3\"></span>ailand) C<span class=\"_ _3\"></span>o Ltd Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs (<span class=\"_ _3\"></span>Thail<span class=\"_ _3\"></span>and) C<span class=\"_ _3\"></span>o Ltd <span class=\"_ _2e\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty T<span class=\"_ _3\"></span>hai Ltd <span class=\"_ _3a1\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Linwo<span class=\"_ _3\"></span>od Co Ltd <span class=\"_ _1e9\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _39f\"> </span><span class=\"ls5 ws3\"> </span>101<span class=\"_ _5\"></span>1 C<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tre R<span class=\"_ _3\"></span>oad, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 31<span class=\"_ _4\"></span>0, W<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>ming<span class=\"_ _3\"></span>ton D<span class=\"_ _3\"></span>E 1980<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs Inc<span class=\"_ _2d\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>LC <span class=\"_ _13d\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>30<span class=\"_ _3\"></span>0 Gal<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>ria Pa<span class=\"_ _3\"></span>rk<span class=\"_ _3\"></span>way<span class=\"_ _4\"></span>, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 205<span class=\"_ _3\"></span>0, Atla<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>a, GA 30<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>9 National Enginee<span class=\"_ _4\"></span>ring &amp; Contracting Co<span class=\"_ _3\"></span>mpany Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture, Inc <span class=\"_ _7e\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 1<span class=\"_ _4\"></span>127 B<span class=\"_ _3\"></span>roa<span class=\"_ _3\"></span>dway S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et N<span class=\"_ _3\"></span>E, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 310, Sale<span class=\"_ _3\"></span>m OR 97<span class=\"_ _3\"></span>301<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ock Spr<span class=\"_ _3\"></span>ings, L<span class=\"_ _3\"></span>LC<span class=\"_ _82\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 1703 L<span class=\"_ _3\"></span>aur<span class=\"_ _3\"></span>el S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Col<span class=\"_ _3\"></span>umb<span class=\"_ _3\"></span>ia,  SC 2<span class=\"_ _3\"></span>92<span class=\"_ _3\"></span>01<span class=\"_ _3ab\"> </span>National C<span class=\"_ _3\"></span>asualty and As<span class=\"_ _3\"></span>surance, Inc<span class=\"_ _4\"></span> <span class=\"_ _db\"> </span>Insurance Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, W<span class=\"_ _3\"></span>ilmi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>ton DE 19<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>08<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ampus S<span class=\"_ _3\"></span>oluti<span class=\"_ _3\"></span>ons, LLC<span class=\"_ _b8\"> </span><span class=\"ls4f ws49\">Infrastructur<span class=\"_ _4\"></span>e Holding </span>Co<span class=\"_ _3\"></span>mpany Balfour Beatt<span class=\"_ _3\"></span>y Communities, LLC<span class=\"_ _98\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction D.C<span class=\"_ _3\"></span>., LLC<span class=\"_ _5f\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on, LLC<span class=\"_ _51\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts Hol<span class=\"_ _3\"></span>do, LLC<span class=\"_ _c1\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts, Inc<span class=\"_ _180\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion Services<span class=\"_ _3ab\"> </span></span>Balfour Beatty Equipment, LLC<span class=\"_ _11c\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments, I<span class=\"_ _3\"></span>nc <span class=\"_ _7d\"> </span><span class=\"ls15 ws11\">Investment Company<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Inc <span class=\"_ _9d\"> </span><span class=\"ls15 ws11\">Business Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty/<span class=\"_ _3\"></span>Ben<span class=\"_ _3\"></span>ham  Militar<span class=\"_ _3\"></span>y Communities LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Balfour Beatt<span class=\"_ _3\"></span>y/P<span class=\"_ _3\"></span>HELPS<span class=\"ls5 ws3\"> </span>Militar<span class=\"_ _3\"></span>y Communities LLC (iv)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Devel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Investments<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty \u2013 Wo<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>group, LLC<span class=\"_ _a1\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>BBC A<span class=\"_ _3\"></span>F Hou<span class=\"_ _3\"></span>sing Co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion LLC<span class=\"_ _f2\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC AF Management/<span class=\"_ _3\"></span>Developmen<span class=\"_ _4\"></span>t LLC<span class=\"_ _1a8\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC I<span class=\"_ _3\"></span>ndepe<span class=\"_ _3\"></span>ndent Mem<span class=\"_ _3\"></span>ber I, In<span class=\"_ _3\"></span>c <span class=\"_ _87\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC I<span class=\"_ _3\"></span>ndepe<span class=\"_ _3\"></span>ndent Mem<span class=\"_ _3\"></span>ber II, I<span class=\"_ _3\"></span>nc<span class=\"_ _87\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 ACC G<span class=\"_ _3\"></span>roup, LLC<span class=\"_ _1b8\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>ETC G<span class=\"_ _3\"></span>eneral Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (iii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>ETC L<span class=\"_ _3\"></span>imited Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (iii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>MC Gen<span class=\"_ _3\"></span>eral Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>MC Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>R General Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>R Limi<span class=\"_ _3\"></span>ted Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/ Picatinny General Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/ Pic<span class=\"_ _3\"></span>atinny Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estmen<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 FD<span class=\"_ _3\"></span>WR LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt C<span class=\"_ _3\"></span>arson L<span class=\"_ _3\"></span>LC<span class=\"_ _1b8\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt Go<span class=\"_ _3\"></span>rdon LLC<span class=\"_ _bc\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt H<span class=\"_ _3\"></span>amilton LLC<span class=\"_ _1cf\"> </span><span class=\"ls15 ws11\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt Ja<span class=\"_ _3\"></span>ckson L<span class=\"_ _3\"></span>LC<span class=\"_ _c1\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Ha<span class=\"_ _3\"></span>mpton Roa<span class=\"_ _3\"></span>ds LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 L<span class=\"_ _3\"></span>ackla<span class=\"_ _3\"></span>nd LLC<span class=\"_ _57\"> </span><span class=\"ls15 ws11\">Infrastructure In<span class=\"_ _4\"></span>vestment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Le<span class=\"_ _3\"></span>onard Woo<span class=\"_ _3\"></span>d LLC<span class=\"_ _2\"></span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Nav<span class=\"_ _3\"></span>y N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>heast LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Nav<span class=\"_ _3\"></span>y S<span class=\"_ _3\"></span>outhea<span class=\"_ _3\"></span>st LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 No<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>ern Group, LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Stewar<span class=\"_ _3\"></span>t Hunter LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Vande<span class=\"_ _3\"></span>nberg Gen<span class=\"_ _3\"></span>eral Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Vande<span class=\"_ _3\"></span>nberg Limi<span class=\"_ _3\"></span>ted Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 West Po<span class=\"_ _3\"></span>int LLC<span class=\"_ _13e\"> </span><span class=\"ls15 ws11\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Wester<span class=\"_ _3\"></span>n Genera<span class=\"_ _3\"></span>l Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Wester<span class=\"_ _3\"></span>n Limited Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC Multif<span class=\"_ _4\"></span>amily Holdings, LLC<span class=\"_ _b1\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC<span class=\"_ _3\"></span>S \u2013 Nor<span class=\"_ _3\"></span>thsi<span class=\"_ _3\"></span>de Cam<span class=\"_ _3\"></span>pus LLC<span class=\"_ _1f6\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t </span>BBCS Developmen<span class=\"_ _4\"></span>t, LLC<span class=\"_ _38c\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BB Dev<span class=\"_ _4\"></span>elopments Sub Holdco, LLC<span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>BICC Cables Cor<span class=\"_ _3\"></span>poration<span class=\"_ _39a\"> </span><span class=\"ls15 ws11\">Business Ser<span class=\"_ _3\"></span>vices </span>Ok<span class=\"_ _3\"></span>tiv (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>all<span class=\"_ _3\"></span>ahassee) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _b0\"> </span><span class=\"ls15 ws11\">In<span class=\"_ _4\"></span>frastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e Investment<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 3<span class=\"_ _3\"></span>00 De<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>hut<span class=\"_ _3\"></span>es Way SW, Sui<span class=\"_ _3\"></span>te 30<span class=\"_ _3\"></span>4, T<span class=\"_ _4\"></span>um<span class=\"_ _3\"></span>wate<span class=\"_ _3\"></span>r WA 98<span class=\"_ _3\"></span>501<span class=\"_ _3ab\"> </span>Howa<span class=\"_ _3\"></span>rd S. Wrig<span class=\"_ _3\"></span>ht Const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on Co<span class=\"_ _128\"> </span><span class=\"ls15 ws11\">Construction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>HS<span class=\"_ _3\"></span>W, Inc <span class=\"_ _154\"> </span><span class=\"ls15 ws11\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span></span>CS<span class=\"_ _3\"></span>C \u2013 Neva<span class=\"_ _3\"></span>da, C/O C<span class=\"_ _3\"></span>SC Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es of N<span class=\"_ _3\"></span>evad<span class=\"_ _3\"></span>a, In<span class=\"_ _3\"></span>c., 5<span class=\"_ _3\"></span>02 Ea<span class=\"_ _3\"></span>st Jo<span class=\"_ _3\"></span>hn St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et Ca<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>on Ci<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, N<span class=\"_ _3\"></span>eva<span class=\"_ _3\"></span>da 89<span class=\"_ _3\"></span>706<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>Gol<span class=\"_ _3\"></span>den Construction Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on Company<span class=\"_ _4\"></span>, Inc<span class=\"_ _1cf\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Serv<span class=\"_ _3\"></span>ices<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup, Inc <span class=\"_ _1a7\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion Services<span class=\"_ _3ab\"> </span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii) <span class=\"_ _3\"></span>Partnership interests<span class=\"_ _4\"></span> held.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>i) <span class=\"_ _6\"></span>8<span class=\"_ _3\"></span>0% in<span class=\"_ _3\"></span>terest h<span class=\"_ _3\"></span>eld. (i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>89<span class=\"_ _3\"></span>% interes<span class=\"_ _3\"></span>t held<span class=\"_ _3\"></span>. (v) 9<span class=\"_ _3\"></span>0% in<span class=\"_ _4\"></span>terest held.<span class=\"_ _3ab\"> </span>Jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s inc<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d in t<span class=\"_ _3\"></span>he Uni<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d Kin<span class=\"_ _3\"></span>gdo<span class=\"_ _3\"></span>mEntity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Q1<span class=\"_ _4\"></span>4 Q<span class=\"_ _3\"></span>uor<span class=\"_ _3\"></span>um Bu<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s Park<span class=\"_ _3\"></span>, Be<span class=\"_ _3\"></span>nto<span class=\"_ _3\"></span>n Lan<span class=\"_ _3\"></span>e, Ne<span class=\"_ _3\"></span>wca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le Up<span class=\"_ _3\"></span>on T<span class=\"_ _5\"></span>yne, England,<span class=\"_ _4\"></span> England, NE<span class=\"_ _4\"></span>12 8BU<span class=\"_ _3ab\"> </span>BBDE Orbital Holdings, LLP (iii) (v)<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>5<span class=\"_ _5f\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t Ho<span class=\"_ _3\"></span>lding </span>Co<span class=\"_ _3\"></span>mpany Connect A3<span class=\"_ _3\"></span>0/A3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span> Holdings Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0/A<span class=\"_ _3\"></span>35 Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>50 Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Connect CNDR Holdings Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR I<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rmedi<span class=\"_ _3\"></span>ate Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Connect M<span class=\"_ _4\"></span>1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Holdings Lt<span class=\"_ _4\"></span>d (i) (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect M1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Ltd (iv) <span class=\"_ _2d\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Concession Connect M77/GSO Holdings<span class=\"_ _4\"></span> Ltd (ii) (iv)<span class=\"_ _3ab\"> </span>85<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect M<span class=\"_ _3\"></span>77/GSO p<span class=\"_ _3\"></span>lc (ii) (iv)<span class=\"_ _3ab\"> </span>85<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Ltd<span class=\"_ _bc\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Holdi<span class=\"_ _3\"></span>ngs Ltd<span class=\"_ _2\"></span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Intermed<span class=\"_ _3\"></span>iate Ltd 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Ltd<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Connect Roads Nor<span class=\"_ _3\"></span>thamp<span class=\"_ _4\"></span>tonshire<span class=\"_ _4\"></span> Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Connect Roads Nor<span class=\"_ _3\"></span>thamp<span class=\"_ _4\"></span>tonshire<span class=\"_ _4\"></span> Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3\"></span> 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>hamptonshire Ltd <span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Ltd<span class=\"_ _e\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Connect Roads Sunderland<span class=\"_ _4\"></span> Holdings Ltd<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Sun<span class=\"_ _3\"></span>derla<span class=\"_ _3\"></span>nd Ltd<span class=\"_ _e3\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (Holdings) L<span class=\"_ _4\"></span>td (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 1<span class=\"_ _4\"></span>) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 2) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 3) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 4) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 5) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 7<span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 7) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Financ<span class=\"_ _3\"></span>e (Holdings) L<span class=\"_ _4\"></span>td (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (Fi<span class=\"_ _3\"></span>nance) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO Hol<span class=\"_ _3\"></span>dings Ltd (ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t Ho<span class=\"_ _3\"></span>lding </span>Co<span class=\"_ _3\"></span>mpany Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO Interme<span class=\"_ _3\"></span>diate Ltd<span class=\"_ _3ab\"> </span>(ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO plc (ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Hold<span class=\"_ _3\"></span>ings Ltd<span class=\"_ _3ab\"> </span>(iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Intermed<span class=\"_ _3\"></span>iate Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession South Cambridgeshir<span class=\"_ _4\"></span>e Projects LLP (v)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ho<span class=\"_ _3\"></span>ldco Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Interm<span class=\"_ _3\"></span>ediate Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nne<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t Plu<span class=\"_ _3\"></span>s Hou<span class=\"_ _3\"></span>se, S<span class=\"_ _3\"></span>t Alb<span class=\"_ _3\"></span>ans R<span class=\"_ _3\"></span>oad, S<span class=\"_ _3\"></span>out<span class=\"_ _3\"></span>h Mim<span class=\"_ _3\"></span>ms, Hert<span class=\"_ _3\"></span>fo<span class=\"_ _4\"></span>rd<span class=\"_ _3\"></span>sh<span class=\"_ _4\"></span>ire EN6<span class=\"_ _4\"></span> 3NP<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Hol<span class=\"_ _3\"></span>dings Ltd (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Interme<span class=\"_ _3\"></span>diate Ltd<span class=\"_ _3ab\"> </span>(iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Issuer p<span class=\"_ _3\"></span>lc (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Ltd (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>xi<span class=\"_ _3\"></span>m 7<span class=\"_ _5\"></span>, Ma<span class=\"_ _3\"></span>xim O<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ce Pa<span class=\"_ _3\"></span>rk, P<span class=\"_ _3\"></span>ark<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>ds Aven<span class=\"_ _3\"></span>ue, Eu<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>l, Holy<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>own ML<span class=\"_ _5\"></span>1 4<span class=\"_ _4\"></span>WQ<span class=\"_ _3ab\"> </span>Holyrood Holdings Lt<span class=\"_ _4\"></span>d <span class=\"_ _1d0\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3\"></span> 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Holyrood Student Accommodation plc<span class=\"_ _2\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span></span>Concession<span class=\"_ _3ab\"> </span>Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> SP<span class=\"_ _3\"></span>V Ltd 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Wes<span class=\"_ _3\"></span>tm<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r Hou<span class=\"_ _3\"></span>se, C<span class=\"_ _3\"></span>rom<span class=\"_ _3\"></span>pto<span class=\"_ _3\"></span>n Way<span class=\"_ _5\"></span>, S<span class=\"_ _3\"></span>ege<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>th We<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>, Fareham,<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>ampshire<span class=\"_ _4\"></span> PO15<span class=\"_ _4\"></span> 5SS<span class=\"_ _3ab\"> </span>Pevense<span class=\"_ _4\"></span>y C<span class=\"_ _3\"></span>oastal<span class=\"ls5 ws3\"> </span>Defenc<span class=\"_ _3\"></span>e Ltd 25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession<span class=\"_ _3ab\"> </span>C/O Pari<span class=\"_ _3\"></span>o Ltd, 18 R<span class=\"_ _3\"></span>iver<span class=\"_ _3\"></span>sway B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss V<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span>age, N<span class=\"_ _3\"></span>avig<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on Way, Pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ton PR<span class=\"_ _3\"></span>2 2YP Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Funding plc<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Ltd<span class=\"_ _44\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession 9 Am<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>de Ho<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>e W<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>od L<span class=\"_ _3\"></span>ane, P<span class=\"_ _3\"></span>ara<span class=\"_ _3\"></span>dis<span class=\"_ _3\"></span>e In<span class=\"_ _3\"></span>dus<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ial E<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ate, Hemel Hempstead,<span class=\"_ _4\"></span> Her<span class=\"_ _3\"></span>tfordshire,<span class=\"_ _4\"></span> England HP2<span class=\"_ _4\"></span> 4TP<span class=\"_ _3ab\"> </span>Peb<span class=\"_ _3\"></span>blehall B<span class=\"_ _3\"></span>io Power Ltd <span class=\"_ _85\"> </span><span class=\"ls4f ws49\">29.2<span class=\"_ _1f4\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Urb<span class=\"_ _3\"></span>an Elec<span class=\"_ _3\"></span>tric Net<span class=\"_ _3\"></span>works Ltd<span class=\"_ _51\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span></span>Concession<span class=\"_ _3ab\"> </span>Wellan<span class=\"_ _3\"></span>d Bio Power Ltd 29.<span class=\"_ _3\"></span>2<span class=\"_ _3f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>Due to t<span class=\"_ _3\"></span>he shar<span class=\"_ _3\"></span>ehol<span class=\"_ _3\"></span>ders\u2019 a<span class=\"_ _3\"></span>greem<span class=\"_ _3\"></span>ent bet<span class=\"_ _3\"></span>wee<span class=\"_ _3\"></span>n Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y and th<span class=\"_ _3\"></span>e other s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs req<span class=\"_ _3\"></span>uirin<span class=\"_ _3\"></span>g unan<span class=\"_ _3\"></span>imit<span class=\"_ _3\"></span>y of agre<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t in resp<span class=\"_ _3\"></span>ect of si<span class=\"_ _3\"></span>gnif<span class=\"_ _3\"></span>ican<span class=\"_ _3\"></span>t mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to th<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncia<span class=\"_ _3\"></span>l and o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any, the D<span class=\"_ _3\"></span>irecto<span class=\"_ _3\"></span>rs co<span class=\"_ _3\"></span>nside<span class=\"_ _3\"></span>r that t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p doe<span class=\"_ _3\"></span>s not co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>pany an<span class=\"_ _3\"></span>d it has b<span class=\"_ _3\"></span>een ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted as a jo<span class=\"_ _3\"></span>int ventu<span class=\"_ _3\"></span>re. (ii<span class=\"_ _3\"></span>i) <span class=\"_ _6\"></span>T<span class=\"_ _3\"></span>he Gr<span class=\"_ _3\"></span>oup ow<span class=\"_ _3\"></span>ned a 37.5% par<span class=\"_ _3\"></span>tn<span class=\"_ _3\"></span>ershi<span class=\"_ _3\"></span>p interes<span class=\"_ _3\"></span>t in BB<span class=\"_ _3\"></span>DE Or<span class=\"_ _3\"></span>bita<span class=\"_ _3\"></span>l Hold<span class=\"_ _3\"></span>ings L<span class=\"_ _3\"></span>LP at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22. C<span class=\"_ _3\"></span>onne<span class=\"_ _3\"></span>ct Pl<span class=\"_ _3\"></span>us (M2<span class=\"_ _3\"></span>5) Ho<span class=\"_ _3\"></span>ldin<span class=\"_ _3\"></span>gs Ltd an<span class=\"_ _3\"></span>d its su<span class=\"_ _3\"></span>bsid<span class=\"_ _3\"></span>iarie<span class=\"_ _3\"></span>s are 4<span class=\"_ _3\"></span>0% owne<span class=\"_ _3\"></span>d by BB<span class=\"_ _3\"></span>DE O<span class=\"_ _3\"></span>rbit<span class=\"_ _3\"></span>al Ho<span class=\"_ _3\"></span>lding<span class=\"_ _3\"></span>s LL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>31 Ma<span class=\"_ _3\"></span>rch yea<span class=\"_ _3\"></span>r end. (v) Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terests held.<span class=\"_ _3ab\"> </span>Jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>ntu<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>s inc<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d out<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>de th<span class=\"_ _3\"></span>e Uni<span class=\"_ _3\"></span>ted K<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>gdo<span class=\"_ _3\"></span>m<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Bermuda<span class=\"_ _ae\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>nyer<span class=\"_ _3\"></span>s Dil<span class=\"_ _3\"></span>l &amp; Pear<span class=\"_ _3\"></span>man L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d, Cl<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>ndo<span class=\"_ _3\"></span>n Hou<span class=\"_ _3\"></span>se, 2 C<span class=\"_ _3\"></span>hur<span class=\"_ _3\"></span>ch St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Hami<span class=\"_ _3\"></span>lto<span class=\"_ _3\"></span>n HM 1<span class=\"_ _4\"></span>1<span class=\"_ _3ab\"> </span>CP B<span class=\"_ _3\"></span>ay Car<span class=\"_ _3\"></span>ry A L<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>CP B<span class=\"_ _3\"></span>ay Car<span class=\"_ _3\"></span>ry B L<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession British Virgin Islands<span class=\"_ _28\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Vi<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ra C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es Ce<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>re, W<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>kham<span class=\"_ _3\"></span>s Cay I<span class=\"_ _3\"></span>I Roa<span class=\"_ _3\"></span>d T<span class=\"_ _5\"></span>ow<span class=\"_ _3\"></span>n, To<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> V<span class=\"_ _3\"></span>G<span class=\"_ _3\"></span>1110<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Asi<span class=\"_ _3\"></span>a Ltd <span class=\"_ _3a1\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">M<span class=\"_ _3\"></span>anagement </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Gammon Construction Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Canada<span class=\"_ _100\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>T<span class=\"_ _4\"></span>ayl<span class=\"_ _3\"></span>or M<span class=\"_ _3\"></span>cCa<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>y LLP<span class=\"_ _5\"></span>, 9<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0 St<span class=\"_ _3\"></span>. Mar<span class=\"_ _3\"></span>y Aven<span class=\"_ _3\"></span>ue, W<span class=\"_ _3\"></span>inni<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>g, MB, R3C 4K5<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>WH Fa<span class=\"_ _3\"></span>cilities  Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>,LP (iii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>WH FM G<span class=\"_ _3\"></span>P Inc<span class=\"_ _36a\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>WH De<span class=\"_ _3\"></span>sign \u2013 Build G<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Constru<span class=\"_ _3\"></span>ction Servic<span class=\"_ _3\"></span>es<span class=\"_ _4\"></span> </span>China<span class=\"_ _3ab\"> </span>Ho<span class=\"_ _3\"></span>ng Kong Ave<span class=\"_ _3\"></span>nid<span class=\"_ _3\"></span>a da Pr<span class=\"_ _3\"></span>aia G<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>de, n\u00b04<span class=\"_ _3\"></span>29, 25<span class=\"_ _3\"></span>\u00b0 and<span class=\"_ _3\"></span>ar D, em Ma<span class=\"_ _3\"></span>cau BBE<span class=\"_ _3\"></span>&amp;M (M<span class=\"_ _3\"></span>acau) Ltd<span class=\"_ _24\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Electric<span class=\"_ _3\"></span>al and </span></span>Mechanic<span class=\"_ _3\"></span>al Contracting<span class=\"_ _3ab\"> </span>Gammon Building C<span class=\"_ _3\"></span>onstruction (Maca<span class=\"_ _4\"></span>u) L<span class=\"_ _4\"></span>td<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Co<span class=\"_ _3\"></span>nstruction<span class=\"_ _3ab\"> </span></span>No. 4<span class=\"_ _3\"></span>57<span class=\"_ _5\"></span>, S<span class=\"_ _3\"></span>hat<span class=\"_ _3\"></span>ian S<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n, Ga<span class=\"_ _3\"></span>ngga<span class=\"_ _3\"></span>ng Aven<span class=\"_ _3\"></span>ue, Sh<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>an T<span class=\"_ _4\"></span>ow<span class=\"_ _3\"></span>n, Dongguan City,<span class=\"_ _4\"></span> Guangdong Province<span class=\"_ _3ab\"> </span>Don<span class=\"_ _3\"></span>gguan P<span class=\"_ _3\"></span>ristin<span class=\"_ _3\"></span>e Metal Wor<span class=\"_ _3\"></span>ks Ltd<span class=\"_ _1bf\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">M<span class=\"_ _3\"></span>anuf<span class=\"_ _4\"></span>ac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>uring </span></span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>25<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, Jar<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>se, 1 C<span class=\"_ _3\"></span>onna<span class=\"_ _3\"></span>ugh<span class=\"_ _3\"></span>t Pla<span class=\"_ _3\"></span>ce, C<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>l, Hon<span class=\"_ _3\"></span>g Kong<span class=\"_ _3ab\"> </span>Sanfield<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Gammon Constr<span class=\"_ _3\"></span>uction JV Co<span class=\"_ _3\"></span>mpany L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>22<span class=\"_ _3\"></span>/F<span class=\"_ _5\"></span>, T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>wer 1, The Q<span class=\"_ _3\"></span>uays<span class=\"_ _3\"></span>id<span class=\"_ _3\"></span>e, 77 Ho<span class=\"_ _3\"></span>i Bun R<span class=\"_ _3\"></span>oad<span class=\"_ _3\"></span>, K<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>un T<span class=\"_ _4\"></span>on<span class=\"_ _3\"></span>g, Kowloon,<span class=\"_ _4\"></span> Hong Kong<span class=\"_ _3ab\"> </span>AsiaBuil<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> Ltd<span class=\"_ _1ae\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty E&amp;<span class=\"_ _3\"></span>M Ltd<span class=\"_ _84\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>Dig<span class=\"_ _3\"></span>ital G Ltd<span class=\"_ _8\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>T<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>chnolo<span class=\"_ _3\"></span>gy and Innovation<span class=\"_ _3ab\"> </span>Entasis Ltd<span class=\"_ _1b3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">General Contracto<span class=\"_ _4\"></span>r<span class=\"_ _3ab\"> </span></span></span>Gammon Building C<span class=\"_ _3\"></span>onstruction Ltd<span class=\"_ _e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>Building Constr<span class=\"_ _3\"></span>uction<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Ca<span class=\"_ _3\"></span>pital Ltd<span class=\"_ _7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>Gam<span class=\"_ _3\"></span>mon Ca<span class=\"_ _3\"></span>pital M<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>ement Ltd <span class=\"_ _e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gam<span class=\"_ _3\"></span>mon China Ltd <span class=\"_ _390\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></span>Co<span class=\"_ _3\"></span>mpany Gammon Con<span class=\"_ _3\"></span>cr<span class=\"_ _4\"></span>ete Ser<span class=\"_ _3\"></span>vices Lt<span class=\"_ _4\"></span>d<span class=\"_ _15\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Gammon Construction (China<span class=\"_ _4\"></span>) Ltd<span class=\"_ _e6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Constr<span class=\"_ _3\"></span>uction<span class=\"_ _3ab\"> </span></span></span>Gammon C<span class=\"_ _3\"></span>onstruction (<span class=\"_ _3\"></span>Vietnam) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Constr<span class=\"_ _3\"></span>uction and </span>Project Manag<span class=\"_ _3\"></span>emen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span>Gammon C<span class=\"_ _3\"></span>onstruction Consultants (Shenzhen) Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Gammon Construction Lt<span class=\"_ _4\"></span>d (ii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Engineering a<span class=\"_ _4\"></span>nd </span>Construction<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon E&amp;<span class=\"_ _3\"></span>M Ltd<span class=\"_ _263\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Engineering Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></span>Gammon Engineeri<span class=\"_ _4\"></span>ng &amp; Construction Co<span class=\"_ _3\"></span>mpany L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Engineering a<span class=\"_ _4\"></span>nd </span>Construction<span class=\"_ _3ab\"> </span>Gammon Engineeri<span class=\"_ _4\"></span>ng Ltd<span class=\"_ _85\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span></span>Gam<span class=\"_ _3\"></span>mon Fina<span class=\"_ _3\"></span>nce Ltd <span class=\"_ _1cd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls73 ws80\">Finance and </span></span>Investment<span class=\"_ _4\"></span> Gam<span class=\"_ _3\"></span>mon Interio<span class=\"_ _3\"></span>rs Ltd <span class=\"_ _3c\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>Gammon Mana<span class=\"_ _3\"></span>gement<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Ltd<span class=\"_ _16\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Construction </span></span>Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Pla<span class=\"_ _3\"></span>nt Lt<span class=\"_ _4\"></span>d<span class=\"_ _3a1\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls73 ws80\">P<span class=\"_ _3\"></span>lan<span class=\"_ _4\"></span>t and Equipment<span class=\"_ _4\"></span> </span></span>Hire and M<span class=\"_ _3\"></span>aintenan<span class=\"_ _3\"></span>ce Gold T<span class=\"_ _4\"></span>actic<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Investment Ltd<span class=\"_ _81\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Into G Ltd<span class=\"_ _ae\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>Inter<span class=\"_ _3\"></span>ior Fit-<span class=\"_ _3\"></span>O<span class=\"_ _3\"></span>ut and Contracting<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>ambeth A<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates Ltd <span class=\"_ _215\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span></span>Ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt and Consultanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Pr<span class=\"_ _3\"></span>istine Met<span class=\"_ _3\"></span>al Works Ltd <span class=\"_ _36\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Ireland<span class=\"_ _355\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>3 Dublin<span class=\"_ _4\"></span> Land<span class=\"_ _3\"></span>in<span class=\"_ _4\"></span>g<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>, Nor<span class=\"_ _3\"></span>th<span class=\"_ _4\"></span> Wall<span class=\"_ _4\"></span> Q<span class=\"_ _3\"></span>ua<span class=\"_ _4\"></span>y<span class=\"_ _4\"></span>, Dublin 1<span class=\"_ _5\"></span>, D01<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>4E0<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>LG Ltd <span class=\"_ _1d7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices </span></span>C/O Pari<span class=\"_ _3\"></span>o SPV M<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span>, Sui<span class=\"_ _3\"></span>te 5<span class=\"_ _3\"></span>4, Mor<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>son Ch<span class=\"_ _3\"></span>amb<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>s, 32 N<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sau S<span class=\"_ _3\"></span>t, Du<span class=\"_ _3\"></span>bli<span class=\"_ _3\"></span>n 2, D<span class=\"_ _3\"></span>02 AP<span class=\"_ _3\"></span>29 Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Hol<span class=\"_ _3\"></span>dings Ltd<span class=\"_ _44\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Ltd <span class=\"_ _7e\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>lays<span class=\"_ _3\"></span>ia<span class=\"_ _3a2\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Uni<span class=\"_ _3\"></span>t B<span class=\"_ _3\"></span>-9<span class=\"_ _3\"></span>-<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>, Le<span class=\"_ _3\"></span>vel 9, Ca<span class=\"_ _3\"></span>pi<span class=\"_ _3\"></span>tal 2<span class=\"_ _3\"></span>, Oas<span class=\"_ _3\"></span>is S<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>re, N<span class=\"_ _3\"></span>o.2 Ja<span class=\"_ _3\"></span>lan PJU 1A/<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>A, A<span class=\"_ _3\"></span>ra Da<span class=\"_ _3\"></span>man<span class=\"_ _3\"></span>sar<span class=\"_ _3\"></span>a, 47301 Pe<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span>ing J<span class=\"_ _3\"></span>aya, Se<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>gor, Mal<span class=\"_ _3\"></span>aysi<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Sdn B<span class=\"_ _3\"></span>hd <span class=\"_ _155\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>Pesaka Gammon<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>onstruction<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>dn<span class=\"_ _4\"></span> Bhd 15<span class=\"_ _2f\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Philippines<span class=\"_ _24d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>G/F M<span class=\"_ _3\"></span>aka<span class=\"_ _3\"></span>ti St<span class=\"_ _3\"></span>ock E<span class=\"_ _3\"></span>xc<span class=\"_ _3\"></span>han<span class=\"_ _3\"></span>ge, Ayal<span class=\"_ _3\"></span>a A<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>nu<span class=\"_ _3\"></span>e, Mak<span class=\"_ _3\"></span>ati C<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, M<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>ro Manila, P<span class=\"_ _4\"></span>hilippine<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Gammo<span class=\"_ _3\"></span>n Philippines, In<span class=\"_ _3\"></span>c.<span class=\"_ _85\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"lsc ws8\">General Construction<span class=\"_ _3ab\"> </span></span></span>MG C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction Ventures  Holdings, Inc.<span class=\"_ _3ab\"> </span>16<span class=\"_ _3\"></span>.6<span class=\"_ _3\"></span>5<span class=\"_ _13e\"> </span><span class=\"ls15 ws11\">Proper<span class=\"_ _3\"></span>ty Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Singapore<span class=\"_ _3a3\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>239 Ale<span class=\"_ _4\"></span>xandra Ro<span class=\"_ _4\"></span>ad, 15<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>930<span class=\"_ _a8\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Dig<span class=\"_ _3\"></span>ital G (S<span class=\"_ _3\"></span>ingap<span class=\"_ _3\"></span>ore) Pte. Ltd<span class=\"_ _180\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Equipment Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></span>Gammon C<span class=\"_ _3\"></span>onstruction and Engineering<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>te.<span class=\"_ _4\"></span> Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Constru<span class=\"_ _3\"></span>ction Servic<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></span>Gammon Construction<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>oldi<span class=\"_ _4\"></span>ngs (S) P<span class=\"_ _3\"></span>te. Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gam<span class=\"_ _3\"></span>mon P<span class=\"_ _3\"></span>te. Ltd<span class=\"_ _181\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"lsc ws8\">Engineering<span class=\"_ _4\"></span> and </span></span>Construction<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>ambeth A<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates Desi<span class=\"_ _3\"></span>gn &amp; Co<span class=\"_ _3\"></span>nsultan<span class=\"_ _3\"></span>cy P<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">M<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent and </span>Consultanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Thailand <span class=\"_ _130\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>21<span class=\"_ _4\"></span>st Floor<span class=\"_ _4\"></span>, Times Square Build<span class=\"_ _3\"></span>ing,<span class=\"_ _4\"></span> 246 Sukhumvit Road, Klongtoey Sub-<span class=\"_ _3\"></span>District, Klongtoey District, Bangkok<span class=\"_ _4\"></span> 10<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>10<span class=\"_ _4\"></span>, Thailand<span class=\"_ _3ab\"> </span>Gammon (<span class=\"_ _3\"></span>Thailan<span class=\"_ _3\"></span>d) L<span class=\"_ _4\"></span>td<span class=\"_ _1af\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>23<span class=\"_ _3\"></span>rd Fl<span class=\"_ _3\"></span>oor, Tim<span class=\"_ _3\"></span>es S<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>re Bu<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>, 246 Sukhumvit Road, Klongtoey<span class=\"_ _4\"></span> Sub-Di<span class=\"_ _3\"></span>strict, Klongtoey<span class=\"_ _4\"></span> Distric<span class=\"_ _3\"></span>t, Bangkok<span class=\"_ _4\"></span> 10<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0, Thailand<span class=\"_ _3ab\"> </span>Gammon C<span class=\"_ _3\"></span>onstruction (<span class=\"_ _3\"></span>Thailand) Ltd<span class=\"_ _25d\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Th<span class=\"_ _3\"></span>ai Gamm<span class=\"_ _3\"></span>on Ltd<span class=\"_ _396\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _1b7\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny 1201 Hays S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, T<span class=\"_ _4\"></span>al<span class=\"_ _3\"></span>lah<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>see F<span class=\"_ _3\"></span>L 32<span class=\"_ _3\"></span>301 C-<span class=\"_ _3\"></span>BB Management, LLC<span class=\"_ _1d6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>C-<span class=\"_ _3\"></span>BBC Devel<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>pme<span class=\"_ _4\"></span>nt, LLC<span class=\"_ _119\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>/b/<span class=\"_ _4\"></span>a C<span class=\"_ _3\"></span>SC-<span class=\"_ _3\"></span>La<span class=\"_ _3\"></span>wye<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>, In<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e Co<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 21<span class=\"_ _4\"></span>1 E<span class=\"_ _3\"></span>. 7th S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Sui<span class=\"_ _3\"></span>te 6<span class=\"_ _3\"></span>20, Aus<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>n TX 7<span class=\"_ _3\"></span>8701-3<span class=\"_ _3\"></span>2<span class=\"_ _4\"></span>18<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s, LP (iii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 2,LP (iii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Investment<span class=\"_ _4\"></span> No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 3, LP (i)(iii)<span class=\"_ _3ab\"> </span>70<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span>Concession No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 4, LP (i)(iii)<span class=\"_ _3ab\"> </span>65<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Nor<span class=\"_ _3\"></span>thside Campus General Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, W<span class=\"_ _3\"></span>ilmi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>ton DE1<span class=\"_ _3\"></span>98<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8 BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Caro<span class=\"_ _3\"></span>lina Cove, L<span class=\"_ _3\"></span>LC<span class=\"_ _be\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Chena<span class=\"_ _3\"></span>l Pointe, LLC<span class=\"_ _be\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Cit<span class=\"_ _3\"></span>y Lake, L<span class=\"_ _3\"></span>LC<span class=\"_ _d6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Lan<span class=\"_ _3\"></span>dings, L<span class=\"_ _3\"></span>LC<span class=\"_ _f6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Lexing<span class=\"_ _3\"></span>ton, LLC<span class=\"_ _15\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Moret<span class=\"_ _3\"></span>ti, LLC<span class=\"_ _b2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Pace<span class=\"_ _3\"></span>s Brook<span class=\"_ _3\"></span>, LLC<span class=\"_ _f4\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Retreat<span class=\"_ _3\"></span>, LLC<span class=\"_ _b2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Investment<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Riverch<span class=\"_ _3\"></span>ase L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne San M<span class=\"_ _3\"></span>ateo, LLC<span class=\"_ _ba\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Sout<span class=\"_ _3\"></span>hwind, L<span class=\"_ _3\"></span>LC<span class=\"_ _b9\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Wolfcha<span class=\"_ _3\"></span>se, LLC<span class=\"_ _db\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC A<span class=\"_ _3\"></span>rmy Integ<span class=\"_ _3\"></span>rated, L<span class=\"_ _3\"></span>LC<span class=\"_ _1f6\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>arolina C<span class=\"_ _3\"></span>ove (W<span class=\"_ _3\"></span>ilmin<span class=\"_ _3\"></span>gton) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Chen<span class=\"_ _3\"></span>al Pointe (L<span class=\"_ _3\"></span>ittle R<span class=\"_ _3\"></span>ock<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Cit<span class=\"_ _3\"></span>y L<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e (<span class=\"_ _3\"></span>Houston) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _57\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Inte<span class=\"_ _3\"></span>grated E<span class=\"_ _3\"></span>xpress S<span class=\"_ _3\"></span>olutio<span class=\"_ _3\"></span>ns Holdco, LLC<span class=\"_ _3ab\"> </span>27<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span>Concession L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Int<span class=\"_ _4\"></span>egrated Express Solutions,<span class=\"_ _4\"></span> LLC<span class=\"_ _3ab\"> </span>27<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span>Concession L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>s (Jac<span class=\"_ _3\"></span>ksonville) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _172\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture </span></span>Investment<span class=\"_ _4\"></span> Lexin<span class=\"_ _3\"></span>gton (Rid<span class=\"_ _3\"></span>gelan<span class=\"_ _3\"></span>d) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _1a7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> Mo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>ti (H<span class=\"_ _3\"></span>omewoo<span class=\"_ _3\"></span>d) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _11f\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner, LLC<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession Pac<span class=\"_ _3\"></span>es Brook (<span class=\"_ _3\"></span>Colum<span class=\"_ _3\"></span>bia) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _bd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Retreat at Schilling<span class=\"_ _3\"></span>er (Mobil<span class=\"_ _3\"></span>e)<span class=\"_ _4\"></span> O<span class=\"_ _3\"></span>wner<span class=\"_ _4\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Riverc<span class=\"_ _3\"></span>hase L<span class=\"_ _3\"></span>anding (<span class=\"_ _3\"></span>Hoover<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>7.<span class=\"_ _2\"></span>5<span class=\"_ _d5\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Sa<span class=\"_ _3\"></span>n Mateo (K<span class=\"_ _3\"></span>issimm<span class=\"_ _3\"></span>ee) Own<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>, LLC<span class=\"_ _bd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> So<span class=\"_ _3\"></span>uthwind (<span class=\"_ _3\"></span>Memphi<span class=\"_ _3\"></span>s) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _4c\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> Southwind<span class=\"_ _4\"></span> (<span class=\"_ _3\"></span>Memphi<span class=\"_ _4\"></span>s) Holdings, LLC<span class=\"_ _1c4\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Swif<span class=\"_ _3\"></span>tsure H<span class=\"_ _3\"></span>ousing Pa<span class=\"_ _3\"></span>rtne<span class=\"_ _3\"></span>rs, LLC<span class=\"_ _cf\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>T-BBA Riverchas<span class=\"_ _4\"></span>e Holdings, LLC<span class=\"_ _db\"> </span><span class=\"ls147 ws13c\">7.<span class=\"_ _3\"></span>5<span class=\"_ _f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>V<span class=\"_ _3\"></span>iew SA Ho<span class=\"_ _3\"></span>lding C<span class=\"_ _3\"></span>ompany L<span class=\"_ _3\"></span>P (i)(iii)<span class=\"_ _3ab\"> </span>87<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _3ab\"> </span>V<span class=\"_ _3\"></span>iew SA LLC (i)<span class=\"_ _3ab\"> </span>87<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _3ab\"> </span>Wolfch<span class=\"_ _3\"></span>ase (Ba<span class=\"_ _3\"></span>rtlet<span class=\"_ _3\"></span>t) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _db\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Corporation Ser<span class=\"_ _3\"></span>vice Company<span class=\"_ _5\"></span>, 1900 W<span class=\"_ _4\"></span> Li<span class=\"_ _3\"></span>ttleton Blvd.,<span class=\"_ _4\"></span> Li<span class=\"_ _3\"></span>ttleton, CO 8<span class=\"_ _3\"></span>0120 Denver<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransit Constructors<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _ce\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">D<span class=\"_ _3\"></span>esign an<span class=\"_ _3\"></span>d </span></span>Construction<span class=\"_ _3ab\"> </span>Denver<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransit Operators<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _128\"> </span><span class=\"lsaa ws69\">3<span class=\"_ _3\"></span>3.3<span class=\"_ _3f\"> </span><span class=\"ls5 ws3\">Op<span class=\"_ _3\"></span>erations a<span class=\"_ _3\"></span>nd </span></span>Maintanence<span class=\"_ _3ab\"> </span>Denver T<span class=\"_ _5\"></span>ransit Systems LLC<span class=\"_ _7e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">D<span class=\"_ _3\"></span>esign an<span class=\"_ _3\"></span>d </span></span>Construction<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Re<span class=\"_ _3\"></span>gis<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>d Agen<span class=\"_ _3\"></span>t Sol<span class=\"_ _3\"></span>uti<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>, Inc<span class=\"_ _3\"></span>. 9 E Lo<span class=\"_ _3\"></span>ocke<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>n St<span class=\"_ _3\"></span>ree<span class=\"_ _3\"></span>t, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 31<span class=\"_ _5\"></span>1 D<span class=\"_ _3\"></span>over DE 19<span class=\"_ _3\"></span>901<span class=\"_ _3ab\"> </span>United C<span class=\"_ _3\"></span>ampu<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>tners, L<span class=\"_ _3\"></span>LC<span class=\"_ _f2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>Vietnam<span class=\"_ _2fe\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>5t<span class=\"_ _3\"></span>h Floo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>, Ge<span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>dep<span class=\"_ _3\"></span>t T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>wer, 2Bi<span class=\"_ _3\"></span>s\u2013<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>\u2013<span class=\"_ _3\"></span>6 L<span class=\"_ _3\"></span>e Than<span class=\"_ _3\"></span>h T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>n Str<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, B<span class=\"_ _3\"></span>en Ng<span class=\"_ _3\"></span>he War<span class=\"_ _3\"></span>d, Di<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>t 1, Ho Ch<span class=\"_ _3\"></span>i Min<span class=\"_ _3\"></span>h Ci<span class=\"_ _3\"></span>ty, Vie<span class=\"_ _3\"></span>tn<span class=\"_ _3\"></span>am<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion V<span class=\"_ _3\"></span>ietnam C<span class=\"_ _3\"></span>o. Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Co<span class=\"_ _3\"></span>nstruction </span>and M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Du<span class=\"_ _3\"></span>e to the sh<span class=\"_ _3\"></span>areho<span class=\"_ _3\"></span>lder<span class=\"_ _3\"></span>s\u2019 agre<span class=\"_ _3\"></span>ement b<span class=\"_ _3\"></span>etwe<span class=\"_ _3\"></span>en Bal<span class=\"_ _3\"></span>four Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he othe<span class=\"_ _3\"></span>r share<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>ers req<span class=\"_ _3\"></span>uirin<span class=\"_ _3\"></span>g unan<span class=\"_ _3\"></span>imit<span class=\"_ _3\"></span>y of agre<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t in resp<span class=\"_ _3\"></span>ect of si<span class=\"_ _3\"></span>gnif<span class=\"_ _3\"></span>ican<span class=\"_ _3\"></span>t mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to th<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncia<span class=\"_ _3\"></span>l and o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any, the D<span class=\"_ _3\"></span>irecto<span class=\"_ _3\"></span>rs co<span class=\"_ _3\"></span>nside<span class=\"_ _3\"></span>r that t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p doe<span class=\"_ _3\"></span>s not co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>pany an<span class=\"_ _3\"></span>d it has b<span class=\"_ _3\"></span>een ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for as a j<span class=\"_ _3\"></span>oint ve<span class=\"_ _3\"></span>nture. (ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span> Prefe<span class=\"_ _3\"></span>rence s<span class=\"_ _3\"></span>hares a<span class=\"_ _3\"></span>nd/o<span class=\"_ _3\"></span>r defer<span class=\"_ _3\"></span>red sh<span class=\"_ _3\"></span>ares als<span class=\"_ _3\"></span>o held<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(iii) <span class=\"_ _6\"></span> Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terest held.<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>United Kingdom<span class=\"_ _396\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>As<span class=\"_ _3\"></span>hfo<span class=\"_ _3\"></span>rd Ho<span class=\"_ _3\"></span>use<span class=\"_ _3\"></span>, Gre<span class=\"_ _3\"></span>nad<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>r Road<span class=\"_ _3\"></span>, Exe<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r EX1 3LH<span class=\"_ _3ab\"> </span>UBB W<span class=\"_ _3\"></span>aste (Ess<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>) Ltd<span class=\"_ _41\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _1b7\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, Wi<span class=\"_ _3\"></span>lmi<span class=\"_ _3\"></span>ngt<span class=\"_ _3\"></span>on DE 19<span class=\"_ _3\"></span>808<span class=\"_ _3ab\"> </span>ACC G<span class=\"_ _3\"></span>roup Hou<span class=\"_ _3\"></span>sing, L<span class=\"_ _3\"></span>LC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>AE<span class=\"_ _3\"></span>TC H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>80<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>A<span class=\"_ _3\"></span>MC West H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/P<span class=\"_ _3\"></span>icatinny F<span class=\"_ _3\"></span>amily Ho<span class=\"_ _3\"></span>using LP (ii) 10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>FDWR Pare<span class=\"_ _4\"></span>nt LLC<span class=\"_ _30\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>hite S<span class=\"_ _3\"></span>ands Mis<span class=\"_ _3\"></span>sile Rang<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>sing LP (ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson Fa<span class=\"_ _3\"></span>mily Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _57\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Detr<span class=\"_ _3\"></span>ick<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>Wa<span class=\"_ _3\"></span>lter Reed A<span class=\"_ _3\"></span>rmy Me<span class=\"_ _3\"></span>dical C<span class=\"_ _3\"></span>enter Hous<span class=\"_ _3\"></span>ing LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Eustis<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>For<span class=\"_ _3\"></span>t Stor<span class=\"_ _3\"></span>y Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _55\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Gordon Housing LLC<span class=\"_ _85\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Ha<span class=\"_ _3\"></span>milton Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _ad\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Jackson Housing LLC<span class=\"_ _9a\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>acklan<span class=\"_ _3\"></span>d Family H<span class=\"_ _3\"></span>ousing<span class=\"_ _3\"></span>, LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Leo<span class=\"_ _3\"></span>nard Woo<span class=\"_ _3\"></span>d Family C<span class=\"_ _3\"></span>ommunit<span class=\"_ _3\"></span>ies, LLC<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>Nor<span class=\"_ _3\"></span>theast Housing LLC<span class=\"_ _fd\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Concession<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>rn Group H<span class=\"_ _3\"></span>ousing<span class=\"_ _3\"></span>, LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>So<span class=\"_ _3\"></span>utheast H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Stewar<span class=\"_ _3\"></span>t Hunter H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>Vanden<span class=\"_ _3\"></span>berg Ho<span class=\"_ _3\"></span>using LP (i)(ii)<span class=\"_ _3ab\"> </span>90<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Wester<span class=\"_ _3\"></span>n Group Ho<span class=\"_ _3\"></span>using, L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>West Po<span class=\"_ _3\"></span>int Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _13f\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p evalu<span class=\"_ _3\"></span>ated ea<span class=\"_ _3\"></span>ch of it<span class=\"_ _3\"></span>s interes<span class=\"_ _3\"></span>ts in th<span class=\"_ _3\"></span>e milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y housi<span class=\"_ _3\"></span>ng proj<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>s to deter<span class=\"_ _3\"></span>mine if the a<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iate<span class=\"_ _3\"></span>d entit<span class=\"_ _3\"></span>ies sho<span class=\"_ _3\"></span>uld be c<span class=\"_ _3\"></span>onso<span class=\"_ _3\"></span>lida<span class=\"_ _3\"></span>ted. T<span class=\"_ _3\"></span>his an<span class=\"_ _3\"></span>alysi<span class=\"_ _3\"></span>s incl<span class=\"_ _3\"></span>uded<span class=\"_ _3\"></span>, but wa<span class=\"_ _3\"></span>s not lim<span class=\"_ _3\"></span>ited to, i<span class=\"_ _3\"></span>denti<span class=\"_ _3\"></span>fyi<span class=\"_ _3\"></span>ng the a<span class=\"_ _3\"></span>ctiv<span class=\"_ _3\"></span>itie<span class=\"_ _3\"></span>s that m<span class=\"_ _3\"></span>ost sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cantl<span class=\"_ _3\"></span>y imp<span class=\"_ _3\"></span>act an e<span class=\"_ _3\"></span>ntit<span class=\"_ _3\"></span>y\u2019s eco<span class=\"_ _3\"></span>nomi<span class=\"_ _3\"></span>c pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>manc<span class=\"_ _3\"></span>e, whi<span class=\"_ _3\"></span>ch par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or par<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s cont<span class=\"_ _3\"></span>rol tho<span class=\"_ _3\"></span>se act<span class=\"_ _3\"></span>ivit<span class=\"_ _3\"></span>ies and t<span class=\"_ _3\"></span>he ris<span class=\"_ _3\"></span>ks asso<span class=\"_ _3\"></span>ciat<span class=\"_ _3\"></span>ed wit<span class=\"_ _3\"></span>h the<span class=\"_ _3\"></span>se enti<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>. Deci<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>maki<span class=\"_ _3\"></span>ng powe<span class=\"_ _3\"></span>r over key fa<span class=\"_ _3\"></span>cets of t<span class=\"_ _3\"></span>he cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts were ev<span class=\"_ _3\"></span>aluate<span class=\"_ _3\"></span>d wh<span class=\"_ _3\"></span>en deter<span class=\"_ _3\"></span>minin<span class=\"_ _3\"></span>g whic<span class=\"_ _3\"></span>h par<span class=\"_ _3\"></span>ty o<span class=\"_ _3\"></span>r par<span class=\"_ _3\"></span>ties h<span class=\"_ _3\"></span>ad co<span class=\"_ _3\"></span>ntrol ove<span class=\"_ _3\"></span>r the ac<span class=\"_ _3\"></span>tivi<span class=\"_ _3\"></span>ties t<span class=\"_ _3\"></span>hat mos<span class=\"_ _3\"></span>t sign<span class=\"_ _3\"></span>ific<span class=\"_ _3\"></span>antly<span class=\"_ _3\"></span> imp<span class=\"_ _3\"></span>act a p<span class=\"_ _3\"></span>rojec<span class=\"_ _3\"></span>t\u2019s ec<span class=\"_ _3\"></span>onomi<span class=\"_ _3\"></span>cs. B<span class=\"_ _3\"></span>ased o<span class=\"_ _3\"></span>n this rev<span class=\"_ _3\"></span>iew, the Di<span class=\"_ _3\"></span>recto<span class=\"_ _3\"></span>rs con<span class=\"_ _3\"></span>side<span class=\"_ _3\"></span>r that th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up doe<span class=\"_ _3\"></span>s not hav<span class=\"_ _3\"></span>e the po<span class=\"_ _3\"></span>wer to dire<span class=\"_ _3\"></span>ct the<span class=\"_ _3\"></span>se ac<span class=\"_ _3\"></span>tivi<span class=\"_ _3\"></span>ties an<span class=\"_ _3\"></span>d does n<span class=\"_ _3\"></span>ot cont<span class=\"_ _3\"></span>rol or j<span class=\"_ _3\"></span>ointl<span class=\"_ _3\"></span>y co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>em and t<span class=\"_ _3\"></span>herefor<span class=\"_ _3\"></span>e the ent<span class=\"_ _3\"></span>ities h<span class=\"_ _3\"></span>ave bee<span class=\"_ _3\"></span>n acc<span class=\"_ _3\"></span>ounted f<span class=\"_ _3\"></span>or as ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ated un<span class=\"_ _3\"></span>der<span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>ngs.<span class=\"_ _3\"></span> (ii) <span class=\"_ _3\"></span>Partnership interests<span class=\"_ _4\"></span> held.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-590": {
   "value": "1<span class=\"_ _4\"></span>9 Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tments i<span class=\"_ _4\"></span>n joint v<span class=\"_ _4\"></span>entures and associates<span class=\"_ _3ab\"> </span>19<span class=\"_ _4\"></span>.<span class=\"_ _5\"></span>1 Mov<span class=\"_ _4\"></span>ements<span class=\"_ _3ab\"> </span>Net<span class=\"_ _3ab\"> </span>assets<span class=\"_ _4\"></span> +<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Lo<span class=\"_ _3\"></span>ans ^<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _196\"> </span><span class=\"ls11d wsf4\">396<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"lsb4 wsad\">503<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2f4\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>28<span class=\"_ _3ab\"> </span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _2f5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets (<span class=\"_ _3\"></span>Note 32.<span class=\"_ _4\"></span>1)<span class=\"_ _29e\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _208\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3ab\"> </span></span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment benefi<span class=\"_ _3\"></span>t assets<span class=\"_ _3\"></span>/li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _288\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome (N<span class=\"_ _3\"></span>ote 32.<span class=\"_ _5\"></span>1)<span class=\"_ _12a\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3ab\"> </span></span>Dividends<span class=\"_ _2f6\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b2\"> </span></span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Additions<span class=\"_ _197\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span></span>30<span class=\"_ _3ab\"> </span></span>Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y<span class=\"_ _2f7\"> </span><span class=\"ls72 wsf5\">(3<span class=\"_ _3\"></span>4)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls72 wsf5\">(34)<span class=\"_ _3ab\"> </span></span>Loans repaid<span class=\"_ _2f8\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _39\"> </span>(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span>Dist<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>on in excess of ear<span class=\"_ _3\"></span>nings rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d directl<span class=\"_ _3\"></span>y in incom<span class=\"_ _3\"></span>e statement<span class=\"_ _153\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span>Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s (Note 26<span class=\"_ _3\"></span>)<span class=\"_ _2d5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2f9\"> </span><span class=\"ls5f ws57\">320<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2\"></span>6<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">426<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2c6\"> </span><span class=\"ff3b ls10f ws105\">(16<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _51\"> </span></span>(1<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span>Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _2fa\"> </span><span class=\"ff3b ls120 ws119\">53<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets (<span class=\"_ _3\"></span>Note 32.<span class=\"_ _4\"></span>1)<span class=\"_ _15a\"> </span><span class=\"ff3b ls92 ws8a\">20<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _25c\"> </span><span class=\"ff3b\">2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment benefi<span class=\"_ _3\"></span>t assets<span class=\"_ _3\"></span>/li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es (Note 3<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1)<span class=\"_ _1b9\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome (N<span class=\"_ _3\"></span>ote 32.<span class=\"_ _5\"></span>1)<span class=\"_ _9f\"> </span><span class=\"ff3b ls1c ws107\">(5)<span class=\"_ _145\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _3ab\"> </span></span></span>Dividends<span class=\"_ _2fb\"> </span><span class=\"ff3b ls10d ws101\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7e\"> </span></span>(6<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span>Additions<span class=\"_ _2fc\"> </span><span class=\"ff3b ls2e ws7\">14<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7d\"> </span></span>14<span class=\"_ _3ab\"> </span></span>Disp<span class=\"_ _3\"></span>osal of G<span class=\"_ _3\"></span>louces<span class=\"_ _3\"></span>ter Waste (N<span class=\"_ _3\"></span>ote 34<span class=\"_ _3\"></span>.2.<span class=\"_ _3\"></span>2)<span class=\"_ _14f\"> </span><span class=\"ff3b ls170 ws18f\">(7)<span class=\"_ _a1\"> </span><span class=\"ls94 ws18a\">(24)<span class=\"_ _180\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>31)<span class=\"_ _3ab\"> </span></span></span></span>Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y<span class=\"_ _2fd\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span>Imp<span class=\"_ _3\"></span>airment of l<span class=\"_ _3\"></span>oans to joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates (<span class=\"_ _3\"></span>Note 9)<span class=\"_ _2de\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _ad\"> </span><span class=\"lsf7 ws100\">(9)<span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2b2\"> </span><span class=\"ls7 ws102\">316<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _a0\"> </span><span class=\"lsa9 wsa0\">389<span class=\"_ _3ab\"> </span></span></span></span>+ <span class=\"_ _37\"> </span>In<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>es goo<span class=\"_ _3\"></span>dwi<span class=\"_ _3\"></span>ll aris<span class=\"_ _3\"></span>ing on a<span class=\"_ _3\"></span>cqui<span class=\"_ _3\"></span>sitio<span class=\"_ _3\"></span>n of the G<span class=\"_ _3\"></span>roup\u2019s inte<span class=\"_ _3\"></span>rests in i<span class=\"_ _3\"></span>nvest<span class=\"_ _3\"></span>ments i<span class=\"_ _3\"></span>n joint ve<span class=\"_ _3\"></span>ntures a<span class=\"_ _3\"></span>nd ass<span class=\"_ _3\"></span>ocia<span class=\"_ _3\"></span>tes.<span class=\"_ _3ab\"> </span>^ <span class=\"_ _37\"> </span>L<span class=\"_ _3\"></span>oans i<span class=\"_ _3\"></span>nclu<span class=\"_ _3\"></span>de sub<span class=\"_ _3\"></span>ordin<span class=\"_ _3\"></span>ated d<span class=\"_ _3\"></span>ebt rec<span class=\"_ _3\"></span>eiva<span class=\"_ _3\"></span>ble fro<span class=\"_ _3\"></span>m joint v<span class=\"_ _3\"></span>enture<span class=\"_ _3\"></span>s and ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ates wi<span class=\"_ _3\"></span>thin th<span class=\"_ _3\"></span>e Infra<span class=\"_ _3\"></span>stru<span class=\"_ _3\"></span>cture I<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ents se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>t.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e princi<span class=\"_ _3\"></span>pal joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates are sh<span class=\"_ _3\"></span>own in Note 41<span class=\"_ _5\"></span>. Th<span class=\"_ _3\"></span>e amount of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of borrow<span class=\"_ _3\"></span>ings of joi<span class=\"_ _3\"></span>nt ventures and ass<span class=\"_ _3\"></span>ociates w<span class=\"_ _3\"></span>hich was su<span class=\"_ _3\"></span>ppor<span class=\"_ _3\"></span>ted by the G<span class=\"_ _3\"></span>roup and th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any was \u00a3nil (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a3nil). Th<span class=\"_ _3\"></span>e non<span class=\"_ _3\"></span>-rec<span class=\"_ _3\"></span>ourse b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs of joint venture an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iate entities re<span class=\"_ _3\"></span>lating to infra<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ure conce<span class=\"_ _3\"></span>ssions pro<span class=\"_ _3\"></span>jects are re<span class=\"_ _3\"></span>payabl<span class=\"_ _3\"></span>e over perio<span class=\"_ _3\"></span>ds exten<span class=\"_ _3\"></span>ding up to 20<span class=\"_ _3\"></span>57<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cours<span class=\"_ _3\"></span>e borrow<span class=\"_ _3\"></span>ings arise u<span class=\"_ _3\"></span>nder fac<span class=\"_ _3\"></span>ilities t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n out by proje<span class=\"_ _3\"></span>ct-<span class=\"_ _3\"></span>speci<span class=\"_ _3\"></span>fic joint ventu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>nd asso<span class=\"_ _3\"></span>ciate con<span class=\"_ _3\"></span>cession com<span class=\"_ _3\"></span>panies<span class=\"_ _3\"></span>. The bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s of each co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>on comp<span class=\"_ _3\"></span>any are secure<span class=\"_ _3\"></span>d by a combi<span class=\"_ _3\"></span>nation of fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d and flo<span class=\"_ _3\"></span>ating char<span class=\"_ _3\"></span>ges over that c<span class=\"_ _3\"></span>onces<span class=\"_ _3\"></span>sion com<span class=\"_ _3\"></span>pany\u2019s interests in i<span class=\"_ _3\"></span>ts projec<span class=\"_ _3\"></span>t\u2019s assets and revenu<span class=\"_ _3\"></span>es and the sh<span class=\"_ _3\"></span>ares in the co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>on comp<span class=\"_ _3\"></span>any held by it<span class=\"_ _3\"></span>s immedi<span class=\"_ _3\"></span>ate parent com<span class=\"_ _3\"></span>pany<span class=\"_ _4\"></span>. A<span class=\"_ gs52\"> </span>signi<span class=\"_ _3\"></span>ficant p<span class=\"_ _3\"></span>art of t<span class=\"_ _3\"></span>hese loa<span class=\"_ _3\"></span>ns has bee<span class=\"_ _3\"></span>n swappe<span class=\"_ _3\"></span>d into fixed rate de<span class=\"_ _3\"></span>bt by the use of interes<span class=\"_ _3\"></span>t rate swaps.<span class=\"_ _3ab\"> </span>As d<span class=\"_ _3\"></span>isclos<span class=\"_ _3\"></span>ed in Note 41<span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>f), the G<span class=\"_ _3\"></span>roup has co<span class=\"_ _3\"></span>mmitte<span class=\"_ _3\"></span>d to provide it<span class=\"_ _3\"></span>s share of fur<span class=\"_ _3\"></span>ther eq<span class=\"_ _3\"></span>uity f<span class=\"_ _3\"></span>unding of jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s in Infra<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ure Investments\u2019 p<span class=\"_ _3\"></span>rojects a<span class=\"_ _3\"></span>nd milita<span class=\"_ _3\"></span>ry ho<span class=\"_ _3\"></span>using co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>ons. Fur<span class=\"_ _3\"></span>ther, in respec<span class=\"_ _3\"></span>t of a number of th<span class=\"_ _3\"></span>ese investment<span class=\"_ _3\"></span>s the Group h<span class=\"_ _3\"></span>as com<span class=\"_ _3\"></span>mitted n<span class=\"_ _3\"></span>ot to dispose of i<span class=\"_ _3\"></span>ts equi<span class=\"_ _3\"></span>ty interest u<span class=\"_ _3\"></span>ntil constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n is comp<span class=\"_ _3\"></span>lete. As is cus<span class=\"_ _3\"></span>tomar<span class=\"_ _3\"></span>y in such pro<span class=\"_ _3\"></span>jects<span class=\"_ _3\"></span>, banking c<span class=\"_ _3\"></span>ovenants res<span class=\"_ _3\"></span>trict the<span class=\"_ gs52\"> </span>p<span class=\"_ _3\"></span>ayment of di<span class=\"_ _3\"></span>vidend<span class=\"_ _3\"></span>s and other d<span class=\"_ _3\"></span>istribu<span class=\"_ _3\"></span>tions.<span class=\"_ _3ab\"> </span><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs834\">19.<span class=\"_ _3\"></span>2 Shar<span class=\"_ _3\"></span>e of r<span class=\"_ _3\"></span>esu<span class=\"_ _3\"></span>lt<span class=\"_ _3\"></span>s and n<span class=\"_ _3\"></span>et a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s of jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s and a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>iat<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs835\">Infrastructure Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5f ws57 gs836\">Income sta<span class=\"_ _3\"></span>tement </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs837\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs838\">Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs839\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs83a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs83b\">Suppor<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc8 wsbd gs83c\">Servi<span class=\"_ _3\"></span>ces<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs83d\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs83e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3b fs9 fc4 sc0 ls10 wsc gs83f\">UK<span class=\"ff3c fs5 ls5 ws3\"> </span></div><div class=\"t m0 h45 ff3b fs22 fc4 sc0 ls5 ws3 gs840\">^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs841\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs842\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls102 wsf7 gs843\">North<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls10 wsc gs844\">America<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs845\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs846\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs847\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs848\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs849\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs84a\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs84b\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs84c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls109 ws87 gs84d\">Reve<span class=\"_ _3\"></span>nue<span class=\"_ _7a\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>6<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>3<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _98\"> </span><span class=\"ls90 ws116\">216<span class=\"_ _1f7\"> </span></span></span></span></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs84e\">Op<span class=\"_ _3\"></span>erating p<span class=\"_ _3\"></span>rofit excluding g<span class=\"_ _3\"></span>ain on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3\"></span>s of int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs84f\">in<span class=\"_ gs52\"> </span>in<span class=\"_ _4\"></span>vestments<span class=\"_ _86\"> </span><span class=\"ff3b lsa9 wsa0\">33<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _38\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _38\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _a3\"> </span><span class=\"ls74 ws6b\">56<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs850\">Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s<span class=\"_ _2fe\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs851\">Operating profit<span class=\"_ _2ff\"> </span>33<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _38\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _a3\"> </span><span class=\"ls3b ws36\">25<span class=\"_ _9d\"> </span><span class=\"lsaa ws69\">58<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs852\">Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _300\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7d\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _38\"> </span><span class=\"ls18b ws188\">90<span class=\"_ _a1\"> </span></span></span></span></span>10<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls73 ws80 gs853\">Finance costs<span class=\"_ _203\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>25)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(98)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(99)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs854\">Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>e ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion<span class=\"_ _301\"> </span><span class=\"ls45 ws40\">42<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">59<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs855\">T<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>xa<span class=\"_ _4\"></span>tion<span class=\"_ _298\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span></span>(6)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs856\">Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t af<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion <span class=\"_ _71\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs857\">Balance sheet<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs858\">Non-current assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs859\">Intangible assets \u2013<span class=\"_ _4\"></span> Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investments in<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>angible<span class=\"_ _302\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _7d\"> </span>14</span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls170 ws18f gs85a\"> <span class=\"_ _1a8\"> </span> <span class=\"_ _20f\"> </span>\u2013 other<span class=\"_ _236\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _38\"> </span>12<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls73 ws80 gs85b\">Proper<span class=\"_ _3\"></span>ty<span class=\"_ _4\"></span>, plant and equipmen<span class=\"_ _4\"></span>t<span class=\"_ _1b9\"> </span><span class=\"ff3b ls78 ws11a\">21<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span></span>21<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs85c\">Investment<span class=\"_ _4\"></span> prop<span class=\"_ _3\"></span>erties<span class=\"_ _1d1\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls33 ws2c\">2<span class=\"_ _3\"></span>32<span class=\"_ _a1\"> </span>232<span class=\"_ _a0\"> </span>232<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs85d\">Investments<span class=\"_ _4\"></span> in joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _303\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs85e\">Mo<span class=\"_ _3\"></span>ney market funds<span class=\"_ _300\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">44<span class=\"_ _a3\"> </span>44<span class=\"_ _a3\"> </span>44<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs85f\">PPP financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _1df\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls18b ws188\">905<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _3\"></span>4<span class=\"_ _a8\"> </span><span class=\"ls125 ws11c\">1<span class=\"_ _3\"></span>,14<span class=\"_ _2\"></span>9<span class=\"_ _3b\"> </span>1<span class=\"_ _3\"></span>,14<span class=\"_ _2\"></span>9<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs860\">Mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g project<span class=\"_ _3\"></span>s<span class=\"_ _304\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _20c\"> </span>11<span class=\"_ _3\"></span>3<span class=\"_ _82\"> </span>11<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs861\">Other non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current asse<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _9e\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _3\"></span>7<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _38\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _38\"> </span><span class=\"ls73 ws80\">37<span class=\"_ _a0\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs862\">Current assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs863\">Cash and cash equivalents<span class=\"_ _2dd\"> </span><span class=\"ff3b ls120 ws119\">340<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _38\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _a0\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _3\"></span>6<span class=\"_ _a0\"> </span><span class=\"ls5f ws57\">50<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs864\">Other current assets<span class=\"_ _e1\"> </span><span class=\"ff3b ls7 ws102\">310<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">55<span class=\"_ _b0\"> </span></span>5<span class=\"_ _38\"> </span><span class=\"ls16d ws230\">60<span class=\"_ _a1\"> </span><span class=\"ls73 ws80\">37<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls113 ws10b gs865\">T<span class=\"_ _5\"></span>otal<span class=\"_ _4\"></span> assets<span class=\"_ _15e\"> </span><span class=\"ls72 wsf5\">785<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _10a\"> </span><span class=\"ls125 ws11c\">1<span class=\"_ _3\"></span>,15<span class=\"_ _2\"></span>6<span class=\"_ _98\"> </span><span class=\"ls1c ws107\">6<span class=\"_ _3\"></span>71<span class=\"_ _110\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>7<span class=\"_ _a6\"> </span><span class=\"ls10d ws101\">2<span class=\"_ _3\"></span>,615<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs866\">Current liabilities<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs867\">Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _70\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _87\"> </span><span class=\"lsf7 ws100\">(36<span class=\"_ _3\"></span>)<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>6)<span class=\"_ _a1\"> </span>(36)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls16 ws12 gs868\">Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _126\"> </span><span class=\"ff3b lsf7 ws100\">(5<span class=\"_ _3\"></span>49)<span class=\"_ _a3\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>8)<span class=\"_ _a0\"> </span></span></span>(30)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span><span class=\"ls1b wsa9\">(<span class=\"_ _3\"></span>74<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs869\">Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs86a\">Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _234\"> </span><span class=\"ff3b ls94 ws18a\">(<span class=\"_ _3\"></span>94)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _125\"> </span><span class=\"ls170 ws18f\">(767)<span class=\"_ _fa\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _56\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1e\"> </span>(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls16 ws12 gs86b\">Othe<span class=\"_ _3\"></span>r non-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>t lia<span class=\"_ _3\"></span>bilities<span class=\"_ _234\"> </span><span class=\"ff3b ls3c ws37\">(90)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>47<span class=\"_ _3\"></span>)<span class=\"_ _a3\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _fa\"> </span></span>(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>2)<span class=\"_ _1cc\"> </span><span class=\"ls78 ws11a\">(2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs86c\">T<span class=\"_ _5\"></span>otal liabilities<span class=\"_ _2b5\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>33)<span class=\"_ _a3\"> </span>(3)<span class=\"_ _d5\"> </span><span class=\"ls125 ws11c\">(<span class=\"_ _3\"></span>1,1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>6)<span class=\"_ _1e\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _57\"> </span><span class=\"ls3c ws37\">(2,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>40)<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls113 ws10b gs86d\">Net<span class=\"_ _4\"></span> assets <span class=\"_ _204\"> </span><span class=\"ls3e ws39\">52<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _180\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span><span class=\"ls124 ws6a\">223<span class=\"_ _a0\"> </span><span class=\"ls72 wsf5\">275<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls16 ws12 gs86e\">Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _17b\"> </span><span class=\"ff3b ls7 ws102\">31<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span></span>31<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs86f\">Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s <span class=\"_ _1b3\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls7 ws102 gs870\">10<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs871\">Lo<span class=\"_ _3\"></span>ans to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _5a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">73<span class=\"_ _a3\"> </span>73<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs872\">T<span class=\"_ _5\"></span>otal inv<span class=\"_ _4\"></span>estment in jo<span class=\"_ _4\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _156\"> </span>93<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _97\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>1<span class=\"_ _180\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span><span class=\"ls10b wsff\">296<span class=\"_ _a1\"> </span></span></span></span></span>38<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsec ws7d gs873\">^ <span class=\"_ _37\"> </span>Including Ireland.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs874\">Th<span class=\"_ _3\"></span>e Group\u2019s investment in mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g joint ventures\u2019 and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates\u2019 project<span class=\"_ _3\"></span>s is recog<span class=\"_ _3\"></span>nised at it<span class=\"_ _3\"></span>s remaining e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y investment p<span class=\"_ _3\"></span>lus the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs875\">value of t<span class=\"_ _3\"></span>he Group\u2019s accr<span class=\"_ _3\"></span>ued returns fro<span class=\"_ _3\"></span>m the under<span class=\"_ _3\"></span>lying p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s. The mil<span class=\"_ _3\"></span>itar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates have total n<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>rec<span class=\"_ _3\"></span>ourse </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs876\">net bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s of \u00a32,<span class=\"_ _3\"></span>09<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m). Note 4<span class=\"_ _4\"></span>1(e) details th<span class=\"_ _3\"></span>e Group\u2019s militar<span class=\"_ _3\"></span>y hou<span class=\"_ _3\"></span>sing projec<span class=\"_ _3\"></span>ts.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs877\">On ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain Infrast<span class=\"_ _3\"></span>ructure I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>stments c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ions where n<span class=\"_ _3\"></span>et fair value revalu<span class=\"_ _3\"></span>ations of P<span class=\"_ _3\"></span>PP finan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>ets and ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges resulted </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs878\">in<span class=\"_ gs52\"> </span>the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying va<span class=\"_ _3\"></span>lue of these inves<span class=\"_ _3\"></span>tments bei<span class=\"_ _3\"></span>ng negat<span class=\"_ _3\"></span>ive, the Grou<span class=\"_ _3\"></span>p has not reco<span class=\"_ _3\"></span>gnised l<span class=\"_ _3\"></span>osses b<span class=\"_ _3\"></span>eyond the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying valu<span class=\"_ _3\"></span>e of its </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs879\">investm<span class=\"_ _3\"></span>ents. Th<span class=\"_ _3\"></span>is is bec<span class=\"_ _3\"></span>ause the Grou<span class=\"_ _3\"></span>p has not co<span class=\"_ _3\"></span>mmitte<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o p<span class=\"_ _3\"></span>rovide any fu<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>r funding to th<span class=\"_ _3\"></span>ese investment<span class=\"_ _3\"></span>s and the b<span class=\"_ _3\"></span>orrowing<span class=\"_ _3\"></span>s within </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs87a\">these c<span class=\"_ _3\"></span>onces<span class=\"_ _3\"></span>sions are no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>reco<span class=\"_ _3\"></span>urse to the Grou<span class=\"_ _3\"></span>p. At 31 Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>, the unreco<span class=\"_ _3\"></span>gnised c<span class=\"_ _3\"></span>umulati<span class=\"_ _3\"></span>ve net fair value c<span class=\"_ _3\"></span>harges to othe<span class=\"_ _3\"></span>r </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs87b\">com<span class=\"_ _3\"></span>prehensi<span class=\"_ _3\"></span>ve income a<span class=\"_ _3\"></span>mounted to \u00a3<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>56<span class=\"_ _3\"></span>m).<span class=\"_ _3ab\"> </span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs87d\">Infrastructure Inv<span class=\"_ _4\"></span>estments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5f ws57 gs87e\">Income sta<span class=\"_ _3\"></span>tement </div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs87f\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs880\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs881\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs882\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls97 ws8e gs883\">Support<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs884\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs885\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs886\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs9 fc4 sc0 lsd2 wsc6 gs887\">UK<span class=\"fs5 ls5 ws3\"> </span></div><div class=\"t m0 h46 ff3c fs22 fc4 sc0 ls5 ws3 gs888\">^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs889\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs88a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs88b\">Nor<span class=\"_ _3\"></span>th<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs88c\">Americ<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs88d\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs88e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs88f\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs890\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs891\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs892\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs893\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs894\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls109 ws87 gs895\">Reve<span class=\"_ _3\"></span>nue<span class=\"_ _305\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>3<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _9d\"> </span><span class=\"ls114 ws10c\">99<span class=\"_ _180\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>9<span class=\"_ _97\"> </span><span class=\"ls3e ws39\">228<span class=\"_ _110\"> </span></span></span></span></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs896\">Op<span class=\"_ _3\"></span>erating p<span class=\"_ _3\"></span>rofit excluding g<span class=\"_ _3\"></span>ain on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3\"></span>s of int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs897\">in<span class=\"_ gs52\"> </span>in<span class=\"_ _4\"></span>vestments<span class=\"_ _286\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _87\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _7d\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _38\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs898\">Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sals of interest<span class=\"_ _3\"></span>s in investment<span class=\"_ _3\"></span>s<span class=\"_ _2fe\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _9d\"> </span>70<span class=\"_ _38\"> </span>70<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs899\">Operating profit<span class=\"_ _2ff\"> </span><span class=\"ff3c ls109 ws87\">24<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _87\"> </span></span></span>91<span class=\"_ _9d\"> </span><span class=\"ls221 wsa6\">88<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs89a\">Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _231\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls72 wsf5\">72<span class=\"_ _7d\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">85<span class=\"_ _a3\"> </span><span class=\"ls221 wsa6\">88<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls73 ws80 gs89b\">Finance costs<span class=\"_ _203\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"ls124 ws6a\">(66)<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _a1\"> </span><span class=\"ls10b wsff\">(8<span class=\"_ _3\"></span>6)<span class=\"_ _116\"> </span><span class=\"ls33 ws2c\">(<span class=\"_ _3\"></span>87)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs89c\">Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t be<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>e ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion<span class=\"_ _301\"> </span><span class=\"ff3c ls61 ws59\">26<span class=\"_ _11c\"> </span></span><span class=\"ff3c\">\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _9d\"> </span><span class=\"ls46 ws41\">84<span class=\"_ _a3\"> </span><span class=\"ls33 ws2c\">87<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs89d\">T<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>xa<span class=\"_ _4\"></span>tion<span class=\"_ _298\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _a3\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs89e\">Pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>t af<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r ta<span class=\"_ _3\"></span>xat<span class=\"_ _3\"></span>ion <span class=\"_ _184\"> </span><span class=\"ff3c ls5f ws57\">20<span class=\"_ _9a\"> </span></span><span class=\"ff3c\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9d\"> </span><span class=\"ls46 ws41\">84<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">85<span class=\"_ _a0\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs89f\">Balance sheet<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs8a0\">Non-current assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs8a1\">Intangible assets \u2013<span class=\"_ _4\"></span> Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investments in<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>angible<span class=\"_ _302\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _a3\"> </span>40</span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls170 ws18f gs8a2\"> <span class=\"_ _1a8\"> </span> <span class=\"_ _20f\"> </span>\u2013 other<span class=\"_ _236\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _7d\"> </span>13<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls73 ws80 gs8a3\">Proper<span class=\"_ _3\"></span>ty<span class=\"_ _4\"></span>, plant and equipmen<span class=\"_ _4\"></span>t<span class=\"_ _1c5\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span></span>33<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs8a4\">Investment<span class=\"_ _4\"></span> prop<span class=\"_ _3\"></span>erties<span class=\"_ _1d1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">257<span class=\"_ _180\"> </span>257<span class=\"_ _180\"> </span>257<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs8a5\">Investments<span class=\"_ _4\"></span> in joint ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _303\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs8a6\">Mo<span class=\"_ _3\"></span>ney market funds<span class=\"_ _300\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _a3\"> </span>26<span class=\"_ _38\"> </span>26<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs8a7\">PPP financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _1df\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls18f ws191\">984<span class=\"_ _a1\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3\"></span>0<span class=\"_ _110\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _a6\"> </span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs8a8\">Mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y housin<span class=\"_ _3\"></span>g project<span class=\"_ _3\"></span>s<span class=\"_ _304\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>9<span class=\"_ _7e\"> </span>11<span class=\"_ _3\"></span>9<span class=\"_ _7e\"> </span>11<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs8a9\">Other non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current asse<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _9e\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span><span class=\"lsc ws8\">27<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _38\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _a0\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs8aa\">Current assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs8ab\">Cash and cash equivalents<span class=\"_ _2dd\"> </span><span class=\"ls11d wsf4\">385<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>0<span class=\"_ _38\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _97\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span><span class=\"ls10c ws85\">5<span class=\"_ _3\"></span>61<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs8ac\">Other current assets<span class=\"_ _73\"> </span><span class=\"lsc ws8\">275<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _b0\"> </span></span>5<span class=\"_ _7d\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _180\"> </span><span class=\"ls61 ws59\">326<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls113 ws10b gs8ad\">T<span class=\"_ _5\"></span>otal<span class=\"_ _4\"></span> assets<span class=\"_ _306\"> </span><span class=\"ff3c ls16a ws15f\">804<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1f7\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _180\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _3\"></span>6<span class=\"_ _110\"> </span></span>1,<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>6<span class=\"_ _dd\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,7<span class=\"_ _3\"></span>70<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs8ae\">Current liabilities<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs8af\">Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _234\"> </span><span class=\"ls10b wsff\">(89)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">(37)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls85 ws7d\">(37)<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls16 ws12 gs8b0\">Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _287\"> </span><span class=\"ls61 ws59\">(579)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _20c\"> </span>(<span class=\"_ _3\"></span>12)<span class=\"_ _1cb\"> </span><span class=\"ls164 ws157\">(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>15)<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs8b1\">Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs8b2\">Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _70\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _128\"> </span><span class=\"ls66 ws5e\">(8<span class=\"_ _3\"></span>85)<span class=\"_ _1cc\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>02)<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _15\"> </span>(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls16 ws12 gs8b3\">Othe<span class=\"_ _3\"></span>r non-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>t lia<span class=\"_ _3\"></span>bilities<span class=\"_ _234\"> </span><span class=\"ls120 ws119\">(80)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls12a ws11f\">(18<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _cc\"> </span></span>(18<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">(265)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs8b4\">T<span class=\"_ _5\"></span>otal liabilities<span class=\"_ _2b5\"> </span><span class=\"ff3c ls122 ws11b\">(<span class=\"_ _3\"></span>74<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _2f\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _1cb\"> </span><span class=\"ls108 wsfd\">(<span class=\"_ _3\"></span>519<span class=\"_ _3\"></span>)<span class=\"_ _c3\"> </span></span>(1,74<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _56\"> </span><span class=\"ls73 ws80\">(<span class=\"_ _3\"></span>2,49<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls113 ws10b gs8b5\">Net<span class=\"_ _4\"></span> assets<span class=\"_ _206\"> </span><span class=\"ff3c ls11d wsf4\">56<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a3\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _a0\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span><span class=\"ls78 ws11a\">2<span class=\"_ _3\"></span>21<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">277<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls16 ws12 gs8b6\">Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _24f\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span></span>33<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs8b7\">Rec<span class=\"_ _3\"></span>lassif<span class=\"_ _3\"></span>y neg<span class=\"_ _3\"></span>ative investm<span class=\"_ _3\"></span>ent to provision<span class=\"_ _3\"></span>s (Note 26<span class=\"_ _3\"></span>)<span class=\"_ _f8\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls89 ws88 gs8b8\">10<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs8b9\">Lo<span class=\"_ _3\"></span>ans to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _5a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _97\"> </span>10<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs8ba\">T<span class=\"_ _5\"></span>otal inv<span class=\"_ _4\"></span>estment in jo<span class=\"_ _4\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _1d4\"> </span><span class=\"ff3c ls114 ws10c\">99<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>0<span class=\"_ _98\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"lsc ws8\">3<span class=\"_ _3\"></span>27<span class=\"_ _a0\"> </span><span class=\"ls4a ws44\">426<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsec ws7d gs8bb\">^ <span class=\"_ _37\"> </span>Including Ireland.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs8bc\">19.3 Ag<span class=\"_ _3\"></span>gre<span class=\"_ _3\"></span>gat<span class=\"_ _3\"></span>e inf<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>es an<span class=\"_ _3\"></span>d as<span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>tes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsaf ws2c gs8bd\">Joint v<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ntures<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs8be\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs8bf\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs8c0\">Associates<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs8c1\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs8c2\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs8c3\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs8c4\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs8c5\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs8c6\">Th<span class=\"_ _3\"></span>e Group\u2019s share of profit from o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>ons<span class=\"_ _307\"> </span><span class=\"ff3b ls45 ws40\">42<span class=\"_ _38\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _38\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs8c7\">Ag<span class=\"_ _3\"></span>gregate c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amo<span class=\"_ _3\"></span>unt of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest<span class=\"_ _308\"> </span><span class=\"ff3b\">276<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _180\"> </span><span class=\"lsa9 wsa0\">389<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls21c ws10e gs8c8\">Joint vent<span class=\"_ _3\"></span>ures<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs8c9\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs8ca\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls97 ws8e gs8cb\">Associates<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs8cc\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs8cd\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs8ce\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs8cf\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs8d0\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs8d1\">Th<span class=\"_ _3\"></span>e Group\u2019s share of profit from o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>ons<span class=\"_ _307\"> </span><span class=\"ls114 ws10c\">89<span class=\"_ _9d\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs8d2\">Ag<span class=\"_ _3\"></span>gregate c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying amo<span class=\"_ _3\"></span>unt of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s interest<span class=\"_ _309\"> </span><span class=\"ls105 wsc2\">300<span class=\"_ _180\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>6<span class=\"_ _97\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs8d4\">19.4 De<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>s of ma<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>ial j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t vent<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs8d5\">Ga<span class=\"_ _3\"></span>mmon C<span class=\"_ _3\"></span>hina Ltd<span class=\"_ _b0\"> </span>Co<span class=\"_ _3\"></span>nnec<span class=\"_ _3\"></span>t Plus (<span class=\"_ _3\"></span>M25<span class=\"_ _3\"></span>) Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs8d6\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs8d7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs8d8\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs8d9\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs8da\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs8db\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs8dc\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs8dd\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs8de\">Pr<span class=\"_ _3\"></span>opo<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up\u2019s own<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>p int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n th<span class=\"_ _3\"></span>e join<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e<span class=\"_ _30a\"> </span><span class=\"lsc ws8\">50%<span class=\"_ _f2\"> </span></span><span class=\"ff3c\">5<span class=\"_ _3\"></span>0%<span class=\"_ _2e\"> </span> <span class=\"_ _cc\"> </span></span><span class=\"ls10d ws101\">15%<span class=\"_ _128\"> </span><span class=\"ff3c ls100 ws104\">15<span class=\"_ _3\"></span>%<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5f ws57 gs8df\">Income sta<span class=\"_ _3\"></span>tement<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls4a ws44 gs8e0\">Revenue<span class=\"_ _16b\"> </span><span class=\"ff3b ls1c ws107\">2<span class=\"_ _3\"></span>,715<span class=\"_ _a8\"> </span></span><span class=\"ls162 ws155\">2<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _25d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span><span class=\"ff3b ls7 ws102\">2<span class=\"_ _3\"></span>31<span class=\"_ _180\"> </span></span><span class=\"ls49 ws43\">270<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs8e1\">Underlying<span class=\"_ _4\"></span> operating profit<span class=\"_ _30b\"> </span><span class=\"ls45 ws40\">65<span class=\"_ _a3\"> </span><span class=\"ff3c ls72 wsf5\">72<span class=\"_ _3e\"> </span></span><span class=\"ls92 ws8a\">20<span class=\"_ _b0\"> </span><span class=\"ff3c ls5 ws3\">9<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs8e2\">Investment<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>ome<span class=\"_ _30c\"> </span><span class=\"ff3b ls78 ws11a\">21<span class=\"_ _9a\"> </span></span><span class=\"ls5 ws3\">6<span class=\"_ _1c4\"> </span> <span class=\"_ _e0\"> </span><span class=\"ff3b ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _180\"> </span></span><span class=\"ls100 ws104\">14<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls73 ws80 gs8e3\">Finance costs<span class=\"_ _30d\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _a3\"> </span></span><span class=\"ls33 ws2c\">(3)<span class=\"_ _37\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _f2\"> </span><span class=\"ff3b ls14b ws189\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>1)<span class=\"_ _1cb\"> </span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>101)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs8e4\">Inc<span class=\"_ _3\"></span>ome ta<span class=\"_ _3\"></span>x charge<span class=\"_ _18b\"> </span><span class=\"ff3b ls10f ws105\">(12<span class=\"_ _3\"></span>)<span class=\"_ _97\"> </span></span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _133\"> </span></span> <span class=\"_ _98\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _a3\"> </span></span><span class=\"ls10b wsff\">(9)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs8e5\">Prof<span class=\"_ _3\"></span>it<span class=\"_ _30e\"> </span><span class=\"ff3b ls1c ws107\">71<span class=\"_ _9d\"> </span></span><span class=\"ls114 ws10c\">63<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _51\"> </span><span class=\"ff3b ls5f ws57\">50<span class=\"_ _9d\"> </span></span><span class=\"ls11d wsf4\">39<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs8e6\">T<span class=\"_ _5\"></span>otal other compr<span class=\"_ _4\"></span>ehensive income/(loss) <span class=\"_ _86\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">2<span class=\"_ _1c4\"> </span> <span class=\"_ _ff\"> </span></span><span class=\"ls90 ws116\">18<span class=\"_ _e0\"> </span></span></span><span class=\"ls122 ws11b\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>74<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs8e7\">T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>reh<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>sive i<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>ome/(los<span class=\"_ _3\"></span>s) (<span class=\"_ _4\"></span>100<span class=\"_ _3\"></span>%<span class=\"_ _4\"></span>)<span class=\"_ _216\"> </span><span class=\"ls1c ws107\">71<span class=\"_ _9d\"> </span><span class=\"ff3c ls105 wsc2\">65<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _51\"> </span></span><span class=\"ls103 wsf8\">68<span class=\"_ _128\"> </span><span class=\"ff3c lsa9 wsa0\">(235)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs8e8\">Gr<span class=\"_ _3\"></span>oup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e of to<span class=\"_ _3\"></span>tal c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome/(lo<span class=\"_ _3\"></span>ss)<span class=\"_ _d7\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _a3\"> </span><span class=\"ff3c ls44 ws3f\">33<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span></span><span class=\"ls7 ws102\">10<span class=\"_ _87\"> </span><span class=\"ff3c ls66 ws5e\">(35)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs8e9\">Di<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ds re<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>ive<span class=\"_ _3\"></span>d by th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up du<span class=\"_ _3\"></span>rin<span class=\"_ _3\"></span>g the ye<span class=\"_ _3\"></span>ar<span class=\"_ _30f\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _a3\"> </span><span class=\"ff3c ls44 ws3f\">33<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _7b\"> </span></span>5<span class=\"_ _9a\"> </span><span class=\"ff3c\">6<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs8ea\">Balance sheet<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs8eb\">Non-current assets<span class=\"_ _310\"> </span><span class=\"ls109 ws87\">270<span class=\"_ _a0\"> </span><span class=\"ff3c ls3e ws39\">289<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _2f\"> </span></span></span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _1f7\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs8ec\">Current assets<span class=\"_ _311\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs8ed\">Cash and cash equivalents<span class=\"_ _2c9\"> </span><span class=\"ff3b ls18b ws188\">654<span class=\"_ _a1\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _2\"></span>3<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _27\"> </span><span class=\"ff3b ls90 ws116\">123<span class=\"_ _97\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs8ee\">Other current assets<span class=\"_ _15f\"> </span><span class=\"ff3b ls48 ws42\">613<span class=\"_ _97\"> </span></span><span class=\"ls5b ws15e\">5<span class=\"_ _2\"></span>41<span class=\"_ _1c4\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _81\"> </span><span class=\"ff3b ls1b wsa9\">74<span class=\"_ _9d\"> </span></span><span class=\"ls105 wsc2\">65<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls93 wsfa gs8ef\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _110\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _25d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span></span></span><span class=\"ls94 ws18a\">19<span class=\"_ _3\"></span>7<span class=\"_ _a0\"> </span><span class=\"ff3c ls12a ws11f\">19<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs8f0\">Current liabilities<span class=\"_ _312\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs8f1\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _149\"> </span><span class=\"ff3b ls8b ws4\">(8<span class=\"_ _3\"></span>97)<span class=\"_ _fa\"> </span></span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>914<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span></span> <span class=\"_ _a0\"> </span><span class=\"ff3b ls94 ws18a\">(6<span class=\"_ _3\"></span>4)<span class=\"_ _116\"> </span></span><span class=\"lsaa ws69\">(5<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls49 ws43 gs8f2\">Provisions<span class=\"_ _313\"> </span><span class=\"ff3b ls48 ws42\">(4<span class=\"_ _3\"></span>9)<span class=\"_ _25\"> </span></span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs8f3\">Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _192\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _b2\"> </span></span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _98\"> </span><span class=\"ff3b ls10f ws105\">(19<span class=\"_ _3\"></span>)<span class=\"_ _180\"> </span></span><span class=\"ls12a ws11f\">(19<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls16 ws12 gs8f4\">Othe<span class=\"_ _3\"></span>r current liabilities<span class=\"_ _290\"> </span><span class=\"ff3b ls14b ws189\">(1<span class=\"_ _3\"></span>01)<span class=\"_ _ef\"> </span></span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>142<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _97\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>0)<span class=\"_ _a3\"> </span></span><span class=\"ls66 ws5e\">(<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls10f ws105 gs8f5\">(1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>7)<span class=\"_ _4f\"> </span><span class=\"ff3c ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _180\"> </span></span></span><span class=\"lsd ws18e\">(9<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span><span class=\"ff3c ls120 ws119\">(80)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs8f6\">Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _314\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _16\"> </span> <span class=\"_ _2a\"> </span> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs8f7\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _293\"> </span><span class=\"ff3b ls10f ws105\">(12<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls72 wsf5 gs8f8\">(9<span class=\"_ _3\"></span>4)<span class=\"_ _37\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls49 ws43 gs8f9\">Provisions<span class=\"_ _313\"> </span><span class=\"ff3b lsd ws18e\">(3<span class=\"_ _3\"></span>3)<span class=\"_ _116\"> </span></span><span class=\"ls3e ws39\">(28)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs8fa\">Borrowings \u2013<span class=\"_ _4\"></span> non<span class=\"_ _3\"></span>-recourse<span class=\"_ _2e0\"> </span><span class=\"ff3b ls10f ws105\">(1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>9)<span class=\"_ _7b\"> </span></span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _c3\"> </span><span class=\"ff3b ls125 ws11c\">(1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _c3\"> </span></span><span class=\"ls162 ws155\">(<span class=\"_ _3\"></span>1,1<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs8fb\">Other non-<span class=\"_ _3\"></span>current<span class=\"_ _4\"></span> liabilities (including<span class=\"_ _4\"></span> shareholder loans)<span class=\"_ _315\"> </span><span class=\"ff3b ls3c ws37\">(20)<span class=\"_ _a1\"> </span></span><span class=\"ls85 ws7d\">(37)<span class=\"_ _133\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _1cb\"> </span><span class=\"ff3b ls10a wsfe\">(<span class=\"_ _3\"></span>419<span class=\"_ _3\"></span>)<span class=\"_ _cc\"> </span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsf7 ws100 gs8fc\">(36<span class=\"_ _3\"></span>8)<span class=\"_ _fa\"> </span><span class=\"ff3c ls100 ws104\">(15<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _b\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _4f\"> </span></span></span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6)<span class=\"_ _4f\"> </span><span class=\"ff3c ls10a wsfe\">(<span class=\"_ _3\"></span>1,5<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls113 ws10b gs8fd\">Net<span class=\"_ _4\"></span> assets (<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>00%<span class=\"_ _4\"></span>)<span class=\"_ _316\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _97\"> </span><span class=\"ff3c ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _e0\"> </span></span></span><span class=\"ls66 ws5e\">230<span class=\"_ _180\"> </span><span class=\"ff3c ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs8fe\">Re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of t<span class=\"_ _3\"></span>he ab<span class=\"_ _3\"></span>ove sum<span class=\"_ _3\"></span>mar<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al in<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>mat<span class=\"_ _3\"></span>ion to t<span class=\"_ _3\"></span>he c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs8ff\">am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>t of th<span class=\"_ _3\"></span>e int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n the a<span class=\"_ _3\"></span>bove j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>es re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d in th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs900\">consolidate<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> financ<span class=\"_ _3\"></span>ial<span class=\"_ _4\"></span> st<span class=\"_ _3\"></span>atements:<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs901\">Net as<span class=\"_ _3\"></span>sets of joint ventu<span class=\"_ _3\"></span>re (<span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>0%<span class=\"_ _4\"></span>)<span class=\"_ _120\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _97\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _2e\"> </span></span> <span class=\"_ _e0\"> </span><span class=\"ff3b ls66 ws5e\">230<span class=\"_ _180\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs902\">Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s share of net a<span class=\"_ _3\"></span>ssets<span class=\"_ _29c\"> </span><span class=\"ff3b ls10d ws101\">61<span class=\"_ _9d\"> </span></span><span class=\"ls16a ws15f\">66<span class=\"_ _2e\"> </span></span> <span class=\"_ _51\"> </span><span class=\"ff3b ls3b ws36\">35<span class=\"_ _a3\"> </span></span><span class=\"ls105 wsc2\">30<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs903\">Ad<span class=\"_ _3\"></span>d: Group\u2019<span class=\"_ _4\"></span>s i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rest in shareh<span class=\"_ _3\"></span>older lo<span class=\"_ _3\"></span>ans<span class=\"_ _107\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _51\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _9d\"> </span></span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls16 ws12 gs904\">Goo<span class=\"_ _3\"></span>dwill<span class=\"_ _26f\"> </span><span class=\"ff3b ls7 ws102\">31<span class=\"_ _9d\"> </span></span><span class=\"ls44 ws3f\">33<span class=\"_ _2e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _7f\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs905\">Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g amo<span class=\"_ _3\"></span>unt o<span class=\"_ _3\"></span>f the G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p\u2019s int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>st i<span class=\"_ _3\"></span>n the j<span class=\"_ _3\"></span>oin<span class=\"_ _3\"></span>t ven<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e<span class=\"_ _23c\"> </span><span class=\"ls74 ws6b\">92<span class=\"_ _a3\"> </span><span class=\"ff3c ls114 ws10c\">99<span class=\"_ _2e\"> </span></span></span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span></span><span class=\"ls10d ws101\">61<span class=\"_ _9d\"> </span><span class=\"ff3c ls3e ws39\">57<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs907\">19<span class=\"_ _4\"></span>.5 Cash flo<span class=\"_ _4\"></span>w from/<span class=\"_ _5\"></span>(to<span class=\"_ _4\"></span>) joi<span class=\"_ _4\"></span>nt ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gs908\">Infrastructure Inv<span class=\"_ _4\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _1c8\"> </span><span class=\"ff3c lsaf wsa8\">Infrastructure In<span class=\"_ _4\"></span>vestments<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsc4 ws9e gs909\">Cash flows<span class=\"_ _4\"></span> from inv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sting<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivities<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs90a\">UK </div><div class=\"t m0 h45 ff3b fs22 fc4 sc0 ls5 ws3 gs90b\">^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs90c\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs90d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls102 wsf7 gs90e\">North<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls10 wsc gs90f\">America<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs910\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs911\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs912\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs913\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs914\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gs915\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs916\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs917\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs918\">UK </div><div class=\"t m0 h46 ff3c fs22 fc4 sc0 ls5 ws3 gs919\">^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs91a\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs91b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs91c\">Nor<span class=\"_ _3\"></span>th<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs91d\">Americ<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs91e\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs91f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs920\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs921\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs922\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs923\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs924\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs925\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs926\">Div<span class=\"_ _3\"></span>idend<span class=\"_ _3\"></span>s from joint venture<span class=\"_ _3\"></span>s and </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs927\">associates<span class=\"_ _317\"> </span><span class=\"ff3b ls5 ws3\">9<span class=\"_ _38\"> </span><span class=\"ls10d ws101\">15 </span></span></div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs928\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls3e ws39 gs929\">36<span class=\"_ _a3\"> </span><span class=\"ls16d ws230\">60<span class=\"_ _2e\"> </span><span class=\"ff3c ls5 ws3\"> <span class=\"_ _34\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _98\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span> </span></span></span></span></div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs92a\">x<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls121 wsa3 gs92b\">34<span class=\"_ _a0\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs92c\">Sub<span class=\"_ _3\"></span>ordinate<span class=\"_ _3\"></span>d debt interest </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls72 wsf5 gs92d\">receiv<span class=\"_ _4\"></span>ed<span class=\"_ _fe\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>7<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _ff\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7d\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs92e\">Investm<span class=\"_ _3\"></span>ents in and lo<span class=\"_ _3\"></span>ans to joint </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs92f\">ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _3a\"> </span><span class=\"ff3b lsf7 ws100\">(9)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _ff\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _37\"> </span></span><span class=\"ff3c\"> <span class=\"_ _38\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(22)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"lsa9 wsa0\">(29)<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls111 wsc8 gs930\">Equit<span class=\"_ _3\"></span>y<span class=\"_ _2da\"> </span><span class=\"ff3b lsf7 ws100\">(9)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _ff\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _37\"> </span></span><span class=\"ff3c\"> <span class=\"_ _38\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(22)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls4f ws49 gs931\">Subordinat<span class=\"_ _4\"></span>ed debt repaid<span class=\"_ _213\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _7b\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs932\">Retur<span class=\"_ _3\"></span>n of equit<span class=\"_ _3\"></span>y from joint </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs933\">ventur<span class=\"_ _4\"></span>es and associ<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>es<span class=\"_ _1e3\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs934\">4 </div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs935\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs936\">\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _2e\"> </span><span class=\"ff3c\"> <span class=\"_ _7c\"> </span>\u2013<span class=\"_ _9d\"> </span>3<span class=\"_ _3\"></span>4 </span></div><div class=\"t m0 h2b ff3c fs19 fc4 sc0 ls5 ws3 gs937\">x<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs938\">\u2013<span class=\"_ _a3\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs939\">Disp<span class=\"_ _3\"></span>osal of inves<span class=\"_ _3\"></span>tments in jo<span class=\"_ _3\"></span>int </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs93a\">venture<span class=\"_ _3\"></span>s<span class=\"_ _fb\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _1c4\"> </span><span class=\"ff3c\"> <span class=\"_ _7f\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs93b\">Ne<span class=\"_ _3\"></span>t ca<span class=\"_ _3\"></span>sh f<span class=\"_ _3\"></span>low fr<span class=\"_ _3\"></span>om jo<span class=\"_ _3\"></span>int </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs93c\">ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _1ea\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">36<span class=\"_ _9d\"> </span><span class=\"ls109 ws87\">57<span class=\"_ _1c4\"> </span></span></span></span><span class=\"ff3c\"> <span class=\"_ _81\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>5<span class=\"_ _7d\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _a1\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _2\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs93d\">^ <span class=\"_ _78\"> </span>Inc<span class=\"_ _3\"></span>l<span class=\"_ _4\"></span>uding Ireland.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs93e\">+ <span class=\"_ _37\"> </span>In 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3, di<span class=\"_ _3\"></span>vide<span class=\"_ _3\"></span>nds an<span class=\"_ _3\"></span>d return o<span class=\"_ _3\"></span>f equi<span class=\"_ _3\"></span>ty fro<span class=\"_ _3\"></span>m joint v<span class=\"_ _3\"></span>enture<span class=\"_ _3\"></span>s and ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ates inc<span class=\"_ _3\"></span>lude<span class=\"_ _3\"></span>d \u00a31m and \u00a34<span class=\"_ _3\"></span>m resp<span class=\"_ _3\"></span>ecti<span class=\"_ _3\"></span>vely o<span class=\"_ _3\"></span>f proce<span class=\"_ _3\"></span>eds g<span class=\"_ _3\"></span>ener<span class=\"_ _3\"></span>ated fro<span class=\"_ _3\"></span>m the dis<span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>al of Mo<span class=\"_ _3\"></span>rett<span class=\"_ _3\"></span>i Apa<span class=\"_ _3\"></span>rtm<span class=\"_ _3\"></span>ents<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls18 ws3 gs93f\">x <span class=\"_ _12b\"> </span>I<span class=\"_ _3\"></span>n 202<span class=\"_ _3\"></span>2, di<span class=\"_ _3\"></span>vide<span class=\"_ _3\"></span>nds an<span class=\"_ _3\"></span>d retur<span class=\"_ _3\"></span>n of equi<span class=\"_ _3\"></span>ty fro<span class=\"_ _3\"></span>m join<span class=\"_ _3\"></span>t venture<span class=\"_ _3\"></span>s and as<span class=\"_ _3\"></span>soci<span class=\"_ _3\"></span>ates in<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>ed \u00a35<span class=\"_ _3\"></span>9m a<span class=\"_ _3\"></span>nd \u00a3<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>m resp<span class=\"_ _3\"></span>ecti<span class=\"_ _3\"></span>vely of p<span class=\"_ _3\"></span>roce<span class=\"_ _3\"></span>eds ge<span class=\"_ _3\"></span>nera<span class=\"_ _3\"></span>ted from t<span class=\"_ _3\"></span>he dis<span class=\"_ _3\"></span>posa<span class=\"_ _3\"></span>l of Infr<span class=\"_ _3\"></span>astr<span class=\"_ _3\"></span>uctu<span class=\"_ _3\"></span>re Invest<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span>s </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls18 ws3 gs940\">ass<span class=\"_ _3\"></span>ets, of w<span class=\"_ _3\"></span>hich \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>2<span class=\"_ _3\"></span>m, \u00a35<span class=\"_ _3\"></span>0m<span class=\"_ _3\"></span>, \u00a34m<span class=\"_ _3\"></span>, \u00a313m and \u00a3<span class=\"_ _3\"></span>14m resp<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>ivel<span class=\"_ _3\"></span>y of proc<span class=\"_ _3\"></span>eeds w<span class=\"_ _3\"></span>ere gen<span class=\"_ _3\"></span>erate<span class=\"_ _3\"></span>d from th<span class=\"_ _3\"></span>e disp<span class=\"_ _3\"></span>osal o<span class=\"_ _3\"></span>f Rega<span class=\"_ _3\"></span>rd at Me<span class=\"_ _3\"></span>d Cente<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>, A<span class=\"_ _3\"></span>spir<span class=\"_ _3\"></span>e at Disc<span class=\"_ _3\"></span>over<span class=\"_ _3\"></span>y Par<span class=\"_ _3\"></span>k, Pr<span class=\"_ _3\"></span>eser<span class=\"_ _3\"></span>ve at S<span class=\"_ _3\"></span>outhw<span class=\"_ _3\"></span>ind, </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls194 wsc3 gs941\">Preserve at Bartlet<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> and Waterchase Apar<span class=\"_ _3\"></span>tments.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs942\">19.6 Sh<span class=\"_ _3\"></span>are o<span class=\"_ _3\"></span>f re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>s of jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s an<span class=\"_ _3\"></span>d ass<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>iat<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lscf ws78 gs943\">Accumul<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsec wse2 gs944\">profit<span class=\"_ _3\"></span>/(lo<span class=\"_ _3\"></span>ss)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs945\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls4d ws47 gs946\">Hedging<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs947\">reserve<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs948\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsc4 ws9e gs949\">PPP </div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs94a\">financial<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls97 ws8e gs94b\">assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs94c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls1ff ws21d gs94d\">Cur<span class=\"_ _3\"></span>rency<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs94e\">translation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gs94f\">reserve<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs950\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs951\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsf6 wseb gs952\">(<span class=\"_ _3\"></span>N<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span> 3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs953\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs954\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _291\"> </span>8<span class=\"_ _7e\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>54)<span class=\"_ _87\"> </span><span class=\"ls16a ws15f\">80<span class=\"_ _a3\"> </span><span class=\"ls11f ws118\">38<span class=\"_ _a3\"> </span></span></span>72<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs955\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2df\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _9d\"> </span>23<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs956\">Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _28e\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs957\">Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets<span class=\"_ _22a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span></span>\u2013<span class=\"_ _27\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>124<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs958\">Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es<span class=\"_ _141\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs959\">Actuarial movements on re<span class=\"_ _4\"></span>tirement benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _4\"></span> <span class=\"_ _9b\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs95a\">T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome<span class=\"_ _b3\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _87\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9a\"> </span></span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls73 ws80 gs95b\">Dividends<span class=\"_ _253\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _e0\"> </span></span>(14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs95c\">Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement on di<span class=\"_ _3\"></span>sposa<span class=\"_ _3\"></span>l<span class=\"_ _1a\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _a3\"> </span>(3)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs95d\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _318\"> </span><span class=\"ls72 wsf5\">(3<span class=\"_ _3\"></span>4)<span class=\"_ _a1\"> </span><span class=\"lsaa ws69\">(30)<span class=\"_ _97\"> </span><span class=\"ls100 ws104\">(14<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls44 ws3f\">58<span class=\"_ _7e\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs95e\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2df\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>3)<span class=\"_ _97\"> </span>(13<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs95f\">Inc<span class=\"_ _3\"></span>ome reco<span class=\"_ _3\"></span>gnised <span class=\"_ _319\"> </span><span class=\"ff3b ls120 ws119\">53<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs960\">Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of PPP f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets<span class=\"_ _22a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _38\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs961\">Fair v<span class=\"_ _3\"></span>alue revaluati<span class=\"_ _3\"></span>on of cash fl<span class=\"_ _3\"></span>ow hedg<span class=\"_ _3\"></span>es<span class=\"_ _141\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs962\">Actuarial movements on re<span class=\"_ _4\"></span>tirement benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _4\"></span> <span class=\"_ _31a\"> </span><span class=\"ff3b ls14b ws189\">(1)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7b\"> </span></span>(1)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs963\">T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items taken dire<span class=\"_ _3\"></span>ctly to other c<span class=\"_ _3\"></span>ompreh<span class=\"_ _3\"></span>ensive inc<span class=\"_ _3\"></span>ome<span class=\"_ _b3\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _9d\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls73 ws80 gs964\">Dividends<span class=\"_ _2b3\"> </span><span class=\"ff3b ls10d ws101\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _145\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _87\"> </span></span>(60)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs965\">Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement on di<span class=\"_ _3\"></span>sposa<span class=\"_ _3\"></span>l<span class=\"_ _1a\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _ad\"> </span><span class=\"lsf7 ws100\">(9)<span class=\"_ _145\"> </span></span>6<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _ad\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs966\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2ca\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>2)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(38)<span class=\"_ _145\"> </span></span></span>8<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">45<span class=\"_ _7e\"> </span><span class=\"ls170 ws18f\">(27)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h7 ff46 fs4 fc6 sc0 lsda wsd3 gsff5\">34 A<span class=\"_ _4\"></span>cquisitions<span class=\"_ _4\"></span> and disposals<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gsff6\">34.<span class=\"_ _5\"></span>1 Current<span class=\"_ _4\"></span> and prior<span class=\"_ _4\"></span> year<span class=\"_ _4\"></span> acq<span class=\"_ _3\"></span>u<span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>sitio<span class=\"_ _4\"></span>ns<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsff7\">Th<span class=\"_ _3\"></span>ere were no materi<span class=\"_ _3\"></span>al acquis<span class=\"_ _3\"></span>itions in 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsff8\">Deferre<span class=\"_ _3\"></span>d consid<span class=\"_ _3\"></span>eration p<span class=\"_ _3\"></span>aid duri<span class=\"_ _3\"></span>ng 202<span class=\"_ _3\"></span>3 in respe<span class=\"_ _3\"></span>ct of acq<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span>s compl<span class=\"_ _3\"></span>et<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d in earlie<span class=\"_ _3\"></span>r years was \u00a3<span class=\"_ _3\"></span>nil (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3m). </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gsff9\">34.2 Current<span class=\"_ _4\"></span> year disposals<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsffa\">Dur<span class=\"_ _3\"></span>ing the year, the Grou<span class=\"_ _3\"></span>p dispos<span class=\"_ _3\"></span>ed of two I<span class=\"_ _3\"></span>nfrastru<span class=\"_ _3\"></span>cture Investm<span class=\"_ _3\"></span>ents assets a<span class=\"_ _3\"></span>s detaile<span class=\"_ _3\"></span>d below.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsffb\">Th<span class=\"_ _3\"></span>e gain reco<span class=\"_ _3\"></span>gnised f<span class=\"_ _3\"></span>rom the disp<span class=\"_ _3\"></span>osal of as<span class=\"_ _3\"></span>sets that were he<span class=\"_ _3\"></span>ld within j<span class=\"_ _3\"></span>oint venture entiti<span class=\"_ _3\"></span>es of the Grou<span class=\"_ _3\"></span>p is recogn<span class=\"_ _3\"></span>ised with<span class=\"_ _3\"></span>in the Group\u2019s share </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsffc\">of result<span class=\"_ _3\"></span>s of joint ventures an<span class=\"_ _3\"></span>d associ<span class=\"_ _3\"></span>ates.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls10c ws85 gsffd\">Note<span class=\"_ _3\"></span>s<span class=\"_ _10c\"> </span><span class=\"lsd2 wsc6\">Disposal da<span class=\"_ _4\"></span>te<span class=\"_ _7e\"> </span><span class=\"lsce wsc3\">Entit<span class=\"_ _3\"></span>y/asset<span class=\"_ _1ad\"> </span><span class=\"ls5 ws3\">Str<span class=\"_ _3\"></span>uctu<span class=\"_ _3\"></span>re of sal<span class=\"_ _3\"></span>e </span></span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gsffe\">Percent<span class=\"_ _3\"></span>age</div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsfff\"> disposed<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1000\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gs1001\">Cash<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1002\">consideration<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1003\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4b ws45 gs1004\">Net asset<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gs1005\">disposed<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1006\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gs1007\">Am<span class=\"_ _3\"></span>ount</div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls1ff ws21d gs1008\"> recyc<span class=\"_ _3\"></span>led</div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gs1009\"> from<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs100a\">reserves<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs100b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs100c\">Underlying<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gs100d\">gain<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs100e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls162 ws155 gs100f\">3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>.1<span class=\"_ _f4\"> </span><span class=\"ff47 ls5 ws3\">28 Se<span class=\"_ _3\"></span>ptember 20<span class=\"_ _3\"></span>23<span class=\"_ _0\"> </span><span class=\"ls3c ws37\">M<span class=\"_ _3\"></span>oret<span class=\"_ _3\"></span>ti Ap<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ments<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gs1010\">^</div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1011\"> <span class=\"_ _1f5\"> </span><span class=\"ls14 ws10\">Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _b0\"> </span></span></span>5<span class=\"_ _ee\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _81\"> </span></span>\u2013<span class=\"_ _87\"> </span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls103 wsf8 gs1012\">34.2.2<span class=\"_ _1b8\"> </span><span class=\"ff47 ls5 ws3\">8 N<span class=\"_ _3\"></span>ovembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _c0\"> </span><span class=\"ls15 ws11\">Gloucester Wast<span class=\"_ _4\"></span>e <span class=\"_ _227\"> </span>Equit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> interest sale<span class=\"_ _57\"> </span><span class=\"ls4f ws49\">4<span class=\"_ _3\"></span>9.5<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _de\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>5)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _b2\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls10d ws101 gs1013\">61<span class=\"_ _e3\"> </span><span class=\"lsf7 ws100\">(38)<span class=\"_ _51\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _125\"> </span><span class=\"ls5f ws57\">26<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs1014\">^ <span class=\"_ _37\"> </span>D<span class=\"_ _3\"></span>ispo<span class=\"_ _3\"></span>sal of a<span class=\"_ _3\"></span>sset wi<span class=\"_ _3\"></span>thin a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure enti<span class=\"_ _3\"></span>ty.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1015\">3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1 On 2<span class=\"_ _3\"></span>8 Septem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Group di<span class=\"_ _3\"></span>spose<span class=\"_ _3\"></span>d of its Moret<span class=\"_ _3\"></span>ti A<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tments mul<span class=\"_ _3\"></span>tifamily p<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>ty a<span class=\"_ _3\"></span>sset loc<span class=\"_ _3\"></span>ated in Ho<span class=\"_ _3\"></span>mewood<span class=\"_ _3\"></span>, Alab<span class=\"_ _3\"></span>ama, an<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1016\">recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a35m<span class=\"_ _3\"></span>. The as<span class=\"_ _3\"></span>set dispo<span class=\"_ _3\"></span>sal resulted in a<span class=\"_ _3\"></span>n underl<span class=\"_ _3\"></span>ying ga<span class=\"_ _3\"></span>in of \u00a32m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he Group\u2019s share of </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1017\">joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1018\">3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>2.2 O<span class=\"_ _3\"></span>n 8 Novembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s entire 49<span class=\"_ _3\"></span>.5% interest in UB<span class=\"_ _3\"></span>B Waste (Glo<span class=\"_ _3\"></span>ucesters<span class=\"_ _3\"></span>hire) Hold<span class=\"_ _3\"></span>ings Lim<span class=\"_ _3\"></span>ited (Glo<span class=\"_ _3\"></span>ucester </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1019\">Waste) for a c<span class=\"_ _3\"></span>ash cons<span class=\"_ _3\"></span>iderati<span class=\"_ _3\"></span>on of \u00a35<span class=\"_ _3\"></span>6m. T<span class=\"_ _3\"></span>he disp<span class=\"_ _3\"></span>osal in<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d the Group\u2019s share of joint ve<span class=\"_ _3\"></span>nture net assets of \u00a3<span class=\"_ _3\"></span>31<span class=\"_ _4\"></span>m an<span class=\"_ _3\"></span>d \u00a34m of ac<span class=\"_ _3\"></span>crued </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs101a\">interest rec<span class=\"_ _3\"></span>eivabl<span class=\"_ _3\"></span>e and resulted in a n<span class=\"_ _3\"></span>et gain of \u00a3<span class=\"_ _3\"></span>24m bei<span class=\"_ _3\"></span>ng recog<span class=\"_ _3\"></span>nised in und<span class=\"_ _3\"></span>erly<span class=\"_ _3\"></span>ing oper<span class=\"_ _3\"></span>ating profit<span class=\"_ _3\"></span>, inclu<span class=\"_ _3\"></span>ding a loss of \u00a3<span class=\"_ _3\"></span>6m i<span class=\"_ _3\"></span>n respec<span class=\"_ _3\"></span>t of PPP </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs101b\">fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>set reser<span class=\"_ _3\"></span>ves and a gai<span class=\"_ _3\"></span>n of \u00a39<span class=\"_ _3\"></span>m in respe<span class=\"_ _3\"></span>ct of hed<span class=\"_ _3\"></span>ging reser<span class=\"_ _3\"></span>ves rec<span class=\"_ _3\"></span>ycled to the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs101c\">34<span class=\"_ _3\"></span>.3 Pr<span class=\"_ _3\"></span>ior ye<span class=\"_ _3\"></span>ar d<span class=\"_ _3\"></span>isp<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>als<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs101d\">Dur<span class=\"_ _3\"></span>ing 20<span class=\"_ _3\"></span>22, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of sever<span class=\"_ _3\"></span>al Infrastr<span class=\"_ _3\"></span>ucture Inves<span class=\"_ _3\"></span>tments ass<span class=\"_ _3\"></span>ets as deta<span class=\"_ _3\"></span>iled bel<span class=\"_ _3\"></span>ow<span class=\"_ _4\"></span>. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs101e\">Th<span class=\"_ _3\"></span>e gain reco<span class=\"_ _3\"></span>gnised f<span class=\"_ _3\"></span>rom the disp<span class=\"_ _3\"></span>osal of as<span class=\"_ _3\"></span>sets that were he<span class=\"_ _3\"></span>ld within j<span class=\"_ _3\"></span>oint venture entiti<span class=\"_ _3\"></span>es of the Grou<span class=\"_ _3\"></span>p was recog<span class=\"_ _3\"></span>nised wi<span class=\"_ _3\"></span>thin the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs101f\">share of resu<span class=\"_ _3\"></span>lts of joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls10c ws85 gs1020\">Note<span class=\"_ _3\"></span>s<span class=\"_ _10c\"> </span><span class=\"lsd2 wsc6\">Disposal da<span class=\"_ _4\"></span>te<span class=\"_ _7e\"> </span><span class=\"lsce wsc3\">Entit<span class=\"_ _3\"></span>y/asset<span class=\"_ _1ad\"> </span><span class=\"ls5 ws3\">Str<span class=\"_ _3\"></span>uctu<span class=\"_ _3\"></span>re of sal<span class=\"_ _3\"></span>e </span></span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gs1021\">Percent<span class=\"_ _3\"></span>age</div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gs1022\"> disposed<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1023\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gs1024\">Cash<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1025\">consideration<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1026\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4b ws45 gs1027\">Net asset<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gs1028\">disposed<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1029\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gs102a\">Am<span class=\"_ _3\"></span>ount</div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls1ff ws21d gs102b\"> recyc<span class=\"_ _3\"></span>led</div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gs102c\"> from<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs102d\">reserves<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs102e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs102f\">Underlying<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gs1030\">gain<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1031\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls113 ws10b gs1032\">34.3.<span class=\"_ _5\"></span>1<span class=\"_ _55\"> </span><span class=\"ff47 ls5 ws3\">30 J<span class=\"_ _3\"></span>une 20<span class=\"_ _3\"></span>22<span class=\"_ _f\"> </span>Re<span class=\"_ _3\"></span>gard at M<span class=\"_ _3\"></span>ed Center </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1033\">(form<span class=\"_ _3\"></span>erly<span class=\"_ gs52\"> </span>Ci<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>ake)</div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gs1034\"> ^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1035\">Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _38\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _128\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _51\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _87\"> </span>8<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls113 ws10b gs1036\">34.3.2<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">1<span class=\"_ _5\"></span>1 Augu<span class=\"_ _3\"></span>st 202<span class=\"_ _3\"></span>2<span class=\"_ _11f\"> </span>Aspi<span class=\"_ _3\"></span>re at Discover<span class=\"_ _3\"></span>y Pa<span class=\"_ _3\"></span>rk</span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gs1037\"> ^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1038\">Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _a6\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12)<span class=\"_ _ff\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _128\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls113 ws10b gs1039\">34.3.3<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">23 Aug<span class=\"_ _3\"></span>ust 20<span class=\"_ _3\"></span>22<span class=\"_ _e6\"> </span>Pre<span class=\"_ _3\"></span>serve a<span class=\"_ _3\"></span>t Southw<span class=\"_ _3\"></span>ind</span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gs103a\"> ^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs103b\">Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _ff\"> </span></span>\u2013<span class=\"_ _87\"> </span>3<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls113 ws10b gs103c\">34.3.4<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">23 Aug<span class=\"_ _3\"></span>ust 20<span class=\"_ _3\"></span>22<span class=\"_ _e6\"> </span><span class=\"ls14 ws10\">Preser<span class=\"_ _3\"></span>ve at<span class=\"_ _4\"></span> B<span class=\"_ _3\"></span>artlett</span></span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gs103d\">^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs103e\">Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _125\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _ff\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span>9<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls113 ws10b gs103f\">34.3.5<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">2 Novemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2<span class=\"_ _c0\"> </span><span class=\"ls15 ws11\">Water<span class=\"_ _4\"></span>chase A<span class=\"_ _3\"></span>partments</span></span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gs1040\"> ^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1041\">Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _38\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _125\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>4)<span class=\"_ _87\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gs1042\">93<span class=\"_ _e3\"> </span><span class=\"ls5 ws3\">(26)<span class=\"_ _87\"> </span>3<span class=\"_ _125\"> </span><span class=\"ls109 ws87\">70<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs1043\">^ <span class=\"_ _37\"> </span>D<span class=\"_ _3\"></span>ispo<span class=\"_ _3\"></span>sal of a<span class=\"_ _3\"></span>sset wi<span class=\"_ _3\"></span>thin a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure enti<span class=\"_ _3\"></span>ty.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1044\">3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.<span class=\"_ _5\"></span>1 O<span class=\"_ _3\"></span>n 30 J<span class=\"_ _3\"></span>une 20<span class=\"_ _3\"></span>22, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s Regard at M<span class=\"_ _3\"></span>ed Ce<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r multifami<span class=\"_ _3\"></span>ly prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y asset lo<span class=\"_ _3\"></span>cated in H<span class=\"_ _3\"></span>ouston, Te<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>as, and rec<span class=\"_ _3\"></span>eived </div><div class=\"t m0 h8 ff47 fs5 fc10 sc0 ls1c ws3 gs1045\">total c<span class=\"_ _3\"></span>ash cons<span class=\"_ _3\"></span>iderati<span class=\"_ _3\"></span>on of \u00a31<span class=\"_ _4\"></span>2m. T<span class=\"_ _3\"></span>he asset d<span class=\"_ _3\"></span>ispos<span class=\"_ _3\"></span>al resulted in an u<span class=\"_ _3\"></span>nderl<span class=\"_ _3\"></span>ying gai<span class=\"_ _3\"></span>n of \u00a38<span class=\"_ _3\"></span>m being rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s share of j<span class=\"_ _3\"></span>oint ventures<span class=\"fc4 ls5\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1046\">and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s, includ<span class=\"_ _3\"></span>ing a gain of \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>m in resp<span class=\"_ _3\"></span>ect of foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y translat<span class=\"_ _3\"></span>ion reser<span class=\"_ _3\"></span>ves recyc<span class=\"_ _3\"></span>led to the inc<span class=\"_ _3\"></span>ome sta<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ment on dis<span class=\"_ _3\"></span>posal.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1047\">3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>2 On 1<span class=\"_ _5\"></span>1 Au<span class=\"_ _3\"></span>gust 20<span class=\"_ _3\"></span>22, th<span class=\"_ _3\"></span>e Group disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s Aspi<span class=\"_ _3\"></span>re at Discover<span class=\"_ _3\"></span>y Pa<span class=\"_ _3\"></span>rk on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>campu<span class=\"_ _3\"></span>s acco<span class=\"_ _3\"></span>mmoda<span class=\"_ _3\"></span>tion at Purd<span class=\"_ _3\"></span>ue Univers<span class=\"_ _3\"></span>ity in We<span class=\"_ _3\"></span>st </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1048\">L<span class=\"_ _3\"></span>afayette, Ind<span class=\"_ _3\"></span>iana, an<span class=\"_ _3\"></span>d receive<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al cash c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>ration of \u00a3<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>m. Th<span class=\"_ _3\"></span>e asset disp<span class=\"_ _3\"></span>osal resu<span class=\"_ _3\"></span>lted in an und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g gain of \u00a34<span class=\"_ _3\"></span>0m b<span class=\"_ _3\"></span>eing rec<span class=\"_ _3\"></span>ognised </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1049\">in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates, inc<span class=\"_ _3\"></span>luding a g<span class=\"_ _3\"></span>ain of \u00a32m i<span class=\"_ _3\"></span>n r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>spec<span class=\"_ _3\"></span>t of f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>reign cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ncy tran<span class=\"_ _3\"></span>slation res<span class=\"_ _3\"></span>erve<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cycle<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls73 ws80 gs104a\">income statemen<span class=\"_ _4\"></span>t on disposal.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs104b\">3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.3 O<span class=\"_ _3\"></span>n 23 Au<span class=\"_ _3\"></span>gust 20<span class=\"_ _3\"></span>22, th<span class=\"_ _3\"></span>e Group dis<span class=\"_ _3\"></span>posed of it<span class=\"_ _3\"></span>s Preser<span class=\"_ _3\"></span>ve at So<span class=\"_ _3\"></span>uthwind mu<span class=\"_ _3\"></span>ltifamil<span class=\"_ _3\"></span>y proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y asset loc<span class=\"_ _3\"></span>ated in M<span class=\"_ _3\"></span>emphis, T<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nnessee, a<span class=\"_ _3\"></span>nd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs104c\">recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a34m. T<span class=\"_ _3\"></span>he asset di<span class=\"_ _3\"></span>sposa<span class=\"_ _3\"></span>l resulted in an un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing gain of \u00a3<span class=\"_ _3\"></span>3m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>n the Group\u2019s share of </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs104d\">joint ven<span class=\"_ _4\"></span>tures and associates.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs104f\">3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.4 O<span class=\"_ _3\"></span>n 23 Aug<span class=\"_ _3\"></span>ust 20<span class=\"_ _3\"></span>22, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s Preser<span class=\"_ _3\"></span>ve at Bar<span class=\"_ _3\"></span>tlet<span class=\"_ _3\"></span>t multifa<span class=\"_ _3\"></span>mily prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y asset l<span class=\"_ _3\"></span>ocate<span class=\"_ _3\"></span>d in Bar<span class=\"_ _3\"></span>tlett<span class=\"_ _3\"></span>, T<span class=\"_ _5\"></span>en<span class=\"_ _3\"></span>nessee, an<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1050\">recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>m. The a<span class=\"_ _3\"></span>sset disp<span class=\"_ _3\"></span>osal resul<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d in an unde<span class=\"_ _3\"></span>rlyin<span class=\"_ _3\"></span>g gain of \u00a3<span class=\"_ _3\"></span>9m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e Group\u2019s share </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1051\">of<span class=\"_ gs52\"> </span>joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1052\">3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.5 O<span class=\"_ _3\"></span>n 2 Novemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of its W<span class=\"_ _3\"></span>aterchase A<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tments m<span class=\"_ _3\"></span>ultifamil<span class=\"_ _3\"></span>y proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y asset lo<span class=\"_ _3\"></span>cated in L<span class=\"_ _3\"></span>argo, F<span class=\"_ _3\"></span>lorid<span class=\"_ _3\"></span>a, and </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1053\">recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>4<span class=\"_ _3\"></span>m. The a<span class=\"_ _3\"></span>sset disp<span class=\"_ _3\"></span>osal resulte<span class=\"_ _3\"></span>d in an under<span class=\"_ _3\"></span>lying g<span class=\"_ _3\"></span>ain of \u00a310m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e Group\u2019s share </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1054\">of<span class=\"_ gs52\"> </span>joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1055\">In ad<span class=\"_ _3\"></span>dition to th<span class=\"_ _3\"></span>e dispos<span class=\"_ _3\"></span>als above, t<span class=\"_ _3\"></span>he Group rec<span class=\"_ _3\"></span>eived a fur<span class=\"_ _3\"></span>ther \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m of d<span class=\"_ _3\"></span>eferred con<span class=\"_ _3\"></span>siderat<span class=\"_ _3\"></span>ion in relati<span class=\"_ _3\"></span>on to the disp<span class=\"_ _3\"></span>osal of it<span class=\"_ _3\"></span>s Middl<span class=\"_ _3\"></span>e Eastern </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1056\">joint ventu<span class=\"_ _3\"></span>res in 201<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his deferred c<span class=\"_ _3\"></span>onsider<span class=\"_ _3\"></span>ation was in<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d in the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s asse<span class=\"_ _3\"></span>ssment of the g<span class=\"_ _3\"></span>ain on disp<span class=\"_ _3\"></span>osal rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in 201<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h7 ff46 fs4 fc6 sc0 lsf wsb gs12ab\">4<span class=\"_ _5\"></span>1 Principal subsidiari<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>, joint v<span class=\"_ _4\"></span>entures and associates<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs12ac\">(<span class=\"_ _4\"></span>a) Principal subsidiaries<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs12ad\">Country of incorporation </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs12ae\">or registra<span class=\"_ _4\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs12af\">Co<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ion a<span class=\"_ _3\"></span>nd s<span class=\"_ _3\"></span>upp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12b0\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12b1\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup Inc<span class=\"_ _37f\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs12b2\">Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Inc<span class=\"_ _8b\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gs12b3\">Infrastructure Inv<span class=\"_ _4\"></span>estments<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs12b4\">Balfour Beatt<span class=\"_ _3\"></span>y Communities LLC<span class=\"_ _2a8\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs12b5\">Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> Investments Ltd<span class=\"_ _4\"></span>*<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs12b6\">Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>vestments Inc<span class=\"_ _380\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12b7\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ampus S<span class=\"_ _3\"></span>oluti<span class=\"_ _3\"></span>ons LLC<span class=\"_ _264\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12b8\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts Inc<span class=\"_ _19d\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs12b9\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12ba\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs Inc. <span class=\"_ _381\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gs12bb\">(b<span class=\"_ _5\"></span>) Principal jo<span class=\"_ _4\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs12bc\">Country of incorporation </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs12bd\">or registra<span class=\"_ _4\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs12be\">Ownership interest<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs12bf\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs12c0\">Co<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ion a<span class=\"_ _3\"></span>nd s<span class=\"_ _3\"></span>upp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs12c1\">Gammon China<span class=\"_ _4\"></span> Ltd<span class=\"_ _349\"> </span><span class=\"lsc ws8\">Hong Kong<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">50.0<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gs12c2\">Infrastructure Inv<span class=\"_ _4\"></span>estments (Note<span class=\"_ _4\"></span> 4<span class=\"_ _4\"></span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12c3\">Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Ltd<span class=\"_ _382\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs12c4\">(c<span class=\"_ _4\"></span>) Principal joint operations<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs12c5\">Th<span class=\"_ _3\"></span>e Group c<span class=\"_ _3\"></span>arries ou<span class=\"_ _3\"></span>t a number of i<span class=\"_ _3\"></span>ts larger c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts in joint ar<span class=\"_ _3\"></span>range<span class=\"_ _3\"></span>ments wit<span class=\"_ _3\"></span>h other contr<span class=\"_ _3\"></span>actors s<span class=\"_ _3\"></span>o as to share resourc<span class=\"_ _3\"></span>es and risk<span class=\"_ _3\"></span>. The pr<span class=\"_ _3\"></span>incipa<span class=\"_ _3\"></span>l </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs12c6\">joint p<span class=\"_ _3\"></span>rojects i<span class=\"_ _3\"></span>n progress d<span class=\"_ _3\"></span>uring the ye<span class=\"_ _3\"></span>ar are shown b<span class=\"_ _3\"></span>elow<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs12c7\">Country of incorporation </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs12c8\">or registra<span class=\"_ _4\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs12c9\">Ownership interest<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs12ca\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs12cb\">M25 Maintenance<span class=\"_ _383\"> </span><span class=\"ls10c ws85\">52.<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12cc\">HS<span class=\"_ _3\"></span>2 \u2013 Area N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>th<span class=\"_ _384\"> </span><span class=\"ls92 ws8a\">50.0<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs12cd\">Central Rail Systems Alliance<span class=\"_ _266\"> </span><span class=\"ls92 ws8a\">8<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12ce\">Old O<span class=\"_ _3\"></span>ak Co<span class=\"_ _3\"></span>mmon<span class=\"_ _194\"> </span><span class=\"ls10c ws85\">4<span class=\"_ _3\"></span>2.0<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12cf\">Gilb<span class=\"_ _3\"></span>ane/<span class=\"_ _3\"></span>Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty Ec<span class=\"_ _3\"></span>cles 1951<span class=\"_ _2b4\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">5<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs12d0\">Skanska<span class=\"_ _3\"></span>/Balfour Beat<span class=\"_ _3\"></span>ty <span class=\"_ _320\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">5<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12d1\">Dri<span class=\"_ _3\"></span>scoll<span class=\"_ _3\"></span>/B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y <span class=\"_ _385\"> </span>US <span class=\"_ _386\"> </span><span class=\"ls92 ws8a\">35.0<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls49 ws43 gs12d2\">Greenline E<span class=\"_ _3\"></span>xtension <span class=\"_ _2a7\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _387\"> </span><span class=\"ls4a ws44\">25.0<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12d3\">L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Inte<span class=\"_ _3\"></span>grated E<span class=\"_ _3\"></span>xpress S<span class=\"_ _3\"></span>olutio<span class=\"_ _3\"></span>ns <span class=\"_ _275\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">3<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs12d4\">LB<span class=\"_ _3\"></span>J East<span class=\"_ _190\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">45<span class=\"_ _3\"></span>.0<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs12d5\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs12d6\">(i)  Subsidiaries, j<span class=\"ls5 ws3\">oint ve<span class=\"_ _3\"></span>ntures a<span class=\"_ _3\"></span>nd ass<span class=\"_ _3\"></span>ocia<span class=\"_ _3\"></span>tes who<span class=\"_ _3\"></span>se resu<span class=\"_ _3\"></span>lts di<span class=\"_ _3\"></span>d not, in t<span class=\"_ _3\"></span>he opi<span class=\"_ _3\"></span>nion of t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s, mate<span class=\"_ _3\"></span>riall<span class=\"_ _3\"></span>y affe<span class=\"_ _3\"></span>ct th<span class=\"_ _3\"></span>e result<span class=\"_ _3\"></span>s or net as<span class=\"_ _3\"></span>sets of t<span class=\"_ _3\"></span>he Gro<span class=\"_ _3\"></span>up are not s<span class=\"_ _3\"></span>hown<span class=\"_ _3\"></span>. </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs12d7\">(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>Unle<span class=\"_ _3\"></span>ss othe<span class=\"_ _3\"></span>rw<span class=\"_ _3\"></span>ise st<span class=\"_ _3\"></span>ated, 10<span class=\"_ _3\"></span>0% of th<span class=\"_ _3\"></span>e equi<span class=\"_ _3\"></span>ty c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al is ow<span class=\"_ _3\"></span>ned an<span class=\"_ _3\"></span>d comp<span class=\"_ _3\"></span>anie<span class=\"_ _3\"></span>s are reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wales a<span class=\"_ _3\"></span>nd the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of eac<span class=\"_ _3\"></span>h comp<span class=\"_ _3\"></span>any are c<span class=\"_ _3\"></span>ondu<span class=\"_ _3\"></span>cted in t<span class=\"_ _3\"></span>he </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs12d8\">country of incorporation.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs12d9\">* <span class=\"_ _b\"> </span>In<span class=\"_ _3\"></span>dic<span class=\"_ _3\"></span>ates he<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12da\">A full lis<span class=\"_ _3\"></span>t of the Group\u2019s related und<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>aking<span class=\"_ _3\"></span>s is includ<span class=\"_ _3\"></span>ed in Note 4<span class=\"_ _3\"></span>3.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs12dc\">(d) Bal<span class=\"_ _3\"></span>fou<span class=\"_ _3\"></span>r Bea<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ty I<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s UK<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls4f ws49 gs12dd\">Roads<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12de\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty is a p<span class=\"_ _3\"></span>romoter<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>loper a<span class=\"_ _3\"></span>nd investor in 1<span class=\"_ _4\"></span>2 ro<span class=\"_ _3\"></span>ad and stre<span class=\"_ _3\"></span>et lighting pro<span class=\"_ _3\"></span>jects to c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>t new road<span class=\"_ _3\"></span>s, to upgra<span class=\"_ _3\"></span>de and ma<span class=\"_ _3\"></span>intain </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12df\">existin<span class=\"_ _3\"></span>g roads an<span class=\"_ _3\"></span>d to r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>place a<span class=\"_ _3\"></span>nd mainta<span class=\"_ _3\"></span>in street light<span class=\"_ _3\"></span>ing. Th<span class=\"_ _3\"></span>e princi<span class=\"_ _3\"></span>pal contr<span class=\"_ _3\"></span>act is the p<span class=\"_ _3\"></span>roject a<span class=\"_ _3\"></span>greement w<span class=\"_ _3\"></span>ith the gover<span class=\"_ _3\"></span>nmental hi<span class=\"_ _3\"></span>ghway </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12e0\">auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. Al<span class=\"_ _3\"></span>l assets tra<span class=\"_ _3\"></span>nsfer to the custom<span class=\"_ _3\"></span>er at the end of t<span class=\"_ _3\"></span>he conc<span class=\"_ _3\"></span>ession.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs12e1\">Conces<span class=\"_ _3\"></span>sion<span class=\"_ _4\"></span> company (i<span class=\"_ _4\"></span>)<span class=\"_ _a7\"> </span><span class=\"ff47 ls128 ws10e\">P<span class=\"_ _3\"></span>roject<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs12e2\">Total de<span class=\"_ _3\"></span>bt </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs12e3\">and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs12e4\">funding </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs12e5\">\u00a3m<span class=\"_ _1a8\"> </span><span class=\"ls97 ws8e\">S<span class=\"_ _3\"></span>har<span class=\"_ _4\"></span>eholding<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs12e6\">Met<span class=\"_ _3\"></span>hod of </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs12e7\">accounting<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs12e8\">Financial<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs12e9\">close<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs12ea\">Duration<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls194 ws195 gs12eb\">years<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs12ec\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18a ws187 gs12ed\">completion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12ee\">Co<span class=\"_ _3\"></span>nnect M1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _369\"> </span><span class=\"ls3c ws37\">3<span class=\"_ _3\"></span>0km ro<span class=\"_ _3\"></span>ad<span class=\"_ _1e\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3\"></span>0<span class=\"_ _a6\"> </span></span></span>20%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _c3\"> </span><span class=\"ls12a ws11f\">M<span class=\"_ _3\"></span>arc<span class=\"_ _3\"></span>h 19<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _e3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _3b\"> </span><span class=\"ls114 ws10c\">1<span class=\"_ _4\"></span>999<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12ef\">Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>50 Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12f0\">57k<span class=\"_ _3\"></span>m road<span class=\"_ _1f7\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _a8\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>5%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _128\"> </span><span class=\"ls12a ws11f\">Ma<span class=\"_ _3\"></span>y 19<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _f6\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _fa\"> </span></span>19<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12f1\">Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0/A<span class=\"_ _3\"></span>35 Ltd (ii<span class=\"_ _3\"></span>)<span class=\"_ _af\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>2k<span class=\"_ _3\"></span>m ro<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d<span class=\"_ _d5\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>7<span class=\"_ _a8\"> </span></span></span>20%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b2\"> </span><span class=\"ls12a ws11f\">J<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>y 19<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _e3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _10a\"> </span><span class=\"ls4e ws48\">2000<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12f2\">Co<span class=\"_ _3\"></span>nnect M<span class=\"_ _3\"></span>77/GSO p<span class=\"_ _3\"></span>lc (ii)<span class=\"_ _130\"> </span><span class=\"ls3c ws37\">2<span class=\"_ _3\"></span>5km ro<span class=\"_ _3\"></span>ad<span class=\"_ _15\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _3\"></span>7<span class=\"_ _dd\"> </span>8<span class=\"_ _3\"></span>5%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _f2\"> </span></span></span></span>M<span class=\"_ _3\"></span>ay 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _b5\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _1cc\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>05<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12f3\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Sun<span class=\"_ _3\"></span>derla<span class=\"_ _3\"></span>nd Ltd (ii)<span class=\"_ _40\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"lsc ws8\">27<span class=\"_ _dd\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _51\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _ce\"> </span><span class=\"ls15 ws11\">August 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _b5\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">200<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12f4\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Ltd (i<span class=\"_ _3\"></span>i)<span class=\"_ _36\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _dd\"> </span></span></span>20%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _c0\"> </span><span class=\"ls15 ws11\">Dec<span class=\"_ _3\"></span>ember 200<span class=\"_ _3\"></span>5<span class=\"_ _f6\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _ef\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12f5\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Ltd<span class=\"_ _1ae\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls11d wsf4\">36<span class=\"_ _d5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0%<span class=\"_ _be\"> </span><span class=\"ls73 ws80\">Subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _1cb\"> </span></span></span></span></span>A<span class=\"_ _3\"></span>pril 20<span class=\"_ _3\"></span>07<span class=\"_ _e3\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12f6\">Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Ltd (ii)<span class=\"_ _1d2\"> </span>J16 \u2013 J23, J<span class=\"_ _3\"></span>27 \u2013 J3<span class=\"_ _3\"></span>0 </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs12f7\">and<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs12f8\">A<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>(M<span class=\"_ _3\"></span>) Hatfield T<span class=\"_ _5\"></span>unnel<span class=\"_ _20d\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _3b\"> </span><span class=\"ls100 ws104\">15%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">M<span class=\"_ _3\"></span>ay 20<span class=\"_ _3\"></span>09<span class=\"_ _e3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _cc\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12f9\">Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _388\"> </span><span class=\"ls14 ws10\">Carlisle N<span class=\"_ _3\"></span>orthern</span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls3c ws37 gs12fa\">Devel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt Route<span class=\"_ _d5\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _10a\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>5%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b2\"> </span><span class=\"ls5 ws3\">J<span class=\"_ _3\"></span>uly 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>9<span class=\"_ _b5\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12fb\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Ltd (ii)<span class=\"_ _1b6\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _dd\"> </span></span></span>20%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _57\"> </span><span class=\"ls15 ws11\">August 2010<span class=\"_ _b5\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _1cb\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>015<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12fc\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>ambri<span class=\"_ _3\"></span>dgeshire Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _1f5\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _a6\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _a8\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _51\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _128\"> </span><span class=\"ls11c ws115\">A<span class=\"_ _2\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _110\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs12fd\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>hamptonshire Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _ff\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls40 ws3b\">64<span class=\"_ _1f7\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _51\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _56\"> </span><span class=\"ls15 ws11\">August 201<span class=\"_ _5\"></span>1<span class=\"_ _e3\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs12fe\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs12ff\">(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in Eng<span class=\"_ _3\"></span>land a<span class=\"_ _3\"></span>nd Wal<span class=\"_ _3\"></span>es and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch com<span class=\"_ _3\"></span>pany a<span class=\"_ _3\"></span>re in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s, excep<span class=\"_ _3\"></span>t Conn<span class=\"_ _3\"></span>ect M<span class=\"_ _3\"></span>77/G<span class=\"_ _3\"></span>SO pl<span class=\"_ _3\"></span>c whic<span class=\"_ _3\"></span>h is regis<span class=\"_ _3\"></span>tered<span class=\"_ _3\"></span>, and co<span class=\"_ _3\"></span>nduc<span class=\"_ _3\"></span>ts th<span class=\"_ _3\"></span>eir pri<span class=\"_ _3\"></span>ncip<span class=\"_ _3\"></span>al </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1300\">operations, in Scotland.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs1301\">(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs1302\">op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls33 ws2c gs1303\">Healthcare<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1304\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty is a p<span class=\"_ _3\"></span>romoter<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>loper a<span class=\"_ _3\"></span>nd investor in t<span class=\"_ _3\"></span>wo health<span class=\"_ _3\"></span>care proj<span class=\"_ _3\"></span>ects to buil<span class=\"_ _3\"></span>d hospit<span class=\"_ _3\"></span>al acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation an<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o p<span class=\"_ _3\"></span>rovide ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>medic<span class=\"_ _3\"></span>al </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1305\">faci<span class=\"_ _3\"></span>lities man<span class=\"_ _3\"></span>ageme<span class=\"_ _3\"></span>nt serv<span class=\"_ _3\"></span>ices over th<span class=\"_ _3\"></span>e conce<span class=\"_ _3\"></span>ssion pe<span class=\"_ _3\"></span>riod. T<span class=\"_ _3\"></span>he prin<span class=\"_ _3\"></span>cipal c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t for Birming<span class=\"_ _3\"></span>ham is the p<span class=\"_ _3\"></span>roject ag<span class=\"_ _3\"></span>reement bet<span class=\"_ _3\"></span>ween th<span class=\"_ _3\"></span>e conces<span class=\"_ _3\"></span>sion </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls88 ws3 gs1306\">co<span class=\"_ _3\"></span>mp<span class=\"_ _3\"></span>any a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>the N<span class=\"_ _3\"></span>HS T<span class=\"_ _4\"></span>rust a<span class=\"_ _3\"></span>nd for the Iris<span class=\"_ _3\"></span>h primar<span class=\"_ _3\"></span>y c<span class=\"_ _3\"></span>are centres, th<span class=\"_ _3\"></span>e project a<span class=\"_ _3\"></span>greement is w<span class=\"_ _3\"></span>ith the Ir<span class=\"_ _3\"></span>ish Governm<span class=\"_ _3\"></span>ent. All a<span class=\"_ _3\"></span>ssets tran<span class=\"_ _3\"></span>sfer to the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls88 ws3 gs1307\">custom<span class=\"_ _3\"></span>er at the end of t<span class=\"_ _3\"></span>he conc<span class=\"_ _3\"></span>ession.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls59 ws52 gs1308\">Co<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny (i)(ii)<span class=\"_ _389\"> </span><span class=\"ff47 ls128 ws10e\">Proje<span class=\"_ _3\"></span>ct<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1309\">Total de<span class=\"_ _3\"></span>bt </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs130a\">and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs130b\">funding </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs130c\">\u00a3m<span class=\"_ _bf\"> </span><span class=\"ls97 ws8e\">Shar<span class=\"_ _4\"></span>eholding<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs130d\">Met<span class=\"_ _3\"></span>hod of </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs130e\">accounting<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs130f\">Financial<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1310\">close<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1311\">Duration<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls194 ws195 gs1312\">years<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1313\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18a ws187 gs1314\">completion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1315\">Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Ltd <span class=\"_ _116\"> </span><span class=\"lsc ws8\">T<span class=\"_ _4\"></span>eaching hospital a<span class=\"_ _4\"></span>nd </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1316\">mental health hospital<span class=\"_ _b5\"> </span><span class=\"lsab wsa1\">553<span class=\"_ _d6\"> </span><span class=\"ls5 ws3\">40%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _e6\"> </span></span>June 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6<span class=\"_ _1f7\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _de\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1317\">Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Ltd <span class=\"_ _34a\"> </span><span class=\"ls14 ws10\">Primar<span class=\"_ _3\"></span>y health </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4c ws46 gs1318\">ca<span class=\"_ _3\"></span>re<span class=\"_ gs52\"> </span>centre<span class=\"_ _3\"></span>s<span class=\"_ _b5\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>8<span class=\"_ _d6\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _3\"></span>0%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _122\"> </span><span class=\"ls93 wsfa\">M<span class=\"_ _3\"></span>ay<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>16<span class=\"_ _1f7\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _de\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>019<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs1319\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs131a\">(i<span class=\"_ _3\"></span>) <span class=\"_ _5d\"> </span>Reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s and the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of eac<span class=\"_ _3\"></span>h comp<span class=\"_ _3\"></span>any are i<span class=\"_ _3\"></span>n Engla<span class=\"_ _3\"></span>nd and W<span class=\"_ _3\"></span>ales<span class=\"_ _3\"></span>, except H<span class=\"_ _3\"></span>ealt<span class=\"_ _3\"></span>hcar<span class=\"_ _3\"></span>e Centr<span class=\"_ _3\"></span>es PP<span class=\"_ _3\"></span>P Ltd whic<span class=\"_ _3\"></span>h is reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d, and c<span class=\"_ _3\"></span>ondu<span class=\"_ _3\"></span>cts i<span class=\"_ _3\"></span>ts pri<span class=\"_ _3\"></span>ncip<span class=\"_ _3\"></span>al </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsec ws7d gs131b\">operations, in<span class=\"_ _4\"></span> Ireland.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs131c\">(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs131d\">op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 lsc ws8 gs131e\">Stude<span class=\"_ _3\"></span>nt accomm<span class=\"_ _3\"></span>odation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs131f\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty is a p<span class=\"_ _3\"></span>romoter<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>loper a<span class=\"_ _3\"></span>nd investor in five s<span class=\"_ _3\"></span>tudent ac<span class=\"_ _3\"></span>commo<span class=\"_ _3\"></span>dation p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s. On Ho<span class=\"_ _3\"></span>lyroo<span class=\"_ _3\"></span>d, A<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span>ystw<span class=\"_ _3\"></span>y<span class=\"_ _3\"></span>th and t<span class=\"_ _3\"></span>wo Sus<span class=\"_ _3\"></span>sex project<span class=\"_ _3\"></span>s, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1320\">the<span class=\"_ _4\"></span> pri<span class=\"_ _4\"></span>ncipal<span class=\"_ _4\"></span> a<span class=\"_ _3\"></span>greement is b<span class=\"_ _3\"></span>etwee<span class=\"_ _3\"></span>n the conc<span class=\"_ _3\"></span>ession c<span class=\"_ _3\"></span>ompany an<span class=\"_ _3\"></span>d the univer<span class=\"_ _3\"></span>sity a<span class=\"_ _3\"></span>nd the asset<span class=\"_ _3\"></span>s transfer to the c<span class=\"_ _3\"></span>ustomer at th<span class=\"_ _3\"></span>e end of the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1321\">con<span class=\"_ _3\"></span>cessio<span class=\"_ _3\"></span>n. On Gla<span class=\"_ _3\"></span>sgow Resi<span class=\"_ _3\"></span>dences t<span class=\"_ _3\"></span>he buildi<span class=\"_ _3\"></span>ng is owne<span class=\"_ _3\"></span>d outrig<span class=\"_ _3\"></span>ht by Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and roo<span class=\"_ _3\"></span>ms are let to indiv<span class=\"_ _3\"></span>idual s<span class=\"_ _3\"></span>tudents.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1322\">Conces<span class=\"_ _3\"></span>sion<span class=\"_ _4\"></span> company (i<span class=\"_ _4\"></span>)<span class=\"_ _1fe\"> </span><span class=\"ff47 ls128 ws10e\">Projec<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1323\">Total de<span class=\"_ _3\"></span>bt </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1324\">and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs1325\">funding </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1326\">\u00a3m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1327\">Met<span class=\"_ _3\"></span>hod of<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1328\">accounting<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1329\">Financial<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs132a\">close<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs132b\">Duration<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls194 ws195 gs132c\">years<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs132d\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18a ws187 gs132e\">completion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs132f\">Ho<span class=\"_ _3\"></span>lyroo<span class=\"_ _3\"></span>d Student A<span class=\"_ _3\"></span>ccomm<span class=\"_ _3\"></span>odatio<span class=\"_ _3\"></span>n SP<span class=\"_ _3\"></span>V </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls72 wsf5 gs1330\">Ltd<span class=\"_ _4\"></span> (ii)<span class=\"_ _df\"> </span><span class=\"ls111 wsc8\">Edinburg<span class=\"_ _3\"></span>h<span class=\"_ _27\"> </span><span class=\"ls113 ws10b\">82<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">20%<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _9d\"> </span><span class=\"ls164 ws157\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>013<span class=\"_ _116\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws10 gs1331\">Ab<span class=\"_ _3\"></span>eryst<span class=\"_ _3\"></span>wy<span class=\"_ _3\"></span>th Student Accommod<span class=\"_ _3\"></span>ation Lt<span class=\"_ _4\"></span>d<span class=\"_ _bc\"> </span><span class=\"ls14\">A<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span>ystw<span class=\"_ _3\"></span>yth<span class=\"_ _a1\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _e3\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _1e4\"> </span><span class=\"ls73 ws80\">Subsidiary<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">Ju<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>013<span class=\"_ _116\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _ef\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls90 ws11 gs1332\">Glasgow Residences (Kennedy Street) LL<span class=\"_ _3\"></span>P<span class=\"_ _1f7\"> </span><span class=\"ls85 ws7d\">Glasgow<span class=\"_ _27\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _f6\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _bc\"> </span><span class=\"ls73 ws80\">Subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _51\"> </span><span class=\"ls93 wsfa\">A<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>l 2<span class=\"_ _3\"></span>016<span class=\"_ _128\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _ef\"> </span><span class=\"ls11e ws117\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>17<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1333\">East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Student </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1334\">Accomm<span class=\"_ _3\"></span>odation LLP<span class=\"_ _303\"> </span><span class=\"ls78 ws11a\">S<span class=\"_ _3\"></span>uss<span class=\"_ _3\"></span>ex<span class=\"_ _3b\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>18<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">8<span class=\"_ _3\"></span>0%<span class=\"_ _bc\"> </span><span class=\"ls73 ws80\">Subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _1cb\"> </span><span class=\"ls11e ws117\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>17<span class=\"_ _116\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">2020<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1335\">West Slope Residencies LL<span class=\"_ _3\"></span>P<span class=\"_ _12e\"> </span><span class=\"ls78 ws11a\">S<span class=\"_ _3\"></span>ussex<span class=\"_ _a8\"> </span><span class=\"ls121 wsa3\">343<span class=\"_ _128\"> </span><span class=\"ls21b ws23a\">8<span class=\"_ _3\"></span>1%<span class=\"_ _1b8\"> </span><span class=\"ls73 ws80\">Subsidiary<span class=\"_ _11e\"> </span></span></span></span></span>Decemb<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span> 2<span class=\"_ _3\"></span>023<span class=\"_ _25\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cc\"> </span><span class=\"ls5f ws57\">202<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs1336\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1337\">(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in Eng<span class=\"_ _3\"></span>land a<span class=\"_ _3\"></span>nd Wal<span class=\"_ _3\"></span>es and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch com<span class=\"_ _3\"></span>pany a<span class=\"_ _3\"></span>re in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s, excep<span class=\"_ _3\"></span>t Hol<span class=\"_ _3\"></span>yroo<span class=\"_ _3\"></span>d Stud<span class=\"_ _3\"></span>ent Ac<span class=\"_ _3\"></span>comm<span class=\"_ _3\"></span>odat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>PV Ltd a<span class=\"_ _3\"></span>nd Gla<span class=\"_ _3\"></span>sgow R<span class=\"_ _3\"></span>esid<span class=\"_ _3\"></span>ences </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1338\">(Ke<span class=\"_ _3\"></span>nned<span class=\"_ _3\"></span>y Stree<span class=\"_ _3\"></span>t) LL<span class=\"_ _3\"></span>P whi<span class=\"_ _3\"></span>ch are reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d, an<span class=\"_ _3\"></span>d cond<span class=\"_ _3\"></span>uct th<span class=\"_ _3\"></span>eir pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al op<span class=\"_ _3\"></span>erat<span class=\"_ _3\"></span>ions, i<span class=\"_ _3\"></span>n Scot<span class=\"_ _3\"></span>land<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs1339\">(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs133a\">op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 lsc ws8 gs133c\">Ot<span class=\"_ _3\"></span>her conce<span class=\"_ _3\"></span>ssions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs133d\">Pevensey C<span class=\"_ _3\"></span>oast<span class=\"_ _3\"></span>al Defence Ltd (<span class=\"_ _3\"></span>PCD<span class=\"_ _3\"></span>L) h<span class=\"_ _3\"></span>as a 25<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>year contr<span class=\"_ _3\"></span>act wit<span class=\"_ _3\"></span>h the Environme<span class=\"_ _3\"></span>nt Agenc<span class=\"_ _3\"></span>y to maintain a sh<span class=\"_ _3\"></span>ingle ba<span class=\"_ _3\"></span>nk sea defenc<span class=\"_ _3\"></span>e in East Su<span class=\"_ _3\"></span>ssex. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs133e\">Th<span class=\"_ _3\"></span>anet involves t<span class=\"_ _3\"></span>he opera<span class=\"_ _3\"></span>tion of trans<span class=\"_ _3\"></span>mission a<span class=\"_ _3\"></span>ssets for the 3<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0M<span class=\"_ _3\"></span>W offs<span class=\"_ _3\"></span>hore wind fa<span class=\"_ _3\"></span>rm project <span class=\"_ _4\"></span>loc<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>ed off the K<span class=\"_ _4\"></span>ent coast. Gwynt y <span class=\"_ _4\"></span>M<span class=\"_ _3\"></span>\u00f4r </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs133f\">involve<span class=\"_ _3\"></span>s the oper<span class=\"_ _3\"></span>ation of tra<span class=\"_ _3\"></span>nsmission a<span class=\"_ _3\"></span>ssets for the 5<span class=\"_ _3\"></span>76M<span class=\"_ _3\"></span>W off<span class=\"_ _3\"></span>shore wind fa<span class=\"_ _3\"></span>rm in the Ir<span class=\"_ _3\"></span>ish Sea. <span class=\"_ _3\"></span>Hum<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span> invo<span class=\"_ _3\"></span>lves<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>op<span class=\"_ _3\"></span>erat<span class=\"_ _3\"></span>ion <span class=\"_ _3\"></span>of tr<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>miss<span class=\"_ _3\"></span>ion<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1340\">asset<span class=\"_ _3\"></span>s for the 21<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>M<span class=\"_ _3\"></span>W offsho<span class=\"_ _3\"></span>re wind farm i<span class=\"_ _3\"></span>n the Nor<span class=\"_ _3\"></span>th Se<span class=\"_ _3\"></span>a. Tha<span class=\"_ _3\"></span>net, Gw<span class=\"_ _3\"></span>ynt y M\u00f4<span class=\"_ _3\"></span>r and Humb<span class=\"_ _3\"></span>er ope<span class=\"_ _3\"></span>rate and maint<span class=\"_ _3\"></span>ain the tra<span class=\"_ _3\"></span>nsmission a<span class=\"_ _3\"></span>ssets </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1341\">und<span class=\"_ _3\"></span>er the terms of p<span class=\"_ _3\"></span>erpetu<span class=\"_ _3\"></span>al licenc<span class=\"_ _3\"></span>es granted by O<span class=\"_ _3\"></span>fgem wh<span class=\"_ _3\"></span>ich cont<span class=\"_ _3\"></span>ain the rig<span class=\"_ _3\"></span>ht t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e paid a revenue s<span class=\"_ _3\"></span>tream over a 20<span class=\"_ _2\"></span>-ye<span class=\"_ _3\"></span>ar peri<span class=\"_ _3\"></span>od on an </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1342\">avail<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y basis<span class=\"_ _3\"></span>. Welland Bi<span class=\"_ _3\"></span>o Power involves th<span class=\"_ _3\"></span>e design<span class=\"_ _3\"></span>, constr<span class=\"_ _3\"></span>uction<span class=\"_ _3\"></span>, financ<span class=\"_ _3\"></span>ing, op<span class=\"_ _3\"></span>eration a<span class=\"_ _3\"></span>nd maintenan<span class=\"_ _3\"></span>ce of a 10.4M<span class=\"_ _3\"></span>W waste wo<span class=\"_ _3\"></span>od gasi<span class=\"_ _3\"></span>fier </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1343\">loc<span class=\"_ _3\"></span>ated at Peb<span class=\"_ _3\"></span>ble Ha<span class=\"_ _3\"></span>ll Farm, T<span class=\"_ _3\"></span>hreding<span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>th. Th<span class=\"_ _3\"></span>e East W<span class=\"_ _3\"></span>ick and Sweet<span class=\"_ _3\"></span>water d<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>lopme<span class=\"_ _3\"></span>nt is a Londo<span class=\"_ _3\"></span>n Legac<span class=\"_ _3\"></span>y Develo<span class=\"_ _3\"></span>pment Co<span class=\"_ _3\"></span>rpor<span class=\"_ _3\"></span>ation </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1344\">proje<span class=\"_ _3\"></span>ct, be<span class=\"_ _3\"></span>ing car<span class=\"_ _3\"></span>ried out i<span class=\"_ _3\"></span>n phases, w<span class=\"_ _3\"></span>hich wil<span class=\"_ _3\"></span>l result in the cre<span class=\"_ _3\"></span>ation of t<span class=\"_ _3\"></span>wo commun<span class=\"_ _3\"></span>ities, E<span class=\"_ _3\"></span>ast Wic<span class=\"_ _3\"></span>k and Sweet<span class=\"_ _3\"></span>water<span class=\"_ _4\"></span>, at th<span class=\"_ _3\"></span>e Queen El<span class=\"_ _3\"></span>izabeth </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1345\">Ol<span class=\"_ _3\"></span>ympic P<span class=\"_ _3\"></span>ark in Lon<span class=\"_ _3\"></span>don. W<span class=\"_ _3\"></span>ith the excepti<span class=\"_ _3\"></span>on of the Wella<span class=\"_ _3\"></span>nd Bio Power p<span class=\"_ _3\"></span>lant and the E<span class=\"_ _3\"></span>astw<span class=\"_ _3\"></span>ick and Swe<span class=\"_ _3\"></span>etwater p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>, all assets tr<span class=\"_ _3\"></span>ansfer to </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1346\">the cu<span class=\"_ _3\"></span>stomer at the e<span class=\"_ _3\"></span>nd of the relevant c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ion. </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls59 ws52 gs1347\">Co<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny (i) (ii)<span class=\"_ _32\"> </span><span class=\"ff47 ls128 ws10e\">P<span class=\"_ _3\"></span>roject<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1348\">Total de<span class=\"_ _3\"></span>bt </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1349\">and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs134a\">funding </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs134b\">\u00a3m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs134c\">Met<span class=\"_ _3\"></span>hod of </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs134d\">accounting<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs134e\">Financial<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs134f\">close<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1350\">Duration<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls194 ws195 gs1351\">years<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1352\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18a ws187 gs1353\">completion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1354\">Pevensey C<span class=\"_ _3\"></span>oast<span class=\"_ _3\"></span>al Defence Ltd<span class=\"_ _215\"> </span><span class=\"ls15 ws11\">S<span class=\"_ _3\"></span>ea def<span class=\"_ _4\"></span>ences<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _128\"> </span><span class=\"ls93 wsfa\">25%<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _81\"> </span><span class=\"ls4e ws48\">Ju<span class=\"_ _4\"></span>ly<span class=\"_ _5\"></span> 2000<span class=\"_ _27\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _ff\"> </span><span class=\"ls128 ws10e\">n/a<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1355\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1356\">Proj<span class=\"_ _3\"></span>ects (P<span class=\"_ _3\"></span>hase 1) Ltd<span class=\"_ _215\"> </span><span class=\"ls3c ws37\">P<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y develo<span class=\"_ _3\"></span>pment<span class=\"_ _25\"> </span><span class=\"ls114 ws10c\">99<span class=\"_ _1cb\"> </span></span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Januar<span class=\"_ _3\"></span>y 201<span class=\"_ _4\"></span>9<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _ef\"> </span><span class=\"ls78 ws11a\">20<span class=\"_ _3\"></span>21<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1357\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1358\">Proj<span class=\"_ _3\"></span>ects (P<span class=\"_ _3\"></span>hase 2) Ltd<span class=\"_ _215\"> </span><span class=\"ls3c ws37\">P<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y develo<span class=\"_ _3\"></span>pment<span class=\"_ _116\"> </span><span class=\"ls16 ws12\">76<span class=\"_ _f2\"> </span></span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _110\"> </span><span class=\"ls15 ws11\">August 2023<span class=\"_ _47\"> </span></span></span>3<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">2026<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1359\">Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ltd<span class=\"_ _38a\"> </span><span class=\"ls128 ws10e\">Of<span class=\"_ _3\"></span>fshore transmission<span class=\"_ _3b\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _f2\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b7\"> </span><span class=\"ls15 ws11\">Decemb<span class=\"_ _3\"></span>er 20<span class=\"_ _4\"></span>14<span class=\"_ _25\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _51\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs135a\">Gw<span class=\"_ _3\"></span>ynt y M\u00f4<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO plc <span class=\"_ _145\"> </span><span class=\"ls128 ws10e\">O<span class=\"_ _3\"></span>ffshore transmission<span class=\"_ _10a\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3\"></span>6<span class=\"_ _1cb\"> </span></span></span>6<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _d8\"> </span><span class=\"ls72 wsf5\">February 201<span class=\"_ _4\"></span>5<span class=\"_ _25\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _ff\"> </span><span class=\"ls128 ws10e\">n/a<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs135b\">Wellan<span class=\"_ _3\"></span>d Bio Power Ltd<span class=\"_ _1fd\"> </span><span class=\"ls15 ws11\">Waste wood gasifier<span class=\"_ _a1\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _c3\"> </span><span class=\"ls1c ws107\">29<span class=\"_ _3\"></span>.2%<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _ef\"> </span><span class=\"ls100 ws104\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _128\"> </span><span class=\"ls128 ws10e\">n/a<span class=\"_ _ef\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs135c\">Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Ltd<span class=\"_ _f6\"> </span><span class=\"ls128 ws10e\">O<span class=\"_ _3\"></span>ffshore transmission<span class=\"_ _3b\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _ee\"> </span></span></span>20%<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _f4\"> </span><span class=\"ls15 ws11\">September 201<span class=\"_ _4\"></span>6<span class=\"_ _116\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _51\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs135d\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs135e\">(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in Eng<span class=\"_ _3\"></span>land a<span class=\"_ _3\"></span>nd Wal<span class=\"_ _3\"></span>es and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch com<span class=\"_ _3\"></span>pany a<span class=\"_ _3\"></span>re in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs135f\">(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs1360\">op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in the<span class=\"_ _3\"></span>se com<span class=\"_ _3\"></span>pani<span class=\"_ _3\"></span>es as a jo<span class=\"_ _3\"></span>int ventu<span class=\"_ _3\"></span>re.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1361\">(e) Bal<span class=\"_ _3\"></span>fou<span class=\"_ _3\"></span>r Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y I<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s Nor<span class=\"_ _3\"></span>th A<span class=\"_ _3\"></span>mer<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls73 ws80 gs1362\">Militar<span class=\"_ _3\"></span>y housing<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls92 ws8a gs1363\">Summary<span class=\"ff47 ls5 ws3\"> B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y through it<span class=\"_ _3\"></span>s subsidi<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Com<span class=\"_ _3\"></span>munities L<span class=\"_ _3\"></span>LC is a mana<span class=\"_ _3\"></span>ger<span class=\"_ _4\"></span>, deve<span class=\"_ _3\"></span>loper, and investor in a nu<span class=\"_ _3\"></span>mber of US </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1364\">milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y privati<span class=\"_ _3\"></span>sation p<span class=\"_ _3\"></span>rojects a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ated with a tota<span class=\"_ _3\"></span>l of 55 US G<span class=\"_ _3\"></span>overnment mil<span class=\"_ _3\"></span>itar<span class=\"_ _3\"></span>y base<span class=\"_ _3\"></span>s which inc<span class=\"_ _3\"></span>ludes 5<span class=\"_ _3\"></span>5 milita<span class=\"_ _3\"></span>ry fa<span class=\"_ _3\"></span>mily hous<span class=\"_ _3\"></span>ing commu<span class=\"_ _3\"></span>nities </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1365\">and on<span class=\"_ _3\"></span>e unacc<span class=\"_ _3\"></span>ompani<span class=\"_ _3\"></span>ed pers<span class=\"_ _3\"></span>onnel hou<span class=\"_ _3\"></span>sing comm<span class=\"_ _3\"></span>unity t<span class=\"_ _3\"></span>hat are expe<span class=\"_ _3\"></span>cted to cont<span class=\"_ _3\"></span>ain approxi<span class=\"_ _3\"></span>mately 4<span class=\"_ _3\"></span>3,<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>0 hou<span class=\"_ _3\"></span>sing units o<span class=\"_ _3\"></span>nce devel<span class=\"_ _3\"></span>opment<span class=\"_ _3\"></span>, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1366\">con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ion and renov<span class=\"_ _3\"></span>ation are co<span class=\"_ _3\"></span>mplete.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1367\">Th<span class=\"_ _3\"></span>e project<span class=\"_ _3\"></span>s compr<span class=\"_ _3\"></span>ise 1<span class=\"_ _5\"></span>1 mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y family h<span class=\"_ _3\"></span>ousing pr<span class=\"_ _3\"></span>ivatisa<span class=\"_ _3\"></span>tion proje<span class=\"_ _3\"></span>cts wit<span class=\"_ _3\"></span>h the United St<span class=\"_ _3\"></span>ates Dep<span class=\"_ _3\"></span>artm<span class=\"_ _3\"></span>ent of the Ar<span class=\"_ _3\"></span>my (A<span class=\"_ _3\"></span>rmy), seven p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1368\">with t<span class=\"_ _3\"></span>he United St<span class=\"_ _3\"></span>ates Dep<span class=\"_ _3\"></span>artm<span class=\"_ _3\"></span>ent of the Ai<span class=\"_ _3\"></span>r Force (<span class=\"_ _3\"></span>Air F<span class=\"_ _3\"></span>orce) and t<span class=\"_ _3\"></span>wo proje<span class=\"_ _3\"></span>cts wit<span class=\"_ _3\"></span>h the United St<span class=\"_ _3\"></span>ates Dep<span class=\"_ _3\"></span>artm<span class=\"_ _3\"></span>ent of the Nav<span class=\"_ _3\"></span>y (<span class=\"_ _3\"></span>Nav<span class=\"_ _3\"></span>y). In addi<span class=\"_ _3\"></span>tion,<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1369\">there is o<span class=\"_ _3\"></span>ne unacc<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>nied pers<span class=\"_ _3\"></span>onnel hou<span class=\"_ _3\"></span>sing (U<span class=\"_ _3\"></span>PH) proj<span class=\"_ _3\"></span>ect wit<span class=\"_ _3\"></span>h the Ar<span class=\"_ _3\"></span>my at For<span class=\"_ _3\"></span>t Stewar<span class=\"_ _3\"></span>t.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls3e ws39 gs136a\">Contractual arra<span class=\"_ _4\"></span>ngements<span class=\"ff47 ls5 ws3\"> T<span class=\"_ _3\"></span>he first ph<span class=\"_ _3\"></span>ase of the proj<span class=\"_ _3\"></span>ect, k<span class=\"_ _3\"></span>nown as the i<span class=\"_ _3\"></span>nitial devel<span class=\"_ _3\"></span>opment p<span class=\"_ _3\"></span>eriod<span class=\"_ _3\"></span>, covers the p<span class=\"_ _3\"></span>erio<span class=\"_ _3\"></span>d of initial co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion or </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs136b\">renovat<span class=\"_ _3\"></span>ion of milit<span class=\"_ _3\"></span>ary h<span class=\"_ _3\"></span>ousing on a b<span class=\"_ _3\"></span>ase, t<span class=\"_ _3\"></span>ypic<span class=\"_ _3\"></span>ally las<span class=\"_ _3\"></span>ting three to eig<span class=\"_ _3\"></span>ht y<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ars. W<span class=\"_ _3\"></span>ith resp<span class=\"_ _3\"></span>ect to Ar<span class=\"_ _3\"></span>my and Nav<span class=\"_ _3\"></span>y proj<span class=\"_ _3\"></span>ects, t<span class=\"_ _3\"></span>he Governm<span class=\"_ _3\"></span>ent beco<span class=\"_ _3\"></span>mes </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs136c\">a memb<span class=\"_ _3\"></span>er or par<span class=\"_ _3\"></span>tne<span class=\"_ _3\"></span>r of the projec<span class=\"_ _3\"></span>t entit<span class=\"_ _3\"></span>y (Proje<span class=\"_ _3\"></span>ct LLC<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>; t<span class=\"_ _3\"></span>he Air Fo<span class=\"_ _3\"></span>rce is not a nam<span class=\"_ _3\"></span>ed par<span class=\"_ _3\"></span>tner or m<span class=\"_ _3\"></span>ember in B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Comm<span class=\"_ _3\"></span>unities\u2019 P<span class=\"_ _3\"></span>roje<span class=\"_ _3\"></span>ct </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs136d\">LLC<span class=\"_ _3\"></span>s, however it c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s a commit<span class=\"_ _3\"></span>ment to provide a G<span class=\"_ _3\"></span>overnme<span class=\"_ _3\"></span>nt direct lo<span class=\"_ _3\"></span>an to the Proje<span class=\"_ _3\"></span>ct LLC an<span class=\"_ _3\"></span>d has simila<span class=\"_ _3\"></span>r rights to sha<span class=\"_ _3\"></span>re in distri<span class=\"_ _3\"></span>butions<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs136e\">and c<span class=\"_ _3\"></span>ash flows of th<span class=\"_ _3\"></span>e Projec<span class=\"_ _3\"></span>t LLC. O<span class=\"_ _3\"></span>n each pro<span class=\"_ _3\"></span>ject, t<span class=\"_ _3\"></span>he Projec<span class=\"_ _3\"></span>t LLC enters into a g<span class=\"_ _3\"></span>round leas<span class=\"_ _3\"></span>e with the G<span class=\"_ _3\"></span>overnment<span class=\"_ _3\"></span>, which p<span class=\"_ _3\"></span>rovides t<span class=\"_ _3\"></span>he P<span class=\"_ _3\"></span>roje<span class=\"_ _3\"></span>ct </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs136f\">LLC w<span class=\"_ _3\"></span>ith a lease<span class=\"_ _3\"></span>hold interest i<span class=\"_ _3\"></span>n the land an<span class=\"_ _3\"></span>d title to the im<span class=\"_ _3\"></span>provements on t<span class=\"_ _3\"></span>he land for a p<span class=\"_ _3\"></span>eriod of 5<span class=\"_ _3\"></span>0 years<span class=\"_ _3\"></span>. Each of th<span class=\"_ _3\"></span>ese milita<span class=\"_ _3\"></span>ry h<span class=\"_ _3\"></span>ousing </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1370\">pri<span class=\"_ _3\"></span>vatisati<span class=\"_ _3\"></span>on projec<span class=\"_ _3\"></span>ts inclu<span class=\"_ _3\"></span>des agree<span class=\"_ _3\"></span>ments cover<span class=\"_ _3\"></span>ing the ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt, renovati<span class=\"_ _3\"></span>on, and devel<span class=\"_ _3\"></span>opment of exis<span class=\"_ _3\"></span>ting hous<span class=\"_ _3\"></span>ing units<span class=\"_ _3\"></span>, as well as the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1371\">develo<span class=\"_ _3\"></span>pment, c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction<span class=\"_ _3\"></span>, r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>novation a<span class=\"_ _3\"></span>nd manag<span class=\"_ _3\"></span>ement of new uni<span class=\"_ _3\"></span>ts during t<span class=\"_ _3\"></span>he term of the pro<span class=\"_ _3\"></span>ject, w<span class=\"_ _3\"></span>hich, in th<span class=\"_ _3\"></span>e case of th<span class=\"_ _3\"></span>e Army, could </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1372\">potenti<span class=\"_ _3\"></span>ally exten<span class=\"_ _3\"></span>d for up to an add<span class=\"_ _3\"></span>itional 2<span class=\"_ _3\"></span>5 years. T<span class=\"_ _3\"></span>he 50<span class=\"_ _2\"></span>-ye<span class=\"_ _3\"></span>ar durati<span class=\"_ _3\"></span>on of each p<span class=\"_ _3\"></span>roject c<span class=\"_ _3\"></span>alls for conti<span class=\"_ _3\"></span>nuous renovat<span class=\"_ _3\"></span>ion, reha<span class=\"_ _3\"></span>bilitati<span class=\"_ _3\"></span>on, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1373\">dem<span class=\"_ _3\"></span>olition a<span class=\"_ _3\"></span>nd reconst<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on of housin<span class=\"_ _3\"></span>g units. At th<span class=\"_ _3\"></span>e end of the grou<span class=\"_ _3\"></span>nd lease ter<span class=\"_ _3\"></span>m the Proje<span class=\"_ _3\"></span>ct LLC<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s le<span class=\"_ _3\"></span>asehol<span class=\"_ _3\"></span>d interest termin<span class=\"_ _3\"></span>ates and all </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1374\">proje<span class=\"_ _3\"></span>ct improvem<span class=\"_ _3\"></span>ents on the l<span class=\"_ _3\"></span>and gener<span class=\"_ _3\"></span>ally tran<span class=\"_ _3\"></span>sfer to the Gover<span class=\"_ _3\"></span>nment.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 lsa9 wsa0 gs1375\">Preferred<span class=\"_ _4\"></span> re<span class=\"_ _3\"></span>tu<span class=\"_ _4\"></span>rns<span class=\"ff47 ls5 ws3\"> The p<span class=\"_ _3\"></span>rojects w<span class=\"_ _3\"></span>ill ty<span class=\"_ _3\"></span>pica<span class=\"_ _3\"></span>lly recei<span class=\"_ _3\"></span>ve, to the extent tha<span class=\"_ _3\"></span>t adequ<span class=\"_ _3\"></span>ate funds are avail<span class=\"_ _3\"></span>able, an a<span class=\"_ _3\"></span>nnual minimu<span class=\"_ _3\"></span>m preferred return. </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1376\">On<span class=\"_ gs52\"> </span>mo<span class=\"_ _3\"></span>st existing p<span class=\"_ _3\"></span>rojects<span class=\"_ _3\"></span>, this annua<span class=\"_ _3\"></span>l minimum preferre<span class=\"_ _3\"></span>d re<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>urn rang<span class=\"_ _3\"></span>es from 9% to 1<span class=\"_ _4\"></span>2% of Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ommuni<span class=\"_ _3\"></span>ties\u2019 initia<span class=\"_ _3\"></span>l equit<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1377\">contribution<span class=\"_ _4\"></span> to the proj<span class=\"_ _4\"></span>ec<span class=\"_ _3\"></span>t.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls5 ws3 gs1379\">Al<span class=\"_ _3\"></span>loc<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of re<span class=\"_ _3\"></span>mainin<span class=\"_ _3\"></span>g ope<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing c<span class=\"_ _3\"></span>ash f<span class=\"_ _3\"></span>low<span class=\"ff47\"> O<span class=\"_ _3\"></span>peratin<span class=\"_ _3\"></span>g cash fl<span class=\"_ _3\"></span>ow remaining af<span class=\"_ _3\"></span>ter the annu<span class=\"_ _3\"></span>al minimum p<span class=\"_ _3\"></span>ref<span class=\"_ _4\"></span>er<span class=\"_ _3\"></span>red return is p<span class=\"_ _3\"></span>aid is share<span class=\"_ _3\"></span>d </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs137a\">bet<span class=\"_ _3\"></span>ween Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ommuni<span class=\"_ _3\"></span>ties and the rei<span class=\"_ _3\"></span>nv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>stment ac<span class=\"_ _3\"></span>count hel<span class=\"_ _3\"></span>d by the proje<span class=\"_ _3\"></span>ct for the be<span class=\"_ _3\"></span>nefit of the Gove<span class=\"_ _3\"></span>rnment. O<span class=\"_ _3\"></span>n most of the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs137b\">existin<span class=\"_ _3\"></span>g projec<span class=\"_ _3\"></span>ts, the total a<span class=\"_ _3\"></span>mount that B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Comm<span class=\"_ _3\"></span>unities is ent<span class=\"_ _3\"></span>itled to rece<span class=\"_ _3\"></span>ive (inclu<span class=\"_ _3\"></span>sive of the preferre<span class=\"_ _3\"></span>d return) is gen<span class=\"_ _3\"></span>erally c<span class=\"_ _3\"></span>appe<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs137c\">at an annu<span class=\"_ _3\"></span>al modi<span class=\"_ _3\"></span>fied rate of retur<span class=\"_ _3\"></span>n, or cas<span class=\"_ _3\"></span>h-<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>sh return, on it<span class=\"_ _3\"></span>s initial e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y contri<span class=\"_ _3\"></span>bution to the p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>. Historic<span class=\"_ _3\"></span>ally, these ca<span class=\"_ _3\"></span>ps have rang<span class=\"_ _3\"></span>ed </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs137d\">bet<span class=\"_ _3\"></span>ween ap<span class=\"_ _3\"></span>proximatel<span class=\"_ _3\"></span>y 9% t<span class=\"_ _4\"></span>o 18% de<span class=\"_ _3\"></span>pendin<span class=\"_ _3\"></span>g on the par<span class=\"_ _3\"></span>ticu<span class=\"_ _3\"></span>lar proje<span class=\"_ _3\"></span>ct and the t<span class=\"_ _3\"></span>yp<span class=\"_ _3\"></span>e of return (annu<span class=\"_ _3\"></span>al modif<span class=\"_ _3\"></span>ied rates of retur<span class=\"_ _3\"></span>n or cash<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cash<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs137e\">However, in some of th<span class=\"_ _3\"></span>e more recent pro<span class=\"_ _3\"></span>jects<span class=\"_ _3\"></span>, there are eithe<span class=\"_ _3\"></span>r no annual c<span class=\"_ _3\"></span>aps or lowe<span class=\"_ _3\"></span>r projecte<span class=\"_ _3\"></span>d annual rates of retu<span class=\"_ _3\"></span>rn. Th<span class=\"_ _3\"></span>e t<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al cap<span class=\"_ _3\"></span>ped </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs137f\">return g<span class=\"_ _3\"></span>enerall<span class=\"_ _3\"></span>y will inclu<span class=\"_ _3\"></span>de the annu<span class=\"_ _3\"></span>al minimum prefer<span class=\"_ _3\"></span>red return. T<span class=\"_ _3\"></span>he reinvestme<span class=\"_ _3\"></span>nt account i<span class=\"_ _3\"></span>s an acco<span class=\"_ _3\"></span>unt estab<span class=\"_ _3\"></span>lished for th<span class=\"_ _3\"></span>e benefit of th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1380\">milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, b<span class=\"_ _3\"></span>ut funds m<span class=\"_ _3\"></span>ay be with<span class=\"_ _3\"></span>drawn for c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion, d<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nt and renovatio<span class=\"_ _3\"></span>n costs d<span class=\"_ _3\"></span>uring the rem<span class=\"_ _3\"></span>aining life of a p<span class=\"_ _3\"></span>rivatis<span class=\"_ _3\"></span>ation proje<span class=\"_ _3\"></span>ct </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1381\">upo<span class=\"_ _3\"></span>n approva<span class=\"_ _3\"></span>l by the app<span class=\"_ _3\"></span>licab<span class=\"_ _3\"></span>le milita<span class=\"_ _3\"></span>ry se<span class=\"_ _3\"></span>rvi<span class=\"_ _3\"></span>ce.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls5 ws3 gs1382\">Re<span class=\"_ _3\"></span>turn o<span class=\"_ _3\"></span>f equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y<span class=\"ff47\"> Gener<span class=\"_ _3\"></span>ally<span class=\"_ _4\"></span>, at t<span class=\"_ _3\"></span>he end of a proje<span class=\"_ _3\"></span>ct term, any m<span class=\"_ _3\"></span>onies remai<span class=\"_ _3\"></span>ning in the reinves<span class=\"_ _3\"></span>tment acc<span class=\"_ _3\"></span>ount are distr<span class=\"_ _3\"></span>ibuted to Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1383\">Co<span class=\"_ _3\"></span>mmunities a<span class=\"_ _3\"></span>nd the A<span class=\"_ _3\"></span>rmy<span class=\"_ _4\"></span>, N<span class=\"_ _3\"></span>avy or A<span class=\"_ _3\"></span>ir Forc<span class=\"_ _3\"></span>e, in a predeter<span class=\"_ _3\"></span>mined ord<span class=\"_ _3\"></span>er of prior<span class=\"_ _3\"></span>ity. T<span class=\"_ _4\"></span>yp<span class=\"_ _3\"></span>ically t<span class=\"_ _3\"></span>hese dist<span class=\"_ _3\"></span>ributio<span class=\"_ _3\"></span>ns will have th<span class=\"_ _3\"></span>e effect of p<span class=\"_ _3\"></span>roviding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1384\">the p<span class=\"_ _3\"></span>arti<span class=\"_ _3\"></span>es with suf<span class=\"_ _3\"></span>ficie<span class=\"_ _3\"></span>nt funds to provi<span class=\"_ _3\"></span>de a minimum an<span class=\"_ _3\"></span>nual return over th<span class=\"_ _3\"></span>e life of the proje<span class=\"_ _3\"></span>ct and a co<span class=\"_ _3\"></span>mplete return of th<span class=\"_ _3\"></span>e initial c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al contri<span class=\"_ _3\"></span>bution.<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1385\">Af<span class=\"_ _3\"></span>ter payme<span class=\"_ _3\"></span>nt of the minimum an<span class=\"_ _3\"></span>nual return an<span class=\"_ _3\"></span>d the return of a pa<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y\u2019s initial c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tion, all rem<span class=\"_ _3\"></span>aining fun<span class=\"_ _3\"></span>ds will t<span class=\"_ _3\"></span>ypic<span class=\"_ _3\"></span>ally be d<span class=\"_ _3\"></span>istrib<span class=\"_ _3\"></span>uted to the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls16 ws12 gs1386\">appli<span class=\"_ _3\"></span>cable milit<span class=\"_ _3\"></span>ary ser<span class=\"_ _3\"></span>vice.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1387\">Militar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> conc<span class=\"_ _3\"></span>ession company<span class=\"_ _4\"></span> (i)<span class=\"_ _e8\"> </span><span class=\"ff47 ls97 ws8e\">Projects<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gs1388\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>je<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs1389\">funding </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsd2 wsc6 gs138a\">US$m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs138b\">Financial </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs138c\">close<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs138d\">Duration </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls194 ws195 gs138e\">years<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs138f\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18a ws187 gs1390\">completion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs1391\">Militar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> family housing<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1392\">For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson Fa<span class=\"_ _3\"></span>mily Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _100\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy b<span class=\"_ _3\"></span>ase<span class=\"_ _97\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _9a\"> </span></span></span>Novem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _a3\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _3b\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>04<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1393\">\u2013 Fort Carson expansion<span class=\"_ _38b\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>0<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6<span class=\"_ _9d\"> </span><span class=\"ls42 ws3d\">43<span class=\"_ _cc\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1394\">\u2013 For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson GTA expans<span class=\"_ _3\"></span>ion<span class=\"_ _29e\"> </span><span class=\"ls114 ws10c\">99<span class=\"_ _38c\"> </span><span class=\"ls89 ws88\">A<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>l 2<span class=\"_ _3\"></span>010<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">39<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1395\">\u2013 For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson GTA II expa<span class=\"_ _3\"></span>nsion<span class=\"_ _38d\"> </span><span class=\"ls114 ws10c\">68<span class=\"_ _175\"> </span><span class=\"ls100 ws104\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>e 2<span class=\"_ _3\"></span>015<span class=\"_ _38\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _fa\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1396\">Stewar<span class=\"_ _3\"></span>t Hunter H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _38e\"> </span>T<span class=\"_ _4\"></span>wo A<span class=\"_ _3\"></span>rmy base<span class=\"_ _3\"></span>s<span class=\"_ _180\"> </span><span class=\"ls122 ws11b\">3<span class=\"_ _3\"></span>74<span class=\"_ _9a\"> </span></span>Nove<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1397\">For<span class=\"_ _3\"></span>t Ha<span class=\"_ _3\"></span>milton Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _aa\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy ba<span class=\"_ _3\"></span>se<span class=\"_ _9d\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _219\"> </span></span></span>June 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>4<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cc\"> </span><span class=\"ls5f ws57\">200<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1398\">For<span class=\"_ _3\"></span>t Detr<span class=\"_ _3\"></span>ick<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>Wa<span class=\"_ _3\"></span>lter Reed A<span class=\"_ _3\"></span>rmy Me<span class=\"_ _3\"></span>dical C<span class=\"_ _3\"></span>enter </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls49 ws43 gs1399\">Housing L<span class=\"_ _3\"></span>LC<span class=\"_ _38f\"> </span><span class=\"ls5 ws3\">T<span class=\"_ _4\"></span>wo A<span class=\"_ _3\"></span>rmy base<span class=\"_ _3\"></span>s<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>2<span class=\"_ _390\"> </span></span>Jul<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>04<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _3b\"> </span><span class=\"ls5f ws57\">200<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs139a\">Nor<span class=\"_ _3\"></span>theast Housing LLC<span class=\"_ _22e\"> </span><span class=\"ls5 ws3\">Seven N<span class=\"_ _3\"></span>av<span class=\"_ _3\"></span>y bases<span class=\"_ _a1\"> </span><span class=\"ls115 ws10d\">496<span class=\"_ _20\"> </span></span>N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>4<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs139b\">For<span class=\"_ _3\"></span>t Eustis<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>For<span class=\"_ _3\"></span>t Stor<span class=\"_ _3\"></span>y Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _1ab\"> </span>T<span class=\"_ _5\"></span>wo A<span class=\"_ _3\"></span>rmy bas<span class=\"_ _3\"></span>es<span class=\"_ _97\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>5<span class=\"_ _386\"> </span><span class=\"ls8b ws4\">M<span class=\"_ _3\"></span>arch 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>05<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs139c\">\u2013 For<span class=\"_ _3\"></span>t Eustis ex<span class=\"_ _3\"></span>pansion<span class=\"_ _120\"> </span>8<span class=\"_ _1a0\"> </span><span class=\"ls89 ws88\">J<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>010<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">45<span class=\"_ _ef\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs139d\">\u2013 For<span class=\"_ _3\"></span>t Eustis \u2013 M<span class=\"_ _3\"></span>arseill<span class=\"_ _3\"></span>es Vill<span class=\"_ _3\"></span>age<span class=\"_ _216\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _1cd\"> </span><span class=\"ls164 ws157\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>013<span class=\"_ _38\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _1cb\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>015<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs139e\">For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>hite S<span class=\"_ _3\"></span>ands Mis<span class=\"_ _3\"></span>sile Rang<span class=\"_ _3\"></span>e Housin<span class=\"_ _3\"></span>g LP<span class=\"_ _c3\"> </span>T<span class=\"_ _5\"></span>w<span class=\"_ _3\"></span>o Army b<span class=\"_ _3\"></span>ases<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">427<span class=\"_ _1ef\"> </span></span>J<span class=\"_ _3\"></span>uly 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>5<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs139f\">\u2013 For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pansio<span class=\"_ _3\"></span>n<span class=\"_ _247\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _20\"> </span><span class=\"ls15 ws11\">Decem<span class=\"_ _3\"></span>ber 200<span class=\"_ _3\"></span>9<span class=\"_ _a3\"> </span></span>46<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13a0\">\u2013 For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s GT<span class=\"_ _4\"></span>A exp<span class=\"_ _3\"></span>ansion ph<span class=\"_ _3\"></span>ase I<span class=\"_ _299\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>6<span class=\"_ _156\"> </span><span class=\"ls11c ws115\">J<span class=\"_ _3\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>y<span class=\"_ _2\"></span> 2<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>11<span class=\"_ _38\"> </span><span class=\"ls187 ws184\">44<span class=\"_ _cc\"> </span></span></span>2<span class=\"_ _3\"></span>014<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13a1\">\u2013 For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s GT<span class=\"_ _4\"></span>A exp<span class=\"_ _3\"></span>ansion ph<span class=\"_ _3\"></span>ase II<span class=\"_ _126\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>6<span class=\"_ _b1\"> </span><span class=\"ls3c ws37\">N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>01<span class=\"_ _4\"></span>2<span class=\"_ _9d\"> </span><span class=\"ls42 ws3d\">43<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs13a2\">For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Gordon Housing LLC<span class=\"_ _fe\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy base<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>9<span class=\"_ _38c\"> </span><span class=\"ls5 ws3\">M<span class=\"_ _3\"></span>ay 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls16 ws12 gs13a3\">Car<span class=\"_ _3\"></span>lisle/<span class=\"_ _3\"></span>Picatinny Famil<span class=\"_ _3\"></span>y Housing LP<span class=\"_ _213\"> </span><span class=\"ls5 ws3\">T<span class=\"_ _5\"></span>wo A<span class=\"_ _3\"></span>rmy ba<span class=\"_ _3\"></span>ses<span class=\"_ _a3\"> </span><span class=\"ls46 ws41\">84<span class=\"_ _1ef\"> </span></span>July 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs13a4\">\u2013 Carlisle<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>rit<span class=\"_ _3\"></span>age<span class=\"_ _4\"></span> Heights phase II<span class=\"_ _301\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _1d7\"> </span><span class=\"ls5f ws57\">October<span class=\"_ _4\"></span> 201<span class=\"_ _4\"></span>2<span class=\"_ _a3\"> </span><span class=\"ls187 ws184\">44<span class=\"_ _cc\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>014<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13a5\">AE<span class=\"_ _3\"></span>TC H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P<span class=\"_ _391\"> </span>Fou<span class=\"_ _3\"></span>r Air Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _a0\"> </span><span class=\"ls103 wsf8\">359<span class=\"_ _1b\"> </span><span class=\"ls72 wsf5\">Februar<span class=\"_ _3\"></span>y 2007<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs13a6\">Southeast Housing L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _f0\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _5\"></span>1 Nav<span class=\"_ _3\"></span>y bas<span class=\"_ _3\"></span>es<span class=\"_ _a1\"> </span><span class=\"lsab wsa1\">558<span class=\"_ _b0\"> </span></span>N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>7<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs13a7\">Vandenberg Housing LP<span class=\"_ _391\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>ir Force b<span class=\"_ _3\"></span>ase<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>5<span class=\"_ _11c\"> </span></span>Novemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>07<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13a8\">Leo<span class=\"_ _3\"></span>nard Woo<span class=\"_ _3\"></span>d Family C<span class=\"_ _3\"></span>ommunit<span class=\"_ _3\"></span>ies LLC<span class=\"_ _13c\"> </span><span class=\"ls170 ws18f\">Ar<span class=\"_ _3\"></span>my base<span class=\"_ _180\"> </span><span class=\"ls3c ws37\">2<span class=\"_ _3\"></span>31<span class=\"_ _3b\"> </span></span></span>Ac<span class=\"_ _3\"></span>quired Jun<span class=\"_ _3\"></span>e 20<span class=\"_ _3\"></span>08<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls78 ws11a gs13a9\">47<span class=\"_ _1cb\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>014<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13aa\">A<span class=\"_ _3\"></span>MC West H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P<span class=\"_ _b3\"> </span>T<span class=\"_ _3\"></span>hree Air F<span class=\"_ _3\"></span>orce bas<span class=\"_ _3\"></span>es<span class=\"_ _a0\"> </span><span class=\"ls4a ws44\">428<span class=\"_ _31\"> </span></span>Jul<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>08<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>015<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13ab\">West Po<span class=\"_ _3\"></span>int Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _ed\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy base<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">220<span class=\"_ _1bd\"> </span><span class=\"ls15 ws11\">August 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs13ac\">For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Jackson Housing LLC<span class=\"_ _1e8\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy base<span class=\"_ _98\"> </span><span class=\"ls12a ws11f\">181<span class=\"_ _392\"> </span><span class=\"ls5f ws57\">Octobe<span class=\"_ _4\"></span>r 20<span class=\"_ _3\"></span>08<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13ad\">L<span class=\"_ _3\"></span>acklan<span class=\"_ _3\"></span>d Family H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _303\"> </span>A<span class=\"_ _3\"></span>ir Forc<span class=\"_ _3\"></span>e base<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _1a8\"> </span><span class=\"ls61 ws59\">Acquir<span class=\"_ _4\"></span>ed December<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>08<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs13ae\">Western Group<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>ousing LP<span class=\"_ _1ae\"> </span><span class=\"ls5 ws3\">Four A<span class=\"_ _3\"></span>ir Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _180\"> </span><span class=\"ls3e ws39\">328<span class=\"_ _1cd\"> </span><span class=\"ls30 ws29\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span> 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls11e ws117\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>17<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13af\">No<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>rn Group H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _30a\"> </span>Si<span class=\"_ _3\"></span>x Air Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3\"></span>7<span class=\"_ _1d0\"> </span><span class=\"ls15 ws11\">August 201<span class=\"_ _4\"></span>3<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>019<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13b0\">ACC G<span class=\"_ _3\"></span>roup Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _130\"> </span>T<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>o Air Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _302\"> </span><span class=\"ls100 ws104\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span> 2<span class=\"_ _3\"></span>014<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gs13b1\">Milit<span class=\"_ _3\"></span>ary unaccompanie<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>ersonnel housing<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13b2\">Stewar<span class=\"_ _3\"></span>t Hunter H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _2df\"> </span>3<span class=\"_ _3\"></span>6 <span class=\"_ _13f\"> </span><span class=\"ls14 ws10\">J<span class=\"_ _3\"></span>anuary 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs13b3\">Note<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs13b4\">(i<span class=\"_ _3\"></span>) <span class=\"_ _5d\"> </span>Reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in the U<span class=\"_ _3\"></span>S and the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of eac<span class=\"_ _3\"></span>h proje<span class=\"_ _3\"></span>ct are c<span class=\"_ _3\"></span>ondu<span class=\"_ _3\"></span>cted in t<span class=\"_ _3\"></span>he US<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13b5\">Th<span class=\"_ _3\"></span>e Group evalu<span class=\"_ _3\"></span>ated each of i<span class=\"_ _3\"></span>ts interests in th<span class=\"_ _3\"></span>e militar<span class=\"_ _3\"></span>y ho<span class=\"_ _3\"></span>using proje<span class=\"_ _3\"></span>cts to determ<span class=\"_ _3\"></span>ine if the enti<span class=\"_ _3\"></span>ties shoul<span class=\"_ _3\"></span>d be cons<span class=\"_ _3\"></span>olidate<span class=\"_ _3\"></span>d. This an<span class=\"_ _3\"></span>alysis </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13b6\">incl<span class=\"_ _3\"></span>uded, b<span class=\"_ _3\"></span>ut was not limi<span class=\"_ _3\"></span>ted to, identif<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g the acti<span class=\"_ _3\"></span>vities th<span class=\"_ _3\"></span>at most sig<span class=\"_ _3\"></span>nific<span class=\"_ _3\"></span>antly imp<span class=\"_ _3\"></span>act an enti<span class=\"_ _3\"></span>ty\u2019s eco<span class=\"_ _3\"></span>nomic pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>mance, w<span class=\"_ _3\"></span>hich par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13b7\">par<span class=\"_ _3\"></span>ties c<span class=\"_ _3\"></span>ontrol tho<span class=\"_ _3\"></span>se activ<span class=\"_ _3\"></span>ities and t<span class=\"_ _3\"></span>he risks ass<span class=\"_ _3\"></span>ociated w<span class=\"_ _3\"></span>ith these e<span class=\"_ _3\"></span>ntities. D<span class=\"_ _3\"></span>ecisio<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>mak<span class=\"_ _3\"></span>ing power over key fac<span class=\"_ _3\"></span>ets of the cont<span class=\"_ _3\"></span>racts w<span class=\"_ _3\"></span>as </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13b8\">evalua<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d when deter<span class=\"_ _3\"></span>mining wh<span class=\"_ _3\"></span>ich par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or par<span class=\"_ _3\"></span>ties ha<span class=\"_ _3\"></span>d control over th<span class=\"_ _3\"></span>e activ<span class=\"_ _3\"></span>ities tha<span class=\"_ _3\"></span>t most sign<span class=\"_ _3\"></span>ificant<span class=\"_ _3\"></span>ly impa<span class=\"_ _3\"></span>cted a proje<span class=\"_ _3\"></span>ct\u2019s econ<span class=\"_ _3\"></span>omics. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13b9\">Bas<span class=\"_ _3\"></span>ed on this review, the Dire<span class=\"_ _3\"></span>ctors co<span class=\"_ _3\"></span>nsider th<span class=\"_ _3\"></span>at the Grou<span class=\"_ _3\"></span>p does not have t<span class=\"_ _3\"></span>he power to dire<span class=\"_ _3\"></span>ct these ac<span class=\"_ _3\"></span>tivit<span class=\"_ _3\"></span>ies and do<span class=\"_ _3\"></span>es not have co<span class=\"_ _3\"></span>ntrol </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13ba\">and<span class=\"_ gs52\"> </span>th<span class=\"_ _3\"></span>eref<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>re the Group d<span class=\"_ _3\"></span>oes not co<span class=\"_ _3\"></span>nsolid<span class=\"_ _3\"></span>ate the milit<span class=\"_ _3\"></span>ary h<span class=\"_ _3\"></span>ousing pro<span class=\"_ _3\"></span>jects an<span class=\"_ _3\"></span>d accou<span class=\"_ _3\"></span>nts for these p<span class=\"_ _3\"></span>rojects a<span class=\"_ _3\"></span>s investments in a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 lsc ws8 gs13bc\">Aviation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls16 ws12 gs13bd\">Summary <span class=\"ff47 ls1c ws3\">Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty is a d<span class=\"_ _3\"></span>evelope<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, o<span class=\"_ _3\"></span>perator a<span class=\"_ _3\"></span>nd investor in an auto<span class=\"_ _3\"></span>mated peo<span class=\"_ _3\"></span>ple mover at L<span class=\"_ _3\"></span>os An<span class=\"_ _3\"></span>geles Inter<span class=\"_ _3\"></span>nationa<span class=\"_ _3\"></span>l Air<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>t. The p<span class=\"_ _3\"></span>eople<span class=\"_ _3\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13be\">mover w<span class=\"_ _3\"></span>ill be a 2.<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>mile above g<span class=\"_ _3\"></span>round air<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>t transp<span class=\"_ _3\"></span>ort s<span class=\"_ _3\"></span>ystem. </div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls3e ws39 gs13bf\">Contractual arra<span class=\"_ _4\"></span>ngements <span class=\"ff47 ls5 ws3\">T<span class=\"_ _3\"></span>he princ<span class=\"_ _3\"></span>ipal co<span class=\"_ _3\"></span>ntract is th<span class=\"_ _3\"></span>e project a<span class=\"_ _3\"></span>greement b<span class=\"_ _3\"></span>etween t<span class=\"_ _3\"></span>he conc<span class=\"_ _3\"></span>ession p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>nership an<span class=\"_ _3\"></span>d the airp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t authori<span class=\"_ _3\"></span>ty. </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13c0\">Al<span class=\"_ _3\"></span>l<span class=\"_ gs52\"> </span>assets tra<span class=\"_ _3\"></span>nsfer to the autho<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y at the end of th<span class=\"_ _3\"></span>e conces<span class=\"_ _3\"></span>sion.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs13c1\">Conces<span class=\"_ _3\"></span>sion<span class=\"_ _4\"></span> company<span class=\"_ _23b\"> </span><span class=\"ff47 ls128 ws10e\">Projec<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs13c2\">Total pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs13c3\">funding </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsd2 wsc6 gs13c4\">US$m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs13c5\">Met<span class=\"_ _3\"></span>hod of </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13c6\">accounting<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13c7\">Financial </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13c8\">close<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13c9\">Duration </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls194 ws195 gs13ca\">years<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13cb\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18a ws187 gs13cc\">completion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13cd\">L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Inte<span class=\"_ _3\"></span>grated E<span class=\"_ _3\"></span>xpress S<span class=\"_ _3\"></span>olutio<span class=\"_ _3\"></span>ns LLC (i<span class=\"_ _3\"></span>)(ii)<span class=\"_ _11c\"> </span><span class=\"ls61 ws59\">LINXS<span class=\"_ _110\"> </span><span class=\"ls73 ws80\">2,<span class=\"_ _3\"></span>828<span class=\"_ _ee\"> </span><span class=\"ls48 ws42\">27%<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _172\"> </span><span class=\"ls12a ws11f\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>18<span class=\"_ _9d\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _fa\"> </span><span class=\"ls109 ws87\">20<span class=\"_ _3\"></span>24<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs13ce\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs13cf\">(i<span class=\"_ _3\"></span>) <span class=\"_ _5d\"> </span>Reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in the U<span class=\"_ _3\"></span>S and the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of the pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t are con<span class=\"_ _3\"></span>duc<span class=\"_ _3\"></span>ted in the U<span class=\"_ _3\"></span>S.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs13d0\">(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs13d1\">op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls4f ws49 gs13d2\">Reside<span class=\"_ _3\"></span>ntial i<span class=\"_ _4\"></span>nve<span class=\"_ _3\"></span>stment<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls92 ws8a gs13d3\">Summary<span class=\"ff47 ls5 ws3\"> B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y is a develop<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>, op<span class=\"_ _3\"></span>erator and inves<span class=\"_ _3\"></span>tor in eight mul<span class=\"_ _3\"></span>tifamily res<span class=\"_ _3\"></span>idential p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls73 ws39 gs13d4\">Contractual arra<span class=\"_ _4\"></span>ngements<span class=\"ff47 ls1c ws3\"> Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty h<span class=\"_ _3\"></span>as acqui<span class=\"_ _3\"></span>red residenti<span class=\"_ _3\"></span>al apar<span class=\"_ _3\"></span>tment b<span class=\"_ _3\"></span>uilding<span class=\"_ _3\"></span>s for eight mult<span class=\"_ _3\"></span>ifamily res<span class=\"_ _3\"></span>idential p<span class=\"_ _3\"></span>rojects<span class=\"_ _3\"></span>. For all resi<span class=\"_ _3\"></span>dential<span class=\"_ _3\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13d5\">proje<span class=\"_ _3\"></span>cts, th<span class=\"_ _3\"></span>e entities have e<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>red into agreeme<span class=\"_ _3\"></span>nts with B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Commu<span class=\"_ _3\"></span>nities LLC to p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>m the ope<span class=\"_ _3\"></span>rations a<span class=\"_ _3\"></span>nd renovatio<span class=\"_ _3\"></span>n work.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls59 ws52 gs13d6\">Re<span class=\"_ _3\"></span>sid<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ial i<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nts (i)(i<span class=\"_ _3\"></span>i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs13d7\">Total pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs13d8\">funding </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsd2 wsc6 gs13d9\">US$m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs13da\">Met<span class=\"_ _3\"></span>hod of </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13db\">accounting<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13dc\">Financial </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13dd\">close<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs13de\">Renovation<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18a ws187 gs13df\">completion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13e0\">C<span class=\"_ _3\"></span>arolina C<span class=\"_ _3\"></span>ove (W<span class=\"_ _3\"></span>ilmin<span class=\"_ _3\"></span>gton) Ow<span class=\"_ _3\"></span>ner LLC (<span class=\"_ _3\"></span>Nor<span class=\"_ _3\"></span>th Ca<span class=\"_ _3\"></span>rolina)<span class=\"_ _12e\"> </span><span class=\"ls121 wsa3\">48<span class=\"_ _1cb\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b7\"> </span><span class=\"ls15 ws11\">D<span class=\"_ _3\"></span>ecember 201<span class=\"_ _5\"></span>7<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>22<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs13e1\">Lexingt<span class=\"_ _4\"></span>on (Ridgeland) O<span class=\"_ _3\"></span>wner<span class=\"_ _5\"></span>, LLC (Jackson, Mississ<span class=\"_ _4\"></span>ip<span class=\"_ _3\"></span>pi)<span class=\"_ _49\"> </span>27<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">August 2018<span class=\"_ _fa\"> </span><span class=\"ls4a ws44\">2025<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13e2\">L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>s (Jac<span class=\"_ _3\"></span>ksonville) O<span class=\"_ _3\"></span>wner, LLC (Fl<span class=\"_ _3\"></span>orida<span class=\"_ _3\"></span>)<span class=\"_ _393\"> </span><span class=\"ls121 wsa3\">48<span class=\"_ _1cb\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">August 2019<span class=\"_ _fa\"> </span><span class=\"ls4a ws44\">2025<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13e3\">Retreat a<span class=\"_ _3\"></span>t Schillin<span class=\"_ _3\"></span>ger (M<span class=\"_ _3\"></span>obile) O<span class=\"_ _3\"></span>wner, LLC (<span class=\"_ _3\"></span>Ala<span class=\"_ _3\"></span>bama)<span class=\"_ _2d4\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _1cb\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _11e\"> </span><span class=\"ls15 ws11\">D<span class=\"_ _3\"></span>ecember 201<span class=\"_ _4\"></span>9<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">20<span class=\"_ _3\"></span>26<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13e4\">Pac<span class=\"_ _3\"></span>es Brook (<span class=\"_ _3\"></span>Colum<span class=\"_ _3\"></span>bia) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC (Sou<span class=\"_ _3\"></span>th Carol<span class=\"_ _3\"></span>ina)<span class=\"_ _394\"> </span><span class=\"lsc ws8\">27<span class=\"_ _f2\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _11e\"> </span><span class=\"ls15 ws11\">D<span class=\"_ _3\"></span>ecember 201<span class=\"_ _4\"></span>9<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">20<span class=\"_ _3\"></span>26<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13e5\">Chen<span class=\"_ _3\"></span>al Pointe (L<span class=\"_ _3\"></span>ittle R<span class=\"_ _3\"></span>ock<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>LC (A<span class=\"_ _3\"></span>rkan<span class=\"_ _3\"></span>sas)<span class=\"_ _62\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _ef\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _b1\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _15\"> </span><span class=\"ls5f ws57\">October<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>20<span class=\"_ _1cc\"> </span><span class=\"lsc ws8\">20<span class=\"_ _3\"></span>27<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13e6\">Sa<span class=\"_ _3\"></span>n Mateo (K<span class=\"_ _3\"></span>issimm<span class=\"_ _3\"></span>ee) Own<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>, LLC (<span class=\"_ _3\"></span>Flori<span class=\"_ _3\"></span>da)<span class=\"_ _12c\"> </span><span class=\"ls10c ws85\">81<span class=\"_ _f2\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _110\"> </span><span class=\"ls15 ws11\">August 2<span class=\"_ _3\"></span>021<span class=\"_ _1cc\"> </span><span class=\"lsc ws8\">2<span class=\"_ _3\"></span>027<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13e7\">V<span class=\"_ _3\"></span>iew SA LLC (<span class=\"_ _3\"></span>San A<span class=\"_ _3\"></span>ntonio, T<span class=\"_ _4\"></span>exas)<span class=\"_ _395\"> </span><span class=\"ls16 ws12\">76<span class=\"_ _ee\"> </span><span class=\"ls48 ws42\">87%<span class=\"_ _3e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _98\"> </span></span></span></span>June 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _fa\"> </span><span class=\"ls4a ws44\">2025<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs13e8\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs13e9\">(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in the U<span class=\"_ _3\"></span>S and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch proj<span class=\"_ _3\"></span>ect ar<span class=\"_ _3\"></span>e cond<span class=\"_ _3\"></span>ucte<span class=\"_ _3\"></span>d in the US<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs13ea\">(i<span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019/pa<span class=\"_ _3\"></span>rtn<span class=\"_ _3\"></span>ershi<span class=\"_ _3\"></span>p agre<span class=\"_ _3\"></span>ement b<span class=\"_ _3\"></span>etwe<span class=\"_ _3\"></span>en Bal<span class=\"_ _3\"></span>four Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he othe<span class=\"_ _3\"></span>r share<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>er/p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ner req<span class=\"_ _3\"></span>uiri<span class=\"_ _3\"></span>ng una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in resp<span class=\"_ _3\"></span>ect of s<span class=\"_ _3\"></span>igni<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to t<span class=\"_ _3\"></span>he </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs13eb\">fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and o<span class=\"_ _3\"></span>pera<span class=\"_ _3\"></span>ting p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of thi<span class=\"_ _3\"></span>s unde<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>aking<span class=\"_ _3\"></span>, the D<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span>ors hav<span class=\"_ _3\"></span>e acco<span class=\"_ _3\"></span>unted fo<span class=\"_ _3\"></span>r its inte<span class=\"_ _3\"></span>rests i<span class=\"_ _3\"></span>n thes<span class=\"_ _3\"></span>e unde<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>king<span class=\"_ _3\"></span>s as a joi<span class=\"_ _3\"></span>nt venture<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 lsc ws8 gs13ed\">Stude<span class=\"_ _3\"></span>nt accomm<span class=\"_ _3\"></span>odation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls92 ws8a gs13ee\">Summary <span class=\"ff47 ls5 ws3\">B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y is also a develo<span class=\"_ _3\"></span>per and ow<span class=\"_ _3\"></span>ner of six st<span class=\"_ _3\"></span>udent acc<span class=\"_ _3\"></span>ommo<span class=\"_ _3\"></span>dation p<span class=\"_ _3\"></span>rojects<span class=\"_ _3\"></span>. </span></div><div class=\"t m0 h8 ff4b fs5 fc4 sc0 ls3e ws39 gs13ef\">Contractual arra<span class=\"_ _4\"></span>ngements<span class=\"ff47 ls3c ws11\"> T<span class=\"_ _3\"></span>he pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al cont<span class=\"_ _3\"></span>ract<span class=\"_ _3\"></span>s in the<span class=\"_ _3\"></span> student accommodation projects are the ground<span class=\"_ _4\"></span> le<span class=\"_ _3\"></span>ases,<span class=\"_ _4\"></span> d<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>velopm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t leases and </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13f0\">operating agr<span class=\"_ _4\"></span>eements wit<span class=\"_ _3\"></span>h the state uni<span class=\"_ _3\"></span>versities s<span class=\"_ _3\"></span>etting o<span class=\"_ _3\"></span>ut the ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns for the con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ion, op<span class=\"_ _3\"></span>eration a<span class=\"_ _3\"></span>nd maintenan<span class=\"_ _3\"></span>ce of the stud<span class=\"_ _3\"></span>ent </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13f1\">acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation in<span class=\"_ _3\"></span>cluding l<span class=\"_ _3\"></span>ifecycle re<span class=\"_ _3\"></span>place<span class=\"_ _3\"></span>ment durin<span class=\"_ _3\"></span>g the conc<span class=\"_ _3\"></span>ession p<span class=\"_ _3\"></span>eriod<span class=\"_ _3\"></span>. The T<span class=\"_ _4\"></span>al<span class=\"_ _3\"></span>lahass<span class=\"_ _3\"></span>ee projec<span class=\"_ _3\"></span>t is an investment in a<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>isting of<span class=\"_ _3\"></span>f-<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs13f2\">ca<span class=\"_ _3\"></span>mpus stud<span class=\"_ _3\"></span>ent housin<span class=\"_ _3\"></span>g communit<span class=\"_ _3\"></span>y whi<span class=\"_ _3\"></span>ch is stru<span class=\"_ _3\"></span>ctured as a su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>y.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls59 ws52 gs13f3\">Co<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny (i)(ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs13f4\">Total pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs13f5\">funding </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsd2 wsc6 gs13f6\">US$m<span class=\"_ _d3\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs13f7\">Met<span class=\"_ _3\"></span>hod of </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13f8\">accounting<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13f9\">Financial </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13fa\">close<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13fb\">Duration </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls194 ws195 gs13fc\">years<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs13fd\">Constructio<span class=\"_ _3\"></span>n/<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs13fe\">renovation </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18a ws187 gs13ff\">completion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1400\">No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exas Da<span class=\"_ _3\"></span>llas)<span class=\"_ _227\"> </span><span class=\"ls42 ws3d\">54<span class=\"_ _a1\"> </span><span class=\"ls89 ws88\">10%<span class=\"_ _87\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _23\"> </span><span class=\"ls100 ws104\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _38\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _ef\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1401\">No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 2, LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exas D<span class=\"_ _3\"></span>allas)<span class=\"_ _85\"> </span><span class=\"lsa9 wsa0\">67<span class=\"_ _a1\"> </span><span class=\"ls89 ws88\">10%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _a3\"> </span><span class=\"ls72 wsf5\">Februar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> 201<span class=\"_ _4\"></span>7<span class=\"_ _38\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _ef\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1402\">No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 3, LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exa<span class=\"_ _3\"></span>s Dallas) <span class=\"_ _11c\"> </span><span class=\"ls11d wsf4\">36<span class=\"_ _116\"> </span></span>70%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _1d7\"> </span><span class=\"ls12a ws11f\">J<span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>e 2<span class=\"_ _3\"></span>019<span class=\"_ _38\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>20<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1403\">No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 4, LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exa<span class=\"_ _3\"></span>s Dallas) <span class=\"_ _11c\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _a1\"> </span><span class=\"ls93 wsfa\">6<span class=\"_ _3\"></span>5%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _e0\"> </span><span class=\"ls15 ws11\">December 2019<span class=\"_ _9d\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _cc\"> </span><span class=\"ls78 ws11a\">2<span class=\"_ _3\"></span>021<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1404\">Swif<span class=\"_ _3\"></span>tsure H<span class=\"_ _3\"></span>ousing Pa<span class=\"_ _3\"></span>rtne<span class=\"_ _3\"></span>rs, LLC (<span class=\"_ _3\"></span>Vand<span class=\"_ _3\"></span>erbilt<span class=\"_ _3\"></span>) <span class=\"_ _13f\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>4<span class=\"_ _a0\"> </span><span class=\"ls8b ws4\">23%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _140\"> </span><span class=\"ls78 ws11a\">A<span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>il 2<span class=\"_ _3\"></span>021<span class=\"_ _9d\"> </span></span>45<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">2023<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1405\">Ok<span class=\"_ _3\"></span>tiv (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>all<span class=\"_ _3\"></span>ahassee) O<span class=\"_ _3\"></span>wner, LLC (F<span class=\"_ _3\"></span>lorid<span class=\"_ _3\"></span>a)<span class=\"_ _396\"> </span><span class=\"ls16a ws15f\">53<span class=\"_ _3b\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0%<span class=\"_ _1c1\"> </span><span class=\"ls73 ws80\">Su<span class=\"_ _3\"></span>bs<span class=\"_ _4\"></span>idi<span class=\"_ _3\"></span>ary<span class=\"_ _84\"> </span><span class=\"ls5 ws3\">Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3<span class=\"_ _1e3\"> </span><span class=\"ls4a ws44\">20<span class=\"_ _3\"></span>25<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs1406\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1407\">(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in the U<span class=\"_ _3\"></span>S and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch proj<span class=\"_ _3\"></span>ect ar<span class=\"_ _3\"></span>e cond<span class=\"_ _3\"></span>ucte<span class=\"_ _3\"></span>d in the US<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs1408\">(i<span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019/pa<span class=\"_ _3\"></span>rtn<span class=\"_ _3\"></span>ershi<span class=\"_ _3\"></span>p agre<span class=\"_ _3\"></span>ement b<span class=\"_ _3\"></span>etwe<span class=\"_ _3\"></span>en Bal<span class=\"_ _3\"></span>four Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he othe<span class=\"_ _3\"></span>r share<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>er/p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ner req<span class=\"_ _3\"></span>uiri<span class=\"_ _3\"></span>ng una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in resp<span class=\"_ _3\"></span>ect of s<span class=\"_ _3\"></span>igni<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to t<span class=\"_ _3\"></span>he </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs1409\">fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and o<span class=\"_ _3\"></span>pera<span class=\"_ _3\"></span>ting p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of thi<span class=\"_ _3\"></span>s unde<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>aking<span class=\"_ _3\"></span>, the D<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span>ors hav<span class=\"_ _3\"></span>e acco<span class=\"_ _3\"></span>unted fo<span class=\"_ _3\"></span>r its inte<span class=\"_ _3\"></span>rests i<span class=\"_ _3\"></span>n thes<span class=\"_ _3\"></span>e unde<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>king<span class=\"_ _3\"></span>s as a joi<span class=\"_ _3\"></span>nt venture<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs140a\">(f) <span class=\"_ _4\"></span>B<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>four B<span class=\"_ _3\"></span>ea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y Inve<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nts U<span class=\"_ _3\"></span>K and N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>th A<span class=\"_ _3\"></span>mer<span class=\"_ _3\"></span>ica<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gs140b\">T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al fu<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y and d<span class=\"_ _3\"></span>ebt f<span class=\"_ _3\"></span>undi<span class=\"_ _3\"></span>ng for In<span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>ast<span class=\"_ _3\"></span>ruc<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ure Inve<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>\u2019 proj<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>t co<span class=\"_ _3\"></span>mpani<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs140c\">Conces<span class=\"_ _3\"></span>sions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs140d\">20<span class=\"_ _3\"></span>24 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs140e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs140f\">20<span class=\"_ _3\"></span>25 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1410\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsc8 wsbd gs1411\">2026<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1412\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1413\">20<span class=\"_ _3\"></span>27 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1414\">onw<span class=\"_ _3\"></span>ards </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1415\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gs1416\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1417\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls85 ws7d gs1418\">UK<span class=\"_ _191\"> </span><span class=\"ff47 ls5 ws3\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1419\">Student<span class=\"_ _4\"></span> acc<span class=\"_ _3\"></span>ommodation<span class=\"_ _257\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _9d\"> </span>62<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs141a\">Other conces<span class=\"_ _3\"></span>sions<span class=\"_ _295\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs141b\">5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">67<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsaa ws69 gs141c\">North America<span class=\"_ _293\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs141d\">Aviation<span class=\"_ _397\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls109 ws87 gs141e\">24<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _a3\"> </span><span class=\"ls4e ws48\">90<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs141f\">Proj<span class=\"_ _3\"></span>ects at fin<span class=\"_ _3\"></span>ancial c<span class=\"_ _3\"></span>lose<span class=\"_ _104\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _11c\"> </span></span>4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _a3\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1420\">Proj<span class=\"_ _3\"></span>ects at prefer<span class=\"_ _3\"></span>red bidd<span class=\"_ _3\"></span>er stag<span class=\"_ _3\"></span>e<span class=\"_ _398\"> </span>5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _a3\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls110 ws106 gs1421\">To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _399\"> </span><span class=\"ff47 ls109 ws87\">24<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _a3\"> </span><span class=\"ls4e ws48\">90<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls5 ws3 gs142a\">4<span class=\"_ _3\"></span>3 Det<span class=\"_ _3\"></span>ails o<span class=\"_ _3\"></span>f rel<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d unde<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>ngs o<span class=\"_ _3\"></span>f Balf<span class=\"_ _3\"></span>our Bea<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls5 ws3 gs142b\">pl<span class=\"_ _3\"></span>c as at 31 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs142c\">In ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with S<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>n 40<span class=\"_ _3\"></span>9 of the C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>nies Act 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6 a full l<span class=\"_ _3\"></span>ist </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs142d\">of subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s, par<span class=\"_ _3\"></span>tnersh<span class=\"_ _3\"></span>ips, ass<span class=\"_ _3\"></span>ociates an<span class=\"_ _3\"></span>d joint ventures, i<span class=\"_ _3\"></span>ncludin<span class=\"_ _3\"></span>g </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs142e\">the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al activ<span class=\"_ _3\"></span>ity, the cou<span class=\"_ _3\"></span>ntry of i<span class=\"_ _3\"></span>ncorp<span class=\"_ _3\"></span>oratio<span class=\"_ _3\"></span>n and the ef<span class=\"_ _3\"></span>fective </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs142f\">perc<span class=\"_ _3\"></span>entage of e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y owned as a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 is dis<span class=\"_ _3\"></span>closed </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1430\">bel<span class=\"_ _3\"></span>ow<span class=\"_ _4\"></span>. Unle<span class=\"_ _3\"></span>ss other<span class=\"_ _3\"></span>wise st<span class=\"_ _3\"></span>ated, all i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests are in the o<span class=\"_ _3\"></span>rdinar<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1431\">share<span class=\"_ gs52\"> </span>c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al or shares of c<span class=\"_ _3\"></span>ommon sto<span class=\"_ _3\"></span>ck in the entit<span class=\"_ _3\"></span>y and are he<span class=\"_ _3\"></span>ld </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1432\">indi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ctly by t<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span>, and a<span class=\"_ _3\"></span>ll entities o<span class=\"_ _3\"></span>perate pr<span class=\"_ _3\"></span>incipa<span class=\"_ _3\"></span>lly in their </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1433\">cou<span class=\"_ _3\"></span>ntry of in<span class=\"_ _3\"></span>corp<span class=\"_ _3\"></span>oratio<span class=\"_ _3\"></span>n. All su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies had a rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting peri<span class=\"_ _3\"></span>od ende<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1434\">31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd are wholl<span class=\"_ _3\"></span>y owned a<span class=\"_ _3\"></span>nd conso<span class=\"_ _3\"></span>lidated into th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1435\">Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s results<span class=\"_ _3\"></span>, ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ept where in<span class=\"_ _3\"></span>dicate<span class=\"_ _3\"></span>d. </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1436\">Su<span class=\"_ _3\"></span>bsi<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>kin<span class=\"_ _3\"></span>gs in<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he Un<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d Ki<span class=\"_ _3\"></span>ngd<span class=\"_ _3\"></span>om </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs1437\">Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1438\">Q1<span class=\"_ _4\"></span>4 Q<span class=\"_ _3\"></span>uor<span class=\"_ _3\"></span>um Bu<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s Park<span class=\"_ _3\"></span>, Be<span class=\"_ _3\"></span>nto<span class=\"_ _3\"></span>n Lan<span class=\"_ _3\"></span>e, Ne<span class=\"_ _3\"></span>wca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le up<span class=\"_ _3\"></span>on T<span class=\"_ _4\"></span>yn<span class=\"_ _3\"></span>e </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls48 ws42 gs1439\">N<span class=\"_ _3\"></span>E12 8B<span class=\"_ _3\"></span>U<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs143a\">Ab<span class=\"_ _3\"></span>eryst<span class=\"_ _3\"></span>wy<span class=\"_ _3\"></span>th Student Accommod<span class=\"_ _3\"></span>ation Lt<span class=\"_ _4\"></span>d<span class=\"_ _78\"> </span><span class=\"lsc ws8\">Infrastructure Concession<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs143b\">Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs143c\">Investments<span class=\"_ _4\"></span><span class=\"_ gs52\"> </span>Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs143d\"> (i) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs143e\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs143f\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1440\">Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Partner<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1441\">Mem<span class=\"_ _3\"></span>ber Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1442\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1443\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1444\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Proje<span class=\"_ _3\"></span>cts </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1445\">Investments<span class=\"_ _4\"></span> Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1446\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1447\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1448\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1449\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs144a\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Holdi<span class=\"_ _3\"></span>ngs Ltd <span class=\"_ _fa\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs144b\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs144c\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Cor<span class=\"_ _3\"></span>porate  </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs144d\">Ser<span class=\"_ _3\"></span>vices Ltd<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs144e\">Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs144f\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1450\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Wo<span class=\"_ _3\"></span>rkSma<span class=\"_ _3\"></span>rt Ltd<span class=\"_ _36\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1451\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1452\">BBI Holdings Austral<span class=\"_ _4\"></span>ia Ltd<span class=\"_ _1bc\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1453\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsaa ws69 gs1454\">BBPF<span class=\"_ _4\"></span> LLP</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs1455\"> (iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1456\">Investment<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artnership<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1457\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Hol<span class=\"_ _3\"></span>dings Ltd <span class=\"_ _e3\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1458\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1459\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Ltd <span class=\"_ _387\"> </span><span class=\"lsc ws8\">Infrastructur<span class=\"_ _4\"></span>e Concession<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs145a\">Connect Roads Infrastructu<span class=\"_ _4\"></span>re <span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs145b\">Investments<span class=\"_ _4\"></span> Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs145c\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs145d\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs145e\">Consor<span class=\"_ _3\"></span>t Healthcare Infrastructure </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs145f\">Investments<span class=\"_ _4\"></span> Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1460\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1461\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1462\">East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Fa<span class=\"_ _3\"></span>ciliti<span class=\"_ _4\"></span>es </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1463\">Ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1464\">Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1465\">Eas<span class=\"_ _3\"></span>t Slope R<span class=\"_ _3\"></span>esiden<span class=\"_ _3\"></span>cies Ho<span class=\"_ _3\"></span>ldings Ltd <span class=\"_ _ce\"> </span><span class=\"ls15 ws11\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>vestment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1466\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1467\">East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artner Ltd<span class=\"_ _4\"></span> <span class=\"_ _e3\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1468\">East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> pl<span class=\"_ _3\"></span>c<span class=\"_ _4\"></span> </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1469\">(ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs146a\">Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs146b\">East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Student </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs146c\">Accomm<span class=\"_ _3\"></span>odation LLP</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs146d\"> (ii) (iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs146e\">Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs146f\">Education Investments Holdings Ltd<span class=\"_ _c6\"> </span>Investment Holding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1470\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1471\">Initi<span class=\"_ _3\"></span>al GP1 Ltd <span class=\"_ _ae\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1472\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1473\">Manchester Residences (New Cross) Ltd<span class=\"_ _4\"></span> <span class=\"_ _1c4\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1474\">South C<span class=\"_ _3\"></span>ambridgeshire In<span class=\"_ _4\"></span>vestments </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1475\">Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1476\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1477\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1478\">West Slope Residencies Facilities </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1479\">Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs147a\">Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs147b\">West Slope Residencies Finance Ltd<span class=\"_ _d5\"> </span><span class=\"lsc ws8\">Infrast<span class=\"_ _4\"></span>ruc<span class=\"_ _3\"></span>tu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs147c\">West Slope Residencies Holding<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Ltd<span class=\"_ _ba\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs147d\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs147e\">West Slope Residencies LL<span class=\"_ _3\"></span>P<span class=\"_ _4\"></span> </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs147f\">(iii) (v)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1480\">Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1481\">West Slope Residencies Par<span class=\"_ _3\"></span>tners L<span class=\"_ _4\"></span>td<span class=\"_ _ce\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1482\">West Stratford Dev<span class=\"_ _4\"></span>elo<span class=\"_ _3\"></span>pments<span class=\"_ _4\"></span> Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1483\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1484\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1485\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs1487\">Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1488\">5 Ch<span class=\"_ _3\"></span>urc<span class=\"_ _3\"></span>hi<span class=\"_ _3\"></span>ll Pl<span class=\"_ _3\"></span>ace<span class=\"_ _3\"></span>, Cana<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>y Wha<span class=\"_ _3\"></span>rf, L<span class=\"_ _3\"></span>ond<span class=\"_ _3\"></span>on E1<span class=\"_ _4\"></span>4 5<span class=\"_ _3\"></span>HU<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1489\">Avata<span class=\"_ _3\"></span>r Ltd <span class=\"_ _131\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs148a\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Bu<span class=\"_ _3\"></span>ild Ltd <span class=\"_ _1d4\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs148b\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs148c\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Bu<span class=\"_ _3\"></span>ilding Ltd <span class=\"_ _378\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs148d\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs148e\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>E Ltd<span class=\"_ _12e\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs148f\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1490\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivil Engi<span class=\"_ _3\"></span>neering (<span class=\"_ _3\"></span>SW<span class=\"_ _3\"></span>) Ltd <span class=\"_ _2e\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1491\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1492\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivil Engi<span class=\"_ _3\"></span>neering Ltd <span class=\"_ _b5\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1493\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1494\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivils Ltd <span class=\"_ _31\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1495\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1496\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onst Ltd <span class=\"_ _24\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1497\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1498\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction (<span class=\"_ _3\"></span>SW<span class=\"_ _3\"></span>) Ltd <span class=\"_ _5e\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1499\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs149a\">Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on In<span class=\"_ _4\"></span>ternation<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs149b\">Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs149c\">Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs149d\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs149e\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>thern Ltd <span class=\"_ _c9\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs149f\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14a0\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty En<span class=\"_ _3\"></span>gineeri<span class=\"_ _3\"></span>ng Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es (HY<span class=\"_ _3\"></span>) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs14a1\">Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14a2\">Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14a3\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14a4\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Empl<span class=\"_ _3\"></span>oyment Ltd <span class=\"_ _b7\"> </span>Em<span class=\"_ _3\"></span>ployer Fo<span class=\"_ _3\"></span>r UK </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs14a5\">Workforce<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14a6\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Ltd<span class=\"_ _39a\"> </span><span class=\"lsc ws8\">Construction &amp; Support </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs14a7\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14a8\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>omes Ltd<span class=\"_ _1a\"> </span>A<span class=\"_ _3\"></span>gent of Ma<span class=\"_ _3\"></span>nring Ho<span class=\"_ _3\"></span>mes </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs14a9\">Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14aa\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inter<span class=\"_ _3\"></span>nation<span class=\"_ _3\"></span>al Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14ab\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14ac\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stment Ho<span class=\"_ _3\"></span>ldings Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs14ad\"> (i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs14ae\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs14af\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14b0\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Ltd <span class=\"_ _81\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14b1\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14b2\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty N<span class=\"_ _3\"></span>ominee<span class=\"_ _3\"></span>s Ltd <span class=\"_ _215\"> </span><span class=\"lsc ws8\">Nominee Company<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs14b3\">Balfour Beatt<span class=\"_ _3\"></span>y Overseas Inv<span class=\"_ _4\"></span>estments Ltd<span class=\"_ _bf\"> </span>Inv<span class=\"_ _4\"></span>estment Hold<span class=\"_ _3\"></span>ing<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs14b4\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14b5\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty O<span class=\"_ _3\"></span>versea<span class=\"_ _3\"></span>s Ltd<span class=\"_ _140\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Hol<span class=\"_ _3\"></span>ding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs14b6\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14b7\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs14b8\"> (i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14b9\">Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs14ba\">plc<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14bb\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Infrast<span class=\"_ _3\"></span>ructure S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vices </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs14bc\">Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14bd\">Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14be\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14bf\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Ltd <span class=\"_ _210\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14c0\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14c1\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Proje<span class=\"_ _3\"></span>cts Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14c2\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14c3\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail T<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>chnolo<span class=\"_ _3\"></span>gies Ltd <span class=\"_ _4f\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14c4\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14c5\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail T<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ack Systems Ltd <span class=\"_ _122\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14c6\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14c7\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>efurbishm<span class=\"_ _3\"></span>ent Ltd<span class=\"_ _a0\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14c8\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14c9\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>egiona<span class=\"_ _3\"></span>l Const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n Ltd <span class=\"_ _25d\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14ca\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14cb\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty U<span class=\"_ _3\"></span>tilit<span class=\"_ _3\"></span>y Solut<span class=\"_ _3\"></span>ions Ltd <span class=\"_ _10a\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14cc\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14cd\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Kilp<span class=\"_ _3\"></span>atrick Ltd <span class=\"_ _2c\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14ce\">BB In<span class=\"_ _3\"></span>donesia Ltd<span class=\"_ _8\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14cf\">Bal<span class=\"_ _3\"></span>vac Ltd <span class=\"_ _a4\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14d0\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14d1\">Bic<span class=\"_ _3\"></span>al Cons<span class=\"_ _3\"></span>truct<span class=\"_ _3\"></span>ion Ltd <span class=\"_ _213\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14d2\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span> </div>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Bign<span class=\"_ _3\"></span>ell &amp; Ass<span class=\"_ _3\"></span>ociates Ltd<span class=\"_ _156\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Birs<span class=\"_ _3\"></span>e Group Ltd <span class=\"_ _62\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Birs<span class=\"_ _3\"></span>e Metro Ltd<span class=\"_ _1e5\"> </span>Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span>Bno<span class=\"_ _3\"></span>ms Ltd (i)<span class=\"_ _3ab\"> </span>Nominee Company<span class=\"_ _3ab\"> </span>BP<span class=\"_ _3\"></span>H Equipment Ltd <span class=\"_ _35\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Cow<span class=\"_ _3\"></span>lin Group Ltd <span class=\"_ _211\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Devons<span class=\"_ _3\"></span>hire House D<span class=\"_ _3\"></span>ormant T<span class=\"_ _3\"></span>hree Ltd<span class=\"_ _10c\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt </span>Guinea Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Ltd <span class=\"_ _1a0\"> </span>Investment Holding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>G. N<span class=\"_ _3\"></span>. Hade<span class=\"_ _3\"></span>n &amp; Sons Ltd <span class=\"_ _1a0\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Haden Building Ser<span class=\"_ _3\"></span>vices Ltd<span class=\"_ _140\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ha<span class=\"_ _3\"></span>den Y<span class=\"_ _4\"></span>oung Ltd (i)<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Hal<span class=\"_ _3\"></span>l &amp; T<span class=\"_ _5\"></span>awse We<span class=\"_ _3\"></span>stern Ltd <span class=\"_ _39b\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant </span>L<span class=\"_ _3\"></span>aser Rail Ltd <span class=\"_ _1b0\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Loun<span class=\"_ _3\"></span>sdale Ele<span class=\"_ _3\"></span>ctric Ltd <span class=\"_ _213\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>ormant<span class=\"_ _3\"></span> </span>Ma<span class=\"_ _3\"></span>nring Ho<span class=\"_ _3\"></span>mes Ltd (i)<span class=\"_ _3ab\"> </span>Proper<span class=\"_ _3\"></span>ty Investment<span class=\"_ _3ab\"> </span>Mult<span class=\"_ _3\"></span>ibuild (<span class=\"_ _3\"></span>Constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n &amp; Interiors) Ltd <span class=\"_ _1e4\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Of<span class=\"_ _3\"></span>fice Projects (Interiors)<span class=\"_ _4\"></span> Ltd<span class=\"_ _229\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </span>Grou<span class=\"_ _3\"></span>p Ltd Omnicom Enginee<span class=\"_ _4\"></span>ring Ltd <span class=\"_ _1cd\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ray<span class=\"_ _3\"></span>nesway C<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion Ltd <span class=\"_ _1d6\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Strata Construction L<span class=\"_ _4\"></span>td<span class=\"_ _30\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Urb<span class=\"_ _3\"></span>an Fox Net<span class=\"_ _3\"></span>works (<span class=\"_ _3\"></span>UK<span class=\"_ _3\"></span>) Ltd (vi)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>He<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>d Ste<span class=\"_ _3\"></span>el Wor<span class=\"_ _3\"></span>ks, H<span class=\"_ _3\"></span>olm<span class=\"_ _3\"></span>er Ro<span class=\"_ _3\"></span>ad, H<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>d HR<span class=\"_ _3\"></span>4 9SW<span class=\"_ _3ab\"> </span>Painter B<span class=\"_ _3\"></span>rothers Ltd <span class=\"_ _1d\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Ki<span class=\"_ _3\"></span>ngs B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss Pa<span class=\"_ _3\"></span>rk, K<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>s Dr<span class=\"_ _3\"></span>ive, Pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>t, Me<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>eysi<span class=\"_ _3\"></span>de L<span class=\"_ _3\"></span>34 1PJ<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Pe<span class=\"_ _3\"></span>nsion T<span class=\"_ _4\"></span>rus<span class=\"_ _3\"></span>t Ltd (i)<span class=\"_ _3ab\"> </span>Pension Fund T<span class=\"_ _5\"></span>rustee<span class=\"_ _3ab\"> </span>C/O Mc Gr<span class=\"_ _3\"></span>igg<span class=\"_ _3\"></span>ors L<span class=\"_ _3\"></span>LP<span class=\"_ _5\"></span>, Arn<span class=\"_ _3\"></span>ot<span class=\"_ _3\"></span>t Ho<span class=\"_ _3\"></span>use, 12<span class=\"_ _3\"></span>\u2013<span class=\"_ _4\"></span>16 Br<span class=\"_ _3\"></span>idg<span class=\"_ _3\"></span>e St<span class=\"_ _3\"></span>ree<span class=\"_ _3\"></span>t, B<span class=\"_ _3\"></span>el<span class=\"_ _3\"></span>fas<span class=\"_ _3\"></span>t BT1 1LS<span class=\"_ _3\"></span>, Nor<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>ern I<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Kilp<span class=\"_ _3\"></span>atrick N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>thern Irel<span class=\"_ _3\"></span>and Ltd <span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e Cur<span class=\"_ _3\"></span>ve Bu<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>g, Ax<span class=\"_ _3\"></span>is B<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>ss Par<span class=\"_ _3\"></span>k, H<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ica<span class=\"_ _3\"></span>ne Way, Lan<span class=\"_ _3\"></span>gley, Berkshire SL3 8AG<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>round Engin<span class=\"_ _3\"></span>eering Ltd <span class=\"_ _1a4\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es Ltd <span class=\"_ _b\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>iving P<span class=\"_ _3\"></span>laces Ltd <span class=\"_ _a3\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Sunderland Streetlighting Ltd <span class=\"_ _1f1\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </span>Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>esti<span class=\"_ _3\"></span>ng and A<span class=\"_ _3\"></span>nalysis Ltd <span class=\"_ _1ef\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>xi<span class=\"_ _3\"></span>m 7<span class=\"_ _5\"></span>, Ma<span class=\"_ _3\"></span>xim O<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ce Pa<span class=\"_ _3\"></span>rk, P<span class=\"_ _3\"></span>ark<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>ds Aven<span class=\"_ _3\"></span>ue, Eu<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>l, Holy<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>own ML<span class=\"_ _5\"></span>1 4<span class=\"_ _4\"></span>WQ<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction Ltd <span class=\"_ _7d\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction S<span class=\"_ _3\"></span>cot<span class=\"_ _3\"></span>tish &amp; So<span class=\"_ _3\"></span>uthern Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty K<span class=\"_ _3\"></span>ilpat<span class=\"_ _3\"></span>rick Ltd <span class=\"_ _1d7\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Residu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y Ltd <span class=\"_ _a0\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Regional Civil E<span class=\"_ _4\"></span>ngineering Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd BBPFS LP (iii)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artnership<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Glasgow Residences (Kennedy Street) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Glasgow Residences (Kennedy Street) LL<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession Glasgow Residences (Kennedy Street) SP<span class=\"_ _3\"></span>V Ltd Infrastructu<span class=\"_ _4\"></span>re Concession Hal<span class=\"_ _3\"></span>l &amp; T<span class=\"_ _5\"></span>awse Ltd <span class=\"_ _34a\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant </span>Initi<span class=\"_ _3\"></span>al Found<span class=\"_ _3\"></span>er Par<span class=\"_ _3\"></span>tner G<span class=\"_ _3\"></span>P1 Ltd <span class=\"_ _7c\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Mi<span class=\"_ _3\"></span>dmi<span class=\"_ _3\"></span>ll Bu<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>k, T<span class=\"_ _4\"></span>um<span class=\"_ _3\"></span>ulu<span class=\"_ _3\"></span>s Way<span class=\"_ _4\"></span>, K<span class=\"_ _3\"></span>int<span class=\"_ _3\"></span>ore, A<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re AB51<span class=\"_ _4\"></span> 0TG<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Engineering<span class=\"_ _4\"></span> Ser<span class=\"_ _3\"></span>vices (CL) Ltd<span class=\"_ _3ab\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s, T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>wer Br<span class=\"_ _3\"></span>idg<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>se, S<span class=\"_ _3\"></span>t Kat<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s Way, Lon<span class=\"_ _3\"></span>don E1W 1<span class=\"_ _3\"></span>DD<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Powe<span class=\"_ _3\"></span>r Const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on Ltd<span class=\"_ _e6\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Powe<span class=\"_ _3\"></span>r Netw<span class=\"_ _3\"></span>orks (Distribution S<span class=\"_ _3\"></span>ervices) Ltd<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Branlow<span class=\"_ _4\"></span> Ltd<span class=\"_ _a2\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Mansell Maintenance Ltd<span class=\"_ _302\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s LLP<span class=\"_ _5\"></span>, 30 O<span class=\"_ _3\"></span>ld Ba<span class=\"_ _3\"></span>ile<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, Lo<span class=\"_ _3\"></span>ndo<span class=\"_ _3\"></span>n EC4<span class=\"_ _3\"></span>M 7<span class=\"_ _4\"></span>AU<span class=\"_ _3ab\"> </span>Birse Construction<span class=\"_ _4\"></span> Ltd<span class=\"_ _3a\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany \u2013  In L<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>ation Edg<span class=\"_ _3\"></span>ar Alle<span class=\"_ _3\"></span>n Enginee<span class=\"_ _3\"></span>ring Ltd <span class=\"_ _140\"> </span>Dor<span class=\"_ _3\"></span>mant \u2013 In Li<span class=\"_ _3\"></span>quidati<span class=\"_ _3\"></span>on<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>nsell plc <span class=\"_ _2c7\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estment Hold<span class=\"_ _3\"></span>ing<span class=\"_ _4\"></span> </span>Co<span class=\"_ _3\"></span>mpany \u2013 In L<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>ation<span class=\"_ _3ab\"> </span>Wes<span class=\"_ _3\"></span>t Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e Roa<span class=\"_ _3\"></span>d, Ray<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>way<span class=\"_ _4\"></span>, D<span class=\"_ _3\"></span>erby D<span class=\"_ _3\"></span>E21 7BG<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>lant &amp; Fleet S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vices Ltd <span class=\"_ _132\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s LLP<span class=\"_ _5\"></span>, 100 Q<span class=\"_ _3\"></span>uee<span class=\"_ _3\"></span>n St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, G<span class=\"_ _3\"></span>las<span class=\"_ _3\"></span>gow G1 3D<span class=\"_ _3\"></span>N Sco<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>and<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty En<span class=\"_ _3\"></span>gineeri<span class=\"_ _3\"></span>ng Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es  (L<span class=\"_ _3\"></span>EL) L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>Do<span class=\"_ _3\"></span>rmant Lumina<span class=\"_ _4\"></span> Building, 40 Ainslie<span class=\"_ _4\"></span> Road, Hillington<span class=\"_ _4\"></span> Park, Glasgow<span class=\"_ _4\"></span> G5<span class=\"_ _3\"></span>2<span class=\"_ gs52\"> </span>4RU Shaw<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Petrie Ltd<span class=\"_ _9b\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>4<span class=\"_ _3\"></span>2-<span class=\"_ _3\"></span>44 C<span class=\"_ _3\"></span>lar<span class=\"_ _3\"></span>end<span class=\"_ _3\"></span>on Ro<span class=\"_ _3\"></span>ad, Wa<span class=\"_ _3\"></span>tf<span class=\"_ _3\"></span>ord<span class=\"_ _3\"></span>, He<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rd<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re WD17 1DR<span class=\"_ _3ab\"> </span>Bar<span class=\"_ _3\"></span>low &amp; Y<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ung, Ltd <span class=\"_ _1c7\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Ha<span class=\"_ _3\"></span>den Interna<span class=\"_ _3\"></span>tional Ltd<span class=\"_ _214\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Fo<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, 1<span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>0 Wi<span class=\"_ _3\"></span>lto<span class=\"_ _3\"></span>n Road<span class=\"_ _3\"></span>, Lon<span class=\"_ _3\"></span>don SW1V 1LQ<span class=\"_ _3ab\"> </span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>5 L<span class=\"_ _3\"></span>td<span class=\"_ _173\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>17<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span> L<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>d<span class=\"_ _46\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>BIC<span class=\"_ _3\"></span>C Dor<span class=\"_ _3\"></span>mant One Ltd<span class=\"_ _30\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Devons<span class=\"_ _3\"></span>hire House D<span class=\"_ _3\"></span>ormant O<span class=\"_ _3\"></span>ne Ltd<span class=\"_ _f\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>ird F<span class=\"_ _3\"></span>loo<span class=\"_ _3\"></span>r Devon<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re H<span class=\"_ _3\"></span>ous<span class=\"_ _3\"></span>e, May<span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ir Pl<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>e, Lon<span class=\"_ _3\"></span>don W1X 5F<span class=\"_ _3\"></span>H<span class=\"_ _3ab\"> </span>BIC<span class=\"_ _3\"></span>C The<span class=\"_ _3\"></span>rmohe<span class=\"_ _3\"></span>at Ltd<span class=\"_ _19f\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii) <span class=\"_ _3\"></span>80%<span class=\"_ _4\"></span> owned.<span class=\"_ _3ab\"> </span>(iii) <span class=\"_ _6\"></span>Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terests held.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>31 Ma<span class=\"_ _3\"></span>rch yea<span class=\"_ _3\"></span>r end.<span class=\"_ _3ab\"> </span>(v<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>81<span class=\"_ _5\"></span>% o<span class=\"_ _3\"></span>wned<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(v<span class=\"_ _3\"></span>i) Th<span class=\"_ _3\"></span>e Group h<span class=\"_ _3\"></span>olds a 7<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>8% dire<span class=\"_ _3\"></span>ct inte<span class=\"_ _3\"></span>rest in U<span class=\"_ _3\"></span>rban F<span class=\"_ _3\"></span>ox Net<span class=\"_ _3\"></span>work<span class=\"_ _3\"></span>s (UK<span class=\"_ _3\"></span>) Ltd an<span class=\"_ _3\"></span>d an ind<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span> inte<span class=\"_ _3\"></span>rest of 5<span class=\"_ _3\"></span>.6% thr<span class=\"_ _3\"></span>ough t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p intere<span class=\"_ _3\"></span>st in Ur<span class=\"_ _3\"></span>ban Ele<span class=\"_ _3\"></span>ctr<span class=\"_ _3\"></span>ic Net<span class=\"_ _3\"></span>work<span class=\"_ _3\"></span>s Ltd. Su<span class=\"_ _3\"></span>bs<span class=\"_ _3\"></span>idi<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>kin<span class=\"_ _3\"></span>gs i<span class=\"_ _3\"></span>nco<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>sid<span class=\"_ _3\"></span>e the U<span class=\"_ _3\"></span>nit<span class=\"_ _3\"></span>ed K<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>domEntity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Australia<span class=\"_ _ab\"> </span><span class=\"ls5 ws3\"> </span>Al<span class=\"_ _3\"></span>len<span class=\"_ _3\"></span>s Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>e Ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>s Pt<span class=\"_ _3\"></span>y Li<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>, Leve<span class=\"_ _3\"></span>l 33, 101 Co<span class=\"_ _3\"></span>lli<span class=\"_ _3\"></span>ns Stree<span class=\"_ _3\"></span>t,<span class=\"_ _4\"></span> Me<span class=\"_ _3\"></span>lbourne,<span class=\"_ _4\"></span> Vic<span class=\"_ _3\"></span>toria,<span class=\"_ _4\"></span> 30<span class=\"_ _3\"></span>00<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Australian Limited Par<span class=\"_ _3\"></span>tnership (ii)<span class=\"_ _3ab\"> </span>Holding company<span class=\"_ _3ab\"> </span><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs156c\">Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs156d\">Le<span class=\"_ _3\"></span>vel 12, 6<span class=\"_ _3\"></span>80 Ge<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ge St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, S<span class=\"_ _3\"></span>ydne<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, NSW 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>0 </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs156e\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty A<span class=\"_ _3\"></span>ustralia P<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Ltd <span class=\"_ _ad\"> </span><span class=\"lsc ws8\">Construction &amp; Support </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs156f\">Ser<span class=\"_ _3\"></span>vices </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs1570\">Bahamas<span class=\"_ _39d\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1571\">Th<span class=\"_ _3\"></span>e Alex<span class=\"_ _3\"></span>and<span class=\"_ _3\"></span>er C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te Gr<span class=\"_ _3\"></span>oup L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span>, One M<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s Cou<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>t,  </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1572\">P<span class=\"_ _5\"></span>.O. Box N<span class=\"_ _3\"></span>-<span class=\"_ _4\"></span>71<span class=\"_ _5\"></span>17<span class=\"_ _5\"></span>, N<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sau<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1573\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty B<span class=\"_ _3\"></span>ahamas Ltd <span class=\"_ _140\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsaa ws69 gs1574\">Canada<span class=\"_ _39e\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 wsc8 gs1575\">Bo<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>n La<span class=\"_ _3\"></span>dne<span class=\"_ _3\"></span>r Ge<span class=\"_ _3\"></span>rva<span class=\"_ _3\"></span>is LL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, 22 Ad<span class=\"_ _3\"></span>ela<span class=\"_ _3\"></span>ide S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t Wes<span class=\"_ _3\"></span>t, Su<span class=\"_ _3\"></span>ite 3<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls66 ws5e gs1576\">T<span class=\"_ _5\"></span>oronto, ON,<span class=\"_ _4\"></span> M<span class=\"_ _3\"></span>5H<span class=\"_ _4\"></span> 4E<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1577\">BB Gro<span class=\"_ _3\"></span>up Can<span class=\"_ _3\"></span>ada Inc<span class=\"_ _1c7\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1578\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1579\">T<span class=\"_ _4\"></span>ayl<span class=\"_ _3\"></span>or M<span class=\"_ _3\"></span>cCa<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>y LLP<span class=\"_ _5\"></span>, 9<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0 St<span class=\"_ _3\"></span>. Mar<span class=\"_ _3\"></span>y Aven<span class=\"_ _3\"></span>ue, W<span class=\"_ _3\"></span>inni<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>g, MB, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls85 ws7d gs157a\">R3C 4K5<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs157b\">Balfour Beatt<span class=\"_ _3\"></span>y Communities GP<span class=\"_ _5\"></span>, Inc<span class=\"_ _e3\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs157c\">Balfour Beatt<span class=\"_ _3\"></span>y Communities, LP</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs157d\"> (ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs157e\">Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs157f\">Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on, LP</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1580\"> (ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1581\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1582\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, Inc<span class=\"_ _a8\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1583\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments G<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, Inc <span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1584\">Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>vestments, LP</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1585\"> (ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1586\">Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1587\">BB NI<span class=\"_ _3\"></span>H GP<span class=\"_ _5\"></span>, Inc<span class=\"_ _39f\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs1588\">Germany<span class=\"_ _154\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1589\">Ga<span class=\"_ _3\"></span>rmi<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>her S<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>e 35, 81373 M<span class=\"_ _3\"></span>uni<span class=\"_ _3\"></span>ch<span class=\"_ _be\"> </span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs158a\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Gmb<span class=\"_ _3\"></span>H<span class=\"_ _219\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs158b\">BICC Holdings GmbH<span class=\"_ _1e3\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs158c\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs158d\">Schreck<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>Mieves<span class=\"_ _4\"></span> GmbH<span class=\"_ _49\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gs158e\">Hong K<span class=\"_ _4\"></span>ong<span class=\"_ _369\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs158f\">5/F<span class=\"_ _5\"></span>, M<span class=\"_ _3\"></span>anu<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>fe Pla<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>8 Kwun T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ng Roa<span class=\"_ _3\"></span>d Kowl<span class=\"_ _3\"></span>oon Ho<span class=\"_ _3\"></span>ng Kon<span class=\"_ _3\"></span>g<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1590\">Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Hong Kong L<span class=\"_ _4\"></span>td<span class=\"_ _215\"> </span>Construction &amp; Support </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1591\">Ser<span class=\"_ _3\"></span>vices </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gs1592\">India<span class=\"_ _186\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1593\">6<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, N-<span class=\"_ _4\"></span>1 B<span class=\"_ _3\"></span>als<span class=\"_ _3\"></span>a Blo<span class=\"_ _3\"></span>ck<span class=\"_ _3\"></span>, Man<span class=\"_ _3\"></span>yata E<span class=\"_ _3\"></span>mba<span class=\"_ _3\"></span>ssy B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss Pa<span class=\"_ _3\"></span>rk, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs1594\">Nagav<span class=\"_ _4\"></span>ara, Rachenahalli Villag<span class=\"_ _4\"></span>e, Bangalore<span class=\"_ _4\"></span> \u2013 56004<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>, India<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1595\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Indi<span class=\"_ _3\"></span>a  </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1596\">P<span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>t. Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls49 ws43 gs1597\">Engineerin<span class=\"_ _3\"></span>g Design </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1598\">Consultan<span class=\"_ _3\"></span>cy </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs1599\">Ireland<span class=\"_ _5a\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs159a\">Ci<span class=\"_ _3\"></span>ty J<span class=\"_ _3\"></span>unc<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on Bu<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>k, No<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>rn Cr<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s, Ma<span class=\"_ _3\"></span>lahi<span class=\"_ _3\"></span>de R<span class=\"_ _3\"></span>oad, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs159b\">Dublin 1<span class=\"_ _5\"></span>7<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs159c\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Ire<span class=\"_ _3\"></span>land Ltd<span class=\"_ _302\"> </span><span class=\"ls15 ws11\">Su<span class=\"_ _3\"></span>pport Ser<span class=\"_ _3\"></span>vices </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs159d\">Is<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f Man<span class=\"_ _22e\"> </span> </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs159e\">T<span class=\"_ _4\"></span>owe<span class=\"_ _3\"></span>r Hou<span class=\"_ _3\"></span>se, L<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>h Prom<span class=\"_ _3\"></span>ena<span class=\"_ _3\"></span>de, D<span class=\"_ _3\"></span>oug<span class=\"_ _3\"></span>las I<span class=\"_ _3\"></span>M<span class=\"_ _4\"></span>1 2<span class=\"_ _3\"></span>LZ<span class=\"_ _3\"></span>, Is<span class=\"_ _3\"></span>le of M<span class=\"_ _3\"></span>an<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs159f\">Delphian Insurance C<span class=\"_ _3\"></span>ompany L<span class=\"_ _4\"></span>td</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs15a0\"> (i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs15a1\">Insurance Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span> </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls15 ws11 gs15a2\">Jer<span class=\"_ _3\"></span>sey<span class=\"_ _1e8\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15a3\">12 Ca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, S<span class=\"_ _3\"></span>t. H<span class=\"_ _3\"></span>eli<span class=\"_ _3\"></span>er, Jer<span class=\"_ _3\"></span>sey<span class=\"_ _15\"> </span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15a4\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Em<span class=\"_ _3\"></span>ployees T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ustees Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs15a5\"> (i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls10c ws85 gs15a6\">Employee T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ust<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls111 wsc8 gs15a7\">Ma<span class=\"_ _3\"></span>lays<span class=\"_ _3\"></span>ia<span class=\"_ _1c9\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15a8\">12t<span class=\"_ _3\"></span>h Flo<span class=\"_ _3\"></span>or<span class=\"_ _4\"></span>, M<span class=\"_ _3\"></span>ena<span class=\"_ _3\"></span>ra sy<span class=\"_ _3\"></span>mph<span class=\"_ _3\"></span>ony<span class=\"_ _4\"></span>, N<span class=\"_ _3\"></span>o 5, Jal<span class=\"_ _3\"></span>an Pr<span class=\"_ _3\"></span>of. Kh<span class=\"_ _3\"></span>oo Kay K<span class=\"_ _3\"></span>im, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gs15a9\">Seksyen 1<span class=\"_ _4\"></span>3, 46200 Petaling Jaya,<span class=\"_ _4\"></span> Sel<span class=\"_ _3\"></span>angor<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15aa\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Desig<span class=\"_ _3\"></span>n Internati<span class=\"_ _3\"></span>onal </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15ab\">Sd<span class=\"_ _3\"></span>n Bhd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs15ac\">Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs15ad\">Netherlan<span class=\"_ _3\"></span>ds<span class=\"_ _35b\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15ae\">Ra<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>bu<span class=\"_ _3\"></span>rge<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>at 177<span class=\"_ _4\"></span>/B, 101<span class=\"_ _4\"></span>1 V<span class=\"_ _3\"></span>M Ams<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs15af\">Balfour Beatt<span class=\"_ _3\"></span>y Netherlands B.<span class=\"_ _4\"></span>V.<span class=\"_ _7f\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs15b0\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gs15b1\">Romania<span class=\"_ _1c9\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15b2\">23 G<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>ral E<span class=\"_ _3\"></span>rne<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>t Bro<span class=\"_ _3\"></span>ste<span class=\"_ _3\"></span>anu S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, 1st </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs15b3\">Distric<span class=\"_ _3\"></span>t, 0<span class=\"_ _4\"></span>10527<span class=\"_ _5\"></span>,<span class=\"_ _4\"></span> Buc<span class=\"_ _3\"></span>harest<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15b4\">S.C<span class=\"_ _3\"></span>. Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Rail S<span class=\"_ _3\"></span>.R.<span class=\"_ _3\"></span>L.<span class=\"_ _3a0\"> </span>Dor<span class=\"_ _3\"></span>mant - In L<span class=\"_ _3\"></span>iquida<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls66 ws5e gs15b5\">Sri Lanka<span class=\"_ _17f\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15b6\">Pha<span class=\"_ _3\"></span>se 3 I<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt P<span class=\"_ _3\"></span>romo<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n Zon<span class=\"_ _3\"></span>e, Kat<span class=\"_ _3\"></span>unaya<span class=\"_ _3\"></span>ke, Co<span class=\"_ _3\"></span>lom<span class=\"_ _3\"></span>bo, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsaa ws69 gs15b7\">Western<span class=\"_ _4\"></span> Province<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15b8\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>eylon (<span class=\"_ _3\"></span>Priva<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e) Ltd <span class=\"_ _cc\"> </span><span class=\"ls15 ws11\">Sup<span class=\"_ _3\"></span>port Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs15b9\">Thailand<span class=\"_ _68\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15ba\">9 So<span class=\"_ _3\"></span>i San<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>uk, S<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>his<span class=\"_ _3\"></span>arn R<span class=\"_ _3\"></span>oad, H<span class=\"_ _3\"></span>uay Kwan<span class=\"_ _3\"></span>g, Ban<span class=\"_ _3\"></span>gkok<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15bb\">As<span class=\"_ _3\"></span>ia T<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ade Develo<span class=\"_ _3\"></span>pment C<span class=\"_ _3\"></span>o Ltd <span class=\"_ _7d\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs15bd\">Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs15be\">Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on <span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15bf\">(<span class=\"_ _3\"></span>Th<span class=\"_ _3\"></span>ailand) C<span class=\"_ _3\"></span>o Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls3c ws37 gs15c0\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15c1\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs (<span class=\"_ _3\"></span>Thail<span class=\"_ _3\"></span>and) C<span class=\"_ _3\"></span>o Ltd <span class=\"_ _2e\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15c2\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty T<span class=\"_ _3\"></span>hai Ltd <span class=\"_ _3a1\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15c3\">Linwo<span class=\"_ _3\"></span>od Co Ltd <span class=\"_ _1e9\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls61 ws59 gs15c4\">United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _39f\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15c5\">101<span class=\"_ _5\"></span>1 C<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tre R<span class=\"_ _3\"></span>oad, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 31<span class=\"_ _4\"></span>0, W<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>ming<span class=\"_ _3\"></span>ton D<span class=\"_ _3\"></span>E 1980<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15c6\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs Inc<span class=\"_ _2d\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs15c7\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15c8\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>LC <span class=\"_ _13d\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs15c9\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15ca\">30<span class=\"_ _3\"></span>0 Gal<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>ria Pa<span class=\"_ _3\"></span>rk<span class=\"_ _3\"></span>way<span class=\"_ _4\"></span>, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 205<span class=\"_ _3\"></span>0, Atla<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>a, GA 30<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>9 </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs15cb\">National Enginee<span class=\"_ _4\"></span>ring &amp; Contracting </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs15cc\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs15cd\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15ce\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture, Inc <span class=\"_ _7e\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15cf\">Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 1<span class=\"_ _4\"></span>127 B<span class=\"_ _3\"></span>roa<span class=\"_ _3\"></span>dway S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et N<span class=\"_ _3\"></span>E, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15d0\">310, Sale<span class=\"_ _3\"></span>m OR 97<span class=\"_ _3\"></span>301<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15d1\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ock Spr<span class=\"_ _3\"></span>ings, L<span class=\"_ _3\"></span>LC<span class=\"_ _82\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15d2\">Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 1703 L<span class=\"_ _3\"></span>aur<span class=\"_ _3\"></span>el S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Col<span class=\"_ _3\"></span>umb<span class=\"_ _3\"></span>ia,  </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls4c ws46 gs15d3\">SC 2<span class=\"_ _3\"></span>92<span class=\"_ _3\"></span>01<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs15d4\">National C<span class=\"_ _3\"></span>asualty and As<span class=\"_ _3\"></span>surance, Inc<span class=\"_ _4\"></span> <span class=\"_ _db\"> </span>Insurance Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs15d5\">Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, W<span class=\"_ _3\"></span>ilmi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>ton </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls94 ws18a gs15d6\">DE 19<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>08<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15d7\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ampus S<span class=\"_ _3\"></span>oluti<span class=\"_ _3\"></span>ons, LLC<span class=\"_ _b8\"> </span><span class=\"ls4f ws49\">Infrastructur<span class=\"_ _4\"></span>e Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs15d8\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs15d9\">Balfour Beatt<span class=\"_ _3\"></span>y Communities, LLC<span class=\"_ _98\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15da\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction D.C<span class=\"_ _3\"></span>., LLC<span class=\"_ _5f\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs15db\">Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on, LLC<span class=\"_ _51\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15dc\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts Hol<span class=\"_ _3\"></span>do, LLC<span class=\"_ _c1\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15dd\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts, Inc<span class=\"_ _180\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion Services<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls73 ws80 gs15de\">Balfour Beatty Equipment, LLC<span class=\"_ _11c\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15df\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments, I<span class=\"_ _3\"></span>nc <span class=\"_ _7d\"> </span><span class=\"ls15 ws11\">Investment Company<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15e0\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Inc <span class=\"_ _9d\"> </span><span class=\"ls15 ws11\">Business Ser<span class=\"_ _3\"></span>vices </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15e1\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty/<span class=\"_ _3\"></span>Ben<span class=\"_ _3\"></span>ham  </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs15e2\">Militar<span class=\"_ _3\"></span>y Communities LLC</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs15e3\"> (v)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs15e4\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs15e5\">Balfour Beatt<span class=\"_ _3\"></span>y/P<span class=\"_ _3\"></span>HELPS<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs15e6\">Militar<span class=\"_ _3\"></span>y Communities LLC</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs15e7\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs15e8\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15e9\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls3c ws37 gs15ea\">Devel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs15eb\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15ec\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs15ed\">Investments<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs15ee\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs15ef\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15f0\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs15f1\">Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs15f2\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15f3\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty \u2013 Wo<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>group, LLC<span class=\"_ _a1\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15f4\">BBC A<span class=\"_ _3\"></span>F Hou<span class=\"_ _3\"></span>sing Co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion LLC<span class=\"_ _f2\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs15f5\">BBC AF Management/<span class=\"_ _3\"></span>Developmen<span class=\"_ _4\"></span>t LLC<span class=\"_ _1a8\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15f6\">BBC I<span class=\"_ _3\"></span>ndepe<span class=\"_ _3\"></span>ndent Mem<span class=\"_ _3\"></span>ber I, In<span class=\"_ _3\"></span>c <span class=\"_ _87\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15f7\">BBC I<span class=\"_ _3\"></span>ndepe<span class=\"_ _3\"></span>ndent Mem<span class=\"_ _3\"></span>ber II, I<span class=\"_ _3\"></span>nc<span class=\"_ _87\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15f8\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 ACC G<span class=\"_ _3\"></span>roup, LLC<span class=\"_ _1b8\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15f9\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>ETC G<span class=\"_ _3\"></span>eneral </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15fa\">Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs15fb\">(iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs15fc\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15fd\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>ETC L<span class=\"_ _3\"></span>imited </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs15fe\">Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs15ff\">(iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1600\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1601\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>MC Gen<span class=\"_ _3\"></span>eral </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1602\">Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1603\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1604\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>MC Lim<span class=\"_ _3\"></span>ited </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1605\">Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1606\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1607\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>R </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1608\">General Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1609\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs160a\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>R </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs160b\">Limi<span class=\"_ _3\"></span>ted Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs160c\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs160d\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/ </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs160e\">Picatinny General Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs160f\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1610\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/ </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1611\">Pic<span class=\"_ _3\"></span>atinny Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1612\">Infrastructure Inv<span class=\"_ _4\"></span>estmen<span class=\"_ _3ab\"> </span>t<span class=\"_ _3ab\"> </span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs1614\">Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1615\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 FD<span class=\"_ _3\"></span>WR LLC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1616\">(v)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1617\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1618\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt C<span class=\"_ _3\"></span>arson L<span class=\"_ _3\"></span>LC<span class=\"_ _1b8\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1619\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt Go<span class=\"_ _3\"></span>rdon LLC<span class=\"_ _bc\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs161a\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt H<span class=\"_ _3\"></span>amilton LLC<span class=\"_ _1cf\"> </span><span class=\"ls15 ws11\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investment </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs161b\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt Ja<span class=\"_ _3\"></span>ckson L<span class=\"_ _3\"></span>LC<span class=\"_ _c1\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs161c\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Ha<span class=\"_ _3\"></span>mpton Roa<span class=\"_ _3\"></span>ds </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs161d\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs161e\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs161f\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 L<span class=\"_ _3\"></span>ackla<span class=\"_ _3\"></span>nd LLC<span class=\"_ _57\"> </span><span class=\"ls15 ws11\">Infrastructure In<span class=\"_ _4\"></span>vestment </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1620\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Le<span class=\"_ _3\"></span>onard Woo<span class=\"_ _3\"></span>d LLC<span class=\"_ _2\"></span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1621\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Nav<span class=\"_ _3\"></span>y N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>heast </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs1622\">LLC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1623\">(v)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1624\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1625\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Nav<span class=\"_ _3\"></span>y S<span class=\"_ _3\"></span>outhea<span class=\"_ _3\"></span>st </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs1626\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1627\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1628\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 No<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>ern Group, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs1629\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs162a\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs162b\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Stewar<span class=\"_ _3\"></span>t Hunter </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs162c\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs162d\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs162e\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Vande<span class=\"_ _3\"></span>nberg </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs162f\">Gen<span class=\"_ _3\"></span>eral Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1630\">(v)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1631\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1632\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Vande<span class=\"_ _3\"></span>nberg </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1633\">Limi<span class=\"_ _3\"></span>ted Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1634\">(v)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1635\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1636\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 West Po<span class=\"_ _3\"></span>int LLC<span class=\"_ _13e\"> </span><span class=\"ls15 ws11\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investment </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1637\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Wester<span class=\"_ _3\"></span>n Genera<span class=\"_ _3\"></span>l </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1638\">Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1639\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs163a\">BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Wester<span class=\"_ _3\"></span>n Limited </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs163b\">Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs163c\">Infrastructure Inv<span class=\"_ _4\"></span>estment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs163d\">BBC Multif<span class=\"_ _4\"></span>amily Holdings, LLC<span class=\"_ _b1\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs163e\">BBC<span class=\"_ _3\"></span>S \u2013 Nor<span class=\"_ _3\"></span>thsi<span class=\"_ _3\"></span>de Cam<span class=\"_ _3\"></span>pus LLC<span class=\"_ _1f6\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs163f\">BBCS Developmen<span class=\"_ _4\"></span>t, LLC<span class=\"_ _38c\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1640\">BB Dev<span class=\"_ _4\"></span>elopments Sub Holdco, LLC<span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1641\">BICC Cables Cor<span class=\"_ _3\"></span>poration<span class=\"_ _39a\"> </span><span class=\"ls15 ws11\">Business Ser<span class=\"_ _3\"></span>vices </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1642\">Ok<span class=\"_ _3\"></span>tiv (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>all<span class=\"_ _3\"></span>ahassee) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _b0\"> </span><span class=\"ls15 ws11\">In<span class=\"_ _4\"></span>frastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e Investment<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1643\">Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 3<span class=\"_ _3\"></span>00 De<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>hut<span class=\"_ _3\"></span>es Way SW, Sui<span class=\"_ _3\"></span>te </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1644\">30<span class=\"_ _3\"></span>4, T<span class=\"_ _4\"></span>um<span class=\"_ _3\"></span>wate<span class=\"_ _3\"></span>r WA 98<span class=\"_ _3\"></span>501<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1645\">Howa<span class=\"_ _3\"></span>rd S. Wrig<span class=\"_ _3\"></span>ht Const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on Co<span class=\"_ _128\"> </span><span class=\"ls15 ws11\">Construction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1646\">HS<span class=\"_ _3\"></span>W, Inc <span class=\"_ _154\"> </span><span class=\"ls15 ws11\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1647\">CS<span class=\"_ _3\"></span>C \u2013 Neva<span class=\"_ _3\"></span>da, C/O C<span class=\"_ _3\"></span>SC Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es of N<span class=\"_ _3\"></span>evad<span class=\"_ _3\"></span>a, In<span class=\"_ _3\"></span>c., 5<span class=\"_ _3\"></span>02 Ea<span class=\"_ _3\"></span>st Jo<span class=\"_ _3\"></span>hn </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1648\">St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et Ca<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>on Ci<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, N<span class=\"_ _3\"></span>eva<span class=\"_ _3\"></span>da 89<span class=\"_ _3\"></span>706<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1649\">Balfour Beatt<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>Gol<span class=\"_ _3\"></span>den Construction </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs164a\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs164b\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs164c\">Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on Company<span class=\"_ _4\"></span>, Inc<span class=\"_ _1cf\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Serv<span class=\"_ _3\"></span>ices<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs164d\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup, Inc <span class=\"_ _1a7\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion Services<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs164e\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs164f\">(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs1650\">(ii) <span class=\"_ _3\"></span>Partnership interests<span class=\"_ _4\"></span> held.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1651\">(ii<span class=\"_ _3\"></span>i) <span class=\"_ _6\"></span>8<span class=\"_ _3\"></span>0% in<span class=\"_ _3\"></span>terest h<span class=\"_ _3\"></span>eld. </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1652\">(i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>89<span class=\"_ _3\"></span>% interes<span class=\"_ _3\"></span>t held<span class=\"_ _3\"></span>. </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs1653\">(v) 9<span class=\"_ _3\"></span>0% in<span class=\"_ _4\"></span>terest held.<span class=\"_ _3ab\"> </span></div><div class=\"t mf he2 ff46 fs45 fc4 sc0 ls228 ws3 gs1654\">Jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s inc<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d in t<span class=\"_ _3\"></span>he Uni<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d Kin<span class=\"_ _3\"></span>gdo<span class=\"_ _3\"></span>m</div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs1655\">Entity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1656\">% he<span class=\"_ _3\"></span>ld by </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1657\">the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1658\">Q1<span class=\"_ _4\"></span>4 Q<span class=\"_ _3\"></span>uor<span class=\"_ _3\"></span>um Bu<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s Park<span class=\"_ _3\"></span>, Be<span class=\"_ _3\"></span>nto<span class=\"_ _3\"></span>n Lan<span class=\"_ _3\"></span>e, Ne<span class=\"_ _3\"></span>wca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le Up<span class=\"_ _3\"></span>on </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs1659\">T<span class=\"_ _5\"></span>yne, England,<span class=\"_ _4\"></span> England, NE<span class=\"_ _4\"></span>12 8BU<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs165a\">BBDE Orbital Holdings, LLP</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs165b\"> (iii) (v)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls147 ws13c gs165c\">3<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>5<span class=\"_ _5f\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t Ho<span class=\"_ _3\"></span>lding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs165d\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs165e\">Connect A3<span class=\"_ _3\"></span>0/A3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span> Holdings Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs165f\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs1660\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1661\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1662\">Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0/A<span class=\"_ _3\"></span>35 Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1663\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs1664\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1665\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1666\">Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>50 Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1667\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4a ws44 gs1668\">25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1669\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs166a\">Connect CNDR Holdings Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs166b\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4a ws44 gs166c\">25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs166d\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs166f\">Entity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1670\">% he<span class=\"_ _3\"></span>ld by </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1671\">the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1672\">Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR I<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rmedi<span class=\"_ _3\"></span>ate Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1673\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4a ws44 gs1674\">25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1675\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1676\">Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1677\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4a ws44 gs1678\">25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1679\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs167a\">Connect M<span class=\"_ _4\"></span>1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Holdings Lt<span class=\"_ _4\"></span>d</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs167b\"> (i) (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs167c\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs167d\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs167e\">Co<span class=\"_ _3\"></span>nnect M1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Ltd </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs167f\">(iv)</div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1680\"> <span class=\"_ _2d\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1681\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1682\">Connect M77/GSO Holdings<span class=\"_ _4\"></span> Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1683\"> (ii) (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls11d wsf4 gs1684\">85<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1685\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1686\">Co<span class=\"_ _3\"></span>nnect M<span class=\"_ _3\"></span>77/GSO p<span class=\"_ _3\"></span>lc</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1687\"> (ii) (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls11d wsf4 gs1688\">85<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1689\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs168a\">Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs168b\">Holdings Lt<span class=\"_ _4\"></span>d </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs168c\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs168d\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs168e\">Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls10d ws101 gs168f\">Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs1690\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1691\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1692\">Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Ltd<span class=\"_ _bc\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1693\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1694\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Holdi<span class=\"_ _3\"></span>ngs Ltd<span class=\"_ _2\"></span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1695\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1696\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Intermed<span class=\"_ _3\"></span>iate </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1697\">Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs1698\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1699\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs169a\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Ltd<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs169b\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs169c\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Ltd </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs169d\">(iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4a ws44 gs169e\">25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs169f\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16a0\">Connect Roads Nor<span class=\"_ _3\"></span>thamp<span class=\"_ _4\"></span>tonshire<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs16a1\">Holdings Lt<span class=\"_ _4\"></span>d </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs16a2\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs16a3\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16a4\">Connect Roads Nor<span class=\"_ _3\"></span>thamp<span class=\"_ _4\"></span>tonshire<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls10d ws101 gs16a5\">Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs16a6\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16a7\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16a8\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>hamptonshire Ltd <span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16a9\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16aa\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs16ab\">Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs16ac\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs16ad\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16ae\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Ltd<span class=\"_ _e\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16af\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs16b0\">Connect Roads Sunderland<span class=\"_ _4\"></span> Holdings </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs16b1\">Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs16b2\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs16b3\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16b4\">Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Sun<span class=\"_ _3\"></span>derla<span class=\"_ _3\"></span>nd Ltd<span class=\"_ _e3\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16b5\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16b6\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs16b7\">(Holdings) L<span class=\"_ _4\"></span>td </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16b8\">(iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs16b9\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16ba\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16bb\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16bc\">(P<span class=\"_ _3\"></span>hase 1<span class=\"_ _4\"></span>) Ltd </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16bd\">(iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs16be\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16bf\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16c0\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16c1\">(P<span class=\"_ _3\"></span>hase 2) Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16c2\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs16c3\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16c4\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16c5\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16c6\">(P<span class=\"_ _3\"></span>hase 3) Ltd </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16c7\">(iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs16c8\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16c9\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16ca\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16cb\">(P<span class=\"_ _3\"></span>hase 4) Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16cc\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs16cd\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16ce\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16cf\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16d0\">(P<span class=\"_ _3\"></span>hase 5) Ltd </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16d1\">(iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs16d2\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16d3\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16d4\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16d5\">(P<span class=\"_ _3\"></span>hase 7<span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>) Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16d6\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs16d7\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16d8\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16d9\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16da\">(P<span class=\"_ _3\"></span>hase 7) Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16db\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs16dc\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16dd\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16de\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Financ<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs16df\">(Holdings) L<span class=\"_ _4\"></span>td </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16e0\">(iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs16e1\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs16e2\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16e3\">Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16e4\">(Fi<span class=\"_ _3\"></span>nance) Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16e5\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs16e6\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16e7\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16e8\">Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO Hol<span class=\"_ _3\"></span>dings Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs16e9\"> (ii) (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls114 ws10c gs16ea\">60<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t Ho<span class=\"_ _3\"></span>lding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs16eb\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16ec\">Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO Interme<span class=\"_ _3\"></span>diate Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs16ed\">(ii) (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls114 ws10c gs16ee\">60<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16ef\">Concession<span class=\"_ _3ab\"> </span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs16f1\">Entity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs16f2\">% he<span class=\"_ _3\"></span>ld by </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs16f3\">the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16f4\">Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO plc</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs16f5\"> (ii) (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls114 ws10c gs16f6\">60<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs16f7\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16f8\">Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Hold<span class=\"_ _3\"></span>ings Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16f9\">(iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs16fa\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs16fb\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs16fc\">Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Intermed<span class=\"_ _3\"></span>iate </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs16fd\">Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs16fe\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs16ff\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1700\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1701\">Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1702\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs1703\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1704\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1705\">South Cambridgeshir<span class=\"_ _4\"></span>e Projects LLP</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1706\"> (v)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs1707\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1708\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1709\">Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ho<span class=\"_ _3\"></span>ldco Ltd </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs170a\">(iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs170b\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs170c\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs170d\">Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Interm<span class=\"_ _3\"></span>ediate Ltd </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs170e\">(iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs170f\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1710\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1711\">Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls226 ws248 gs1712\"> (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs1713\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1714\">Concession </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1715\">Co<span class=\"_ _3\"></span>nne<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t Plu<span class=\"_ _3\"></span>s Hou<span class=\"_ _3\"></span>se, S<span class=\"_ _3\"></span>t Alb<span class=\"_ _3\"></span>ans R<span class=\"_ _3\"></span>oad, S<span class=\"_ _3\"></span>out<span class=\"_ _3\"></span>h Mim<span class=\"_ _3\"></span>ms, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls10b wsff gs1716\">Hert<span class=\"_ _3\"></span>fo<span class=\"_ _4\"></span>rd<span class=\"_ _3\"></span>sh<span class=\"_ _4\"></span>ire EN6<span class=\"_ _4\"></span> 3NP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1717\">Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Hol<span class=\"_ _3\"></span>dings Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1718\"> (iii) (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls100 ws104 gs1719\">15<span class=\"_ _2f\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs171a\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs171b\">Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Interme<span class=\"_ _3\"></span>diate Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs171c\">(iii) (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls100 ws104 gs171d\">15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs171e\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs171f\">Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Issuer p<span class=\"_ _3\"></span>lc</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1720\"> (iii) (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls100 ws104 gs1721\">15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1722\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1723\">Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1724\"> (iii) (iv)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls100 ws104 gs1725\">15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1726\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1727\">Ma<span class=\"_ _3\"></span>xi<span class=\"_ _3\"></span>m 7<span class=\"_ _5\"></span>, Ma<span class=\"_ _3\"></span>xim O<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ce Pa<span class=\"_ _3\"></span>rk, P<span class=\"_ _3\"></span>ark<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>ds Aven<span class=\"_ _3\"></span>ue, Eu<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>l, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs1728\">Holy<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>own ML<span class=\"_ _5\"></span>1 4<span class=\"_ _4\"></span>WQ<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1729\">Holyrood Holdings Lt<span class=\"_ _4\"></span>d <span class=\"_ _1d0\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs172a\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls61 ws59 gs172b\">Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs172c\">Holdings Lt<span class=\"_ _4\"></span>d </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs172d\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs172e\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls61 ws59 gs172f\">Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls10d ws101 gs1730\">Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs1731\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1732\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1733\">Holyrood Student Accommodation plc<span class=\"_ _2\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1734\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls61 ws59 gs1735\">Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1736\">SP<span class=\"_ _3\"></span>V Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs1737\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1738\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1739\">Wes<span class=\"_ _3\"></span>tm<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r Hou<span class=\"_ _3\"></span>se, C<span class=\"_ _3\"></span>rom<span class=\"_ _3\"></span>pto<span class=\"_ _3\"></span>n Way<span class=\"_ _5\"></span>, S<span class=\"_ _3\"></span>ege<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>th We<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs173a\">Fareham,<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>ampshire<span class=\"_ _4\"></span> PO15<span class=\"_ _4\"></span> 5SS<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs173b\">Pevense<span class=\"_ _4\"></span>y C<span class=\"_ _3\"></span>oastal<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs173c\">Defenc<span class=\"_ _3\"></span>e Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4a ws44 gs173d\">25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs173e\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs173f\">C/O Pari<span class=\"_ _3\"></span>o Ltd, 18 R<span class=\"_ _3\"></span>iver<span class=\"_ _3\"></span>sway B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss V<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span>age, N<span class=\"_ _3\"></span>avig<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on Way, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1740\">Pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ton PR<span class=\"_ _3\"></span>2 2YP </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1741\">Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1742\">Funding plc<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls11f ws118 gs1743\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1744\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1745\">Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1746\">Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls11f ws118 gs1747\">40<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t H<span class=\"_ _3\"></span>olding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1748\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1749\">Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls10d ws101 gs174a\">Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls11f ws118 gs174b\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs174c\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs174d\">Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Ltd<span class=\"_ _44\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs174e\">Concession </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs174f\">9 Am<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>de Ho<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>e W<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>od L<span class=\"_ _3\"></span>ane, P<span class=\"_ _3\"></span>ara<span class=\"_ _3\"></span>dis<span class=\"_ _3\"></span>e In<span class=\"_ _3\"></span>dus<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ial E<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ate, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gs1750\">Hemel Hempstead,<span class=\"_ _4\"></span> Her<span class=\"_ _3\"></span>tfordshire,<span class=\"_ _4\"></span> England HP2<span class=\"_ _4\"></span> 4TP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1751\">Peb<span class=\"_ _3\"></span>blehall B<span class=\"_ _3\"></span>io Power Ltd <span class=\"_ _85\"> </span><span class=\"ls4f ws49\">29.2<span class=\"_ _1f4\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1752\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1753\">Urb<span class=\"_ _3\"></span>an Elec<span class=\"_ _3\"></span>tric Net<span class=\"_ _3\"></span>works Ltd<span class=\"_ _51\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1754\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1755\">Wellan<span class=\"_ _3\"></span>d Bio Power Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1756\">29.<span class=\"_ _3\"></span>2<span class=\"_ _3f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1757\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs1759\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs175a\">(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs175b\">(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>Due to t<span class=\"_ _3\"></span>he shar<span class=\"_ _3\"></span>ehol<span class=\"_ _3\"></span>ders\u2019 a<span class=\"_ _3\"></span>greem<span class=\"_ _3\"></span>ent bet<span class=\"_ _3\"></span>wee<span class=\"_ _3\"></span>n Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y and th<span class=\"_ _3\"></span>e other s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs175c\">req<span class=\"_ _3\"></span>uirin<span class=\"_ _3\"></span>g unan<span class=\"_ _3\"></span>imit<span class=\"_ _3\"></span>y of agre<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t in resp<span class=\"_ _3\"></span>ect of si<span class=\"_ _3\"></span>gnif<span class=\"_ _3\"></span>ican<span class=\"_ _3\"></span>t mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to th<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncia<span class=\"_ _3\"></span>l </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs175d\">and o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any, the D<span class=\"_ _3\"></span>irecto<span class=\"_ _3\"></span>rs co<span class=\"_ _3\"></span>nside<span class=\"_ _3\"></span>r that t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p doe<span class=\"_ _3\"></span>s not </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs175e\">co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>pany an<span class=\"_ _3\"></span>d it has b<span class=\"_ _3\"></span>een ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted as a jo<span class=\"_ _3\"></span>int ventu<span class=\"_ _3\"></span>re. </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs175f\">(ii<span class=\"_ _3\"></span>i) <span class=\"_ _6\"></span>T<span class=\"_ _3\"></span>he Gr<span class=\"_ _3\"></span>oup ow<span class=\"_ _3\"></span>ned a 37.5% par<span class=\"_ _3\"></span>tn<span class=\"_ _3\"></span>ershi<span class=\"_ _3\"></span>p interes<span class=\"_ _3\"></span>t in BB<span class=\"_ _3\"></span>DE Or<span class=\"_ _3\"></span>bita<span class=\"_ _3\"></span>l Hold<span class=\"_ _3\"></span>ings L<span class=\"_ _3\"></span>LP at 3<span class=\"_ _3\"></span>1 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1760\">De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22. C<span class=\"_ _3\"></span>onne<span class=\"_ _3\"></span>ct Pl<span class=\"_ _3\"></span>us (M2<span class=\"_ _3\"></span>5) Ho<span class=\"_ _3\"></span>ldin<span class=\"_ _3\"></span>gs Ltd an<span class=\"_ _3\"></span>d its su<span class=\"_ _3\"></span>bsid<span class=\"_ _3\"></span>iarie<span class=\"_ _3\"></span>s are 4<span class=\"_ _3\"></span>0% owne<span class=\"_ _3\"></span>d </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1761\">by BB<span class=\"_ _3\"></span>DE O<span class=\"_ _3\"></span>rbit<span class=\"_ _3\"></span>al Ho<span class=\"_ _3\"></span>lding<span class=\"_ _3\"></span>s LL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1762\">(i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>31 Ma<span class=\"_ _3\"></span>rch yea<span class=\"_ _3\"></span>r end. </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs1763\">(v) Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terests held.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1764\">Jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>ntu<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>s inc<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d out<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>de th<span class=\"_ _3\"></span>e Uni<span class=\"_ _3\"></span>ted K<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>gdo<span class=\"_ _3\"></span>m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs1765\">Entity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1766\">% he<span class=\"_ _3\"></span>ld by </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1767\">the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs1768\">Bermuda<span class=\"_ _ae\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1769\">Co<span class=\"_ _3\"></span>nyer<span class=\"_ _3\"></span>s Dil<span class=\"_ _3\"></span>l &amp; Pear<span class=\"_ _3\"></span>man L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d, Cl<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>ndo<span class=\"_ _3\"></span>n Hou<span class=\"_ _3\"></span>se, 2 C<span class=\"_ _3\"></span>hur<span class=\"_ _3\"></span>ch </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs176a\">St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Hami<span class=\"_ _3\"></span>lto<span class=\"_ _3\"></span>n HM 1<span class=\"_ _4\"></span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs176b\">CP B<span class=\"_ _3\"></span>ay Car<span class=\"_ _3\"></span>ry A L<span class=\"_ _3\"></span>P </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs176c\">(iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs176d\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs176e\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs176f\">CP B<span class=\"_ _3\"></span>ay Car<span class=\"_ _3\"></span>ry B L<span class=\"_ _3\"></span>P </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs1770\">(iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5f ws57 gs1771\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1772\">Concession </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs1773\">British Virgin Islands<span class=\"_ _28\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1774\">Vi<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ra C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es Ce<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>re, W<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>kham<span class=\"_ _3\"></span>s Cay I<span class=\"_ _3\"></span>I Roa<span class=\"_ _3\"></span>d T<span class=\"_ _5\"></span>ow<span class=\"_ _3\"></span>n, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls110 ws106 gs1775\">To<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> V<span class=\"_ _3\"></span>G<span class=\"_ _3\"></span>1110<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1776\">Gam<span class=\"_ _3\"></span>mon Asi<span class=\"_ _3\"></span>a Ltd <span class=\"_ _3a1\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">M<span class=\"_ _3\"></span>anagement </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1777\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1778\">Gammon Construction </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1779\">Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs177a\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs177b\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsaa ws69 gs177c\">Canada<span class=\"_ _100\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs177d\">T<span class=\"_ _4\"></span>ayl<span class=\"_ _3\"></span>or M<span class=\"_ _3\"></span>cCa<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>y LLP<span class=\"_ _5\"></span>, 9<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0 St<span class=\"_ _3\"></span>. Mar<span class=\"_ _3\"></span>y Aven<span class=\"_ _3\"></span>ue, W<span class=\"_ _3\"></span>inni<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>g, MB, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls85 ws7d gs177e\">R3C 4K5<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs177f\">C<span class=\"_ _3\"></span>WH Fa<span class=\"_ _3\"></span>cilities  </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1780\">Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>,LP</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs1781\"> (iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs1782\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1783\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1784\">C<span class=\"_ _3\"></span>WH FM G<span class=\"_ _3\"></span>P Inc<span class=\"_ _36a\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1785\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1786\">C<span class=\"_ _3\"></span>WH De<span class=\"_ _3\"></span>sign \u2013 Build G<span class=\"_ _3\"></span>P</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs1787\"> (iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs1788\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Constru<span class=\"_ _3\"></span>ction Servic<span class=\"_ _3\"></span>es<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gs1789\">China<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs178a\">Ho<span class=\"_ _3\"></span>ng Kong Ave<span class=\"_ _3\"></span>nid<span class=\"_ _3\"></span>a da Pr<span class=\"_ _3\"></span>aia G<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>de, n\u00b04<span class=\"_ _3\"></span>29, 25<span class=\"_ _3\"></span>\u00b0 and<span class=\"_ _3\"></span>ar D, em </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs178b\">Ma<span class=\"_ _3\"></span>cau </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs178c\">BBE<span class=\"_ _3\"></span>&amp;M (M<span class=\"_ _3\"></span>acau) Ltd<span class=\"_ _24\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Electric<span class=\"_ _3\"></span>al and </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs178d\">Mechanic<span class=\"_ _3\"></span>al </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs178e\">Contracting<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs178f\">Gammon Building C<span class=\"_ _3\"></span>onstruction </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls124 ws6a gs1790\">(Maca<span class=\"_ _4\"></span>u) L<span class=\"_ _4\"></span>td<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs1791\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Co<span class=\"_ _3\"></span>nstruction<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1792\">No. 4<span class=\"_ _3\"></span>57<span class=\"_ _5\"></span>, S<span class=\"_ _3\"></span>hat<span class=\"_ _3\"></span>ian S<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n, Ga<span class=\"_ _3\"></span>ngga<span class=\"_ _3\"></span>ng Aven<span class=\"_ _3\"></span>ue, Sh<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>an T<span class=\"_ _4\"></span>ow<span class=\"_ _3\"></span>n, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gs1793\">Dongguan City,<span class=\"_ _4\"></span> Guangdong Province<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1794\">Don<span class=\"_ _3\"></span>gguan P<span class=\"_ _3\"></span>ristin<span class=\"_ _3\"></span>e Metal Wor<span class=\"_ _3\"></span>ks Ltd<span class=\"_ _1bf\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">M<span class=\"_ _3\"></span>anuf<span class=\"_ _4\"></span>ac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>uring </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1795\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls77 ws3 gs1796\">25<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, Jar<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>se, 1 C<span class=\"_ _3\"></span>onna<span class=\"_ _3\"></span>ugh<span class=\"_ _3\"></span>t Pla<span class=\"_ _3\"></span>ce, C<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>l, Hon<span class=\"_ _3\"></span>g Kong<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1797\">Sanfield<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Gammon Constr<span class=\"_ _3\"></span>uction JV </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1798\">Co<span class=\"_ _3\"></span>mpany L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4a ws44 gs1799\">25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs179a\">22<span class=\"_ _3\"></span>/F<span class=\"_ _5\"></span>, T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>wer 1, The Q<span class=\"_ _3\"></span>uays<span class=\"_ _3\"></span>id<span class=\"_ _3\"></span>e, 77 Ho<span class=\"_ _3\"></span>i Bun R<span class=\"_ _3\"></span>oad<span class=\"_ _3\"></span>, K<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>un T<span class=\"_ _4\"></span>on<span class=\"_ _3\"></span>g, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gs179b\">Kowloon,<span class=\"_ _4\"></span> Hong Kong<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs179c\">AsiaBuil<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> Ltd<span class=\"_ _1ae\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs179d\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty E&amp;<span class=\"_ _3\"></span>M Ltd<span class=\"_ _84\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs179e\">Dig<span class=\"_ _3\"></span>ital G Ltd<span class=\"_ _8\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>T<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>chnolo<span class=\"_ _3\"></span>gy and </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls16 ws12 gs179f\">Innovation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls49 ws43 gs17a0\">Entasis Ltd<span class=\"_ _1b3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">General Contracto<span class=\"_ _4\"></span>r<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs17a1\">Gammon Building C<span class=\"_ _3\"></span>onstruction Ltd<span class=\"_ _e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>Building Constr<span class=\"_ _3\"></span>uction<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17a2\">Gam<span class=\"_ _3\"></span>mon Ca<span class=\"_ _3\"></span>pital Ltd<span class=\"_ _7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17a3\">Gam<span class=\"_ _3\"></span>mon Ca<span class=\"_ _3\"></span>pital M<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>ement Ltd <span class=\"_ _e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs17a5\">Entity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs17a6\">% he<span class=\"_ _3\"></span>ld by </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs17a7\">the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17a8\">Gam<span class=\"_ _3\"></span>mon China Ltd <span class=\"_ _390\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs17a9\">Co<span class=\"_ _3\"></span>mpany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs17aa\">Gammon Con<span class=\"_ _3\"></span>cr<span class=\"_ _4\"></span>ete Ser<span class=\"_ _3\"></span>vices Lt<span class=\"_ _4\"></span>d<span class=\"_ _15\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs17ab\">Gammon Construction (China<span class=\"_ _4\"></span>) Ltd<span class=\"_ _e6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Constr<span class=\"_ _3\"></span>uction<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs17ac\">Gammon C<span class=\"_ _3\"></span>onstruction (<span class=\"_ _3\"></span>Vietnam) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs17ad\">Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs17ae\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Constr<span class=\"_ _3\"></span>uction and </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs17af\">Project Manag<span class=\"_ _3\"></span>emen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs17b0\">Gammon C<span class=\"_ _3\"></span>onstruction Consultants </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs17b1\">(Shenzhen) Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs17b2\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs17b3\">Gammon Construction Lt<span class=\"_ _4\"></span>d</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs17b4\"> (ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs17b5\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Engineering a<span class=\"_ _4\"></span>nd </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs17b6\">Construction<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17b7\">Gam<span class=\"_ _3\"></span>mon E&amp;<span class=\"_ _3\"></span>M Ltd<span class=\"_ _263\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Engineering Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs17b8\">Gammon Engineeri<span class=\"_ _4\"></span>ng &amp; Construction </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs17b9\">Co<span class=\"_ _3\"></span>mpany L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs17ba\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Engineering a<span class=\"_ _4\"></span>nd </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs17bb\">Construction<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs17bc\">Gammon Engineeri<span class=\"_ _4\"></span>ng Ltd<span class=\"_ _85\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17bd\">Gam<span class=\"_ _3\"></span>mon Fina<span class=\"_ _3\"></span>nce Ltd <span class=\"_ _1cd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls73 ws80\">Finance and </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs17be\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17bf\">Gam<span class=\"_ _3\"></span>mon Interio<span class=\"_ _3\"></span>rs Ltd <span class=\"_ _3c\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs17c0\">Gammon Mana<span class=\"_ _3\"></span>gement<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Ltd<span class=\"_ _16\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Construction </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs17c1\">Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs17c2\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17c3\">Gam<span class=\"_ _3\"></span>mon Pla<span class=\"_ _3\"></span>nt Lt<span class=\"_ _4\"></span>d<span class=\"_ _3a1\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls73 ws80\">P<span class=\"_ _3\"></span>lan<span class=\"_ _4\"></span>t and Equipment<span class=\"_ _4\"></span> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17c4\">Hire and M<span class=\"_ _3\"></span>aintenan<span class=\"_ _3\"></span>ce </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs17c5\">Gold T<span class=\"_ _4\"></span>actic<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Investment Ltd<span class=\"_ _81\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17c6\">Into G Ltd<span class=\"_ _ae\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>Inter<span class=\"_ _3\"></span>ior Fit-<span class=\"_ _3\"></span>O<span class=\"_ _3\"></span>ut and </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs17c7\">Contracting<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17c8\">L<span class=\"_ _3\"></span>ambeth A<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates Ltd <span class=\"_ _215\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span></span>Ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt and </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs17c9\">Consultanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17ca\">Pr<span class=\"_ _3\"></span>istine Met<span class=\"_ _3\"></span>al Works Ltd <span class=\"_ _36\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs17cb\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs17cc\">Ireland<span class=\"_ _355\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs17cd\">3 Dublin<span class=\"_ _4\"></span> Land<span class=\"_ _3\"></span>in<span class=\"_ _4\"></span>g<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>, Nor<span class=\"_ _3\"></span>th<span class=\"_ _4\"></span> Wall<span class=\"_ _4\"></span> Q<span class=\"_ _3\"></span>ua<span class=\"_ _4\"></span>y<span class=\"_ _4\"></span>, Dublin 1<span class=\"_ _5\"></span>, D01<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>4E0<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17ce\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>LG Ltd <span class=\"_ _1d7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs17cf\">C/O Pari<span class=\"_ _3\"></span>o SPV M<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span>, Sui<span class=\"_ _3\"></span>te 5<span class=\"_ _3\"></span>4, Mor<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>son </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs17d0\">Ch<span class=\"_ _3\"></span>amb<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>s, 32 N<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sau S<span class=\"_ _3\"></span>t, Du<span class=\"_ _3\"></span>bli<span class=\"_ _3\"></span>n 2, D<span class=\"_ _3\"></span>02 AP<span class=\"_ _3\"></span>29 </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17d1\">Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Hol<span class=\"_ _3\"></span>dings Ltd<span class=\"_ _44\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs17d2\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17d3\">Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Ltd <span class=\"_ _7e\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs17d4\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls111 wsc8 gs17d5\">Ma<span class=\"_ _3\"></span>lays<span class=\"_ _3\"></span>ia<span class=\"_ _3a2\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs17d6\">Uni<span class=\"_ _3\"></span>t B<span class=\"_ _3\"></span>-9<span class=\"_ _3\"></span>-<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>, Le<span class=\"_ _3\"></span>vel 9, Ca<span class=\"_ _3\"></span>pi<span class=\"_ _3\"></span>tal 2<span class=\"_ _3\"></span>, Oas<span class=\"_ _3\"></span>is S<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>re, N<span class=\"_ _3\"></span>o.2 Ja<span class=\"_ _3\"></span>lan PJU </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs17d7\">1A/<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>A, A<span class=\"_ _3\"></span>ra Da<span class=\"_ _3\"></span>man<span class=\"_ _3\"></span>sar<span class=\"_ _3\"></span>a, 47301 Pe<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span>ing J<span class=\"_ _3\"></span>aya, Se<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>gor, Mal<span class=\"_ _3\"></span>aysi<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17d8\">Gam<span class=\"_ _3\"></span>mon Sdn B<span class=\"_ _3\"></span>hd <span class=\"_ _155\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs17d9\">Pesaka Gammon<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>onstruction<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>dn<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls73 ws80 gs17da\">Bhd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls100 ws104 gs17db\">15<span class=\"_ _2f\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs17dc\">Philippines<span class=\"_ _24d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs17dd\">G/F M<span class=\"_ _3\"></span>aka<span class=\"_ _3\"></span>ti St<span class=\"_ _3\"></span>ock E<span class=\"_ _3\"></span>xc<span class=\"_ _3\"></span>han<span class=\"_ _3\"></span>ge, Ayal<span class=\"_ _3\"></span>a A<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>nu<span class=\"_ _3\"></span>e, Mak<span class=\"_ _3\"></span>ati C<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, M<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>ro </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs17de\">Manila, P<span class=\"_ _4\"></span>hilippine<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls16 ws12 gs17df\">Gammo<span class=\"_ _3\"></span>n Philippines, In<span class=\"_ _3\"></span>c.<span class=\"_ _85\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"lsc ws8\">General Construction<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17e0\">MG C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction Ventures  </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs17e1\">Holdings, Inc.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls93 wsfa gs17e2\">16<span class=\"_ _3\"></span>.6<span class=\"_ _3\"></span>5<span class=\"_ _13e\"> </span><span class=\"ls15 ws11\">Proper<span class=\"_ _3\"></span>ty Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gs17e3\">Singapore<span class=\"_ _3a3\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gs17e4\">239 Ale<span class=\"_ _4\"></span>xandra Ro<span class=\"_ _4\"></span>ad, 15<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>930<span class=\"_ _a8\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs17e5\">Dig<span class=\"_ _3\"></span>ital G (S<span class=\"_ _3\"></span>ingap<span class=\"_ _3\"></span>ore) Pte. Ltd<span class=\"_ _180\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Equipment Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs17e6\">Gammon C<span class=\"_ _3\"></span>onstruction and </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs17e7\">Engineering<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>te.<span class=\"_ _4\"></span> Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs17e8\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Constru<span class=\"_ _3\"></span>ction Servic<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs17e9\">Gammon Construction<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>oldi<span class=\"_ _4\"></span>ngs (S) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls10d ws101 gs17ea\">P<span class=\"_ _3\"></span>te. Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs17eb\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs17ec\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gam<span class=\"_ _3\"></span>mon P<span class=\"_ _3\"></span>te. Ltd<span class=\"_ _181\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"lsc ws8\">Engineering<span class=\"_ _4\"></span> and </span></span>Construction<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>ambeth A<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates Desi<span class=\"_ _3\"></span>gn &amp; Co<span class=\"_ _3\"></span>nsultan<span class=\"_ _3\"></span>cy P<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">M<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent and </span>Consultanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Thailand <span class=\"_ _130\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>21<span class=\"_ _4\"></span>st Floor<span class=\"_ _4\"></span>, Times Square Build<span class=\"_ _3\"></span>ing,<span class=\"_ _4\"></span> 246 Sukhumvit Road, Klongtoey Sub-<span class=\"_ _3\"></span>District, Klongtoey District, Bangkok<span class=\"_ _4\"></span> 10<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>10<span class=\"_ _4\"></span>, Thailand<span class=\"_ _3ab\"> </span>Gammon (<span class=\"_ _3\"></span>Thailan<span class=\"_ _3\"></span>d) L<span class=\"_ _4\"></span>td<span class=\"_ _1af\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>23<span class=\"_ _3\"></span>rd Fl<span class=\"_ _3\"></span>oor, Tim<span class=\"_ _3\"></span>es S<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>re Bu<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>, 246 Sukhumvit Road, Klongtoey<span class=\"_ _4\"></span> Sub-Di<span class=\"_ _3\"></span>strict, Klongtoey<span class=\"_ _4\"></span> Distric<span class=\"_ _3\"></span>t, Bangkok<span class=\"_ _4\"></span> 10<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0, Thailand<span class=\"_ _3ab\"> </span>Gammon C<span class=\"_ _3\"></span>onstruction (<span class=\"_ _3\"></span>Thailand) Ltd<span class=\"_ _25d\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Th<span class=\"_ _3\"></span>ai Gamm<span class=\"_ _3\"></span>on Ltd<span class=\"_ _396\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _1b7\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny 1201 Hays S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, T<span class=\"_ _4\"></span>al<span class=\"_ _3\"></span>lah<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>see F<span class=\"_ _3\"></span>L 32<span class=\"_ _3\"></span>301 C-<span class=\"_ _3\"></span>BB Management, LLC<span class=\"_ _1d6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>C-<span class=\"_ _3\"></span>BBC Devel<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>pme<span class=\"_ _4\"></span>nt, LLC<span class=\"_ _119\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>/b/<span class=\"_ _4\"></span>a C<span class=\"_ _3\"></span>SC-<span class=\"_ _3\"></span>La<span class=\"_ _3\"></span>wye<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>, In<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e Co<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 21<span class=\"_ _4\"></span>1 E<span class=\"_ _3\"></span>. 7th S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Sui<span class=\"_ _3\"></span>te 6<span class=\"_ _3\"></span>20, Aus<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>n TX 7<span class=\"_ _3\"></span>8701-3<span class=\"_ _3\"></span>2<span class=\"_ _4\"></span>18<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s, LP (iii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 2,LP (iii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Investment<span class=\"_ _4\"></span> No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 3, LP (i)(iii)<span class=\"_ _3ab\"> </span>70<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span>Concession No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 4, LP (i)(iii)<span class=\"_ _3ab\"> </span>65<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Nor<span class=\"_ _3\"></span>thside Campus General Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, W<span class=\"_ _3\"></span>ilmi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>ton DE1<span class=\"_ _3\"></span>98<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8 BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Caro<span class=\"_ _3\"></span>lina Cove, L<span class=\"_ _3\"></span>LC<span class=\"_ _be\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Chena<span class=\"_ _3\"></span>l Pointe, LLC<span class=\"_ _be\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Cit<span class=\"_ _3\"></span>y Lake, L<span class=\"_ _3\"></span>LC<span class=\"_ _d6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Lan<span class=\"_ _3\"></span>dings, L<span class=\"_ _3\"></span>LC<span class=\"_ _f6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Lexing<span class=\"_ _3\"></span>ton, LLC<span class=\"_ _15\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Moret<span class=\"_ _3\"></span>ti, LLC<span class=\"_ _b2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Pace<span class=\"_ _3\"></span>s Brook<span class=\"_ _3\"></span>, LLC<span class=\"_ _f4\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Retreat<span class=\"_ _3\"></span>, LLC<span class=\"_ _b2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Investment<span class=\"_ _3ab\"> </span><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs1832\">Entity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1833\">% he<span class=\"_ _3\"></span>ld by </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1834\">the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1835\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Riverch<span class=\"_ _3\"></span>ase </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs1836\">L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>, LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs1837\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1838\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1839\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne San M<span class=\"_ _3\"></span>ateo, LLC<span class=\"_ _ba\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs183a\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs183b\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Sout<span class=\"_ _3\"></span>hwind, L<span class=\"_ _3\"></span>LC<span class=\"_ _b9\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs183c\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs183d\">BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Wolfcha<span class=\"_ _3\"></span>se, LLC<span class=\"_ _db\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs183e\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs183f\">BBC A<span class=\"_ _3\"></span>rmy Integ<span class=\"_ _3\"></span>rated, L<span class=\"_ _3\"></span>LC<span class=\"_ _1f6\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1840\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1841\">C<span class=\"_ _3\"></span>arolina C<span class=\"_ _3\"></span>ove (W<span class=\"_ _3\"></span>ilmin<span class=\"_ _3\"></span>gton) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs1842\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs1843\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1844\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1845\">Chen<span class=\"_ _3\"></span>al Pointe (L<span class=\"_ _3\"></span>ittle R<span class=\"_ _3\"></span>ock<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs1846\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs1847\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1848\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1849\">Cit<span class=\"_ _3\"></span>y L<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e (<span class=\"_ _3\"></span>Houston) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _57\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs184a\">Investment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs184b\">L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Inte<span class=\"_ _3\"></span>grated E<span class=\"_ _3\"></span>xpress S<span class=\"_ _3\"></span>olutio<span class=\"_ _3\"></span>ns </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs184c\">Holdco, LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs184d\">27<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs184e\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs184f\">L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Int<span class=\"_ _4\"></span>egrated Express Solutions,<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs1850\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1851\">27<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1852\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1853\">L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>s (Jac<span class=\"_ _3\"></span>ksonville) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _172\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1854\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1855\">Lexin<span class=\"_ _3\"></span>gton (Rid<span class=\"_ _3\"></span>gelan<span class=\"_ _3\"></span>d) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _1a7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1856\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1857\">Mo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>ti (H<span class=\"_ _3\"></span>omewoo<span class=\"_ _3\"></span>d) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _11f\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1858\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1859\">No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs185a\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs185b\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs185c\">Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs185d\">Pac<span class=\"_ _3\"></span>es Brook (<span class=\"_ _3\"></span>Colum<span class=\"_ _3\"></span>bia) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _bd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs185e\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls16 ws12 gs185f\">Retreat at Schilling<span class=\"_ _3\"></span>er (Mobil<span class=\"_ _3\"></span>e)<span class=\"_ _4\"></span> O<span class=\"_ _3\"></span>wner<span class=\"_ _4\"></span>, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs1860\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs1861\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1862\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1863\">Riverc<span class=\"_ _3\"></span>hase L<span class=\"_ _3\"></span>anding (<span class=\"_ _3\"></span>Hoover<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs1864\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls147 ws13c gs1865\">7.<span class=\"_ _2\"></span>5<span class=\"_ _d5\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1866\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1867\">Sa<span class=\"_ _3\"></span>n Mateo (K<span class=\"_ _3\"></span>issimm<span class=\"_ _3\"></span>ee) Own<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>, LLC<span class=\"_ _bd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1868\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1869\">So<span class=\"_ _3\"></span>uthwind (<span class=\"_ _3\"></span>Memphi<span class=\"_ _3\"></span>s) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _4c\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs186a\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs186b\">Southwind<span class=\"_ _4\"></span> (<span class=\"_ _3\"></span>Memphi<span class=\"_ _4\"></span>s) Holdings, LLC<span class=\"_ _1c4\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs186c\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs186d\">Swif<span class=\"_ _3\"></span>tsure H<span class=\"_ _3\"></span>ousing Pa<span class=\"_ _3\"></span>rtne<span class=\"_ _3\"></span>rs, LLC<span class=\"_ _cf\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs186e\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs186f\">T-BBA Riverchas<span class=\"_ _4\"></span>e Holdings, LLC<span class=\"_ _db\"> </span><span class=\"ls147 ws13c\">7.<span class=\"_ _3\"></span>5<span class=\"_ _f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1870\">Investment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1871\">V<span class=\"_ _3\"></span>iew SA Ho<span class=\"_ _3\"></span>lding C<span class=\"_ _3\"></span>ompany L<span class=\"_ _3\"></span>P </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1872\">(i)(iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls33 ws2c gs1873\">87<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1874\">Investment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1875\">V<span class=\"_ _3\"></span>iew SA LLC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1876\">(i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls33 ws2c gs1877\">87<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1878\">Investment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1879\">Wolfch<span class=\"_ _3\"></span>ase (Ba<span class=\"_ _3\"></span>rtlet<span class=\"_ _3\"></span>t) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _db\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs187a\">Investment<span class=\"_ _4\"></span> </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls66 ws5e gs187b\">Corporation Ser<span class=\"_ _3\"></span>vice Company<span class=\"_ _5\"></span>, 1900 W<span class=\"_ _4\"></span> Li<span class=\"_ _3\"></span>ttleton Blvd.,<span class=\"_ _4\"></span> Li<span class=\"_ _3\"></span>ttleton, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs187c\">CO 8<span class=\"_ _3\"></span>0120 </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs187d\">Denver<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransit Constructors<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _ce\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">D<span class=\"_ _3\"></span>esign an<span class=\"_ _3\"></span>d </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs187e\">Construction<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs187f\">Denver<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransit Operators<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _128\"> </span><span class=\"lsaa ws69\">3<span class=\"_ _3\"></span>3.3<span class=\"_ _3f\"> </span><span class=\"ls5 ws3\">Op<span class=\"_ _3\"></span>erations a<span class=\"_ _3\"></span>nd </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1880\">Maintanence<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1881\">Denver T<span class=\"_ _5\"></span>ransit Systems LLC<span class=\"_ _7e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">D<span class=\"_ _3\"></span>esign an<span class=\"_ _3\"></span>d </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1882\">Construction<span class=\"_ _3ab\"> </span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs1884\">Entity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1885\">% he<span class=\"_ _3\"></span>ld by </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1886\">the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1887\">Re<span class=\"_ _3\"></span>gis<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>d Agen<span class=\"_ _3\"></span>t Sol<span class=\"_ _3\"></span>uti<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>, Inc<span class=\"_ _3\"></span>. 9 E Lo<span class=\"_ _3\"></span>ocke<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>n St<span class=\"_ _3\"></span>ree<span class=\"_ _3\"></span>t, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1888\">31<span class=\"_ _5\"></span>1 D<span class=\"_ _3\"></span>over DE 19<span class=\"_ _3\"></span>901<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1889\">United C<span class=\"_ _3\"></span>ampu<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>tners, L<span class=\"_ _3\"></span>LC<span class=\"_ _f2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs188a\">Investment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs188b\">Vietnam<span class=\"_ _2fe\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs188c\">5t<span class=\"_ _3\"></span>h Floo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>, Ge<span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>dep<span class=\"_ _3\"></span>t T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>wer, 2Bi<span class=\"_ _3\"></span>s\u2013<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>\u2013<span class=\"_ _3\"></span>6 L<span class=\"_ _3\"></span>e Than<span class=\"_ _3\"></span>h T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>n Str<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, B<span class=\"_ _3\"></span>en </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs188d\">Ng<span class=\"_ _3\"></span>he War<span class=\"_ _3\"></span>d, Di<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>t 1, Ho Ch<span class=\"_ _3\"></span>i Min<span class=\"_ _3\"></span>h Ci<span class=\"_ _3\"></span>ty, Vie<span class=\"_ _3\"></span>tn<span class=\"_ _3\"></span>am<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs188e\">Gam<span class=\"_ _3\"></span>mon Co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion V<span class=\"_ _3\"></span>ietnam C<span class=\"_ _3\"></span>o. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs188f\">Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsb4 wsad gs1890\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Co<span class=\"_ _3\"></span>nstruction </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1891\">and M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1892\">Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs1893\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1894\">(i<span class=\"_ _3\"></span>)  Du<span class=\"_ _3\"></span>e to the sh<span class=\"_ _3\"></span>areho<span class=\"_ _3\"></span>lder<span class=\"_ _3\"></span>s\u2019 agre<span class=\"_ _3\"></span>ement b<span class=\"_ _3\"></span>etwe<span class=\"_ _3\"></span>en Bal<span class=\"_ _3\"></span>four Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he othe<span class=\"_ _3\"></span>r share<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>ers </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1895\">req<span class=\"_ _3\"></span>uirin<span class=\"_ _3\"></span>g unan<span class=\"_ _3\"></span>imit<span class=\"_ _3\"></span>y of agre<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t in resp<span class=\"_ _3\"></span>ect of si<span class=\"_ _3\"></span>gnif<span class=\"_ _3\"></span>ican<span class=\"_ _3\"></span>t mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to th<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncia<span class=\"_ _3\"></span>l </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1896\">and o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any, the D<span class=\"_ _3\"></span>irecto<span class=\"_ _3\"></span>rs co<span class=\"_ _3\"></span>nside<span class=\"_ _3\"></span>r that t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p doe<span class=\"_ _3\"></span>s not </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1897\">co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>pany an<span class=\"_ _3\"></span>d it has b<span class=\"_ _3\"></span>een ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for as a j<span class=\"_ _3\"></span>oint ve<span class=\"_ _3\"></span>nture. </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1898\">(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span> Prefe<span class=\"_ _3\"></span>rence s<span class=\"_ _3\"></span>hares a<span class=\"_ _3\"></span>nd/o<span class=\"_ _3\"></span>r defer<span class=\"_ _3\"></span>red sh<span class=\"_ _3\"></span>ares als<span class=\"_ _3\"></span>o held<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs1899\">(iii) <span class=\"_ _6\"></span> Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terest held.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs189b\">Entity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs189c\">% he<span class=\"_ _3\"></span>ld by </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs189d\">the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gs189e\">United Kingdom<span class=\"_ _396\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs189f\">As<span class=\"_ _3\"></span>hfo<span class=\"_ _3\"></span>rd Ho<span class=\"_ _3\"></span>use<span class=\"_ _3\"></span>, Gre<span class=\"_ _3\"></span>nad<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>r Road<span class=\"_ _3\"></span>, Exe<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r EX1 3LH<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18a0\">UBB W<span class=\"_ _3\"></span>aste (Ess<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>) Ltd<span class=\"_ _41\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls61 ws59 gs18a1\">United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _1b7\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs18a2\">Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs18a3\">Wi<span class=\"_ _3\"></span>lmi<span class=\"_ _3\"></span>ngt<span class=\"_ _3\"></span>on DE 19<span class=\"_ _3\"></span>808<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18a4\">ACC G<span class=\"_ _3\"></span>roup Hou<span class=\"_ _3\"></span>sing, L<span class=\"_ _3\"></span>LC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs18a5\">(i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs18a6\">10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18a7\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18a8\">AE<span class=\"_ _3\"></span>TC H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs18a9\">(i)(ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls16a ws15f gs18aa\">80<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18ab\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18ac\">A<span class=\"_ _3\"></span>MC West H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs18ad\">(i)(ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs18ae\">10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18af\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18b0\">C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/P<span class=\"_ _3\"></span>icatinny F<span class=\"_ _3\"></span>amily Ho<span class=\"_ _3\"></span>using LP </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs18b1\">(ii) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs18b2\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18b3\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls85 ws7d gs18b4\">FDWR Pare<span class=\"_ _4\"></span>nt LLC<span class=\"_ _30\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18b5\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18b6\">For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>hite S<span class=\"_ _3\"></span>ands Mis<span class=\"_ _3\"></span>sile Rang<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18b7\">Hou<span class=\"_ _3\"></span>sing LP </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs18b8\">(ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs18b9\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18ba\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18bb\">For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson Fa<span class=\"_ _3\"></span>mily Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _57\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18bc\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18bd\">For<span class=\"_ _3\"></span>t Detr<span class=\"_ _3\"></span>ick<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>Wa<span class=\"_ _3\"></span>lter Reed A<span class=\"_ _3\"></span>rmy </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18be\">Me<span class=\"_ _3\"></span>dical C<span class=\"_ _3\"></span>enter Hous<span class=\"_ _3\"></span>ing LLC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs18bf\">(i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs18c0\">10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18c1\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18c2\">For<span class=\"_ _3\"></span>t Eustis<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>For<span class=\"_ _3\"></span>t Stor<span class=\"_ _3\"></span>y Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _55\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18c3\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18c4\">For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Gordon Housing LLC<span class=\"_ _85\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18c5\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18c6\">For<span class=\"_ _3\"></span>t Ha<span class=\"_ _3\"></span>milton Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _ad\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18c7\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18c8\">For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Jackson Housing LLC<span class=\"_ _9a\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18c9\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18ca\">L<span class=\"_ _3\"></span>acklan<span class=\"_ _3\"></span>d Family H<span class=\"_ _3\"></span>ousing<span class=\"_ _3\"></span>, LLC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs18cb\">(i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs18cc\">10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18cd\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18ce\">Leo<span class=\"_ _3\"></span>nard Woo<span class=\"_ _3\"></span>d Family C<span class=\"_ _3\"></span>ommunit<span class=\"_ _3\"></span>ies, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs18cf\">LLC<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs18d0\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18d1\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs18d2\">Nor<span class=\"_ _3\"></span>theast Housing LLC<span class=\"_ _fd\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18d3\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18d4\">No<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>rn Group H<span class=\"_ _3\"></span>ousing<span class=\"_ _3\"></span>, LLC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs18d5\">(i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs18d6\">10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18d7\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18d8\">So<span class=\"_ _3\"></span>utheast H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs18d9\">(i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs18da\">10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18db\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18dc\">Stewar<span class=\"_ _3\"></span>t Hunter H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18dd\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18de\">Vanden<span class=\"_ _3\"></span>berg Ho<span class=\"_ _3\"></span>using LP </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs18df\">(i)(ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4e ws48 gs18e0\">90<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18e1\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18e2\">Wester<span class=\"_ _3\"></span>n Group Ho<span class=\"_ _3\"></span>using, L<span class=\"_ _3\"></span>P </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs18e3\">(i)(ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws88 gs18e4\">10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18e5\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs18e6\">West Po<span class=\"_ _3\"></span>int Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _13f\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs18e7\">Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs18e9\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs18ea\">(i<span class=\"_ _3\"></span>)  Th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p evalu<span class=\"_ _3\"></span>ated ea<span class=\"_ _3\"></span>ch of it<span class=\"_ _3\"></span>s interes<span class=\"_ _3\"></span>ts in th<span class=\"_ _3\"></span>e milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y housi<span class=\"_ _3\"></span>ng proj<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>s to deter<span class=\"_ _3\"></span>mine if </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs18eb\">the a<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iate<span class=\"_ _3\"></span>d entit<span class=\"_ _3\"></span>ies sho<span class=\"_ _3\"></span>uld be c<span class=\"_ _3\"></span>onso<span class=\"_ _3\"></span>lida<span class=\"_ _3\"></span>ted. T<span class=\"_ _3\"></span>his an<span class=\"_ _3\"></span>alysi<span class=\"_ _3\"></span>s incl<span class=\"_ _3\"></span>uded<span class=\"_ _3\"></span>, but wa<span class=\"_ _3\"></span>s not </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs18ec\">lim<span class=\"_ _3\"></span>ited to, i<span class=\"_ _3\"></span>denti<span class=\"_ _3\"></span>fyi<span class=\"_ _3\"></span>ng the a<span class=\"_ _3\"></span>ctiv<span class=\"_ _3\"></span>itie<span class=\"_ _3\"></span>s that m<span class=\"_ _3\"></span>ost sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cantl<span class=\"_ _3\"></span>y imp<span class=\"_ _3\"></span>act an e<span class=\"_ _3\"></span>ntit<span class=\"_ _3\"></span>y\u2019s eco<span class=\"_ _3\"></span>nomi<span class=\"_ _3\"></span>c </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs18ed\">pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>manc<span class=\"_ _3\"></span>e, whi<span class=\"_ _3\"></span>ch par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or par<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s cont<span class=\"_ _3\"></span>rol tho<span class=\"_ _3\"></span>se act<span class=\"_ _3\"></span>ivit<span class=\"_ _3\"></span>ies and t<span class=\"_ _3\"></span>he ris<span class=\"_ _3\"></span>ks asso<span class=\"_ _3\"></span>ciat<span class=\"_ _3\"></span>ed wit<span class=\"_ _3\"></span>h </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs18ee\">the<span class=\"_ _3\"></span>se enti<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>. Deci<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>maki<span class=\"_ _3\"></span>ng powe<span class=\"_ _3\"></span>r over key fa<span class=\"_ _3\"></span>cets of t<span class=\"_ _3\"></span>he cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts were ev<span class=\"_ _3\"></span>aluate<span class=\"_ _3\"></span>d </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls22a ws3 gs18ef\">wh<span class=\"_ _3\"></span>en deter<span class=\"_ _3\"></span>minin<span class=\"_ _3\"></span>g whic<span class=\"_ _3\"></span>h par<span class=\"_ _3\"></span>ty o<span class=\"_ _3\"></span>r par<span class=\"_ _3\"></span>ties h<span class=\"_ _3\"></span>ad co<span class=\"_ _3\"></span>ntrol ove<span class=\"_ _3\"></span>r the ac<span class=\"_ _3\"></span>tivi<span class=\"_ _3\"></span>ties t<span class=\"_ _3\"></span>hat mos<span class=\"_ _3\"></span>t sign<span class=\"_ _3\"></span>ific<span class=\"_ _3\"></span>antly<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs18f0\">imp<span class=\"_ _3\"></span>act a p<span class=\"_ _3\"></span>rojec<span class=\"_ _3\"></span>t\u2019s ec<span class=\"_ _3\"></span>onomi<span class=\"_ _3\"></span>cs. B<span class=\"_ _3\"></span>ased o<span class=\"_ _3\"></span>n this rev<span class=\"_ _3\"></span>iew, the Di<span class=\"_ _3\"></span>recto<span class=\"_ _3\"></span>rs con<span class=\"_ _3\"></span>side<span class=\"_ _3\"></span>r that th<span class=\"_ _3\"></span>e </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs18f1\">Gro<span class=\"_ _3\"></span>up doe<span class=\"_ _3\"></span>s not hav<span class=\"_ _3\"></span>e the po<span class=\"_ _3\"></span>wer to dire<span class=\"_ _3\"></span>ct the<span class=\"_ _3\"></span>se ac<span class=\"_ _3\"></span>tivi<span class=\"_ _3\"></span>ties an<span class=\"_ _3\"></span>d does n<span class=\"_ _3\"></span>ot cont<span class=\"_ _3\"></span>rol or j<span class=\"_ _3\"></span>ointl<span class=\"_ _3\"></span>y </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls3 ws3 gs18f2\">co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>em and t<span class=\"_ _3\"></span>herefor<span class=\"_ _3\"></span>e the ent<span class=\"_ _3\"></span>ities h<span class=\"_ _3\"></span>ave bee<span class=\"_ _3\"></span>n acc<span class=\"_ _3\"></span>ounted f<span class=\"_ _3\"></span>or as ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ated un<span class=\"_ _3\"></span>der<span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>ngs.<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs18f3\">(ii) <span class=\"_ _3\"></span>Partnership interests<span class=\"_ _4\"></span> held.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-591": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls5 ws3 gs968\">21 PPP fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>ial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs969\">Economic<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs96a\">infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs96b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs96c\">So<span class=\"_ _3\"></span>cial </div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsce wsc3 gs96d\">infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs96e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gs96f\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs970\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs971\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2f1\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _9a\"> </span></span>7<span class=\"_ _a3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls73 ws80 gs972\">Income recognised in<span class=\"_ _4\"></span> the income statement:<span class=\"_ _31d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs973\">\u2013 interest in<span class=\"_ _3\"></span>come (N<span class=\"_ _3\"></span>ote 8)<span class=\"_ _2b7\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs974\">Los<span class=\"_ _3\"></span>ses reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e statement of c<span class=\"_ _3\"></span>omprehe<span class=\"_ _3\"></span>nsive inco<span class=\"_ _3\"></span>me:<span class=\"_ _e1\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs975\">\u2013 fair val<span class=\"_ _3\"></span>ue movement<span class=\"_ _3\"></span>s<span class=\"_ _2a5\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs976\">Other movements:<span class=\"_ _31e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs977\">\u2013 ca<span class=\"_ _3\"></span>sh e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pend<span class=\"_ _3\"></span>iture<span class=\"_ _115\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs978\">\u2013 ca<span class=\"_ _3\"></span>sh received<span class=\"_ _31f\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _a3\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs979\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2e5\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _9a\"> </span></span>5<span class=\"_ _9d\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls73 ws80 gs97a\">Income recognised in<span class=\"_ _4\"></span> the income statement:<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs97b\">\u2013 interest in<span class=\"_ _3\"></span>come (N<span class=\"_ _3\"></span>ote 8)<span class=\"_ _2b7\"> </span><span class=\"ff3b\">2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gs97c\">Other movements:<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs97d\">\u2013 ca<span class=\"_ _3\"></span>sh e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pend<span class=\"_ _3\"></span>iture<span class=\"_ _115\"> </span><span class=\"ff3b\">2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs97e\">\u2013 ca<span class=\"_ _3\"></span>sh received<span class=\"_ _31f\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _145\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls10d ws101\">(6)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs97f\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2f3\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _9a\"> </span></span>5<span class=\"_ _38\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs980\">As<span class=\"_ _3\"></span>sets cons<span class=\"_ _3\"></span>tructe<span class=\"_ _3\"></span>d by PPP sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>y co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>on comp<span class=\"_ _3\"></span>anies are cl<span class=\"_ _3\"></span>assifie<span class=\"_ _3\"></span>d as financ<span class=\"_ _3\"></span>ial asset<span class=\"_ _3\"></span>s measured a<span class=\"_ _3\"></span>t fair value thro<span class=\"_ _3\"></span>ugh OC<span class=\"_ _3\"></span>I and are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs981\">den<span class=\"_ _3\"></span>ominated in ste<span class=\"_ _3\"></span>rling. T<span class=\"_ _3\"></span>he max<span class=\"_ _3\"></span>imum expos<span class=\"_ _3\"></span>ure t<span class=\"_ _4\"></span>o c<span class=\"_ _3\"></span>redit ris<span class=\"_ _3\"></span>k at the repor<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g date is the fair v<span class=\"_ _3\"></span>alue of the PP<span class=\"_ _3\"></span>P financ<span class=\"_ _3\"></span>ial asset<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs982\">Th<span class=\"_ _3\"></span>ere were no impa<span class=\"_ _3\"></span>irment prov<span class=\"_ _3\"></span>isions in 20<span class=\"_ _3\"></span>23 or 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2.<span class=\"_ _3ab\"> </span></div>27 Cash<span class=\"_ _4\"></span> and cash equivalents a<span class=\"_ _4\"></span>nd borrowings<span class=\"_ _3ab\"> </span>27<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 Group<span class=\"_ _3ab\"> </span>Current 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Cur<span class=\"_ _3\"></span>rent 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>curren<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Unse<span class=\"_ _3\"></span>cured bor<span class=\"_ _3\"></span>rowings at a<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st<span class=\"_ _237\"> </span><span class=\"ff46\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span></span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> \u2013 Bank ove<span class=\"_ _3\"></span>rdraf<span class=\"_ _3\"></span>ts <span class=\"_ _340\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _7f\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>\u2013 US pr<span class=\"_ _3\"></span>ivate pla<span class=\"_ _3\"></span>cement (<span class=\"_ _3\"></span>Note 27<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span>2) <span class=\"_ _2da\"> </span><span class=\"ff46\">\u2013<span class=\"_ _125\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _cc\"> </span>(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _cc\"> </span></span></span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _3b\"> </span><span class=\"ls66 ws5e\">(<span class=\"_ _3\"></span>345)</span></span></span> <span class=\"_ _341\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _cc\"> </span>(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3b\"> </span></span><span class=\"ff46\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _fa\"> </span></span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _1cc\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _3ab\"> </span></span></span></span>C<span class=\"_ _3\"></span>ash and dep<span class=\"_ _3\"></span>osits at a<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st <span class=\"_ _1be\"> </span><span class=\"ff46 ls18b ws188\">8<span class=\"_ _3\"></span>90<span class=\"_ _b0\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _a0\"> </span><span class=\"ls18b ws188\">890<span class=\"_ _a0\"> </span></span></span><span class=\"ls3e ws39\">828<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls3e ws39\">828<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>erm d<span class=\"_ _3\"></span>eposi<span class=\"_ _3\"></span>ts at amor<span class=\"_ _3\"></span>tise<span class=\"_ _3\"></span>d cost <span class=\"_ _2da\"> </span><span class=\"ff46 ls90 ws116\">218<span class=\"_ _11c\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _97\"> </span><span class=\"ls90 ws116\">218<span class=\"_ _a0\"> </span></span></span><span class=\"ls10b wsff\">332<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls10b wsff\">332<span class=\"_ _3ab\"> </span></span>C<span class=\"_ _3\"></span>ash and ca<span class=\"_ _3\"></span>sh equiva<span class=\"_ _3\"></span>lents (excludin<span class=\"_ _3\"></span>g infrastr<span class=\"_ _3\"></span>ucture concessions)<span class=\"_ _4\"></span> <span class=\"_ _33e\"> </span><span class=\"ff46 ls125 ws11c\">1,1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _b1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _10a\"> </span></span>1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3b\"> </span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _b1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _10a\"> </span></span>1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0</span> <span class=\"_ _260\"> </span><span class=\"ff46 ls93 wsfa\">1,0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _e0\"> </span><span class=\"ls10f ws105\">(16<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _128\"> </span><span class=\"lsb4 wsad\">842<span class=\"_ _a1\"> </span></span></span></span><span class=\"ls33 ws2c\">9<span class=\"_ _3\"></span>87<span class=\"_ _b2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _4\"></span>72)<span class=\"_ _e0\"> </span><span class=\"ls100 ws104\">8<span class=\"_ _3\"></span>15<span class=\"_ _3ab\"> </span></span></span></span>Non<span class=\"_ _3\"></span>-recourse inf<span class=\"_ _4\"></span>rastructure concessions<span class=\"_ _4\"></span> project finance loans<span class=\"_ _4\"></span> at amo<span class=\"_ _3\"></span>rtis<span class=\"_ _3\"></span>ed cost w<span class=\"_ _3\"></span>ith final m<span class=\"_ _3\"></span>aturit<span class=\"_ _3\"></span>y bet<span class=\"_ _3\"></span>ween 20<span class=\"_ _3\"></span>24 and 207<span class=\"_ _3\"></span>2<span class=\"_ _20\"> </span><span class=\"ff46 lsf7 ws100\">(9)<span class=\"_ _fa\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>61)<span class=\"_ _fa\"> </span><span class=\"ls109 ws87\">(570)<span class=\"_ _116\"> </span></span></span></span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _fa\"> </span><span class=\"lsa9 wsa0\">(231<span class=\"_ _4\"></span>)<span class=\"_ _cc\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></span>Infrastructure concessions cash and cash equivalents <span class=\"_ _40\"> </span><span class=\"ff46 ls66 ws5e\">30<span class=\"_ _3\"></span>6<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>30<span class=\"_ _3\"></span>6<span class=\"_ _9d\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span></span>19</span> <span class=\"_ _228\"> </span><span class=\"ff46 ls15 ws11\">2<span class=\"_ _3\"></span>97<span class=\"_ _125\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _3b\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>64)<span class=\"_ _20c\"> </span></span></span></span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"lsa9 wsa0\">(231<span class=\"_ _5\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>242)<span class=\"_ _3ab\"> </span></span></span></span>Net cash/<span class=\"_ _5\"></span>(borrowings<span class=\"_ _4\"></span>) <span class=\"_ _342\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>01<span class=\"_ _125\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>23)<span class=\"_ _b2\"> </span><span class=\"ls109 ws87\">578<span class=\"_ _180\"> </span><span class=\"ff47 ls16 ws12\">976<span class=\"_ _128\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>03)<span class=\"_ _125\"> </span><span class=\"ls74 ws6b\">573<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span>, toget<span class=\"_ _3\"></span>her with c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain of its UK su<span class=\"_ _3\"></span>bsidia<span class=\"_ _3\"></span>ries, op<span class=\"_ _3\"></span>erates a noti<span class=\"_ _3\"></span>onal po<span class=\"_ _3\"></span>oling fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y with a mai<span class=\"_ _3\"></span>n r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>lationsh<span class=\"_ _3\"></span>ip UK cle<span class=\"_ _3\"></span>aring ba<span class=\"_ _3\"></span>nk whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ gs52\"> </span>ove<span class=\"_ _3\"></span>rdraf<span class=\"_ _3\"></span>t balanc<span class=\"_ _3\"></span>es are offs<span class=\"_ _3\"></span>et with ca<span class=\"_ _3\"></span>sh balan<span class=\"_ _3\"></span>ces and interes<span class=\"_ _3\"></span>t is calcu<span class=\"_ _3\"></span>lated on a net b<span class=\"_ _3\"></span>asis. Dur<span class=\"_ _3\"></span>ing the year e<span class=\"_ _3\"></span>nded 31 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3, the<span class=\"_ gs52\"> </span>Gro<span class=\"_ _3\"></span>up mainta<span class=\"_ _3\"></span>ined a net c<span class=\"_ _3\"></span>ash posit<span class=\"_ _3\"></span>ion on this p<span class=\"_ _3\"></span>ooling f<span class=\"_ _3\"></span>acilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, so t<span class=\"_ _3\"></span>here was no interest p<span class=\"_ _3\"></span>ayable to th<span class=\"_ _3\"></span>e bank in resp<span class=\"_ _3\"></span>ect of the<span class=\"_ _3\"></span>se bank overdra<span class=\"_ _3\"></span>fts. O<span class=\"_ _3\"></span>verdraf<span class=\"_ _3\"></span>t bal<span class=\"_ _3\"></span>ances an<span class=\"_ _3\"></span>d cash hel<span class=\"_ _3\"></span>d at this bank h<span class=\"_ _3\"></span>ave been rep<span class=\"_ _3\"></span>orte<span class=\"_ _3\"></span>d gross in the G<span class=\"_ _3\"></span>roup bal<span class=\"_ _3\"></span>ance sheet a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 as there<span class=\"_ gs52\"> </span>wa<span class=\"_ _3\"></span>s no intention to set<span class=\"_ _3\"></span>tle the b<span class=\"_ _3\"></span>ank overdraf<span class=\"_ _3\"></span>ts at that d<span class=\"_ _3\"></span>ate. Th<span class=\"_ _3\"></span>e loans rel<span class=\"_ _3\"></span>ating to projec<span class=\"_ _3\"></span>t financ<span class=\"_ _3\"></span>e arise und<span class=\"_ _3\"></span>er non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>recours<span class=\"_ _3\"></span>e faciliti<span class=\"_ _3\"></span>es taken out by p<span class=\"_ _3\"></span>roject-<span class=\"_ _3\"></span>spe<span class=\"_ _3\"></span>cific su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>y c<span class=\"_ _3\"></span>ompanie<span class=\"_ _3\"></span>s. The l<span class=\"_ _3\"></span>oans of eac<span class=\"_ _3\"></span>h com<span class=\"_ _3\"></span>pany are secu<span class=\"_ _3\"></span>red by a com<span class=\"_ _3\"></span>bination of f<span class=\"_ _3\"></span>ixed and flo<span class=\"_ _3\"></span>ating ch<span class=\"_ _3\"></span>arges over th<span class=\"_ _3\"></span>at comp<span class=\"_ _3\"></span>any\u2019<span class=\"_ _4\"></span>s i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests in its p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s as<span class=\"_ _3\"></span>sets and revenues a<span class=\"_ _3\"></span>nd the shares i<span class=\"_ _3\"></span>n the comp<span class=\"_ _3\"></span>any held by it<span class=\"_ _3\"></span>s immedi<span class=\"_ _3\"></span>ate parent co<span class=\"_ _3\"></span>mpany<span class=\"_ _4\"></span>.  T<span class=\"_ _4\"></span>erm d<span class=\"_ _3\"></span>eposi<span class=\"_ _3\"></span>ts are held o<span class=\"_ _3\"></span>n a shor<span class=\"_ _3\"></span>t-term b<span class=\"_ _3\"></span>asis and are rea<span class=\"_ _3\"></span>dily ac<span class=\"_ _3\"></span>cessib<span class=\"_ _3\"></span>le to the Group a<span class=\"_ _3\"></span>t any time wit<span class=\"_ _3\"></span>h insignifi<span class=\"_ _3\"></span>cant brea<span class=\"_ _3\"></span>k costs. Inc<span class=\"_ _3\"></span>luded in c<span class=\"_ _3\"></span>ash and c<span class=\"_ _3\"></span>ash equi<span class=\"_ _3\"></span>valents is res<span class=\"_ _3\"></span>tricted c<span class=\"_ _3\"></span>ash of \u00a312m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3m) he<span class=\"_ _3\"></span>ld by the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s self<span class=\"_ _3\"></span>-in<span class=\"_ _3\"></span>surance c<span class=\"_ _3\"></span>ompany, Delph<span class=\"_ _3\"></span>ian Insura<span class=\"_ _3\"></span>nce Co<span class=\"_ _3\"></span>mpany Ltd, w<span class=\"_ _3\"></span>hich is subj<span class=\"_ _3\"></span>ect to Isle of M<span class=\"_ _3\"></span>an insura<span class=\"_ _3\"></span>nce sol<span class=\"_ _3\"></span>vency regul<span class=\"_ _3\"></span>ations. C<span class=\"_ _3\"></span>ash and ca<span class=\"_ _3\"></span>sh equiva<span class=\"_ _3\"></span>lents also i<span class=\"_ _3\"></span>nclude: \u00a3<span class=\"_ _3\"></span>77m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a31<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>m) within co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion proj<span class=\"_ _3\"></span>ect bank a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>s which is us<span class=\"_ _3\"></span>ed for projec<span class=\"_ _3\"></span>t spec<span class=\"_ _3\"></span>ific expe<span class=\"_ _3\"></span>nditure; \u00a3<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>9m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>3m) in relati<span class=\"_ _3\"></span>on to the Group\u2019s share of c<span class=\"_ _3\"></span>ash held by j<span class=\"_ _3\"></span>oint oper<span class=\"_ _3\"></span>ations whi<span class=\"_ _3\"></span>ch is used for ex<span class=\"_ _3\"></span>pendit<span class=\"_ _3\"></span>ure within the j<span class=\"_ _3\"></span>oint ope<span class=\"_ _3\"></span>ration p<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>jects; and \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a319m) relati<span class=\"_ _3\"></span>ng to maintenan<span class=\"_ _3\"></span>ce and other re<span class=\"_ _3\"></span>serve a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>s in Infrast<span class=\"_ _3\"></span>ructure Inves<span class=\"_ _3\"></span>tments sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies, of whic<span class=\"_ _3\"></span>h \u00a327<span class=\"_ _3\"></span>7m is reser<span class=\"_ _3\"></span>ved for the c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion of Uni<span class=\"_ _3\"></span>versit<span class=\"_ _3\"></span>y of Sussex\u2019s West Sl<span class=\"_ _3\"></span>ope stu<span class=\"_ _3\"></span>dent acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation proj<span class=\"_ _3\"></span>ect. Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f the Gr<span class=\"_ _3\"></span>oup\u2019s bor<span class=\"_ _3\"></span>row<span class=\"_ _3\"></span>ings a<span class=\"_ _3\"></span>t 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r<span class=\"_ _3ab\"> </span>Non-rec<span class=\"_ _3\"></span>ourse<span class=\"_ _3ab\"> </span>projec<span class=\"_ _3\"></span>t fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nce 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r borrowings<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-recourse<span class=\"_ _3ab\"> </span>proje<span class=\"_ _3\"></span>ct finance 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other borrowing<span class=\"_ _4\"></span>s 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year <span class=\"_ _186\"> </span><span class=\"ff46 lsf7 ws100\">(9)<span class=\"_ _1cc\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _1cb\"> </span><span class=\"ls110 ws106\">(11<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span></span></span></span><span class=\"lsaa ws69\">(30)<span class=\"_ _ef\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">(<span class=\"_ _3\"></span>203)<span class=\"_ _3ab\"> </span></span></span></span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _343\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>9)<span class=\"_ _116\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>9)<span class=\"_ _a3\"> </span></span></span></span><span class=\"ls16d ws230\">(8)<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _3ab\"> </span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _12a\"> </span><span class=\"ff46 ls14b ws189\">(1<span class=\"_ _3\"></span>81)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(2<span class=\"_ _3\"></span>7)<span class=\"_ _10a\"> </span>(<span class=\"_ _3\"></span>208)<span class=\"_ _a1\"> </span></span></span><span class=\"ls4a ws44\">(25)<span class=\"_ _a0\"> </span><span class=\"ls49 ws43\">(<span class=\"_ _3\"></span>70)<span class=\"_ _a1\"> </span><span class=\"ls66 ws5e\">(9<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _344\"> </span><span class=\"ff46 lsf7 ws100\">(370)<span class=\"_ _a1\"> </span></span><span class=\"ff46\">(96)<span class=\"_ _3b\"> </span><span class=\"ls113 ws10b\">(<span class=\"_ _4\"></span>466)<span class=\"_ _3b\"> </span><span class=\"ff47 ls12a ws11f\">(<span class=\"_ _3\"></span>19<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3b\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>00)</span></span></span></span></span> <span class=\"_ _345\"> </span><span class=\"ff46 ls109 ws87\">(570)<span class=\"_ _3b\"> </span></span><span class=\"ff46\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _10a\"> </span><span class=\"ls8b ws4\">(8<span class=\"_ _3\"></span>36)<span class=\"_ _cc\"> </span></span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _1cc\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _3b\"> </span><span class=\"ls124 ws6a\">(60<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></span></span>Th<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g values of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs are equ<span class=\"_ _3\"></span>al to the fair valu<span class=\"_ _3\"></span>es at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date. Th<span class=\"_ _3\"></span>e fair values a<span class=\"_ _3\"></span>re determine<span class=\"_ _3\"></span>d by discou<span class=\"_ _3\"></span>nting future c<span class=\"_ _3\"></span>ash flows u<span class=\"_ _3\"></span>sing yiel<span class=\"_ _3\"></span>d cur<span class=\"_ _3\"></span>ves and exchang<span class=\"_ _3\"></span>e rates prevailin<span class=\"_ _3\"></span>g at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date.<span class=\"_ _3ab\"> </span>Und<span class=\"_ _3\"></span>raw<span class=\"_ _3\"></span>n Group c<span class=\"_ _3\"></span>omm<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>ted b<span class=\"_ _3\"></span>orr<span class=\"_ _3\"></span>owin<span class=\"_ _3\"></span>g fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>ies a<span class=\"_ _3\"></span>t 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>ber in r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>ct o<span class=\"_ _3\"></span>f whic<span class=\"_ _3\"></span>h all c<span class=\"_ _3\"></span>ondi<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>s pre<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>den<span class=\"_ _3\"></span>t wer<span class=\"_ _3\"></span>e sat<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>fie<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Non-rec<span class=\"_ _3\"></span>ourse<span class=\"_ _4\"></span> pr<span class=\"_ _3\"></span>oje<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nce 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r borrowings<span class=\"_ _4\"></span> 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-recourse pro<span class=\"_ _3\"></span>ject finance 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Other borrowing<span class=\"_ _4\"></span>s 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>E<span class=\"_ _3\"></span>xpirin<span class=\"_ _3\"></span>g in one year or l<span class=\"_ _3\"></span>ess<span class=\"_ _1b5\"> </span><span class=\"ff46\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _9d\"> </span>30<span class=\"_ _11c\"> </span></span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>E<span class=\"_ _3\"></span>xpirin<span class=\"_ _3\"></span>g in more than o<span class=\"_ _3\"></span>ne year but not m<span class=\"_ _3\"></span>ore than t<span class=\"_ _3\"></span>wo years<span class=\"_ _84\"> </span><span class=\"ff46\">\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls105 wsc2\">4<span class=\"_ _3\"></span>05<span class=\"_ _116\"> </span>405<span class=\"_ _3ab\"> </span></span>E<span class=\"_ _3\"></span>xpirin<span class=\"_ _3\"></span>g in more than t<span class=\"_ _3\"></span>wo years<span class=\"_ _1c5\"> </span><span class=\"ff46\">\u2013<span class=\"_ _180\"> </span><span class=\"ls48 ws42\">47<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span>47<span class=\"_ _3\"></span>5<span class=\"_ _11c\"> </span></span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013 <span class=\"_ _24b\"> </span><span class=\"ff46\">\u2013<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">505<span class=\"_ _a0\"> </span>505<span class=\"_ _11c\"> </span></span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls105 wsc2\">405<span class=\"_ _a1\"> </span>405<span class=\"_ _3ab\"> </span></span>In Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3, the G<span class=\"_ _3\"></span>roup com<span class=\"_ _3\"></span>pleted the refin<span class=\"_ _3\"></span>ancing of i<span class=\"_ _3\"></span>ts core \u00a3<span class=\"_ _3\"></span>375<span class=\"_ _3\"></span>m revolving c<span class=\"_ _3\"></span>redit fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y which wa<span class=\"_ _3\"></span>s set to e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pire in Oc<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>24, repl<span class=\"_ _3\"></span>acing it w<span class=\"_ _3\"></span>ith a new \u00a3475<span class=\"_ _3\"></span>m facilit<span class=\"_ _3\"></span>y that w<span class=\"_ _3\"></span>ill expire in Jun<span class=\"_ _3\"></span>e 2027 (<span class=\"_ _3\"></span>the RC<span class=\"_ _3\"></span>F). The R<span class=\"_ _3\"></span>CF has a<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>tension o<span class=\"_ _3\"></span>ption for a fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r year to June 2<span class=\"_ _3\"></span>028<span class=\"_ _3\"></span>, with t<span class=\"_ _3\"></span>he agreem<span class=\"_ _3\"></span>ent of the lend<span class=\"_ _3\"></span>ing banks<span class=\"_ _3\"></span>, and its term<span class=\"_ _3\"></span>s and cond<span class=\"_ _3\"></span>itions are m<span class=\"_ _3\"></span>ateriall<span class=\"_ _3\"></span>y the same a<span class=\"_ _3\"></span>s the prior f<span class=\"_ _3\"></span>acilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he RCF i<span class=\"_ _3\"></span>s a Sustain<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y Linked L<span class=\"_ _3\"></span>oan (S<span class=\"_ _3\"></span>LL<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>, u<span class=\"_ _3\"></span>nder the ter<span class=\"_ _3\"></span>ms of which t<span class=\"_ _3\"></span>he Group is in<span class=\"_ _3\"></span>centivi<span class=\"_ _3\"></span>sed to delive<span class=\"_ _3\"></span>r annual me<span class=\"_ _3\"></span>asurabl<span class=\"_ _3\"></span>e per<span class=\"_ _3\"></span>formanc<span class=\"_ _3\"></span>e improveme<span class=\"_ _3\"></span>nt in three key areas: C<span class=\"_ _3\"></span>arb<span class=\"_ _3\"></span>on Emissio<span class=\"_ _3\"></span>ns, Soc<span class=\"_ _3\"></span>ial Value gen<span class=\"_ _3\"></span>eration a<span class=\"_ _3\"></span>nd an inde<span class=\"_ _3\"></span>pendent Env<span class=\"_ _3\"></span>ironment<span class=\"_ _3\"></span>, Soci<span class=\"_ _3\"></span>al and Gover<span class=\"_ _3\"></span>nance (<span class=\"_ _3\"></span>ESG) rat<span class=\"_ _3\"></span>ing score \u2013 th<span class=\"_ _3\"></span>ese areas of per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance and th<span class=\"_ _3\"></span>e assoc<span class=\"_ _3\"></span>iated metri<span class=\"_ _3\"></span>cs are to be reviewe<span class=\"_ _3\"></span>d and upd<span class=\"_ _3\"></span>ated in 20<span class=\"_ _3\"></span>24.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group also h<span class=\"_ _3\"></span>as a \u00a3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>m bilatera<span class=\"_ _3\"></span>l commit<span class=\"_ _3\"></span>ted faci<span class=\"_ _3\"></span>lity w<span class=\"_ _3\"></span>hich is also a S<span class=\"_ _3\"></span>LL<span class=\"_ _3\"></span>. This fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y is on similar ter<span class=\"_ _3\"></span>ms to the main R<span class=\"_ _3\"></span>CF and h<span class=\"_ _3\"></span>as an initia<span class=\"_ _3\"></span>l maturit<span class=\"_ _3\"></span>y of Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>024, b<span class=\"_ _3\"></span>ut followi<span class=\"_ _3\"></span>ng the refinan<span class=\"_ _3\"></span>cing of the m<span class=\"_ _3\"></span>ain RCF th<span class=\"_ _3\"></span>e Group ho<span class=\"_ _3\"></span>lds an exten<span class=\"_ _3\"></span>sion opti<span class=\"_ _3\"></span>on to extend ma<span class=\"_ _3\"></span>turit<span class=\"_ _3\"></span>y on this bil<span class=\"_ _3\"></span>ateral faci<span class=\"_ _3\"></span>lity to<span class=\"_ _3\"></span> Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>027<span class=\"_ _4\"></span>. A<span class=\"_ _3\"></span>s at 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 the G<span class=\"_ _3\"></span>roup had n<span class=\"_ _3\"></span>ot trigge<span class=\"_ _3\"></span>red the bil<span class=\"_ _3\"></span>ateral comm<span class=\"_ _3\"></span>itted fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>tension o<span class=\"_ _3\"></span>ption.<span class=\"_ _3\"></span> Th<span class=\"_ _3\"></span>e RCF and t<span class=\"_ _3\"></span>he \u00a33<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>m bilateral c<span class=\"_ _3\"></span>ommit<span class=\"_ _3\"></span>ted facil<span class=\"_ _3\"></span>ity were b<span class=\"_ _3\"></span>oth undraw<span class=\"_ _3\"></span>n at 31 Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>27<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2 US pr<span class=\"_ _3\"></span>ivat<span class=\"_ _3\"></span>e pla<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span>In M<span class=\"_ _3\"></span>arch 2013, the Gro<span class=\"_ _3\"></span>up raised U<span class=\"_ _3\"></span>S$<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>m (\u00a3<span class=\"_ _3\"></span>231<span class=\"_ _4\"></span>m) of b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs through a U<span class=\"_ _3\"></span>S priva<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>lacem<span class=\"_ _3\"></span>ent (US<span class=\"_ _3\"></span>PP) of a ser<span class=\"_ _3\"></span>ies of notes wi<span class=\"_ _3\"></span>th an average cou<span class=\"_ _3\"></span>pon of 4.<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _4\"></span>% per a<span class=\"_ _3\"></span>nnum and an avera<span class=\"_ _3\"></span>ge matur<span class=\"_ _3\"></span>ity of 9<span class=\"_ _3\"></span>.3 year<span class=\"_ _3\"></span>s. On 7 Ma<span class=\"_ _3\"></span>rch 2018, the G<span class=\"_ _3\"></span>roup repai<span class=\"_ _3\"></span>d the first tr<span class=\"_ _3\"></span>anche of th<span class=\"_ _3\"></span>ese notes amou<span class=\"_ _3\"></span>nting to US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>45<span class=\"_ _3\"></span>m (\u00a3<span class=\"_ _3\"></span>32.5<span class=\"_ _3\"></span>m). On 5 Marc<span class=\"_ _3\"></span>h 202<span class=\"_ _3\"></span>0, the Grou<span class=\"_ _3\"></span>p repaid th<span class=\"_ _3\"></span>e secon<span class=\"_ _3\"></span>d tranche of t<span class=\"_ _3\"></span>hese notes amo<span class=\"_ _3\"></span>unting to US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>46<span class=\"_ _3\"></span>m (\u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6m). On 3 Ma<span class=\"_ _3\"></span>rch 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Group rep<span class=\"_ _3\"></span>aid the thir<span class=\"_ _3\"></span>d tranche of t<span class=\"_ _3\"></span>hese notes amo<span class=\"_ _3\"></span>unting to US<span class=\"_ _3\"></span>$2<span class=\"_ _3\"></span>09<span class=\"_ _3\"></span>m (\u00a316<span class=\"_ _3\"></span>9m). At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, US<span class=\"_ _3\"></span>$5<span class=\"_ _3\"></span>0m (<span class=\"_ _3\"></span>\u00a33<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m) remain wit<span class=\"_ _3\"></span>h a cou<span class=\"_ _3\"></span>pon of 5.<span class=\"_ _3\"></span>3% and a rem<span class=\"_ _3\"></span>aining matu<span class=\"_ _3\"></span>rity of 1.2 ye<span class=\"_ _3\"></span>ars. In Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>2, the Gro<span class=\"_ _3\"></span>up raised U<span class=\"_ _3\"></span>S$158<span class=\"_ _3\"></span>m (\u00a313<span class=\"_ _3\"></span>0m) of de<span class=\"_ _3\"></span>bt in the form of new U<span class=\"_ _3\"></span>SPP note<span class=\"_ _3\"></span>s on terms and c<span class=\"_ _3\"></span>onditi<span class=\"_ _3\"></span>ons materi<span class=\"_ _3\"></span>ally the s<span class=\"_ _3\"></span>ame as the existin<span class=\"_ _3\"></span>g USP<span class=\"_ _3\"></span>P notes. The n<span class=\"_ _3\"></span>ew debt co<span class=\"_ _3\"></span>mprises U<span class=\"_ _3\"></span>S$<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5m of notes matu<span class=\"_ _3\"></span>ring in Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>7 at a fixed cou<span class=\"_ _3\"></span>pon of 6<span class=\"_ _3\"></span>.31<span class=\"_ _5\"></span>%, US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>m of notes matur<span class=\"_ _3\"></span>ing in Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>9 at a fixed co<span class=\"_ _3\"></span>upon of 6<span class=\"_ _3\"></span>.3<span class=\"_ _3\"></span>9% and US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>3m of notes mat<span class=\"_ _3\"></span>uring in Ju<span class=\"_ _3\"></span>ne 20<span class=\"_ _3\"></span>32 at a fixed c<span class=\"_ _3\"></span>oupo<span class=\"_ _3\"></span>n of 6.4<span class=\"_ _3\"></span>5%. At 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he US<span class=\"_ _3\"></span>$1<span class=\"_ _4\"></span>5<span class=\"_ _3\"></span>8m new U<span class=\"_ _3\"></span>SPP notes h<span class=\"_ _3\"></span>ave an average c<span class=\"_ _3\"></span>oupo<span class=\"_ _3\"></span>n of 6.4% per annum a<span class=\"_ _3\"></span>nd a remaining ave<span class=\"_ _3\"></span>rage ma<span class=\"_ _3\"></span>turit<span class=\"_ _3\"></span>y of 5.9 ye<span class=\"_ _3\"></span>ars. 2<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span> C<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span>Current 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Cur<span class=\"_ _3\"></span>rent 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>rrent 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>ash <span class=\"_ _346\"> </span><span class=\"ff46 ls10d ws101\">150<span class=\"_ _119\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _180\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _3\"></span>0<span class=\"_ _a3\"> </span></span></span><span class=\"ls12c ws121\">95<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a3\"> </span><span class=\"ls12c ws121\">95<span class=\"_ _3ab\"> </span></span>Te<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>p<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _25e\"> </span><span class=\"ff46 ls90 ws116\">2<span class=\"_ _3\"></span>18<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _97\"> </span></span>218<span class=\"_ _a0\"> </span></span><span class=\"lsa9 wsa0\">329<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>329<span class=\"_ _3ab\"> </span></span>Bank ove<span class=\"_ _3\"></span>rdraf<span class=\"_ _3\"></span>ts <span class=\"_ _2df\"> </span><span class=\"ff46 ls170 ws18f\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _145\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _7e\"> </span><span class=\"ls170 ws18f\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _116\"> </span></span></span><span class=\"ls5f ws57\">(45)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls5f ws57\">(45)<span class=\"_ _3ab\"> </span></span>US pr<span class=\"_ _3\"></span>ivate pla<span class=\"_ _3\"></span>cement (<span class=\"_ _3\"></span>Note 27<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span>2) <span class=\"_ _347\"> </span><span class=\"ff46\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _cc\"> </span>(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _1cb\"> </span></span></span><span class=\"ls11e ws117\">(17<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _3b\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _3ab\"> </span></span></span></span>Net cash/<span class=\"_ _5\"></span>(borrowings<span class=\"_ _4\"></span>) <span class=\"_ _69\"> </span><span class=\"ls7 ws102\">310<span class=\"_ _e0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _b2\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>8<span class=\"_ _a0\"> </span><span class=\"ff47 ls5f ws57\">20<span class=\"_ _3\"></span>6<span class=\"_ _e0\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _87\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _3ab\"> </span></span></span></span></span></span></span><div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls5 ws3 gs1107\">40 F<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span>cia<span class=\"_ _3\"></span>l ins<span class=\"_ _3\"></span>trume<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls10b wsff gs1108\">Capital<span class=\"_ _4\"></span> risk mana<span class=\"_ _4\"></span>gement<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1109\">Th<span class=\"_ _3\"></span>e Group man<span class=\"_ _3\"></span>ages it<span class=\"_ _3\"></span>s capit<span class=\"_ _3\"></span>al to ensure its a<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y to continue a<span class=\"_ _3\"></span>s a going c<span class=\"_ _3\"></span>oncern a<span class=\"_ _3\"></span>nd to maintai<span class=\"_ _3\"></span>n an optima<span class=\"_ _3\"></span>l capit<span class=\"_ _3\"></span>al stru<span class=\"_ _3\"></span>cture to reduc<span class=\"_ _3\"></span>e the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs110a\">cos<span class=\"_ _3\"></span>t of capit<span class=\"_ _3\"></span>al. Th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>onents of c<span class=\"_ _3\"></span>apital a<span class=\"_ _3\"></span>re as follows: equ<span class=\"_ _3\"></span>ity at<span class=\"_ _3\"></span>trib<span class=\"_ _3\"></span>utabl<span class=\"_ _3\"></span>e to equit<span class=\"_ _3\"></span>y hold<span class=\"_ _3\"></span>ers of the C<span class=\"_ _3\"></span>ompany c<span class=\"_ _3\"></span>ompris<span class=\"_ _3\"></span>ing issue<span class=\"_ _3\"></span>d ordinar<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs110b\">share c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al, reser<span class=\"_ _3\"></span>ves and reta<span class=\"_ _3\"></span>ined ear<span class=\"_ _3\"></span>nings as di<span class=\"_ _3\"></span>sclose<span class=\"_ _3\"></span>d in Notes 31 and 3<span class=\"_ _3\"></span>2; US pri<span class=\"_ _3\"></span>vate place<span class=\"_ _3\"></span>ment as disc<span class=\"_ _3\"></span>losed in N<span class=\"_ _3\"></span>ote 27; and cash a<span class=\"_ _3\"></span>nd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs110c\">ca<span class=\"_ _3\"></span>sh<span class=\"_ gs52\"> </span>equiva<span class=\"_ _3\"></span>lents and b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs as disc<span class=\"_ _3\"></span>losed in N<span class=\"_ _3\"></span>ote 27<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs110d\">Th<span class=\"_ _3\"></span>e Group mai<span class=\"_ _3\"></span>ntains or ad<span class=\"_ _3\"></span>justs it<span class=\"_ _3\"></span>s capit<span class=\"_ _3\"></span>al stru<span class=\"_ _3\"></span>cture throug<span class=\"_ _3\"></span>h the paym<span class=\"_ _3\"></span>ent of divi<span class=\"_ _3\"></span>dends to eq<span class=\"_ _3\"></span>uity h<span class=\"_ _3\"></span>older<span class=\"_ _3\"></span>s, issue of new sh<span class=\"_ _3\"></span>ares and bu<span class=\"_ _3\"></span>ybac<span class=\"_ _3\"></span>k of </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs110e\">existin<span class=\"_ _3\"></span>g shares, an<span class=\"_ _3\"></span>d drawdow<span class=\"_ _3\"></span>n of new borrow<span class=\"_ _3\"></span>ings and re<span class=\"_ _3\"></span>payment of exi<span class=\"_ _3\"></span>sting bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s. The p<span class=\"_ _3\"></span>olicy of th<span class=\"_ _3\"></span>e Group is to ensure an a<span class=\"_ _3\"></span>pprop<span class=\"_ _3\"></span>riate </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs110f\">bal<span class=\"_ _3\"></span>ance bet<span class=\"_ _3\"></span>ween c<span class=\"_ _3\"></span>ash, bor<span class=\"_ _3\"></span>rowings (ot<span class=\"_ _3\"></span>her than th<span class=\"_ _3\"></span>e non<span class=\"_ _3\"></span>-rec<span class=\"_ _3\"></span>ourse b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs of comp<span class=\"_ _3\"></span>anies eng<span class=\"_ _3\"></span>aged in I<span class=\"_ _3\"></span>nfrastru<span class=\"_ _3\"></span>cture Investm<span class=\"_ _3\"></span>ents proje<span class=\"_ _3\"></span>cts), </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1110\">working capital and the value in the In<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>uctur<span class=\"_ _4\"></span>e Investments inv<span class=\"_ _4\"></span>estment por<span class=\"_ _3\"></span>tfolio.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1111\">Th<span class=\"_ _3\"></span>e overall ca<span class=\"_ _3\"></span>pital r<span class=\"_ _3\"></span>isk manag<span class=\"_ _3\"></span>ement stra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>gy of the G<span class=\"_ _3\"></span>roup remains u<span class=\"_ _3\"></span>nchan<span class=\"_ _3\"></span>ged from 20<span class=\"_ _3\"></span>22. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1112\">In 20<span class=\"_ _3\"></span>23 the C<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>any comme<span class=\"_ _3\"></span>nced the t<span class=\"_ _3\"></span>hird phase of i<span class=\"_ _3\"></span>ts share bu<span class=\"_ _3\"></span>yback p<span class=\"_ _3\"></span>rogramm<span class=\"_ _3\"></span>e, which c<span class=\"_ _3\"></span>ompleted o<span class=\"_ _3\"></span>n 1<span class=\"_ _4\"></span>5 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3. T<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1113\">purch<span class=\"_ _3\"></span>ased 4<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>3m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: 52.0<span class=\"_ _3\"></span>m) shares for a tot<span class=\"_ _3\"></span>al consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>5<span class=\"_ _3\"></span>0m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3150<span class=\"_ _3\"></span>m) and hel<span class=\"_ _3\"></span>d these sha<span class=\"_ _3\"></span>res in treasur<span class=\"_ _3\"></span>y wit<span class=\"_ _3\"></span>h no voting </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1114\">rig<span class=\"_ _3\"></span>hts. The p<span class=\"_ _3\"></span>urchase of th<span class=\"_ _3\"></span>ese shares<span class=\"_ _3\"></span>, t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>gether w<span class=\"_ _3\"></span>ith asso<span class=\"_ _3\"></span>ciated fees an<span class=\"_ _3\"></span>d stamp d<span class=\"_ _3\"></span>uty am<span class=\"_ _3\"></span>ounting to \u00a31m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m), u<span class=\"_ _3\"></span>tilised \u00a3151<span class=\"_ _5\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1115\">\u00a315<span class=\"_ _4\"></span>1m) of the Co<span class=\"_ _3\"></span>mpany\u2019s distr<span class=\"_ _3\"></span>ibuta<span class=\"_ _3\"></span>ble profit<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 wsc8 gs1116\">On 2<span class=\"_ _3\"></span>0 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Com<span class=\"_ _3\"></span>pany can<span class=\"_ _3\"></span>celled th<span class=\"_ _3\"></span>e 43<span class=\"_ _3\"></span>.3<span class=\"_ _3\"></span>m treasur<span class=\"_ _3\"></span>y shares p<span class=\"_ _3\"></span>urchase<span class=\"_ _3\"></span>d through th<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3 phase of it<span class=\"_ _3\"></span>s share buy<span class=\"_ _3\"></span>back p<span class=\"_ _3\"></span>rogramm<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1117\">(2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: 1<span class=\"_ _4\"></span>0<span class=\"_ _3\"></span>2.3<span class=\"_ _3\"></span>m)<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his can<span class=\"_ _3\"></span>cellati<span class=\"_ _3\"></span>on resulted in a d<span class=\"_ _3\"></span>ecrease i<span class=\"_ _3\"></span>n called<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up sha<span class=\"_ _3\"></span>re capit<span class=\"_ _3\"></span>al in issue of \u00a3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>) and a cor<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>spond<span class=\"_ _3\"></span>ing incre<span class=\"_ _3\"></span>ase </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1118\">in the c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al redempt<span class=\"_ _3\"></span>ion reser<span class=\"_ _3\"></span>ve.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gs1119\">Categorie<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> of finan<span class=\"_ _3\"></span>cial instrument<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs111a\">Loans and<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gs111b\">receivables </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lscf ws138 gs111c\">at am<span class=\"_ _4\"></span>or<span class=\"_ _3\"></span>tised<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs111d\">co<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>, ca<span class=\"_ _3\"></span>sh </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws9e gs111e\">and deposits </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs111f\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs1120\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1121\">Financial </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gs1122\">liabilities at<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls143 ws138 gs1123\">amortised </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1124\">co<span class=\"_ _3\"></span>st </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gs1125\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs1126\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1127\">Financial </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1128\">as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1129\">fa<span class=\"_ _3\"></span>ir va<span class=\"_ _3\"></span>lue<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gs112a\">through<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gs112b\">OCI<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs112c\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs112d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs112e\">Financial </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs112f\">as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls143 ws138 gs1130\">amortised </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gs1131\">cost<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gs1132\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs1133\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1134\">Financial </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1135\">as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1136\">fa<span class=\"_ _3\"></span>ir va<span class=\"_ _3\"></span>lue </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gs1137\">through<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1138\">P&amp;<span class=\"_ _3\"></span>L </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gs1139\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs113a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls6c ws64 gs113b\">Derivativ<span class=\"_ _4\"></span>es </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs113c\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs113d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs113e\">Lo<span class=\"_ _3\"></span>ans and </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gs113f\">receivables<span class=\"_ _4\"></span> at </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls204 ws18c gs1140\">amortise<span class=\"_ _3\"></span>d </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1141\">co<span class=\"_ _3\"></span>st, c<span class=\"_ _3\"></span>ash </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls10d ws8e gs1142\">and deposits </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1143\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1144\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1145\">Financial </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gs1146\">liabilities at </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1147\">amortise<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1148\">co<span class=\"_ _3\"></span>st </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gs1149\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs114a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs114b\">Financial </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs114c\">ass<span class=\"_ _3\"></span>ets at </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gs114d\">fair value<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs114e\">through<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsd2 wsc6 gs114f\">OCI<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1150\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1151\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1152\">Financial </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1153\">ass<span class=\"_ _3\"></span>ets at </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1154\">amortise<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs1155\">cost<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gs1156\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1157\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs1158\">Financial </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1159\">ass<span class=\"_ _3\"></span>ets at </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs115a\">fai<span class=\"_ _3\"></span>r value </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs115b\">through<span class=\"_ _4\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs115c\">P&amp;<span class=\"_ _3\"></span>L </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gs115d\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs115e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs115f\">Derivatives </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1160\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1161\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs1162\">Financial </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls113 ws10b gs1163\">assets<span class=\"_ _40\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _39\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _39\"> </span><span class=\"ff47\"> <span class=\"_ _81\"> </span> <span class=\"_ _a0\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1164\">Fixed r<span class=\"_ _3\"></span>ate </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1165\">bon<span class=\"_ _3\"></span>ds and </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gs1166\">treasury stock<span class=\"_ _51\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _e0\"> </span>2<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls16 ws12 gs1167\">Mutual fun<span class=\"_ _3\"></span>ds<span class=\"_ _39\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ff47\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _e0\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1168\">Ot<span class=\"_ _3\"></span>her </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1169\">investmen<span class=\"_ _4\"></span>t </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls4f ws49 gs116a\">assets<span class=\"_ _302\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _b2\"> </span>2<span class=\"_ _fa\"> </span>7<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _e0\"> </span>7<span class=\"_ _2f\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _7e\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs116b\">PP<span class=\"_ _3\"></span>P financ<span class=\"_ _3\"></span>ial </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls4f ws49 gs116c\">assets<span class=\"_ _302\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _e0\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ff47\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _e0\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs116d\">C<span class=\"_ _3\"></span>ash and </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls49 ws43 gs116e\">depo<span class=\"_ _3\"></span>sits<span class=\"_ _145\"> </span><span class=\"ff46 ls10a wsfe\">1,<span class=\"_ _2\"></span>414<span class=\"_ _a3\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d5\"> </span></span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,17<span class=\"_ _3\"></span>9<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs116f\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls170 ws18f gs1170\">other </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gs1171\">receivables<span class=\"_ _128\"> </span><span class=\"ff46 ls125 ws11c\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1172\">\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1173\">\u2013<span class=\"_ _c3\"> </span><span class=\"ff47 ls11c ws115\">1<span class=\"_ _3\"></span>,111<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1174\">\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1175\">\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gs1176\">Derivatives<span class=\"_ _1c\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1177\">\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1178\">1<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1179\">\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs117a\">1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls110 ws106 gs117b\">To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _84\"> </span><span class=\"ls124 ws6a\">2,559<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1f7\"> </span><span class=\"ls11d wsf4\">43<span class=\"_ _125\"> </span></span>2<span class=\"_ _fa\"> </span>7<span class=\"_ _97\"> </span>1<span class=\"_ _d8\"> </span><span class=\"ff47 ls73 ws80\">2,<span class=\"_ _3\"></span>290<span class=\"_ _82\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _110\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _125\"> </span></span>9<span class=\"_ _b5\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _82\"> </span></span>1<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs117c\">Financial </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs117d\">liabilities<span class=\"_ _1fd\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _39\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _39\"> </span><span class=\"ff47\"> <span class=\"_ _81\"> </span> <span class=\"_ _a0\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs117e\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gs117f\">other payables<span class=\"_ _98\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _ba\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8)<span class=\"_ _1cb\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _11f\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,6<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span></span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1180\">Unsecured </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc ws8 gs1181\">borrowings<span class=\"_ _36\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _f6\"> </span>(26<span class=\"_ _3\"></span>6)<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ff47\">\u2013<span class=\"_ _4f\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _ef\"> </span></span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1182\">Infrastructure </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1183\">concessions </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1184\">non<span class=\"_ _3\"></span>-recourse </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls10d ws101 gs1185\">ter<span class=\"_ _3\"></span>m loa<span class=\"_ _3\"></span>ns<span class=\"_ _20f\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _e3\"> </span><span class=\"ls109 ws87\">(570)<span class=\"_ _cc\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _f\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>61)<span class=\"_ _f2\"> </span></span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gs1186\">Derivatives<span class=\"_ _1c\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _7e\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls10f ws105 gs1187\">(1)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls110 ws106 gs1188\">To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _1ea\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _10c\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>,5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4)<span class=\"_ _cc\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _7e\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _e6\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls10b wsff gs1189\">Net<span class=\"_ _378\"> </span><span class=\"ls124 ws6a\">2,559<span class=\"_ _10c\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>,5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4)<span class=\"_ _c6\"> </span><span class=\"ls11d wsf4\">43<span class=\"_ _b2\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _1cc\"> </span>7<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>1)<span class=\"_ _5e\"> </span><span class=\"ff47 ls73 ws80\">2,2<span class=\"_ _3\"></span>90<span class=\"_ _20d\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>4)<span class=\"_ _2f\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _125\"> </span></span></span></span></span><span class=\"ff47\">9<span class=\"_ _2f\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _7e\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls89 ws10 gs118a\">Current year </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls2e ws7 gs118b\">comprehensive </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws89 gs118c\">income/(loss) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls10f ws11a gs118d\">excl<span class=\"_ _3\"></span>udin<span class=\"_ _3\"></span>g sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls88 ws3 gs118e\">of joint<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls141 ws37 gs118f\">venture<span class=\"_ _3\"></span>s and </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls93 wsfa gs1190\">associates<span class=\"_ _23\"> </span><span class=\"ff46 ls43 ws3e\">63<span class=\"_ _1cb\"> </span><span class=\"lsd ws18e\">(3<span class=\"_ _3\"></span>3)<span class=\"_ _1cc\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _27\"> </span>\u2013<span class=\"_ _c6\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7e\"> </span></span>\u2013<span class=\"_ _27\"> </span></span></span></span><span class=\"ls103 wsf8\">35<span class=\"_ _1f7\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _c6\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _e0\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _fa\"> </span>6<span class=\"_ _97\"> </span>3<span class=\"_ _3ab\"> </span></span></span></span></span></div>Deriv<span class=\"_ _4\"></span>atives<span class=\"_ _3ab\"> </span>Financial assets/<span class=\"_ _4\"></span>(liabilities)<span class=\"_ _30\"> </span><span class=\"ff47 ls97 ws8e\">Financial assets/(liabil<span class=\"_ _4\"></span>ities)<span class=\"_ _3ab\"> </span></span>Current 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Non-<span class=\"_ _3ab\"> </span>current 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Cur<span class=\"_ _3\"></span>rent 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-<span class=\"_ _3ab\"> </span>cur<span class=\"_ _3\"></span>rent 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Fue<span class=\"_ _3\"></span>l he<span class=\"_ _3\"></span>dge<span class=\"_ _3\"></span>s Hel<span class=\"_ _3\"></span>d for tradin<span class=\"_ _3\"></span>g at fair value t<span class=\"_ _3\"></span>hrough inc<span class=\"_ _3\"></span>ome state<span class=\"_ _3\"></span>ment<span class=\"_ _1d2\"> </span><span class=\"ff46\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _379\"> </span></span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span>Fo<span class=\"_ _3\"></span>rwa<span class=\"_ _3\"></span>rd ex<span class=\"_ _3\"></span>cha<span class=\"_ _3\"></span>nge c<span class=\"_ _3\"></span>ont<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s Hel<span class=\"_ _3\"></span>d for tradin<span class=\"_ _3\"></span>g at fair value t<span class=\"_ _3\"></span>hrough inc<span class=\"_ _3\"></span>ome state<span class=\"_ _3\"></span>ment<span class=\"_ _219\"> </span><span class=\"ff46\">\u2013<span class=\"_ _145\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _38\"> </span>(1)<span class=\"_ _3ab\"> </span></span></span>Interest rate<span class=\"_ _4\"></span> swaps<span class=\"_ _37a\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _ec\"> </span> </span>Desi<span class=\"_ _3\"></span>gnated as c<span class=\"_ _3\"></span>ash flow he<span class=\"_ _3\"></span>dges<span class=\"_ _153\"> </span><span class=\"ff46\">\u2013<span class=\"_ _145\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _38\"> </span>(1)<span class=\"_ _133\"> </span></span></span> <span class=\"_ _7c\"> </span>\u2013<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _7d\"> </span>(1)</span> <span class=\"_ _dc\"> </span><span class=\"ff46\">1<span class=\"_ _ad\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _38\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _37\"> </span></span></span></span> <span class=\"_ _7f\"> </span>1<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _7c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Non-de<span class=\"_ _3\"></span>riv<span class=\"_ _4\"></span>ative financial liabilities<span class=\"_ _4\"></span> gros<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> maturit<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing t<span class=\"_ _3\"></span>able d<span class=\"_ _3\"></span>etails the rem<span class=\"_ _3\"></span>aining co<span class=\"_ _3\"></span>ntractu<span class=\"_ _3\"></span>al maturi<span class=\"_ _3\"></span>ty for th<span class=\"_ _3\"></span>e Group\u2019s non<span class=\"_ _3\"></span>-d<span class=\"_ _3\"></span>erivat<span class=\"_ _3\"></span>ive financ<span class=\"_ _3\"></span>ial liab<span class=\"_ _3\"></span>ilities. T<span class=\"_ _3\"></span>he ta<span class=\"_ _3\"></span>ble reflec<span class=\"_ _3\"></span>ts the undi<span class=\"_ _3\"></span>scounted<span class=\"_ _3\"></span> cont<span class=\"_ _3\"></span>ractua<span class=\"_ _3\"></span>l maturit<span class=\"_ _3\"></span>ies of the fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s includi<span class=\"_ _3\"></span>ng interest that w<span class=\"_ _3\"></span>ill accr<span class=\"_ _3\"></span>ue on those l<span class=\"_ _3\"></span>iabilit<span class=\"_ _3\"></span>ies except where t<span class=\"_ _3\"></span>he Group is enti<span class=\"_ _3\"></span>tled to and intends to rep<span class=\"_ _3\"></span>ay the lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y before its mat<span class=\"_ _3\"></span>urit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. Th<span class=\"_ _3\"></span>e discou<span class=\"_ _3\"></span>nt column rep<span class=\"_ _3\"></span>resents the p<span class=\"_ _3\"></span>ossibl<span class=\"_ _3\"></span>e future ca<span class=\"_ _3\"></span>sh flows inc<span class=\"_ _3\"></span>luded in th<span class=\"_ _3\"></span>e maturit<span class=\"_ _3\"></span>y anal<span class=\"_ _3\"></span>ysis, suc<span class=\"_ _3\"></span>h as future interest<span class=\"_ _3\"></span>, that are not inc<span class=\"_ _3\"></span>luded in t<span class=\"_ _3\"></span>he car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing value of the f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al liabili<span class=\"_ _3\"></span>ty. Ma<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f the G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s n<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eri<span class=\"_ _3\"></span>vat<span class=\"_ _3\"></span>ive fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al li<span class=\"_ _3\"></span>abi<span class=\"_ _3\"></span>lit<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>s at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r<span class=\"_ _3ab\"> </span>Non-rec<span class=\"_ _3\"></span>ourse<span class=\"_ _3ab\"> </span>pr<span class=\"_ _3\"></span>oje<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nce 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>borrowings<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r financial<span class=\"_ _3ab\"> </span>liabilities 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l non<span class=\"_ _3\"></span>- derivativ<span class=\"_ _4\"></span>e<span class=\"_ _3ab\"> </span>financial<span class=\"_ _3ab\"> </span>liabilities 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Di<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>t 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Carrying va<span class=\"_ _3\"></span>lue 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year<span class=\"_ _37b\"> </span><span class=\"ff46 ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _cc\"> </span>(10<span class=\"_ _2\"></span>4)<span class=\"_ _4f\"> </span>(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>3)<span class=\"_ _f\"> </span>(1,<span class=\"_ _3\"></span>71<span class=\"_ _3\"></span>2)<span class=\"_ _145\"> </span></span><span class=\"ff46\">6<span class=\"_ _b5\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years<span class=\"_ _187\"> </span><span class=\"ff46 ls10f ws105\">(1<span class=\"_ _3\"></span>8)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>9)<span class=\"_ _116\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>82)<span class=\"_ _fa\"> </span></span></span>(1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9)<span class=\"_ _145\"> </span></span><span class=\"ff46\">8<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1<span class=\"_ _3\"></span>31)<span class=\"_ _3ab\"> </span></span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years<span class=\"_ _9f\"> </span><span class=\"ff46 ls14b ws189\">(2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(27)<span class=\"_ _a1\"> </span>(28)<span class=\"_ _1cc\"> </span></span></span><span class=\"ff46\">(276)<span class=\"_ _87\"> </span><span class=\"ls18b ws188\">40<span class=\"_ _ee\"> </span></span>(2<span class=\"_ _3\"></span>36)<span class=\"_ _3ab\"> </span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s<span class=\"_ _37c\"> </span><span class=\"ff46 ls94 ws18a\">(9<span class=\"_ _3\"></span>34)<span class=\"_ _a1\"> </span></span><span class=\"ff46\">(96)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _1e\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _128\"> </span><span class=\"ls74 ws6b\">56<span class=\"_ _3\"></span>4<span class=\"_ _b2\"> </span><span class=\"ls48 ws42\">(471)</span></span></span></span></span> <span class=\"_ _158\"> </span><span class=\"ff46 ls125 ws11c\">(1<span class=\"_ _3\"></span>,18<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span></span><span class=\"ff46\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _1e\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>,7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _15\"> </span><span class=\"ls125 ws11c\">(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _e0\"> </span><span class=\"ls90 ws116\">618<span class=\"_ _c6\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>,5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Discou<span class=\"_ _4\"></span>nt<span class=\"_ _120\"> </span><span class=\"ff46 ls90 ws116\">618<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _97\"> </span></span>618<span class=\"_ _3ab\"> </span></span>Carrying v<span class=\"_ _4\"></span>alue<span class=\"_ _2ff\"> </span><span class=\"ls109 ws87\">(570)<span class=\"_ _3b\"> </span><span class=\"ls5 ws3\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _4f\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>70<span class=\"_ _2\"></span>8)<span class=\"_ _57\"> </span><span class=\"ls94 ws18a\">(<span class=\"_ _3\"></span>2,<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span>Non<span class=\"_ _3\"></span>-recourse<span class=\"_ _3ab\"> </span>pro<span class=\"_ _3\"></span>ject finance 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>borrowing<span class=\"_ _4\"></span>s 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Other financial<span class=\"_ _3ab\"> </span>liabilities 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Total no<span class=\"_ _3\"></span>n- derivative<span class=\"_ _3ab\"> </span>financial<span class=\"_ _3ab\"> </span>liabilities 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Discoun<span class=\"_ _4\"></span>t 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ying val<span class=\"_ _3\"></span>ue 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year<span class=\"_ _21d\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>32)<span class=\"_ _cc\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _d5\"> </span><span class=\"ls10a wsfe\">(1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _d5\"> </span>(<span class=\"_ _3\"></span>1,7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span></span></span></span>2<span class=\"_ _b5\"> </span><span class=\"ls10a wsfe\">(1,<span class=\"_ _3\"></span>70<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years<span class=\"_ _37d\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>8)<span class=\"_ _a1\"> </span><span class=\"ls16 ws12\">(76<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls16 ws12\">(<span class=\"_ _3\"></span>76)<span class=\"_ _3ab\"> </span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years<span class=\"_ _187\"> </span><span class=\"ls61 ws59\">(26)<span class=\"_ _a0\"> </span><span class=\"ls49 ws43\">(70<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(6<span class=\"_ _3\"></span>2)<span class=\"_ _fa\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span></span></span></span></span>1<span class=\"_ _e0\"> </span><span class=\"ls100 ws104\">(15<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s<span class=\"_ _153\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>85)<span class=\"_ _cc\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _9d\"> </span></span>(5)<span class=\"_ _1cc\"> </span><span class=\"ls72 wsf5\">(4<span class=\"_ _3\"></span>92)<span class=\"_ _e0\"> </span><span class=\"ls12a ws11f\">187<span class=\"_ _125\"> </span><span class=\"ls105 wsc2\">(305)</span></span></span></span> <span class=\"_ _147\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>51)<span class=\"_ _fa\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1e\"> </span><span class=\"ls73 ws80\">(2,<span class=\"_ _3\"></span>43<span class=\"_ _3\"></span>4)<span class=\"_ _b2\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>0<span class=\"_ _d6\"> </span><span class=\"ls109 ws87\">(2,<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Discou<span class=\"_ _4\"></span>nt<span class=\"_ _160\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _2\"></span>0<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _180\"> </span></span>19<span class=\"_ _3\"></span>0<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> </span></span>Carrying v<span class=\"_ _4\"></span>alue<span class=\"_ _e9\"> </span><span class=\"ff47 ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _1cc\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _1e\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span>Derivativ<span class=\"_ _4\"></span>e financial liabilities gross maturity<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing t<span class=\"_ _3\"></span>able d<span class=\"_ _3\"></span>etails the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _3\"></span>ected m<span class=\"_ _3\"></span>aturit<span class=\"_ _3\"></span>y for its de<span class=\"_ _3\"></span>rivati<span class=\"_ _3\"></span>ve financi<span class=\"_ _3\"></span>al liabil<span class=\"_ _3\"></span>ities. T<span class=\"_ _3\"></span>he tabl<span class=\"_ _3\"></span>e reflects t<span class=\"_ _3\"></span>he undisc<span class=\"_ _3\"></span>ounted net c<span class=\"_ _3\"></span>ash inflows<span class=\"_ _3\"></span>/(ou<span class=\"_ _3\"></span>tflow<span class=\"_ _3\"></span>s) on the deri<span class=\"_ _3\"></span>vative ins<span class=\"_ _3\"></span>truments t<span class=\"_ _3\"></span>hat sett<span class=\"_ _3\"></span>le on a net basi<span class=\"_ _3\"></span>s (interest rate swa<span class=\"_ _3\"></span>ps) and und<span class=\"_ _3\"></span>iscounted g<span class=\"_ _3\"></span>ross inflows<span class=\"_ _3\"></span>/(ou<span class=\"_ _3\"></span>tflows) fo<span class=\"_ _3\"></span>r thos<span class=\"_ _3\"></span>e deriva<span class=\"_ _3\"></span>tives that are set<span class=\"_ _3\"></span>tled o<span class=\"_ _3\"></span>n a gross ba<span class=\"_ _3\"></span>sis (foreign excha<span class=\"_ _3\"></span>nge contr<span class=\"_ _3\"></span>acts). W<span class=\"_ _3\"></span>hen the amo<span class=\"_ _3\"></span>unt payab<span class=\"_ _3\"></span>le or recei<span class=\"_ _3\"></span>vable is not f<span class=\"_ _3\"></span>ixed, the amou<span class=\"_ _3\"></span>nt disclo<span class=\"_ _3\"></span>sed has be<span class=\"_ _3\"></span>en determin<span class=\"_ _3\"></span>ed by reference to the p<span class=\"_ _3\"></span>rojected intere<span class=\"_ _3\"></span>st rates, usin<span class=\"_ _3\"></span>g the yiel<span class=\"_ _3\"></span>d cur<span class=\"_ _3\"></span>ves at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date.<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f the G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s d<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ivat<span class=\"_ _3\"></span>ive<span class=\"_ _3\"></span>s at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r<span class=\"_ _3ab\"> </span>Pay<span class=\"_ _4\"></span>able 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Receivable 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t payable<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Pay<span class=\"_ _3\"></span>able 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Receivable 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Net pay<span class=\"_ _3\"></span>able 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year<span class=\"_ _37b\"> </span><span class=\"ff46 ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _9a\"> </span></span></span><span class=\"ff46\">1<span class=\"_ _34\"> </span></span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>)<span class=\"_ _47\"> </span>11<span class=\"_ _b1\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years<span class=\"_ _187\"> </span><span class=\"ff46 ls14b ws189\">(<span class=\"_ _3\"></span>31)<span class=\"_ _51\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _145\"> </span></span>(<span class=\"_ _3\"></span>1)<span class=\"_ _a3\"> </span></span><span class=\"ls66 ws5e\">(5)<span class=\"_ _145\"> </span></span>5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years<span class=\"_ _30f\"> </span><span class=\"ff46 ls170 ws18f\">(7)<span class=\"_ _ad\"> </span></span><span class=\"ff46\">6<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _22d\"> </span><span class=\"ls78 ws11a\">(5<span class=\"_ _3\"></span>2)<span class=\"_ _87\"> </span><span class=\"ls107 wsfc\">51<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _180\"> </span><span class=\"ff47 ls93 wsfa\">(<span class=\"_ _3\"></span>16)<span class=\"_ _81\"> </span>16<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></span></span><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs1218\">Financial risk factors<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1219\">Th<span class=\"_ _3\"></span>e Group\u2019s activ<span class=\"_ _3\"></span>ities expo<span class=\"_ _3\"></span>se it to a variet<span class=\"_ _3\"></span>y of finan<span class=\"_ _3\"></span>cial risk<span class=\"_ _3\"></span>s: market risk; cre<span class=\"_ _3\"></span>dit risk<span class=\"_ _3\"></span>; and liqui<span class=\"_ _3\"></span>dity r<span class=\"_ _3\"></span>isk. T<span class=\"_ _3\"></span>he Group\u2019s financ<span class=\"_ _3\"></span>ial risk man<span class=\"_ _3\"></span>ageme<span class=\"_ _3\"></span>nt </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs121a\">strate<span class=\"_ _3\"></span>gy seeks to mi<span class=\"_ _3\"></span>nimise the p<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ntial adve<span class=\"_ _3\"></span>rse effec<span class=\"_ _3\"></span>t of these ris<span class=\"_ _3\"></span>ks on the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s fina<span class=\"_ _3\"></span>ncial pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>mance.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs121b\">Fina<span class=\"_ _3\"></span>ncial ri<span class=\"_ _3\"></span>sk manag<span class=\"_ _3\"></span>ement is ca<span class=\"_ _3\"></span>rried ou<span class=\"_ _3\"></span>t centrall<span class=\"_ _3\"></span>y by Group T<span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>y under p<span class=\"_ _3\"></span>olicies a<span class=\"_ _3\"></span>pproved by th<span class=\"_ _3\"></span>e Board<span class=\"_ _3\"></span>. Group T<span class=\"_ _4\"></span>reasu<span class=\"_ _3\"></span>ry li<span class=\"_ _3\"></span>aises wit<span class=\"_ _3\"></span>h the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs121c\">Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s busin<span class=\"_ _3\"></span>ess units to id<span class=\"_ _3\"></span>entif<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, evalu<span class=\"_ _3\"></span>ate and hedg<span class=\"_ _3\"></span>e financ<span class=\"_ _3\"></span>ial risks. T<span class=\"_ _3\"></span>he Bo<span class=\"_ _3\"></span>ard provid<span class=\"_ _3\"></span>es writ<span class=\"_ _3\"></span>ten princ<span class=\"_ _3\"></span>iples for over<span class=\"_ _3\"></span>all finan<span class=\"_ _3\"></span>cial risk m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs121d\">as well as w<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>ten polic<span class=\"_ _3\"></span>ies coverin<span class=\"_ _3\"></span>g speci<span class=\"_ _3\"></span>fic areas, s<span class=\"_ _3\"></span>uch as foreign exch<span class=\"_ _3\"></span>ange risk<span class=\"_ _3\"></span>, interest rate ri<span class=\"_ _3\"></span>sk, cred<span class=\"_ _3\"></span>it risk, u<span class=\"_ _3\"></span>se of deriv<span class=\"_ _3\"></span>ative finan<span class=\"_ _3\"></span>cial </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs121e\">instr<span class=\"_ _3\"></span>uments an<span class=\"_ _3\"></span>d non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>deriva<span class=\"_ _3\"></span>tive finan<span class=\"_ _3\"></span>cial instr<span class=\"_ _3\"></span>uments, a<span class=\"_ _3\"></span>nd the investm<span class=\"_ _3\"></span>ent of ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ess liqui<span class=\"_ _3\"></span>dit<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>. C<span class=\"_ _3\"></span>ompl<span class=\"_ _3\"></span>iance wi<span class=\"_ _3\"></span>th polic<span class=\"_ _3\"></span>ies and exp<span class=\"_ _3\"></span>osure limit<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs121f\">is<span class=\"_ gs52\"> </span>moni<span class=\"_ _3\"></span>tored throug<span class=\"_ _3\"></span>h the Group\u2019s internal au<span class=\"_ _3\"></span>dit and ri<span class=\"_ _3\"></span>sk manag<span class=\"_ _3\"></span>ement proc<span class=\"_ _3\"></span>edures. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p uses deri<span class=\"_ _3\"></span>vative fin<span class=\"_ _3\"></span>ancial in<span class=\"_ _3\"></span>strument<span class=\"_ _3\"></span>s to hedge </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1220\">cer<span class=\"_ _3\"></span>tain r<span class=\"_ _3\"></span>isk exposu<span class=\"_ _3\"></span>res. The G<span class=\"_ _3\"></span>roup doe<span class=\"_ _3\"></span>s not trade i<span class=\"_ _3\"></span>n financi<span class=\"_ _3\"></span>al instrum<span class=\"_ _3\"></span>ents, inc<span class=\"_ _3\"></span>luding d<span class=\"_ _3\"></span>erivati<span class=\"_ _3\"></span>ve financ<span class=\"_ _3\"></span>ial instru<span class=\"_ _3\"></span>ments, for sp<span class=\"_ _3\"></span>ecula<span class=\"_ _3\"></span>tive purp<span class=\"_ _3\"></span>oses.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gs1221\">(a<span class=\"_ _4\"></span>) M<span class=\"_ _3\"></span>arke<span class=\"_ _3\"></span>t ris<span class=\"_ _3\"></span>k<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsf7 ws3 gs1222\">Th<span class=\"_ _3\"></span>e Group\u2019s activ<span class=\"_ _3\"></span>ities expo<span class=\"_ _3\"></span>se it prim<span class=\"_ _3\"></span>arily to the f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al risks of cha<span class=\"_ _3\"></span>nges in foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hange ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and interest rates<span class=\"_ _3\"></span>. The Gro<span class=\"_ _3\"></span>up enters </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsf7 ws3 gs1223\">into a variet<span class=\"_ _3\"></span>y of der<span class=\"_ _3\"></span>ivative fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l instrum<span class=\"_ _3\"></span>ents to manag<span class=\"_ _3\"></span>e its exp<span class=\"_ _3\"></span>osure to interest rate and forei<span class=\"_ _3\"></span>gn curren<span class=\"_ _3\"></span>cy risk<span class=\"_ _3\"></span>, includi<span class=\"_ _3\"></span>ng:</div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1224\"> <span class=\"_ _1dd\"></span>\u00bb<span class=\"_ _1e2\"> </span><span class=\"ls3\">for<span class=\"_ _3\"></span>ward foreign exch<span class=\"_ _3\"></span>ange co<span class=\"_ _3\"></span>ntracts to h<span class=\"_ _3\"></span>edge th<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>xch<span class=\"_ _3\"></span>ange rate r<span class=\"_ _3\"></span>isk arising o<span class=\"_ _3\"></span>n tradin<span class=\"_ _3\"></span>g activ<span class=\"_ _3\"></span>ities tran<span class=\"_ _3\"></span>sacted i<span class=\"_ _3\"></span>n a currenc<span class=\"_ _3\"></span>y that is not the fu<span class=\"_ _3\"></span>nctio<span class=\"_ _3\"></span>nal </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls3 ws3 gs1225\">cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ncy of the bu<span class=\"_ _3\"></span>siness uni<span class=\"_ _3\"></span>t; and</div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1226\"> <span class=\"_ _1dd\"></span>\u00bb<span class=\"_ _1e2\"> </span><span class=\"ls3\">interest rate sw<span class=\"_ _3\"></span>aps to mitig<span class=\"_ _3\"></span>ate the cas<span class=\"_ _3\"></span>h flow varia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y in non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>recours<span class=\"_ _3\"></span>e project f<span class=\"_ _3\"></span>inance l<span class=\"_ _3\"></span>oans aris<span class=\"_ _3\"></span>ing from var<span class=\"_ _3\"></span>iable interes<span class=\"_ _3\"></span>t rates on bor<span class=\"_ _3\"></span>rowings<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1227\">Th<span class=\"_ _3\"></span>ere has bee<span class=\"_ _3\"></span>n no materia<span class=\"_ _3\"></span>l change to th<span class=\"_ _3\"></span>e Group\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to ma<span class=\"_ _3\"></span>rk<span class=\"_ _4\"></span>et r<span class=\"_ _3\"></span>isks and there h<span class=\"_ _3\"></span>as been no c<span class=\"_ _3\"></span>hange i<span class=\"_ _3\"></span>n how the Grou<span class=\"_ _3\"></span>p manage<span class=\"_ _3\"></span>s those </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls49 ws43 gs1228\">risks since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1229\">(i) F<span class=\"_ _3\"></span>oreign cu<span class=\"_ _3\"></span>rrency ri<span class=\"_ _3\"></span>sk manag<span class=\"_ _3\"></span>ement<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs122a\">Th<span class=\"_ _3\"></span>e Group op<span class=\"_ _3\"></span>erates intern<span class=\"_ _3\"></span>ationall<span class=\"_ _3\"></span>y and is exp<span class=\"_ _3\"></span>osed to foreign excha<span class=\"_ _3\"></span>nge risk ar<span class=\"_ _3\"></span>ising from exp<span class=\"_ _3\"></span>osure to vari<span class=\"_ _3\"></span>ous curren<span class=\"_ _3\"></span>cies, pr<span class=\"_ _3\"></span>imaril<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>o U<span class=\"_ _3\"></span>S dolla<span class=\"_ _3\"></span>rs, euros<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls78 ws8 gs122b\">and Hong Kong<span class=\"_ _4\"></span> dollars. Foreign e<span class=\"_ _4\"></span>xchange risk<span class=\"_ _4\"></span> arises from f<span class=\"_ _4\"></span>uture trading<span class=\"_ _4\"></span> transactions, assets and<span class=\"_ _4\"></span> liabilities and<span class=\"_ _4\"></span> net inv<span class=\"_ _4\"></span>estments in f<span class=\"_ _4\"></span>oreign operations.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs122c\">Grou<span class=\"_ _3\"></span>p polic<span class=\"_ _3\"></span>y r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>quires bus<span class=\"_ _3\"></span>iness unit<span class=\"_ _3\"></span>s to manag<span class=\"_ _3\"></span>e their trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>nal foreign excha<span class=\"_ _3\"></span>nge risk a<span class=\"_ _3\"></span>gainst th<span class=\"_ _3\"></span>eir functi<span class=\"_ _3\"></span>onal cur<span class=\"_ _3\"></span>rency. Whenever a c<span class=\"_ _3\"></span>urrent or<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs122d\">future forei<span class=\"_ _3\"></span>gn curren<span class=\"_ _3\"></span>cy exposu<span class=\"_ _3\"></span>re is identifi<span class=\"_ _3\"></span>ed with su<span class=\"_ _3\"></span>ffic<span class=\"_ _3\"></span>ient reliabil<span class=\"_ _3\"></span>ity, Group T<span class=\"_ _4\"></span>rea<span class=\"_ _3\"></span>sury e<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rs into forw<span class=\"_ _3\"></span>ard contra<span class=\"_ _3\"></span>cts on b<span class=\"_ _3\"></span>ehalf of bu<span class=\"_ _3\"></span>siness uni<span class=\"_ _3\"></span>ts to </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs122e\">cover 10<span class=\"_ _3\"></span>0% of foreign exchan<span class=\"_ _3\"></span>ge risk ab<span class=\"_ _3\"></span>ove material<span class=\"_ _3\"></span>ity level<span class=\"_ _3\"></span>s determine<span class=\"_ _3\"></span>d by the Chief Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Of<span class=\"_ _3\"></span>ficer<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs122f\">As a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he notiona<span class=\"_ _3\"></span>l princi<span class=\"_ _3\"></span>pal amou<span class=\"_ _3\"></span>nts of foreign exchan<span class=\"_ _3\"></span>ge contr<span class=\"_ _3\"></span>acts in res<span class=\"_ _3\"></span>pect of foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y trans<span class=\"_ _3\"></span>action<span class=\"_ _3\"></span>s where hed<span class=\"_ _3\"></span>ge </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1230\">acc<span class=\"_ _3\"></span>ounting is n<span class=\"_ _3\"></span>ot applie<span class=\"_ _3\"></span>d was \u00a351<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a316m) rec<span class=\"_ _3\"></span>eivabl<span class=\"_ _3\"></span>e and \u00a35<span class=\"_ _3\"></span>2m (20<span class=\"_ _3\"></span>22: \u00a316<span class=\"_ _3\"></span>m) payabl<span class=\"_ _3\"></span>e with relate<span class=\"_ _3\"></span>d cash flow<span class=\"_ _3\"></span>s expec<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d to occur w<span class=\"_ _3\"></span>ithin three<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1231\">years (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: three ye<span class=\"_ _3\"></span>ars). The foreig<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>xc<span class=\"_ _3\"></span>hange g<span class=\"_ _3\"></span>ains or los<span class=\"_ _3\"></span>ses resultin<span class=\"_ _3\"></span>g from fair valui<span class=\"_ _3\"></span>ng these unh<span class=\"_ _3\"></span>edge<span class=\"_ _3\"></span>d foreign exchang<span class=\"_ _3\"></span>e contra<span class=\"_ _3\"></span>cts will a<span class=\"_ _3\"></span>ffect th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws80 gs1232\">income statemen<span class=\"_ _4\"></span>t throughout the same<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>eriods.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1233\">Th<span class=\"_ _3\"></span>e Group has n<span class=\"_ _3\"></span>ot design<span class=\"_ _3\"></span>ated any for<span class=\"_ _3\"></span>ward exchang<span class=\"_ _3\"></span>e contrac<span class=\"_ _3\"></span>ts as ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges in 20<span class=\"_ _3\"></span>22 an<span class=\"_ _3\"></span>d 202<span class=\"_ _3\"></span>3.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1234\">Th<span class=\"_ _3\"></span>e Group\u2019s investments in fore<span class=\"_ _3\"></span>ign oper<span class=\"_ _3\"></span>ations are exp<span class=\"_ _3\"></span>osed to foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y transla<span class=\"_ _3\"></span>tion risks<span class=\"_ _3\"></span>. The Grou<span class=\"_ _3\"></span>p does not e<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r into f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rwa<span class=\"_ _3\"></span>rd foreign </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1235\">exchang<span class=\"_ _3\"></span>e or other de<span class=\"_ _3\"></span>rivative c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts to hedg<span class=\"_ _3\"></span>e foreign cur<span class=\"_ _3\"></span>rency den<span class=\"_ _3\"></span>ominated n<span class=\"_ _3\"></span>et assets.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1236\">In Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>2 the Grou<span class=\"_ _3\"></span>p raised U<span class=\"_ _3\"></span>S$158<span class=\"_ _3\"></span>m of debt in th<span class=\"_ _3\"></span>e form of new US pr<span class=\"_ _3\"></span>ivate pla<span class=\"_ _3\"></span>cement (U<span class=\"_ _3\"></span>SPP<span class=\"_ _3\"></span>) notes on term<span class=\"_ _3\"></span>s and cond<span class=\"_ _3\"></span>itions m<span class=\"_ _3\"></span>aterially t<span class=\"_ _3\"></span>he same<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1237\">as the exi<span class=\"_ _3\"></span>sting US<span class=\"_ _3\"></span>PP notes rais<span class=\"_ _3\"></span>ed in 2013, of whic<span class=\"_ _3\"></span>h US<span class=\"_ _3\"></span>$5<span class=\"_ _3\"></span>0m rema<span class=\"_ _3\"></span>ined out<span class=\"_ _3\"></span>stand<span class=\"_ _3\"></span>ing at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>. The U<span class=\"_ _3\"></span>SPP notes a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e d<span class=\"_ _3\"></span>esigna<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d as a net </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1238\">investm<span class=\"_ _3\"></span>ent hedg<span class=\"_ _3\"></span>e against c<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>s in the value of th<span class=\"_ _3\"></span>e Group\u2019s US net asset<span class=\"_ _3\"></span>s due to ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hange m<span class=\"_ _3\"></span>ovements. T<span class=\"_ _3\"></span>he Group re<span class=\"_ _3\"></span>assess<span class=\"_ _3\"></span>ed the US<span class=\"_ _3\"></span>$2<span class=\"_ _3\"></span>08<span class=\"_ _3\"></span>m </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1239\">hed<span class=\"_ _3\"></span>ge at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd conc<span class=\"_ _3\"></span>luded th<span class=\"_ _3\"></span>at the hed<span class=\"_ _3\"></span>ge continu<span class=\"_ _3\"></span>ed to be ef<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ctive. E<span class=\"_ _3\"></span>xchang<span class=\"_ _3\"></span>e movements in t<span class=\"_ _3\"></span>he year led to a \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>4m re<span class=\"_ _3\"></span>ductio<span class=\"_ _3\"></span>n in </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs123a\">the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying am<span class=\"_ _3\"></span>ount of the lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y on the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>m increase). A<span class=\"_ gs52\"> </span>5% increa<span class=\"_ _3\"></span>se/dec<span class=\"_ _3\"></span>rease in the U<span class=\"_ _3\"></span>S dolla<span class=\"_ _3\"></span>r t<span class=\"_ _4\"></span>o s<span class=\"_ _3\"></span>terling exchan<span class=\"_ _3\"></span>ge </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs123b\">rate woul<span class=\"_ _3\"></span>d lead to a \u00a3<span class=\"_ _3\"></span>8m d<span class=\"_ _3\"></span>ecrease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a316m)/<span class=\"_ _3\"></span>\u00a3<span class=\"_ _3\"></span>9m inc<span class=\"_ _3\"></span>rease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a318m) in the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying a<span class=\"_ _3\"></span>mount of the lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y on the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s ba<span class=\"_ _3\"></span>lance sh<span class=\"_ _3\"></span>eet, with<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs123c\">the move<span class=\"_ _3\"></span>ment reco<span class=\"_ _3\"></span>gnised in oth<span class=\"_ _3\"></span>er compre<span class=\"_ _3\"></span>hensive inc<span class=\"_ _3\"></span>ome.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs123d\">Th<span class=\"_ _3\"></span>e hedgin<span class=\"_ _3\"></span>g polic<span class=\"_ _3\"></span>y is reviewed pe<span class=\"_ _3\"></span>riodi<span class=\"_ _3\"></span>cally. At the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date there ha<span class=\"_ _3\"></span>d been no c<span class=\"_ _3\"></span>hange to the h<span class=\"_ _3\"></span>edgin<span class=\"_ _3\"></span>g polic<span class=\"_ _3\"></span>y since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs123e\">(ii) Inter<span class=\"_ _4\"></span>est rate risk management<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs123f\">Interest ra<span class=\"_ _3\"></span>te risk arises i<span class=\"_ _3\"></span>n the Group\u2019s non<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>course p<span class=\"_ _3\"></span>roject c<span class=\"_ _3\"></span>ompani<span class=\"_ _3\"></span>es which b<span class=\"_ _3\"></span>orrow fund<span class=\"_ _3\"></span>s at both flo<span class=\"_ _3\"></span>ating and f<span class=\"_ _3\"></span>ixed interest rates a<span class=\"_ _3\"></span>nd hold fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1240\">asset<span class=\"_ _3\"></span>s measured a<span class=\"_ _3\"></span>t fair value thro<span class=\"_ _3\"></span>ugh OC<span class=\"_ _3\"></span>I. Floa<span class=\"_ _3\"></span>ting rate bo<span class=\"_ _3\"></span>rrowings ex<span class=\"_ _3\"></span>pose the G<span class=\"_ _3\"></span>roup to cas<span class=\"_ _3\"></span>h flow interest rate ris<span class=\"_ _3\"></span>k. The G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s p<span class=\"_ _3\"></span>olicy to ma<span class=\"_ _3\"></span>nage<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1241\">this ri<span class=\"_ _3\"></span>sk is to swap flo<span class=\"_ _3\"></span>ating rate interest to fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d rate, using interes<span class=\"_ _3\"></span>t rate swap co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1242\">In an interes<span class=\"_ _3\"></span>t rate swap, the G<span class=\"_ _3\"></span>roup agree<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o exch<span class=\"_ _3\"></span>ange the d<span class=\"_ _3\"></span>ifferenc<span class=\"_ _3\"></span>e betwe<span class=\"_ _3\"></span>en fixed and f<span class=\"_ _3\"></span>loating r<span class=\"_ _3\"></span>ate interest amount<span class=\"_ _3\"></span>s calcu<span class=\"_ _3\"></span>lated on ag<span class=\"_ _3\"></span>reed notio<span class=\"_ _3\"></span>nal </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1243\">prin<span class=\"_ _3\"></span>cipal a<span class=\"_ _3\"></span>mounts. T<span class=\"_ _3\"></span>he net ef<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ct of a moveme<span class=\"_ _3\"></span>nt in interest rates on in<span class=\"_ _3\"></span>come wou<span class=\"_ _3\"></span>ld be immater<span class=\"_ _3\"></span>ial. T<span class=\"_ _3\"></span>he fair value of i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>st rate swaps i<span class=\"_ _3\"></span>s determine<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1244\">by disc<span class=\"_ _3\"></span>ounting th<span class=\"_ _3\"></span>e future ca<span class=\"_ _3\"></span>sh flows usin<span class=\"_ _3\"></span>g the yield c<span class=\"_ _3\"></span>urve at t<span class=\"_ _3\"></span>he repor<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1245\">Dur<span class=\"_ _3\"></span>ing 20<span class=\"_ _3\"></span>23 and 2<span class=\"_ _3\"></span>022<span class=\"_ _3\"></span>, the Group\u2019s non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cours<span class=\"_ _3\"></span>e project su<span class=\"_ _3\"></span>bsidia<span class=\"_ _3\"></span>ries\u2019 bor<span class=\"_ _3\"></span>rowings at v<span class=\"_ _3\"></span>ariabl<span class=\"_ _3\"></span>e rates of interest were de<span class=\"_ _3\"></span>nominate<span class=\"_ _3\"></span>d in sterling. T<span class=\"_ _3\"></span>he </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1246\">notio<span class=\"_ _3\"></span>nal prin<span class=\"_ _3\"></span>cipal am<span class=\"_ _3\"></span>ounts of the su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies\u2019 interest rate swa<span class=\"_ _3\"></span>ps outst<span class=\"_ _3\"></span>andin<span class=\"_ _3\"></span>g at 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 totall<span class=\"_ _3\"></span>ed \u00a31<span class=\"_ _4\"></span>7m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a31<span class=\"_ _4\"></span>7m) with m<span class=\"_ _3\"></span>aturiti<span class=\"_ _3\"></span>es that </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1247\">match t<span class=\"_ _3\"></span>he maturi<span class=\"_ _3\"></span>ty of the u<span class=\"_ _3\"></span>nderl<span class=\"_ _3\"></span>ying bor<span class=\"_ _3\"></span>rowings of 8 ye<span class=\"_ _3\"></span>ars. At 31 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3, the fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d interest rate was 5<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>% (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: 5.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>%) and the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1248\">flo<span class=\"_ _3\"></span>ating rates are S<span class=\"_ _3\"></span>ONI<span class=\"_ _3\"></span>A plus a fixe<span class=\"_ _3\"></span>d margin. A 5<span class=\"_ _3\"></span>0 basi<span class=\"_ _3\"></span>s point inc<span class=\"_ _3\"></span>rease/d<span class=\"_ _3\"></span>ecrease in t<span class=\"_ _3\"></span>he interest rate on fl<span class=\"_ _3\"></span>oating ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e b<span class=\"_ _3\"></span>orrowi<span class=\"_ _3\"></span>ngs for interest rate sw<span class=\"_ _3\"></span>aps </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs1249\">would l<span class=\"_ _3\"></span>ead to a \u00a3nil in<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3nil)/<span class=\"_ _3\"></span>\u00a3nil de<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3nil) in a<span class=\"_ _3\"></span>mounts ta<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>en d<span class=\"_ _3\"></span>irectly to ot<span class=\"_ _3\"></span>her comp<span class=\"_ _3\"></span>rehensive in<span class=\"_ _3\"></span>come by th<span class=\"_ _3\"></span>e Group in rela<span class=\"_ _3\"></span>tion </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs124a\">to the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _3\"></span>osure to interest rates on t<span class=\"_ _3\"></span>he PPP fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l assets and c<span class=\"_ _3\"></span>ash flow h<span class=\"_ _3\"></span>edges of i<span class=\"_ _3\"></span>ts Infrast<span class=\"_ _3\"></span>ructure Inve<span class=\"_ _3\"></span>stments sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs124b\">Interest ra<span class=\"_ _3\"></span>te risk also ari<span class=\"_ _3\"></span>ses on the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s c<span class=\"_ _3\"></span>ash and c<span class=\"_ _3\"></span>ash equiv<span class=\"_ _3\"></span>alents, ter<span class=\"_ _3\"></span>m depo<span class=\"_ _3\"></span>sits and oth<span class=\"_ _3\"></span>er borrow<span class=\"_ _3\"></span>ings. O<span class=\"_ _3\"></span>ther tha<span class=\"_ _3\"></span>n the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>recours<span class=\"_ _3\"></span>e project<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs124c\">subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>\u2019 b<span class=\"_ _3\"></span>orrowi<span class=\"_ _3\"></span>ngs at vari<span class=\"_ _3\"></span>able rates of i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rest, all th<span class=\"_ _3\"></span>e debt of the G<span class=\"_ _3\"></span>roup is held at f<span class=\"_ _3\"></span>ixed interest rates<span class=\"_ _3\"></span>. A 50 ba<span class=\"_ _3\"></span>sis point in<span class=\"_ _3\"></span>crease/d<span class=\"_ _3\"></span>ecreas<span class=\"_ _3\"></span>e in the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs124d\">interest ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e of e<span class=\"_ _3\"></span>ach cur<span class=\"_ _3\"></span>rency in whi<span class=\"_ _3\"></span>ch these fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l instrum<span class=\"_ _3\"></span>ents are held wo<span class=\"_ _3\"></span>uld lead to a \u00a3<span class=\"_ _3\"></span>5m de<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>m)/<span class=\"_ _3\"></span>\u00a35m in<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>m) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs124e\">in<span class=\"_ gs52\"> </span>the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s net f<span class=\"_ _3\"></span>inance c<span class=\"_ _3\"></span>ost.<span class=\"_ _3ab\"> </span></div>(iii) Price<span class=\"_ _4\"></span> risk management<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s princi<span class=\"_ _3\"></span>pal pric<span class=\"_ _3\"></span>e risk expo<span class=\"_ _3\"></span>sure arises in i<span class=\"_ _3\"></span>ts Infrast<span class=\"_ _3\"></span>ructure Inves<span class=\"_ _3\"></span>tments co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>ons. At the c<span class=\"_ _3\"></span>ommenc<span class=\"_ _3\"></span>ement of the c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ion, an elem<span class=\"_ _3\"></span>ent of the unit<span class=\"_ _3\"></span>ary p<span class=\"_ _3\"></span>ayment by t<span class=\"_ _3\"></span>he customer i<span class=\"_ _3\"></span>s indexed to offs<span class=\"_ _3\"></span>et the effec<span class=\"_ _3\"></span>t of inflatio<span class=\"_ _3\"></span>n on the con<span class=\"_ _3\"></span>cessio<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>\u2019s cost<span class=\"_ _3\"></span>s. The G<span class=\"_ _3\"></span>roup is expo<span class=\"_ _3\"></span>sed to<span class=\"_ gs52\"> </span>pric<span class=\"_ _3\"></span>e risk to the exte<span class=\"_ _3\"></span>nt that inflati<span class=\"_ _3\"></span>on dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rs from the in<span class=\"_ _3\"></span>dex used.<span class=\"_ _3ab\"> </span>(b) Cre<span class=\"_ _3\"></span>dit ri<span class=\"_ _3\"></span>sk<span class=\"_ _3ab\"> </span>Cred<span class=\"_ _3\"></span>it risk is the r<span class=\"_ _3\"></span>isk that a cou<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rpar<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y will defaul<span class=\"_ _3\"></span>t on its co<span class=\"_ _3\"></span>ntractu<span class=\"_ _3\"></span>al oblig<span class=\"_ _3\"></span>ations<span class=\"_ _3\"></span>, r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sulting in fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l loss. Cre<span class=\"_ _3\"></span>dit risk ar<span class=\"_ _3\"></span>ises from c<span class=\"_ _3\"></span>ash and dep<span class=\"_ _3\"></span>osits<span class=\"_ _3\"></span>, derivat<span class=\"_ _3\"></span>ive financ<span class=\"_ _3\"></span>ial instr<span class=\"_ _3\"></span>uments, l<span class=\"_ _3\"></span>oans provi<span class=\"_ _3\"></span>ded to joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates an<span class=\"_ _3\"></span>d credit exp<span class=\"_ _3\"></span>osures to custo<span class=\"_ _3\"></span>mers, inc<span class=\"_ _3\"></span>luding out<span class=\"_ _3\"></span>standi<span class=\"_ _3\"></span>ng receiv<span class=\"_ _3\"></span>ables an<span class=\"_ _3\"></span>d commit<span class=\"_ _3\"></span>ted trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>ns. The G<span class=\"_ _3\"></span>roup has a p<span class=\"_ _3\"></span>olicy of as<span class=\"_ _3\"></span>sessing t<span class=\"_ _3\"></span>he credit<span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>thines<span class=\"_ _3\"></span>s of potential cu<span class=\"_ _3\"></span>stomers b<span class=\"_ _3\"></span>efore enterin<span class=\"_ _3\"></span>g into transac<span class=\"_ _3\"></span>tions set by t<span class=\"_ _3\"></span>he Board for t<span class=\"_ _3\"></span>he Group.<span class=\"_ _3ab\"> </span>For c<span class=\"_ _3\"></span>ash and d<span class=\"_ _3\"></span>eposit<span class=\"_ _3\"></span>s and der<span class=\"_ _3\"></span>ivative fin<span class=\"_ _3\"></span>ancial i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nts, the Grou<span class=\"_ _3\"></span>p has a po<span class=\"_ _3\"></span>licy of onl<span class=\"_ _3\"></span>y using cou<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rpar<span class=\"_ _3\"></span>ties th<span class=\"_ _3\"></span>at are indep<span class=\"_ _3\"></span>endentl<span class=\"_ _3\"></span>y rated with a m<span class=\"_ _3\"></span>inimum lon<span class=\"_ _3\"></span>g-<span class=\"_ _3\"></span>term cred<span class=\"_ _3\"></span>it rating of B<span class=\"_ _3\"></span>BB<span class=\"_ _3\"></span>- and at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 t<span class=\"_ _3\"></span>his criteri<span class=\"_ _3\"></span>on was met (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: BBB+). The c<span class=\"_ _3\"></span>redit rat<span class=\"_ _3\"></span>ing of a finan<span class=\"_ _3\"></span>cial insti<span class=\"_ _3\"></span>tution wi<span class=\"_ _3\"></span>ll determine t<span class=\"_ _3\"></span>he amount an<span class=\"_ _3\"></span>d duration fo<span class=\"_ _3\"></span>r which fun<span class=\"_ _3\"></span>ds may be d<span class=\"_ _3\"></span>eposite<span class=\"_ _3\"></span>d under in<span class=\"_ _3\"></span>dividu<span class=\"_ _3\"></span>al risk limi<span class=\"_ _3\"></span>ts set by the Bo<span class=\"_ _3\"></span>ard for the Grou<span class=\"_ _3\"></span>p and su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>y co<span class=\"_ _3\"></span>mpanie<span class=\"_ _3\"></span>s. Mana<span class=\"_ _3\"></span>gement mo<span class=\"_ _3\"></span>nitors the u<span class=\"_ _3\"></span>tilisatio<span class=\"_ _3\"></span>n of these cre<span class=\"_ _3\"></span>dit limits re<span class=\"_ _3\"></span>gularl<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>For t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her receiv<span class=\"_ _3\"></span>ables, c<span class=\"_ _3\"></span>redit evalu<span class=\"_ _3\"></span>ation is p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>med on th<span class=\"_ _3\"></span>e financi<span class=\"_ _3\"></span>al cond<span class=\"_ _3\"></span>ition of ac<span class=\"_ _3\"></span>counts rec<span class=\"_ _3\"></span>eivab<span class=\"_ _3\"></span>le using ind<span class=\"_ _3\"></span>epend<span class=\"_ _3\"></span>ent rating<span class=\"_ _3\"></span>s whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e av<span class=\"_ _3\"></span>ailabl<span class=\"_ _3\"></span>e or by asses<span class=\"_ _3\"></span>sment of the cu<span class=\"_ _3\"></span>stomer\u2019s credi<span class=\"_ _3\"></span>t qualit<span class=\"_ _3\"></span>y bas<span class=\"_ _3\"></span>ed on its fin<span class=\"_ _3\"></span>ancial p<span class=\"_ _3\"></span>ositio<span class=\"_ _3\"></span>n, past exp<span class=\"_ _3\"></span>erienc<span class=\"_ _3\"></span>e and other fa<span class=\"_ _3\"></span>ctors. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s most s<span class=\"_ _3\"></span>ignific<span class=\"_ _3\"></span>ant custom<span class=\"_ _3\"></span>ers are publ<span class=\"_ _3\"></span>ic or regula<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d indust<span class=\"_ _3\"></span>ry enti<span class=\"_ _3\"></span>ties whic<span class=\"_ _3\"></span>h genera<span class=\"_ _3\"></span>lly have high c<span class=\"_ _3\"></span>redit rat<span class=\"_ _3\"></span>ings or are of a hig<span class=\"_ _3\"></span>h credit qual<span class=\"_ _3\"></span>ity du<span class=\"_ _3\"></span>e to the nature of the c<span class=\"_ _3\"></span>ustomer. As such<span class=\"_ _3\"></span>, the Group d<span class=\"_ _3\"></span>oes not exp<span class=\"_ _3\"></span>ect mater<span class=\"_ _3\"></span>ial credi<span class=\"_ _3\"></span>t losses to o<span class=\"_ _3\"></span>ccur on b<span class=\"_ _3\"></span>alance<span class=\"_ _3\"></span>s owed to the Group by its p<span class=\"_ _3\"></span>ublic or re<span class=\"_ _3\"></span>gulated cus<span class=\"_ _3\"></span>tomers. T<span class=\"_ _3\"></span>his is in line w<span class=\"_ _3\"></span>ith the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _3\"></span>erienc<span class=\"_ _3\"></span>e in the past of re<span class=\"_ _3\"></span>covering b<span class=\"_ _3\"></span>alanc<span class=\"_ _3\"></span>es owed by thes<span class=\"_ _3\"></span>e customer<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group is exp<span class=\"_ _3\"></span>osed to cred<span class=\"_ _3\"></span>it risk on lo<span class=\"_ _3\"></span>ans provid<span class=\"_ _3\"></span>ed to joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates and a<span class=\"_ _3\"></span>ccrue<span class=\"_ _3\"></span>d interest on tho<span class=\"_ _3\"></span>se loans<span class=\"_ _3\"></span>, as the repay<span class=\"_ _3\"></span>ment of<span class=\"_ gs52\"> </span>these a<span class=\"_ _3\"></span>mounts is c<span class=\"_ _3\"></span>ontingent o<span class=\"_ _3\"></span>n the per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce of the un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing conc<span class=\"_ _3\"></span>ession o<span class=\"_ _3\"></span>r opera<span class=\"_ _3\"></span>tion. In th<span class=\"_ _3\"></span>e Infrastr<span class=\"_ _3\"></span>ucture Invest<span class=\"_ _3\"></span>ments seg<span class=\"_ _3\"></span>ment the con<span class=\"_ _3\"></span>cessio<span class=\"_ _3\"></span>ns are ty<span class=\"_ _3\"></span>pical<span class=\"_ _3\"></span>ly finan<span class=\"_ _3\"></span>ced by a co<span class=\"_ _3\"></span>mbinati<span class=\"_ _3\"></span>on of non<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>course ex<span class=\"_ _3\"></span>ternal b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs and sub<span class=\"_ _3\"></span>ordinate<span class=\"_ _3\"></span>d loans prov<span class=\"_ _3\"></span>ided by th<span class=\"_ _3\"></span>e joint venture par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s. The G<span class=\"_ _3\"></span>roup asses<span class=\"_ _3\"></span>ses any expe<span class=\"_ _3\"></span>cted cred<span class=\"_ _3\"></span>it losse<span class=\"_ _3\"></span>s on its lo<span class=\"_ _3\"></span>ans provid<span class=\"_ _3\"></span>ed to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates by com<span class=\"_ _3\"></span>parin<span class=\"_ _3\"></span>g the car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing value of the relev<span class=\"_ _3\"></span>ant investment in jo<span class=\"_ _3\"></span>int venture or ass<span class=\"_ _3\"></span>ociate ba<span class=\"_ _3\"></span>lance (w<span class=\"_ _3\"></span>hich inc<span class=\"_ _3\"></span>ludes th<span class=\"_ _3\"></span>e loans prov<span class=\"_ _3\"></span>ided an<span class=\"_ _3\"></span>d any accru<span class=\"_ _3\"></span>ed interest<span class=\"_ _3\"></span>) t<span class=\"_ _4\"></span>o f<span class=\"_ _3\"></span>uture cash flows ex<span class=\"_ _3\"></span>pected to b<span class=\"_ _3\"></span>e receive<span class=\"_ _3\"></span>d from the joint vent<span class=\"_ _3\"></span>ure or asso<span class=\"_ _3\"></span>ciate, disc<span class=\"_ _3\"></span>ounted where a<span class=\"_ _3\"></span>ppropr<span class=\"_ _3\"></span>iate. Th<span class=\"_ _3\"></span>e maximu<span class=\"_ _3\"></span>m e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to cre<span class=\"_ _3\"></span>dit risk in res<span class=\"_ _3\"></span>pect of th<span class=\"_ _3\"></span>e above at the re<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ting date is t<span class=\"_ _3\"></span>he carr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng value of fin<span class=\"_ _3\"></span>ancial as<span class=\"_ _3\"></span>sets reco<span class=\"_ _3\"></span>rded in the fina<span class=\"_ _3\"></span>ncial st<span class=\"_ _3\"></span>atements, n<span class=\"_ _3\"></span>et of any allowanc<span class=\"_ _3\"></span>e for losses<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ere has bee<span class=\"_ _3\"></span>n no materia<span class=\"_ _3\"></span>l change to th<span class=\"_ _3\"></span>e Group\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to cre<span class=\"_ _3\"></span>dit risks an<span class=\"_ _3\"></span>d there has be<span class=\"_ _3\"></span>en no chan<span class=\"_ _3\"></span>ge in how the G<span class=\"_ _3\"></span>roup man<span class=\"_ _3\"></span>ages tho<span class=\"_ _3\"></span>se risks since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span>(c) Liq<span class=\"_ _3\"></span>uidit<span class=\"_ _3\"></span>y r<span class=\"_ _3\"></span>isk<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group man<span class=\"_ _3\"></span>ages liq<span class=\"_ _3\"></span>uidit<span class=\"_ _3\"></span>y risk by ma<span class=\"_ _3\"></span>intaining a<span class=\"_ _3\"></span>dequ<span class=\"_ _3\"></span>ate cash ba<span class=\"_ _3\"></span>lances an<span class=\"_ _3\"></span>d bankin<span class=\"_ _3\"></span>g faciliti<span class=\"_ _3\"></span>es, conti<span class=\"_ _3\"></span>nuously m<span class=\"_ _3\"></span>onitorin<span class=\"_ _3\"></span>g f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>recast a<span class=\"_ _3\"></span>nd actua<span class=\"_ _3\"></span>l ca<span class=\"_ _3\"></span>sh flows and m<span class=\"_ _3\"></span>atching the m<span class=\"_ _3\"></span>aturit<span class=\"_ _3\"></span>y profiles of f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets an<span class=\"_ _3\"></span>d liabilit<span class=\"_ _3\"></span>ies. Det<span class=\"_ _3\"></span>ails of undr<span class=\"_ _3\"></span>awn commi<span class=\"_ _3\"></span>tted b<span class=\"_ _3\"></span>orrowing f<span class=\"_ _3\"></span>acilitie<span class=\"_ _3\"></span>s are set out in<span class=\"_ gs52\"> </span>Note 2<span class=\"_ _3\"></span>7<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1. The ma<span class=\"_ _3\"></span>turit<span class=\"_ _3\"></span>y profile of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al liabili<span class=\"_ _3\"></span>ties is set out o<span class=\"_ _3\"></span>n page 2<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ere has bee<span class=\"_ _3\"></span>n no materia<span class=\"_ _3\"></span>l change to th<span class=\"_ _3\"></span>e Group\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to liq<span class=\"_ _3\"></span>uidit<span class=\"_ _3\"></span>y risks and t<span class=\"_ _3\"></span>here has be<span class=\"_ _3\"></span>en no chan<span class=\"_ _3\"></span>ge in how the G<span class=\"_ _3\"></span>roup mana<span class=\"_ _3\"></span>ges thos<span class=\"_ _3\"></span>e risks since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span>Fair value estimation<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group hol<span class=\"_ _3\"></span>ds cer<span class=\"_ _3\"></span>tain f<span class=\"_ _3\"></span>inancia<span class=\"_ _3\"></span>l instrum<span class=\"_ _3\"></span>ents on the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet at their fai<span class=\"_ _3\"></span>r values. T<span class=\"_ _3\"></span>he follow<span class=\"_ _3\"></span>ing hierarc<span class=\"_ _3\"></span>hy classif<span class=\"_ _3\"></span>ies each c<span class=\"_ _3\"></span>lass of fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> asset o<span class=\"_ _3\"></span>r liabilit<span class=\"_ _3\"></span>y in ac<span class=\"_ _3\"></span>corda<span class=\"_ _3\"></span>nce with t<span class=\"_ _3\"></span>he valuati<span class=\"_ _3\"></span>on techniq<span class=\"_ _3\"></span>ue appli<span class=\"_ _3\"></span>ed in determi<span class=\"_ _3\"></span>ning its fair v<span class=\"_ _3\"></span>alue.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ere have been n<span class=\"_ _3\"></span>o transfers b<span class=\"_ _3\"></span>etween t<span class=\"_ _3\"></span>hese cate<span class=\"_ _3\"></span>gories d<span class=\"_ _3\"></span>uring 20<span class=\"_ _3\"></span>23 or 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2.<span class=\"_ _3ab\"> </span>Level 1 \u2013 T<span class=\"_ _3\"></span>he fair valu<span class=\"_ _3\"></span>e is calcu<span class=\"_ _3\"></span>lated bas<span class=\"_ _3\"></span>ed on quoted p<span class=\"_ _3\"></span>rices tr<span class=\"_ _3\"></span>aded in a<span class=\"_ _3\"></span>ctive mar<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>s f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r identic<span class=\"_ _3\"></span>al asset<span class=\"_ _3\"></span>s or liabili<span class=\"_ _3\"></span>ties. Th<span class=\"_ _3\"></span>e Group hol<span class=\"_ _3\"></span>ds investme<span class=\"_ _3\"></span>nts in mutual f<span class=\"_ _3\"></span>unds mea<span class=\"_ _3\"></span>sured at fair val<span class=\"_ _3\"></span>ue through O<span class=\"_ _3\"></span>CI whic<span class=\"_ _3\"></span>h are trade<span class=\"_ _3\"></span>d in acti<span class=\"_ _3\"></span>ve markets and va<span class=\"_ _3\"></span>lued at the c<span class=\"_ _3\"></span>losing market pr<span class=\"_ _3\"></span>ice at the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date.<span class=\"_ _3ab\"> </span>Level 2 \u2013 T<span class=\"_ _3\"></span>he fair valu<span class=\"_ _3\"></span>e is based o<span class=\"_ _3\"></span>n inputs oth<span class=\"_ _3\"></span>er than qu<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d price<span class=\"_ _3\"></span>s includ<span class=\"_ _3\"></span>ed within L<span class=\"_ _3\"></span>evel 1 that are ob<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>vable for th<span class=\"_ _3\"></span>e asset or lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, eithe<span class=\"_ _3\"></span>r directly<span class=\"_ _4\"></span> or indirectly<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e fair value of interes<span class=\"_ _3\"></span>t rate swaps is c<span class=\"_ _3\"></span>alcul<span class=\"_ _3\"></span>ated as the prese<span class=\"_ _3\"></span>nt value of the es<span class=\"_ _3\"></span>timated fut<span class=\"_ _3\"></span>ure cash flow<span class=\"_ _3\"></span>s utilisin<span class=\"_ _3\"></span>g yield cur<span class=\"_ _3\"></span>ves at th<span class=\"_ _3\"></span>e repor<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate and t<span class=\"_ _3\"></span>aking into ac<span class=\"_ _3\"></span>count own c<span class=\"_ _3\"></span>redit risk<span class=\"_ _3\"></span>. Own c<span class=\"_ _3\"></span>redit risk fo<span class=\"_ _3\"></span>r Infrastr<span class=\"_ _3\"></span>ucture Invest<span class=\"_ _3\"></span>ments\u2019 swaps i<span class=\"_ _3\"></span>s not materia<span class=\"_ _3\"></span>l and is cal<span class=\"_ _3\"></span>culated usi<span class=\"_ _3\"></span>ng the follow<span class=\"_ _3\"></span>ing cred<span class=\"_ _3\"></span>it valuati<span class=\"_ _3\"></span>on adjust<span class=\"_ _3\"></span>ment (C<span class=\"_ _3\"></span>V<span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>) ca<span class=\"_ _3\"></span>lculati<span class=\"_ _3\"></span>on: loss give<span class=\"_ _3\"></span>n default mul<span class=\"_ _3\"></span>tiplied b<span class=\"_ _3\"></span>y e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure mul<span class=\"_ _3\"></span>tiplied b<span class=\"_ _3\"></span>y probab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y of default.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e fair value of for<span class=\"_ _3\"></span>ward forei<span class=\"_ _3\"></span>gn exchange c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts is determi<span class=\"_ _3\"></span>ned using q<span class=\"_ _3\"></span>uoted for<span class=\"_ _3\"></span>ward exchang<span class=\"_ _3\"></span>e rates at the rep<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>ing date and y<span class=\"_ _3\"></span>ield cur<span class=\"_ _3\"></span>ves der<span class=\"_ _3\"></span>ived from qu<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d interest rates ma<span class=\"_ _3\"></span>tching the m<span class=\"_ _3\"></span>aturities of t<span class=\"_ _3\"></span>he foreign exchan<span class=\"_ _3\"></span>ge contra<span class=\"_ _3\"></span>cts. O<span class=\"_ _3\"></span>wn cred<span class=\"_ _3\"></span>it risk for the ot<span class=\"_ _3\"></span>her deri<span class=\"_ _3\"></span>vative lia<span class=\"_ _3\"></span>bilities is<span class=\"_ _3\"></span> not mater<span class=\"_ _3\"></span>ial and is c<span class=\"_ _3\"></span>alcula<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d by appl<span class=\"_ _3\"></span>ying a relev<span class=\"_ _3\"></span>ant credit d<span class=\"_ _3\"></span>efault swap (<span class=\"_ _3\"></span>CDS) r<span class=\"_ _3\"></span>ate obtain<span class=\"_ _3\"></span>ed from a third p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Level 3 \u2013 T<span class=\"_ _3\"></span>he fair valu<span class=\"_ _3\"></span>e is based o<span class=\"_ _3\"></span>n unobse<span class=\"_ _3\"></span>rva<span class=\"_ _3\"></span>ble inpu<span class=\"_ _3\"></span>ts.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e fair value of th<span class=\"_ _3\"></span>e Group\u2019s PPP fin<span class=\"_ _3\"></span>ancial as<span class=\"_ _3\"></span>sets is deter<span class=\"_ _3\"></span>mined in the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction p<span class=\"_ _3\"></span>hase by ap<span class=\"_ _3\"></span>plyin<span class=\"_ _3\"></span>g an attr<span class=\"_ _3\"></span>ibuta<span class=\"_ _3\"></span>ble profit m<span class=\"_ _3\"></span>argin by reference to the c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion mar<span class=\"_ _3\"></span>gin on non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>PP<span class=\"_ _3\"></span>P project<span class=\"_ _3\"></span>s reflectin<span class=\"_ _3\"></span>g the cons<span class=\"_ _3\"></span>truct<span class=\"_ _3\"></span>ion risks reta<span class=\"_ _3\"></span>ined by the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction c<span class=\"_ _3\"></span>ontractor, and fair va<span class=\"_ _3\"></span>lue of const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es per<span class=\"_ _3\"></span>formed<span class=\"_ _3\"></span>. In the op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>al phase i<span class=\"_ _3\"></span>t is determine<span class=\"_ _3\"></span>d by disco<span class=\"_ _3\"></span>unting the fu<span class=\"_ _3\"></span>ture cash fl<span class=\"_ _3\"></span>ows alloc<span class=\"_ _3\"></span>ated to the fin<span class=\"_ _3\"></span>ancial as<span class=\"_ _3\"></span>set at a disco<span class=\"_ _3\"></span>unt rate whi<span class=\"_ _3\"></span>ch is base<span class=\"_ _3\"></span>d on long<span class=\"_ _3\"></span>-te<span class=\"_ _3\"></span>rm gilt rates a<span class=\"_ _3\"></span>djusted for th<span class=\"_ _3\"></span>e risk levels as<span class=\"_ _3\"></span>sociate<span class=\"_ _3\"></span>d with the as<span class=\"_ _3\"></span>sets, wi<span class=\"_ _3\"></span>th market-<span class=\"_ _3\"></span>related move<span class=\"_ _3\"></span>ments in fair va<span class=\"_ _3\"></span>lue reco<span class=\"_ _3\"></span>gnised in ot<span class=\"_ _3\"></span>her comp<span class=\"_ _3\"></span>rehensive in<span class=\"_ _3\"></span>come an<span class=\"_ _3\"></span>d other moveme<span class=\"_ _3\"></span>nts recog<span class=\"_ _3\"></span>nised in the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement. A<span class=\"_ _3\"></span>mounts o<span class=\"_ _3\"></span>rigina<span class=\"_ _3\"></span>lly reco<span class=\"_ _3\"></span>gnised in oth<span class=\"_ _3\"></span>er com<span class=\"_ _3\"></span>prehensi<span class=\"_ _3\"></span>ve income a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>ransferre<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement u<span class=\"_ _3\"></span>pon dis<span class=\"_ _3\"></span>posal of t<span class=\"_ _3\"></span>he asset. A cha<span class=\"_ _3\"></span>nge in the di<span class=\"_ _3\"></span>scount rate wo<span class=\"_ _3\"></span>uld have a sign<span class=\"_ _3\"></span>ificant ef<span class=\"_ _3\"></span>fect on t<span class=\"_ _3\"></span>he value of the a<span class=\"_ _3\"></span>sset and a 5<span class=\"_ _3\"></span>0 basis p<span class=\"_ _3\"></span>oint increa<span class=\"_ _3\"></span>se/dec<span class=\"_ _3\"></span>rease, whi<span class=\"_ _3\"></span>ch represent<span class=\"_ _3\"></span>s man<span class=\"_ _3\"></span>agement<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s as<span class=\"_ _3\"></span>sessment of a re<span class=\"_ _3\"></span>asonab<span class=\"_ _3\"></span>ly pos<span class=\"_ _3\"></span>sible ch<span class=\"_ _3\"></span>ange in th<span class=\"_ _3\"></span>e risk-a<span class=\"_ _3\"></span>djusted di<span class=\"_ _3\"></span>scount rate, wo<span class=\"_ _3\"></span>uld lead to a \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m d<span class=\"_ _3\"></span>ecreas<span class=\"_ _3\"></span>e (20<span class=\"_ _3\"></span>22: \u00a31m)/\u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m<span class=\"_ _3\"></span> incre<span class=\"_ _3\"></span>ase (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>m) in the fa<span class=\"_ _3\"></span>ir value of the a<span class=\"_ _3\"></span>ssets taken thro<span class=\"_ _3\"></span>ugh equi<span class=\"_ _3\"></span>ty. Refer to Note 21 for a reconc<span class=\"_ _3\"></span>iliatio<span class=\"_ _3\"></span>n of the movement fro<span class=\"_ _3\"></span>m the ope<span class=\"_ _3\"></span>ning balance to the closing balance.<span class=\"_ _3ab\"> </span><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs128b\">Fair value estimation continued<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs128c\">For P<span class=\"_ _3\"></span>PP fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets held in j<span class=\"_ _3\"></span>oint ventures and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates, a chan<span class=\"_ _3\"></span>ge in the dis<span class=\"_ _3\"></span>count rate by a 5<span class=\"_ _3\"></span>0 basis p<span class=\"_ _3\"></span>oint inc<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ase/d<span class=\"_ _3\"></span>ecrease, w<span class=\"_ _3\"></span>hich repres<span class=\"_ _3\"></span>ents </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs128d\">man<span class=\"_ _3\"></span>agement<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s as<span class=\"_ _3\"></span>sessment of a re<span class=\"_ _3\"></span>asonab<span class=\"_ _3\"></span>ly pos<span class=\"_ _3\"></span>sible ch<span class=\"_ _3\"></span>ange in th<span class=\"_ _3\"></span>e risk-a<span class=\"_ _3\"></span>djusted d<span class=\"_ _3\"></span>iscount rate, wo<span class=\"_ _3\"></span>uld lea<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o a \u00a3<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>m decrea<span class=\"_ _3\"></span>se (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>m)/\u00a3<span class=\"_ _3\"></span>26<span class=\"_ _3\"></span>m </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gs128e\">incre<span class=\"_ _3\"></span>ase (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>9m) in the fa<span class=\"_ _3\"></span>ir value of the a<span class=\"_ _3\"></span>ssets taken thro<span class=\"_ _3\"></span>ugh equi<span class=\"_ _3\"></span>ty wi<span class=\"_ _3\"></span>thin the sha<span class=\"_ _3\"></span>re of joint ventures\u2019 and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates\u2019 r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ves. </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gs128f\">2023<span class=\"_ _37e\"> </span><span class=\"ff47 ls33 ws2c\">2022<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1290\">Fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al in<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rum<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t fai<span class=\"_ _3\"></span>r val<span class=\"_ _3\"></span>ue<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1291\">Le<span class=\"_ _3\"></span>vel 1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs1292\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1293\">Le<span class=\"_ _3\"></span>vel 2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs1294\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1295\">Le<span class=\"_ _3\"></span>vel 3<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs1296\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gs1297\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs1298\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1299\">Leve<span class=\"_ _3\"></span>l 1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs129a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs129b\">Leve<span class=\"_ _3\"></span>l 2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs129c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs129d\">Leve<span class=\"_ _3\"></span>l 3<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs129e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gs129f\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs12a0\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gs12a1\">Investments<span class=\"_ _4\"></span> in mutual fund financial assets<span class=\"_ _1d2\"> </span><span class=\"ff46 ls94 ws18a\">19<span class=\"_ _20c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _f2\"> </span></span>19<span class=\"_ _1c4\"> </span></span><span class=\"ls5 ws3\"> <span class=\"_ _a8\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gs12a2\">PPP financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _35a\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _ef\"> </span>24<span class=\"_ _1c4\"> </span></span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _1cb\"> </span>26<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gs12a3\">Other investment<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>ts<span class=\"_ _1d3\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>7<span class=\"_ _98\"> </span>7<span class=\"_ _2e\"> </span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _ee\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _125\"> </span>11<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs12a4\">Fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets \u2013 fuel he<span class=\"_ _3\"></span>dges<span class=\"_ _a4\"> </span><span class=\"ff46\">\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs12a5\">T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed a<span class=\"_ _3\"></span>t fai<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>e<span class=\"_ _35\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _98\"> </span></span>1<span class=\"_ _f2\"> </span><span class=\"ls7 ws102\">31<span class=\"_ _ee\"> </span><span class=\"ls107 wsfc\">51<span class=\"_ _1c4\"> </span></span></span><span class=\"ff47\"> <span class=\"_ _a8\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _98\"> </span></span>1<span class=\"_ _1cb\"> </span><span class=\"ls85 ws7d\">37<span class=\"_ _ef\"> </span><span class=\"ls44 ws3f\">58<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs12a6\">Financial liabilities \u2013 infrastructure <span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gs12a7\">concessions interest<span class=\"_ _4\"></span> rate swaps<span class=\"_ _46\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _133\"> </span></span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc ws8 gs12a8\">Financial liabi<span class=\"_ _4\"></span>lities \u2013 f<span class=\"_ _4\"></span>or<span class=\"_ _3\"></span>ward e<span class=\"_ _4\"></span>xchange contracts<span class=\"_ _4\"></span> <span class=\"_ _215\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _9d\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs12a9\">T<span class=\"_ _5\"></span>otal liabilities measured at<span class=\"_ _4\"></span> fair value<span class=\"_ _12f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _133\"> </span></span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)</span></span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-627": {
   "value": "21 PPP fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>ial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span>Economic<span class=\"_ _3ab\"> </span>infrastructure<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>So<span class=\"_ _3\"></span>cial infrastructure<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2f1\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _9a\"> </span></span>7<span class=\"_ _a3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _3ab\"> </span></span>Income recognised in<span class=\"_ _4\"></span> the income statement:<span class=\"_ _31d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>\u2013 interest in<span class=\"_ _3\"></span>come (N<span class=\"_ _3\"></span>ote 8)<span class=\"_ _2b7\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _3ab\"> </span>Los<span class=\"_ _3\"></span>ses reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e statement of c<span class=\"_ _3\"></span>omprehe<span class=\"_ _3\"></span>nsive inco<span class=\"_ _3\"></span>me:<span class=\"_ _e1\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> \u2013 fair val<span class=\"_ _3\"></span>ue movement<span class=\"_ _3\"></span>s<span class=\"_ _2a5\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _3ab\"> </span></span>Other movements:<span class=\"_ _31e\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </span>\u2013 ca<span class=\"_ _3\"></span>sh e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pend<span class=\"_ _3\"></span>iture<span class=\"_ _115\"> </span>2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span>\u2013 ca<span class=\"_ _3\"></span>sh received<span class=\"_ _31f\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _a3\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _3ab\"> </span></span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2e5\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _9a\"> </span></span>5<span class=\"_ _9d\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3ab\"> </span></span>Income recognised in<span class=\"_ _4\"></span> the income statement:<span class=\"_ _3ab\"> </span>\u2013 interest in<span class=\"_ _3\"></span>come (N<span class=\"_ _3\"></span>ote 8)<span class=\"_ _2b7\"> </span><span class=\"ff3b\">2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _3ab\"> </span></span>Other movements:<span class=\"_ _3ab\"> </span>\u2013 ca<span class=\"_ _3\"></span>sh e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pend<span class=\"_ _3\"></span>iture<span class=\"_ _115\"> </span><span class=\"ff3b\">2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>\u2013 ca<span class=\"_ _3\"></span>sh received<span class=\"_ _31f\"> </span><span class=\"ff3b ls10d ws101\">(6)<span class=\"_ _145\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _145\"> </span><span class=\"ls10d ws101\">(6)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2f3\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _9a\"> </span></span>5<span class=\"_ _38\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _3ab\"> </span></span>As<span class=\"_ _3\"></span>sets cons<span class=\"_ _3\"></span>tructe<span class=\"_ _3\"></span>d by PPP sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>y co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>on comp<span class=\"_ _3\"></span>anies are cl<span class=\"_ _3\"></span>assifie<span class=\"_ _3\"></span>d as financ<span class=\"_ _3\"></span>ial asset<span class=\"_ _3\"></span>s measured a<span class=\"_ _3\"></span>t fair value thro<span class=\"_ _3\"></span>ugh OC<span class=\"_ _3\"></span>I and are den<span class=\"_ _3\"></span>ominated in ste<span class=\"_ _3\"></span>rling. T<span class=\"_ _3\"></span>he max<span class=\"_ _3\"></span>imum expos<span class=\"_ _3\"></span>ure t<span class=\"_ _4\"></span>o c<span class=\"_ _3\"></span>redit ris<span class=\"_ _3\"></span>k at the repor<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g date is the fair v<span class=\"_ _3\"></span>alue of the PP<span class=\"_ _3\"></span>P financ<span class=\"_ _3\"></span>ial asset<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ere were no impa<span class=\"_ _3\"></span>irment prov<span class=\"_ _3\"></span>isions in 20<span class=\"_ _3\"></span>23 or 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2.<span class=\"_ _3ab\"> </span>Categorie<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> of finan<span class=\"_ _3\"></span>cial instrument<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Loans and<span class=\"_ _4\"></span> receivables at am<span class=\"_ _4\"></span>or<span class=\"_ _3\"></span>tised<span class=\"_ _4\"></span> co<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>, ca<span class=\"_ _3\"></span>sh and deposits 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Financial liabilities at<span class=\"_ _4\"></span> amortised co<span class=\"_ _3\"></span>st 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Financial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t fa<span class=\"_ _3\"></span>ir va<span class=\"_ _3\"></span>lue<span class=\"_ _3ab\"> </span>through<span class=\"_ _4\"></span> OCI<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Financial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t amortised cost<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Financial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t fa<span class=\"_ _3\"></span>ir va<span class=\"_ _3\"></span>lue through<span class=\"_ _4\"></span> P&amp;<span class=\"_ _3\"></span>L 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Derivativ<span class=\"_ _4\"></span>es 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Lo<span class=\"_ _3\"></span>ans and receivables<span class=\"_ _4\"></span> at amortise<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>st, c<span class=\"_ _3\"></span>ash and deposits 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Financial liabilities at amortise<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> co<span class=\"_ _3\"></span>st 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Financial ass<span class=\"_ _3\"></span>ets at fair value<span class=\"_ _3ab\"> </span>through<span class=\"_ _4\"></span> OCI<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Financial ass<span class=\"_ _3\"></span>ets at amortise<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> cost<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Financial ass<span class=\"_ _3\"></span>ets at fai<span class=\"_ _3\"></span>r value through<span class=\"_ _4\"></span> P&amp;<span class=\"_ _3\"></span>L 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Derivatives 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Financial assets<span class=\"_ _40\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _39\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _39\"> </span><span class=\"ff47\"> <span class=\"_ _81\"> </span> <span class=\"_ _a0\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> </span></span>Fixed r<span class=\"_ _3\"></span>ate bon<span class=\"_ _3\"></span>ds and treasury stock<span class=\"_ _51\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _e0\"> </span>2<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>Mutual fun<span class=\"_ _3\"></span>ds<span class=\"_ _39\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ff47\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _e0\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>Ot<span class=\"_ _3\"></span>her investmen<span class=\"_ _4\"></span>t assets<span class=\"_ _302\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _b2\"> </span>2<span class=\"_ _fa\"> </span>7<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _e0\"> </span>7<span class=\"_ _2f\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _7e\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span>PP<span class=\"_ _3\"></span>P financ<span class=\"_ _3\"></span>ial assets<span class=\"_ _302\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _e0\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ff47\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _e0\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>C<span class=\"_ _3\"></span>ash and depo<span class=\"_ _3\"></span>sits<span class=\"_ _145\"> </span><span class=\"ff46 ls10a wsfe\">1,<span class=\"_ _2\"></span>414<span class=\"_ _a3\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d5\"> </span></span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,17<span class=\"_ _3\"></span>9<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other receivables<span class=\"_ _128\"> </span><span class=\"ff46 ls125 ws11c\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _c3\"> </span><span class=\"ff47 ls11c ws115\">1<span class=\"_ _3\"></span>,111<span class=\"_ _3ab\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _3ab\"> </span>Derivatives<span class=\"_ _1c\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span>1<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _3ab\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span>1<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _84\"> </span><span class=\"ls124 ws6a\">2,559<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1f7\"> </span><span class=\"ls11d wsf4\">43<span class=\"_ _125\"> </span></span>2<span class=\"_ _fa\"> </span>7<span class=\"_ _97\"> </span>1<span class=\"_ _d8\"> </span><span class=\"ff47 ls73 ws80\">2,<span class=\"_ _3\"></span>290<span class=\"_ _82\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _110\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _125\"> </span></span>9<span class=\"_ _b5\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _82\"> </span></span>1<span class=\"_ _3ab\"> </span></span></span></span>Financial liabilities<span class=\"_ _1fd\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _39\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _39\"> </span><span class=\"ff47\"> <span class=\"_ _81\"> </span> <span class=\"_ _a0\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> </span></span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other payables<span class=\"_ _98\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _ba\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8)<span class=\"_ _1cb\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _11f\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,6<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span></span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>Unsecured borrowings<span class=\"_ _36\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _f6\"> </span>(26<span class=\"_ _3\"></span>6)<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ff47\">\u2013<span class=\"_ _4f\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _ef\"> </span></span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>Infrastructure concessions non<span class=\"_ _3\"></span>-recourse ter<span class=\"_ _3\"></span>m loa<span class=\"_ _3\"></span>ns<span class=\"_ _20f\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _e3\"> </span><span class=\"ls109 ws87\">(570)<span class=\"_ _cc\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _f\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>61)<span class=\"_ _f2\"> </span></span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>Derivatives<span class=\"_ _1c\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _7e\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>(1)<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _1ea\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _10c\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>,5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4)<span class=\"_ _cc\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _7e\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _e6\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></span>Net<span class=\"_ _378\"> </span><span class=\"ls124 ws6a\">2,559<span class=\"_ _10c\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>,5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4)<span class=\"_ _c6\"> </span><span class=\"ls11d wsf4\">43<span class=\"_ _b2\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _1cc\"> </span>7<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>1)<span class=\"_ _5e\"> </span><span class=\"ff47 ls73 ws80\">2,2<span class=\"_ _3\"></span>90<span class=\"_ _20d\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>4)<span class=\"_ _2f\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _125\"> </span></span></span></span></span><span class=\"ff47\">9<span class=\"_ _2f\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _7e\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span></span></span></span>Current year comprehensive income/(loss) excl<span class=\"_ _3\"></span>udin<span class=\"_ _3\"></span>g sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span> of joint<span class=\"_ _3\"></span> venture<span class=\"_ _3\"></span>s and associates<span class=\"_ _23\"> </span><span class=\"ff46 ls43 ws3e\">63<span class=\"_ _1cb\"> </span><span class=\"lsd ws18e\">(3<span class=\"_ _3\"></span>3)<span class=\"_ _1cc\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _27\"> </span>\u2013<span class=\"_ _c6\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7e\"> </span></span>\u2013<span class=\"_ _27\"> </span></span></span></span><span class=\"ls103 wsf8\">35<span class=\"_ _1f7\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _c6\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _e0\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _fa\"> </span>6<span class=\"_ _97\"> </span>3<span class=\"_ _3ab\"> </span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-592": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 lsf wsb gs984\">22 In<span class=\"_ _4\"></span>ventories<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gs985\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs986\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gs987\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs988\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs989\">Raw ma<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rials an<span class=\"_ _3\"></span>d consuma<span class=\"_ _3\"></span>bles<span class=\"_ _320\"> </span><span class=\"ff3b ls103 wsf8\">69<span class=\"_ _9d\"> </span></span><span class=\"ls10c ws85\">81<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs98a\">Develo<span class=\"_ _3\"></span>pment and h<span class=\"_ _3\"></span>ousing l<span class=\"_ _3\"></span>and and work i<span class=\"_ _3\"></span>n progress<span class=\"_ _f1\"> </span><span class=\"ff3b ls18b ws188\">54<span class=\"_ _a3\"> </span></span><span class=\"ls10b wsff\">32<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs98b\">Finish<span class=\"_ _3\"></span>ed goo<span class=\"_ _3\"></span>ds and go<span class=\"_ _3\"></span>ods for res<span class=\"_ _3\"></span>ale<span class=\"_ _321\"> </span><span class=\"ff3b\">1<span class=\"_ _9a\"> </span></span>1</div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs98c\"> <span class=\"_ _322\"> </span><span class=\"ff3b ls90 ws116\">124<span class=\"_ _82\"> </span></span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>4</span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-593": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 ls17 ws13 gs98e\">23 Contrac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> balanc<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs98f\">Th<span class=\"_ _3\"></span>e timing of revenue rec<span class=\"_ _3\"></span>ognit<span class=\"_ _3\"></span>ion, billin<span class=\"_ _3\"></span>gs and c<span class=\"_ _3\"></span>ash colle<span class=\"_ _3\"></span>ction resu<span class=\"_ _3\"></span>lts in trad<span class=\"_ _3\"></span>e receiv<span class=\"_ _3\"></span>ables (<span class=\"_ _3\"></span>billed am<span class=\"_ _3\"></span>ounts), contr<span class=\"_ _3\"></span>act ass<span class=\"_ _3\"></span>ets (unbille<span class=\"_ _3\"></span>d amounts) </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs990\">and cu<span class=\"_ _3\"></span>stomer ad<span class=\"_ _3\"></span>vances an<span class=\"_ _3\"></span>d depo<span class=\"_ _3\"></span>sits (cont<span class=\"_ _3\"></span>ract lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s) on the Group\u2019s bala<span class=\"_ _3\"></span>nce sheet<span class=\"_ _3\"></span>. For ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es in which revenu<span class=\"_ _3\"></span>e is earne<span class=\"_ _3\"></span>d over time, </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs991\">amou<span class=\"_ _3\"></span>nts are bille<span class=\"_ _3\"></span>d in accor<span class=\"_ _3\"></span>dance w<span class=\"_ _3\"></span>ith contr<span class=\"_ _3\"></span>actual ter<span class=\"_ _3\"></span>ms, eith<span class=\"_ _3\"></span>er at perio<span class=\"_ _3\"></span>dic inter<span class=\"_ _3\"></span>vals or u<span class=\"_ _3\"></span>pon ac<span class=\"_ _3\"></span>hievement of cont<span class=\"_ _3\"></span>ractu<span class=\"_ _3\"></span>al milestone<span class=\"_ _3\"></span>s. The ti<span class=\"_ _3\"></span>ming </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs992\">of revenue rec<span class=\"_ _3\"></span>ogniti<span class=\"_ _3\"></span>on is measure<span class=\"_ _3\"></span>d in acco<span class=\"_ _3\"></span>rdance w<span class=\"_ _3\"></span>ith the pro<span class=\"_ _3\"></span>gress of del<span class=\"_ _3\"></span>iver<span class=\"_ _3\"></span>y on a contr<span class=\"_ _3\"></span>act whic<span class=\"_ _3\"></span>h could ei<span class=\"_ _3\"></span>ther be in a<span class=\"_ _3\"></span>dvanc<span class=\"_ _3\"></span>e or in arrear<span class=\"_ _3\"></span>s of </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs993\">billing, r<span class=\"_ _4\"></span>esulting in<span class=\"_ _4\"></span> either a contract<span class=\"_ _4\"></span> asset or a con<span class=\"_ _4\"></span>tract liability.<span class=\"_ _4\"></span> </div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs994\">23<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1 Co<span class=\"_ _3\"></span>ntr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _323\"> </span><span class=\"ff3c fs9 ls85 ws7d\">\u00a3m<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs995\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _28b\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>14<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs996\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _190\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs997\">T<span class=\"_ _4\"></span>rans<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rs from cont<span class=\"_ _3\"></span>ract as<span class=\"_ _3\"></span>sets reco<span class=\"_ _3\"></span>gnised at th<span class=\"_ _3\"></span>e beginni<span class=\"_ _3\"></span>ng of the year to rec<span class=\"_ _3\"></span>eivabl<span class=\"_ _3\"></span>es <span class=\"_ _83\"> </span><span class=\"ls12a ws11f\">(19<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs998\">Inc<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ase related to se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices provi<span class=\"_ _3\"></span>ded in the ye<span class=\"_ _3\"></span>ar <span class=\"_ _324\"> </span><span class=\"ls105 wsc2\">304<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs999\">Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed from co<span class=\"_ _3\"></span>ntract prov<span class=\"_ _3\"></span>isions (<span class=\"_ _3\"></span>Note 26) <span class=\"_ _26a\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gs99a\">Reclassified fr<span class=\"_ _4\"></span>om contract liabilit<span class=\"_ _4\"></span>ies (N<span class=\"_ _3\"></span>o<span class=\"_ _4\"></span>te 23.<span class=\"_ _3\"></span>2)<span class=\"_ _325\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs99b\">Imp<span class=\"_ _3\"></span>airment<span class=\"_ _3\"></span>s on contra<span class=\"_ _3\"></span>ct asset<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed at the b<span class=\"_ _3\"></span>eginning of t<span class=\"_ _3\"></span>he year<span class=\"_ _24c\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs99c\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _326\"> </span><span class=\"ls105 wsc2\">300<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs99d\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _327\"> </span><span class=\"ff3b ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs99e\">T<span class=\"_ _4\"></span>rans<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rs from cont<span class=\"_ _3\"></span>ract as<span class=\"_ _3\"></span>sets reco<span class=\"_ _3\"></span>gnised at th<span class=\"_ _3\"></span>e beginni<span class=\"_ _3\"></span>ng of the year to rec<span class=\"_ _3\"></span>eivabl<span class=\"_ _3\"></span>es <span class=\"_ _83\"> </span><span class=\"ff3b ls14b ws189\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>41)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs99f\">Inc<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ase related to se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices provi<span class=\"_ _3\"></span>ded in the ye<span class=\"_ _3\"></span>ar <span class=\"_ _324\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs9a0\">Reclassified fr<span class=\"_ _4\"></span>om contract liabilit<span class=\"_ _4\"></span>ies (N<span class=\"_ _3\"></span>o<span class=\"_ _4\"></span>te 23.<span class=\"_ _3\"></span>2)<span class=\"_ _2f5\"> </span><span class=\"ff3b ls110 ws106\">(11<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9a1\">Imp<span class=\"_ _3\"></span>airment<span class=\"_ _3\"></span>s on contra<span class=\"_ _3\"></span>ct asset<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed at the b<span class=\"_ _3\"></span>eginning of t<span class=\"_ _3\"></span>he year<span class=\"_ _24c\"> </span><span class=\"ff3b lsf7 ws100\">(9)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs9a2\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _328\"> </span><span class=\"ls66 ws5e\">300<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls33 ws2c gs9a3\">23.2 Contract liabilities <span class=\"_ _329\"> </span><span class=\"ff3c fs9 ls85 ws7d\">\u00a3m<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9a4\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _19c\"> </span><span class=\"ls5f ws57\">(678<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gs9a5\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _8a\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9a6\">Revenue re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed again<span class=\"_ _3\"></span>st contra<span class=\"_ _3\"></span>ct liab<span class=\"_ _3\"></span>ilities at the b<span class=\"_ _3\"></span>eginnin<span class=\"_ _3\"></span>g of the year<span class=\"_ _32a\"> </span><span class=\"ls5f ws57\">578<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9a7\">Inc<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ase due to c<span class=\"_ _3\"></span>ash receive<span class=\"_ _3\"></span>d, excludin<span class=\"_ _3\"></span>g amounts rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d as revenue dur<span class=\"_ _3\"></span>ing the year <span class=\"_ _4e\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>47)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9a8\">Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed to contra<span class=\"_ _3\"></span>ct asset<span class=\"_ _3\"></span>s (Note 23<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1)<span class=\"_ _191\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9a9\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _328\"> </span><span class=\"ls66 ws5e\">(66<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gs9aa\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences <span class=\"_ _19e\"> </span><span class=\"ff3b ls94 ws18a\">19<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9ab\">Revenue re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed again<span class=\"_ _3\"></span>st contra<span class=\"_ _3\"></span>ct liab<span class=\"_ _3\"></span>ilities at the b<span class=\"_ _3\"></span>eginnin<span class=\"_ _3\"></span>g of the year<span class=\"_ _32a\"> </span><span class=\"ff3b ls10d ws101\">5<span class=\"_ _3\"></span>61<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9ac\">Inc<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ase due to c<span class=\"_ _3\"></span>ash receive<span class=\"_ _3\"></span>d, excludin<span class=\"_ _3\"></span>g amounts rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d as revenue dur<span class=\"_ _3\"></span>ing the year <span class=\"_ _4e\"> </span><span class=\"ff3b ls3e ws39\">(528<span class=\"_ _4\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9ad\">Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed to contra<span class=\"_ _3\"></span>ct asset<span class=\"_ _3\"></span>s (Note 23<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1)<span class=\"_ _32b\"> </span><span class=\"ff3b ls110 ws106\">11<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gs9ae\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _32c\"> </span><span class=\"ls78 ws11a\">(6<span class=\"_ _3\"></span>02)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9af\">Th<span class=\"_ _3\"></span>e amount of revenue rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in the year fro<span class=\"_ _3\"></span>m per<span class=\"_ _3\"></span>formanc<span class=\"_ _3\"></span>e oblig<span class=\"_ _3\"></span>ations s<span class=\"_ _3\"></span>atisfied (<span class=\"_ _3\"></span>or par<span class=\"_ _3\"></span>tially s<span class=\"_ _3\"></span>atisfie<span class=\"_ _3\"></span>d) in previo<span class=\"_ _3\"></span>us peri<span class=\"_ _3\"></span>ods amo<span class=\"_ _3\"></span>unted to </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9b0\">\u00a34m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a312m)<span class=\"_ _4\"></span>.</div>",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfContractBalances",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-594": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 lsf wsb gs9b2\">24 T<span class=\"_ _5\"></span>rade<span class=\"_ _4\"></span> and other receivables<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs9b3\">Group </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs9b4\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs9b5\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs9b6\">Gro<span class=\"_ _3\"></span>up </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs9b7\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs9b8\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd1 wsc5 gs9b9\">Company<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs9ba\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs9bb\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls4d ws47 gs9bc\">Company </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs9bd\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs9be\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs9bf\">Current </div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs9c0\">T<span class=\"_ _5\"></span>ra<span class=\"_ _3\"></span>de r<span class=\"_ _4\"></span>ecei<span class=\"_ _3\"></span>vables<span class=\"_ _112\"> </span><span class=\"ff3b ls43 ws3e\">484<span class=\"_ _a1\"> </span></span><span class=\"ls61 ws59\">526<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9c1\">Les<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: p<span class=\"_ _3\"></span>rovision for im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent of trade re<span class=\"_ _3\"></span>ceivab<span class=\"_ _3\"></span>les <span class=\"_ _32d\"> </span><span class=\"ff3b ls8b ws4\">(8)<span class=\"_ _47\"> </span></span><span class=\"ls33 ws2c\">(3)<span class=\"_ _7f\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013</div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9c2\"> <span class=\"_ _21b\"> </span><span class=\"ff3b ls48 ws42\">476<span class=\"_ _180\"> </span></span><span class=\"ls74 ws6b\">523<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9c3\">Due f<span class=\"_ _3\"></span>rom subsidi<span class=\"_ _3\"></span>aries <span class=\"_ _32e\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _11c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9c4\">Due f<span class=\"_ _3\"></span>rom joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates <span class=\"_ _32f\"> </span><span class=\"ff3b ls90 ws116\">16<span class=\"_ _38\"> </span></span><span class=\"ls93 wsfa\">16<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9c5\">Due f<span class=\"_ _3\"></span>rom joint op<span class=\"_ _3\"></span>eration p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ners<span class=\"_ _226\"> </span><span class=\"ff3b\">4<span class=\"_ _9a\"> </span></span>6<span class=\"_ _11c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs9c6\">Co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t fulfilm<span class=\"_ _3\"></span>ent asset<span class=\"_ _3\"></span>s<span class=\"_ _f1\"> </span><span class=\"ff3b ls94 ws18a\">19<span class=\"_ _38\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _119\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs9c7\">Contract re<span class=\"_ _4\"></span>tentions r<span class=\"_ _4\"></span>eceivable<span class=\"_ _2e9\"> </span><span class=\"ff3b ls85 ws7d\">227<span class=\"_ _a0\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>4<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls73 ws80 gs9c8\">Accrued income<span class=\"_ _330\"> </span><span class=\"ff3b ls48 ws42\">13<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls4c ws46 gs9c9\">Pre<span class=\"_ _3\"></span>paym<span class=\"_ _3\"></span>ents <span class=\"_ _285\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _9d\"> </span></span><span class=\"ls11d wsf4\">56<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs9ca\">Other receivables<span class=\"_ _14b\"> </span><span class=\"ff3b ls18b ws188\">82<span class=\"_ _a3\"> </span></span><span class=\"ls44 ws3f\">58<span class=\"_ _b0\"> </span><span class=\"ff3b ls5 ws3\">1<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013</span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9cb\"> <span class=\"_ _191\"> </span><span class=\"ff3b lsab wsa1\">894<span class=\"_ _a0\"> </span></span><span class=\"ls10c ws85\">8<span class=\"_ _3\"></span>81<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">1<span class=\"_ _110\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls66 ws5e gs9cc\">Non-<span class=\"_ _3\"></span>current<span class=\"_ _331\"> </span><span class=\"ff3c ls5 ws3\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9cd\">Due f<span class=\"_ _3\"></span>rom subsidi<span class=\"_ _3\"></span>aries <span class=\"_ _32e\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ff3b ls85 ws7d\">279<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9ce\">Due f<span class=\"_ _3\"></span>rom joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _332\"> </span><span class=\"ff3b ls110 ws106\">111<span class=\"_ _38\"> </span></span><span class=\"ls114 ws10c\">86<span class=\"_ _b0\"> </span></span><span class=\"ff3b\">1<span class=\"_ _9a\"> </span></span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls3c ws37 gs9cf\">Co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t fulfilm<span class=\"_ _3\"></span>ent asset<span class=\"_ _3\"></span>s<span class=\"_ _333\"> </span><span class=\"ff3b ls18b ws188\">40<span class=\"_ _9d\"> </span></span>31<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gs9d0\">Contract re<span class=\"_ _4\"></span>tentions r<span class=\"_ _4\"></span>eceivable<span class=\"_ _2e9\"> </span><span class=\"ff3b ls10d ws101\">15<span class=\"_ _3\"></span>0<span class=\"_ _a0\"> </span></span><span class=\"ls93 wsfa\">16<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls15 ws11 gs9d1\">Other receivables<span class=\"_ _259\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _b0\"> </span><span class=\"ff3c\">3<span class=\"_ _9a\"> </span></span>3<span class=\"_ _9a\"> </span><span class=\"ff3c\">1</span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9d2\"> <span class=\"_ _32b\"> </span><span class=\"ff3b ls66 ws5e\">308<span class=\"_ _a1\"> </span></span><span class=\"ls3e ws39\">286<span class=\"_ _a0\"> </span><span class=\"ff3b\">283<span class=\"_ _9a\"> </span></span></span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gs9d3\">T<span class=\"_ _5\"></span>otal trade<span class=\"_ _4\"></span> and other receivabl<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _262\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3b\"> </span><span class=\"ff3c ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span></span><span class=\"ls3e ws39\">284<span class=\"_ _1f7\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5f ws57 gs9d4\">Compris<span class=\"_ _3\"></span>ing<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9d5\">Fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets (N<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e 4<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>) <span class=\"_ _2c9\"> </span><span class=\"ff3b ls125 ws11c\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5<span class=\"_ _1cb\"> </span></span><span class=\"ls11c ws115\">1<span class=\"_ _3\"></span>,111<span class=\"_ _97\"> </span><span class=\"ff3b ls3e ws39\">28<span class=\"_ _3\"></span>4<span class=\"_ _110\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9d6\">No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>financ<span class=\"_ _3\"></span>ial assets \u2013 p<span class=\"_ _3\"></span>repaym<span class=\"_ _3\"></span>ents <span class=\"_ _124\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _a3\"> </span></span><span class=\"ls11d wsf4\">56<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013</div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9d7\"> <span class=\"_ _8f\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3b\"> </span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span><span class=\"ff3b ls3e ws39\">284<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9d8\">Bas<span class=\"_ _3\"></span>ed on prio<span class=\"_ _3\"></span>r experie<span class=\"_ _3\"></span>nce, an ass<span class=\"_ _3\"></span>essment of th<span class=\"_ _3\"></span>e current ec<span class=\"_ _3\"></span>onomic env<span class=\"_ _3\"></span>ironment and a rev<span class=\"_ _3\"></span>iew of the finan<span class=\"_ _3\"></span>cial circ<span class=\"_ _3\"></span>umstan<span class=\"_ _3\"></span>ces of indi<span class=\"_ _3\"></span>vidual </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9d9\">custom<span class=\"_ _3\"></span>ers, the D<span class=\"_ _3\"></span>irectors b<span class=\"_ _3\"></span>elieve no fur<span class=\"_ _3\"></span>ther c<span class=\"_ _3\"></span>redit risk p<span class=\"_ _3\"></span>rovision is req<span class=\"_ _3\"></span>uired in resp<span class=\"_ _3\"></span>ect of the fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l assets ab<span class=\"_ _3\"></span>ove.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9da\">Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er that the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alues of cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt and non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her receiv<span class=\"_ _3\"></span>ables a<span class=\"_ _3\"></span>pproximate th<span class=\"_ _3\"></span>eir fair valu<span class=\"_ _3\"></span>es. </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9db\">Am<span class=\"_ _3\"></span>ounts due f<span class=\"_ _3\"></span>rom subsid<span class=\"_ _3\"></span>iaries of th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any are repaya<span class=\"_ _3\"></span>ble on dem<span class=\"_ _3\"></span>and and have b<span class=\"_ _3\"></span>een adju<span class=\"_ _3\"></span>sted for expe<span class=\"_ _3\"></span>cted cred<span class=\"_ _3\"></span>it losses<span class=\"_ _3\"></span>, which are </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9dc\">not<span class=\"_ gs52\"> </span>mater<span class=\"_ _3\"></span>ial. </div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gs9dd\">Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f impai<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>rad<span class=\"_ _3\"></span>e rec<span class=\"_ _3\"></span>ei<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>es and t<span class=\"_ _3\"></span>rad<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>cei<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>es pa<span class=\"_ _3\"></span>st d<span class=\"_ _3\"></span>ue bu<span class=\"_ _3\"></span>t not imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs9de\">Imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d <span class=\"_ _1d7\"> </span>Pas<span class=\"_ _3\"></span>t due bu<span class=\"_ _3\"></span>t not imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs9df\">Group </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs9e0\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs9e1\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs9e2\">Gro<span class=\"_ _3\"></span>up </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs9e3\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs9e4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs9e5\">Group </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs9e6\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs9e7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs9e8\">Gro<span class=\"_ _3\"></span>up </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs9e9\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs9ea\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9eb\">Up to three m<span class=\"_ _3\"></span>onths <span class=\"_ _14e\"> </span><span class=\"ff3b\">4<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _b1\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _9d\"> </span></span><span class=\"ls85 ws7d\">37<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9ec\">Thre<span class=\"_ _3\"></span>e to six months <span class=\"_ _18b\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">7<span class=\"_ _9a\"> </span></span>8<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9ed\">Six to nin<span class=\"_ _3\"></span>e months <span class=\"_ _289\"> </span><span class=\"ff3b\">1<span class=\"_ _9a\"> </span></span>1<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span></span>4<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9ee\">Nine to 12 months <span class=\"_ _278\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span></span>3<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9ef\">Mo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>han 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _3\"></span>nths <span class=\"_ _14a\"> </span><span class=\"ff3b\">2<span class=\"_ _9a\"> </span></span>2<span class=\"_ _1c4\"> </span> <span class=\"_ _81\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _9d\"> </span></span><span class=\"lsa9 wsa0\">29</span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gs9f0\"> <span class=\"_ _334\"> </span><span class=\"ff3b\">8<span class=\"_ _9a\"> </span></span>3<span class=\"_ _2e\"> </span> <span class=\"_ _ff\"> </span><span class=\"ff3b ls18b ws188\">54<span class=\"_ _9d\"> </span></span><span class=\"ls10c ws85\">81<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9f1\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, trad<span class=\"_ _3\"></span>e receiva<span class=\"_ _3\"></span>bles of \u00a3<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>81<span class=\"_ _4\"></span>m) we<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>ast due bu<span class=\"_ _3\"></span>t not impai<span class=\"_ _3\"></span>red. Th<span class=\"_ _3\"></span>ese relate to a numb<span class=\"_ _3\"></span>er of indiv<span class=\"_ _3\"></span>idual </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs9f2\">custom<span class=\"_ _3\"></span>ers whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>here is no reaso<span class=\"_ _3\"></span>n to believe that t<span class=\"_ _3\"></span>he receiva<span class=\"_ _3\"></span>ble is not rec<span class=\"_ _3\"></span>overabl<span class=\"_ _3\"></span>e.<span class=\"_ _3ab\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-677": {
   "value": "24 T<span class=\"_ _5\"></span>rade<span class=\"_ _4\"></span> and other receivables<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Company<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Company 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Current T<span class=\"_ _5\"></span>ra<span class=\"_ _3\"></span>de r<span class=\"_ _4\"></span>ecei<span class=\"_ _3\"></span>vables<span class=\"_ _112\"> </span><span class=\"ff3b ls43 ws3e\">484<span class=\"_ _a1\"> </span></span><span class=\"ls61 ws59\">526<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Les<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: p<span class=\"_ _3\"></span>rovision for im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent of trade re<span class=\"_ _3\"></span>ceivab<span class=\"_ _3\"></span>les <span class=\"_ _32d\"> </span><span class=\"ff3b ls8b ws4\">(8)<span class=\"_ _47\"> </span></span><span class=\"ls33 ws2c\">(3)<span class=\"_ _7f\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013 <span class=\"_ _21b\"> </span><span class=\"ff3b ls48 ws42\">476<span class=\"_ _180\"> </span></span><span class=\"ls74 ws6b\">523<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom subsidi<span class=\"_ _3\"></span>aries <span class=\"_ _32e\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _11c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span>Due f<span class=\"_ _3\"></span>rom joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates <span class=\"_ _32f\"> </span><span class=\"ff3b ls90 ws116\">16<span class=\"_ _38\"> </span></span><span class=\"ls93 wsfa\">16<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom joint op<span class=\"_ _3\"></span>eration p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ners<span class=\"_ _226\"> </span><span class=\"ff3b\">4<span class=\"_ _9a\"> </span></span>6<span class=\"_ _11c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t fulfilm<span class=\"_ _3\"></span>ent asset<span class=\"_ _3\"></span>s<span class=\"_ _f1\"> </span><span class=\"ff3b ls94 ws18a\">19<span class=\"_ _38\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _119\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Contract re<span class=\"_ _4\"></span>tentions r<span class=\"_ _4\"></span>eceivable<span class=\"_ _2e9\"> </span><span class=\"ff3b ls85 ws7d\">227<span class=\"_ _a0\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>4<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Accrued income<span class=\"_ _330\"> </span><span class=\"ff3b ls48 ws42\">13<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Pre<span class=\"_ _3\"></span>paym<span class=\"_ _3\"></span>ents <span class=\"_ _285\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _9d\"> </span></span><span class=\"ls11d wsf4\">56<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Other receivables<span class=\"_ _14b\"> </span><span class=\"ff3b ls18b ws188\">82<span class=\"_ _a3\"> </span></span><span class=\"ls44 ws3f\">58<span class=\"_ _b0\"> </span><span class=\"ff3b ls5 ws3\">1<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013</span></span></span> <span class=\"_ _191\"> </span><span class=\"ff3b lsab wsa1\">894<span class=\"_ _a0\"> </span></span><span class=\"ls10c ws85\">8<span class=\"_ _3\"></span>81<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">1<span class=\"_ _110\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span>Non-<span class=\"_ _3\"></span>current<span class=\"_ _331\"> </span><span class=\"ff3c ls5 ws3\"> </span>Due f<span class=\"_ _3\"></span>rom subsidi<span class=\"_ _3\"></span>aries <span class=\"_ _32e\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ff3b ls85 ws7d\">279<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _332\"> </span><span class=\"ff3b ls110 ws106\">111<span class=\"_ _38\"> </span></span><span class=\"ls114 ws10c\">86<span class=\"_ _b0\"> </span></span><span class=\"ff3b\">1<span class=\"_ _9a\"> </span></span>1<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t fulfilm<span class=\"_ _3\"></span>ent asset<span class=\"_ _3\"></span>s<span class=\"_ _333\"> </span><span class=\"ff3b ls18b ws188\">40<span class=\"_ _9d\"> </span></span>31<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span>Contract re<span class=\"_ _4\"></span>tentions r<span class=\"_ _4\"></span>eceivable<span class=\"_ _2e9\"> </span><span class=\"ff3b ls10d ws101\">15<span class=\"_ _3\"></span>0<span class=\"_ _a0\"> </span></span><span class=\"ls93 wsfa\">16<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Other receivables<span class=\"_ _259\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _b0\"> </span><span class=\"ff3c\">3<span class=\"_ _9a\"> </span></span>3<span class=\"_ _9a\"> </span><span class=\"ff3c\">1</span></span> <span class=\"_ _32b\"> </span><span class=\"ff3b ls66 ws5e\">308<span class=\"_ _a1\"> </span></span><span class=\"ls3e ws39\">286<span class=\"_ _a0\"> </span><span class=\"ff3b\">283<span class=\"_ _9a\"> </span></span></span>2<span class=\"_ _3ab\"> </span>T<span class=\"_ _5\"></span>otal trade<span class=\"_ _4\"></span> and other receivabl<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _262\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3b\"> </span><span class=\"ff3c ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span></span><span class=\"ls3e ws39\">284<span class=\"_ _1f7\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></span>Compris<span class=\"_ _3\"></span>ing<span class=\"_ _3ab\"> </span>Fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets (N<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e 4<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>) <span class=\"_ _2c9\"> </span><span class=\"ff3b ls125 ws11c\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5<span class=\"_ _1cb\"> </span></span><span class=\"ls11c ws115\">1<span class=\"_ _3\"></span>,111<span class=\"_ _97\"> </span><span class=\"ff3b ls3e ws39\">28<span class=\"_ _3\"></span>4<span class=\"_ _110\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>financ<span class=\"_ _3\"></span>ial assets \u2013 p<span class=\"_ _3\"></span>repaym<span class=\"_ _3\"></span>ents <span class=\"_ _124\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _a3\"> </span></span><span class=\"ls11d wsf4\">56<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013 <span class=\"_ _8f\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3b\"> </span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span><span class=\"ff3b ls3e ws39\">284<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span>Bas<span class=\"_ _3\"></span>ed on prio<span class=\"_ _3\"></span>r experie<span class=\"_ _3\"></span>nce, an ass<span class=\"_ _3\"></span>essment of th<span class=\"_ _3\"></span>e current ec<span class=\"_ _3\"></span>onomic env<span class=\"_ _3\"></span>ironment and a rev<span class=\"_ _3\"></span>iew of the finan<span class=\"_ _3\"></span>cial circ<span class=\"_ _3\"></span>umstan<span class=\"_ _3\"></span>ces of indi<span class=\"_ _3\"></span>vidual custom<span class=\"_ _3\"></span>ers, the D<span class=\"_ _3\"></span>irectors b<span class=\"_ _3\"></span>elieve no fur<span class=\"_ _3\"></span>ther c<span class=\"_ _3\"></span>redit risk p<span class=\"_ _3\"></span>rovision is req<span class=\"_ _3\"></span>uired in resp<span class=\"_ _3\"></span>ect of the fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l assets ab<span class=\"_ _3\"></span>ove.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er that the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alues of cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt and non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her receiv<span class=\"_ _3\"></span>ables a<span class=\"_ _3\"></span>pproximate th<span class=\"_ _3\"></span>eir fair valu<span class=\"_ _3\"></span>es. Am<span class=\"_ _3\"></span>ounts due f<span class=\"_ _3\"></span>rom subsid<span class=\"_ _3\"></span>iaries of th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any are repaya<span class=\"_ _3\"></span>ble on dem<span class=\"_ _3\"></span>and and have b<span class=\"_ _3\"></span>een adju<span class=\"_ _3\"></span>sted for expe<span class=\"_ _3\"></span>cted cred<span class=\"_ _3\"></span>it losses<span class=\"_ _3\"></span>, which are not<span class=\"_ gs52\"> </span>mater<span class=\"_ _3\"></span>ial. Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f impai<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>rad<span class=\"_ _3\"></span>e rec<span class=\"_ _3\"></span>ei<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>es and t<span class=\"_ _3\"></span>rad<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>cei<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>es pa<span class=\"_ _3\"></span>st d<span class=\"_ _3\"></span>ue bu<span class=\"_ _3\"></span>t not imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d <span class=\"_ _1d7\"> </span>Pas<span class=\"_ _3\"></span>t due bu<span class=\"_ _3\"></span>t not imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Up to three m<span class=\"_ _3\"></span>onths <span class=\"_ _14e\"> </span><span class=\"ff3b\">4<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _b1\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _9d\"> </span></span><span class=\"ls85 ws7d\">37<span class=\"_ _3ab\"> </span></span>Thre<span class=\"_ _3\"></span>e to six months <span class=\"_ _18b\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">7<span class=\"_ _9a\"> </span></span>8<span class=\"_ _3ab\"> </span>Six to nin<span class=\"_ _3\"></span>e months <span class=\"_ _289\"> </span><span class=\"ff3b\">1<span class=\"_ _9a\"> </span></span>1<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span></span>4<span class=\"_ _3ab\"> </span>Nine to 12 months <span class=\"_ _278\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span></span>3<span class=\"_ _3ab\"> </span>Mo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>han 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _3\"></span>nths <span class=\"_ _14a\"> </span><span class=\"ff3b\">2<span class=\"_ _9a\"> </span></span>2<span class=\"_ _1c4\"> </span> <span class=\"_ _81\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _9d\"> </span></span><span class=\"lsa9 wsa0\">29</span> <span class=\"_ _334\"> </span><span class=\"ff3b\">8<span class=\"_ _9a\"> </span></span>3<span class=\"_ _2e\"> </span> <span class=\"_ _ff\"> </span><span class=\"ff3b ls18b ws188\">54<span class=\"_ _9d\"> </span></span><span class=\"ls10c ws85\">81<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, trad<span class=\"_ _3\"></span>e receiva<span class=\"_ _3\"></span>bles of \u00a3<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>81<span class=\"_ _4\"></span>m) we<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>ast due bu<span class=\"_ _3\"></span>t not impai<span class=\"_ _3\"></span>red. Th<span class=\"_ _3\"></span>ese relate to a numb<span class=\"_ _3\"></span>er of indiv<span class=\"_ _3\"></span>idual custom<span class=\"_ _3\"></span>ers whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>here is no reaso<span class=\"_ _3\"></span>n to believe that t<span class=\"_ _3\"></span>he receiva<span class=\"_ _3\"></span>ble is not rec<span class=\"_ _3\"></span>overabl<span class=\"_ _3\"></span>e.<span class=\"_ _3ab\"> </span>29 De<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>d tax<span class=\"_ _3ab\"> </span>29.<span class=\"_ _5\"></span>1 Group<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e of<span class=\"_ _3\"></span>fset wh<span class=\"_ _3\"></span>en they relate to inc<span class=\"_ _3\"></span>ome ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s levied by th<span class=\"_ _3\"></span>e same ta<span class=\"_ _3\"></span>x author<span class=\"_ _3\"></span>ity a<span class=\"_ _3\"></span>nd the Grou<span class=\"_ _3\"></span>p int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nds to sett<span class=\"_ _3\"></span>le its cu<span class=\"_ _3\"></span>rrent tax a<span class=\"_ _3\"></span>ssets and li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es on a net basi<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion a<span class=\"_ _3\"></span>t 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>ber<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets<span class=\"_ _34c\"> </span><span class=\"ff46 ls90 ws116\">18<span class=\"_ _3\"></span>8<span class=\"_ _97\"> </span></span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span>Deferred ta<span class=\"_ _3\"></span>x liabilities<span class=\"_ _34d\"> </span><span class=\"ff46 ls10f ws105\">(16<span class=\"_ _2\"></span>0)<span class=\"_ _1cb\"> </span></span><span class=\"ls100 ws104\">(15<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)</span> <span class=\"_ _34e\"> </span><span class=\"ff46 ls3e ws39\">28<span class=\"_ _9d\"> </span></span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Move<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t for th<span class=\"_ _3\"></span>e year in t<span class=\"_ _3\"></span>he ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up \u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _34f\"> </span>5<span class=\"_ _3ab\"> </span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _19e\"> </span><span class=\"ls11e ws117\">(17<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span>Cre<span class=\"_ _3\"></span>dite<span class=\"_ _3\"></span>d to inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atem<span class=\"_ _3\"></span>ent<span class=\"_ _18d\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span>Cred<span class=\"_ _3\"></span>ited to other co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e<span class=\"_ _350\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _351\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _268\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _352\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _190\"> </span><span class=\"ff46 ls5 ws3\">9<span class=\"_ _3ab\"> </span></span>Char<span class=\"_ _3\"></span>ged to inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt<span class=\"_ _2a6\"> </span><span class=\"ff46 ls48 ws42\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span>Cred<span class=\"_ _3\"></span>ited to other co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e<span class=\"_ _334\"> </span><span class=\"ff46 ls43 ws3e\">48<span class=\"_ _3ab\"> </span></span>Charged<span class=\"_ _4\"></span> to equity<span class=\"_ _353\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _268\"> </span><span class=\"ff46 lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _354\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e table b<span class=\"_ _3\"></span>elow shows t<span class=\"_ _3\"></span>he deferred t<span class=\"_ _3\"></span>ax asset<span class=\"_ _3\"></span>s and liabi<span class=\"_ _3\"></span>lities before b<span class=\"_ _3\"></span>eing off<span class=\"_ _3\"></span>set where they rel<span class=\"_ _3\"></span>ate to income t<span class=\"_ _3\"></span>axes levie<span class=\"_ _3\"></span>d by the sam<span class=\"_ _3\"></span>e tax auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Depreciation<span class=\"_ _3ab\"> </span>in exce<span class=\"_ _3\"></span>ss of c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al<span class=\"_ _3ab\"> </span>allowances<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Retirement<span class=\"_ _3ab\"> </span>benefits<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Unrelieved<span class=\"_ _3ab\"> </span>trading<span class=\"_ _3ab\"> </span>losses<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Share<span class=\"_ _3\"></span>-based<span class=\"_ _3ab\"> </span>paym<span class=\"_ _3\"></span>ents<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Provisions<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Fair value<span class=\"_ _3ab\"> </span>adjustments<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Derivatives<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other GA<span class=\"_ _3\"></span>AP<span class=\"_ _3ab\"> </span>differences<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Research<span class=\"_ _3ab\"> </span>and<span class=\"_ _3ab\"> </span>develo<span class=\"_ _3\"></span>pment<span class=\"_ _3ab\"> </span>cred<span class=\"_ _3\"></span>its<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _1ac\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _110\"> </span><span class=\"ls124 ws6a\">(69)<span class=\"_ _f\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>0<span class=\"_ _20c\"> </span></span></span></span>5<span class=\"_ _ef\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1f7\"> </span><span class=\"ls66 ws5e\">(8<span class=\"_ _3\"></span>5)<span class=\"_ _e0\"> </span></span></span>1<span class=\"_ _a6\"> </span><span class=\"ls33 ws2c\">(87)<span class=\"_ _27\"> </span></span>5<span class=\"_ _1cc\"> </span>5<span class=\"_ _3ab\"> </span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _a3\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>6<span class=\"_ _10a\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _1cc\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _4f\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>T<span class=\"_ _5\"></span>ransfers<span class=\"_ _1be\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _97\"> </span>1<span class=\"_ _82\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> income statement<span class=\"_ _12c\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _110\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11)<span class=\"_ _10a\"> </span><span class=\"ls121 wsa3\">48<span class=\"_ _98\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _ef\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _25\"> </span></span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span></span></span></span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> other comprehensiv<span class=\"_ _4\"></span>e income<span class=\"_ _214\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3ab\"> </span></span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _1ae\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _98\"> </span>2<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _fa\"> </span>2<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax credits<span class=\"_ _fb\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _c6\"> </span>(2)<span class=\"_ _3ab\"> </span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _263\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _1f7\"> </span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _15\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>9<span class=\"_ _20c\"> </span></span></span></span>7<span class=\"_ _f2\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _c3\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _25\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _1f7\"> </span></span><span class=\"ls3b ws36\">(9<span class=\"_ _3\"></span>8)<span class=\"_ _e0\"> </span></span>3<span class=\"_ _c6\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _17e\"> </span><span class=\"ff46 ls5 ws3\">1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _e0\"> </span></span>6<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>5<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _fa\"> </span>9<span class=\"_ _3ab\"> </span></span>(Ch<span class=\"_ _3\"></span>arged<span class=\"_ _3\"></span>)/credite<span class=\"_ _3\"></span>d to income statement<span class=\"_ _355\"> </span><span class=\"ff46 ls94 ws18a\">(2<span class=\"_ _3\"></span>4)<span class=\"_ _f6\"> </span><span class=\"ls110 ws106\">(<span class=\"_ _3\"></span>11)<span class=\"_ _27\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _97\"> </span>1<span class=\"_ _dd\"> </span></span></span>(2<span class=\"_ _3\"></span>4)<span class=\"_ _e0\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>4<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _57\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> other comprehensiv<span class=\"_ _4\"></span>e income <span class=\"_ _4a\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls21f ws108\">49<span class=\"_ _98\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c6\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _3ab\"> </span></span></span>Char<span class=\"_ _3\"></span>ged to equi<span class=\"_ _3\"></span>ty <span class=\"_ _2a\"> </span><span class=\"ff46\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _de\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _125\"> </span><span class=\"ff46 ls5\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _c3\"> </span>(3)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _210\"> </span>3<span class=\"_ _a6\"> </span><span class=\"ls78 ws11a\">(2<span class=\"_ _3\"></span>2)<span class=\"_ _15\"> </span><span class=\"ls92 ws8a\">205<span class=\"_ _98\"> </span></span></span>6<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">(9<span class=\"_ _3\"></span>9)<span class=\"_ _27\"> </span></span></span>\u2013<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">(<span class=\"_ _3\"></span>89)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span>At the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet date, the G<span class=\"_ _3\"></span>roup had unu<span class=\"_ _3\"></span>sed trad<span class=\"_ _3\"></span>ing tax l<span class=\"_ _3\"></span>osses of \u00a31,2<span class=\"_ _3\"></span>07<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a31,<span class=\"_ _5\"></span>193<span class=\"_ _3\"></span>m) availab<span class=\"_ _3\"></span>le for offs<span class=\"_ _3\"></span>et against f<span class=\"_ _3\"></span>uture profits<span class=\"_ _3\"></span>, of<span class=\"_ gs52\"> </span>whic<span class=\"_ _3\"></span>h<span class=\"_ gs52\"> </span>\u00a38<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>m) arose in the U<span class=\"_ _3\"></span>K, \u00a3<span class=\"_ _3\"></span>37m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a38<span class=\"_ _3\"></span>m) in the US an<span class=\"_ _3\"></span>d \u00a33<span class=\"_ _3\"></span>42m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>0m) in ot<span class=\"_ _3\"></span>her jurisd<span class=\"_ _3\"></span>iction<span class=\"_ _3\"></span>s. A deferre<span class=\"_ _3\"></span>d tax ass<span class=\"_ _3\"></span>et has been re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed in respe<span class=\"_ _3\"></span>ct of \u00a3<span class=\"_ _3\"></span>821<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>79<span class=\"_ _3\"></span>4m) of such l<span class=\"_ _3\"></span>osses, of w<span class=\"_ _3\"></span>hich \u00a3<span class=\"_ _3\"></span>78<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a37<span class=\"_ _3\"></span>89<span class=\"_ _3\"></span>m) have bee<span class=\"_ _3\"></span>n reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he UK and \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5m (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>5m) in t<span class=\"_ _3\"></span>he US. In c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>ring the am<span class=\"_ _3\"></span>ount of deferred t<span class=\"_ _3\"></span>ax ass<span class=\"_ _3\"></span>et t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e recog<span class=\"_ _3\"></span>nised for UK an<span class=\"_ _3\"></span>d US tax<span class=\"_ _3\"></span> los<span class=\"_ _3\"></span>ses, the p<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ntial use of tho<span class=\"_ _3\"></span>se losse<span class=\"_ _3\"></span>s based on t<span class=\"_ _3\"></span>he latest cur<span class=\"_ _3\"></span>rent and forec<span class=\"_ _3\"></span>ast busine<span class=\"_ _3\"></span>ss per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce was as<span class=\"_ _3\"></span>sessed<span class=\"_ _3\"></span>, and loss<span class=\"_ _3\"></span>es were reco<span class=\"_ _3\"></span>gnised w<span class=\"_ _3\"></span>here it is prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at they will b<span class=\"_ _3\"></span>e utilised<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>No d<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred ta<span class=\"_ _3\"></span>x asset has b<span class=\"_ _3\"></span>een reco<span class=\"_ _3\"></span>gnised in res<span class=\"_ _3\"></span>pect of th<span class=\"_ _3\"></span>e losses of \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a33<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>9m) wh<span class=\"_ _3\"></span>ere it is cons<span class=\"_ _3\"></span>idered th<span class=\"_ _3\"></span>at it is not prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at they wi<span class=\"_ _3\"></span>ll be utilise<span class=\"_ _3\"></span>d due to restri<span class=\"_ _3\"></span>ctions in u<span class=\"_ _3\"></span>se and unpre<span class=\"_ _3\"></span>dict<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y of future profi<span class=\"_ _3\"></span>tabili<span class=\"_ _3\"></span>ty. Of t<span class=\"_ _3\"></span>he Group\u2019s tax lo<span class=\"_ _3\"></span>sses, \u00a3<span class=\"_ _3\"></span>7m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3m) w<span class=\"_ _3\"></span>ill expire wit<span class=\"_ _3\"></span>hin 20 years a<span class=\"_ _3\"></span>fter the yea<span class=\"_ _3\"></span>r in which th<span class=\"_ _3\"></span>ey arose, using l<span class=\"_ _3\"></span>osses in<span class=\"_ _3\"></span>curred in e<span class=\"_ _3\"></span>arlier year<span class=\"_ _3\"></span>s before tho<span class=\"_ _3\"></span>se incur<span class=\"_ _3\"></span>red in later year<span class=\"_ _3\"></span>s. Othe<span class=\"_ _3\"></span>r losses w<span class=\"_ _3\"></span>ill be ca<span class=\"_ _3\"></span>rried for<span class=\"_ _3\"></span>ward in<span class=\"_ _3\"></span>definitel<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span> In ad<span class=\"_ _3\"></span>dition to th<span class=\"_ _3\"></span>e losses referre<span class=\"_ _3\"></span>d to above, at 31 De<span class=\"_ _3\"></span>cember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 the Group h<span class=\"_ _3\"></span>ad UK ca<span class=\"_ _3\"></span>pital l<span class=\"_ _3\"></span>osses avail<span class=\"_ _3\"></span>able to c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>y forw<span class=\"_ _3\"></span>ard of \u00a31<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>4bn (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2:<span class=\"_ gs52\"> </span>\u00a31<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>4bn). No defer<span class=\"_ _3\"></span>red tax a<span class=\"_ _3\"></span>ssets have be<span class=\"_ _3\"></span>en recog<span class=\"_ _3\"></span>nised in resp<span class=\"_ _3\"></span>ect of th<span class=\"_ _3\"></span>ese losse<span class=\"_ _3\"></span>s as there are no c<span class=\"_ _3\"></span>apita<span class=\"_ _3\"></span>l profits forec<span class=\"_ _3\"></span>ast ag<span class=\"_ _3\"></span>ainst whic<span class=\"_ _3\"></span>h<span class=\"_ gs52\"> </span>these los<span class=\"_ _3\"></span>ses can b<span class=\"_ _3\"></span>e utilise<span class=\"_ _3\"></span>d.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities o<span class=\"_ _3\"></span>n fair value a<span class=\"_ _3\"></span>djustme<span class=\"_ _3\"></span>nts of \u00a39<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a310<span class=\"_ _3\"></span>4m) rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e to tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fference<span class=\"_ _3\"></span>s arising o<span class=\"_ _3\"></span>n good<span class=\"_ _3\"></span>will and int<span class=\"_ _3\"></span>angib<span class=\"_ _3\"></span>les. Deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities o<span class=\"_ _3\"></span>n other G<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>AP d<span class=\"_ _3\"></span>ifferenc<span class=\"_ _3\"></span>es of \u00a3<span class=\"_ _3\"></span>89<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>8m) rel<span class=\"_ _3\"></span>ate t<span class=\"_ _4\"></span>o tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fferenc<span class=\"_ _3\"></span>es on joint venture<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>At the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date, un<span class=\"_ _3\"></span>distrib<span class=\"_ _3\"></span>uted reser<span class=\"_ _3\"></span>ves of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>UK sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies, joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates for w<span class=\"_ _3\"></span>hich deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities h<span class=\"_ _3\"></span>ave not bee<span class=\"_ _3\"></span>n recogni<span class=\"_ _3\"></span>sed were \u00a3<span class=\"_ _3\"></span>607m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>5m) in resp<span class=\"_ _3\"></span>ect of subs<span class=\"_ _3\"></span>idiarie<span class=\"_ _3\"></span>s and \u00a342m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a34<span class=\"_ _3\"></span>5m) in resp<span class=\"_ _3\"></span>ect of joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates. No<span class=\"_ gs52\"> </span>li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y has be<span class=\"_ _3\"></span>en recog<span class=\"_ _3\"></span>nised in resp<span class=\"_ _3\"></span>ect of th<span class=\"_ _3\"></span>ese dif<span class=\"_ _3\"></span>ferences be<span class=\"_ _3\"></span>cause ei<span class=\"_ _3\"></span>ther no temp<span class=\"_ _3\"></span>orar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ference ar<span class=\"_ _3\"></span>ises or the ti<span class=\"_ _3\"></span>ming of any distr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>n is und<span class=\"_ _3\"></span>er the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s contro<span class=\"_ _3\"></span>l and no dist<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>on which g<span class=\"_ _3\"></span>ives rise to t<span class=\"_ _3\"></span>axation i<span class=\"_ _3\"></span>s contempl<span class=\"_ _3\"></span>ated.<span class=\"_ _3ab\"> </span>29.2<span class=\"_ _4\"></span> Company<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e table b<span class=\"_ _3\"></span>elow shows t<span class=\"_ _3\"></span>he deferred t<span class=\"_ _3\"></span>ax asset<span class=\"_ _3\"></span>s and liabi<span class=\"_ _3\"></span>lities before b<span class=\"_ _3\"></span>eing off<span class=\"_ _3\"></span>set where they rel<span class=\"_ _3\"></span>ate to income t<span class=\"_ _3\"></span>axes levie<span class=\"_ _3\"></span>d by the sam<span class=\"_ _3\"></span>e tax auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Unrelieved<span class=\"_ _3ab\"> </span>trading<span class=\"_ _3ab\"> </span>losses<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Share<span class=\"_ _3\"></span>-based paym<span class=\"_ _3\"></span>ents<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> defe<span class=\"_ _4\"></span>rred tax assets<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2f7\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _3ab\"> </span>Cred<span class=\"_ _3\"></span>ited to incom<span class=\"_ _3\"></span>e statement <span class=\"_ _10b\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _357\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2f5\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span>Cred<span class=\"_ _3\"></span>ited to incom<span class=\"_ _3\"></span>e statement <span class=\"_ _10b\"> </span><span class=\"ff46\">3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _357\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2e3\"> </span>4<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>5",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-674": {
   "value": "24 T<span class=\"_ _5\"></span>rade<span class=\"_ _4\"></span> and other receivables<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Company<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Company 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Current T<span class=\"_ _5\"></span>ra<span class=\"_ _3\"></span>de r<span class=\"_ _4\"></span>ecei<span class=\"_ _3\"></span>vables<span class=\"_ _112\"> </span><span class=\"ff3b ls43 ws3e\">484<span class=\"_ _a1\"> </span></span><span class=\"ls61 ws59\">526<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Les<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: p<span class=\"_ _3\"></span>rovision for im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent of trade re<span class=\"_ _3\"></span>ceivab<span class=\"_ _3\"></span>les <span class=\"_ _32d\"> </span><span class=\"ff3b ls8b ws4\">(8)<span class=\"_ _47\"> </span></span><span class=\"ls33 ws2c\">(3)<span class=\"_ _7f\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013 <span class=\"_ _21b\"> </span><span class=\"ff3b ls48 ws42\">476<span class=\"_ _180\"> </span></span><span class=\"ls74 ws6b\">523<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom subsidi<span class=\"_ _3\"></span>aries <span class=\"_ _32e\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _11c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span>Due f<span class=\"_ _3\"></span>rom joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates <span class=\"_ _32f\"> </span><span class=\"ff3b ls90 ws116\">16<span class=\"_ _38\"> </span></span><span class=\"ls93 wsfa\">16<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom joint op<span class=\"_ _3\"></span>eration p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ners<span class=\"_ _226\"> </span><span class=\"ff3b\">4<span class=\"_ _9a\"> </span></span>6<span class=\"_ _11c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t fulfilm<span class=\"_ _3\"></span>ent asset<span class=\"_ _3\"></span>s<span class=\"_ _f1\"> </span><span class=\"ff3b ls94 ws18a\">19<span class=\"_ _38\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _119\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Contract re<span class=\"_ _4\"></span>tentions r<span class=\"_ _4\"></span>eceivable<span class=\"_ _2e9\"> </span><span class=\"ff3b ls85 ws7d\">227<span class=\"_ _a0\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>4<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Accrued income<span class=\"_ _330\"> </span><span class=\"ff3b ls48 ws42\">13<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Pre<span class=\"_ _3\"></span>paym<span class=\"_ _3\"></span>ents <span class=\"_ _285\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _9d\"> </span></span><span class=\"ls11d wsf4\">56<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Other receivables<span class=\"_ _14b\"> </span><span class=\"ff3b ls18b ws188\">82<span class=\"_ _a3\"> </span></span><span class=\"ls44 ws3f\">58<span class=\"_ _b0\"> </span><span class=\"ff3b ls5 ws3\">1<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013</span></span></span> <span class=\"_ _191\"> </span><span class=\"ff3b lsab wsa1\">894<span class=\"_ _a0\"> </span></span><span class=\"ls10c ws85\">8<span class=\"_ _3\"></span>81<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">1<span class=\"_ _110\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span>Non-<span class=\"_ _3\"></span>current<span class=\"_ _331\"> </span><span class=\"ff3c ls5 ws3\"> </span>Due f<span class=\"_ _3\"></span>rom subsidi<span class=\"_ _3\"></span>aries <span class=\"_ _32e\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ff3b ls85 ws7d\">279<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _332\"> </span><span class=\"ff3b ls110 ws106\">111<span class=\"_ _38\"> </span></span><span class=\"ls114 ws10c\">86<span class=\"_ _b0\"> </span></span><span class=\"ff3b\">1<span class=\"_ _9a\"> </span></span>1<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t fulfilm<span class=\"_ _3\"></span>ent asset<span class=\"_ _3\"></span>s<span class=\"_ _333\"> </span><span class=\"ff3b ls18b ws188\">40<span class=\"_ _9d\"> </span></span>31<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span>Contract re<span class=\"_ _4\"></span>tentions r<span class=\"_ _4\"></span>eceivable<span class=\"_ _2e9\"> </span><span class=\"ff3b ls10d ws101\">15<span class=\"_ _3\"></span>0<span class=\"_ _a0\"> </span></span><span class=\"ls93 wsfa\">16<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Other receivables<span class=\"_ _259\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _b0\"> </span><span class=\"ff3c\">3<span class=\"_ _9a\"> </span></span>3<span class=\"_ _9a\"> </span><span class=\"ff3c\">1</span></span> <span class=\"_ _32b\"> </span><span class=\"ff3b ls66 ws5e\">308<span class=\"_ _a1\"> </span></span><span class=\"ls3e ws39\">286<span class=\"_ _a0\"> </span><span class=\"ff3b\">283<span class=\"_ _9a\"> </span></span></span>2<span class=\"_ _3ab\"> </span>T<span class=\"_ _5\"></span>otal trade<span class=\"_ _4\"></span> and other receivabl<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _262\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3b\"> </span><span class=\"ff3c ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span></span><span class=\"ls3e ws39\">284<span class=\"_ _1f7\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></span>Compris<span class=\"_ _3\"></span>ing<span class=\"_ _3ab\"> </span>Fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets (N<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e 4<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>) <span class=\"_ _2c9\"> </span><span class=\"ff3b ls125 ws11c\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5<span class=\"_ _1cb\"> </span></span><span class=\"ls11c ws115\">1<span class=\"_ _3\"></span>,111<span class=\"_ _97\"> </span><span class=\"ff3b ls3e ws39\">28<span class=\"_ _3\"></span>4<span class=\"_ _110\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>financ<span class=\"_ _3\"></span>ial assets \u2013 p<span class=\"_ _3\"></span>repaym<span class=\"_ _3\"></span>ents <span class=\"_ _124\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _a3\"> </span></span><span class=\"ls11d wsf4\">56<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013 <span class=\"_ _8f\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3b\"> </span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span><span class=\"ff3b ls3e ws39\">284<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span>Bas<span class=\"_ _3\"></span>ed on prio<span class=\"_ _3\"></span>r experie<span class=\"_ _3\"></span>nce, an ass<span class=\"_ _3\"></span>essment of th<span class=\"_ _3\"></span>e current ec<span class=\"_ _3\"></span>onomic env<span class=\"_ _3\"></span>ironment and a rev<span class=\"_ _3\"></span>iew of the finan<span class=\"_ _3\"></span>cial circ<span class=\"_ _3\"></span>umstan<span class=\"_ _3\"></span>ces of indi<span class=\"_ _3\"></span>vidual custom<span class=\"_ _3\"></span>ers, the D<span class=\"_ _3\"></span>irectors b<span class=\"_ _3\"></span>elieve no fur<span class=\"_ _3\"></span>ther c<span class=\"_ _3\"></span>redit risk p<span class=\"_ _3\"></span>rovision is req<span class=\"_ _3\"></span>uired in resp<span class=\"_ _3\"></span>ect of the fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l assets ab<span class=\"_ _3\"></span>ove.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er that the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alues of cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt and non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her receiv<span class=\"_ _3\"></span>ables a<span class=\"_ _3\"></span>pproximate th<span class=\"_ _3\"></span>eir fair valu<span class=\"_ _3\"></span>es. Am<span class=\"_ _3\"></span>ounts due f<span class=\"_ _3\"></span>rom subsid<span class=\"_ _3\"></span>iaries of th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any are repaya<span class=\"_ _3\"></span>ble on dem<span class=\"_ _3\"></span>and and have b<span class=\"_ _3\"></span>een adju<span class=\"_ _3\"></span>sted for expe<span class=\"_ _3\"></span>cted cred<span class=\"_ _3\"></span>it losses<span class=\"_ _3\"></span>, which are not<span class=\"_ gs52\"> </span>mater<span class=\"_ _3\"></span>ial. Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f impai<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>rad<span class=\"_ _3\"></span>e rec<span class=\"_ _3\"></span>ei<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>es and t<span class=\"_ _3\"></span>rad<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>cei<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>es pa<span class=\"_ _3\"></span>st d<span class=\"_ _3\"></span>ue bu<span class=\"_ _3\"></span>t not imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d <span class=\"_ _1d7\"> </span>Pas<span class=\"_ _3\"></span>t due bu<span class=\"_ _3\"></span>t not imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Up to three m<span class=\"_ _3\"></span>onths <span class=\"_ _14e\"> </span><span class=\"ff3b\">4<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _b1\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _9d\"> </span></span><span class=\"ls85 ws7d\">37<span class=\"_ _3ab\"> </span></span>Thre<span class=\"_ _3\"></span>e to six months <span class=\"_ _18b\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">7<span class=\"_ _9a\"> </span></span>8<span class=\"_ _3ab\"> </span>Six to nin<span class=\"_ _3\"></span>e months <span class=\"_ _289\"> </span><span class=\"ff3b\">1<span class=\"_ _9a\"> </span></span>1<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span></span>4<span class=\"_ _3ab\"> </span>Nine to 12 months <span class=\"_ _278\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span></span>3<span class=\"_ _3ab\"> </span>Mo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>han 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _3\"></span>nths <span class=\"_ _14a\"> </span><span class=\"ff3b\">2<span class=\"_ _9a\"> </span></span>2<span class=\"_ _1c4\"> </span> <span class=\"_ _81\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _9d\"> </span></span><span class=\"lsa9 wsa0\">29</span> <span class=\"_ _334\"> </span><span class=\"ff3b\">8<span class=\"_ _9a\"> </span></span>3<span class=\"_ _2e\"> </span> <span class=\"_ _ff\"> </span><span class=\"ff3b ls18b ws188\">54<span class=\"_ _9d\"> </span></span><span class=\"ls10c ws85\">81<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, trad<span class=\"_ _3\"></span>e receiva<span class=\"_ _3\"></span>bles of \u00a3<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>81<span class=\"_ _4\"></span>m) we<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>ast due bu<span class=\"_ _3\"></span>t not impai<span class=\"_ _3\"></span>red. Th<span class=\"_ _3\"></span>ese relate to a numb<span class=\"_ _3\"></span>er of indiv<span class=\"_ _3\"></span>idual custom<span class=\"_ _3\"></span>ers whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>here is no reaso<span class=\"_ _3\"></span>n to believe that t<span class=\"_ _3\"></span>he receiva<span class=\"_ _3\"></span>ble is not rec<span class=\"_ _3\"></span>overabl<span class=\"_ _3\"></span>e.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-653": {
   "value": "24 T<span class=\"_ _5\"></span>rade<span class=\"_ _4\"></span> and other receivables<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Company<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Company 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Current T<span class=\"_ _5\"></span>ra<span class=\"_ _3\"></span>de r<span class=\"_ _4\"></span>ecei<span class=\"_ _3\"></span>vables<span class=\"_ _112\"> </span><span class=\"ff3b ls43 ws3e\">484<span class=\"_ _a1\"> </span></span><span class=\"ls61 ws59\">526<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Les<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: p<span class=\"_ _3\"></span>rovision for im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent of trade re<span class=\"_ _3\"></span>ceivab<span class=\"_ _3\"></span>les <span class=\"_ _32d\"> </span><span class=\"ff3b ls8b ws4\">(8)<span class=\"_ _47\"> </span></span><span class=\"ls33 ws2c\">(3)<span class=\"_ _7f\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013 <span class=\"_ _21b\"> </span><span class=\"ff3b ls48 ws42\">476<span class=\"_ _180\"> </span></span><span class=\"ls74 ws6b\">523<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom subsidi<span class=\"_ _3\"></span>aries <span class=\"_ _32e\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _11c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span>Due f<span class=\"_ _3\"></span>rom joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates <span class=\"_ _32f\"> </span><span class=\"ff3b ls90 ws116\">16<span class=\"_ _38\"> </span></span><span class=\"ls93 wsfa\">16<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom joint op<span class=\"_ _3\"></span>eration p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ners<span class=\"_ _226\"> </span><span class=\"ff3b\">4<span class=\"_ _9a\"> </span></span>6<span class=\"_ _11c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t fulfilm<span class=\"_ _3\"></span>ent asset<span class=\"_ _3\"></span>s<span class=\"_ _f1\"> </span><span class=\"ff3b ls94 ws18a\">19<span class=\"_ _38\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _119\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Contract re<span class=\"_ _4\"></span>tentions r<span class=\"_ _4\"></span>eceivable<span class=\"_ _2e9\"> </span><span class=\"ff3b ls85 ws7d\">227<span class=\"_ _a0\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>4<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Accrued income<span class=\"_ _330\"> </span><span class=\"ff3b ls48 ws42\">13<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Pre<span class=\"_ _3\"></span>paym<span class=\"_ _3\"></span>ents <span class=\"_ _285\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _9d\"> </span></span><span class=\"ls11d wsf4\">56<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Other receivables<span class=\"_ _14b\"> </span><span class=\"ff3b ls18b ws188\">82<span class=\"_ _a3\"> </span></span><span class=\"ls44 ws3f\">58<span class=\"_ _b0\"> </span><span class=\"ff3b ls5 ws3\">1<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013</span></span></span> <span class=\"_ _191\"> </span><span class=\"ff3b lsab wsa1\">894<span class=\"_ _a0\"> </span></span><span class=\"ls10c ws85\">8<span class=\"_ _3\"></span>81<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">1<span class=\"_ _110\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span>Non-<span class=\"_ _3\"></span>current<span class=\"_ _331\"> </span><span class=\"ff3c ls5 ws3\"> </span>Due f<span class=\"_ _3\"></span>rom subsidi<span class=\"_ _3\"></span>aries <span class=\"_ _32e\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ff3b ls85 ws7d\">279<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _332\"> </span><span class=\"ff3b ls110 ws106\">111<span class=\"_ _38\"> </span></span><span class=\"ls114 ws10c\">86<span class=\"_ _b0\"> </span></span><span class=\"ff3b\">1<span class=\"_ _9a\"> </span></span>1<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t fulfilm<span class=\"_ _3\"></span>ent asset<span class=\"_ _3\"></span>s<span class=\"_ _333\"> </span><span class=\"ff3b ls18b ws188\">40<span class=\"_ _9d\"> </span></span>31<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span>Contract re<span class=\"_ _4\"></span>tentions r<span class=\"_ _4\"></span>eceivable<span class=\"_ _2e9\"> </span><span class=\"ff3b ls10d ws101\">15<span class=\"_ _3\"></span>0<span class=\"_ _a0\"> </span></span><span class=\"ls93 wsfa\">16<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Other receivables<span class=\"_ _259\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _b0\"> </span><span class=\"ff3c\">3<span class=\"_ _9a\"> </span></span>3<span class=\"_ _9a\"> </span><span class=\"ff3c\">1</span></span> <span class=\"_ _32b\"> </span><span class=\"ff3b ls66 ws5e\">308<span class=\"_ _a1\"> </span></span><span class=\"ls3e ws39\">286<span class=\"_ _a0\"> </span><span class=\"ff3b\">283<span class=\"_ _9a\"> </span></span></span>2<span class=\"_ _3ab\"> </span>T<span class=\"_ _5\"></span>otal trade<span class=\"_ _4\"></span> and other receivabl<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _262\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3b\"> </span><span class=\"ff3c ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span></span><span class=\"ls3e ws39\">284<span class=\"_ _1f7\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></span>Compris<span class=\"_ _3\"></span>ing<span class=\"_ _3ab\"> </span>Fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets (N<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e 4<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>) <span class=\"_ _2c9\"> </span><span class=\"ff3b ls125 ws11c\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5<span class=\"_ _1cb\"> </span></span><span class=\"ls11c ws115\">1<span class=\"_ _3\"></span>,111<span class=\"_ _97\"> </span><span class=\"ff3b ls3e ws39\">28<span class=\"_ _3\"></span>4<span class=\"_ _110\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>financ<span class=\"_ _3\"></span>ial assets \u2013 p<span class=\"_ _3\"></span>repaym<span class=\"_ _3\"></span>ents <span class=\"_ _124\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _a3\"> </span></span><span class=\"ls11d wsf4\">56<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013 <span class=\"_ _8f\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3b\"> </span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span><span class=\"ff3b ls3e ws39\">284<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span>Bas<span class=\"_ _3\"></span>ed on prio<span class=\"_ _3\"></span>r experie<span class=\"_ _3\"></span>nce, an ass<span class=\"_ _3\"></span>essment of th<span class=\"_ _3\"></span>e current ec<span class=\"_ _3\"></span>onomic env<span class=\"_ _3\"></span>ironment and a rev<span class=\"_ _3\"></span>iew of the finan<span class=\"_ _3\"></span>cial circ<span class=\"_ _3\"></span>umstan<span class=\"_ _3\"></span>ces of indi<span class=\"_ _3\"></span>vidual custom<span class=\"_ _3\"></span>ers, the D<span class=\"_ _3\"></span>irectors b<span class=\"_ _3\"></span>elieve no fur<span class=\"_ _3\"></span>ther c<span class=\"_ _3\"></span>redit risk p<span class=\"_ _3\"></span>rovision is req<span class=\"_ _3\"></span>uired in resp<span class=\"_ _3\"></span>ect of the fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l assets ab<span class=\"_ _3\"></span>ove.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er that the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alues of cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt and non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her receiv<span class=\"_ _3\"></span>ables a<span class=\"_ _3\"></span>pproximate th<span class=\"_ _3\"></span>eir fair valu<span class=\"_ _3\"></span>es. Am<span class=\"_ _3\"></span>ounts due f<span class=\"_ _3\"></span>rom subsid<span class=\"_ _3\"></span>iaries of th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any are repaya<span class=\"_ _3\"></span>ble on dem<span class=\"_ _3\"></span>and and have b<span class=\"_ _3\"></span>een adju<span class=\"_ _3\"></span>sted for expe<span class=\"_ _3\"></span>cted cred<span class=\"_ _3\"></span>it losses<span class=\"_ _3\"></span>, which are not<span class=\"_ gs52\"> </span>mater<span class=\"_ _3\"></span>ial. Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f impai<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>rad<span class=\"_ _3\"></span>e rec<span class=\"_ _3\"></span>ei<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>es and t<span class=\"_ _3\"></span>rad<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>cei<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>es pa<span class=\"_ _3\"></span>st d<span class=\"_ _3\"></span>ue bu<span class=\"_ _3\"></span>t not imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d <span class=\"_ _1d7\"> </span>Pas<span class=\"_ _3\"></span>t due bu<span class=\"_ _3\"></span>t not imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Up to three m<span class=\"_ _3\"></span>onths <span class=\"_ _14e\"> </span><span class=\"ff3b\">4<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _b1\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _9d\"> </span></span><span class=\"ls85 ws7d\">37<span class=\"_ _3ab\"> </span></span>Thre<span class=\"_ _3\"></span>e to six months <span class=\"_ _18b\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">7<span class=\"_ _9a\"> </span></span>8<span class=\"_ _3ab\"> </span>Six to nin<span class=\"_ _3\"></span>e months <span class=\"_ _289\"> </span><span class=\"ff3b\">1<span class=\"_ _9a\"> </span></span>1<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span></span>4<span class=\"_ _3ab\"> </span>Nine to 12 months <span class=\"_ _278\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span></span>3<span class=\"_ _3ab\"> </span>Mo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>han 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _3\"></span>nths <span class=\"_ _14a\"> </span><span class=\"ff3b\">2<span class=\"_ _9a\"> </span></span>2<span class=\"_ _1c4\"> </span> <span class=\"_ _81\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _9d\"> </span></span><span class=\"lsa9 wsa0\">29</span> <span class=\"_ _334\"> </span><span class=\"ff3b\">8<span class=\"_ _9a\"> </span></span>3<span class=\"_ _2e\"> </span> <span class=\"_ _ff\"> </span><span class=\"ff3b ls18b ws188\">54<span class=\"_ _9d\"> </span></span><span class=\"ls10c ws85\">81<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, trad<span class=\"_ _3\"></span>e receiva<span class=\"_ _3\"></span>bles of \u00a3<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>81<span class=\"_ _4\"></span>m) we<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>ast due bu<span class=\"_ _3\"></span>t not impai<span class=\"_ _3\"></span>red. Th<span class=\"_ _3\"></span>ese relate to a numb<span class=\"_ _3\"></span>er of indiv<span class=\"_ _3\"></span>idual custom<span class=\"_ _3\"></span>ers whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>here is no reaso<span class=\"_ _3\"></span>n to believe that t<span class=\"_ _3\"></span>he receiva<span class=\"_ _3\"></span>ble is not rec<span class=\"_ _3\"></span>overabl<span class=\"_ _3\"></span>e.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-628": {
   "value": "24 T<span class=\"_ _5\"></span>rade<span class=\"_ _4\"></span> and other receivables<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Company<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Company 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Current T<span class=\"_ _5\"></span>ra<span class=\"_ _3\"></span>de r<span class=\"_ _4\"></span>ecei<span class=\"_ _3\"></span>vables<span class=\"_ _112\"> </span><span class=\"ff3b ls43 ws3e\">484<span class=\"_ _a1\"> </span></span><span class=\"ls61 ws59\">526<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Les<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>: p<span class=\"_ _3\"></span>rovision for im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ent of trade re<span class=\"_ _3\"></span>ceivab<span class=\"_ _3\"></span>les <span class=\"_ _32d\"> </span><span class=\"ff3b ls8b ws4\">(8)<span class=\"_ _47\"> </span></span><span class=\"ls33 ws2c\">(3)<span class=\"_ _7f\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013 <span class=\"_ _21b\"> </span><span class=\"ff3b ls48 ws42\">476<span class=\"_ _180\"> </span></span><span class=\"ls74 ws6b\">523<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom subsidi<span class=\"_ _3\"></span>aries <span class=\"_ _32e\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _11c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span>Due f<span class=\"_ _3\"></span>rom joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates <span class=\"_ _32f\"> </span><span class=\"ff3b ls90 ws116\">16<span class=\"_ _38\"> </span></span><span class=\"ls93 wsfa\">16<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom joint op<span class=\"_ _3\"></span>eration p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ners<span class=\"_ _226\"> </span><span class=\"ff3b\">4<span class=\"_ _9a\"> </span></span>6<span class=\"_ _11c\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t fulfilm<span class=\"_ _3\"></span>ent asset<span class=\"_ _3\"></span>s<span class=\"_ _f1\"> </span><span class=\"ff3b ls94 ws18a\">19<span class=\"_ _38\"> </span></span><span class=\"ls164 ws157\">13<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _119\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Contract re<span class=\"_ _4\"></span>tentions r<span class=\"_ _4\"></span>eceivable<span class=\"_ _2e9\"> </span><span class=\"ff3b ls85 ws7d\">227<span class=\"_ _a0\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>4<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Accrued income<span class=\"_ _330\"> </span><span class=\"ff3b ls48 ws42\">13<span class=\"_ _7d\"> </span></span><span class=\"ls100 ws104\">15<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Pre<span class=\"_ _3\"></span>paym<span class=\"_ _3\"></span>ents <span class=\"_ _285\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _9d\"> </span></span><span class=\"ls11d wsf4\">56<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Other receivables<span class=\"_ _14b\"> </span><span class=\"ff3b ls18b ws188\">82<span class=\"_ _a3\"> </span></span><span class=\"ls44 ws3f\">58<span class=\"_ _b0\"> </span><span class=\"ff3b ls5 ws3\">1<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013</span></span></span> <span class=\"_ _191\"> </span><span class=\"ff3b lsab wsa1\">894<span class=\"_ _a0\"> </span></span><span class=\"ls10c ws85\">8<span class=\"_ _3\"></span>81<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">1<span class=\"_ _110\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3ab\"> </span></span>Non-<span class=\"_ _3\"></span>current<span class=\"_ _331\"> </span><span class=\"ff3c ls5 ws3\"> </span>Due f<span class=\"_ _3\"></span>rom subsidi<span class=\"_ _3\"></span>aries <span class=\"_ _32e\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ff3b ls85 ws7d\">279<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due f<span class=\"_ _3\"></span>rom joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates<span class=\"_ _332\"> </span><span class=\"ff3b ls110 ws106\">111<span class=\"_ _38\"> </span></span><span class=\"ls114 ws10c\">86<span class=\"_ _b0\"> </span></span><span class=\"ff3b\">1<span class=\"_ _9a\"> </span></span>1<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t fulfilm<span class=\"_ _3\"></span>ent asset<span class=\"_ _3\"></span>s<span class=\"_ _333\"> </span><span class=\"ff3b ls18b ws188\">40<span class=\"_ _9d\"> </span></span>31<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span>Contract re<span class=\"_ _4\"></span>tentions r<span class=\"_ _4\"></span>eceivable<span class=\"_ _2e9\"> </span><span class=\"ff3b ls10d ws101\">15<span class=\"_ _3\"></span>0<span class=\"_ _a0\"> </span></span><span class=\"ls93 wsfa\">16<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Other receivables<span class=\"_ _259\"> </span><span class=\"ff3b ls5 ws3\">7<span class=\"_ _b0\"> </span><span class=\"ff3c\">3<span class=\"_ _9a\"> </span></span>3<span class=\"_ _9a\"> </span><span class=\"ff3c\">1</span></span> <span class=\"_ _32b\"> </span><span class=\"ff3b ls66 ws5e\">308<span class=\"_ _a1\"> </span></span><span class=\"ls3e ws39\">286<span class=\"_ _a0\"> </span><span class=\"ff3b\">283<span class=\"_ _9a\"> </span></span></span>2<span class=\"_ _3ab\"> </span>T<span class=\"_ _5\"></span>otal trade<span class=\"_ _4\"></span> and other receivabl<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _262\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3b\"> </span><span class=\"ff3c ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span></span><span class=\"ls3e ws39\">284<span class=\"_ _1f7\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span></span>Compris<span class=\"_ _3\"></span>ing<span class=\"_ _3ab\"> </span>Fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets (N<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e 4<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>) <span class=\"_ _2c9\"> </span><span class=\"ff3b ls125 ws11c\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5<span class=\"_ _1cb\"> </span></span><span class=\"ls11c ws115\">1<span class=\"_ _3\"></span>,111<span class=\"_ _97\"> </span><span class=\"ff3b ls3e ws39\">28<span class=\"_ _3\"></span>4<span class=\"_ _110\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>financ<span class=\"_ _3\"></span>ial assets \u2013 p<span class=\"_ _3\"></span>repaym<span class=\"_ _3\"></span>ents <span class=\"_ _124\"> </span><span class=\"ff3b ls109 ws87\">57<span class=\"_ _a3\"> </span></span><span class=\"ls11d wsf4\">56<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013 <span class=\"_ _8f\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3b\"> </span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>7<span class=\"_ _97\"> </span><span class=\"ff3b ls3e ws39\">284<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3ab\"> </span></span></span>Bas<span class=\"_ _3\"></span>ed on prio<span class=\"_ _3\"></span>r experie<span class=\"_ _3\"></span>nce, an ass<span class=\"_ _3\"></span>essment of th<span class=\"_ _3\"></span>e current ec<span class=\"_ _3\"></span>onomic env<span class=\"_ _3\"></span>ironment and a rev<span class=\"_ _3\"></span>iew of the finan<span class=\"_ _3\"></span>cial circ<span class=\"_ _3\"></span>umstan<span class=\"_ _3\"></span>ces of indi<span class=\"_ _3\"></span>vidual custom<span class=\"_ _3\"></span>ers, the D<span class=\"_ _3\"></span>irectors b<span class=\"_ _3\"></span>elieve no fur<span class=\"_ _3\"></span>ther c<span class=\"_ _3\"></span>redit risk p<span class=\"_ _3\"></span>rovision is req<span class=\"_ _3\"></span>uired in resp<span class=\"_ _3\"></span>ect of the fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l assets ab<span class=\"_ _3\"></span>ove.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er that the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alues of cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt and non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her receiv<span class=\"_ _3\"></span>ables a<span class=\"_ _3\"></span>pproximate th<span class=\"_ _3\"></span>eir fair valu<span class=\"_ _3\"></span>es. Am<span class=\"_ _3\"></span>ounts due f<span class=\"_ _3\"></span>rom subsid<span class=\"_ _3\"></span>iaries of th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any are repaya<span class=\"_ _3\"></span>ble on dem<span class=\"_ _3\"></span>and and have b<span class=\"_ _3\"></span>een adju<span class=\"_ _3\"></span>sted for expe<span class=\"_ _3\"></span>cted cred<span class=\"_ _3\"></span>it losses<span class=\"_ _3\"></span>, which are not<span class=\"_ gs52\"> </span>mater<span class=\"_ _3\"></span>ial. Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f impai<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>rad<span class=\"_ _3\"></span>e rec<span class=\"_ _3\"></span>ei<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>es and t<span class=\"_ _3\"></span>rad<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>cei<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>es pa<span class=\"_ _3\"></span>st d<span class=\"_ _3\"></span>ue bu<span class=\"_ _3\"></span>t not imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d <span class=\"_ _1d7\"> </span>Pas<span class=\"_ _3\"></span>t due bu<span class=\"_ _3\"></span>t not imp<span class=\"_ _3\"></span>aire<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Up to three m<span class=\"_ _3\"></span>onths <span class=\"_ _14e\"> </span><span class=\"ff3b\">4<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _b1\"> </span><span class=\"ff3b ls5f ws57\">26<span class=\"_ _9d\"> </span></span><span class=\"ls85 ws7d\">37<span class=\"_ _3ab\"> </span></span>Thre<span class=\"_ _3\"></span>e to six months <span class=\"_ _18b\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">7<span class=\"_ _9a\"> </span></span>8<span class=\"_ _3ab\"> </span>Six to nin<span class=\"_ _3\"></span>e months <span class=\"_ _289\"> </span><span class=\"ff3b\">1<span class=\"_ _9a\"> </span></span>1<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">6<span class=\"_ _9a\"> </span></span>4<span class=\"_ _3ab\"> </span>Nine to 12 months <span class=\"_ _278\"> </span><span class=\"ff3b\">1<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _1c4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff3b\">5<span class=\"_ _9a\"> </span></span>3<span class=\"_ _3ab\"> </span>Mo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>han 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _3\"></span>nths <span class=\"_ _14a\"> </span><span class=\"ff3b\">2<span class=\"_ _9a\"> </span></span>2<span class=\"_ _1c4\"> </span> <span class=\"_ _81\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _9d\"> </span></span><span class=\"lsa9 wsa0\">29</span> <span class=\"_ _334\"> </span><span class=\"ff3b\">8<span class=\"_ _9a\"> </span></span>3<span class=\"_ _2e\"> </span> <span class=\"_ _ff\"> </span><span class=\"ff3b ls18b ws188\">54<span class=\"_ _9d\"> </span></span><span class=\"ls10c ws85\">81<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, trad<span class=\"_ _3\"></span>e receiva<span class=\"_ _3\"></span>bles of \u00a3<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>81<span class=\"_ _4\"></span>m) we<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>ast due bu<span class=\"_ _3\"></span>t not impai<span class=\"_ _3\"></span>red. Th<span class=\"_ _3\"></span>ese relate to a numb<span class=\"_ _3\"></span>er of indiv<span class=\"_ _3\"></span>idual custom<span class=\"_ _3\"></span>ers whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>here is no reaso<span class=\"_ _3\"></span>n to believe that t<span class=\"_ _3\"></span>he receiva<span class=\"_ _3\"></span>ble is not rec<span class=\"_ _3\"></span>overabl<span class=\"_ _3\"></span>e.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-595": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 lsf wsb gs9f4\">25 T<span class=\"_ _5\"></span>rade<span class=\"_ _4\"></span> and other pa<span class=\"_ _4\"></span>yables<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gs9f5\">Group </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs9f6\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs9f7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs9f8\">Gro<span class=\"_ _3\"></span>up </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs9f9\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gs9fa\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd1 wsc5 gs9fb\">Company<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gs9fc\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gs9fd\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls4d ws47 gs9fe\">Company </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gs9ff\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa00\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gsa01\">Current<span class=\"_ _335\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span></span> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa02\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _336\"> </span><span class=\"ff3b ls33 ws2c\">602<span class=\"_ _a1\"> </span></span><span class=\"ls105 wsc2\">605<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gsa03\">Accru<span class=\"_ _3\"></span>als<span class=\"_ _265\"> </span><span class=\"ff3b ls72 wsf5\">788<span class=\"_ _20c\"> </span></span><span class=\"ls5b ws15e\">741<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">3<span class=\"_ _9a\"> </span><span class=\"ff3c\">6 </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gsa04\">Contract re<span class=\"_ _4\"></span>tentions pa<span class=\"_ _4\"></span>yable<span class=\"_ _228\"> </span><span class=\"ff3b ls48 ws42\">2<span class=\"_ _3\"></span>13<span class=\"_ _97\"> </span></span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>5<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa05\">VA<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>, pay<span class=\"_ _3\"></span>roll ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and soci<span class=\"_ _3\"></span>al secur<span class=\"_ _3\"></span>ity<span class=\"_ _16f\"> </span><span class=\"ff3b ls7 ws102\">131<span class=\"_ _38\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _b1\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa06\">Due to su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies <span class=\"_ _337\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ff3b lsaa ws69\">588<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,04<span class=\"_ _3\"></span>6</span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa07\"> <span class=\"_ _338\"> </span><span class=\"ff3b ls93 wsfa\">1,7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>5<span class=\"_ _97\"> </span><span class=\"ff3b lse9 wscd\">5<span class=\"_ _3\"></span>91<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,05<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls66 ws5e gsa08\">Non-<span class=\"_ _3\"></span>current<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gsa09\">Accru<span class=\"_ _3\"></span>als<span class=\"_ _2d7\"> </span><span class=\"ff3b ls5 ws3\">9<span class=\"_ _38\"> </span></span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gsa0a\">Contract re<span class=\"_ _4\"></span>tentions pa<span class=\"_ _4\"></span>yable<span class=\"_ _228\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _3\"></span>4<span class=\"_ _180\"> </span></span><span class=\"ls30 ws29\">12<span class=\"_ _2\"></span>2<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa0b\">Due to jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _249\"> </span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span></span>9<span class=\"_ _9a\"> </span><span class=\"ff3b\">3<span class=\"_ _9a\"> </span></span>3<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 lsc ws8 gsa0c\">Borrowings f<span class=\"_ _4\"></span>rom subsidiaries<span class=\"_ _e2\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _97\"> </span></span><span class=\"ls1c ws107\">2<span class=\"_ _3\"></span>71<span class=\"_ _11c\"> </span></span><span class=\"ff3c\">\u2013</span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa0d\"> <span class=\"_ _32b\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _98\"> </span></span><span class=\"ls5b ws15e\">1<span class=\"_ _3\"></span>41<span class=\"_ _97\"> </span><span class=\"ff3b ls1b wsa9\">2<span class=\"_ _3\"></span>74<span class=\"_ _9a\"> </span></span></span>3<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 lsa9 wsa0 gsa0e\">T<span class=\"_ _5\"></span>otal trade<span class=\"_ _4\"></span> and other p<span class=\"_ _4\"></span>ayables<span class=\"_ _339\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _a6\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6 <span class=\"_ _b2\"> </span></span><span class=\"lsab wsa1\">865<span class=\"_ _110\"> </span><span class=\"ff3c ls73 ws80\">2,055<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5f ws57 gsa0f\">Compris<span class=\"_ _3\"></span>ing<span class=\"_ _33a\"> </span><span class=\"ff3c ls5 ws3\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa10\">Fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s (Note 4<span class=\"_ _3\"></span>0)<span class=\"_ _158\"> </span><span class=\"ff3b ls93 wsfa\">1,7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _a0\"> </span><span class=\"ff3b lsab wsa1\">865<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,0<span class=\"_ _3\"></span>55<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gsa11\">Non<span class=\"_ _3\"></span>-financial l<span class=\"_ _4\"></span>iabilities:<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa12\">\u2013 acc<span class=\"_ _3\"></span>ruals not a<span class=\"_ _3\"></span>t amor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st<span class=\"_ _30b\"> </span><span class=\"ff3b ls88 ws4f\">17<span class=\"_ _38\"> </span></span><span class=\"ls109 ws87\">24<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa13\">\u2013 VA<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>, pay<span class=\"_ _3\"></span>roll ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and soci<span class=\"_ _3\"></span>al secur<span class=\"_ _3\"></span>ity<span class=\"_ _32f\"> </span><span class=\"ff3b ls7 ws102\">131<span class=\"_ _7d\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013</div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa14\"> <span class=\"_ _8f\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>56<span class=\"_ _a8\"> </span></span><span class=\"ls10a wsfe\">1,7<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _a0\"> </span><span class=\"ff3b lsab wsa1\">865<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,0<span class=\"_ _3\"></span>55<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa15\">Bor<span class=\"_ _3\"></span>rowings fro<span class=\"_ _3\"></span>m subsidi<span class=\"_ _3\"></span>aries inc<span class=\"_ _3\"></span>lude a lo<span class=\"_ _3\"></span>an to the Com<span class=\"_ _3\"></span>pany from B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Overse<span class=\"_ _3\"></span>as Investme<span class=\"_ _3\"></span>nts Limite<span class=\"_ _3\"></span>d. The l<span class=\"_ _3\"></span>oan matures i<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa16\">Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>03<span class=\"_ _3\"></span>3 and b<span class=\"_ _3\"></span>ears interest at 1.3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>% p<span class=\"_ _3\"></span>lus SO<span class=\"_ _3\"></span>NIA<span class=\"_ _3\"></span>. A<span class=\"_ _3\"></span>mounts du<span class=\"_ _3\"></span>e to the Com<span class=\"_ _3\"></span>pany\u2019s subsid<span class=\"_ _3\"></span>iaries are rep<span class=\"_ _3\"></span>ayabl<span class=\"_ _3\"></span>e on deman<span class=\"_ _3\"></span>d. </div><div class=\"t m0 h20 ff43 fs5 fc4 sc0 ls5 ws3 gsa17\">Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f the Gr<span class=\"_ _3\"></span>oup\u2019s non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>ren<span class=\"_ _3\"></span>t fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al liab<span class=\"_ _3\"></span>iliti<span class=\"_ _3\"></span>es at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa18\">Ac<span class=\"_ _3\"></span>cr<span class=\"_ _3\"></span>ual<span class=\"_ _3\"></span>s </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa19\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gsa1a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa1b\">Co<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>t </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gsa1c\">retentions </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gsa1d\">payable<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa1e\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gsa1f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa20\">Du<span class=\"_ _3\"></span>e to </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gsa21\">joint </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa22\">ve<span class=\"_ _3\"></span>ntu<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>s and </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls124 ws6a gsa23\">associates</div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 lsd0 wsc4 gsa24\"> 2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gsa25\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gsa26\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa27\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gsa28\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa29\">Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _33b\"> </span><span class=\"ff3b\">5<span class=\"_ _38\"> </span><span class=\"lsf7 ws100\">81<span class=\"_ _9a\"> </span></span>3<span class=\"_ _9d\"> </span><span class=\"ls21f ws108\">89<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa2a\">Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _dc\"> </span><span class=\"ff3b\">4<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _b0\"> </span></span>1<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa2b\">Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _307\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _9a\"> </span>5</span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa2c\"> <span class=\"_ _33c\"> </span><span class=\"ff3b\">9<span class=\"_ _180\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>4<span class=\"_ _9a\"> </span></span>9<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa2d\">Ac<span class=\"_ _3\"></span>crua<span class=\"_ _3\"></span>ls </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa2e\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa2f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa30\">Contract </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa31\">reten<span class=\"_ _3\"></span>tions </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls127 ws11d gsa32\">payable<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa33\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa34\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa35\">Du<span class=\"_ _3\"></span>e to </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa36\">joi<span class=\"_ _3\"></span>nt </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa37\">vent<span class=\"_ _3\"></span>ures an<span class=\"_ _3\"></span>d </div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gsa38\">associates</div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls33 ws2c gsa39\"> 2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa3a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gsa3b\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa3c\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa3d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa3e\">Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _33b\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _b0\"> </span></span>1<span class=\"_ _38\"> </span><span class=\"lsc ws8\">75<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa3f\">Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _dc\"> </span>6<span class=\"_ _9d\"> </span><span class=\"ls74 ws6b\">52<span class=\"_ _9a\"> </span></span>4<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa40\">Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _307\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _9a\"> </span>4</div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa41\"> <span class=\"_ _95\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _2\"></span>2<span class=\"_ _9a\"> </span></span></span>9<span class=\"_ _20c\"> </span><span class=\"ls5b ws15e\">141<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls1c ws3 gsa42\">Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er that the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alues of cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt and non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her payab<span class=\"_ _3\"></span>les and c<span class=\"_ _3\"></span>ontract retenti<span class=\"_ _3\"></span>ons payab<span class=\"_ _3\"></span>le app<span class=\"_ _3\"></span>ro<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>imate </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7bb\">their f<span class=\"_ _3\"></span>air values. T<span class=\"_ _3\"></span>he fair va<span class=\"_ _3\"></span>lue of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current tr<span class=\"_ _3\"></span>ade and oth<span class=\"_ _3\"></span>er payab<span class=\"_ _3\"></span>les and co<span class=\"_ _3\"></span>ntract retenti<span class=\"_ _3\"></span>ons payab<span class=\"_ _3\"></span>le has be<span class=\"_ _3\"></span>en determin<span class=\"_ _3\"></span>ed by disco<span class=\"_ _3\"></span>unting </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gs7bc\">future c<span class=\"_ _3\"></span>ash flows u<span class=\"_ _3\"></span>sing yiel<span class=\"_ _3\"></span>d cur<span class=\"_ _3\"></span>ves and exchang<span class=\"_ _3\"></span>e rates prevailin<span class=\"_ _3\"></span>g at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date.<span class=\"_ _3ab\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-679": {
   "value": "25 T<span class=\"_ _5\"></span>rade<span class=\"_ _4\"></span> and other pa<span class=\"_ _4\"></span>yables<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Company<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Company 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Current<span class=\"_ _335\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span></span> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> </span></span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _336\"> </span><span class=\"ff3b ls33 ws2c\">602<span class=\"_ _a1\"> </span></span><span class=\"ls105 wsc2\">605<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Accru<span class=\"_ _3\"></span>als<span class=\"_ _265\"> </span><span class=\"ff3b ls72 wsf5\">788<span class=\"_ _20c\"> </span></span><span class=\"ls5b ws15e\">741<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">3<span class=\"_ _9a\"> </span><span class=\"ff3c\">6 </span></span></span>Contract re<span class=\"_ _4\"></span>tentions pa<span class=\"_ _4\"></span>yable<span class=\"_ _228\"> </span><span class=\"ff3b ls48 ws42\">2<span class=\"_ _3\"></span>13<span class=\"_ _97\"> </span></span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>5<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>VA<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>, pay<span class=\"_ _3\"></span>roll ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and soci<span class=\"_ _3\"></span>al secur<span class=\"_ _3\"></span>ity<span class=\"_ _16f\"> </span><span class=\"ff3b ls7 ws102\">131<span class=\"_ _38\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _b1\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due to su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies <span class=\"_ _337\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ff3b lsaa ws69\">588<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,04<span class=\"_ _3\"></span>6</span> <span class=\"_ _338\"> </span><span class=\"ff3b ls93 wsfa\">1,7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>5<span class=\"_ _97\"> </span><span class=\"ff3b lse9 wscd\">5<span class=\"_ _3\"></span>91<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,05<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>Non-<span class=\"_ _3\"></span>current<span class=\"_ _3ab\"> </span>Accru<span class=\"_ _3\"></span>als<span class=\"_ _2d7\"> </span><span class=\"ff3b ls5 ws3\">9<span class=\"_ _38\"> </span></span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Contract re<span class=\"_ _4\"></span>tentions pa<span class=\"_ _4\"></span>yable<span class=\"_ _228\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _3\"></span>4<span class=\"_ _180\"> </span></span><span class=\"ls30 ws29\">12<span class=\"_ _2\"></span>2<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Due to jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _249\"> </span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span></span>9<span class=\"_ _9a\"> </span><span class=\"ff3b\">3<span class=\"_ _9a\"> </span></span>3<span class=\"_ _3ab\"> </span>Borrowings f<span class=\"_ _4\"></span>rom subsidiaries<span class=\"_ _e2\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _97\"> </span></span><span class=\"ls1c ws107\">2<span class=\"_ _3\"></span>71<span class=\"_ _11c\"> </span></span><span class=\"ff3c\">\u2013</span></span> <span class=\"_ _32b\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _98\"> </span></span><span class=\"ls5b ws15e\">1<span class=\"_ _3\"></span>41<span class=\"_ _97\"> </span><span class=\"ff3b ls1b wsa9\">2<span class=\"_ _3\"></span>74<span class=\"_ _9a\"> </span></span></span>3<span class=\"_ _3ab\"> </span>T<span class=\"_ _5\"></span>otal trade<span class=\"_ _4\"></span> and other p<span class=\"_ _4\"></span>ayables<span class=\"_ _339\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _a6\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6 <span class=\"_ _b2\"> </span></span><span class=\"lsab wsa1\">865<span class=\"_ _110\"> </span><span class=\"ff3c ls73 ws80\">2,055<span class=\"_ _3ab\"> </span></span></span></span>Compris<span class=\"_ _3\"></span>ing<span class=\"_ _33a\"> </span><span class=\"ff3c ls5 ws3\"> </span>Fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s (Note 4<span class=\"_ _3\"></span>0)<span class=\"_ _158\"> </span><span class=\"ff3b ls93 wsfa\">1,7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _a0\"> </span><span class=\"ff3b lsab wsa1\">865<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,0<span class=\"_ _3\"></span>55<span class=\"_ _3ab\"> </span></span></span>Non<span class=\"_ _3\"></span>-financial l<span class=\"_ _4\"></span>iabilities:<span class=\"_ _3ab\"> </span>\u2013 acc<span class=\"_ _3\"></span>ruals not a<span class=\"_ _3\"></span>t amor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st<span class=\"_ _30b\"> </span><span class=\"ff3b ls88 ws4f\">17<span class=\"_ _38\"> </span></span><span class=\"ls109 ws87\">24<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>\u2013 VA<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>, pay<span class=\"_ _3\"></span>roll ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and soci<span class=\"_ _3\"></span>al secur<span class=\"_ _3\"></span>ity<span class=\"_ _32f\"> </span><span class=\"ff3b ls7 ws102\">131<span class=\"_ _7d\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013 <span class=\"_ _8f\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>56<span class=\"_ _a8\"> </span></span><span class=\"ls10a wsfe\">1,7<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _a0\"> </span><span class=\"ff3b lsab wsa1\">865<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,0<span class=\"_ _3\"></span>55<span class=\"_ _3ab\"> </span></span></span>Bor<span class=\"_ _3\"></span>rowings fro<span class=\"_ _3\"></span>m subsidi<span class=\"_ _3\"></span>aries inc<span class=\"_ _3\"></span>lude a lo<span class=\"_ _3\"></span>an to the Com<span class=\"_ _3\"></span>pany from B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Overse<span class=\"_ _3\"></span>as Investme<span class=\"_ _3\"></span>nts Limite<span class=\"_ _3\"></span>d. The l<span class=\"_ _3\"></span>oan matures i<span class=\"_ _3\"></span>n Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>03<span class=\"_ _3\"></span>3 and b<span class=\"_ _3\"></span>ears interest at 1.3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>% p<span class=\"_ _3\"></span>lus SO<span class=\"_ _3\"></span>NIA<span class=\"_ _3\"></span>. A<span class=\"_ _3\"></span>mounts du<span class=\"_ _3\"></span>e to the Com<span class=\"_ _3\"></span>pany\u2019s subsid<span class=\"_ _3\"></span>iaries are rep<span class=\"_ _3\"></span>ayabl<span class=\"_ _3\"></span>e on deman<span class=\"_ _3\"></span>d. Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f the Gr<span class=\"_ _3\"></span>oup\u2019s non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>ren<span class=\"_ _3\"></span>t fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al liab<span class=\"_ _3\"></span>iliti<span class=\"_ _3\"></span>es at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er<span class=\"_ _3ab\"> </span>Ac<span class=\"_ _3\"></span>cr<span class=\"_ _3\"></span>ual<span class=\"_ _3\"></span>s 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>t retentions payable<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Du<span class=\"_ _3\"></span>e to joint ve<span class=\"_ _3\"></span>ntu<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>s and associates 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _33b\"> </span><span class=\"ff3b\">5<span class=\"_ _38\"> </span><span class=\"lsf7 ws100\">81<span class=\"_ _9a\"> </span></span>3<span class=\"_ _9d\"> </span><span class=\"ls21f ws108\">89<span class=\"_ _3ab\"> </span></span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _dc\"> </span><span class=\"ff3b\">4<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _b0\"> </span></span>1<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _307\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _9a\"> </span>5</span> <span class=\"_ _33c\"> </span><span class=\"ff3b\">9<span class=\"_ _180\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>4<span class=\"_ _9a\"> </span></span>9<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>Ac<span class=\"_ _3\"></span>crua<span class=\"_ _3\"></span>ls 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Contract reten<span class=\"_ _3\"></span>tions payable<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Du<span class=\"_ _3\"></span>e to joi<span class=\"_ _3\"></span>nt vent<span class=\"_ _3\"></span>ures an<span class=\"_ _3\"></span>d associates 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _33b\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _b0\"> </span></span>1<span class=\"_ _38\"> </span><span class=\"lsc ws8\">75<span class=\"_ _3ab\"> </span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _dc\"> </span>6<span class=\"_ _9d\"> </span><span class=\"ls74 ws6b\">52<span class=\"_ _9a\"> </span></span>4<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _3ab\"> </span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _307\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _9a\"> </span>4 <span class=\"_ _95\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _2\"></span>2<span class=\"_ _9a\"> </span></span></span>9<span class=\"_ _20c\"> </span><span class=\"ls5b ws15e\">141<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er that the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alues of cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt and non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her payab<span class=\"_ _3\"></span>les and c<span class=\"_ _3\"></span>ontract retenti<span class=\"_ _3\"></span>ons payab<span class=\"_ _3\"></span>le app<span class=\"_ _3\"></span>ro<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>imate their f<span class=\"_ _3\"></span>air values. T<span class=\"_ _3\"></span>he fair va<span class=\"_ _3\"></span>lue of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current tr<span class=\"_ _3\"></span>ade and oth<span class=\"_ _3\"></span>er payab<span class=\"_ _3\"></span>les and co<span class=\"_ _3\"></span>ntract retenti<span class=\"_ _3\"></span>ons payab<span class=\"_ _3\"></span>le has be<span class=\"_ _3\"></span>en determin<span class=\"_ _3\"></span>ed by disco<span class=\"_ _3\"></span>unting future c<span class=\"_ _3\"></span>ash flows u<span class=\"_ _3\"></span>sing yiel<span class=\"_ _3\"></span>d cur<span class=\"_ _3\"></span>ves and exchang<span class=\"_ _3\"></span>e rates prevailin<span class=\"_ _3\"></span>g at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date.<span class=\"_ _3ab\"> </span>29 De<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>d tax<span class=\"_ _3ab\"> </span>29.<span class=\"_ _5\"></span>1 Group<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e of<span class=\"_ _3\"></span>fset wh<span class=\"_ _3\"></span>en they relate to inc<span class=\"_ _3\"></span>ome ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s levied by th<span class=\"_ _3\"></span>e same ta<span class=\"_ _3\"></span>x author<span class=\"_ _3\"></span>ity a<span class=\"_ _3\"></span>nd the Grou<span class=\"_ _3\"></span>p int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nds to sett<span class=\"_ _3\"></span>le its cu<span class=\"_ _3\"></span>rrent tax a<span class=\"_ _3\"></span>ssets and li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es on a net basi<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion a<span class=\"_ _3\"></span>t 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>ber<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets<span class=\"_ _34c\"> </span><span class=\"ff46 ls90 ws116\">18<span class=\"_ _3\"></span>8<span class=\"_ _97\"> </span></span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span>Deferred ta<span class=\"_ _3\"></span>x liabilities<span class=\"_ _34d\"> </span><span class=\"ff46 ls10f ws105\">(16<span class=\"_ _2\"></span>0)<span class=\"_ _1cb\"> </span></span><span class=\"ls100 ws104\">(15<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)</span> <span class=\"_ _34e\"> </span><span class=\"ff46 ls3e ws39\">28<span class=\"_ _9d\"> </span></span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Move<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t for th<span class=\"_ _3\"></span>e year in t<span class=\"_ _3\"></span>he ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up \u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _34f\"> </span>5<span class=\"_ _3ab\"> </span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _19e\"> </span><span class=\"ls11e ws117\">(17<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span>Cre<span class=\"_ _3\"></span>dite<span class=\"_ _3\"></span>d to inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atem<span class=\"_ _3\"></span>ent<span class=\"_ _18d\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span>Cred<span class=\"_ _3\"></span>ited to other co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e<span class=\"_ _350\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _351\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _268\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _352\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _190\"> </span><span class=\"ff46 ls5 ws3\">9<span class=\"_ _3ab\"> </span></span>Char<span class=\"_ _3\"></span>ged to inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt<span class=\"_ _2a6\"> </span><span class=\"ff46 ls48 ws42\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span>Cred<span class=\"_ _3\"></span>ited to other co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e<span class=\"_ _334\"> </span><span class=\"ff46 ls43 ws3e\">48<span class=\"_ _3ab\"> </span></span>Charged<span class=\"_ _4\"></span> to equity<span class=\"_ _353\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _268\"> </span><span class=\"ff46 lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _354\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e table b<span class=\"_ _3\"></span>elow shows t<span class=\"_ _3\"></span>he deferred t<span class=\"_ _3\"></span>ax asset<span class=\"_ _3\"></span>s and liabi<span class=\"_ _3\"></span>lities before b<span class=\"_ _3\"></span>eing off<span class=\"_ _3\"></span>set where they rel<span class=\"_ _3\"></span>ate to income t<span class=\"_ _3\"></span>axes levie<span class=\"_ _3\"></span>d by the sam<span class=\"_ _3\"></span>e tax auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Depreciation<span class=\"_ _3ab\"> </span>in exce<span class=\"_ _3\"></span>ss of c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al<span class=\"_ _3ab\"> </span>allowances<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Retirement<span class=\"_ _3ab\"> </span>benefits<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Unrelieved<span class=\"_ _3ab\"> </span>trading<span class=\"_ _3ab\"> </span>losses<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Share<span class=\"_ _3\"></span>-based<span class=\"_ _3ab\"> </span>paym<span class=\"_ _3\"></span>ents<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Provisions<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Fair value<span class=\"_ _3ab\"> </span>adjustments<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Derivatives<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other GA<span class=\"_ _3\"></span>AP<span class=\"_ _3ab\"> </span>differences<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Research<span class=\"_ _3ab\"> </span>and<span class=\"_ _3ab\"> </span>develo<span class=\"_ _3\"></span>pment<span class=\"_ _3ab\"> </span>cred<span class=\"_ _3\"></span>its<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _1ac\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _110\"> </span><span class=\"ls124 ws6a\">(69)<span class=\"_ _f\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>0<span class=\"_ _20c\"> </span></span></span></span>5<span class=\"_ _ef\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1f7\"> </span><span class=\"ls66 ws5e\">(8<span class=\"_ _3\"></span>5)<span class=\"_ _e0\"> </span></span></span>1<span class=\"_ _a6\"> </span><span class=\"ls33 ws2c\">(87)<span class=\"_ _27\"> </span></span>5<span class=\"_ _1cc\"> </span>5<span class=\"_ _3ab\"> </span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _a3\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>6<span class=\"_ _10a\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _1cc\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _4f\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>T<span class=\"_ _5\"></span>ransfers<span class=\"_ _1be\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _97\"> </span>1<span class=\"_ _82\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> income statement<span class=\"_ _12c\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _110\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11)<span class=\"_ _10a\"> </span><span class=\"ls121 wsa3\">48<span class=\"_ _98\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _ef\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _25\"> </span></span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span></span></span></span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> other comprehensiv<span class=\"_ _4\"></span>e income<span class=\"_ _214\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3ab\"> </span></span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _1ae\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _98\"> </span>2<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _fa\"> </span>2<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax credits<span class=\"_ _fb\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _c6\"> </span>(2)<span class=\"_ _3ab\"> </span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _263\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _1f7\"> </span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _15\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>9<span class=\"_ _20c\"> </span></span></span></span>7<span class=\"_ _f2\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _c3\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _25\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _1f7\"> </span></span><span class=\"ls3b ws36\">(9<span class=\"_ _3\"></span>8)<span class=\"_ _e0\"> </span></span>3<span class=\"_ _c6\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _17e\"> </span><span class=\"ff46 ls5 ws3\">1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _e0\"> </span></span>6<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>5<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _fa\"> </span>9<span class=\"_ _3ab\"> </span></span>(Ch<span class=\"_ _3\"></span>arged<span class=\"_ _3\"></span>)/credite<span class=\"_ _3\"></span>d to income statement<span class=\"_ _355\"> </span><span class=\"ff46 ls94 ws18a\">(2<span class=\"_ _3\"></span>4)<span class=\"_ _f6\"> </span><span class=\"ls110 ws106\">(<span class=\"_ _3\"></span>11)<span class=\"_ _27\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _97\"> </span>1<span class=\"_ _dd\"> </span></span></span>(2<span class=\"_ _3\"></span>4)<span class=\"_ _e0\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>4<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _57\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> other comprehensiv<span class=\"_ _4\"></span>e income <span class=\"_ _4a\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls21f ws108\">49<span class=\"_ _98\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c6\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _3ab\"> </span></span></span>Char<span class=\"_ _3\"></span>ged to equi<span class=\"_ _3\"></span>ty <span class=\"_ _2a\"> </span><span class=\"ff46\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _de\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _125\"> </span><span class=\"ff46 ls5\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _c3\"> </span>(3)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _210\"> </span>3<span class=\"_ _a6\"> </span><span class=\"ls78 ws11a\">(2<span class=\"_ _3\"></span>2)<span class=\"_ _15\"> </span><span class=\"ls92 ws8a\">205<span class=\"_ _98\"> </span></span></span>6<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">(9<span class=\"_ _3\"></span>9)<span class=\"_ _27\"> </span></span></span>\u2013<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">(<span class=\"_ _3\"></span>89)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span>As a re<span class=\"_ _3\"></span>sult of the ad<span class=\"_ _3\"></span>option of th<span class=\"_ _3\"></span>e amendm<span class=\"_ _3\"></span>ent to IAS 12 in relatio<span class=\"_ _3\"></span>n to Deferred T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x related to As<span class=\"_ _3\"></span>sets and L<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es arising f<span class=\"_ _3\"></span>rom a Singl<span class=\"_ _3\"></span>e T<span class=\"_ _4\"></span>rans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>n, the Grou<span class=\"_ _3\"></span>p has provid<span class=\"_ _3\"></span>ed fur<span class=\"_ _3\"></span>ther dis<span class=\"_ _3\"></span>closure be<span class=\"_ _3\"></span>low to show the as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities to w<span class=\"_ _3\"></span>hich the de<span class=\"_ _3\"></span>preciat<span class=\"_ _3\"></span>ion in excess of c<span class=\"_ _3\"></span>apita<span class=\"_ _3\"></span>l allow<span class=\"_ _3\"></span>ances rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e. Property,<span class=\"_ _4\"></span> pl<span class=\"_ _3\"></span>ant and equipment \u00a3m<span class=\"_ _3ab\"> </span>Right-of-<span class=\"_ _3\"></span>use<span class=\"_ _4\"></span> assets<span class=\"_ _4\"></span> \u00a3m<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>ase liabilities \u00a3m<span class=\"_ _3ab\"> </span>Depreciation<span class=\"_ _3ab\"> </span>in exce<span class=\"_ _3\"></span>ss of c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al<span class=\"_ _3ab\"> </span>allowances<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3<span class=\"_ _2b7\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _e0\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _e0\"> </span></span></span>9<span class=\"_ _1cb\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _14c\"> </span><span class=\"ff46 ls5 ws3\">1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _3ab\"> </span></span>(Ch<span class=\"_ _3\"></span>arged<span class=\"_ _3\"></span>)/credite<span class=\"_ _3\"></span>d to income s<span class=\"_ _3\"></span>tatement<span class=\"_ _356\"> </span><span class=\"ff46 ls1c ws107\">(2<span class=\"_ _3\"></span>5)<span class=\"_ _b2\"> </span></span><span class=\"ff46\">3<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _2f\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _27b\"> </span>1<span class=\"_ _b2\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _b2\"> </span></span>7<span class=\"_ _98\"> </span>3<span class=\"_ _3ab\"> </span>At the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet date, the G<span class=\"_ _3\"></span>roup had unu<span class=\"_ _3\"></span>sed trad<span class=\"_ _3\"></span>ing tax l<span class=\"_ _3\"></span>osses of \u00a31,2<span class=\"_ _3\"></span>07<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a31,<span class=\"_ _5\"></span>193<span class=\"_ _3\"></span>m) availab<span class=\"_ _3\"></span>le for offs<span class=\"_ _3\"></span>et against f<span class=\"_ _3\"></span>uture profits<span class=\"_ _3\"></span>, of<span class=\"_ gs52\"> </span>whic<span class=\"_ _3\"></span>h<span class=\"_ gs52\"> </span>\u00a38<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>m) arose in the U<span class=\"_ _3\"></span>K, \u00a3<span class=\"_ _3\"></span>37m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a38<span class=\"_ _3\"></span>m) in the US an<span class=\"_ _3\"></span>d \u00a33<span class=\"_ _3\"></span>42m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>0m) in ot<span class=\"_ _3\"></span>her jurisd<span class=\"_ _3\"></span>iction<span class=\"_ _3\"></span>s. A deferre<span class=\"_ _3\"></span>d tax ass<span class=\"_ _3\"></span>et has been re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed in respe<span class=\"_ _3\"></span>ct of \u00a3<span class=\"_ _3\"></span>821<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>79<span class=\"_ _3\"></span>4m) of such l<span class=\"_ _3\"></span>osses, of w<span class=\"_ _3\"></span>hich \u00a3<span class=\"_ _3\"></span>78<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a37<span class=\"_ _3\"></span>89<span class=\"_ _3\"></span>m) have bee<span class=\"_ _3\"></span>n reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he UK and \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5m (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>5m) in t<span class=\"_ _3\"></span>he US. In c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>ring the am<span class=\"_ _3\"></span>ount of deferred t<span class=\"_ _3\"></span>ax ass<span class=\"_ _3\"></span>et t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e recog<span class=\"_ _3\"></span>nised for UK an<span class=\"_ _3\"></span>d US tax<span class=\"_ _3\"></span> los<span class=\"_ _3\"></span>ses, the p<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ntial use of tho<span class=\"_ _3\"></span>se losse<span class=\"_ _3\"></span>s based on t<span class=\"_ _3\"></span>he latest cur<span class=\"_ _3\"></span>rent and forec<span class=\"_ _3\"></span>ast busine<span class=\"_ _3\"></span>ss per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce was as<span class=\"_ _3\"></span>sessed<span class=\"_ _3\"></span>, and loss<span class=\"_ _3\"></span>es were reco<span class=\"_ _3\"></span>gnised w<span class=\"_ _3\"></span>here it is prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at they will b<span class=\"_ _3\"></span>e utilised<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>No d<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred ta<span class=\"_ _3\"></span>x asset has b<span class=\"_ _3\"></span>een reco<span class=\"_ _3\"></span>gnised in res<span class=\"_ _3\"></span>pect of th<span class=\"_ _3\"></span>e losses of \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a33<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>9m) wh<span class=\"_ _3\"></span>ere it is cons<span class=\"_ _3\"></span>idered th<span class=\"_ _3\"></span>at it is not prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at they wi<span class=\"_ _3\"></span>ll be utilise<span class=\"_ _3\"></span>d due to restri<span class=\"_ _3\"></span>ctions in u<span class=\"_ _3\"></span>se and unpre<span class=\"_ _3\"></span>dict<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y of future profi<span class=\"_ _3\"></span>tabili<span class=\"_ _3\"></span>ty. Of t<span class=\"_ _3\"></span>he Group\u2019s tax lo<span class=\"_ _3\"></span>sses, \u00a3<span class=\"_ _3\"></span>7m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3m) w<span class=\"_ _3\"></span>ill expire wit<span class=\"_ _3\"></span>hin 20 years a<span class=\"_ _3\"></span>fter the yea<span class=\"_ _3\"></span>r in which th<span class=\"_ _3\"></span>ey arose, using l<span class=\"_ _3\"></span>osses in<span class=\"_ _3\"></span>curred in e<span class=\"_ _3\"></span>arlier year<span class=\"_ _3\"></span>s before tho<span class=\"_ _3\"></span>se incur<span class=\"_ _3\"></span>red in later year<span class=\"_ _3\"></span>s. Othe<span class=\"_ _3\"></span>r losses w<span class=\"_ _3\"></span>ill be ca<span class=\"_ _3\"></span>rried for<span class=\"_ _3\"></span>ward in<span class=\"_ _3\"></span>definitel<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span> In ad<span class=\"_ _3\"></span>dition to th<span class=\"_ _3\"></span>e losses referre<span class=\"_ _3\"></span>d to above, at 31 De<span class=\"_ _3\"></span>cember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 the Group h<span class=\"_ _3\"></span>ad UK ca<span class=\"_ _3\"></span>pital l<span class=\"_ _3\"></span>osses avail<span class=\"_ _3\"></span>able to c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>y forw<span class=\"_ _3\"></span>ard of \u00a31<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>4bn (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2:<span class=\"_ gs52\"> </span>\u00a31<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>4bn). No defer<span class=\"_ _3\"></span>red tax a<span class=\"_ _3\"></span>ssets have be<span class=\"_ _3\"></span>en recog<span class=\"_ _3\"></span>nised in resp<span class=\"_ _3\"></span>ect of th<span class=\"_ _3\"></span>ese losse<span class=\"_ _3\"></span>s as there are no c<span class=\"_ _3\"></span>apita<span class=\"_ _3\"></span>l profits forec<span class=\"_ _3\"></span>ast ag<span class=\"_ _3\"></span>ainst whic<span class=\"_ _3\"></span>h<span class=\"_ gs52\"> </span>these los<span class=\"_ _3\"></span>ses can b<span class=\"_ _3\"></span>e utilise<span class=\"_ _3\"></span>d.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities o<span class=\"_ _3\"></span>n fair value a<span class=\"_ _3\"></span>djustme<span class=\"_ _3\"></span>nts of \u00a39<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a310<span class=\"_ _3\"></span>4m) rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e to tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fference<span class=\"_ _3\"></span>s arising o<span class=\"_ _3\"></span>n good<span class=\"_ _3\"></span>will and int<span class=\"_ _3\"></span>angib<span class=\"_ _3\"></span>les. Deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities o<span class=\"_ _3\"></span>n other G<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>AP d<span class=\"_ _3\"></span>ifferenc<span class=\"_ _3\"></span>es of \u00a3<span class=\"_ _3\"></span>89<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>8m) rel<span class=\"_ _3\"></span>ate t<span class=\"_ _4\"></span>o tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fferenc<span class=\"_ _3\"></span>es on joint venture<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>At the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date, un<span class=\"_ _3\"></span>distrib<span class=\"_ _3\"></span>uted reser<span class=\"_ _3\"></span>ves of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>UK sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies, joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates for w<span class=\"_ _3\"></span>hich deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities h<span class=\"_ _3\"></span>ave not bee<span class=\"_ _3\"></span>n recogni<span class=\"_ _3\"></span>sed were \u00a3<span class=\"_ _3\"></span>607m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>5m) in resp<span class=\"_ _3\"></span>ect of subs<span class=\"_ _3\"></span>idiarie<span class=\"_ _3\"></span>s and \u00a342m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a34<span class=\"_ _3\"></span>5m) in resp<span class=\"_ _3\"></span>ect of joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates. No<span class=\"_ gs52\"> </span>li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y has be<span class=\"_ _3\"></span>en recog<span class=\"_ _3\"></span>nised in resp<span class=\"_ _3\"></span>ect of th<span class=\"_ _3\"></span>ese dif<span class=\"_ _3\"></span>ferences be<span class=\"_ _3\"></span>cause ei<span class=\"_ _3\"></span>ther no temp<span class=\"_ _3\"></span>orar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ference ar<span class=\"_ _3\"></span>ises or the ti<span class=\"_ _3\"></span>ming of any distr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>n is und<span class=\"_ _3\"></span>er the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s contro<span class=\"_ _3\"></span>l and no dist<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>on which g<span class=\"_ _3\"></span>ives rise to t<span class=\"_ _3\"></span>axation i<span class=\"_ _3\"></span>s contempl<span class=\"_ _3\"></span>ated.<span class=\"_ _3ab\"> </span>29.2<span class=\"_ _4\"></span> Company<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e table b<span class=\"_ _3\"></span>elow shows t<span class=\"_ _3\"></span>he deferred t<span class=\"_ _3\"></span>ax asset<span class=\"_ _3\"></span>s and liabi<span class=\"_ _3\"></span>lities before b<span class=\"_ _3\"></span>eing off<span class=\"_ _3\"></span>set where they rel<span class=\"_ _3\"></span>ate to income t<span class=\"_ _3\"></span>axes levie<span class=\"_ _3\"></span>d by the sam<span class=\"_ _3\"></span>e tax auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Unrelieved<span class=\"_ _3ab\"> </span>trading<span class=\"_ _3ab\"> </span>losses<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Share<span class=\"_ _3\"></span>-based paym<span class=\"_ _3\"></span>ents<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> defe<span class=\"_ _4\"></span>rred tax assets<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2f7\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _3ab\"> </span>Cred<span class=\"_ _3\"></span>ited to incom<span class=\"_ _3\"></span>e statement <span class=\"_ _10b\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _357\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2f5\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span>Cred<span class=\"_ _3\"></span>ited to incom<span class=\"_ _3\"></span>e statement <span class=\"_ _10b\"> </span><span class=\"ff46\">3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _357\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2e3\"> </span>4<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>5",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-675": {
   "value": "25 T<span class=\"_ _5\"></span>rade<span class=\"_ _4\"></span> and other pa<span class=\"_ _4\"></span>yables<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Company<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Company 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Current<span class=\"_ _335\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span></span> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> </span></span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _336\"> </span><span class=\"ff3b ls33 ws2c\">602<span class=\"_ _a1\"> </span></span><span class=\"ls105 wsc2\">605<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Accru<span class=\"_ _3\"></span>als<span class=\"_ _265\"> </span><span class=\"ff3b ls72 wsf5\">788<span class=\"_ _20c\"> </span></span><span class=\"ls5b ws15e\">741<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">3<span class=\"_ _9a\"> </span><span class=\"ff3c\">6 </span></span></span>Contract re<span class=\"_ _4\"></span>tentions pa<span class=\"_ _4\"></span>yable<span class=\"_ _228\"> </span><span class=\"ff3b ls48 ws42\">2<span class=\"_ _3\"></span>13<span class=\"_ _97\"> </span></span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>5<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>VA<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>, pay<span class=\"_ _3\"></span>roll ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and soci<span class=\"_ _3\"></span>al secur<span class=\"_ _3\"></span>ity<span class=\"_ _16f\"> </span><span class=\"ff3b ls7 ws102\">131<span class=\"_ _38\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _b1\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due to su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies <span class=\"_ _337\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ff3b lsaa ws69\">588<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,04<span class=\"_ _3\"></span>6</span> <span class=\"_ _338\"> </span><span class=\"ff3b ls93 wsfa\">1,7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>5<span class=\"_ _97\"> </span><span class=\"ff3b lse9 wscd\">5<span class=\"_ _3\"></span>91<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,05<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>Non-<span class=\"_ _3\"></span>current<span class=\"_ _3ab\"> </span>Accru<span class=\"_ _3\"></span>als<span class=\"_ _2d7\"> </span><span class=\"ff3b ls5 ws3\">9<span class=\"_ _38\"> </span></span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Contract re<span class=\"_ _4\"></span>tentions pa<span class=\"_ _4\"></span>yable<span class=\"_ _228\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _3\"></span>4<span class=\"_ _180\"> </span></span><span class=\"ls30 ws29\">12<span class=\"_ _2\"></span>2<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Due to jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _249\"> </span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span></span>9<span class=\"_ _9a\"> </span><span class=\"ff3b\">3<span class=\"_ _9a\"> </span></span>3<span class=\"_ _3ab\"> </span>Borrowings f<span class=\"_ _4\"></span>rom subsidiaries<span class=\"_ _e2\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _97\"> </span></span><span class=\"ls1c ws107\">2<span class=\"_ _3\"></span>71<span class=\"_ _11c\"> </span></span><span class=\"ff3c\">\u2013</span></span> <span class=\"_ _32b\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _98\"> </span></span><span class=\"ls5b ws15e\">1<span class=\"_ _3\"></span>41<span class=\"_ _97\"> </span><span class=\"ff3b ls1b wsa9\">2<span class=\"_ _3\"></span>74<span class=\"_ _9a\"> </span></span></span>3<span class=\"_ _3ab\"> </span>T<span class=\"_ _5\"></span>otal trade<span class=\"_ _4\"></span> and other p<span class=\"_ _4\"></span>ayables<span class=\"_ _339\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _a6\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6 <span class=\"_ _b2\"> </span></span><span class=\"lsab wsa1\">865<span class=\"_ _110\"> </span><span class=\"ff3c ls73 ws80\">2,055<span class=\"_ _3ab\"> </span></span></span></span>Compris<span class=\"_ _3\"></span>ing<span class=\"_ _33a\"> </span><span class=\"ff3c ls5 ws3\"> </span>Fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s (Note 4<span class=\"_ _3\"></span>0)<span class=\"_ _158\"> </span><span class=\"ff3b ls93 wsfa\">1,7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _a0\"> </span><span class=\"ff3b lsab wsa1\">865<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,0<span class=\"_ _3\"></span>55<span class=\"_ _3ab\"> </span></span></span>Non<span class=\"_ _3\"></span>-financial l<span class=\"_ _4\"></span>iabilities:<span class=\"_ _3ab\"> </span>\u2013 acc<span class=\"_ _3\"></span>ruals not a<span class=\"_ _3\"></span>t amor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st<span class=\"_ _30b\"> </span><span class=\"ff3b ls88 ws4f\">17<span class=\"_ _38\"> </span></span><span class=\"ls109 ws87\">24<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>\u2013 VA<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>, pay<span class=\"_ _3\"></span>roll ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and soci<span class=\"_ _3\"></span>al secur<span class=\"_ _3\"></span>ity<span class=\"_ _32f\"> </span><span class=\"ff3b ls7 ws102\">131<span class=\"_ _7d\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013 <span class=\"_ _8f\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>56<span class=\"_ _a8\"> </span></span><span class=\"ls10a wsfe\">1,7<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _a0\"> </span><span class=\"ff3b lsab wsa1\">865<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,0<span class=\"_ _3\"></span>55<span class=\"_ _3ab\"> </span></span></span>Bor<span class=\"_ _3\"></span>rowings fro<span class=\"_ _3\"></span>m subsidi<span class=\"_ _3\"></span>aries inc<span class=\"_ _3\"></span>lude a lo<span class=\"_ _3\"></span>an to the Com<span class=\"_ _3\"></span>pany from B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Overse<span class=\"_ _3\"></span>as Investme<span class=\"_ _3\"></span>nts Limite<span class=\"_ _3\"></span>d. The l<span class=\"_ _3\"></span>oan matures i<span class=\"_ _3\"></span>n Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>03<span class=\"_ _3\"></span>3 and b<span class=\"_ _3\"></span>ears interest at 1.3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>% p<span class=\"_ _3\"></span>lus SO<span class=\"_ _3\"></span>NIA<span class=\"_ _3\"></span>. A<span class=\"_ _3\"></span>mounts du<span class=\"_ _3\"></span>e to the Com<span class=\"_ _3\"></span>pany\u2019s subsid<span class=\"_ _3\"></span>iaries are rep<span class=\"_ _3\"></span>ayabl<span class=\"_ _3\"></span>e on deman<span class=\"_ _3\"></span>d. Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f the Gr<span class=\"_ _3\"></span>oup\u2019s non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>ren<span class=\"_ _3\"></span>t fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al liab<span class=\"_ _3\"></span>iliti<span class=\"_ _3\"></span>es at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er<span class=\"_ _3ab\"> </span>Ac<span class=\"_ _3\"></span>cr<span class=\"_ _3\"></span>ual<span class=\"_ _3\"></span>s 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>t retentions payable<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Du<span class=\"_ _3\"></span>e to joint ve<span class=\"_ _3\"></span>ntu<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>s and associates 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _33b\"> </span><span class=\"ff3b\">5<span class=\"_ _38\"> </span><span class=\"lsf7 ws100\">81<span class=\"_ _9a\"> </span></span>3<span class=\"_ _9d\"> </span><span class=\"ls21f ws108\">89<span class=\"_ _3ab\"> </span></span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _dc\"> </span><span class=\"ff3b\">4<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _b0\"> </span></span>1<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _307\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _9a\"> </span>5</span> <span class=\"_ _33c\"> </span><span class=\"ff3b\">9<span class=\"_ _180\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>4<span class=\"_ _9a\"> </span></span>9<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>Ac<span class=\"_ _3\"></span>crua<span class=\"_ _3\"></span>ls 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Contract reten<span class=\"_ _3\"></span>tions payable<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Du<span class=\"_ _3\"></span>e to joi<span class=\"_ _3\"></span>nt vent<span class=\"_ _3\"></span>ures an<span class=\"_ _3\"></span>d associates 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _33b\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _b0\"> </span></span>1<span class=\"_ _38\"> </span><span class=\"lsc ws8\">75<span class=\"_ _3ab\"> </span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _dc\"> </span>6<span class=\"_ _9d\"> </span><span class=\"ls74 ws6b\">52<span class=\"_ _9a\"> </span></span>4<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _3ab\"> </span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _307\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _9a\"> </span>4 <span class=\"_ _95\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _2\"></span>2<span class=\"_ _9a\"> </span></span></span>9<span class=\"_ _20c\"> </span><span class=\"ls5b ws15e\">141<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er that the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alues of cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt and non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her payab<span class=\"_ _3\"></span>les and c<span class=\"_ _3\"></span>ontract retenti<span class=\"_ _3\"></span>ons payab<span class=\"_ _3\"></span>le app<span class=\"_ _3\"></span>ro<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>imate their f<span class=\"_ _3\"></span>air values. T<span class=\"_ _3\"></span>he fair va<span class=\"_ _3\"></span>lue of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current tr<span class=\"_ _3\"></span>ade and oth<span class=\"_ _3\"></span>er payab<span class=\"_ _3\"></span>les and co<span class=\"_ _3\"></span>ntract retenti<span class=\"_ _3\"></span>ons payab<span class=\"_ _3\"></span>le has be<span class=\"_ _3\"></span>en determin<span class=\"_ _3\"></span>ed by disco<span class=\"_ _3\"></span>unting future c<span class=\"_ _3\"></span>ash flows u<span class=\"_ _3\"></span>sing yiel<span class=\"_ _3\"></span>d cur<span class=\"_ _3\"></span>ves and exchang<span class=\"_ _3\"></span>e rates prevailin<span class=\"_ _3\"></span>g at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-654": {
   "value": "25 T<span class=\"_ _5\"></span>rade<span class=\"_ _4\"></span> and other pa<span class=\"_ _4\"></span>yables<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Company<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Company 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Current<span class=\"_ _335\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span></span> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> </span></span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _336\"> </span><span class=\"ff3b ls33 ws2c\">602<span class=\"_ _a1\"> </span></span><span class=\"ls105 wsc2\">605<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Accru<span class=\"_ _3\"></span>als<span class=\"_ _265\"> </span><span class=\"ff3b ls72 wsf5\">788<span class=\"_ _20c\"> </span></span><span class=\"ls5b ws15e\">741<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">3<span class=\"_ _9a\"> </span><span class=\"ff3c\">6 </span></span></span>Contract re<span class=\"_ _4\"></span>tentions pa<span class=\"_ _4\"></span>yable<span class=\"_ _228\"> </span><span class=\"ff3b ls48 ws42\">2<span class=\"_ _3\"></span>13<span class=\"_ _97\"> </span></span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>5<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>VA<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>, pay<span class=\"_ _3\"></span>roll ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and soci<span class=\"_ _3\"></span>al secur<span class=\"_ _3\"></span>ity<span class=\"_ _16f\"> </span><span class=\"ff3b ls7 ws102\">131<span class=\"_ _38\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _b1\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due to su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies <span class=\"_ _337\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ff3b lsaa ws69\">588<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,04<span class=\"_ _3\"></span>6</span> <span class=\"_ _338\"> </span><span class=\"ff3b ls93 wsfa\">1,7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>5<span class=\"_ _97\"> </span><span class=\"ff3b lse9 wscd\">5<span class=\"_ _3\"></span>91<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,05<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>Non-<span class=\"_ _3\"></span>current<span class=\"_ _3ab\"> </span>Accru<span class=\"_ _3\"></span>als<span class=\"_ _2d7\"> </span><span class=\"ff3b ls5 ws3\">9<span class=\"_ _38\"> </span></span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Contract re<span class=\"_ _4\"></span>tentions pa<span class=\"_ _4\"></span>yable<span class=\"_ _228\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _3\"></span>4<span class=\"_ _180\"> </span></span><span class=\"ls30 ws29\">12<span class=\"_ _2\"></span>2<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Due to jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _249\"> </span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span></span>9<span class=\"_ _9a\"> </span><span class=\"ff3b\">3<span class=\"_ _9a\"> </span></span>3<span class=\"_ _3ab\"> </span>Borrowings f<span class=\"_ _4\"></span>rom subsidiaries<span class=\"_ _e2\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _97\"> </span></span><span class=\"ls1c ws107\">2<span class=\"_ _3\"></span>71<span class=\"_ _11c\"> </span></span><span class=\"ff3c\">\u2013</span></span> <span class=\"_ _32b\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _98\"> </span></span><span class=\"ls5b ws15e\">1<span class=\"_ _3\"></span>41<span class=\"_ _97\"> </span><span class=\"ff3b ls1b wsa9\">2<span class=\"_ _3\"></span>74<span class=\"_ _9a\"> </span></span></span>3<span class=\"_ _3ab\"> </span>T<span class=\"_ _5\"></span>otal trade<span class=\"_ _4\"></span> and other p<span class=\"_ _4\"></span>ayables<span class=\"_ _339\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _a6\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6 <span class=\"_ _b2\"> </span></span><span class=\"lsab wsa1\">865<span class=\"_ _110\"> </span><span class=\"ff3c ls73 ws80\">2,055<span class=\"_ _3ab\"> </span></span></span></span>Compris<span class=\"_ _3\"></span>ing<span class=\"_ _33a\"> </span><span class=\"ff3c ls5 ws3\"> </span>Fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s (Note 4<span class=\"_ _3\"></span>0)<span class=\"_ _158\"> </span><span class=\"ff3b ls93 wsfa\">1,7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _a0\"> </span><span class=\"ff3b lsab wsa1\">865<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,0<span class=\"_ _3\"></span>55<span class=\"_ _3ab\"> </span></span></span>Non<span class=\"_ _3\"></span>-financial l<span class=\"_ _4\"></span>iabilities:<span class=\"_ _3ab\"> </span>\u2013 acc<span class=\"_ _3\"></span>ruals not a<span class=\"_ _3\"></span>t amor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st<span class=\"_ _30b\"> </span><span class=\"ff3b ls88 ws4f\">17<span class=\"_ _38\"> </span></span><span class=\"ls109 ws87\">24<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>\u2013 VA<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>, pay<span class=\"_ _3\"></span>roll ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and soci<span class=\"_ _3\"></span>al secur<span class=\"_ _3\"></span>ity<span class=\"_ _32f\"> </span><span class=\"ff3b ls7 ws102\">131<span class=\"_ _7d\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013 <span class=\"_ _8f\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>56<span class=\"_ _a8\"> </span></span><span class=\"ls10a wsfe\">1,7<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _a0\"> </span><span class=\"ff3b lsab wsa1\">865<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,0<span class=\"_ _3\"></span>55<span class=\"_ _3ab\"> </span></span></span>Bor<span class=\"_ _3\"></span>rowings fro<span class=\"_ _3\"></span>m subsidi<span class=\"_ _3\"></span>aries inc<span class=\"_ _3\"></span>lude a lo<span class=\"_ _3\"></span>an to the Com<span class=\"_ _3\"></span>pany from B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Overse<span class=\"_ _3\"></span>as Investme<span class=\"_ _3\"></span>nts Limite<span class=\"_ _3\"></span>d. The l<span class=\"_ _3\"></span>oan matures i<span class=\"_ _3\"></span>n Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>03<span class=\"_ _3\"></span>3 and b<span class=\"_ _3\"></span>ears interest at 1.3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>% p<span class=\"_ _3\"></span>lus SO<span class=\"_ _3\"></span>NIA<span class=\"_ _3\"></span>. A<span class=\"_ _3\"></span>mounts du<span class=\"_ _3\"></span>e to the Com<span class=\"_ _3\"></span>pany\u2019s subsid<span class=\"_ _3\"></span>iaries are rep<span class=\"_ _3\"></span>ayabl<span class=\"_ _3\"></span>e on deman<span class=\"_ _3\"></span>d. Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f the Gr<span class=\"_ _3\"></span>oup\u2019s non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>ren<span class=\"_ _3\"></span>t fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al liab<span class=\"_ _3\"></span>iliti<span class=\"_ _3\"></span>es at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er<span class=\"_ _3ab\"> </span>Ac<span class=\"_ _3\"></span>cr<span class=\"_ _3\"></span>ual<span class=\"_ _3\"></span>s 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>t retentions payable<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Du<span class=\"_ _3\"></span>e to joint ve<span class=\"_ _3\"></span>ntu<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>s and associates 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _33b\"> </span><span class=\"ff3b\">5<span class=\"_ _38\"> </span><span class=\"lsf7 ws100\">81<span class=\"_ _9a\"> </span></span>3<span class=\"_ _9d\"> </span><span class=\"ls21f ws108\">89<span class=\"_ _3ab\"> </span></span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _dc\"> </span><span class=\"ff3b\">4<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _b0\"> </span></span>1<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _307\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _9a\"> </span>5</span> <span class=\"_ _33c\"> </span><span class=\"ff3b\">9<span class=\"_ _180\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>4<span class=\"_ _9a\"> </span></span>9<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>Ac<span class=\"_ _3\"></span>crua<span class=\"_ _3\"></span>ls 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Contract reten<span class=\"_ _3\"></span>tions payable<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Du<span class=\"_ _3\"></span>e to joi<span class=\"_ _3\"></span>nt vent<span class=\"_ _3\"></span>ures an<span class=\"_ _3\"></span>d associates 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _33b\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _b0\"> </span></span>1<span class=\"_ _38\"> </span><span class=\"lsc ws8\">75<span class=\"_ _3ab\"> </span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _dc\"> </span>6<span class=\"_ _9d\"> </span><span class=\"ls74 ws6b\">52<span class=\"_ _9a\"> </span></span>4<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _3ab\"> </span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _307\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _9a\"> </span>4 <span class=\"_ _95\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _2\"></span>2<span class=\"_ _9a\"> </span></span></span>9<span class=\"_ _20c\"> </span><span class=\"ls5b ws15e\">141<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er that the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alues of cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt and non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her payab<span class=\"_ _3\"></span>les and c<span class=\"_ _3\"></span>ontract retenti<span class=\"_ _3\"></span>ons payab<span class=\"_ _3\"></span>le app<span class=\"_ _3\"></span>ro<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>imate their f<span class=\"_ _3\"></span>air values. T<span class=\"_ _3\"></span>he fair va<span class=\"_ _3\"></span>lue of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current tr<span class=\"_ _3\"></span>ade and oth<span class=\"_ _3\"></span>er payab<span class=\"_ _3\"></span>les and co<span class=\"_ _3\"></span>ntract retenti<span class=\"_ _3\"></span>ons payab<span class=\"_ _3\"></span>le has be<span class=\"_ _3\"></span>en determin<span class=\"_ _3\"></span>ed by disco<span class=\"_ _3\"></span>unting future c<span class=\"_ _3\"></span>ash flows u<span class=\"_ _3\"></span>sing yiel<span class=\"_ _3\"></span>d cur<span class=\"_ _3\"></span>ves and exchang<span class=\"_ _3\"></span>e rates prevailin<span class=\"_ _3\"></span>g at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-629": {
   "value": "25 T<span class=\"_ _5\"></span>rade<span class=\"_ _4\"></span> and other pa<span class=\"_ _4\"></span>yables<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Company<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Company 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Current<span class=\"_ _335\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> <span class=\"_ _ec\"> </span></span> <span class=\"_ _ec\"> </span><span class=\"ff3c\"> </span></span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _336\"> </span><span class=\"ff3b ls33 ws2c\">602<span class=\"_ _a1\"> </span></span><span class=\"ls105 wsc2\">605<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Accru<span class=\"_ _3\"></span>als<span class=\"_ _265\"> </span><span class=\"ff3b ls72 wsf5\">788<span class=\"_ _20c\"> </span></span><span class=\"ls5b ws15e\">741<span class=\"_ _11c\"> </span><span class=\"ff3b ls5 ws3\">3<span class=\"_ _9a\"> </span><span class=\"ff3c\">6 </span></span></span>Contract re<span class=\"_ _4\"></span>tentions pa<span class=\"_ _4\"></span>yable<span class=\"_ _228\"> </span><span class=\"ff3b ls48 ws42\">2<span class=\"_ _3\"></span>13<span class=\"_ _97\"> </span></span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>5<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>VA<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>, pay<span class=\"_ _3\"></span>roll ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and soci<span class=\"_ _3\"></span>al secur<span class=\"_ _3\"></span>ity<span class=\"_ _16f\"> </span><span class=\"ff3b ls7 ws102\">131<span class=\"_ _38\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _b1\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due to su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies <span class=\"_ _337\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ff3b lsaa ws69\">588<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,04<span class=\"_ _3\"></span>6</span> <span class=\"_ _338\"> </span><span class=\"ff3b ls93 wsfa\">1,7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>5<span class=\"_ _97\"> </span><span class=\"ff3b lse9 wscd\">5<span class=\"_ _3\"></span>91<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,05<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>Non-<span class=\"_ _3\"></span>current<span class=\"_ _3ab\"> </span>Accru<span class=\"_ _3\"></span>als<span class=\"_ _2d7\"> </span><span class=\"ff3b ls5 ws3\">9<span class=\"_ _38\"> </span></span><span class=\"ls89 ws88\">10<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Contract re<span class=\"_ _4\"></span>tentions pa<span class=\"_ _4\"></span>yable<span class=\"_ _228\"> </span><span class=\"ff3b ls7 ws102\">10<span class=\"_ _3\"></span>4<span class=\"_ _180\"> </span></span><span class=\"ls30 ws29\">12<span class=\"_ _2\"></span>2<span class=\"_ _119\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Due to jo<span class=\"_ _3\"></span>int ventures and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _249\"> </span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span></span>9<span class=\"_ _9a\"> </span><span class=\"ff3b\">3<span class=\"_ _9a\"> </span></span>3<span class=\"_ _3ab\"> </span>Borrowings f<span class=\"_ _4\"></span>rom subsidiaries<span class=\"_ _e2\"> </span><span class=\"ff3b ls5 ws3\">\u2013<span class=\"_ _9a\"> </span><span class=\"ff3c\">\u2013<span class=\"_ _97\"> </span></span><span class=\"ls1c ws107\">2<span class=\"_ _3\"></span>71<span class=\"_ _11c\"> </span></span><span class=\"ff3c\">\u2013</span></span> <span class=\"_ _32b\"> </span><span class=\"ff3b ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _98\"> </span></span><span class=\"ls5b ws15e\">1<span class=\"_ _3\"></span>41<span class=\"_ _97\"> </span><span class=\"ff3b ls1b wsa9\">2<span class=\"_ _3\"></span>74<span class=\"_ _9a\"> </span></span></span>3<span class=\"_ _3ab\"> </span>T<span class=\"_ _5\"></span>otal trade<span class=\"_ _4\"></span> and other p<span class=\"_ _4\"></span>ayables<span class=\"_ _339\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _a6\"> </span><span class=\"ff3c ls10a wsfe\">1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6 <span class=\"_ _b2\"> </span></span><span class=\"lsab wsa1\">865<span class=\"_ _110\"> </span><span class=\"ff3c ls73 ws80\">2,055<span class=\"_ _3ab\"> </span></span></span></span>Compris<span class=\"_ _3\"></span>ing<span class=\"_ _33a\"> </span><span class=\"ff3c ls5 ws3\"> </span>Fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s (Note 4<span class=\"_ _3\"></span>0)<span class=\"_ _158\"> </span><span class=\"ff3b ls93 wsfa\">1,7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _1f7\"> </span></span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _a0\"> </span><span class=\"ff3b lsab wsa1\">865<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,0<span class=\"_ _3\"></span>55<span class=\"_ _3ab\"> </span></span></span>Non<span class=\"_ _3\"></span>-financial l<span class=\"_ _4\"></span>iabilities:<span class=\"_ _3ab\"> </span>\u2013 acc<span class=\"_ _3\"></span>ruals not a<span class=\"_ _3\"></span>t amor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st<span class=\"_ _30b\"> </span><span class=\"ff3b ls88 ws4f\">17<span class=\"_ _38\"> </span></span><span class=\"ls109 ws87\">24<span class=\"_ _11c\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>\u2013 VA<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>, pay<span class=\"_ _3\"></span>roll ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and soci<span class=\"_ _3\"></span>al secur<span class=\"_ _3\"></span>ity<span class=\"_ _32f\"> </span><span class=\"ff3b ls7 ws102\">131<span class=\"_ _7d\"> </span></span><span class=\"ls122 ws11b\">74<span class=\"_ _119\"> </span></span><span class=\"ff3b\">\u2013<span class=\"_ _119\"> </span></span>\u2013 <span class=\"_ _8f\"> </span><span class=\"ff3b ls93 wsfa\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>56<span class=\"_ _a8\"> </span></span><span class=\"ls10a wsfe\">1,7<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _a0\"> </span><span class=\"ff3b lsab wsa1\">865<span class=\"_ _110\"> </span></span><span class=\"ls73 ws80\">2,0<span class=\"_ _3\"></span>55<span class=\"_ _3ab\"> </span></span></span>Bor<span class=\"_ _3\"></span>rowings fro<span class=\"_ _3\"></span>m subsidi<span class=\"_ _3\"></span>aries inc<span class=\"_ _3\"></span>lude a lo<span class=\"_ _3\"></span>an to the Com<span class=\"_ _3\"></span>pany from B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Overse<span class=\"_ _3\"></span>as Investme<span class=\"_ _3\"></span>nts Limite<span class=\"_ _3\"></span>d. The l<span class=\"_ _3\"></span>oan matures i<span class=\"_ _3\"></span>n Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>03<span class=\"_ _3\"></span>3 and b<span class=\"_ _3\"></span>ears interest at 1.3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>% p<span class=\"_ _3\"></span>lus SO<span class=\"_ _3\"></span>NIA<span class=\"_ _3\"></span>. A<span class=\"_ _3\"></span>mounts du<span class=\"_ _3\"></span>e to the Com<span class=\"_ _3\"></span>pany\u2019s subsid<span class=\"_ _3\"></span>iaries are rep<span class=\"_ _3\"></span>ayabl<span class=\"_ _3\"></span>e on deman<span class=\"_ _3\"></span>d. Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f the Gr<span class=\"_ _3\"></span>oup\u2019s non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>ren<span class=\"_ _3\"></span>t fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al liab<span class=\"_ _3\"></span>iliti<span class=\"_ _3\"></span>es at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er<span class=\"_ _3ab\"> </span>Ac<span class=\"_ _3\"></span>cr<span class=\"_ _3\"></span>ual<span class=\"_ _3\"></span>s 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>t retentions payable<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Du<span class=\"_ _3\"></span>e to joint ve<span class=\"_ _3\"></span>ntu<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>s and associates 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _33b\"> </span><span class=\"ff3b\">5<span class=\"_ _38\"> </span><span class=\"lsf7 ws100\">81<span class=\"_ _9a\"> </span></span>3<span class=\"_ _9d\"> </span><span class=\"ls21f ws108\">89<span class=\"_ _3ab\"> </span></span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _dc\"> </span><span class=\"ff3b\">4<span class=\"_ _9d\"> </span><span class=\"ls124 ws6a\">23<span class=\"_ _b0\"> </span></span>1<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _307\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _9a\"> </span>5</span> <span class=\"_ _33c\"> </span><span class=\"ff3b\">9<span class=\"_ _180\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>4<span class=\"_ _9a\"> </span></span>9<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span>Ac<span class=\"_ _3\"></span>crua<span class=\"_ _3\"></span>ls 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Contract reten<span class=\"_ _3\"></span>tions payable<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Du<span class=\"_ _3\"></span>e to joi<span class=\"_ _3\"></span>nt vent<span class=\"_ _3\"></span>ures an<span class=\"_ _3\"></span>d associates 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _33b\"> </span>4<span class=\"_ _38\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _b0\"> </span></span>1<span class=\"_ _38\"> </span><span class=\"lsc ws8\">75<span class=\"_ _3ab\"> </span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _dc\"> </span>6<span class=\"_ _9d\"> </span><span class=\"ls74 ws6b\">52<span class=\"_ _9a\"> </span></span>4<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _3ab\"> </span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _307\"> </span><span class=\"ff3b\">\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9a\"> </span>4<span class=\"_ _9a\"> </span>4 <span class=\"_ _95\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _2\"></span>2<span class=\"_ _9a\"> </span></span></span>9<span class=\"_ _20c\"> </span><span class=\"ls5b ws15e\">141<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e Director<span class=\"_ _3\"></span>s consid<span class=\"_ _3\"></span>er that the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alues of cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt and non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her payab<span class=\"_ _3\"></span>les and c<span class=\"_ _3\"></span>ontract retenti<span class=\"_ _3\"></span>ons payab<span class=\"_ _3\"></span>le app<span class=\"_ _3\"></span>ro<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>imate their f<span class=\"_ _3\"></span>air values. T<span class=\"_ _3\"></span>he fair va<span class=\"_ _3\"></span>lue of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>current tr<span class=\"_ _3\"></span>ade and oth<span class=\"_ _3\"></span>er payab<span class=\"_ _3\"></span>les and co<span class=\"_ _3\"></span>ntract retenti<span class=\"_ _3\"></span>ons payab<span class=\"_ _3\"></span>le has be<span class=\"_ _3\"></span>en determin<span class=\"_ _3\"></span>ed by disco<span class=\"_ _3\"></span>unting future c<span class=\"_ _3\"></span>ash flows u<span class=\"_ _3\"></span>sing yiel<span class=\"_ _3\"></span>d cur<span class=\"_ _3\"></span>ves and exchang<span class=\"_ _3\"></span>e rates prevailin<span class=\"_ _3\"></span>g at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-596": {
   "value": "<div class=\"t m0 h7 ff3b fs4 fc6 sc0 lse wsa gsa44\">26 Pro<span class=\"_ _4\"></span>vi<span class=\"_ _3\"></span>sions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa45\">Contract<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gsa46\">provisions </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa47\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa48\">Employee<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gsa49\">provisions </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa4a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gsa4b\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gsa4c\">provisions </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa4d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gsa4e\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa4f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa50\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _170\"> </span><span class=\"ls78 ws11a\">3<span class=\"_ _3\"></span>21<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">36<span class=\"_ _9d\"> </span><span class=\"ls120 ws119\">22<span class=\"_ _a0\"> </span><span class=\"ls85 ws7d\">379<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gsa51\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2e0\"> </span><span class=\"ls5 ws3\">9<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa52\">Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed from acc<span class=\"_ _3\"></span>ruals <span class=\"_ _33d\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa53\">Char<span class=\"_ _3\"></span>ged<span class=\"_ _3\"></span>/(credi<span class=\"_ _3\"></span>ted) to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement:<span class=\"_ _33e\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa54\">\u2013 add<span class=\"_ _3\"></span>itiona<span class=\"_ _3\"></span>l provisions <span class=\"_ _276\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>4<span class=\"_ _11c\"> </span></span>6<span class=\"_ _9a\"> </span>2<span class=\"_ _97\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa55\">\u2013 unuse<span class=\"_ _3\"></span>d amounts rever<span class=\"_ _3\"></span>sed <span class=\"_ _147\"> </span><span class=\"ls5f ws57\">(48)<span class=\"_ _9d\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"lsaa ws69\">(50)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls14 ws10 gsa56\">Utilised during the year<span class=\"_ _150\"> </span><span class=\"ls120 ws119\">(80)<span class=\"_ _a3\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _a3\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _a1\"> </span></span></span>(90)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa57\">Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed to contra<span class=\"_ _3\"></span>ct asset<span class=\"_ _3\"></span>s (Note 23<span class=\"_ _3\"></span>)<span class=\"_ _262\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _7c\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls15 ws11 gsa58\">Reclassified negative investment i<span class=\"_ _4\"></span>n Group\u2019s<span class=\"_ _4\"></span> investments in join<span class=\"_ _4\"></span>t ventures and associates<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls12a ws11f gsa59\">(<span class=\"_ _3\"></span>No<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span> 19.<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _2eb\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _7d\"> </span>10<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa5a\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _14c\"> </span><span class=\"ls103 wsf8\">335<span class=\"_ _a3\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _a3\"> </span>33<span class=\"_ _a1\"> </span><span class=\"ls3c ws37\">4<span class=\"_ _3\"></span>01<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gsa5b\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _28a\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _a3\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa5c\">Char<span class=\"_ _3\"></span>ged<span class=\"_ _3\"></span>/(credi<span class=\"_ _3\"></span>ted) to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement:<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa5d\">\u2013 add<span class=\"_ _3\"></span>itiona<span class=\"_ _3\"></span>l provisions <span class=\"_ _310\"> </span><span class=\"ff3b ls88 ws4f\">17<span class=\"_ _3\"></span>0<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span>4<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">18<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa5e\">\u2013 unuse<span class=\"_ _3\"></span>d amounts rever<span class=\"_ _3\"></span>sed <span class=\"_ _147\"> </span><span class=\"ff3b lsf7 ws100\">(5<span class=\"_ _3\"></span>9)<span class=\"_ _47\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _7b\"> </span></span></span><span class=\"ff3b\">\u2013<span class=\"_ _51\"> </span><span class=\"ls10d ws101\">(61)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls14 ws10 gsa5f\">Utilised during the year<span class=\"_ _310\"> </span><span class=\"ff3b ls14b ws189\">(<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>1)<span class=\"_ _47\"> </span><span class=\"ls170 ws18f\">(7)<span class=\"_ _a3\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _cc\"> </span><span class=\"ls10f ws105\">(10<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff3b fs5 fc4 sc0 ls5 ws3 gsa60\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _33f\"> </span><span class=\"ls3e ws39\">352<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">33<span class=\"_ _9d\"> </span><span class=\"ls33 ws2c\">32<span class=\"_ _98\"> </span><span class=\"ls10a wsfe\">417<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gsa61\">Contract<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gsa62\">provisions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa63\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gsa64\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa65\">Em<span class=\"_ _3\"></span>plo<span class=\"_ _3\"></span>yee </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gsa66\">provisions </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa67\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gsa68\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa69\">O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls33 ws2c gsa6a\">provisions </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa6b\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gsa6c\">\u00a3m</div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls191 ws193 gsa6d\"> To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls5 ws3 gsa6e\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff3b fs9 fc4 sc0 ls97 ws8e gsa6f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa70\">Contract </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gsa71\">provisions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa72\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa73\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa74\">Employee<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gsa75\">provisions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa76\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa77\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 lsaf wsa8 gsa78\">Other </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls47 ws19 gsa79\">provisions </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa7a\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa7b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls88 ws4f gsa7c\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls5 ws3 gsa7d\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff3c fs9 fc4 sc0 ls85 ws7d gsa7e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa7f\">Due w<span class=\"_ _3\"></span>ithin one ye<span class=\"_ _3\"></span>ar <span class=\"_ _13d\"> </span><span class=\"ff3b ls94 ws18a\">19<span class=\"_ _3\"></span>0<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">8<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">18<span class=\"_ _97\"> </span>216<span class=\"_ _20c\"> </span></span></span><span class=\"ls11e ws117\">174<span class=\"_ _11c\"> </span></span>7<span class=\"_ _38\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">204<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa80\">Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _1bc\"> </span><span class=\"ff3b ls15 ws11\">97<span class=\"_ _b0\"> </span></span><span class=\"ff3b\">4<span class=\"_ _9a\"> </span>7<span class=\"_ _97\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>8<span class=\"_ _9d\"> </span></span></span><span class=\"ls16d ws230\">77<span class=\"_ _b0\"> </span></span>7<span class=\"_ _9a\"> </span>3<span class=\"_ _38\"> </span><span class=\"ls33 ws2c\">87<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa81\">Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _1bc\"> </span><span class=\"ff3b ls21f ws108\">49<span class=\"_ _38\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _9a\"> </span></span></span><span class=\"ff3b\">4<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">63<span class=\"_ _a3\"> </span></span></span><span class=\"ls16a ws15f\">53<span class=\"_ _9d\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _11c\"> </span></span></span>4<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">67<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa82\">Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _140\"> </span><span class=\"ff3b ls90 ws116\">16<span class=\"_ _38\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _119\"> </span></span></span><span class=\"ff3b\">3<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _38\"> </span></span></span><span class=\"ls3c ws37\">31<span class=\"_ _9a\"> </span></span>9<span class=\"_ _9a\"> </span>3<span class=\"_ _a3\"> </span><span class=\"ls42 ws3d\">43</span></div><div class=\"t m0 h13 ff3c fs5 fc4 sc0 ls5 ws3 gsa83\"> <span class=\"_ _1f3\"> </span><span class=\"ff3b ls3e ws39\">352<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">33<span class=\"_ _9d\"> </span><span class=\"ls33 ws2c\">32<span class=\"_ _98\"> </span><span class=\"ls10a wsfe\">417<span class=\"_ _180\"> </span></span></span></span></span><span class=\"ls103 wsf8\">335<span class=\"_ _a3\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _a3\"> </span>33<span class=\"_ _a1\"> </span><span class=\"ls3c ws37\">4<span class=\"_ _3\"></span>01<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gsa84\">Contract pro<span class=\"_ _4\"></span>v<span class=\"_ _3\"></span>i<span class=\"_ _4\"></span>sions include construction<span class=\"_ _4\"></span> insurance liabilit<span class=\"_ _4\"></span>ies, principally in th<span class=\"_ _4\"></span>e Group\u2019<span class=\"_ _4\"></span>s self-insurance arrangemen<span class=\"_ _4\"></span>ts, which cover<span class=\"_ _4\"></span> cl<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>ims relating<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa85\">to contr<span class=\"_ _3\"></span>actors al<span class=\"_ _3\"></span>l risk, pu<span class=\"_ _3\"></span>blic liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y and professio<span class=\"_ _3\"></span>nal inde<span class=\"_ _3\"></span>mnity. Cont<span class=\"_ _3\"></span>ract prov<span class=\"_ _3\"></span>isions also i<span class=\"_ _3\"></span>nclude l<span class=\"_ _3\"></span>oss provis<span class=\"_ _3\"></span>ions, and d<span class=\"_ _3\"></span>efect and wa<span class=\"_ _3\"></span>rrant<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa86\">provis<span class=\"_ _3\"></span>ions on co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>s, prima<span class=\"_ _3\"></span>rily con<span class=\"_ _3\"></span>struc<span class=\"_ _3\"></span>tion contr<span class=\"_ _3\"></span>acts<span class=\"_ _3\"></span>, that have reac<span class=\"_ _3\"></span>hed pra<span class=\"_ _3\"></span>ctic<span class=\"_ _3\"></span>al compl<span class=\"_ _3\"></span>etion. T<span class=\"_ _3\"></span>here is a latent defec<span class=\"_ _3\"></span>t perio<span class=\"_ _3\"></span>d for whic<span class=\"_ _3\"></span>h the </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa87\">provis<span class=\"_ _3\"></span>ion is held<span class=\"_ _3\"></span>, but whe<span class=\"_ _3\"></span>re there are know<span class=\"_ _3\"></span>n identifi<span class=\"_ _3\"></span>ed issues t<span class=\"_ _3\"></span>hen the provi<span class=\"_ _3\"></span>sion may be re<span class=\"_ _3\"></span>quired to cover re<span class=\"_ _3\"></span>ctific<span class=\"_ _3\"></span>ation wo<span class=\"_ _3\"></span>rk over a more </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls92 ws8a gsa88\">exten<span class=\"_ _4\"></span>ded period.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 lsc ws8 gsa89\">Employee<span class=\"_ _4\"></span> provisions a<span class=\"_ _4\"></span>re principally liabil<span class=\"_ _4\"></span>ities relating<span class=\"_ _4\"></span> to employe<span class=\"_ _4\"></span>rs\u2019 liability insura<span class=\"_ _4\"></span>nce retained in<span class=\"_ _4\"></span> the Group\u2019<span class=\"_ _5\"></span>s self-<span class=\"_ _3\"></span>in<span class=\"_ _4\"></span>surance arrangements.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gsa8a\">Ot<span class=\"_ _3\"></span>her provisi<span class=\"_ _3\"></span>ons princ<span class=\"_ _3\"></span>ipall<span class=\"_ _3\"></span>y compr<span class=\"_ _3\"></span>ise: motor and other i<span class=\"_ _3\"></span>nsurance l<span class=\"_ _3\"></span>iabilit<span class=\"_ _3\"></span>ies in the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s self<span class=\"_ _3\"></span>-ins<span class=\"_ _3\"></span>urance ar<span class=\"_ _3\"></span>range<span class=\"_ _3\"></span>ments; lega<span class=\"_ _3\"></span>l claims an<span class=\"_ _3\"></span>d costs<span class=\"_ _3\"></span>, where </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls77 ws3 gsa8b\">provis<span class=\"_ _3\"></span>ion is mad<span class=\"_ _3\"></span>e for the Direc<span class=\"_ _3\"></span>tors\u2019 best es<span class=\"_ _3\"></span>timate of know<span class=\"_ _3\"></span>n lega<span class=\"_ _3\"></span>l claims, i<span class=\"_ _3\"></span>nv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>stigat<span class=\"_ _3\"></span>ions and le<span class=\"_ _3\"></span>gal act<span class=\"_ _3\"></span>ions in pro<span class=\"_ _3\"></span>gress; and enviro<span class=\"_ _3\"></span>nmental p<span class=\"_ _3\"></span>rovisions.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa8c\">Th<span class=\"_ _3\"></span>e Group takes a<span class=\"_ _3\"></span>ctuari<span class=\"_ _3\"></span>al advi<span class=\"_ _3\"></span>ce when e<span class=\"_ _3\"></span>stabli<span class=\"_ _3\"></span>shing the level of p<span class=\"_ _3\"></span>rovisions in t<span class=\"_ _3\"></span>he Group\u2019s self-<span class=\"_ _3\"></span>insura<span class=\"_ _3\"></span>nce arra<span class=\"_ _3\"></span>ngement<span class=\"_ _3\"></span>s and cer<span class=\"_ _3\"></span>tain ot<span class=\"_ _3\"></span>her </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa8d\">cate<span class=\"_ _3\"></span>gories of p<span class=\"_ _3\"></span>rovision.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa8e\">Insur<span class=\"_ _3\"></span>ance<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>related prov<span class=\"_ _3\"></span>isions wit<span class=\"_ _3\"></span>hin these c<span class=\"_ _3\"></span>ategori<span class=\"_ _3\"></span>es were \u00a370<span class=\"_ _3\"></span>m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>4m) as fo<span class=\"_ _3\"></span>llows: Cont<span class=\"_ _3\"></span>ract prov<span class=\"_ _3\"></span>isions \u00a34<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a34<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>m); Employee </div><div class=\"t m0 h8 ff3c fs5 fc4 sc0 ls5 ws3 gsa8f\">provis<span class=\"_ _3\"></span>ions \u00a316m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a316m); and O<span class=\"_ _3\"></span>ther, mainly moto<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, p<span class=\"_ _3\"></span>rovisions \u00a3<span class=\"_ _3\"></span>5m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a34m).<span class=\"_ _3ab\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-655": {
   "value": "26 Pro<span class=\"_ _4\"></span>vi<span class=\"_ _3\"></span>sions<span class=\"_ _3ab\"> </span>Contract<span class=\"_ _3ab\"> </span>provisions \u00a3m<span class=\"_ _3ab\"> </span>Employee<span class=\"_ _3ab\"> </span>provisions \u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>provisions \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> \u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _170\"> </span><span class=\"ls78 ws11a\">3<span class=\"_ _3\"></span>21<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">36<span class=\"_ _9d\"> </span><span class=\"ls120 ws119\">22<span class=\"_ _a0\"> </span><span class=\"ls85 ws7d\">379<span class=\"_ _3ab\"> </span></span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _2e0\"> </span><span class=\"ls5 ws3\">9<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></span>Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed from acc<span class=\"_ _3\"></span>ruals <span class=\"_ _33d\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span>Char<span class=\"_ _3\"></span>ged<span class=\"_ _3\"></span>/(credi<span class=\"_ _3\"></span>ted) to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement:<span class=\"_ _33e\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> \u2013 add<span class=\"_ _3\"></span>itiona<span class=\"_ _3\"></span>l provisions <span class=\"_ _276\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>4<span class=\"_ _11c\"> </span></span>6<span class=\"_ _9a\"> </span>2<span class=\"_ _97\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span>\u2013 unuse<span class=\"_ _3\"></span>d amounts rever<span class=\"_ _3\"></span>sed <span class=\"_ _147\"> </span><span class=\"ls5f ws57\">(48)<span class=\"_ _9d\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"lsaa ws69\">(50)<span class=\"_ _3ab\"> </span></span>Utilised during the year<span class=\"_ _150\"> </span><span class=\"ls120 ws119\">(80)<span class=\"_ _a3\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _a3\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _a1\"> </span></span></span>(90)<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>lassifi<span class=\"_ _3\"></span>ed to contra<span class=\"_ _3\"></span>ct asset<span class=\"_ _3\"></span>s (Note 23<span class=\"_ _3\"></span>)<span class=\"_ _262\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _7c\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span>Reclassified negative investment i<span class=\"_ _4\"></span>n Group\u2019s<span class=\"_ _4\"></span> investments in join<span class=\"_ _4\"></span>t ventures and associates<span class=\"_ _4\"></span> (<span class=\"_ _3\"></span>No<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span> 19.<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _2eb\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _7d\"> </span>10<span class=\"_ _3ab\"> </span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _14c\"> </span><span class=\"ls103 wsf8\">335<span class=\"_ _a3\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _a3\"> </span>33<span class=\"_ _a1\"> </span><span class=\"ls3c ws37\">4<span class=\"_ _3\"></span>01<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _28a\"> </span><span class=\"ff3b lsd ws18e\">(3)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _a3\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _3ab\"> </span></span></span></span></span>Char<span class=\"_ _3\"></span>ged<span class=\"_ _3\"></span>/(credi<span class=\"_ _3\"></span>ted) to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement:<span class=\"_ _3ab\"> </span>\u2013 add<span class=\"_ _3\"></span>itiona<span class=\"_ _3\"></span>l provisions <span class=\"_ _310\"> </span><span class=\"ff3b ls88 ws4f\">17<span class=\"_ _3\"></span>0<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">9<span class=\"_ _9a\"> </span>4<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">18<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span>\u2013 unuse<span class=\"_ _3\"></span>d amounts rever<span class=\"_ _3\"></span>sed <span class=\"_ _147\"> </span><span class=\"ff3b lsf7 ws100\">(5<span class=\"_ _3\"></span>9)<span class=\"_ _47\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _7b\"> </span></span></span><span class=\"ff3b\">\u2013<span class=\"_ _51\"> </span><span class=\"ls10d ws101\">(61)<span class=\"_ _3ab\"> </span></span></span>Utilised during the year<span class=\"_ _310\"> </span><span class=\"ff3b ls14b ws189\">(<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>1)<span class=\"_ _47\"> </span><span class=\"ls170 ws18f\">(7)<span class=\"_ _a3\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _cc\"> </span><span class=\"ls10f ws105\">(10<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _33f\"> </span><span class=\"ls3e ws39\">352<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">33<span class=\"_ _9d\"> </span><span class=\"ls33 ws2c\">32<span class=\"_ _98\"> </span><span class=\"ls10a wsfe\">417<span class=\"_ _3ab\"> </span></span></span></span></span>Contract<span class=\"_ _3ab\"> </span>provisions<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Em<span class=\"_ _3\"></span>plo<span class=\"_ _3\"></span>yee provisions 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r provisions 20<span class=\"_ _3\"></span>23 \u00a3m To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Contract provisions<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Employee<span class=\"_ _3ab\"> </span>provisions<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Other provisions 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin one ye<span class=\"_ _3\"></span>ar <span class=\"_ _13d\"> </span><span class=\"ff3b ls94 ws18a\">19<span class=\"_ _3\"></span>0<span class=\"_ _9a\"> </span></span><span class=\"ff3b\">8<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">18<span class=\"_ _97\"> </span>216<span class=\"_ _20c\"> </span></span></span><span class=\"ls11e ws117\">174<span class=\"_ _11c\"> </span></span>7<span class=\"_ _38\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _a1\"> </span><span class=\"ls5f ws57\">204<span class=\"_ _3ab\"> </span></span></span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _1bc\"> </span><span class=\"ff3b ls15 ws11\">97<span class=\"_ _b0\"> </span></span><span class=\"ff3b\">4<span class=\"_ _9a\"> </span>7<span class=\"_ _97\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _3\"></span>8<span class=\"_ _9d\"> </span></span></span><span class=\"ls16d ws230\">77<span class=\"_ _b0\"> </span></span>7<span class=\"_ _9a\"> </span>3<span class=\"_ _38\"> </span><span class=\"ls33 ws2c\">87<span class=\"_ _3ab\"> </span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _1bc\"> </span><span class=\"ff3b ls21f ws108\">49<span class=\"_ _38\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _9a\"> </span></span></span><span class=\"ff3b\">4<span class=\"_ _9d\"> </span><span class=\"ls43 ws3e\">63<span class=\"_ _a3\"> </span></span></span><span class=\"ls16a ws15f\">53<span class=\"_ _9d\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _11c\"> </span></span></span>4<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">67<span class=\"_ _3ab\"> </span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _140\"> </span><span class=\"ff3b ls90 ws116\">16<span class=\"_ _38\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _119\"> </span></span></span><span class=\"ff3b\">3<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _38\"> </span></span></span><span class=\"ls3c ws37\">31<span class=\"_ _9a\"> </span></span>9<span class=\"_ _9a\"> </span>3<span class=\"_ _a3\"> </span><span class=\"ls42 ws3d\">43</span> <span class=\"_ _1f3\"> </span><span class=\"ff3b ls3e ws39\">352<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">33<span class=\"_ _9d\"> </span><span class=\"ls33 ws2c\">32<span class=\"_ _98\"> </span><span class=\"ls10a wsfe\">417<span class=\"_ _180\"> </span></span></span></span></span><span class=\"ls103 wsf8\">335<span class=\"_ _a3\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _a3\"> </span>33<span class=\"_ _a1\"> </span><span class=\"ls3c ws37\">4<span class=\"_ _3\"></span>01<span class=\"_ _3ab\"> </span></span></span></span>Contract pro<span class=\"_ _4\"></span>v<span class=\"_ _3\"></span>i<span class=\"_ _4\"></span>sions include construction<span class=\"_ _4\"></span> insurance liabilit<span class=\"_ _4\"></span>ies, principally in th<span class=\"_ _4\"></span>e Group\u2019<span class=\"_ _4\"></span>s self-insurance arrangemen<span class=\"_ _4\"></span>ts, which cover<span class=\"_ _4\"></span> cl<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>ims relating<span class=\"_ _4\"></span> to contr<span class=\"_ _3\"></span>actors al<span class=\"_ _3\"></span>l risk, pu<span class=\"_ _3\"></span>blic liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y and professio<span class=\"_ _3\"></span>nal inde<span class=\"_ _3\"></span>mnity. Cont<span class=\"_ _3\"></span>ract prov<span class=\"_ _3\"></span>isions also i<span class=\"_ _3\"></span>nclude l<span class=\"_ _3\"></span>oss provis<span class=\"_ _3\"></span>ions, and d<span class=\"_ _3\"></span>efect and wa<span class=\"_ _3\"></span>rrant<span class=\"_ _3\"></span>y provis<span class=\"_ _3\"></span>ions on co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>s, prima<span class=\"_ _3\"></span>rily con<span class=\"_ _3\"></span>struc<span class=\"_ _3\"></span>tion contr<span class=\"_ _3\"></span>acts<span class=\"_ _3\"></span>, that have reac<span class=\"_ _3\"></span>hed pra<span class=\"_ _3\"></span>ctic<span class=\"_ _3\"></span>al compl<span class=\"_ _3\"></span>etion. T<span class=\"_ _3\"></span>here is a latent defec<span class=\"_ _3\"></span>t perio<span class=\"_ _3\"></span>d for whic<span class=\"_ _3\"></span>h the provis<span class=\"_ _3\"></span>ion is held<span class=\"_ _3\"></span>, but whe<span class=\"_ _3\"></span>re there are know<span class=\"_ _3\"></span>n identifi<span class=\"_ _3\"></span>ed issues t<span class=\"_ _3\"></span>hen the provi<span class=\"_ _3\"></span>sion may be re<span class=\"_ _3\"></span>quired to cover re<span class=\"_ _3\"></span>ctific<span class=\"_ _3\"></span>ation wo<span class=\"_ _3\"></span>rk over a more exten<span class=\"_ _4\"></span>ded period.<span class=\"_ _3ab\"> </span>Employee<span class=\"_ _4\"></span> provisions a<span class=\"_ _4\"></span>re principally liabil<span class=\"_ _4\"></span>ities relating<span class=\"_ _4\"></span> to employe<span class=\"_ _4\"></span>rs\u2019 liability insura<span class=\"_ _4\"></span>nce retained in<span class=\"_ _4\"></span> the Group\u2019<span class=\"_ _5\"></span>s self-<span class=\"_ _3\"></span>in<span class=\"_ _4\"></span>surance arrangements.<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her provisi<span class=\"_ _3\"></span>ons princ<span class=\"_ _3\"></span>ipall<span class=\"_ _3\"></span>y compr<span class=\"_ _3\"></span>ise: motor and other i<span class=\"_ _3\"></span>nsurance l<span class=\"_ _3\"></span>iabilit<span class=\"_ _3\"></span>ies in the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s self<span class=\"_ _3\"></span>-ins<span class=\"_ _3\"></span>urance ar<span class=\"_ _3\"></span>range<span class=\"_ _3\"></span>ments; lega<span class=\"_ _3\"></span>l claims an<span class=\"_ _3\"></span>d costs<span class=\"_ _3\"></span>, where provis<span class=\"_ _3\"></span>ion is mad<span class=\"_ _3\"></span>e for the Direc<span class=\"_ _3\"></span>tors\u2019 best es<span class=\"_ _3\"></span>timate of know<span class=\"_ _3\"></span>n lega<span class=\"_ _3\"></span>l claims, i<span class=\"_ _3\"></span>nv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>stigat<span class=\"_ _3\"></span>ions and le<span class=\"_ _3\"></span>gal act<span class=\"_ _3\"></span>ions in pro<span class=\"_ _3\"></span>gress; and enviro<span class=\"_ _3\"></span>nmental p<span class=\"_ _3\"></span>rovisions.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group takes a<span class=\"_ _3\"></span>ctuari<span class=\"_ _3\"></span>al advi<span class=\"_ _3\"></span>ce when e<span class=\"_ _3\"></span>stabli<span class=\"_ _3\"></span>shing the level of p<span class=\"_ _3\"></span>rovisions in t<span class=\"_ _3\"></span>he Group\u2019s self-<span class=\"_ _3\"></span>insura<span class=\"_ _3\"></span>nce arra<span class=\"_ _3\"></span>ngement<span class=\"_ _3\"></span>s and cer<span class=\"_ _3\"></span>tain ot<span class=\"_ _3\"></span>her cate<span class=\"_ _3\"></span>gories of p<span class=\"_ _3\"></span>rovision.<span class=\"_ _3ab\"> </span>Insur<span class=\"_ _3\"></span>ance<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>related prov<span class=\"_ _3\"></span>isions wit<span class=\"_ _3\"></span>hin these c<span class=\"_ _3\"></span>ategori<span class=\"_ _3\"></span>es were \u00a370<span class=\"_ _3\"></span>m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>4m) as fo<span class=\"_ _3\"></span>llows: Cont<span class=\"_ _3\"></span>ract prov<span class=\"_ _3\"></span>isions \u00a34<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a34<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>m); Employee provis<span class=\"_ _3\"></span>ions \u00a316m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a316m); and O<span class=\"_ _3\"></span>ther, mainly moto<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, p<span class=\"_ _3\"></span>rovisions \u00a3<span class=\"_ _3\"></span>5m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a34m).<span class=\"_ _3ab\"> </span>37 Contingent<span class=\"_ _4\"></span> liabili<span class=\"_ _3\"></span>ties<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any and cer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>n subsidi<span class=\"_ _3\"></span>ary u<span class=\"_ _3\"></span>nder<span class=\"_ _3\"></span>takin<span class=\"_ _3\"></span>gs have, in the n<span class=\"_ _3\"></span>ormal c<span class=\"_ _3\"></span>ourse of bus<span class=\"_ _3\"></span>iness, gi<span class=\"_ _3\"></span>ven guara<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>es and entered into c<span class=\"_ _3\"></span>ounter-i<span class=\"_ _3\"></span>ndemniti<span class=\"_ _3\"></span>es in resp<span class=\"_ _3\"></span>ect of bo<span class=\"_ _3\"></span>nds relatin<span class=\"_ _3\"></span>g to the Group\u2019s own cont<span class=\"_ _3\"></span>racts a<span class=\"_ _3\"></span>nd given gu<span class=\"_ _3\"></span>arantees in res<span class=\"_ _3\"></span>pect of th<span class=\"_ _3\"></span>eir share of cer<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>in contrac<span class=\"_ _3\"></span>tual ob<span class=\"_ _3\"></span>ligati<span class=\"_ _3\"></span>ons of joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates and ce<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>in retirement ben<span class=\"_ _3\"></span>efit liab<span class=\"_ _3\"></span>ilities of the B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Pension Fu<span class=\"_ _3\"></span>nd and the R<span class=\"_ _3\"></span>ailways Pe<span class=\"_ _3\"></span>nsion Sc<span class=\"_ _3\"></span>heme. Gu<span class=\"_ _3\"></span>arantees are treate<span class=\"_ _3\"></span>d as conting<span class=\"_ _3\"></span>ent liabil<span class=\"_ _3\"></span>ities until su<span class=\"_ _3\"></span>ch time as it b<span class=\"_ _3\"></span>ecome<span class=\"_ _3\"></span>s probab<span class=\"_ _3\"></span>le paym<span class=\"_ _3\"></span>ent will be re<span class=\"_ _3\"></span>quired und<span class=\"_ _3\"></span>er the terms of t<span class=\"_ _3\"></span>he guarante<span class=\"_ _3\"></span>e.<span class=\"_ _3ab\"> </span>Provi<span class=\"_ _3\"></span>sion has b<span class=\"_ _3\"></span>een mad<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the Direc<span class=\"_ _3\"></span>tors\u2019 best es<span class=\"_ _3\"></span>timate of know<span class=\"_ _3\"></span>n lega<span class=\"_ _3\"></span>l claims, i<span class=\"_ _3\"></span>nv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>stigati<span class=\"_ _3\"></span>ons and le<span class=\"_ _3\"></span>gal act<span class=\"_ _3\"></span>ions in pro<span class=\"_ _3\"></span>gress. T<span class=\"_ _3\"></span>he Group t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s leg<span class=\"_ _3\"></span>al adv<span class=\"_ _3\"></span>ice as to the likeliho<span class=\"_ _3\"></span>od of suc<span class=\"_ _3\"></span>cess of cl<span class=\"_ _3\"></span>aims and ac<span class=\"_ _3\"></span>tions and n<span class=\"_ _3\"></span>o provision i<span class=\"_ _3\"></span>s made wh<span class=\"_ _3\"></span>ere the Direc<span class=\"_ _3\"></span>tors cons<span class=\"_ _3\"></span>ider<span class=\"_ _4\"></span>, b<span class=\"_ _3\"></span>ased on th<span class=\"_ _3\"></span>at adv<span class=\"_ _3\"></span>ice, that th<span class=\"_ _3\"></span>e actio<span class=\"_ _3\"></span>n is unlikely to succ<span class=\"_ _3\"></span>eed, o<span class=\"_ _3\"></span>r that the Gro<span class=\"_ _3\"></span>up cannot m<span class=\"_ _3\"></span>ake a suffic<span class=\"_ _3\"></span>iently reli<span class=\"_ _3\"></span>able est<span class=\"_ _3\"></span>imate of the potent<span class=\"_ _3\"></span>ial oblig<span class=\"_ _3\"></span>ation. H<span class=\"_ _3\"></span>owever<span class=\"_ _4\"></span>, in cer<span class=\"_ _3\"></span>tain c<span class=\"_ _3\"></span>ases w<span class=\"_ _3\"></span>here assess<span class=\"_ _3\"></span>ments are ong<span class=\"_ _3\"></span>oing and t<span class=\"_ _3\"></span>he Group c<span class=\"_ _3\"></span>annot yet con<span class=\"_ _3\"></span>clude wh<span class=\"_ _3\"></span>ether it is pro<span class=\"_ _3\"></span>bable t<span class=\"_ _3\"></span>he claim is v<span class=\"_ _3\"></span>alid, a p<span class=\"_ _3\"></span>ossible o<span class=\"_ _3\"></span>bliga<span class=\"_ _3\"></span>tion may exis<span class=\"_ _3\"></span>t at 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23. I<span class=\"_ _3\"></span>n respec<span class=\"_ _3\"></span>t of these c<span class=\"_ _3\"></span>ases, it is not p<span class=\"_ _3\"></span>racti<span class=\"_ _3\"></span>cabl<span class=\"_ _3\"></span>e t<span class=\"_ _4\"></span>o e<span class=\"_ _3\"></span>stimate the f<span class=\"_ _3\"></span>inancia<span class=\"_ _3\"></span>l effect b<span class=\"_ _3\"></span>ased on th<span class=\"_ _3\"></span>e current st<span class=\"_ _3\"></span>atus of the assessments.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-656": {
   "value": "<div class=\"t m0 h7 ff46 fs4 fc6 sc0 lsf wsb gsa91\">27 Cash<span class=\"_ _4\"></span> and cash equivalents a<span class=\"_ _4\"></span>nd borrowings<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gsa92\">27<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 Group<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gsa93\">Current </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsa94\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsa95\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsa96\">Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsa97\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsa98\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gsa99\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsa9a\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsa9b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsa9c\">Cur<span class=\"_ _3\"></span>rent </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsa9d\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsa9e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls1ff ws21d gsa9f\">Non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>curren<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsaa0\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsaa1\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsaa2\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsaa3\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsaa4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsaa5\">Unse<span class=\"_ _3\"></span>cured bor<span class=\"_ _3\"></span>rowings at a<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st<span class=\"_ _237\"> </span><span class=\"ff46\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span></span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsaa6\">\u2013 Bank ove<span class=\"_ _3\"></span>rdraf<span class=\"_ _3\"></span>ts <span class=\"_ _340\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _7f\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsaa7\">\u2013 US pr<span class=\"_ _3\"></span>ivate pla<span class=\"_ _3\"></span>cement (<span class=\"_ _3\"></span>Note 27<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span>2) <span class=\"_ _2da\"> </span><span class=\"ff46\">\u2013<span class=\"_ _125\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _cc\"> </span>(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _cc\"> </span></span></span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _3b\"> </span><span class=\"ls66 ws5e\">(<span class=\"_ _3\"></span>345)</span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsaa8\"> <span class=\"_ _341\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _cc\"> </span>(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3b\"> </span></span><span class=\"ff46\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _fa\"> </span></span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _1cc\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsaa9\">C<span class=\"_ _3\"></span>ash and dep<span class=\"_ _3\"></span>osits at a<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st <span class=\"_ _1be\"> </span><span class=\"ff46 ls18b ws188\">8<span class=\"_ _3\"></span>90<span class=\"_ _b0\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _a0\"> </span><span class=\"ls18b ws188\">890<span class=\"_ _a0\"> </span></span></span><span class=\"ls3e ws39\">828<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls3e ws39\">828<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsaaa\">T<span class=\"_ _4\"></span>erm d<span class=\"_ _3\"></span>eposi<span class=\"_ _3\"></span>ts at amor<span class=\"_ _3\"></span>tise<span class=\"_ _3\"></span>d cost <span class=\"_ _2da\"> </span><span class=\"ff46 ls90 ws116\">218<span class=\"_ _11c\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _97\"> </span><span class=\"ls90 ws116\">218<span class=\"_ _a0\"> </span></span></span><span class=\"ls10b wsff\">332<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls10b wsff\">332<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsaab\">C<span class=\"_ _3\"></span>ash and ca<span class=\"_ _3\"></span>sh equiva<span class=\"_ _3\"></span>lents (excludin<span class=\"_ _3\"></span>g infrastr<span class=\"_ _3\"></span>ucture </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc ws8 gsaac\">concessions)<span class=\"_ _4\"></span> <span class=\"_ _33e\"> </span><span class=\"ff46 ls125 ws11c\">1,1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _b1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _10a\"> </span></span>1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3b\"> </span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _b1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _10a\"> </span></span>1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0</span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsaad\"> <span class=\"_ _260\"> </span><span class=\"ff46 ls93 wsfa\">1,0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _e0\"> </span><span class=\"ls10f ws105\">(16<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _128\"> </span><span class=\"lsb4 wsad\">842<span class=\"_ _a1\"> </span></span></span></span><span class=\"ls33 ws2c\">9<span class=\"_ _3\"></span>87<span class=\"_ _b2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _4\"></span>72)<span class=\"_ _e0\"> </span><span class=\"ls100 ws104\">8<span class=\"_ _3\"></span>15<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gsaae\">Non<span class=\"_ _3\"></span>-recourse inf<span class=\"_ _4\"></span>rastructure concessions<span class=\"_ _4\"></span> project finance loans<span class=\"_ _4\"></span> </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsaaf\">at amo<span class=\"_ _3\"></span>rtis<span class=\"_ _3\"></span>ed cost w<span class=\"_ _3\"></span>ith final m<span class=\"_ _3\"></span>aturit<span class=\"_ _3\"></span>y bet<span class=\"_ _3\"></span>ween 20<span class=\"_ _3\"></span>24 and 207<span class=\"_ _3\"></span>2<span class=\"_ _20\"> </span><span class=\"ff46 lsf7 ws100\">(9)<span class=\"_ _fa\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>61)<span class=\"_ _fa\"> </span><span class=\"ls109 ws87\">(570)<span class=\"_ _116\"> </span></span></span></span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _fa\"> </span><span class=\"lsa9 wsa0\">(231<span class=\"_ _4\"></span>)<span class=\"_ _cc\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsab0\">Infrastructure concessions cash and cash equivalents <span class=\"_ _40\"> </span><span class=\"ff46 ls66 ws5e\">30<span class=\"_ _3\"></span>6<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>30<span class=\"_ _3\"></span>6<span class=\"_ _9d\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span></span>19</span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsab1\"> <span class=\"_ _228\"> </span><span class=\"ff46 ls15 ws11\">2<span class=\"_ _3\"></span>97<span class=\"_ _125\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _3b\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>64)<span class=\"_ _20c\"> </span></span></span></span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"lsa9 wsa0\">(231<span class=\"_ _5\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>242)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gsab2\">Net cash/<span class=\"_ _5\"></span>(borrowings<span class=\"_ _4\"></span>) <span class=\"_ _342\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>01<span class=\"_ _125\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>23)<span class=\"_ _b2\"> </span><span class=\"ls109 ws87\">578<span class=\"_ _180\"> </span><span class=\"ff47 ls16 ws12\">976<span class=\"_ _128\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>03)<span class=\"_ _125\"> </span><span class=\"ls74 ws6b\">573<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsab3\">Th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span>, toget<span class=\"_ _3\"></span>her with c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain of its UK su<span class=\"_ _3\"></span>bsidia<span class=\"_ _3\"></span>ries, op<span class=\"_ _3\"></span>erates a noti<span class=\"_ _3\"></span>onal po<span class=\"_ _3\"></span>oling fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y with a mai<span class=\"_ _3\"></span>n r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>lationsh<span class=\"_ _3\"></span>ip UK cle<span class=\"_ _3\"></span>aring ba<span class=\"_ _3\"></span>nk </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsab4\">whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ gs52\"> </span>ove<span class=\"_ _3\"></span>rdraf<span class=\"_ _3\"></span>t balanc<span class=\"_ _3\"></span>es are offs<span class=\"_ _3\"></span>et with ca<span class=\"_ _3\"></span>sh balan<span class=\"_ _3\"></span>ces and interes<span class=\"_ _3\"></span>t is calcu<span class=\"_ _3\"></span>lated on a net b<span class=\"_ _3\"></span>asis. Dur<span class=\"_ _3\"></span>ing the year e<span class=\"_ _3\"></span>nded 31 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsab5\">the<span class=\"_ gs52\"> </span>Gro<span class=\"_ _3\"></span>up mainta<span class=\"_ _3\"></span>ined a net c<span class=\"_ _3\"></span>ash posit<span class=\"_ _3\"></span>ion on this p<span class=\"_ _3\"></span>ooling f<span class=\"_ _3\"></span>acilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, so t<span class=\"_ _3\"></span>here was no interest p<span class=\"_ _3\"></span>ayable to th<span class=\"_ _3\"></span>e bank in resp<span class=\"_ _3\"></span>ect of the<span class=\"_ _3\"></span>se bank </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsab6\">overdra<span class=\"_ _3\"></span>fts. O<span class=\"_ _3\"></span>verdraf<span class=\"_ _3\"></span>t bal<span class=\"_ _3\"></span>ances an<span class=\"_ _3\"></span>d cash hel<span class=\"_ _3\"></span>d at this bank h<span class=\"_ _3\"></span>ave been rep<span class=\"_ _3\"></span>orte<span class=\"_ _3\"></span>d gross in the G<span class=\"_ _3\"></span>roup bal<span class=\"_ _3\"></span>ance sheet a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 as </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsab7\">there<span class=\"_ gs52\"> </span>wa<span class=\"_ _3\"></span>s no intention to set<span class=\"_ _3\"></span>tle the b<span class=\"_ _3\"></span>ank overdraf<span class=\"_ _3\"></span>ts at that d<span class=\"_ _3\"></span>ate. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsab8\">Th<span class=\"_ _3\"></span>e loans rel<span class=\"_ _3\"></span>ating to projec<span class=\"_ _3\"></span>t financ<span class=\"_ _3\"></span>e arise und<span class=\"_ _3\"></span>er non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>recours<span class=\"_ _3\"></span>e faciliti<span class=\"_ _3\"></span>es taken out by p<span class=\"_ _3\"></span>roject-<span class=\"_ _3\"></span>spe<span class=\"_ _3\"></span>cific su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>y c<span class=\"_ _3\"></span>ompanie<span class=\"_ _3\"></span>s. The l<span class=\"_ _3\"></span>oans of eac<span class=\"_ _3\"></span>h </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsab9\">com<span class=\"_ _3\"></span>pany are secu<span class=\"_ _3\"></span>red by a com<span class=\"_ _3\"></span>bination of f<span class=\"_ _3\"></span>ixed and flo<span class=\"_ _3\"></span>ating ch<span class=\"_ _3\"></span>arges over th<span class=\"_ _3\"></span>at comp<span class=\"_ _3\"></span>any\u2019<span class=\"_ _4\"></span>s i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests in its p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s as<span class=\"_ _3\"></span>sets and revenues a<span class=\"_ _3\"></span>nd the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsaba\">shares i<span class=\"_ _3\"></span>n the comp<span class=\"_ _3\"></span>any held by it<span class=\"_ _3\"></span>s immedi<span class=\"_ _3\"></span>ate parent co<span class=\"_ _3\"></span>mpany<span class=\"_ _4\"></span>.  </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsabb\">T<span class=\"_ _4\"></span>erm d<span class=\"_ _3\"></span>eposi<span class=\"_ _3\"></span>ts are held o<span class=\"_ _3\"></span>n a shor<span class=\"_ _3\"></span>t-term b<span class=\"_ _3\"></span>asis and are rea<span class=\"_ _3\"></span>dily ac<span class=\"_ _3\"></span>cessib<span class=\"_ _3\"></span>le to the Group a<span class=\"_ _3\"></span>t any time wit<span class=\"_ _3\"></span>h insignifi<span class=\"_ _3\"></span>cant brea<span class=\"_ _3\"></span>k costs. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsabc\">Inc<span class=\"_ _3\"></span>luded in c<span class=\"_ _3\"></span>ash and c<span class=\"_ _3\"></span>ash equi<span class=\"_ _3\"></span>valents is res<span class=\"_ _3\"></span>tricted c<span class=\"_ _3\"></span>ash of \u00a312m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3m) he<span class=\"_ _3\"></span>ld by the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s self<span class=\"_ _3\"></span>-in<span class=\"_ _3\"></span>surance c<span class=\"_ _3\"></span>ompany, Delph<span class=\"_ _3\"></span>ian Insura<span class=\"_ _3\"></span>nce </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsabd\">Co<span class=\"_ _3\"></span>mpany Ltd, w<span class=\"_ _3\"></span>hich is subj<span class=\"_ _3\"></span>ect to Isle of M<span class=\"_ _3\"></span>an insura<span class=\"_ _3\"></span>nce sol<span class=\"_ _3\"></span>vency regul<span class=\"_ _3\"></span>ations. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsabe\">C<span class=\"_ _3\"></span>ash and ca<span class=\"_ _3\"></span>sh equiva<span class=\"_ _3\"></span>lents also i<span class=\"_ _3\"></span>nclude: \u00a3<span class=\"_ _3\"></span>77m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a31<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>m) within co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion proj<span class=\"_ _3\"></span>ect bank a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>s which is us<span class=\"_ _3\"></span>ed for projec<span class=\"_ _3\"></span>t spec<span class=\"_ _3\"></span>ific </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsabf\">expe<span class=\"_ _3\"></span>nditure; \u00a3<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>9m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>3m) in relati<span class=\"_ _3\"></span>on to the Group\u2019s share of c<span class=\"_ _3\"></span>ash held by j<span class=\"_ _3\"></span>oint oper<span class=\"_ _3\"></span>ations whi<span class=\"_ _3\"></span>ch is used for ex<span class=\"_ _3\"></span>pendit<span class=\"_ _3\"></span>ure within the j<span class=\"_ _3\"></span>oint </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsac0\">ope<span class=\"_ _3\"></span>ration p<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>jects; and \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a319m) relati<span class=\"_ _3\"></span>ng to maintenan<span class=\"_ _3\"></span>ce and other re<span class=\"_ _3\"></span>serve a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>s in Infrast<span class=\"_ _3\"></span>ructure Inves<span class=\"_ _3\"></span>tments sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies, of </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsac1\">whic<span class=\"_ _3\"></span>h \u00a327<span class=\"_ _3\"></span>7m is reser<span class=\"_ _3\"></span>ved for the c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion of Uni<span class=\"_ _3\"></span>versit<span class=\"_ _3\"></span>y of Sussex\u2019s West Sl<span class=\"_ _3\"></span>ope stu<span class=\"_ _3\"></span>dent acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation proj<span class=\"_ _3\"></span>ect. </div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsac2\">Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f the Gr<span class=\"_ _3\"></span>oup\u2019s bor<span class=\"_ _3\"></span>row<span class=\"_ _3\"></span>ings a<span class=\"_ _3\"></span>t 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsac3\">Non-rec<span class=\"_ _3\"></span>ourse<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls10 wsc gsac4\">projec<span class=\"_ _3\"></span>t</div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsac5\"> fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nce </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsac6\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsac7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsac8\">O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gsac9\">borrowings<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsaca\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsacb\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gsacc\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsacd\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsace\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsacf\">Non<span class=\"_ _3\"></span>-recourse<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gsad0\">proje<span class=\"_ _3\"></span>ct</div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsad1\"> finance </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsad2\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsad3\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsad4\">Other </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls66 ws5e gsad5\">borrowing<span class=\"_ _4\"></span>s </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsad6\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsad7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsad8\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsad9\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsada\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsadb\">Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year <span class=\"_ _186\"> </span><span class=\"ff46 lsf7 ws100\">(9)<span class=\"_ _1cc\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _1cb\"> </span><span class=\"ls110 ws106\">(11<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span></span></span></span><span class=\"lsaa ws69\">(30)<span class=\"_ _ef\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">(<span class=\"_ _3\"></span>203)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsadc\">Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _343\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>9)<span class=\"_ _116\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>9)<span class=\"_ _a3\"> </span></span></span></span><span class=\"ls16d ws230\">(8)<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsadd\">Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _12a\"> </span><span class=\"ff46 ls14b ws189\">(1<span class=\"_ _3\"></span>81)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(2<span class=\"_ _3\"></span>7)<span class=\"_ _10a\"> </span>(<span class=\"_ _3\"></span>208)<span class=\"_ _a1\"> </span></span></span><span class=\"ls4a ws44\">(25)<span class=\"_ _a0\"> </span><span class=\"ls49 ws43\">(<span class=\"_ _3\"></span>70)<span class=\"_ _a1\"> </span><span class=\"ls66 ws5e\">(9<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsade\">Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _344\"> </span><span class=\"ff46 lsf7 ws100\">(370)<span class=\"_ _a1\"> </span></span><span class=\"ff46\">(96)<span class=\"_ _3b\"> </span><span class=\"ls113 ws10b\">(<span class=\"_ _4\"></span>466)<span class=\"_ _3b\"> </span><span class=\"ff47 ls12a ws11f\">(<span class=\"_ _3\"></span>19<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3b\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>00)</span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsadf\"> <span class=\"_ _345\"> </span><span class=\"ff46 ls109 ws87\">(570)<span class=\"_ _3b\"> </span></span><span class=\"ff46\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _10a\"> </span><span class=\"ls8b ws4\">(8<span class=\"_ _3\"></span>36)<span class=\"_ _cc\"> </span></span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _1cc\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _3b\"> </span><span class=\"ls124 ws6a\">(60<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsae0\">Th<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g values of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs are equ<span class=\"_ _3\"></span>al to the fair valu<span class=\"_ _3\"></span>es at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date. Th<span class=\"_ _3\"></span>e fair values a<span class=\"_ _3\"></span>re determine<span class=\"_ _3\"></span>d by discou<span class=\"_ _3\"></span>nting </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsae1\">future c<span class=\"_ _3\"></span>ash flows u<span class=\"_ _3\"></span>sing yiel<span class=\"_ _3\"></span>d cur<span class=\"_ _3\"></span>ves and exchang<span class=\"_ _3\"></span>e rates prevailin<span class=\"_ _3\"></span>g at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsae2\">Und<span class=\"_ _3\"></span>raw<span class=\"_ _3\"></span>n Group c<span class=\"_ _3\"></span>omm<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>ted b<span class=\"_ _3\"></span>orr<span class=\"_ _3\"></span>owin<span class=\"_ _3\"></span>g fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>ies a<span class=\"_ _3\"></span>t 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>ber in r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>ct o<span class=\"_ _3\"></span>f whic<span class=\"_ _3\"></span>h all c<span class=\"_ _3\"></span>ondi<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>s pre<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>den<span class=\"_ _3\"></span>t wer<span class=\"_ _3\"></span>e sat<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>fie<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsae3\">Non-rec<span class=\"_ _3\"></span>ourse<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsae4\">pr<span class=\"_ _3\"></span>oje<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsae5\">fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nce </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsae6\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsae7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsae8\">O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gsae9\">borrowings<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsaea\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsaeb\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gsaec\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsaed\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsaee\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsaef\">Non<span class=\"_ _3\"></span>-recourse </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsaf0\">pro<span class=\"_ _3\"></span>ject </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsaf1\">finance </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsaf2\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsaf3\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsaf4\">Other </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls66 ws5e gsaf5\">borrowing<span class=\"_ _4\"></span>s </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsaf6\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsaf7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsaf8\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsaf9\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsafa\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsafb\">E<span class=\"_ _3\"></span>xpirin<span class=\"_ _3\"></span>g in one year or l<span class=\"_ _3\"></span>ess<span class=\"_ _1b5\"> </span><span class=\"ff46\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _9d\"> </span>30<span class=\"_ _11c\"> </span></span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsafc\">E<span class=\"_ _3\"></span>xpirin<span class=\"_ _3\"></span>g in more than o<span class=\"_ _3\"></span>ne year but not m<span class=\"_ _3\"></span>ore than t<span class=\"_ _3\"></span>wo years<span class=\"_ _84\"> </span><span class=\"ff46\">\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls105 wsc2\">4<span class=\"_ _3\"></span>05<span class=\"_ _116\"> </span>405<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsafd\">E<span class=\"_ _3\"></span>xpirin<span class=\"_ _3\"></span>g in more than t<span class=\"_ _3\"></span>wo years<span class=\"_ _1c5\"> </span><span class=\"ff46\">\u2013<span class=\"_ _180\"> </span><span class=\"ls48 ws42\">47<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span>47<span class=\"_ _3\"></span>5<span class=\"_ _11c\"> </span></span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013</div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsafe\"> <span class=\"_ _24b\"> </span><span class=\"ff46\">\u2013<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">505<span class=\"_ _a0\"> </span>505<span class=\"_ _11c\"> </span></span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls105 wsc2\">405<span class=\"_ _a1\"> </span>405<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsaff\">In Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3, the G<span class=\"_ _3\"></span>roup com<span class=\"_ _3\"></span>pleted the refin<span class=\"_ _3\"></span>ancing of i<span class=\"_ _3\"></span>ts core \u00a3<span class=\"_ _3\"></span>375<span class=\"_ _3\"></span>m revolving c<span class=\"_ _3\"></span>redit fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y which wa<span class=\"_ _3\"></span>s set to e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pire in Oc<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>24, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb00\">repl<span class=\"_ _3\"></span>acing it w<span class=\"_ _3\"></span>ith a new \u00a3475<span class=\"_ _3\"></span>m facilit<span class=\"_ _3\"></span>y that w<span class=\"_ _3\"></span>ill expire in Jun<span class=\"_ _3\"></span>e 2027 (<span class=\"_ _3\"></span>the RC<span class=\"_ _3\"></span>F). The R<span class=\"_ _3\"></span>CF has a<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>tension o<span class=\"_ _3\"></span>ption for a fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r year to June 2<span class=\"_ _3\"></span>028<span class=\"_ _3\"></span>, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb01\">with t<span class=\"_ _3\"></span>he agreem<span class=\"_ _3\"></span>ent of the lend<span class=\"_ _3\"></span>ing banks<span class=\"_ _3\"></span>, and its term<span class=\"_ _3\"></span>s and cond<span class=\"_ _3\"></span>itions are m<span class=\"_ _3\"></span>ateriall<span class=\"_ _3\"></span>y the same a<span class=\"_ _3\"></span>s the prior f<span class=\"_ _3\"></span>acilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he RCF i<span class=\"_ _3\"></span>s a Sustain<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb02\">Linked L<span class=\"_ _3\"></span>oan (S<span class=\"_ _3\"></span>LL<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>, u<span class=\"_ _3\"></span>nder the ter<span class=\"_ _3\"></span>ms of which t<span class=\"_ _3\"></span>he Group is in<span class=\"_ _3\"></span>centivi<span class=\"_ _3\"></span>sed to delive<span class=\"_ _3\"></span>r annual me<span class=\"_ _3\"></span>asurabl<span class=\"_ _3\"></span>e per<span class=\"_ _3\"></span>formanc<span class=\"_ _3\"></span>e improveme<span class=\"_ _3\"></span>nt in three key </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb03\">areas: C<span class=\"_ _3\"></span>arb<span class=\"_ _3\"></span>on Emissio<span class=\"_ _3\"></span>ns, Soc<span class=\"_ _3\"></span>ial Value gen<span class=\"_ _3\"></span>eration a<span class=\"_ _3\"></span>nd an inde<span class=\"_ _3\"></span>pendent Env<span class=\"_ _3\"></span>ironment<span class=\"_ _3\"></span>, Soci<span class=\"_ _3\"></span>al and Gover<span class=\"_ _3\"></span>nance (<span class=\"_ _3\"></span>ESG) rat<span class=\"_ _3\"></span>ing score \u2013 th<span class=\"_ _3\"></span>ese areas of </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb04\">per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance and th<span class=\"_ _3\"></span>e assoc<span class=\"_ _3\"></span>iated metri<span class=\"_ _3\"></span>cs are to be reviewe<span class=\"_ _3\"></span>d and upd<span class=\"_ _3\"></span>ated in 20<span class=\"_ _3\"></span>24.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gsb06\">Th<span class=\"_ _3\"></span>e Group also h<span class=\"_ _3\"></span>as a \u00a3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>m bilatera<span class=\"_ _3\"></span>l commit<span class=\"_ _3\"></span>ted faci<span class=\"_ _3\"></span>lity w<span class=\"_ _3\"></span>hich is also a S<span class=\"_ _3\"></span>LL<span class=\"_ _3\"></span>. This fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y is on similar ter<span class=\"_ _3\"></span>ms to the main R<span class=\"_ _3\"></span>CF and h<span class=\"_ _3\"></span>as an initia<span class=\"_ _3\"></span>l maturit<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gsb07\">of Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>024, b<span class=\"_ _3\"></span>ut followi<span class=\"_ _3\"></span>ng the refinan<span class=\"_ _3\"></span>cing of the m<span class=\"_ _3\"></span>ain RCF th<span class=\"_ _3\"></span>e Group ho<span class=\"_ _3\"></span>lds an exten<span class=\"_ _3\"></span>sion opti<span class=\"_ _3\"></span>on to extend ma<span class=\"_ _3\"></span>turit<span class=\"_ _3\"></span>y on this bil<span class=\"_ _3\"></span>ateral faci<span class=\"_ _3\"></span>lity to<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gsb08\">Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>027<span class=\"_ _4\"></span>. A<span class=\"_ _3\"></span>s at 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 the G<span class=\"_ _3\"></span>roup had n<span class=\"_ _3\"></span>ot trigge<span class=\"_ _3\"></span>red the bil<span class=\"_ _3\"></span>ateral comm<span class=\"_ _3\"></span>itted fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>tension o<span class=\"_ _3\"></span>ption.<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb09\">Th<span class=\"_ _3\"></span>e RCF and t<span class=\"_ _3\"></span>he \u00a33<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>m bilateral c<span class=\"_ _3\"></span>ommit<span class=\"_ _3\"></span>ted facil<span class=\"_ _3\"></span>ity were b<span class=\"_ _3\"></span>oth undraw<span class=\"_ _3\"></span>n at 31 Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsb0a\">27<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2 US pr<span class=\"_ _3\"></span>ivat<span class=\"_ _3\"></span>e pla<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb0b\">In M<span class=\"_ _3\"></span>arch 2013, the Gro<span class=\"_ _3\"></span>up raised U<span class=\"_ _3\"></span>S$<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>m (\u00a3<span class=\"_ _3\"></span>231<span class=\"_ _4\"></span>m) of b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs through a U<span class=\"_ _3\"></span>S priva<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>lacem<span class=\"_ _3\"></span>ent (US<span class=\"_ _3\"></span>PP) of a ser<span class=\"_ _3\"></span>ies of notes wi<span class=\"_ _3\"></span>th an average </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsb0c\">cou<span class=\"_ _3\"></span>pon of 4.<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _4\"></span>% per a<span class=\"_ _3\"></span>nnum and an avera<span class=\"_ _3\"></span>ge matur<span class=\"_ _3\"></span>ity of 9<span class=\"_ _3\"></span>.3 year<span class=\"_ _3\"></span>s. On 7 Ma<span class=\"_ _3\"></span>rch 2018, the G<span class=\"_ _3\"></span>roup repai<span class=\"_ _3\"></span>d the first tr<span class=\"_ _3\"></span>anche of th<span class=\"_ _3\"></span>ese notes amou<span class=\"_ _3\"></span>nting </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb0d\">to US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>45<span class=\"_ _3\"></span>m (\u00a3<span class=\"_ _3\"></span>32.5<span class=\"_ _3\"></span>m). On 5 Marc<span class=\"_ _3\"></span>h 202<span class=\"_ _3\"></span>0, the Grou<span class=\"_ _3\"></span>p repaid th<span class=\"_ _3\"></span>e secon<span class=\"_ _3\"></span>d tranche of t<span class=\"_ _3\"></span>hese notes amo<span class=\"_ _3\"></span>unting to US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>46<span class=\"_ _3\"></span>m (\u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6m). On 3 Ma<span class=\"_ _3\"></span>rch </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb0e\">20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Group rep<span class=\"_ _3\"></span>aid the thir<span class=\"_ _3\"></span>d tranche of t<span class=\"_ _3\"></span>hese notes amo<span class=\"_ _3\"></span>unting to US<span class=\"_ _3\"></span>$2<span class=\"_ _3\"></span>09<span class=\"_ _3\"></span>m (\u00a316<span class=\"_ _3\"></span>9m). At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, US<span class=\"_ _3\"></span>$5<span class=\"_ _3\"></span>0m (<span class=\"_ _3\"></span>\u00a33<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m) remain wit<span class=\"_ _3\"></span>h </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb0f\">a cou<span class=\"_ _3\"></span>pon of 5.<span class=\"_ _3\"></span>3% and a rem<span class=\"_ _3\"></span>aining matu<span class=\"_ _3\"></span>rity of 1.2 ye<span class=\"_ _3\"></span>ars. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb10\">In Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>2, the Gro<span class=\"_ _3\"></span>up raised U<span class=\"_ _3\"></span>S$158<span class=\"_ _3\"></span>m (\u00a313<span class=\"_ _3\"></span>0m) of de<span class=\"_ _3\"></span>bt in the form of new U<span class=\"_ _3\"></span>SPP note<span class=\"_ _3\"></span>s on terms and c<span class=\"_ _3\"></span>onditi<span class=\"_ _3\"></span>ons materi<span class=\"_ _3\"></span>ally the s<span class=\"_ _3\"></span>ame as the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb11\">existin<span class=\"_ _3\"></span>g USP<span class=\"_ _3\"></span>P notes. The n<span class=\"_ _3\"></span>ew debt co<span class=\"_ _3\"></span>mprises U<span class=\"_ _3\"></span>S$<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5m of notes matu<span class=\"_ _3\"></span>ring in Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>7 at a fixed cou<span class=\"_ _3\"></span>pon of 6<span class=\"_ _3\"></span>.31<span class=\"_ _5\"></span>%, US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>m of notes </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb12\">matur<span class=\"_ _3\"></span>ing in Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>9 at a fixed co<span class=\"_ _3\"></span>upon of 6<span class=\"_ _3\"></span>.3<span class=\"_ _3\"></span>9% and US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>3m of notes mat<span class=\"_ _3\"></span>uring in Ju<span class=\"_ _3\"></span>ne 20<span class=\"_ _3\"></span>32 at a fixed c<span class=\"_ _3\"></span>oupo<span class=\"_ _3\"></span>n of 6.4<span class=\"_ _3\"></span>5%. At 31 Decem<span class=\"_ _3\"></span>ber </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsb13\">20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he US<span class=\"_ _3\"></span>$1<span class=\"_ _4\"></span>5<span class=\"_ _3\"></span>8m new U<span class=\"_ _3\"></span>SPP notes h<span class=\"_ _3\"></span>ave an average c<span class=\"_ _3\"></span>oupo<span class=\"_ _3\"></span>n of 6.4% per annum a<span class=\"_ _3\"></span>nd a remaining ave<span class=\"_ _3\"></span>rage ma<span class=\"_ _3\"></span>turit<span class=\"_ _3\"></span>y of 5.9 ye<span class=\"_ _3\"></span>ars. </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls18d ws18d gsb14\">2<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span> C<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gsb15\">Current </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsb16\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsb17\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsb18\">Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsb19\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsb1a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gsb1b\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsb1c\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsb1d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsb1e\">Cur<span class=\"_ _3\"></span>rent </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsb1f\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb20\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsb21\">No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>rrent </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsb22\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb23\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsb24\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsb25\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsb26\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb27\">C<span class=\"_ _3\"></span>ash <span class=\"_ _346\"> </span><span class=\"ff46 ls10d ws101\">150<span class=\"_ _119\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _180\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _3\"></span>0<span class=\"_ _a3\"> </span></span></span><span class=\"ls12c ws121\">95<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a3\"> </span><span class=\"ls12c ws121\">95<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsa3 ws9b gsb28\">Te<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>p<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _25e\"> </span><span class=\"ff46 ls90 ws116\">2<span class=\"_ _3\"></span>18<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _97\"> </span></span>218<span class=\"_ _a0\"> </span></span><span class=\"lsa9 wsa0\">329<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>329<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb29\">Bank ove<span class=\"_ _3\"></span>rdraf<span class=\"_ _3\"></span>ts <span class=\"_ _2df\"> </span><span class=\"ff46 ls170 ws18f\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _145\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _7e\"> </span><span class=\"ls170 ws18f\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _116\"> </span></span></span><span class=\"ls5f ws57\">(45)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls5f ws57\">(45)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsb2a\">US pr<span class=\"_ _3\"></span>ivate pla<span class=\"_ _3\"></span>cement (<span class=\"_ _3\"></span>Note 27<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span>2) <span class=\"_ _347\"> </span><span class=\"ff46\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _cc\"> </span>(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _1cb\"> </span></span></span><span class=\"ls11e ws117\">(17<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _3b\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gsb2b\">Net cash/<span class=\"_ _5\"></span>(borrowings<span class=\"_ _4\"></span>) <span class=\"_ _69\"> </span><span class=\"ls7 ws102\">310<span class=\"_ _e0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _b2\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>8<span class=\"_ _a0\"> </span><span class=\"ff47 ls5f ws57\">20<span class=\"_ _3\"></span>6<span class=\"_ _e0\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _87\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-630": {
   "value": "27 Cash<span class=\"_ _4\"></span> and cash equivalents a<span class=\"_ _4\"></span>nd borrowings<span class=\"_ _3ab\"> </span>27<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 Group<span class=\"_ _3ab\"> </span>Current 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Cur<span class=\"_ _3\"></span>rent 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>curren<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Unse<span class=\"_ _3\"></span>cured bor<span class=\"_ _3\"></span>rowings at a<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st<span class=\"_ _237\"> </span><span class=\"ff46\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span></span> <span class=\"_ _ec\"> </span> <span class=\"_ _ec\"> </span> \u2013 Bank ove<span class=\"_ _3\"></span>rdraf<span class=\"_ _3\"></span>ts <span class=\"_ _340\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _7f\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>\u2013 US pr<span class=\"_ _3\"></span>ivate pla<span class=\"_ _3\"></span>cement (<span class=\"_ _3\"></span>Note 27<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span>2) <span class=\"_ _2da\"> </span><span class=\"ff46\">\u2013<span class=\"_ _125\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _cc\"> </span>(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _cc\"> </span></span></span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _3b\"> </span><span class=\"ls66 ws5e\">(<span class=\"_ _3\"></span>345)</span></span></span> <span class=\"_ _341\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _cc\"> </span>(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3b\"> </span></span><span class=\"ff46\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _fa\"> </span></span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _1cc\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _3ab\"> </span></span></span></span>C<span class=\"_ _3\"></span>ash and dep<span class=\"_ _3\"></span>osits at a<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tised co<span class=\"_ _3\"></span>st <span class=\"_ _1be\"> </span><span class=\"ff46 ls18b ws188\">8<span class=\"_ _3\"></span>90<span class=\"_ _b0\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _a0\"> </span><span class=\"ls18b ws188\">890<span class=\"_ _a0\"> </span></span></span><span class=\"ls3e ws39\">828<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls3e ws39\">828<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>erm d<span class=\"_ _3\"></span>eposi<span class=\"_ _3\"></span>ts at amor<span class=\"_ _3\"></span>tise<span class=\"_ _3\"></span>d cost <span class=\"_ _2da\"> </span><span class=\"ff46 ls90 ws116\">218<span class=\"_ _11c\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _97\"> </span><span class=\"ls90 ws116\">218<span class=\"_ _a0\"> </span></span></span><span class=\"ls10b wsff\">332<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls10b wsff\">332<span class=\"_ _3ab\"> </span></span>C<span class=\"_ _3\"></span>ash and ca<span class=\"_ _3\"></span>sh equiva<span class=\"_ _3\"></span>lents (excludin<span class=\"_ _3\"></span>g infrastr<span class=\"_ _3\"></span>ucture concessions)<span class=\"_ _4\"></span> <span class=\"_ _33e\"> </span><span class=\"ff46 ls125 ws11c\">1,1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _b1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _10a\"> </span></span>1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3b\"> </span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _b1\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _10a\"> </span></span>1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>0</span> <span class=\"_ _260\"> </span><span class=\"ff46 ls93 wsfa\">1,0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _e0\"> </span><span class=\"ls10f ws105\">(16<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _128\"> </span><span class=\"lsb4 wsad\">842<span class=\"_ _a1\"> </span></span></span></span><span class=\"ls33 ws2c\">9<span class=\"_ _3\"></span>87<span class=\"_ _b2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _4\"></span>72)<span class=\"_ _e0\"> </span><span class=\"ls100 ws104\">8<span class=\"_ _3\"></span>15<span class=\"_ _3ab\"> </span></span></span></span>Non<span class=\"_ _3\"></span>-recourse inf<span class=\"_ _4\"></span>rastructure concessions<span class=\"_ _4\"></span> project finance loans<span class=\"_ _4\"></span> at amo<span class=\"_ _3\"></span>rtis<span class=\"_ _3\"></span>ed cost w<span class=\"_ _3\"></span>ith final m<span class=\"_ _3\"></span>aturit<span class=\"_ _3\"></span>y bet<span class=\"_ _3\"></span>ween 20<span class=\"_ _3\"></span>24 and 207<span class=\"_ _3\"></span>2<span class=\"_ _20\"> </span><span class=\"ff46 lsf7 ws100\">(9)<span class=\"_ _fa\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>61)<span class=\"_ _fa\"> </span><span class=\"ls109 ws87\">(570)<span class=\"_ _116\"> </span></span></span></span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _fa\"> </span><span class=\"lsa9 wsa0\">(231<span class=\"_ _4\"></span>)<span class=\"_ _cc\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></span>Infrastructure concessions cash and cash equivalents <span class=\"_ _40\"> </span><span class=\"ff46 ls66 ws5e\">30<span class=\"_ _3\"></span>6<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>30<span class=\"_ _3\"></span>6<span class=\"_ _9d\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span></span>19</span> <span class=\"_ _228\"> </span><span class=\"ff46 ls15 ws11\">2<span class=\"_ _3\"></span>97<span class=\"_ _125\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _3b\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>64)<span class=\"_ _20c\"> </span></span></span></span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"lsa9 wsa0\">(231<span class=\"_ _5\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>242)<span class=\"_ _3ab\"> </span></span></span></span>Net cash/<span class=\"_ _5\"></span>(borrowings<span class=\"_ _4\"></span>) <span class=\"_ _342\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>01<span class=\"_ _125\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>23)<span class=\"_ _b2\"> </span><span class=\"ls109 ws87\">578<span class=\"_ _180\"> </span><span class=\"ff47 ls16 ws12\">976<span class=\"_ _128\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>03)<span class=\"_ _125\"> </span><span class=\"ls74 ws6b\">573<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span>, toget<span class=\"_ _3\"></span>her with c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain of its UK su<span class=\"_ _3\"></span>bsidia<span class=\"_ _3\"></span>ries, op<span class=\"_ _3\"></span>erates a noti<span class=\"_ _3\"></span>onal po<span class=\"_ _3\"></span>oling fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y with a mai<span class=\"_ _3\"></span>n r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>lationsh<span class=\"_ _3\"></span>ip UK cle<span class=\"_ _3\"></span>aring ba<span class=\"_ _3\"></span>nk whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ gs52\"> </span>ove<span class=\"_ _3\"></span>rdraf<span class=\"_ _3\"></span>t balanc<span class=\"_ _3\"></span>es are offs<span class=\"_ _3\"></span>et with ca<span class=\"_ _3\"></span>sh balan<span class=\"_ _3\"></span>ces and interes<span class=\"_ _3\"></span>t is calcu<span class=\"_ _3\"></span>lated on a net b<span class=\"_ _3\"></span>asis. Dur<span class=\"_ _3\"></span>ing the year e<span class=\"_ _3\"></span>nded 31 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3, the<span class=\"_ gs52\"> </span>Gro<span class=\"_ _3\"></span>up mainta<span class=\"_ _3\"></span>ined a net c<span class=\"_ _3\"></span>ash posit<span class=\"_ _3\"></span>ion on this p<span class=\"_ _3\"></span>ooling f<span class=\"_ _3\"></span>acilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, so t<span class=\"_ _3\"></span>here was no interest p<span class=\"_ _3\"></span>ayable to th<span class=\"_ _3\"></span>e bank in resp<span class=\"_ _3\"></span>ect of the<span class=\"_ _3\"></span>se bank overdra<span class=\"_ _3\"></span>fts. O<span class=\"_ _3\"></span>verdraf<span class=\"_ _3\"></span>t bal<span class=\"_ _3\"></span>ances an<span class=\"_ _3\"></span>d cash hel<span class=\"_ _3\"></span>d at this bank h<span class=\"_ _3\"></span>ave been rep<span class=\"_ _3\"></span>orte<span class=\"_ _3\"></span>d gross in the G<span class=\"_ _3\"></span>roup bal<span class=\"_ _3\"></span>ance sheet a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 as there<span class=\"_ gs52\"> </span>wa<span class=\"_ _3\"></span>s no intention to set<span class=\"_ _3\"></span>tle the b<span class=\"_ _3\"></span>ank overdraf<span class=\"_ _3\"></span>ts at that d<span class=\"_ _3\"></span>ate. Th<span class=\"_ _3\"></span>e loans rel<span class=\"_ _3\"></span>ating to projec<span class=\"_ _3\"></span>t financ<span class=\"_ _3\"></span>e arise und<span class=\"_ _3\"></span>er non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>recours<span class=\"_ _3\"></span>e faciliti<span class=\"_ _3\"></span>es taken out by p<span class=\"_ _3\"></span>roject-<span class=\"_ _3\"></span>spe<span class=\"_ _3\"></span>cific su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>y c<span class=\"_ _3\"></span>ompanie<span class=\"_ _3\"></span>s. The l<span class=\"_ _3\"></span>oans of eac<span class=\"_ _3\"></span>h com<span class=\"_ _3\"></span>pany are secu<span class=\"_ _3\"></span>red by a com<span class=\"_ _3\"></span>bination of f<span class=\"_ _3\"></span>ixed and flo<span class=\"_ _3\"></span>ating ch<span class=\"_ _3\"></span>arges over th<span class=\"_ _3\"></span>at comp<span class=\"_ _3\"></span>any\u2019<span class=\"_ _4\"></span>s i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests in its p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s as<span class=\"_ _3\"></span>sets and revenues a<span class=\"_ _3\"></span>nd the shares i<span class=\"_ _3\"></span>n the comp<span class=\"_ _3\"></span>any held by it<span class=\"_ _3\"></span>s immedi<span class=\"_ _3\"></span>ate parent co<span class=\"_ _3\"></span>mpany<span class=\"_ _4\"></span>.  T<span class=\"_ _4\"></span>erm d<span class=\"_ _3\"></span>eposi<span class=\"_ _3\"></span>ts are held o<span class=\"_ _3\"></span>n a shor<span class=\"_ _3\"></span>t-term b<span class=\"_ _3\"></span>asis and are rea<span class=\"_ _3\"></span>dily ac<span class=\"_ _3\"></span>cessib<span class=\"_ _3\"></span>le to the Group a<span class=\"_ _3\"></span>t any time wit<span class=\"_ _3\"></span>h insignifi<span class=\"_ _3\"></span>cant brea<span class=\"_ _3\"></span>k costs. Inc<span class=\"_ _3\"></span>luded in c<span class=\"_ _3\"></span>ash and c<span class=\"_ _3\"></span>ash equi<span class=\"_ _3\"></span>valents is res<span class=\"_ _3\"></span>tricted c<span class=\"_ _3\"></span>ash of \u00a312m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3m) he<span class=\"_ _3\"></span>ld by the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s self<span class=\"_ _3\"></span>-in<span class=\"_ _3\"></span>surance c<span class=\"_ _3\"></span>ompany, Delph<span class=\"_ _3\"></span>ian Insura<span class=\"_ _3\"></span>nce Co<span class=\"_ _3\"></span>mpany Ltd, w<span class=\"_ _3\"></span>hich is subj<span class=\"_ _3\"></span>ect to Isle of M<span class=\"_ _3\"></span>an insura<span class=\"_ _3\"></span>nce sol<span class=\"_ _3\"></span>vency regul<span class=\"_ _3\"></span>ations. C<span class=\"_ _3\"></span>ash and ca<span class=\"_ _3\"></span>sh equiva<span class=\"_ _3\"></span>lents also i<span class=\"_ _3\"></span>nclude: \u00a3<span class=\"_ _3\"></span>77m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a31<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>m) within co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion proj<span class=\"_ _3\"></span>ect bank a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>s which is us<span class=\"_ _3\"></span>ed for projec<span class=\"_ _3\"></span>t spec<span class=\"_ _3\"></span>ific expe<span class=\"_ _3\"></span>nditure; \u00a3<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>9m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>3m) in relati<span class=\"_ _3\"></span>on to the Group\u2019s share of c<span class=\"_ _3\"></span>ash held by j<span class=\"_ _3\"></span>oint oper<span class=\"_ _3\"></span>ations whi<span class=\"_ _3\"></span>ch is used for ex<span class=\"_ _3\"></span>pendit<span class=\"_ _3\"></span>ure within the j<span class=\"_ _3\"></span>oint ope<span class=\"_ _3\"></span>ration p<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>jects; and \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a319m) relati<span class=\"_ _3\"></span>ng to maintenan<span class=\"_ _3\"></span>ce and other re<span class=\"_ _3\"></span>serve a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>s in Infrast<span class=\"_ _3\"></span>ructure Inves<span class=\"_ _3\"></span>tments sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies, of whic<span class=\"_ _3\"></span>h \u00a327<span class=\"_ _3\"></span>7m is reser<span class=\"_ _3\"></span>ved for the c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion of Uni<span class=\"_ _3\"></span>versit<span class=\"_ _3\"></span>y of Sussex\u2019s West Sl<span class=\"_ _3\"></span>ope stu<span class=\"_ _3\"></span>dent acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation proj<span class=\"_ _3\"></span>ect. Ma<span class=\"_ _3\"></span>turi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y prof<span class=\"_ _3\"></span>ile o<span class=\"_ _3\"></span>f the Gr<span class=\"_ _3\"></span>oup\u2019s bor<span class=\"_ _3\"></span>row<span class=\"_ _3\"></span>ings a<span class=\"_ _3\"></span>t 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r<span class=\"_ _3ab\"> </span>Non-rec<span class=\"_ _3\"></span>ourse<span class=\"_ _3ab\"> </span>projec<span class=\"_ _3\"></span>t fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nce 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r borrowings<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-recourse<span class=\"_ _3ab\"> </span>proje<span class=\"_ _3\"></span>ct finance 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other borrowing<span class=\"_ _4\"></span>s 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year <span class=\"_ _186\"> </span><span class=\"ff46 lsf7 ws100\">(9)<span class=\"_ _1cc\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _1cb\"> </span><span class=\"ls110 ws106\">(11<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span></span></span></span><span class=\"lsaa ws69\">(30)<span class=\"_ _ef\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">(<span class=\"_ _3\"></span>203)<span class=\"_ _3ab\"> </span></span></span></span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years <span class=\"_ _343\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>9)<span class=\"_ _116\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>9)<span class=\"_ _a3\"> </span></span></span></span><span class=\"ls16d ws230\">(8)<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _145\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _3ab\"> </span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years <span class=\"_ _12a\"> </span><span class=\"ff46 ls14b ws189\">(1<span class=\"_ _3\"></span>81)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(2<span class=\"_ _3\"></span>7)<span class=\"_ _10a\"> </span>(<span class=\"_ _3\"></span>208)<span class=\"_ _a1\"> </span></span></span><span class=\"ls4a ws44\">(25)<span class=\"_ _a0\"> </span><span class=\"ls49 ws43\">(<span class=\"_ _3\"></span>70)<span class=\"_ _a1\"> </span><span class=\"ls66 ws5e\">(9<span class=\"_ _3\"></span>5)<span class=\"_ _3ab\"> </span></span></span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s <span class=\"_ _344\"> </span><span class=\"ff46 lsf7 ws100\">(370)<span class=\"_ _a1\"> </span></span><span class=\"ff46\">(96)<span class=\"_ _3b\"> </span><span class=\"ls113 ws10b\">(<span class=\"_ _4\"></span>466)<span class=\"_ _3b\"> </span><span class=\"ff47 ls12a ws11f\">(<span class=\"_ _3\"></span>19<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3b\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>00)</span></span></span></span></span> <span class=\"_ _345\"> </span><span class=\"ff46 ls109 ws87\">(570)<span class=\"_ _3b\"> </span></span><span class=\"ff46\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _10a\"> </span><span class=\"ls8b ws4\">(8<span class=\"_ _3\"></span>36)<span class=\"_ _cc\"> </span></span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _1cc\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _3b\"> </span><span class=\"ls124 ws6a\">(60<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></span></span>Th<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g values of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs are equ<span class=\"_ _3\"></span>al to the fair valu<span class=\"_ _3\"></span>es at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date. Th<span class=\"_ _3\"></span>e fair values a<span class=\"_ _3\"></span>re determine<span class=\"_ _3\"></span>d by discou<span class=\"_ _3\"></span>nting future c<span class=\"_ _3\"></span>ash flows u<span class=\"_ _3\"></span>sing yiel<span class=\"_ _3\"></span>d cur<span class=\"_ _3\"></span>ves and exchang<span class=\"_ _3\"></span>e rates prevailin<span class=\"_ _3\"></span>g at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date.<span class=\"_ _3ab\"> </span>Und<span class=\"_ _3\"></span>raw<span class=\"_ _3\"></span>n Group c<span class=\"_ _3\"></span>omm<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>ted b<span class=\"_ _3\"></span>orr<span class=\"_ _3\"></span>owin<span class=\"_ _3\"></span>g fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>ies a<span class=\"_ _3\"></span>t 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>ber in r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>ct o<span class=\"_ _3\"></span>f whic<span class=\"_ _3\"></span>h all c<span class=\"_ _3\"></span>ondi<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>s pre<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>den<span class=\"_ _3\"></span>t wer<span class=\"_ _3\"></span>e sat<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>fie<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>Non-rec<span class=\"_ _3\"></span>ourse<span class=\"_ _4\"></span> pr<span class=\"_ _3\"></span>oje<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nce 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r borrowings<span class=\"_ _4\"></span> 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-recourse pro<span class=\"_ _3\"></span>ject finance 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Other borrowing<span class=\"_ _4\"></span>s 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>E<span class=\"_ _3\"></span>xpirin<span class=\"_ _3\"></span>g in one year or l<span class=\"_ _3\"></span>ess<span class=\"_ _1b5\"> </span><span class=\"ff46\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _9d\"> </span>30<span class=\"_ _11c\"> </span></span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>E<span class=\"_ _3\"></span>xpirin<span class=\"_ _3\"></span>g in more than o<span class=\"_ _3\"></span>ne year but not m<span class=\"_ _3\"></span>ore than t<span class=\"_ _3\"></span>wo years<span class=\"_ _84\"> </span><span class=\"ff46\">\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls105 wsc2\">4<span class=\"_ _3\"></span>05<span class=\"_ _116\"> </span>405<span class=\"_ _3ab\"> </span></span>E<span class=\"_ _3\"></span>xpirin<span class=\"_ _3\"></span>g in more than t<span class=\"_ _3\"></span>wo years<span class=\"_ _1c5\"> </span><span class=\"ff46\">\u2013<span class=\"_ _180\"> </span><span class=\"ls48 ws42\">47<span class=\"_ _3\"></span>5<span class=\"_ _180\"> </span>47<span class=\"_ _3\"></span>5<span class=\"_ _11c\"> </span></span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013 <span class=\"_ _24b\"> </span><span class=\"ff46\">\u2013<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">505<span class=\"_ _a0\"> </span>505<span class=\"_ _11c\"> </span></span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls105 wsc2\">405<span class=\"_ _a1\"> </span>405<span class=\"_ _3ab\"> </span></span>In Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3, the G<span class=\"_ _3\"></span>roup com<span class=\"_ _3\"></span>pleted the refin<span class=\"_ _3\"></span>ancing of i<span class=\"_ _3\"></span>ts core \u00a3<span class=\"_ _3\"></span>375<span class=\"_ _3\"></span>m revolving c<span class=\"_ _3\"></span>redit fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y which wa<span class=\"_ _3\"></span>s set to e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pire in Oc<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>24, repl<span class=\"_ _3\"></span>acing it w<span class=\"_ _3\"></span>ith a new \u00a3475<span class=\"_ _3\"></span>m facilit<span class=\"_ _3\"></span>y that w<span class=\"_ _3\"></span>ill expire in Jun<span class=\"_ _3\"></span>e 2027 (<span class=\"_ _3\"></span>the RC<span class=\"_ _3\"></span>F). The R<span class=\"_ _3\"></span>CF has a<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>tension o<span class=\"_ _3\"></span>ption for a fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r year to June 2<span class=\"_ _3\"></span>028<span class=\"_ _3\"></span>, with t<span class=\"_ _3\"></span>he agreem<span class=\"_ _3\"></span>ent of the lend<span class=\"_ _3\"></span>ing banks<span class=\"_ _3\"></span>, and its term<span class=\"_ _3\"></span>s and cond<span class=\"_ _3\"></span>itions are m<span class=\"_ _3\"></span>ateriall<span class=\"_ _3\"></span>y the same a<span class=\"_ _3\"></span>s the prior f<span class=\"_ _3\"></span>acilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he RCF i<span class=\"_ _3\"></span>s a Sustain<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y Linked L<span class=\"_ _3\"></span>oan (S<span class=\"_ _3\"></span>LL<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>, u<span class=\"_ _3\"></span>nder the ter<span class=\"_ _3\"></span>ms of which t<span class=\"_ _3\"></span>he Group is in<span class=\"_ _3\"></span>centivi<span class=\"_ _3\"></span>sed to delive<span class=\"_ _3\"></span>r annual me<span class=\"_ _3\"></span>asurabl<span class=\"_ _3\"></span>e per<span class=\"_ _3\"></span>formanc<span class=\"_ _3\"></span>e improveme<span class=\"_ _3\"></span>nt in three key areas: C<span class=\"_ _3\"></span>arb<span class=\"_ _3\"></span>on Emissio<span class=\"_ _3\"></span>ns, Soc<span class=\"_ _3\"></span>ial Value gen<span class=\"_ _3\"></span>eration a<span class=\"_ _3\"></span>nd an inde<span class=\"_ _3\"></span>pendent Env<span class=\"_ _3\"></span>ironment<span class=\"_ _3\"></span>, Soci<span class=\"_ _3\"></span>al and Gover<span class=\"_ _3\"></span>nance (<span class=\"_ _3\"></span>ESG) rat<span class=\"_ _3\"></span>ing score \u2013 th<span class=\"_ _3\"></span>ese areas of per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance and th<span class=\"_ _3\"></span>e assoc<span class=\"_ _3\"></span>iated metri<span class=\"_ _3\"></span>cs are to be reviewe<span class=\"_ _3\"></span>d and upd<span class=\"_ _3\"></span>ated in 20<span class=\"_ _3\"></span>24.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group also h<span class=\"_ _3\"></span>as a \u00a3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>m bilatera<span class=\"_ _3\"></span>l commit<span class=\"_ _3\"></span>ted faci<span class=\"_ _3\"></span>lity w<span class=\"_ _3\"></span>hich is also a S<span class=\"_ _3\"></span>LL<span class=\"_ _3\"></span>. This fac<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y is on similar ter<span class=\"_ _3\"></span>ms to the main R<span class=\"_ _3\"></span>CF and h<span class=\"_ _3\"></span>as an initia<span class=\"_ _3\"></span>l maturit<span class=\"_ _3\"></span>y of Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>024, b<span class=\"_ _3\"></span>ut followi<span class=\"_ _3\"></span>ng the refinan<span class=\"_ _3\"></span>cing of the m<span class=\"_ _3\"></span>ain RCF th<span class=\"_ _3\"></span>e Group ho<span class=\"_ _3\"></span>lds an exten<span class=\"_ _3\"></span>sion opti<span class=\"_ _3\"></span>on to extend ma<span class=\"_ _3\"></span>turit<span class=\"_ _3\"></span>y on this bil<span class=\"_ _3\"></span>ateral faci<span class=\"_ _3\"></span>lity to<span class=\"_ _3\"></span> Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>027<span class=\"_ _4\"></span>. A<span class=\"_ _3\"></span>s at 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 the G<span class=\"_ _3\"></span>roup had n<span class=\"_ _3\"></span>ot trigge<span class=\"_ _3\"></span>red the bil<span class=\"_ _3\"></span>ateral comm<span class=\"_ _3\"></span>itted fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>tension o<span class=\"_ _3\"></span>ption.<span class=\"_ _3\"></span> Th<span class=\"_ _3\"></span>e RCF and t<span class=\"_ _3\"></span>he \u00a33<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>m bilateral c<span class=\"_ _3\"></span>ommit<span class=\"_ _3\"></span>ted facil<span class=\"_ _3\"></span>ity were b<span class=\"_ _3\"></span>oth undraw<span class=\"_ _3\"></span>n at 31 Dece<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>27<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2 US pr<span class=\"_ _3\"></span>ivat<span class=\"_ _3\"></span>e pla<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span>In M<span class=\"_ _3\"></span>arch 2013, the Gro<span class=\"_ _3\"></span>up raised U<span class=\"_ _3\"></span>S$<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>m (\u00a3<span class=\"_ _3\"></span>231<span class=\"_ _4\"></span>m) of b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs through a U<span class=\"_ _3\"></span>S priva<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>lacem<span class=\"_ _3\"></span>ent (US<span class=\"_ _3\"></span>PP) of a ser<span class=\"_ _3\"></span>ies of notes wi<span class=\"_ _3\"></span>th an average cou<span class=\"_ _3\"></span>pon of 4.<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _4\"></span>% per a<span class=\"_ _3\"></span>nnum and an avera<span class=\"_ _3\"></span>ge matur<span class=\"_ _3\"></span>ity of 9<span class=\"_ _3\"></span>.3 year<span class=\"_ _3\"></span>s. On 7 Ma<span class=\"_ _3\"></span>rch 2018, the G<span class=\"_ _3\"></span>roup repai<span class=\"_ _3\"></span>d the first tr<span class=\"_ _3\"></span>anche of th<span class=\"_ _3\"></span>ese notes amou<span class=\"_ _3\"></span>nting to US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>45<span class=\"_ _3\"></span>m (\u00a3<span class=\"_ _3\"></span>32.5<span class=\"_ _3\"></span>m). On 5 Marc<span class=\"_ _3\"></span>h 202<span class=\"_ _3\"></span>0, the Grou<span class=\"_ _3\"></span>p repaid th<span class=\"_ _3\"></span>e secon<span class=\"_ _3\"></span>d tranche of t<span class=\"_ _3\"></span>hese notes amo<span class=\"_ _3\"></span>unting to US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>46<span class=\"_ _3\"></span>m (\u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6m). On 3 Ma<span class=\"_ _3\"></span>rch 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Group rep<span class=\"_ _3\"></span>aid the thir<span class=\"_ _3\"></span>d tranche of t<span class=\"_ _3\"></span>hese notes amo<span class=\"_ _3\"></span>unting to US<span class=\"_ _3\"></span>$2<span class=\"_ _3\"></span>09<span class=\"_ _3\"></span>m (\u00a316<span class=\"_ _3\"></span>9m). At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, US<span class=\"_ _3\"></span>$5<span class=\"_ _3\"></span>0m (<span class=\"_ _3\"></span>\u00a33<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m) remain wit<span class=\"_ _3\"></span>h a cou<span class=\"_ _3\"></span>pon of 5.<span class=\"_ _3\"></span>3% and a rem<span class=\"_ _3\"></span>aining matu<span class=\"_ _3\"></span>rity of 1.2 ye<span class=\"_ _3\"></span>ars. In Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>2, the Gro<span class=\"_ _3\"></span>up raised U<span class=\"_ _3\"></span>S$158<span class=\"_ _3\"></span>m (\u00a313<span class=\"_ _3\"></span>0m) of de<span class=\"_ _3\"></span>bt in the form of new U<span class=\"_ _3\"></span>SPP note<span class=\"_ _3\"></span>s on terms and c<span class=\"_ _3\"></span>onditi<span class=\"_ _3\"></span>ons materi<span class=\"_ _3\"></span>ally the s<span class=\"_ _3\"></span>ame as the existin<span class=\"_ _3\"></span>g USP<span class=\"_ _3\"></span>P notes. The n<span class=\"_ _3\"></span>ew debt co<span class=\"_ _3\"></span>mprises U<span class=\"_ _3\"></span>S$<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5m of notes matu<span class=\"_ _3\"></span>ring in Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>7 at a fixed cou<span class=\"_ _3\"></span>pon of 6<span class=\"_ _3\"></span>.31<span class=\"_ _5\"></span>%, US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>m of notes matur<span class=\"_ _3\"></span>ing in Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>9 at a fixed co<span class=\"_ _3\"></span>upon of 6<span class=\"_ _3\"></span>.3<span class=\"_ _3\"></span>9% and US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>3m of notes mat<span class=\"_ _3\"></span>uring in Ju<span class=\"_ _3\"></span>ne 20<span class=\"_ _3\"></span>32 at a fixed c<span class=\"_ _3\"></span>oupo<span class=\"_ _3\"></span>n of 6.4<span class=\"_ _3\"></span>5%. At 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he US<span class=\"_ _3\"></span>$1<span class=\"_ _4\"></span>5<span class=\"_ _3\"></span>8m new U<span class=\"_ _3\"></span>SPP notes h<span class=\"_ _3\"></span>ave an average c<span class=\"_ _3\"></span>oupo<span class=\"_ _3\"></span>n of 6.4% per annum a<span class=\"_ _3\"></span>nd a remaining ave<span class=\"_ _3\"></span>rage ma<span class=\"_ _3\"></span>turit<span class=\"_ _3\"></span>y of 5.9 ye<span class=\"_ _3\"></span>ars. 2<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span> C<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span>Current 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Non-c<span class=\"_ _3\"></span>urrent<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Cur<span class=\"_ _3\"></span>rent 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>rrent 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>ash <span class=\"_ _346\"> </span><span class=\"ff46 ls10d ws101\">150<span class=\"_ _119\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _180\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _3\"></span>0<span class=\"_ _a3\"> </span></span></span><span class=\"ls12c ws121\">95<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a3\"> </span><span class=\"ls12c ws121\">95<span class=\"_ _3ab\"> </span></span>Te<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>p<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _25e\"> </span><span class=\"ff46 ls90 ws116\">2<span class=\"_ _3\"></span>18<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _97\"> </span></span>218<span class=\"_ _a0\"> </span></span><span class=\"lsa9 wsa0\">329<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>329<span class=\"_ _3ab\"> </span></span>Bank ove<span class=\"_ _3\"></span>rdraf<span class=\"_ _3\"></span>ts <span class=\"_ _2df\"> </span><span class=\"ff46 ls170 ws18f\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _145\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _7e\"> </span><span class=\"ls170 ws18f\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _116\"> </span></span></span><span class=\"ls5f ws57\">(45)<span class=\"_ _7f\"> </span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls5f ws57\">(45)<span class=\"_ _3ab\"> </span></span>US pr<span class=\"_ _3\"></span>ivate pla<span class=\"_ _3\"></span>cement (<span class=\"_ _3\"></span>Note 27<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span>2) <span class=\"_ _347\"> </span><span class=\"ff46\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _cc\"> </span>(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _1cb\"> </span></span></span><span class=\"ls11e ws117\">(17<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _3b\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _3ab\"> </span></span></span></span>Net cash/<span class=\"_ _5\"></span>(borrowings<span class=\"_ _4\"></span>) <span class=\"_ _69\"> </span><span class=\"ls7 ws102\">310<span class=\"_ _e0\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2)<span class=\"_ _b2\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>8<span class=\"_ _a0\"> </span><span class=\"ff47 ls5f ws57\">20<span class=\"_ _3\"></span>6<span class=\"_ _e0\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _87\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-657": {
   "value": "29 De<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>d tax<span class=\"_ _3ab\"> </span>29.<span class=\"_ _5\"></span>1 Group<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e of<span class=\"_ _3\"></span>fset wh<span class=\"_ _3\"></span>en they relate to inc<span class=\"_ _3\"></span>ome ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s levied by th<span class=\"_ _3\"></span>e same ta<span class=\"_ _3\"></span>x author<span class=\"_ _3\"></span>ity a<span class=\"_ _3\"></span>nd the Grou<span class=\"_ _3\"></span>p int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nds to sett<span class=\"_ _3\"></span>le its cu<span class=\"_ _3\"></span>rrent tax a<span class=\"_ _3\"></span>ssets and li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es on a net basi<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion a<span class=\"_ _3\"></span>t 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>ber<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets<span class=\"_ _34c\"> </span><span class=\"ff46 ls90 ws116\">18<span class=\"_ _3\"></span>8<span class=\"_ _97\"> </span></span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span>Deferred ta<span class=\"_ _3\"></span>x liabilities<span class=\"_ _34d\"> </span><span class=\"ff46 ls10f ws105\">(16<span class=\"_ _2\"></span>0)<span class=\"_ _1cb\"> </span></span><span class=\"ls100 ws104\">(15<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)</span> <span class=\"_ _34e\"> </span><span class=\"ff46 ls3e ws39\">28<span class=\"_ _9d\"> </span></span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Move<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t for th<span class=\"_ _3\"></span>e year in t<span class=\"_ _3\"></span>he ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up \u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _34f\"> </span>5<span class=\"_ _3ab\"> </span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _19e\"> </span><span class=\"ls11e ws117\">(17<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span>Cre<span class=\"_ _3\"></span>dite<span class=\"_ _3\"></span>d to inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atem<span class=\"_ _3\"></span>ent<span class=\"_ _18d\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span>Cred<span class=\"_ _3\"></span>ited to other co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e<span class=\"_ _350\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _351\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _268\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _352\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _190\"> </span><span class=\"ff46 ls5 ws3\">9<span class=\"_ _3ab\"> </span></span>Char<span class=\"_ _3\"></span>ged to inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt<span class=\"_ _2a6\"> </span><span class=\"ff46 ls48 ws42\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span>Cred<span class=\"_ _3\"></span>ited to other co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e<span class=\"_ _334\"> </span><span class=\"ff46 ls43 ws3e\">48<span class=\"_ _3ab\"> </span></span>Charged<span class=\"_ _4\"></span> to equity<span class=\"_ _353\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _268\"> </span><span class=\"ff46 lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _354\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e table b<span class=\"_ _3\"></span>elow shows t<span class=\"_ _3\"></span>he deferred t<span class=\"_ _3\"></span>ax asset<span class=\"_ _3\"></span>s and liabi<span class=\"_ _3\"></span>lities before b<span class=\"_ _3\"></span>eing off<span class=\"_ _3\"></span>set where they rel<span class=\"_ _3\"></span>ate to income t<span class=\"_ _3\"></span>axes levie<span class=\"_ _3\"></span>d by the sam<span class=\"_ _3\"></span>e tax auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Depreciation<span class=\"_ _3ab\"> </span>in exce<span class=\"_ _3\"></span>ss of c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al<span class=\"_ _3ab\"> </span>allowances<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Retirement<span class=\"_ _3ab\"> </span>benefits<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Unrelieved<span class=\"_ _3ab\"> </span>trading<span class=\"_ _3ab\"> </span>losses<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Share<span class=\"_ _3\"></span>-based<span class=\"_ _3ab\"> </span>paym<span class=\"_ _3\"></span>ents<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Provisions<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Fair value<span class=\"_ _3ab\"> </span>adjustments<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Derivatives<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other GA<span class=\"_ _3\"></span>AP<span class=\"_ _3ab\"> </span>differences<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Research<span class=\"_ _3ab\"> </span>and<span class=\"_ _3ab\"> </span>develo<span class=\"_ _3\"></span>pment<span class=\"_ _3ab\"> </span>cred<span class=\"_ _3\"></span>its<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _1ac\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _110\"> </span><span class=\"ls124 ws6a\">(69)<span class=\"_ _f\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>0<span class=\"_ _20c\"> </span></span></span></span>5<span class=\"_ _ef\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1f7\"> </span><span class=\"ls66 ws5e\">(8<span class=\"_ _3\"></span>5)<span class=\"_ _e0\"> </span></span></span>1<span class=\"_ _a6\"> </span><span class=\"ls33 ws2c\">(87)<span class=\"_ _27\"> </span></span>5<span class=\"_ _1cc\"> </span>5<span class=\"_ _3ab\"> </span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _a3\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>6<span class=\"_ _10a\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _1cc\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _4f\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>T<span class=\"_ _5\"></span>ransfers<span class=\"_ _1be\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _97\"> </span>1<span class=\"_ _82\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> income statement<span class=\"_ _12c\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _110\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11)<span class=\"_ _10a\"> </span><span class=\"ls121 wsa3\">48<span class=\"_ _98\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _ef\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _25\"> </span></span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span></span></span></span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> other comprehensiv<span class=\"_ _4\"></span>e income<span class=\"_ _214\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3ab\"> </span></span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _1ae\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _98\"> </span>2<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _fa\"> </span>2<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax credits<span class=\"_ _fb\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _c6\"> </span>(2)<span class=\"_ _3ab\"> </span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _263\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _1f7\"> </span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _15\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>9<span class=\"_ _20c\"> </span></span></span></span>7<span class=\"_ _f2\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _c3\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _25\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _1f7\"> </span></span><span class=\"ls3b ws36\">(9<span class=\"_ _3\"></span>8)<span class=\"_ _e0\"> </span></span>3<span class=\"_ _c6\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _17e\"> </span><span class=\"ff46 ls5 ws3\">1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _e0\"> </span></span>6<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>5<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _fa\"> </span>9<span class=\"_ _3ab\"> </span></span>(Ch<span class=\"_ _3\"></span>arged<span class=\"_ _3\"></span>)/credite<span class=\"_ _3\"></span>d to income statement<span class=\"_ _355\"> </span><span class=\"ff46 ls94 ws18a\">(2<span class=\"_ _3\"></span>4)<span class=\"_ _f6\"> </span><span class=\"ls110 ws106\">(<span class=\"_ _3\"></span>11)<span class=\"_ _27\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _97\"> </span>1<span class=\"_ _dd\"> </span></span></span>(2<span class=\"_ _3\"></span>4)<span class=\"_ _e0\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>4<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _57\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> other comprehensiv<span class=\"_ _4\"></span>e income <span class=\"_ _4a\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls21f ws108\">49<span class=\"_ _98\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c6\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _3ab\"> </span></span></span>Char<span class=\"_ _3\"></span>ged to equi<span class=\"_ _3\"></span>ty <span class=\"_ _2a\"> </span><span class=\"ff46\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _de\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _125\"> </span><span class=\"ff46 ls5\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _c3\"> </span>(3)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _210\"> </span>3<span class=\"_ _a6\"> </span><span class=\"ls78 ws11a\">(2<span class=\"_ _3\"></span>2)<span class=\"_ _15\"> </span><span class=\"ls92 ws8a\">205<span class=\"_ _98\"> </span></span></span>6<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">(9<span class=\"_ _3\"></span>9)<span class=\"_ _27\"> </span></span></span>\u2013<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">(<span class=\"_ _3\"></span>89)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span>As a re<span class=\"_ _3\"></span>sult of the ad<span class=\"_ _3\"></span>option of th<span class=\"_ _3\"></span>e amendm<span class=\"_ _3\"></span>ent to IAS 12 in relatio<span class=\"_ _3\"></span>n to Deferred T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x related to As<span class=\"_ _3\"></span>sets and L<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es arising f<span class=\"_ _3\"></span>rom a Singl<span class=\"_ _3\"></span>e T<span class=\"_ _4\"></span>rans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>n, the Grou<span class=\"_ _3\"></span>p has provid<span class=\"_ _3\"></span>ed fur<span class=\"_ _3\"></span>ther dis<span class=\"_ _3\"></span>closure be<span class=\"_ _3\"></span>low to show the as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities to w<span class=\"_ _3\"></span>hich the de<span class=\"_ _3\"></span>preciat<span class=\"_ _3\"></span>ion in excess of c<span class=\"_ _3\"></span>apita<span class=\"_ _3\"></span>l allow<span class=\"_ _3\"></span>ances rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e. Property,<span class=\"_ _4\"></span> pl<span class=\"_ _3\"></span>ant and equipment \u00a3m<span class=\"_ _3ab\"> </span>Right-of-<span class=\"_ _3\"></span>use<span class=\"_ _4\"></span> assets<span class=\"_ _4\"></span> \u00a3m<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>ase liabilities \u00a3m<span class=\"_ _3ab\"> </span>Depreciation<span class=\"_ _3ab\"> </span>in exce<span class=\"_ _3\"></span>ss of c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al<span class=\"_ _3ab\"> </span>allowances<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3<span class=\"_ _2b7\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _e0\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _e0\"> </span></span></span>9<span class=\"_ _1cb\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _14c\"> </span><span class=\"ff46 ls5 ws3\">1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _3ab\"> </span></span>(Ch<span class=\"_ _3\"></span>arged<span class=\"_ _3\"></span>)/credite<span class=\"_ _3\"></span>d to income s<span class=\"_ _3\"></span>tatement<span class=\"_ _356\"> </span><span class=\"ff46 ls1c ws107\">(2<span class=\"_ _3\"></span>5)<span class=\"_ _b2\"> </span></span><span class=\"ff46\">3<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _2f\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _27b\"> </span>1<span class=\"_ _b2\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _b2\"> </span></span>7<span class=\"_ _98\"> </span>3<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"ff47 ls3c ws37\"> c<span class=\"_ _3\"></span>ontinue<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></span>At the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet date, the G<span class=\"_ _3\"></span>roup had unu<span class=\"_ _3\"></span>sed trad<span class=\"_ _3\"></span>ing tax l<span class=\"_ _3\"></span>osses of \u00a31,2<span class=\"_ _3\"></span>07<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a31,<span class=\"_ _5\"></span>193<span class=\"_ _3\"></span>m) availab<span class=\"_ _3\"></span>le for offs<span class=\"_ _3\"></span>et against f<span class=\"_ _3\"></span>uture profits<span class=\"_ _3\"></span>, of<span class=\"_ gs52\"> </span>whic<span class=\"_ _3\"></span>h<span class=\"_ gs52\"> </span>\u00a38<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>m) arose in the U<span class=\"_ _3\"></span>K, \u00a3<span class=\"_ _3\"></span>37m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a38<span class=\"_ _3\"></span>m) in the US an<span class=\"_ _3\"></span>d \u00a33<span class=\"_ _3\"></span>42m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>0m) in ot<span class=\"_ _3\"></span>her jurisd<span class=\"_ _3\"></span>iction<span class=\"_ _3\"></span>s. A deferre<span class=\"_ _3\"></span>d tax ass<span class=\"_ _3\"></span>et has been re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed in respe<span class=\"_ _3\"></span>ct of \u00a3<span class=\"_ _3\"></span>821<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>79<span class=\"_ _3\"></span>4m) of such l<span class=\"_ _3\"></span>osses, of w<span class=\"_ _3\"></span>hich \u00a3<span class=\"_ _3\"></span>78<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a37<span class=\"_ _3\"></span>89<span class=\"_ _3\"></span>m) have bee<span class=\"_ _3\"></span>n reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he UK and \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5m (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>5m) in t<span class=\"_ _3\"></span>he US. In c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>ring the am<span class=\"_ _3\"></span>ount of deferred t<span class=\"_ _3\"></span>ax ass<span class=\"_ _3\"></span>et t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e recog<span class=\"_ _3\"></span>nised for UK an<span class=\"_ _3\"></span>d US tax<span class=\"_ _3\"></span> los<span class=\"_ _3\"></span>ses, the p<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ntial use of tho<span class=\"_ _3\"></span>se losse<span class=\"_ _3\"></span>s based on t<span class=\"_ _3\"></span>he latest cur<span class=\"_ _3\"></span>rent and forec<span class=\"_ _3\"></span>ast busine<span class=\"_ _3\"></span>ss per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce was as<span class=\"_ _3\"></span>sessed<span class=\"_ _3\"></span>, and loss<span class=\"_ _3\"></span>es were reco<span class=\"_ _3\"></span>gnised w<span class=\"_ _3\"></span>here it is prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at they will b<span class=\"_ _3\"></span>e utilised<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>No d<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred ta<span class=\"_ _3\"></span>x asset has b<span class=\"_ _3\"></span>een reco<span class=\"_ _3\"></span>gnised in res<span class=\"_ _3\"></span>pect of th<span class=\"_ _3\"></span>e losses of \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a33<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>9m) wh<span class=\"_ _3\"></span>ere it is cons<span class=\"_ _3\"></span>idered th<span class=\"_ _3\"></span>at it is not prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at they wi<span class=\"_ _3\"></span>ll be utilise<span class=\"_ _3\"></span>d due to restri<span class=\"_ _3\"></span>ctions in u<span class=\"_ _3\"></span>se and unpre<span class=\"_ _3\"></span>dict<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y of future profi<span class=\"_ _3\"></span>tabili<span class=\"_ _3\"></span>ty. Of t<span class=\"_ _3\"></span>he Group\u2019s tax lo<span class=\"_ _3\"></span>sses, \u00a3<span class=\"_ _3\"></span>7m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3m) w<span class=\"_ _3\"></span>ill expire wit<span class=\"_ _3\"></span>hin 20 years a<span class=\"_ _3\"></span>fter the yea<span class=\"_ _3\"></span>r in which th<span class=\"_ _3\"></span>ey arose, using l<span class=\"_ _3\"></span>osses in<span class=\"_ _3\"></span>curred in e<span class=\"_ _3\"></span>arlier year<span class=\"_ _3\"></span>s before tho<span class=\"_ _3\"></span>se incur<span class=\"_ _3\"></span>red in later year<span class=\"_ _3\"></span>s. Othe<span class=\"_ _3\"></span>r losses w<span class=\"_ _3\"></span>ill be ca<span class=\"_ _3\"></span>rried for<span class=\"_ _3\"></span>ward in<span class=\"_ _3\"></span>definitel<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span> In ad<span class=\"_ _3\"></span>dition to th<span class=\"_ _3\"></span>e losses referre<span class=\"_ _3\"></span>d to above, at 31 De<span class=\"_ _3\"></span>cember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 the Group h<span class=\"_ _3\"></span>ad UK ca<span class=\"_ _3\"></span>pital l<span class=\"_ _3\"></span>osses avail<span class=\"_ _3\"></span>able to c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>y forw<span class=\"_ _3\"></span>ard of \u00a31<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>4bn (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2:<span class=\"_ gs52\"> </span>\u00a31<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>4bn). No defer<span class=\"_ _3\"></span>red tax a<span class=\"_ _3\"></span>ssets have be<span class=\"_ _3\"></span>en recog<span class=\"_ _3\"></span>nised in resp<span class=\"_ _3\"></span>ect of th<span class=\"_ _3\"></span>ese losse<span class=\"_ _3\"></span>s as there are no c<span class=\"_ _3\"></span>apita<span class=\"_ _3\"></span>l profits forec<span class=\"_ _3\"></span>ast ag<span class=\"_ _3\"></span>ainst whic<span class=\"_ _3\"></span>h<span class=\"_ gs52\"> </span>these los<span class=\"_ _3\"></span>ses can b<span class=\"_ _3\"></span>e utilise<span class=\"_ _3\"></span>d.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities o<span class=\"_ _3\"></span>n fair value a<span class=\"_ _3\"></span>djustme<span class=\"_ _3\"></span>nts of \u00a39<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a310<span class=\"_ _3\"></span>4m) rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e to tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fference<span class=\"_ _3\"></span>s arising o<span class=\"_ _3\"></span>n good<span class=\"_ _3\"></span>will and int<span class=\"_ _3\"></span>angib<span class=\"_ _3\"></span>les. Deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities o<span class=\"_ _3\"></span>n other G<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>AP d<span class=\"_ _3\"></span>ifferenc<span class=\"_ _3\"></span>es of \u00a3<span class=\"_ _3\"></span>89<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>8m) rel<span class=\"_ _3\"></span>ate t<span class=\"_ _4\"></span>o tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fferenc<span class=\"_ _3\"></span>es on joint venture<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>At the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date, un<span class=\"_ _3\"></span>distrib<span class=\"_ _3\"></span>uted reser<span class=\"_ _3\"></span>ves of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>UK sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies, joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates for w<span class=\"_ _3\"></span>hich deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities h<span class=\"_ _3\"></span>ave not bee<span class=\"_ _3\"></span>n recogni<span class=\"_ _3\"></span>sed were \u00a3<span class=\"_ _3\"></span>607m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>5m) in resp<span class=\"_ _3\"></span>ect of subs<span class=\"_ _3\"></span>idiarie<span class=\"_ _3\"></span>s and \u00a342m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a34<span class=\"_ _3\"></span>5m) in resp<span class=\"_ _3\"></span>ect of joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates. No<span class=\"_ gs52\"> </span>li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y has be<span class=\"_ _3\"></span>en recog<span class=\"_ _3\"></span>nised in resp<span class=\"_ _3\"></span>ect of th<span class=\"_ _3\"></span>ese dif<span class=\"_ _3\"></span>ferences be<span class=\"_ _3\"></span>cause ei<span class=\"_ _3\"></span>ther no temp<span class=\"_ _3\"></span>orar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ference ar<span class=\"_ _3\"></span>ises or the ti<span class=\"_ _3\"></span>ming of any distr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>n is und<span class=\"_ _3\"></span>er the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s contro<span class=\"_ _3\"></span>l and no dist<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>on which g<span class=\"_ _3\"></span>ives rise to t<span class=\"_ _3\"></span>axation i<span class=\"_ _3\"></span>s contempl<span class=\"_ _3\"></span>ated.<span class=\"_ _3ab\"> </span>29.2<span class=\"_ _4\"></span> Company<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e table b<span class=\"_ _3\"></span>elow shows t<span class=\"_ _3\"></span>he deferred t<span class=\"_ _3\"></span>ax asset<span class=\"_ _3\"></span>s and liabi<span class=\"_ _3\"></span>lities before b<span class=\"_ _3\"></span>eing off<span class=\"_ _3\"></span>set where they rel<span class=\"_ _3\"></span>ate to income t<span class=\"_ _3\"></span>axes levie<span class=\"_ _3\"></span>d by the sam<span class=\"_ _3\"></span>e tax auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Unrelieved<span class=\"_ _3ab\"> </span>trading<span class=\"_ _3ab\"> </span>losses<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Share<span class=\"_ _3\"></span>-based paym<span class=\"_ _3\"></span>ents<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> defe<span class=\"_ _4\"></span>rred tax assets<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2f7\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _3ab\"> </span>Cred<span class=\"_ _3\"></span>ited to incom<span class=\"_ _3\"></span>e statement <span class=\"_ _10b\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _357\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2f5\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span>Cred<span class=\"_ _3\"></span>ited to incom<span class=\"_ _3\"></span>e statement <span class=\"_ _10b\"> </span><span class=\"ff46\">3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _357\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2e3\"> </span>4<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>5",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-631": {
   "value": "29 De<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>d tax<span class=\"_ _3ab\"> </span>29.<span class=\"_ _5\"></span>1 Group<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e of<span class=\"_ _3\"></span>fset wh<span class=\"_ _3\"></span>en they relate to inc<span class=\"_ _3\"></span>ome ta<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s levied by th<span class=\"_ _3\"></span>e same ta<span class=\"_ _3\"></span>x author<span class=\"_ _3\"></span>ity a<span class=\"_ _3\"></span>nd the Grou<span class=\"_ _3\"></span>p int<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nds to sett<span class=\"_ _3\"></span>le its cu<span class=\"_ _3\"></span>rrent tax a<span class=\"_ _3\"></span>ssets and li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es on a net basi<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion a<span class=\"_ _3\"></span>t 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>ber<span class=\"_ _3ab\"> </span>Group 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax as<span class=\"_ _3\"></span>sets<span class=\"_ _34c\"> </span><span class=\"ff46 ls90 ws116\">18<span class=\"_ _3\"></span>8<span class=\"_ _97\"> </span></span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span>Deferred ta<span class=\"_ _3\"></span>x liabilities<span class=\"_ _34d\"> </span><span class=\"ff46 ls10f ws105\">(16<span class=\"_ _2\"></span>0)<span class=\"_ _1cb\"> </span></span><span class=\"ls100 ws104\">(15<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)</span> <span class=\"_ _34e\"> </span><span class=\"ff46 ls3e ws39\">28<span class=\"_ _9d\"> </span></span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Move<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t for th<span class=\"_ _3\"></span>e year in t<span class=\"_ _3\"></span>he ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Gro<span class=\"_ _3\"></span>up \u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _34f\"> </span>5<span class=\"_ _3ab\"> </span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _19e\"> </span><span class=\"ls11e ws117\">(17<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span>Cre<span class=\"_ _3\"></span>dite<span class=\"_ _3\"></span>d to inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atem<span class=\"_ _3\"></span>ent<span class=\"_ _18d\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span>Cred<span class=\"_ _3\"></span>ited to other co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e<span class=\"_ _350\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _351\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _268\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _352\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _190\"> </span><span class=\"ff46 ls5 ws3\">9<span class=\"_ _3ab\"> </span></span>Char<span class=\"_ _3\"></span>ged to inco<span class=\"_ _3\"></span>me stateme<span class=\"_ _3\"></span>nt<span class=\"_ _2a6\"> </span><span class=\"ff46 ls48 ws42\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span>Cred<span class=\"_ _3\"></span>ited to other co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e<span class=\"_ _334\"> </span><span class=\"ff46 ls43 ws3e\">48<span class=\"_ _3ab\"> </span></span>Charged<span class=\"_ _4\"></span> to equity<span class=\"_ _353\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _268\"> </span><span class=\"ff46 lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _354\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>e table b<span class=\"_ _3\"></span>elow shows t<span class=\"_ _3\"></span>he deferred t<span class=\"_ _3\"></span>ax asset<span class=\"_ _3\"></span>s and liabi<span class=\"_ _3\"></span>lities before b<span class=\"_ _3\"></span>eing off<span class=\"_ _3\"></span>set where they rel<span class=\"_ _3\"></span>ate to income t<span class=\"_ _3\"></span>axes levie<span class=\"_ _3\"></span>d by the sam<span class=\"_ _3\"></span>e tax auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Depreciation<span class=\"_ _3ab\"> </span>in exce<span class=\"_ _3\"></span>ss of c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al<span class=\"_ _3ab\"> </span>allowances<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Retirement<span class=\"_ _3ab\"> </span>benefits<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Unrelieved<span class=\"_ _3ab\"> </span>trading<span class=\"_ _3ab\"> </span>losses<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Share<span class=\"_ _3\"></span>-based<span class=\"_ _3ab\"> </span>paym<span class=\"_ _3\"></span>ents<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Provisions<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Fair value<span class=\"_ _3ab\"> </span>adjustments<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Derivatives<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other GA<span class=\"_ _3\"></span>AP<span class=\"_ _3ab\"> </span>differences<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Research<span class=\"_ _3ab\"> </span>and<span class=\"_ _3ab\"> </span>develo<span class=\"_ _3\"></span>pment<span class=\"_ _3ab\"> </span>cred<span class=\"_ _3\"></span>its<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _1ac\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _110\"> </span><span class=\"ls124 ws6a\">(69)<span class=\"_ _f\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>0<span class=\"_ _20c\"> </span></span></span></span>5<span class=\"_ _ef\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1f7\"> </span><span class=\"ls66 ws5e\">(8<span class=\"_ _3\"></span>5)<span class=\"_ _e0\"> </span></span></span>1<span class=\"_ _a6\"> </span><span class=\"ls33 ws2c\">(87)<span class=\"_ _27\"> </span></span>5<span class=\"_ _1cc\"> </span>5<span class=\"_ _3ab\"> </span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _a3\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>6<span class=\"_ _10a\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _1cc\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _4f\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>T<span class=\"_ _5\"></span>ransfers<span class=\"_ _1be\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _97\"> </span>1<span class=\"_ _82\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> income statement<span class=\"_ _12c\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _110\"> </span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11)<span class=\"_ _10a\"> </span><span class=\"ls121 wsa3\">48<span class=\"_ _98\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _ef\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _25\"> </span></span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3ab\"> </span></span></span></span></span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> other comprehensiv<span class=\"_ _4\"></span>e income<span class=\"_ _214\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3ab\"> </span></span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _1ae\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _98\"> </span>2<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _fa\"> </span>2<span class=\"_ _3ab\"> </span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax credits<span class=\"_ _fb\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls72 wsf5\">(2)<span class=\"_ _c6\"> </span>(2)<span class=\"_ _3ab\"> </span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _263\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _1f7\"> </span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _15\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>9<span class=\"_ _20c\"> </span></span></span></span>7<span class=\"_ _f2\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _c3\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _25\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _1f7\"> </span></span><span class=\"ls3b ws36\">(9<span class=\"_ _3\"></span>8)<span class=\"_ _e0\"> </span></span>3<span class=\"_ _c6\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _17e\"> </span><span class=\"ff46 ls5 ws3\">1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _e0\"> </span></span>6<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>5<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _fa\"> </span>9<span class=\"_ _3ab\"> </span></span>(Ch<span class=\"_ _3\"></span>arged<span class=\"_ _3\"></span>)/credite<span class=\"_ _3\"></span>d to income statement<span class=\"_ _355\"> </span><span class=\"ff46 ls94 ws18a\">(2<span class=\"_ _3\"></span>4)<span class=\"_ _f6\"> </span><span class=\"ls110 ws106\">(<span class=\"_ _3\"></span>11)<span class=\"_ _27\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _97\"> </span>1<span class=\"_ _dd\"> </span></span></span>(2<span class=\"_ _3\"></span>4)<span class=\"_ _e0\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>4<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _57\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></span>Credit<span class=\"_ _4\"></span>ed<span class=\"_ _3\"></span>/(<span class=\"_ _4\"></span>charged) to<span class=\"_ _4\"></span> other comprehensiv<span class=\"_ _4\"></span>e income <span class=\"_ _4a\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls21f ws108\">49<span class=\"_ _98\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c6\"> </span><span class=\"ls43 ws3e\">48<span class=\"_ _3ab\"> </span></span></span>Char<span class=\"_ _3\"></span>ged to equi<span class=\"_ _3\"></span>ty <span class=\"_ _2a\"> </span><span class=\"ff46\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _de\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span>Rese<span class=\"_ _3\"></span>arch and devel<span class=\"_ _3\"></span>opment t<span class=\"_ _3\"></span>ax cred<span class=\"_ _3\"></span>its<span class=\"_ _125\"> </span><span class=\"ff46 ls5\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _c3\"> </span>(3)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _210\"> </span>3<span class=\"_ _a6\"> </span><span class=\"ls78 ws11a\">(2<span class=\"_ _3\"></span>2)<span class=\"_ _15\"> </span><span class=\"ls92 ws8a\">205<span class=\"_ _98\"> </span></span></span>6<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">(9<span class=\"_ _3\"></span>9)<span class=\"_ _27\"> </span></span></span>\u2013<span class=\"_ _1f7\"> </span><span class=\"lsf7 ws100\">(<span class=\"_ _3\"></span>89)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _d6\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span>As a re<span class=\"_ _3\"></span>sult of the ad<span class=\"_ _3\"></span>option of th<span class=\"_ _3\"></span>e amendm<span class=\"_ _3\"></span>ent to IAS 12 in relatio<span class=\"_ _3\"></span>n to Deferred T<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>x related to As<span class=\"_ _3\"></span>sets and L<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es arising f<span class=\"_ _3\"></span>rom a Singl<span class=\"_ _3\"></span>e T<span class=\"_ _4\"></span>rans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>n, the Grou<span class=\"_ _3\"></span>p has provid<span class=\"_ _3\"></span>ed fur<span class=\"_ _3\"></span>ther dis<span class=\"_ _3\"></span>closure be<span class=\"_ _3\"></span>low to show the as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilities to w<span class=\"_ _3\"></span>hich the de<span class=\"_ _3\"></span>preciat<span class=\"_ _3\"></span>ion in excess of c<span class=\"_ _3\"></span>apita<span class=\"_ _3\"></span>l allow<span class=\"_ _3\"></span>ances rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e. Property,<span class=\"_ _4\"></span> pl<span class=\"_ _3\"></span>ant and equipment \u00a3m<span class=\"_ _3ab\"> </span>Right-of-<span class=\"_ _3\"></span>use<span class=\"_ _4\"></span> assets<span class=\"_ _4\"></span> \u00a3m<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>ase liabilities \u00a3m<span class=\"_ _3ab\"> </span>Depreciation<span class=\"_ _3ab\"> </span>in exce<span class=\"_ _3\"></span>ss of c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al<span class=\"_ _3ab\"> </span>allowances<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3<span class=\"_ _2b7\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _e0\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _e0\"> </span></span></span>9<span class=\"_ _1cb\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _14c\"> </span><span class=\"ff46 ls5 ws3\">1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _3ab\"> </span></span>(Ch<span class=\"_ _3\"></span>arged<span class=\"_ _3\"></span>)/credite<span class=\"_ _3\"></span>d to income s<span class=\"_ _3\"></span>tatement<span class=\"_ _356\"> </span><span class=\"ff46 ls1c ws107\">(2<span class=\"_ _3\"></span>5)<span class=\"_ _b2\"> </span></span><span class=\"ff46\">3<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _2f\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _27b\"> </span>1<span class=\"_ _b2\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _b2\"> </span></span>7<span class=\"_ _98\"> </span>3<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t de<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>red t<span class=\"_ _3\"></span>ax p<span class=\"_ _3\"></span>osi<span class=\"_ _3\"></span>tion<span class=\"ff47 ls3c ws37\"> c<span class=\"_ _3\"></span>ontinue<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></span>At the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet date, the G<span class=\"_ _3\"></span>roup had unu<span class=\"_ _3\"></span>sed trad<span class=\"_ _3\"></span>ing tax l<span class=\"_ _3\"></span>osses of \u00a31,2<span class=\"_ _3\"></span>07<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a31,<span class=\"_ _5\"></span>193<span class=\"_ _3\"></span>m) availab<span class=\"_ _3\"></span>le for offs<span class=\"_ _3\"></span>et against f<span class=\"_ _3\"></span>uture profits<span class=\"_ _3\"></span>, of<span class=\"_ gs52\"> </span>whic<span class=\"_ _3\"></span>h<span class=\"_ gs52\"> </span>\u00a38<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>m) arose in the U<span class=\"_ _3\"></span>K, \u00a3<span class=\"_ _3\"></span>37m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a38<span class=\"_ _3\"></span>m) in the US an<span class=\"_ _3\"></span>d \u00a33<span class=\"_ _3\"></span>42m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>0m) in ot<span class=\"_ _3\"></span>her jurisd<span class=\"_ _3\"></span>iction<span class=\"_ _3\"></span>s. A deferre<span class=\"_ _3\"></span>d tax ass<span class=\"_ _3\"></span>et has been re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed in respe<span class=\"_ _3\"></span>ct of \u00a3<span class=\"_ _3\"></span>821<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>79<span class=\"_ _3\"></span>4m) of such l<span class=\"_ _3\"></span>osses, of w<span class=\"_ _3\"></span>hich \u00a3<span class=\"_ _3\"></span>78<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a37<span class=\"_ _3\"></span>89<span class=\"_ _3\"></span>m) have bee<span class=\"_ _3\"></span>n reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he UK and \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5m (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>5m) in t<span class=\"_ _3\"></span>he US. In c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>ring the am<span class=\"_ _3\"></span>ount of deferred t<span class=\"_ _3\"></span>ax ass<span class=\"_ _3\"></span>et t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e recog<span class=\"_ _3\"></span>nised for UK an<span class=\"_ _3\"></span>d US tax<span class=\"_ _3\"></span> los<span class=\"_ _3\"></span>ses, the p<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ntial use of tho<span class=\"_ _3\"></span>se losse<span class=\"_ _3\"></span>s based on t<span class=\"_ _3\"></span>he latest cur<span class=\"_ _3\"></span>rent and forec<span class=\"_ _3\"></span>ast busine<span class=\"_ _3\"></span>ss per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce was as<span class=\"_ _3\"></span>sessed<span class=\"_ _3\"></span>, and loss<span class=\"_ _3\"></span>es were reco<span class=\"_ _3\"></span>gnised w<span class=\"_ _3\"></span>here it is prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at they will b<span class=\"_ _3\"></span>e utilised<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>No d<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred ta<span class=\"_ _3\"></span>x asset has b<span class=\"_ _3\"></span>een reco<span class=\"_ _3\"></span>gnised in res<span class=\"_ _3\"></span>pect of th<span class=\"_ _3\"></span>e losses of \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>6m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a33<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>9m) wh<span class=\"_ _3\"></span>ere it is cons<span class=\"_ _3\"></span>idered th<span class=\"_ _3\"></span>at it is not prob<span class=\"_ _3\"></span>able th<span class=\"_ _3\"></span>at they wi<span class=\"_ _3\"></span>ll be utilise<span class=\"_ _3\"></span>d due to restri<span class=\"_ _3\"></span>ctions in u<span class=\"_ _3\"></span>se and unpre<span class=\"_ _3\"></span>dict<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y of future profi<span class=\"_ _3\"></span>tabili<span class=\"_ _3\"></span>ty. Of t<span class=\"_ _3\"></span>he Group\u2019s tax lo<span class=\"_ _3\"></span>sses, \u00a3<span class=\"_ _3\"></span>7m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3m) w<span class=\"_ _3\"></span>ill expire wit<span class=\"_ _3\"></span>hin 20 years a<span class=\"_ _3\"></span>fter the yea<span class=\"_ _3\"></span>r in which th<span class=\"_ _3\"></span>ey arose, using l<span class=\"_ _3\"></span>osses in<span class=\"_ _3\"></span>curred in e<span class=\"_ _3\"></span>arlier year<span class=\"_ _3\"></span>s before tho<span class=\"_ _3\"></span>se incur<span class=\"_ _3\"></span>red in later year<span class=\"_ _3\"></span>s. Othe<span class=\"_ _3\"></span>r losses w<span class=\"_ _3\"></span>ill be ca<span class=\"_ _3\"></span>rried for<span class=\"_ _3\"></span>ward in<span class=\"_ _3\"></span>definitel<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span> In ad<span class=\"_ _3\"></span>dition to th<span class=\"_ _3\"></span>e losses referre<span class=\"_ _3\"></span>d to above, at 31 De<span class=\"_ _3\"></span>cember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 the Group h<span class=\"_ _3\"></span>ad UK ca<span class=\"_ _3\"></span>pital l<span class=\"_ _3\"></span>osses avail<span class=\"_ _3\"></span>able to c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>y forw<span class=\"_ _3\"></span>ard of \u00a31<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>4bn (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2:<span class=\"_ gs52\"> </span>\u00a31<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>4bn). No defer<span class=\"_ _3\"></span>red tax a<span class=\"_ _3\"></span>ssets have be<span class=\"_ _3\"></span>en recog<span class=\"_ _3\"></span>nised in resp<span class=\"_ _3\"></span>ect of th<span class=\"_ _3\"></span>ese losse<span class=\"_ _3\"></span>s as there are no c<span class=\"_ _3\"></span>apita<span class=\"_ _3\"></span>l profits forec<span class=\"_ _3\"></span>ast ag<span class=\"_ _3\"></span>ainst whic<span class=\"_ _3\"></span>h<span class=\"_ gs52\"> </span>these los<span class=\"_ _3\"></span>ses can b<span class=\"_ _3\"></span>e utilise<span class=\"_ _3\"></span>d.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities o<span class=\"_ _3\"></span>n fair value a<span class=\"_ _3\"></span>djustme<span class=\"_ _3\"></span>nts of \u00a39<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a310<span class=\"_ _3\"></span>4m) rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e to tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fference<span class=\"_ _3\"></span>s arising o<span class=\"_ _3\"></span>n good<span class=\"_ _3\"></span>will and int<span class=\"_ _3\"></span>angib<span class=\"_ _3\"></span>les. Deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities o<span class=\"_ _3\"></span>n other G<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>AP d<span class=\"_ _3\"></span>ifferenc<span class=\"_ _3\"></span>es of \u00a3<span class=\"_ _3\"></span>89<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>8m) rel<span class=\"_ _3\"></span>ate t<span class=\"_ _4\"></span>o tem<span class=\"_ _3\"></span>porar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>fferenc<span class=\"_ _3\"></span>es on joint venture<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>At the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date, un<span class=\"_ _3\"></span>distrib<span class=\"_ _3\"></span>uted reser<span class=\"_ _3\"></span>ves of non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>UK sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies, joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates for w<span class=\"_ _3\"></span>hich deferre<span class=\"_ _3\"></span>d tax lia<span class=\"_ _3\"></span>bilities h<span class=\"_ _3\"></span>ave not bee<span class=\"_ _3\"></span>n recogni<span class=\"_ _3\"></span>sed were \u00a3<span class=\"_ _3\"></span>607m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>5m) in resp<span class=\"_ _3\"></span>ect of subs<span class=\"_ _3\"></span>idiarie<span class=\"_ _3\"></span>s and \u00a342m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a34<span class=\"_ _3\"></span>5m) in resp<span class=\"_ _3\"></span>ect of joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates. No<span class=\"_ gs52\"> </span>li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y has be<span class=\"_ _3\"></span>en recog<span class=\"_ _3\"></span>nised in resp<span class=\"_ _3\"></span>ect of th<span class=\"_ _3\"></span>ese dif<span class=\"_ _3\"></span>ferences be<span class=\"_ _3\"></span>cause ei<span class=\"_ _3\"></span>ther no temp<span class=\"_ _3\"></span>orar<span class=\"_ _3\"></span>y dif<span class=\"_ _3\"></span>ference ar<span class=\"_ _3\"></span>ises or the ti<span class=\"_ _3\"></span>ming of any distr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>n is und<span class=\"_ _3\"></span>er the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s contro<span class=\"_ _3\"></span>l and no dist<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>on which g<span class=\"_ _3\"></span>ives rise to t<span class=\"_ _3\"></span>axation i<span class=\"_ _3\"></span>s contempl<span class=\"_ _3\"></span>ated.<span class=\"_ _3ab\"> </span>29.2<span class=\"_ _4\"></span> Company<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e table b<span class=\"_ _3\"></span>elow shows t<span class=\"_ _3\"></span>he deferred t<span class=\"_ _3\"></span>ax asset<span class=\"_ _3\"></span>s and liabi<span class=\"_ _3\"></span>lities before b<span class=\"_ _3\"></span>eing off<span class=\"_ _3\"></span>set where they rel<span class=\"_ _3\"></span>ate to income t<span class=\"_ _3\"></span>axes levie<span class=\"_ _3\"></span>d by the sam<span class=\"_ _3\"></span>e tax auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Unrelieved<span class=\"_ _3ab\"> </span>trading<span class=\"_ _3ab\"> </span>losses<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Share<span class=\"_ _3\"></span>-based paym<span class=\"_ _3\"></span>ents<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> defe<span class=\"_ _4\"></span>rred tax assets<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _2f7\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _3ab\"> </span>Cred<span class=\"_ _3\"></span>ited to incom<span class=\"_ _3\"></span>e statement <span class=\"_ _10b\"> </span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _357\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2f5\"> </span>1<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span>Cred<span class=\"_ _3\"></span>ited to incom<span class=\"_ _3\"></span>e statement <span class=\"_ _10b\"> </span><span class=\"ff46\">3<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>3<span class=\"_ _3ab\"> </span></span>Credit<span class=\"_ _4\"></span>ed to<span class=\"_ _4\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _357\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _2e3\"> </span>4<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>5",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-597": {
   "value": "<div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls5 ws3 gsc0c\">30 Re<span class=\"_ _3\"></span>tir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt be<span class=\"_ _3\"></span>nef<span class=\"_ _3\"></span>it as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts an<span class=\"_ _3\"></span>d liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>ies<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gsc0d\">30.<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span> Introduction<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc0e\">Th<span class=\"_ _3\"></span>e Group, throu<span class=\"_ _3\"></span>gh trustee<span class=\"_ _3\"></span>s, oper<span class=\"_ _3\"></span>ates a number of d<span class=\"_ _3\"></span>efined c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tion and def<span class=\"_ _3\"></span>ined ben<span class=\"_ _3\"></span>efit pensi<span class=\"_ _3\"></span>on schem<span class=\"_ _3\"></span>es.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc0f\">Defin<span class=\"_ _3\"></span>ed contr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>n schemes a<span class=\"_ _3\"></span>re those whe<span class=\"_ _3\"></span>re the Group\u2019s oblig<span class=\"_ _3\"></span>ation is lim<span class=\"_ _3\"></span>ited to the amou<span class=\"_ _3\"></span>nt that it co<span class=\"_ _3\"></span>ntributes to th<span class=\"_ _3\"></span>e scheme an<span class=\"_ _3\"></span>d the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc10\">sche<span class=\"_ _3\"></span>me memb<span class=\"_ _3\"></span>ers bear t<span class=\"_ _3\"></span>he investment a<span class=\"_ _3\"></span>nd actua<span class=\"_ _3\"></span>rial risks<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc11\">Defin<span class=\"_ _3\"></span>ed benefi<span class=\"_ _3\"></span>t scheme<span class=\"_ _3\"></span>s are scheme<span class=\"_ _3\"></span>s other than d<span class=\"_ _3\"></span>efined co<span class=\"_ _3\"></span>ntribut<span class=\"_ _3\"></span>ion schem<span class=\"_ _3\"></span>es where th<span class=\"_ _3\"></span>e Group\u2019<span class=\"_ _4\"></span>s o<span class=\"_ _3\"></span>bliga<span class=\"_ _3\"></span>tion is to provi<span class=\"_ _3\"></span>de spec<span class=\"_ _3\"></span>ified b<span class=\"_ _3\"></span>enefits </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4c ws46 gsc12\">on ret<span class=\"_ _3\"></span>irement<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc13\">IA<span class=\"_ _3\"></span>S 19 Employee Be<span class=\"_ _3\"></span>nefits (I<span class=\"_ _3\"></span>AS 19) p<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>scrib<span class=\"_ _3\"></span>es the acc<span class=\"_ _3\"></span>ounting for d<span class=\"_ _3\"></span>efined be<span class=\"_ _3\"></span>nefit sche<span class=\"_ _3\"></span>mes in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s fin<span class=\"_ _3\"></span>ancial s<span class=\"_ _3\"></span>tatements<span class=\"_ _3\"></span>. Oblig<span class=\"_ _3\"></span>ations are </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc14\">cal<span class=\"_ _3\"></span>culated us<span class=\"_ _3\"></span>ing the proje<span class=\"_ _3\"></span>cted unit c<span class=\"_ _3\"></span>redit meth<span class=\"_ _3\"></span>od and dis<span class=\"_ _3\"></span>counted to a net pre<span class=\"_ _3\"></span>sent value usi<span class=\"_ _3\"></span>ng the market yie<span class=\"_ _3\"></span>ld on high<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>lity c<span class=\"_ _3\"></span>orpo<span class=\"_ _3\"></span>rate bond<span class=\"_ _3\"></span>s. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc15\">Th<span class=\"_ _3\"></span>e pension ex<span class=\"_ _3\"></span>pense rela<span class=\"_ _3\"></span>ting to current se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ice cost i<span class=\"_ _3\"></span>s charge<span class=\"_ _3\"></span>d to contrac<span class=\"_ _3\"></span>ts or overh<span class=\"_ _3\"></span>eads ba<span class=\"_ _3\"></span>sed on the fu<span class=\"_ _3\"></span>nction of s<span class=\"_ _3\"></span>cheme me<span class=\"_ _3\"></span>mbers an<span class=\"_ _3\"></span>d is </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc16\">incl<span class=\"_ _3\"></span>uded in c<span class=\"_ _3\"></span>ost of sale<span class=\"_ _3\"></span>s and net ope<span class=\"_ _3\"></span>rating exp<span class=\"_ _3\"></span>enses. T<span class=\"_ _3\"></span>he net finan<span class=\"_ _3\"></span>ce inco<span class=\"_ _3\"></span>me arising f<span class=\"_ _3\"></span>rom the expe<span class=\"_ _3\"></span>cted interest in<span class=\"_ _3\"></span>come on p<span class=\"_ _3\"></span>lan asset<span class=\"_ _3\"></span>s and </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc17\">interest c<span class=\"_ _3\"></span>ost on sche<span class=\"_ _3\"></span>me oblig<span class=\"_ _3\"></span>ations is i<span class=\"_ _3\"></span>nclude<span class=\"_ _3\"></span>d in investment in<span class=\"_ _3\"></span>come. A<span class=\"_ _3\"></span>ctuar<span class=\"_ _3\"></span>ial gains a<span class=\"_ _3\"></span>nd losses a<span class=\"_ _3\"></span>re r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ted in the st<span class=\"_ _3\"></span>atement of </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc18\">com<span class=\"_ _3\"></span>prehensi<span class=\"_ _3\"></span>ve income. T<span class=\"_ _3\"></span>he IA<span class=\"_ _3\"></span>S 19 accou<span class=\"_ _3\"></span>nting valuat<span class=\"_ _3\"></span>ions are set out i<span class=\"_ _3\"></span>n Note 30<span class=\"_ _3\"></span>.2.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc19\">A dif<span class=\"_ _3\"></span>ferent cal<span class=\"_ _3\"></span>culatio<span class=\"_ _3\"></span>n is used for the for<span class=\"_ _3\"></span>mal trie<span class=\"_ _3\"></span>nnial fund<span class=\"_ _3\"></span>ing valuat<span class=\"_ _3\"></span>ions und<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n by the sche<span class=\"_ _3\"></span>me trustee<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o d<span class=\"_ _3\"></span>etermine th<span class=\"_ _3\"></span>e future Com<span class=\"_ _3\"></span>pany </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc1a\">cont<span class=\"_ _3\"></span>ributio<span class=\"_ _3\"></span>n level nece<span class=\"_ _3\"></span>ssar<span class=\"_ _3\"></span>y so that ove<span class=\"_ _3\"></span>r time the sc<span class=\"_ _3\"></span>heme asset<span class=\"_ _3\"></span>s will meet th<span class=\"_ _3\"></span>e scheme o<span class=\"_ _3\"></span>bliga<span class=\"_ _3\"></span>tions. T<span class=\"_ _3\"></span>he princ<span class=\"_ _3\"></span>ipal di<span class=\"_ _3\"></span>fference b<span class=\"_ _3\"></span>etwee<span class=\"_ _3\"></span>n the two </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc1b\">metho<span class=\"_ _3\"></span>ds is that u<span class=\"_ _3\"></span>nder the fu<span class=\"_ _3\"></span>nding ba<span class=\"_ _3\"></span>sis the obl<span class=\"_ _3\"></span>igation<span class=\"_ _3\"></span>s are discou<span class=\"_ _3\"></span>nted using a rate of retur<span class=\"_ _3\"></span>n reflecti<span class=\"_ _3\"></span>ng the com<span class=\"_ _3\"></span>positi<span class=\"_ _3\"></span>on of the asset<span class=\"_ _3\"></span>s in the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc1c\">sche<span class=\"_ _3\"></span>me, rather t<span class=\"_ _3\"></span>han the rate of retur<span class=\"_ _3\"></span>n on high<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>quali<span class=\"_ _3\"></span>ty co<span class=\"_ _3\"></span>rpor<span class=\"_ _3\"></span>ate bonds a<span class=\"_ _3\"></span>s required by I<span class=\"_ _3\"></span>AS 19 for the fin<span class=\"_ _3\"></span>ancial s<span class=\"_ _3\"></span>tatements<span class=\"_ _3\"></span>. Details of t<span class=\"_ _3\"></span>he latest </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc1d\">form<span class=\"_ _3\"></span>al triennia<span class=\"_ _3\"></span>l funding v<span class=\"_ _3\"></span>aluation<span class=\"_ _3\"></span>s are set out in N<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e 3<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc1e\">Th<span class=\"_ _3\"></span>e assets of the s<span class=\"_ _3\"></span>chemes d<span class=\"_ _3\"></span>o not inclu<span class=\"_ _3\"></span>de any direc<span class=\"_ _3\"></span>t holdin<span class=\"_ _3\"></span>gs of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s fina<span class=\"_ _3\"></span>ncial inst<span class=\"_ _3\"></span>ruments<span class=\"_ _3\"></span>, nor any prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y oc<span class=\"_ _3\"></span>cupied b<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, o<span class=\"_ _3\"></span>r other </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc1f\">asset<span class=\"_ _3\"></span>s of<span class=\"_ _4\"></span>, the G<span class=\"_ _3\"></span>roup.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls61 ws59 gsc21\">Principal schemes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc22\">Th<span class=\"_ _3\"></span>e Group\u2019s princi<span class=\"_ _3\"></span>pal sche<span class=\"_ _3\"></span>mes are the Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>ension Fun<span class=\"_ _3\"></span>d (BBP<span class=\"_ _3\"></span>F), whi<span class=\"_ _3\"></span>ch inclu<span class=\"_ _3\"></span>des define<span class=\"_ _3\"></span>d contri<span class=\"_ _3\"></span>bution an<span class=\"_ _3\"></span>d defined b<span class=\"_ _3\"></span>enefit se<span class=\"_ _3\"></span>ctions<span class=\"_ _3\"></span>, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc23\">and th<span class=\"_ _3\"></span>e Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Share<span class=\"_ _3\"></span>d Cost S<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>n of the Rail<span class=\"_ _3\"></span>ways Pensio<span class=\"_ _3\"></span>n Schem<span class=\"_ _3\"></span>e (RP<span class=\"_ _3\"></span>S). The def<span class=\"_ _3\"></span>ined ben<span class=\"_ _3\"></span>efit sect<span class=\"_ _3\"></span>ions of both s<span class=\"_ _3\"></span>chemes are fu<span class=\"_ _3\"></span>nded </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc24\">and cl<span class=\"_ _3\"></span>osed to new me<span class=\"_ _3\"></span>mbers w<span class=\"_ _3\"></span>ith the excepti<span class=\"_ _3\"></span>on of employe<span class=\"_ _3\"></span>es where em<span class=\"_ _3\"></span>ployme<span class=\"_ _3\"></span>nt has transfer<span class=\"_ _3\"></span>red to the Grou<span class=\"_ _3\"></span>p under ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain agreed </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gsc25\">arrangements. Pension benefits for de<span class=\"_ _4\"></span>fine<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> b<span class=\"_ _3\"></span>ene<span class=\"_ _4\"></span>fit schemes are based on employees\u2019 pensionable servic<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> and their pensionable salar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc26\">Th<span class=\"_ _3\"></span>e scheme<span class=\"_ _3\"></span>s operate un<span class=\"_ _3\"></span>der trus<span class=\"_ _3\"></span>t law and are man<span class=\"_ _3\"></span>aged an<span class=\"_ _3\"></span>d administere<span class=\"_ _3\"></span>d by trustee<span class=\"_ _3\"></span>s on behal<span class=\"_ _3\"></span>f of the memb<span class=\"_ _3\"></span>ers in acc<span class=\"_ _3\"></span>ordan<span class=\"_ _3\"></span>ce with th<span class=\"_ _3\"></span>e t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rms </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc27\">of the tr<span class=\"_ _3\"></span>ust deed a<span class=\"_ _3\"></span>nd rules a<span class=\"_ _3\"></span>nd relevant leg<span class=\"_ _3\"></span>islatio<span class=\"_ _3\"></span>n. Defined b<span class=\"_ _3\"></span>enefit c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tions are deter<span class=\"_ _3\"></span>mined in co<span class=\"_ _3\"></span>nsultat<span class=\"_ _3\"></span>ion with th<span class=\"_ _3\"></span>e trustees<span class=\"_ _3\"></span>, after t<span class=\"_ _3\"></span>aking </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc28\">act<span class=\"_ _3\"></span>uarial a<span class=\"_ _3\"></span>dvice<span class=\"_ _3\"></span>. The tru<span class=\"_ _3\"></span>stees are resp<span class=\"_ _3\"></span>onsible for e<span class=\"_ _3\"></span>stabl<span class=\"_ _3\"></span>ishing the inves<span class=\"_ _3\"></span>tment strate<span class=\"_ _3\"></span>gy and ensu<span class=\"_ _3\"></span>ring that t<span class=\"_ _3\"></span>here are suf<span class=\"_ _3\"></span>ficient as<span class=\"_ _3\"></span>sets to meet the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc29\">cos<span class=\"_ _3\"></span>t of current and fu<span class=\"_ _3\"></span>ture benefi<span class=\"_ _3\"></span>ts.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc2a\">Th<span class=\"_ _3\"></span>ese schem<span class=\"_ _3\"></span>es expose t<span class=\"_ _3\"></span>he Group to invest<span class=\"_ _3\"></span>ment and ac<span class=\"_ _3\"></span>tuaria<span class=\"_ _3\"></span>l risks where a<span class=\"_ _3\"></span>dditio<span class=\"_ _3\"></span>nal contr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>ns may be req<span class=\"_ _3\"></span>uired if asset<span class=\"_ _3\"></span>s are not suf<span class=\"_ _3\"></span>ficient </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc2b\">to pay fut<span class=\"_ _3\"></span>ure pension b<span class=\"_ _3\"></span>enefits:</div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc2c\"> <span class=\"_ _1dd\"></span>\u00bb<span class=\"_ _12b\"> </span><span class=\"ls1c\">i<span class=\"_ _3\"></span>nvestment risk<span class=\"_ _3\"></span>: the investm<span class=\"_ _3\"></span>ent por<span class=\"_ _3\"></span>tfoli<span class=\"_ _3\"></span>o is subjec<span class=\"_ _3\"></span>t to a range of ri<span class=\"_ _3\"></span>sks ty<span class=\"_ _3\"></span>pical of t<span class=\"_ _3\"></span>he investment<span class=\"_ _3\"></span>s held, for exam<span class=\"_ _3\"></span>ple, cred<span class=\"_ _3\"></span>it risk on c<span class=\"_ _3\"></span>orpo<span class=\"_ _3\"></span>rate bond </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls111 ws49 gsc2d\">holdings<span class=\"_ _4\"></span>; and</div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc2e\"> <span class=\"_ _1dd\"></span>\u00bb<span class=\"_ _12b\"> </span><span class=\"ls1c\">a<span class=\"_ _3\"></span>ctuar<span class=\"_ _3\"></span>ial risk: t<span class=\"_ _3\"></span>he ultima<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e c<span class=\"_ _3\"></span>ost of provi<span class=\"_ _3\"></span>ding pens<span class=\"_ _3\"></span>ion benef<span class=\"_ _3\"></span>its is af<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cted by infl<span class=\"_ _3\"></span>ation rates an<span class=\"_ _3\"></span>d member<span class=\"_ _3\"></span>s\u2019 life expec<span class=\"_ _3\"></span>tancy. The net p<span class=\"_ _3\"></span>resent value<span class=\"_ _3\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsc2f\">of the ob<span class=\"_ _3\"></span>ligati<span class=\"_ _3\"></span>ons is af<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cted by the m<span class=\"_ _3\"></span>arket yield on hi<span class=\"_ _3\"></span>gh<span class=\"_ _3\"></span>-q<span class=\"_ _3\"></span>ualit<span class=\"_ _3\"></span>y cor<span class=\"_ _3\"></span>porate b<span class=\"_ _3\"></span>onds use<span class=\"_ _3\"></span>d to discount t<span class=\"_ _3\"></span>he oblig<span class=\"_ _3\"></span>ations.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc30\">Chan<span class=\"_ _3\"></span>ges in the p<span class=\"_ _3\"></span>rincip<span class=\"_ _3\"></span>al actu<span class=\"_ _3\"></span>arial as<span class=\"_ _3\"></span>sumptions b<span class=\"_ _3\"></span>ased on m<span class=\"_ _3\"></span>arket data<span class=\"_ _3\"></span>, such as inflat<span class=\"_ _3\"></span>ion and the d<span class=\"_ _3\"></span>iscount r<span class=\"_ _3\"></span>ate, and exper<span class=\"_ _3\"></span>ience, suc<span class=\"_ _3\"></span>h as life </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc31\">expe<span class=\"_ _3\"></span>ctanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, exp<span class=\"_ _3\"></span>ose the Grou<span class=\"_ _3\"></span>p to fluctua<span class=\"_ _3\"></span>tions in the n<span class=\"_ _3\"></span>et IAS 19 liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y and the net fin<span class=\"_ _3\"></span>ance co<span class=\"_ _3\"></span>st.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsc32\">Bal<span class=\"_ _3\"></span>four B<span class=\"_ _3\"></span>ea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y Pe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>on Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc33\">Th<span class=\"_ _3\"></span>e investment str<span class=\"_ _3\"></span>ategy of the B<span class=\"_ _3\"></span>BPF is to ho<span class=\"_ _3\"></span>ld assets of a<span class=\"_ _3\"></span>ppropr<span class=\"_ _3\"></span>iate liquid<span class=\"_ _3\"></span>ity a<span class=\"_ _3\"></span>nd marketab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>o g<span class=\"_ _3\"></span>enerate in<span class=\"_ _3\"></span>come and c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al grow<span class=\"_ _3\"></span>th. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc34\">Th<span class=\"_ _3\"></span>e<span class=\"_ gs52\"> </span>BBPF inves<span class=\"_ _3\"></span>ts par<span class=\"_ _3\"></span>tly in a di<span class=\"_ _3\"></span>versifie<span class=\"_ _3\"></span>d range of a<span class=\"_ _3\"></span>ssets inc<span class=\"_ _3\"></span>luding co<span class=\"_ _3\"></span>rpor<span class=\"_ _3\"></span>ate bonds<span class=\"_ _3\"></span>, equiti<span class=\"_ _3\"></span>es and hed<span class=\"_ _3\"></span>ge funds i<span class=\"_ _3\"></span>n anticip<span class=\"_ _3\"></span>ation that<span class=\"_ _3\"></span>, over the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc35\">lon<span class=\"_ _3\"></span>ger term, th<span class=\"_ _3\"></span>ey will grow in val<span class=\"_ _3\"></span>ue faster tha<span class=\"_ _3\"></span>n the schem<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>\u2019s obl<span class=\"_ _3\"></span>igation<span class=\"_ _3\"></span>s. The B<span class=\"_ _3\"></span>BPF has b<span class=\"_ _3\"></span>een und<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>aking a ph<span class=\"_ _3\"></span>ased wit<span class=\"_ _3\"></span>hdrawal fro<span class=\"_ _3\"></span>m equiti<span class=\"_ _3\"></span>es </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc36\">and he<span class=\"_ _3\"></span>dge fun<span class=\"_ _3\"></span>ds. The o<span class=\"_ _3\"></span>nly residu<span class=\"_ _3\"></span>al equit<span class=\"_ _3\"></span>ies held are a ver<span class=\"_ _3\"></span>y sm<span class=\"_ _3\"></span>all amount of em<span class=\"_ _3\"></span>erging ma<span class=\"_ _3\"></span>rket equities h<span class=\"_ _3\"></span>eld via p<span class=\"_ _3\"></span>oole<span class=\"_ _3\"></span>d funds. T<span class=\"_ _3\"></span>he remaini<span class=\"_ _3\"></span>ng </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc37\">BBP<span class=\"_ _3\"></span>F assets are p<span class=\"_ _3\"></span>rincip<span class=\"_ _3\"></span>ally fixe<span class=\"_ _3\"></span>d and index-<span class=\"_ _3\"></span>linked bo<span class=\"_ _3\"></span>nds and d<span class=\"_ _3\"></span>erivati<span class=\"_ _3\"></span>ves, provid<span class=\"_ _3\"></span>ing protect<span class=\"_ _3\"></span>ion aga<span class=\"_ _3\"></span>inst movement<span class=\"_ _3\"></span>s in inflatio<span class=\"_ _3\"></span>n and interest rates </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc38\">and he<span class=\"_ _3\"></span>nce enhan<span class=\"_ _3\"></span>cing the res<span class=\"_ _3\"></span>ilience of th<span class=\"_ _3\"></span>e funding l<span class=\"_ _3\"></span>evel of the sche<span class=\"_ _3\"></span>me. The p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>mance of t<span class=\"_ _3\"></span>he assets is m<span class=\"_ _3\"></span>easured ag<span class=\"_ _3\"></span>ainst ma<span class=\"_ _3\"></span>rk<span class=\"_ _4\"></span>et i<span class=\"_ _3\"></span>ndices<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc39\">Th<span class=\"_ _3\"></span>e BBPF\u2019s define<span class=\"_ _3\"></span>d benefi<span class=\"_ _3\"></span>t sectio<span class=\"_ _3\"></span>n is expose<span class=\"_ _3\"></span>d to a number of li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y related ri<span class=\"_ _3\"></span>sks, namel<span class=\"_ _3\"></span>y chang<span class=\"_ _3\"></span>es in gilt y<span class=\"_ _3\"></span>ields, infl<span class=\"_ _3\"></span>ation an<span class=\"_ _3\"></span>d the long<span class=\"_ _3\"></span>evity </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc3a\">of<span class=\"_ gs52\"> </span>the sc<span class=\"_ _3\"></span>heme\u2019<span class=\"_ _4\"></span>s m<span class=\"_ _3\"></span>ember<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc3b\">W<span class=\"_ _3\"></span>ith respec<span class=\"_ _3\"></span>t to interest rate and inf<span class=\"_ _3\"></span>lation ri<span class=\"_ _3\"></span>sks, the tru<span class=\"_ _3\"></span>stee seeks to miti<span class=\"_ _3\"></span>gate the maj<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y of these ri<span class=\"_ _3\"></span>sks through i<span class=\"_ _3\"></span>ts liabili<span class=\"_ _3\"></span>ty he<span class=\"_ _3\"></span>dging p<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>folio. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc3c\">Thi<span class=\"_ _3\"></span>s is a segreg<span class=\"_ _3\"></span>ated por<span class=\"_ _3\"></span>tfo<span class=\"_ _3\"></span>lio of hedg<span class=\"_ _3\"></span>ing asset<span class=\"_ _3\"></span>s which inc<span class=\"_ _3\"></span>ludes phy<span class=\"_ _3\"></span>sical gi<span class=\"_ _3\"></span>lts, gilt re<span class=\"_ _3\"></span>purchas<span class=\"_ _3\"></span>e agreement<span class=\"_ _3\"></span>s and interest rate an<span class=\"_ _3\"></span>d inflatio<span class=\"_ _3\"></span>n swaps. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsc3d\">Th<span class=\"_ _3\"></span>e current ob<span class=\"_ _3\"></span>jective of t<span class=\"_ _3\"></span>he por<span class=\"_ _3\"></span>tfoli<span class=\"_ _3\"></span>o is to hedge 10<span class=\"_ _3\"></span>0% of the imp<span class=\"_ _3\"></span>act th<span class=\"_ _3\"></span>at chang<span class=\"_ _3\"></span>es in interest rates an<span class=\"_ _3\"></span>d inflation c<span class=\"_ _3\"></span>an have on th<span class=\"_ _3\"></span>e funding p<span class=\"_ _3\"></span>ositio<span class=\"_ _3\"></span>n.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc3e\">Th<span class=\"_ _3\"></span>e BBPF\u2019s Fidu<span class=\"_ _3\"></span>ciar<span class=\"_ _3\"></span>y Man<span class=\"_ _3\"></span>ager and I<span class=\"_ _3\"></span>nvestment C<span class=\"_ _3\"></span>ommit<span class=\"_ _3\"></span>tee closel<span class=\"_ _3\"></span>y monitor t<span class=\"_ _3\"></span>he collater<span class=\"_ _3\"></span>al being h<span class=\"_ _3\"></span>eld withi<span class=\"_ _3\"></span>n the liabi<span class=\"_ _3\"></span>lity he<span class=\"_ _3\"></span>dging p<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tfolio </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc3f\">to<span class=\"_ gs52\"> </span>ensure th<span class=\"_ _3\"></span>at the schem<span class=\"_ _3\"></span>e holds su<span class=\"_ _3\"></span>ffic<span class=\"_ _3\"></span>ient coll<span class=\"_ _3\"></span>ateral to supp<span class=\"_ _3\"></span>ort i<span class=\"_ _3\"></span>ts liabi<span class=\"_ _3\"></span>lity h<span class=\"_ _3\"></span>edging p<span class=\"_ _3\"></span>rogram<span class=\"_ _3\"></span>me.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc40\">W<span class=\"_ _3\"></span>ith respec<span class=\"_ _3\"></span>t to longev<span class=\"_ _3\"></span>ity r<span class=\"_ _3\"></span>isk the BBP<span class=\"_ _3\"></span>F has a lon<span class=\"_ _3\"></span>gevit<span class=\"_ _3\"></span>y swap co<span class=\"_ _3\"></span>ntract a<span class=\"_ _3\"></span>s par<span class=\"_ _3\"></span>t of the investme<span class=\"_ _3\"></span>nt por<span class=\"_ _3\"></span>tfolio w<span class=\"_ _3\"></span>hich will p<span class=\"_ _3\"></span>rovide inc<span class=\"_ _3\"></span>ome in the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc41\">event that p<span class=\"_ _3\"></span>ensions a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>aid out for l<span class=\"_ _3\"></span>onger. The fair v<span class=\"_ _3\"></span>alue of the lon<span class=\"_ _3\"></span>gevit<span class=\"_ _3\"></span>y swap ha<span class=\"_ _3\"></span>s been inc<span class=\"_ _3\"></span>luded a<span class=\"_ _3\"></span>s par<span class=\"_ _3\"></span>t of the fair valu<span class=\"_ _3\"></span>e of plan ass<span class=\"_ _3\"></span>ets.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc42\">Th<span class=\"_ _3\"></span>e Group op<span class=\"_ _3\"></span>erates a Sc<span class=\"_ _3\"></span>ottish L<span class=\"_ _3\"></span>imited Pa<span class=\"_ _3\"></span>rtn<span class=\"_ _3\"></span>ership (S<span class=\"_ _3\"></span>LP) s<span class=\"_ _3\"></span>tructu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e w<span class=\"_ _3\"></span>hich ho<span class=\"_ _3\"></span>lds the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s 4<span class=\"_ _3\"></span>0% interest in the B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am Hosp<span class=\"_ _3\"></span>ital P<span class=\"_ _3\"></span>FI </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc43\">investm<span class=\"_ _3\"></span>ent and the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s 15<span class=\"_ _4\"></span>% sh<span class=\"_ _3\"></span>are of the Con<span class=\"_ _3\"></span>nect Pl<span class=\"_ _3\"></span>us (M25<span class=\"_ _3\"></span>) asset. T<span class=\"_ _3\"></span>he BBP<span class=\"_ _3\"></span>F is a par<span class=\"_ _3\"></span>tner in the S<span class=\"_ _3\"></span>LP and i<span class=\"_ _3\"></span>s entitled to a sh<span class=\"_ _3\"></span>are of the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc44\">inc<span class=\"_ _3\"></span>ome of the SL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>. In acc<span class=\"_ _3\"></span>ordanc<span class=\"_ _3\"></span>e with IF<span class=\"_ _3\"></span>RS 1<span class=\"_ _4\"></span>0 C<span class=\"_ _3\"></span>onso<span class=\"_ _3\"></span>lidated Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Statement<span class=\"_ _3\"></span>s, the SL<span class=\"_ _3\"></span>P is deeme<span class=\"_ _3\"></span>d to be contro<span class=\"_ _3\"></span>lled by the G<span class=\"_ _3\"></span>roup, whic<span class=\"_ _3\"></span>h </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc45\">retains t<span class=\"_ _3\"></span>he abilit<span class=\"_ _3\"></span>y to subst<span class=\"_ _3\"></span>itute the investm<span class=\"_ _3\"></span>ent in the Bir<span class=\"_ _3\"></span>mingham H<span class=\"_ _3\"></span>ospit<span class=\"_ _3\"></span>al PFI inves<span class=\"_ _3\"></span>tment and the C<span class=\"_ _3\"></span>onne<span class=\"_ _3\"></span>ct Plus (<span class=\"_ _3\"></span>M25) as<span class=\"_ _3\"></span>set for other </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc46\">investm<span class=\"_ _3\"></span>ents from time to ti<span class=\"_ _3\"></span>me. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsc47\">Und<span class=\"_ _3\"></span>er IA<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>9, t<span class=\"_ _3\"></span>he investment he<span class=\"_ _3\"></span>ld by the BB<span class=\"_ _3\"></span>PF in the S<span class=\"_ _3\"></span>LP doe<span class=\"_ _3\"></span>s not consti<span class=\"_ _3\"></span>tute a plan as<span class=\"_ _3\"></span>set and therefore th<span class=\"_ _3\"></span>e pension s<span class=\"_ _3\"></span>urplus p<span class=\"_ _3\"></span>resented in thes<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsc48\">fina<span class=\"_ _3\"></span>ncial st<span class=\"_ _3\"></span>atements do<span class=\"_ _3\"></span>es not reflec<span class=\"_ _3\"></span>t the BBP<span class=\"_ _3\"></span>F\u2019<span class=\"_ _4\"></span>s interes<span class=\"_ _3\"></span>t in the SL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>. Distri<span class=\"_ _3\"></span>butions fro<span class=\"_ _3\"></span>m the SL<span class=\"_ _3\"></span>P to the BBP<span class=\"_ _3\"></span>F will be refle<span class=\"_ _3\"></span>cted in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsc49\">fina<span class=\"_ _3\"></span>ncial st<span class=\"_ _3\"></span>atements as p<span class=\"_ _3\"></span>ension c<span class=\"_ _3\"></span>ontribut<span class=\"_ _3\"></span>ions on a c<span class=\"_ _3\"></span>ash basis<span class=\"_ _3\"></span>. In 202<span class=\"_ _3\"></span>3, the B<span class=\"_ _3\"></span>BPF rec<span class=\"_ _3\"></span>eived dist<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>ons of \u00a3<span class=\"_ _3\"></span>2m from the SL<span class=\"_ _3\"></span>P (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>2m). </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc4a\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the truste<span class=\"_ _3\"></span>es of the BBP<span class=\"_ _3\"></span>F have reconf<span class=\"_ _3\"></span>irmed th<span class=\"_ _3\"></span>eir commi<span class=\"_ _3\"></span>tment to a jour<span class=\"_ _3\"></span>ney plan ap<span class=\"_ _3\"></span>proac<span class=\"_ _3\"></span>h t<span class=\"_ _4\"></span>o m<span class=\"_ _3\"></span>anagi<span class=\"_ _3\"></span>ng the BBP<span class=\"_ _3\"></span>F with the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc4b\">aim of rea<span class=\"_ _3\"></span>ching self<span class=\"_ _3\"></span>-su<span class=\"_ _3\"></span>ffici<span class=\"_ _3\"></span>ency by 2<span class=\"_ _3\"></span>027<span class=\"_ _5\"></span>. T<span class=\"_ _3\"></span>he C<span class=\"_ _3\"></span>ompany an<span class=\"_ _3\"></span>d trustees h<span class=\"_ _3\"></span>ave agreed th<span class=\"_ _3\"></span>e 31 March 20<span class=\"_ _3\"></span>22 for<span class=\"_ _3\"></span>mal valua<span class=\"_ _3\"></span>tion and as a res<span class=\"_ _3\"></span>ult Balfour </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc4c\">Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y made def<span class=\"_ _3\"></span>icit co<span class=\"_ _3\"></span>ntributi<span class=\"_ _3\"></span>ons to the BBP<span class=\"_ _3\"></span>F of \u00a319m in 20<span class=\"_ _3\"></span>23 (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>m) and has ag<span class=\"_ _3\"></span>reed to pay def<span class=\"_ _3\"></span>icit cont<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>ons to the BBP<span class=\"_ _3\"></span>F of \u00a324<span class=\"_ _3\"></span>m </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc4d\">in 20<span class=\"_ _3\"></span>24 and \u00a3<span class=\"_ _3\"></span>6m in 20<span class=\"_ _3\"></span>25. T<span class=\"_ _3\"></span>he Co<span class=\"_ _3\"></span>mpany and t<span class=\"_ _3\"></span>he trustees ex<span class=\"_ _3\"></span>pect to t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e fu<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>er steps over the c<span class=\"_ _3\"></span>oming mo<span class=\"_ _3\"></span>nths to reduce t<span class=\"_ _3\"></span>he overall risk i<span class=\"_ _3\"></span>n the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc4e\">sche<span class=\"_ _3\"></span>me and the C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny has agree<span class=\"_ _3\"></span>d that add<span class=\"_ _3\"></span>itiona<span class=\"_ _3\"></span>l amounts w<span class=\"_ _3\"></span>ill beco<span class=\"_ _3\"></span>me payab<span class=\"_ _3\"></span>le at \u00a3<span class=\"_ _3\"></span>2m per month fro<span class=\"_ _3\"></span>m March 2<span class=\"_ _3\"></span>025 if th<span class=\"_ _3\"></span>e BBPF\u2019s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc4f\">per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance is mater<span class=\"_ _3\"></span>ially d<span class=\"_ _3\"></span>ifferent from t<span class=\"_ _3\"></span>hat expec<span class=\"_ _3\"></span>ted. T<span class=\"_ _3\"></span>he next form<span class=\"_ _3\"></span>al trienn<span class=\"_ _3\"></span>ial fundin<span class=\"_ _3\"></span>g valuati<span class=\"_ _3\"></span>on is due wit<span class=\"_ _3\"></span>h effect f<span class=\"_ _3\"></span>rom 31 March 2<span class=\"_ _3\"></span>025<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc50\">Thi<span class=\"_ _3\"></span>s agreeme<span class=\"_ _3\"></span>nt constitu<span class=\"_ _3\"></span>tes a minimum fun<span class=\"_ _3\"></span>ding requi<span class=\"_ _3\"></span>rement (M<span class=\"_ _3\"></span>FR) und<span class=\"_ _3\"></span>er IFRI<span class=\"_ _3\"></span>C 1<span class=\"_ _4\"></span>4 I<span class=\"_ _3\"></span>AS 19: The L<span class=\"_ _3\"></span>imit on a D<span class=\"_ _3\"></span>efined Ben<span class=\"_ _3\"></span>efit As<span class=\"_ _3\"></span>set, Minim<span class=\"_ _3\"></span>um </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc51\">Fund<span class=\"_ _3\"></span>ing Requi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ments and t<span class=\"_ _3\"></span>heir Interac<span class=\"_ _3\"></span>tion. T<span class=\"_ _3\"></span>he Group h<span class=\"_ _3\"></span>as not reco<span class=\"_ _3\"></span>gnised any li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s in relation to thi<span class=\"_ _3\"></span>s MFR as any sur<span class=\"_ _3\"></span>plus of def<span class=\"_ _3\"></span>icit </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc52\">cont<span class=\"_ _3\"></span>ributio<span class=\"_ _3\"></span>ns to the BBP<span class=\"_ _3\"></span>F would be re<span class=\"_ _3\"></span>coverab<span class=\"_ _3\"></span>le by way of a refund an<span class=\"_ _3\"></span>d the Group h<span class=\"_ _3\"></span>as the unc<span class=\"_ _3\"></span>onditio<span class=\"_ _3\"></span>nal right to th<span class=\"_ _3\"></span>e surplu<span class=\"_ _3\"></span>s and control<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc53\">the<span class=\"_ gs52\"> </span>ru<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>f of the ben<span class=\"_ _3\"></span>efit obli<span class=\"_ _3\"></span>gations o<span class=\"_ _3\"></span>nce all othe<span class=\"_ _3\"></span>r oblig<span class=\"_ _3\"></span>ations of the B<span class=\"_ _3\"></span>BPF have b<span class=\"_ _3\"></span>een set<span class=\"_ _3\"></span>tled.<span class=\"_ _3ab\"> </span></div>Railways Pension Sc<span class=\"_ _3\"></span>heme<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e RPS is a s<span class=\"_ _3\"></span>hared cos<span class=\"_ _3\"></span>t scheme. T<span class=\"_ _3\"></span>he leg<span class=\"_ _3\"></span>al respo<span class=\"_ _3\"></span>nsibilit<span class=\"_ _3\"></span>y of the Gro<span class=\"_ _3\"></span>up in the RP<span class=\"_ _3\"></span>S is app<span class=\"_ _3\"></span>roximately 6<span class=\"_ _3\"></span>0% of the s<span class=\"_ _3\"></span>cheme\u2019s assets and l<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es bas<span class=\"_ _3\"></span>ed on the releva<span class=\"_ _3\"></span>nt provision<span class=\"_ _3\"></span>s of the trust d<span class=\"_ _3\"></span>eed and r<span class=\"_ _3\"></span>ules and tr<span class=\"_ _3\"></span>ustee guid<span class=\"_ _3\"></span>elines reg<span class=\"_ _3\"></span>arding futu<span class=\"_ _3\"></span>re surplus a<span class=\"_ _3\"></span>ppor<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>ments and d<span class=\"_ _3\"></span>eficit fin<span class=\"_ _3\"></span>ancing<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e assumed c<span class=\"_ _3\"></span>ost of provi<span class=\"_ _3\"></span>ding future se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ice benef<span class=\"_ _3\"></span>its is spli<span class=\"_ _3\"></span>t betwe<span class=\"_ _3\"></span>en the Grou<span class=\"_ _3\"></span>p and the mem<span class=\"_ _3\"></span>bers in th<span class=\"_ _3\"></span>e ratio 6<span class=\"_ _3\"></span>0:4<span class=\"_ _3\"></span>0. Bec<span class=\"_ _3\"></span>ause of a de<span class=\"_ _3\"></span>clining p<span class=\"_ _3\"></span>opulati<span class=\"_ _3\"></span>on of acti<span class=\"_ _3\"></span>ve member<span class=\"_ _3\"></span>s, it has b<span class=\"_ _3\"></span>ecome l<span class=\"_ _3\"></span>ess likely tha<span class=\"_ _3\"></span>t the Group\u2019s costs of m<span class=\"_ _3\"></span>eeting any def<span class=\"_ _3\"></span>icits wou<span class=\"_ _3\"></span>ld be ca<span class=\"_ _3\"></span>pped in line w<span class=\"_ _3\"></span>ith its str<span class=\"_ _3\"></span>ict leg<span class=\"_ _3\"></span>al obli<span class=\"_ _3\"></span>gation of 6<span class=\"_ _3\"></span>0% as me<span class=\"_ _3\"></span>mbers mi<span class=\"_ _3\"></span>ght only b<span class=\"_ _3\"></span>e able to af<span class=\"_ _3\"></span>ford to fund a small p<span class=\"_ _3\"></span>ropor<span class=\"_ _3\"></span>tion of t<span class=\"_ _3\"></span>he scheme d<span class=\"_ _3\"></span>eficit. I<span class=\"_ _3\"></span>t has therefore b<span class=\"_ _3\"></span>een assume<span class=\"_ _3\"></span>d that the G<span class=\"_ _3\"></span>roup will b<span class=\"_ _3\"></span>e responsi<span class=\"_ _3\"></span>ble for 100% of a<span class=\"_ _3\"></span>ny deficit a<span class=\"_ _3\"></span>nd the bal<span class=\"_ _3\"></span>ance sheet a<span class=\"_ _3\"></span>ssets and o<span class=\"_ _3\"></span>bligat<span class=\"_ _3\"></span>ions disc<span class=\"_ _3\"></span>losed<span class=\"_ _3\"></span>, therefore, are e<span class=\"_ _3\"></span>qual to 100% of t<span class=\"_ _3\"></span>he total sche<span class=\"_ _3\"></span>me assets a<span class=\"_ _3\"></span>nd oblig<span class=\"_ _3\"></span>ations. Th<span class=\"_ _3\"></span>e RPS inves<span class=\"_ _3\"></span>ts in a rang<span class=\"_ _3\"></span>e of pool<span class=\"_ _3\"></span>ed investment f<span class=\"_ _3\"></span>unds intende<span class=\"_ _3\"></span>d to genera<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e a c<span class=\"_ _3\"></span>ombin<span class=\"_ _3\"></span>ation of ca<span class=\"_ _3\"></span>pital g<span class=\"_ _3\"></span>rowth a<span class=\"_ _3\"></span>nd incom<span class=\"_ _3\"></span>e and, as d<span class=\"_ _3\"></span>et<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rmined by the tr<span class=\"_ _3\"></span>ustee, tak<span class=\"_ _3\"></span>ing acc<span class=\"_ _3\"></span>ount of the cha<span class=\"_ _3\"></span>racteri<span class=\"_ _3\"></span>stics of th<span class=\"_ _3\"></span>e oblig<span class=\"_ _3\"></span>ations and t<span class=\"_ _3\"></span>he trustee\u2019s atti<span class=\"_ _3\"></span>tude to risk<span class=\"_ _3\"></span>. The maj<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y of the RP<span class=\"_ _3\"></span>S\u2019s assets th<span class=\"_ _3\"></span>at are intend<span class=\"_ _3\"></span>ed to genera<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>dditi<span class=\"_ _3\"></span>onal returns<span class=\"_ _3\"></span>, over the rate at wh<span class=\"_ _3\"></span>ich the ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns are expec<span class=\"_ _3\"></span>ted to grow<span class=\"_ _4\"></span>, a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e i<span class=\"_ _3\"></span>nv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sted in a sing<span class=\"_ _3\"></span>le pool<span class=\"_ _3\"></span>ed grow<span class=\"_ _3\"></span>th fund<span class=\"_ _3\"></span>. This fun<span class=\"_ _3\"></span>d is invested in a wid<span class=\"_ _3\"></span>e range of a<span class=\"_ _3\"></span>sset clas<span class=\"_ _3\"></span>ses and the fu<span class=\"_ _3\"></span>nd manag<span class=\"_ _3\"></span>er Railp<span class=\"_ _3\"></span>en has the d<span class=\"_ _3\"></span>iscretion to va<span class=\"_ _3\"></span>ry th<span class=\"_ _3\"></span>e asset allo<span class=\"_ _3\"></span>catio<span class=\"_ _3\"></span>n t<span class=\"_ _4\"></span>o reflec<span class=\"_ _3\"></span>t its views o<span class=\"_ _3\"></span>n the relati<span class=\"_ _3\"></span>ve attra<span class=\"_ _3\"></span>ctivene<span class=\"_ _3\"></span>ss of dif<span class=\"_ _3\"></span>ferent asset cla<span class=\"_ _3\"></span>sses at any tim<span class=\"_ _3\"></span>e. The rem<span class=\"_ _3\"></span>aining asset<span class=\"_ _3\"></span>s in the RP<span class=\"_ _3\"></span>S are prin<span class=\"_ _3\"></span>cipall<span class=\"_ _3\"></span>y fixed and index-<span class=\"_ _3\"></span>link<span class=\"_ _4\"></span>ed b<span class=\"_ _3\"></span>onds.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e RPS is ex<span class=\"_ _3\"></span>posed to a nu<span class=\"_ _3\"></span>mber of lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y related risks<span class=\"_ _3\"></span>, namel<span class=\"_ _3\"></span>y change<span class=\"_ _3\"></span>s in gilt yie<span class=\"_ _3\"></span>lds, infl<span class=\"_ _3\"></span>ation and th<span class=\"_ _3\"></span>e longev<span class=\"_ _3\"></span>ity of th<span class=\"_ _3\"></span>e scheme\u2019s membe<span class=\"_ _3\"></span>rs. W<span class=\"_ _3\"></span>ith respec<span class=\"_ _3\"></span>t to interest rate and inf<span class=\"_ _3\"></span>lation ri<span class=\"_ _3\"></span>sks, the str<span class=\"_ _3\"></span>ategic asset a<span class=\"_ _3\"></span>lloca<span class=\"_ _3\"></span>tion was reviewe<span class=\"_ _3\"></span>d and amen<span class=\"_ _3\"></span>ded in 20<span class=\"_ _3\"></span>23 to mit<span class=\"_ _3\"></span>igate these r<span class=\"_ _3\"></span>isks by incre<span class=\"_ _3\"></span>asing the al<span class=\"_ _3\"></span>locat<span class=\"_ _3\"></span>ion to fixed and i<span class=\"_ _3\"></span>ndex-<span class=\"_ _3\"></span>linked bon<span class=\"_ _3\"></span>d poole<span class=\"_ _3\"></span>d funds. T<span class=\"_ _3\"></span>he cur<span class=\"_ _3\"></span>rent objec<span class=\"_ _3\"></span>tive of the po<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>folio is to hed<span class=\"_ _3\"></span>ge around 10<span class=\"_ _3\"></span>0% of the imp<span class=\"_ _3\"></span>act that c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n interest rates and i<span class=\"_ _3\"></span>nflation c<span class=\"_ _3\"></span>an have on the fu<span class=\"_ _3\"></span>nding p<span class=\"_ _3\"></span>osition<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rmal tr<span class=\"_ _3\"></span>iennial fun<span class=\"_ _3\"></span>ding valu<span class=\"_ _3\"></span>ation of the R<span class=\"_ _3\"></span>PS as at 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 2019 was com<span class=\"_ _3\"></span>pleted in De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 2021, with the Gro<span class=\"_ _3\"></span>up agreein<span class=\"_ _3\"></span>g to cont<span class=\"_ _3\"></span>inue to make fixed defi<span class=\"_ _3\"></span>cit contr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>ns of \u00a36<span class=\"_ _3\"></span>m per annum w<span class=\"_ _3\"></span>hich sho<span class=\"_ _3\"></span>uld reduc<span class=\"_ _3\"></span>e the defic<span class=\"_ _3\"></span>it to z<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ro by 2025<span class=\"_ _3\"></span>. This a<span class=\"_ _3\"></span>greement c<span class=\"_ _3\"></span>onstitute<span class=\"_ _3\"></span>s a MF<span class=\"_ _3\"></span>R under IF<span class=\"_ _3\"></span>RIC 14 IA<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>9: T<span class=\"_ _3\"></span>he Lim<span class=\"_ _3\"></span>it on a Define<span class=\"_ _3\"></span>d Benefit A<span class=\"_ _3\"></span>sset, M<span class=\"_ _3\"></span>inimum Fun<span class=\"_ _3\"></span>ding Req<span class=\"_ _3\"></span>uirements an<span class=\"_ _3\"></span>d their Intera<span class=\"_ _3\"></span>ction. T<span class=\"_ _3\"></span>he Group h<span class=\"_ _3\"></span>as not reco<span class=\"_ _3\"></span>gnised any li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es in relatio<span class=\"_ _3\"></span>n to this MFR as a<span class=\"_ _3\"></span>ny surplus of d<span class=\"_ _3\"></span>eficit co<span class=\"_ _3\"></span>ntribut<span class=\"_ _3\"></span>ions to the RP<span class=\"_ _3\"></span>S would b<span class=\"_ _3\"></span>e recovera<span class=\"_ _3\"></span>ble by way of a refun<span class=\"_ _3\"></span>d and the Gro<span class=\"_ _3\"></span>up has the u<span class=\"_ _3\"></span>ncondi<span class=\"_ _3\"></span>tional r<span class=\"_ _3\"></span>ight to the sur<span class=\"_ _3\"></span>plus and co<span class=\"_ _3\"></span>ntrols the ru<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>f of the ben<span class=\"_ _3\"></span>efit obli<span class=\"_ _3\"></span>gations o<span class=\"_ _3\"></span>nce all othe<span class=\"_ _3\"></span>r oblig<span class=\"_ _3\"></span>ations of the R<span class=\"_ _3\"></span>PS have be<span class=\"_ _3\"></span>en settl<span class=\"_ _3\"></span>ed. A form<span class=\"_ _3\"></span>al triennia<span class=\"_ _3\"></span>l valuatio<span class=\"_ _3\"></span>n of the RP<span class=\"_ _3\"></span>S as at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>022 i<span class=\"_ _3\"></span>s currently o<span class=\"_ _3\"></span>ngoin<span class=\"_ _3\"></span>g. The tr<span class=\"_ _3\"></span>ustee and B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y have reache<span class=\"_ _3\"></span>d agreem<span class=\"_ _3\"></span>ent in pri<span class=\"_ _3\"></span>nciple a<span class=\"_ _3\"></span>s to the financ<span class=\"_ _3\"></span>ial and de<span class=\"_ _3\"></span>mogra<span class=\"_ _3\"></span>phic assu<span class=\"_ _3\"></span>mptions to b<span class=\"_ _3\"></span>e adopted for t<span class=\"_ _3\"></span>he purp<span class=\"_ _3\"></span>ose of this val<span class=\"_ _3\"></span>uation; whic<span class=\"_ _3\"></span>h would inc<span class=\"_ _3\"></span>lude the G<span class=\"_ _3\"></span>roup cont<span class=\"_ _3\"></span>inuing to make fixed d<span class=\"_ _3\"></span>eficit co<span class=\"_ _3\"></span>ntribut<span class=\"_ _3\"></span>ions of \u00a36<span class=\"_ _3\"></span>m per ann<span class=\"_ _3\"></span>um until Feb<span class=\"_ _3\"></span>ruar<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>25.<span class=\"_ _3ab\"> </span>Other sche<span class=\"_ _3\"></span>mes<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her schem<span class=\"_ _3\"></span>es comp<span class=\"_ _3\"></span>rise unfund<span class=\"_ _3\"></span>ed pos<span class=\"_ _3\"></span>t-retire<span class=\"_ _3\"></span>ment benefi<span class=\"_ _3\"></span>t oblig<span class=\"_ _3\"></span>ations in Euro<span class=\"_ _3\"></span>pe, the maj<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y of which are c<span class=\"_ _3\"></span>losed to new ent<span class=\"_ _3\"></span>rants, and d<span class=\"_ _3\"></span>eferred com<span class=\"_ _3\"></span>pensat<span class=\"_ _3\"></span>ion sche<span class=\"_ _3\"></span>mes in Nor<span class=\"_ _3\"></span>th A<span class=\"_ _3\"></span>meric<span class=\"_ _3\"></span>a, whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>n element of em<span class=\"_ _3\"></span>ployees\u2019 co<span class=\"_ _3\"></span>mpens<span class=\"_ _3\"></span>ation is defer<span class=\"_ _3\"></span>red and invested i<span class=\"_ _3\"></span>n investments i<span class=\"_ _3\"></span>n mutual fund<span class=\"_ _3\"></span>s (as discl<span class=\"_ _3\"></span>osed in N<span class=\"_ _3\"></span>ote 20.<span class=\"_ _5\"></span>1) in a trust<span class=\"_ _3\"></span>, the asset<span class=\"_ _3\"></span>s of which are for t<span class=\"_ _3\"></span>he ultimate b<span class=\"_ _3\"></span>enefit of the e<span class=\"_ _3\"></span>mployees b<span class=\"_ _3\"></span>ut are availa<span class=\"_ _3\"></span>ble to the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s cred<span class=\"_ _3\"></span>itors in the event of in<span class=\"_ _3\"></span>solvenc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group also p<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ticipa<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s in The P<span class=\"_ _3\"></span>lumbing &amp; M<span class=\"_ _3\"></span>echani<span class=\"_ _3\"></span>cal Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices Ind<span class=\"_ _3\"></span>ustr<span class=\"_ _3\"></span>y Pension S<span class=\"_ _3\"></span>cheme (<span class=\"_ _3\"></span>Plumb<span class=\"_ _3\"></span>ers Sch<span class=\"_ _3\"></span>eme), whic<span class=\"_ _3\"></span>h is an indust<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>-w<span class=\"_ _3\"></span>ide non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>asso<span class=\"_ _3\"></span>ciated mul<span class=\"_ _3\"></span>ti-<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>ployer defi<span class=\"_ _3\"></span>ned benef<span class=\"_ _3\"></span>it schem<span class=\"_ _3\"></span>e. As the P<span class=\"_ _3\"></span>lumber<span class=\"_ _3\"></span>s Schem<span class=\"_ _3\"></span>e does not se<span class=\"_ _3\"></span>gregate as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s betwee<span class=\"_ _3\"></span>n the dif<span class=\"_ _3\"></span>ferent par<span class=\"_ _3\"></span>tici<span class=\"_ _3\"></span>pating e<span class=\"_ _3\"></span>mployers<span class=\"_ _3\"></span>, the Group\u2019s only o<span class=\"_ _3\"></span>bligat<span class=\"_ _3\"></span>ion to the Plu<span class=\"_ _3\"></span>mbers S<span class=\"_ _3\"></span>cheme is to p<span class=\"_ _3\"></span>ay the contr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>ns requeste<span class=\"_ _3\"></span>d by the sche<span class=\"_ _3\"></span>me trustees a<span class=\"_ _3\"></span>s they fall d<span class=\"_ _3\"></span>ue. In acc<span class=\"_ _3\"></span>ordan<span class=\"_ _3\"></span>ce with I<span class=\"_ _3\"></span>AS 19, this ob<span class=\"_ _3\"></span>ligati<span class=\"_ _3\"></span>on has bee<span class=\"_ _3\"></span>n acco<span class=\"_ _3\"></span>unted for on a defin<span class=\"_ _3\"></span>ed contri<span class=\"_ _3\"></span>bution b<span class=\"_ _3\"></span>asis and th<span class=\"_ _3\"></span>e relevant emp<span class=\"_ _3\"></span>loyer cont<span class=\"_ _3\"></span>ributio<span class=\"_ _3\"></span>ns have been c<span class=\"_ _3\"></span>harge<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Me<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>rsh<span class=\"_ _3\"></span>ip of th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cipa<span class=\"_ _3\"></span>l sch<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Ba<span class=\"_ _3\"></span>lf<span class=\"_ _3\"></span>our B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Pen<span class=\"_ _3\"></span>sio<span class=\"_ _3\"></span>n Fun<span class=\"_ _3\"></span>d 202<span class=\"_ _3\"></span>3<span class=\"_ _1f4\"> </span><span class=\"ls33 ws2c\">Railways P<span class=\"_ _4\"></span>ens<span class=\"_ _3\"></span>ion<span class=\"_ _4\"></span> Scheme 2023<span class=\"_ _b8\"> </span><span class=\"ff47 ls5 ws3\">Ba<span class=\"_ _3\"></span>lfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty Pe<span class=\"_ _3\"></span>nsio<span class=\"_ _3\"></span>n Fund 20<span class=\"_ _3\"></span>22<span class=\"_ _122\"> </span>Rail<span class=\"_ _3\"></span>ways Pe<span class=\"_ _3\"></span>nsio<span class=\"_ _3\"></span>n Sche<span class=\"_ _3\"></span>me 20<span class=\"_ _3\"></span>22<span class=\"_ _3ab\"> </span></span></span>Number<span class=\"_ _3ab\"> </span>of<span class=\"_ _3ab\"> </span>members<span class=\"_ _3ab\"> </span>Defined<span class=\"_ _3ab\"> </span>benefit<span class=\"_ _3ab\"> </span>obligations<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span>duration Ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Number<span class=\"_ _3ab\"> </span>of<span class=\"ls5 ws3\"> </span>members<span class=\"_ _3ab\"> </span>Defined<span class=\"_ _4\"></span><span class=\"ls5 ws3\"> </span>benefit<span class=\"ls5 ws3\"> </span>obligations<span class=\"ls5 ws3\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span>duration Ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Number<span class=\"_ _3ab\"> </span>of<span class=\"_ _3ab\"> </span>members<span class=\"_ _3ab\"> </span>Define<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span>benefit<span class=\"_ _3ab\"> </span>obligati<span class=\"_ _3\"></span>ons<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Averag<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span>duration<span class=\"_ _3ab\"> </span>Ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rs<span class=\"_ _3ab\"> </span>Number<span class=\"_ _3ab\"> </span>of<span class=\"ls5 ws3\"> </span>members<span class=\"_ _3ab\"> </span>Define<span class=\"_ _3\"></span>d<span class=\"ls5 ws3\"> </span>benefit<span class=\"ls5 ws3\"> </span>obligati<span class=\"_ _3\"></span>ons<span class=\"ls5 ws3\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Averag<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span>duration<span class=\"_ _3ab\"> </span>Ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rs<span class=\"_ _3ab\"> </span>Defined benefit<span class=\"_ _20\"> </span><span class=\"ff46 ls5 ws3\"> <span class=\"_ _81\"> </span> <span class=\"_ _25\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _ff\"> </span> <span class=\"_ _27\"> </span> <span class=\"_ _132\"> </span><span class=\"ff47\"> <span class=\"_ _10a\"> </span> <span class=\"_ _25\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _bf\"> </span> <span class=\"_ _a8\"> </span> <span class=\"_ _27\"> </span> <span class=\"_ _128\"> </span> </span></span>\u2013 act<span class=\"_ _3\"></span>ive memb<span class=\"_ _3\"></span>ers<span class=\"_ _a0\"> </span><span class=\"ff46\">1<span class=\"_ _98\"> </span>1<span class=\"_ _de\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _f2\"> </span><span class=\"ls109 ws87\">70<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">26<span class=\"_ _f6\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _1cf\"> </span></span></span></span></span></span> <span class=\"_ _10a\"> </span>1<span class=\"_ _f2\"> </span>1<span class=\"_ _d6\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _1cf\"> </span></span> <span class=\"_ _f\"> </span><span class=\"lsab wsa1\">92<span class=\"_ _b5\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _d6\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _3ab\"> </span></span></span></span>\u2013 <span class=\"_ _5d\"> </span> d<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred pensioners<span class=\"_ _ff\"> </span><span class=\"ff46 ls8b ws4\">8,7<span class=\"_ _3\"></span>70<span class=\"_ _5f\"> </span><span class=\"ls93 wsfa\">1,0<span class=\"_ _3\"></span>07<span class=\"_ _110\"> </span><span class=\"ls90 ws116\">18<span class=\"_ _b5\"> </span></span></span></span><span class=\"ff46\">97<span class=\"_ _3\"></span>2<span class=\"_ _cc\"> </span><span class=\"ls18b ws188\">90<span class=\"_ _f6\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _44\"> </span></span></span></span><span class=\"ls5 ws3\"> <span class=\"_ _b6\"> </span><span class=\"ls10c ws85\">9,<span class=\"_ _3\"></span>261<span class=\"_ _ce\"> </span><span class=\"ls74 ws6b\">9<span class=\"_ _3\"></span>52<span class=\"_ _d6\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _1e2\"> </span></span></span></span> <span class=\"_ _b6\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _e3\"> </span><span class=\"lsc ws8\">97<span class=\"_ _d6\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _3ab\"> </span></span></span></span></span>\u2013 <span class=\"_ _5d\"> </span> pensioners, wid<span class=\"_ _3\"></span>ow(er)s a<span class=\"_ _3\"></span>nd dep<span class=\"_ _3\"></span>end<span class=\"_ _3\"></span>ants<span class=\"_ _fa\"> </span><span class=\"ff46 ls90 ws116\">16<span class=\"_ _3\"></span>,76<span class=\"_ _3\"></span>4<span class=\"_ _5e\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>3<span class=\"_ _ee\"> </span><span class=\"ls5 ws3\">9<span class=\"_ _5e\"> </span></span>1,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _b5\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3\"></span>4<span class=\"_ _b5\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _44\"> </span></span></span></span></span><span class=\"ls5 ws3\"> <span class=\"_ _16\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>6<span class=\"_ _d2\"> </span><span class=\"ls11c ws115\">1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>11<span class=\"_ _cc\"> </span></span></span>9<span class=\"_ _44\"> </span> <span class=\"_ _f4\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>74<span class=\"_ _56\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>0<span class=\"_ _2f\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></span></span></span>Defined con<span class=\"_ _4\"></span>tribution<span class=\"_ _2e\"> </span><span class=\"ff46 ls107 wsfc\">1<span class=\"_ _3\"></span>5,<span class=\"_ _3\"></span>512<span class=\"_ _82\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _128\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _ee\"> </span>\u2013<span class=\"_ _1e2\"> </span><span class=\"ff47\"> <span class=\"_ _1c1\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _128\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _1e2\"> </span> <span class=\"_ _3b\"> </span>\u2013<span class=\"_ _128\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></span>To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _176\"> </span><span class=\"ls10a wsfe\">41,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>7<span class=\"_ _5f\"> </span><span class=\"ls4c ws46\">2,<span class=\"_ _3\"></span>501<span class=\"_ _de\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _10c\"> </span><span class=\"ls124 ws6a\">2,9<span class=\"_ _3\"></span>46<span class=\"_ _2f\"> </span><span class=\"ls92 ws8a\">320<span class=\"_ _f6\"> </span></span></span>12<span class=\"_ _44\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _c0\"> </span><span class=\"ls5b ws15e\">41,<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>0<span class=\"_ _1a7\"> </span><span class=\"ls73 ws80\">2,<span class=\"_ _3\"></span>46<span class=\"_ _3\"></span>4<span class=\"_ _d6\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _1cf\"> </span></span></span></span> <span class=\"_ _55\"> </span><span class=\"ls73 ws80\">2,<span class=\"_ _3\"></span>972<span class=\"_ _ce\"> </span><span class=\"ls105 wsc2\">300<span class=\"_ _d6\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>30.<span class=\"_ _3\"></span>2 IAS 19 a<span class=\"_ _3\"></span>cc<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ons<span class=\"_ _3ab\"> </span>Pr<span class=\"_ _3\"></span>inci<span class=\"_ _3\"></span>pal ac<span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>arial a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>umpt<span class=\"_ _3\"></span>ions f<span class=\"_ _3\"></span>or the I<span class=\"_ _3\"></span>AS 19 ac<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>untin<span class=\"_ _3\"></span>g valua<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>s of the G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s pr<span class=\"_ _3\"></span>inc<span class=\"_ _3\"></span>ipal s<span class=\"_ _3\"></span>che<span class=\"_ _3\"></span>mes<span class=\"_ _3ab\"> </span>Balfour Beatty<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Fund<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Fund<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Railways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Discou<span class=\"_ _4\"></span>nt rat<span class=\"_ _4\"></span>e<span class=\"_ _358\"> </span><span class=\"ff46 ls73 ws80\">4.6<span class=\"_ _3\"></span>5<span class=\"_ _128\"> </span>4.6<span class=\"_ _3\"></span>5<span class=\"_ _128\"> </span></span><span class=\"ls3e ws39\">4.95<span class=\"_ _128\"> </span>4.9<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>Inflation rate<span class=\"_ _bf\"> </span><span class=\"ls5 ws3\">\u2013 RP<span class=\"_ _3\"></span>I<span class=\"_ _168\"> </span><span class=\"ff46 ls104 wsf9\">3<span class=\"_ _3\"></span>.1<span class=\"_ _2\"></span>5<span class=\"_ _116\"> </span>3<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>5<span class=\"_ _e0\"> </span></span><span class=\"lsaa ws69\">3.35<span class=\"_ _128\"> </span>3.3<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span>\u2013 CP<span class=\"_ _3\"></span>I<span class=\"_ _258\"> </span><span class=\"ff46 ls73 ws80\">2.60<span class=\"_ _b2\"> </span><span class=\"ls7 ws102\">2<span class=\"_ _3\"></span>.75<span class=\"_ _27\"> </span></span></span><span class=\"ls2e ws7\">2.7<span class=\"_ _3\"></span>5<span class=\"_ _125\"> </span><span class=\"ls10c ws85\">2.9<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></span>Future in<span class=\"_ _3\"></span>creases in p<span class=\"_ _3\"></span>ension<span class=\"_ _3\"></span>able sal<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _208\"> </span><span class=\"ff46 ls73 ws80\">2.60<span class=\"_ _b2\"> </span><span class=\"ls7 ws102\">2<span class=\"_ _3\"></span>.75<span class=\"_ _27\"> </span></span></span><span class=\"ls2e ws7\">2.7<span class=\"_ _3\"></span>5<span class=\"_ _125\"> </span><span class=\"ls10c ws85\">2.9<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></span>Rate of inc<span class=\"_ _3\"></span>rease in pe<span class=\"_ _3\"></span>nsions in p<span class=\"_ _3\"></span>ayment (or su<span class=\"_ _3\"></span>ch other rate as i<span class=\"_ _3\"></span>s guarantee<span class=\"_ _3\"></span>d)<span class=\"_ _212\"> </span><span class=\"ff46 lsa9 wsa0\">2.95<span class=\"_ _128\"> </span><span class=\"ls66 ws5e\">2<span class=\"_ _3\"></span>.85<span class=\"_ _27\"> </span></span></span><span class=\"ls106 wsfb\">3<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>0<span class=\"_ _b2\"> </span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>95<span class=\"_ _3ab\"> </span></span></span>Th<span class=\"_ _3\"></span>e BBPF a<span class=\"_ _3\"></span>ctuar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s regular m<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y investigat<span class=\"_ _3\"></span>ions as pa<span class=\"_ _3\"></span>rt of the fo<span class=\"_ _3\"></span>rmal tri<span class=\"_ _3\"></span>ennial valu<span class=\"_ _3\"></span>ation ba<span class=\"_ _3\"></span>sed on the exp<span class=\"_ _3\"></span>erienc<span class=\"_ _3\"></span>e exhibited b<span class=\"_ _3\"></span>y pens<span class=\"_ _3\"></span>ioners of th<span class=\"_ _3\"></span>e BBPF an<span class=\"_ _3\"></span>d due to the size of the m<span class=\"_ _3\"></span>embers<span class=\"_ _3\"></span>hip of the BBP<span class=\"_ _3\"></span>F is able to m<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e c<span class=\"_ _3\"></span>ompar<span class=\"_ _3\"></span>isons of this ex<span class=\"_ _3\"></span>perien<span class=\"_ _3\"></span>ce with th<span class=\"_ _3\"></span>e mor<span class=\"_ _3\"></span>talit<span class=\"_ _3\"></span>y rates set o<span class=\"_ _3\"></span>ut in the vari<span class=\"_ _3\"></span>ous pub<span class=\"_ _3\"></span>lished mo<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>lity t<span class=\"_ _3\"></span>ables<span class=\"_ _3\"></span>. The ac<span class=\"_ _3\"></span>tuar<span class=\"_ _3\"></span>y is also ab<span class=\"_ _3\"></span>le to monitor c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n the exhibite<span class=\"_ _3\"></span>d mor<span class=\"_ _3\"></span>talit<span class=\"_ _3\"></span>y over time. T<span class=\"_ _3\"></span>his resea<span class=\"_ _3\"></span>rch is taken into acc<span class=\"_ _3\"></span>ount in the BB<span class=\"_ _3\"></span>PF\u2019s mor<span class=\"_ _3\"></span>talit<span class=\"_ _3\"></span>y assum<span class=\"_ _3\"></span>ptions. T<span class=\"_ _3\"></span>he mor<span class=\"_ _3\"></span>tali<span class=\"_ _3\"></span>ty as<span class=\"_ _3\"></span>sumptions a<span class=\"_ _3\"></span>s at 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 have b<span class=\"_ _3\"></span>een upd<span class=\"_ _3\"></span>ated to<span class=\"_ gs52\"> </span>reflec<span class=\"_ _3\"></span>t the exper<span class=\"_ _3\"></span>ience of BB<span class=\"_ _3\"></span>PF pensi<span class=\"_ _3\"></span>oners for th<span class=\"_ _3\"></span>e perio<span class=\"_ _3\"></span>d to 30 Se<span class=\"_ _3\"></span>ptember 2<span class=\"_ _3\"></span>021<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Simil<span class=\"_ _3\"></span>arly, the RP<span class=\"_ _3\"></span>S actua<span class=\"_ _3\"></span>ry al<span class=\"_ _3\"></span>so under<span class=\"_ _3\"></span>takes reg<span class=\"_ _3\"></span>ular mor<span class=\"_ _3\"></span>tali<span class=\"_ _3\"></span>ty invest<span class=\"_ _3\"></span>igatio<span class=\"_ _3\"></span>ns as par<span class=\"_ _3\"></span>t of the form<span class=\"_ _3\"></span>al trienni<span class=\"_ _3\"></span>al valuati<span class=\"_ _3\"></span>on base<span class=\"_ _3\"></span>d on the expe<span class=\"_ _3\"></span>rience exhibi<span class=\"_ _3\"></span>ted by pensi<span class=\"_ _3\"></span>oners of the R<span class=\"_ _3\"></span>PS<span class=\"_ _3\"></span>. In previou<span class=\"_ _3\"></span>s years, the m<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y assumpt<span class=\"_ _3\"></span>ions for the R<span class=\"_ _3\"></span>PS have b<span class=\"_ _3\"></span>een set using t<span class=\"_ _3\"></span>he mor<span class=\"_ _3\"></span>talit<span class=\"_ _3\"></span>y anal<span class=\"_ _3\"></span>ysis con<span class=\"_ _3\"></span>ducted for t<span class=\"_ _3\"></span>he BBPF for t<span class=\"_ _3\"></span>he reason of p<span class=\"_ _3\"></span>ractic<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y given th<span class=\"_ _3\"></span>e assumed l<span class=\"_ _3\"></span>ife e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pect<span class=\"_ _3\"></span>ancie<span class=\"_ _3\"></span>s have historic<span class=\"_ _3\"></span>ally be<span class=\"_ _3\"></span>en similar fo<span class=\"_ _3\"></span>r both sche<span class=\"_ _3\"></span>mes. However, these have d<span class=\"_ _3\"></span>iverged over t<span class=\"_ _3\"></span>ime and the m<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y assumpt<span class=\"_ _3\"></span>ions ado<span class=\"_ _3\"></span>pted as at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the RP<span class=\"_ _3\"></span>S have been u<span class=\"_ _3\"></span>pdated in<span class=\"_ gs52\"> </span>line w<span class=\"_ _3\"></span>ith the exp<span class=\"_ _3\"></span>erienc<span class=\"_ _3\"></span>e analysis c<span class=\"_ _3\"></span>onduc<span class=\"_ _3\"></span>ted as par<span class=\"_ _3\"></span>t of the on<span class=\"_ _3\"></span>going 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2 trienn<span class=\"_ _3\"></span>ial valuat<span class=\"_ _3\"></span>ion, whi<span class=\"_ _3\"></span>ch consi<span class=\"_ _3\"></span>dered expe<span class=\"_ _3\"></span>rience anal<span class=\"_ _3\"></span>ysis up to 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>021<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Fol<span class=\"_ _3\"></span>lowing the c<span class=\"_ _3\"></span>omplet<span class=\"_ _3\"></span>ion of the BB<span class=\"_ _3\"></span>PF\u2019s 31 March 20<span class=\"_ _3\"></span>22 tr<span class=\"_ _3\"></span>iennial va<span class=\"_ _3\"></span>luation<span class=\"_ _3\"></span>, the future imp<span class=\"_ _3\"></span>rovements ass<span class=\"_ _3\"></span>umption a<span class=\"_ _3\"></span>dopted for th<span class=\"_ _3\"></span>e BBPF an<span class=\"_ _3\"></span>d RP<span class=\"_ _3\"></span>S has als<span class=\"_ _3\"></span>o been up<span class=\"_ _3\"></span>dated for 20<span class=\"_ _3\"></span>23 to refle<span class=\"_ _3\"></span>ct the mos<span class=\"_ _3\"></span>t recent mo<span class=\"_ _3\"></span>del availa<span class=\"_ _3\"></span>ble, wit<span class=\"_ _3\"></span>h the Group set<span class=\"_ _3\"></span>ting fu<span class=\"_ _3\"></span>ture improvement<span class=\"_ _3\"></span>s in line wit<span class=\"_ _3\"></span>h the Co<span class=\"_ _3\"></span>ntinuous M<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y Investig<span class=\"_ _3\"></span>ation (C<span class=\"_ _3\"></span>MI) 20<span class=\"_ _3\"></span>22 c<span class=\"_ _3\"></span>ore projec<span class=\"_ _3\"></span>tions mo<span class=\"_ _3\"></span>del.<span class=\"_ _3ab\"> </span>BB<span class=\"_ _3\"></span>PF lif<span class=\"_ _3\"></span>e exp<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>tan<span class=\"_ _3\"></span>cie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>Ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e lif<span class=\"_ _3\"></span>e exp<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ncy at 6<span class=\"_ _3\"></span>5 yea<span class=\"_ _3\"></span>rs o<span class=\"_ _3\"></span>f age<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 Aver<span class=\"_ _3\"></span>age li<span class=\"_ _3\"></span>fe expe<span class=\"_ _3\"></span>ctan<span class=\"_ _3\"></span>cy at 6<span class=\"_ _3\"></span>5 year<span class=\"_ _3\"></span>s of age<span class=\"_ _3ab\"> </span>Male<span class=\"_ _e3\"> </span><span class=\"ls10 wsc\">Female<span class=\"_ _7d\"> </span><span class=\"ff47 lsce wsc3\">Male<span class=\"_ _a6\"> </span><span class=\"lsd0 wsc4\">Female<span class=\"_ _3ab\"> </span></span></span></span>Mem<span class=\"_ _3\"></span>bers in rec<span class=\"_ _3\"></span>eipt of a pens<span class=\"_ _3\"></span>ion<span class=\"_ _2cd\"> </span><span class=\"ff46 lsfe ws158\">21.<span class=\"_ _3\"></span>3<span class=\"_ _b2\"> </span><span class=\"ls109 ws87\">23<span class=\"_ _3\"></span>.0<span class=\"_ _2e\"> </span></span></span> <span class=\"_ _f2\"> </span><span class=\"ls10f ws105\">2<span class=\"_ _3\"></span>1.7<span class=\"_ _b2\"> </span><span class=\"lsaa ws69\">23.4<span class=\"_ _3ab\"> </span></span></span>Mem<span class=\"_ _3\"></span>bers not yet in re<span class=\"_ _3\"></span>ceipt of a pen<span class=\"_ _3\"></span>sion (cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt age 5<span class=\"_ _3\"></span>0)<span class=\"_ _359\"> </span><span class=\"ff46 ls10b wsff\">22.2<span class=\"_ _125\"> </span><span class=\"ls4f ws49\">23.9<span class=\"_ _1c4\"> </span></span></span> <span class=\"_ _cc\"> </span><span class=\"ls10c ws85\">2<span class=\"_ _3\"></span>2.6<span class=\"_ _125\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span>RP<span class=\"_ _3\"></span>S lif<span class=\"_ _3\"></span>e expe<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>tan<span class=\"_ _3\"></span>cie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>Ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e lif<span class=\"_ _3\"></span>e exp<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ncy at 6<span class=\"_ _3\"></span>5 yea<span class=\"_ _3\"></span>rs o<span class=\"_ _3\"></span>f age<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>Aver<span class=\"_ _3\"></span>age li<span class=\"_ _3\"></span>fe expe<span class=\"_ _3\"></span>ctan<span class=\"_ _3\"></span>cy at 6<span class=\"_ _3\"></span>5 year<span class=\"_ _3\"></span>s of age<span class=\"_ _3ab\"> </span>Male<span class=\"_ _e3\"> </span><span class=\"ls10 wsc\">Female<span class=\"_ _7d\"> </span><span class=\"ff47 lsce wsc3\">Male<span class=\"_ _a6\"> </span><span class=\"lsd0 wsc4\">Female<span class=\"_ _3ab\"> </span></span></span></span>Mem<span class=\"_ _3\"></span>bers in rec<span class=\"_ _3\"></span>eipt of a pens<span class=\"_ _3\"></span>ion<span class=\"_ _15c\"> </span><span class=\"ff46 ls14 ws10\">20.8<span class=\"_ _b2\"> </span><span class=\"ls7 ws102\">2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.7<span class=\"_ _2e\"> </span></span></span> <span class=\"_ _1cb\"> </span><span class=\"ls2e ws7\">2<span class=\"_ _3\"></span>0.7<span class=\"_ _e0\"> </span>2<span class=\"_ _3\"></span>2.7<span class=\"_ _3ab\"> </span></span>Mem<span class=\"_ _3\"></span>bers not yet in re<span class=\"_ _3\"></span>ceipt of a pen<span class=\"_ _3\"></span>sion (cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt age 5<span class=\"_ _3\"></span>0)<span class=\"_ _344\"> </span><span class=\"ff46 lsfe ws158\">21.<span class=\"_ _3\"></span>6<span class=\"_ _b2\"> </span><span class=\"ls73 ws80\">23.6<span class=\"_ _1c4\"> </span></span></span> <span class=\"_ _1cb\"> </span><span class=\"ls10f ws105\">2<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6<span class=\"_ _e0\"> </span><span class=\"ls2e ws7\">2<span class=\"_ _3\"></span>3.7<span class=\"_ _3ab\"> </span></span></span>Am<span class=\"_ _3\"></span>ount<span class=\"_ _3\"></span>s re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in th<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>ome s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>tem<span class=\"_ _3\"></span>ent<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e BBPF d<span class=\"_ _3\"></span>efined co<span class=\"_ _3\"></span>ntributi<span class=\"_ _3\"></span>on empl<span class=\"_ _3\"></span>oyer contri<span class=\"_ _3\"></span>butions p<span class=\"_ _3\"></span>aid and c<span class=\"_ _3\"></span>harged to the i<span class=\"_ _3\"></span>ncome s<span class=\"_ _3\"></span>tatement have b<span class=\"_ _3\"></span>een sep<span class=\"_ _3\"></span>arately id<span class=\"_ _3\"></span>entified i<span class=\"_ _3\"></span>n the tabl<span class=\"_ _3\"></span>e bel<span class=\"_ _3\"></span>ow and the defi<span class=\"_ _3\"></span>ned contr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>n sectio<span class=\"_ _3\"></span>n assets an<span class=\"_ _3\"></span>d liabilit<span class=\"_ _3\"></span>ies amount<span class=\"_ _3\"></span>ing to \u00a3710m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>m) have bee<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>xcl<span class=\"_ _3\"></span>uded from t<span class=\"_ _3\"></span>he tabl<span class=\"_ _3\"></span>es on pag<span class=\"_ _3\"></span>es 227 to 2<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>. Defined c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tion ch<span class=\"_ _3\"></span>arges for other s<span class=\"_ _3\"></span>chemes in<span class=\"_ _3\"></span>clude c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tions to multi<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>emp<span class=\"_ _3\"></span>loyer pens<span class=\"_ _3\"></span>ion schem<span class=\"_ _3\"></span>es.<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _3ab\"> </span>Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Fund<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>scheme<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _3ab\"> </span>Beat<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Fund<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Railways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>schemes<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Group <span class=\"_ _1f9\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _17e\"> </span> <span class=\"_ _39\"> </span> <span class=\"_ _39\"> </span> <span class=\"_ _17e\"> </span><span class=\"ff47\"> <span class=\"_ _39\"> </span> <span class=\"_ _17e\"> </span> <span class=\"_ _39\"> </span> </span></span>Current service cost<span class=\"_ _21d\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _116\"> </span>(1)<span class=\"_ _25\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _27\"> </span></span></span></span><span class=\"ls72 wsf5\">(2)<span class=\"_ _25\"> </span>(2)<span class=\"_ _a1\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _116\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _3ab\"> </span></span></span></span>Defined contribution charge<span class=\"_ _130\"> </span><span class=\"ff46 ls48 ws42\">(48<span class=\"_ _3\"></span>)<span class=\"_ _20c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span><span class=\"ls10d ws101\">(6)<span class=\"_ _a6\"> </span><span class=\"ls94 ws18a\">(<span class=\"_ _3\"></span>54)<span class=\"_ _a8\"> </span></span></span></span></span><span class=\"ls72 wsf5\">(52)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _98\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _a8\"> </span><span class=\"lsaa ws69\">(58)<span class=\"_ _3ab\"> </span></span></span></span></span>Inc<span class=\"_ _3\"></span>luded in em<span class=\"_ _3\"></span>ployee c<span class=\"_ _3\"></span>osts (N<span class=\"_ _3\"></span>ote 7)<span class=\"_ _30\"> </span><span class=\"ff46 ls3c ws37\">(50)<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _27\"> </span><span class=\"ls170 ws18f\">(7)<span class=\"_ _dd\"> </span>(5<span class=\"_ _3\"></span>8)<span class=\"_ _1f7\"> </span></span></span></span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>54)<span class=\"_ _25\"> </span>(2)<span class=\"_ _27\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _dd\"> </span><span class=\"ls33 ws2c\">(6<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span></span>Inter<span class=\"_ _4\"></span>est income<span class=\"_ _153\"> </span><span class=\"ff46 ls48 ws42\">13<span class=\"_ _3\"></span>0<span class=\"_ _116\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _a3\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _10a\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _116\"> </span></span></span></span></span><span class=\"lsc ws8\">75<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls113 ws10b\">82<span class=\"_ _3ab\"> </span></span></span></span>Inter<span class=\"_ _4\"></span>est cost<span class=\"_ _9f\"> </span><span class=\"ff46 ls110 ws106\">(<span class=\"_ _3\"></span>118<span class=\"_ _3\"></span>)<span class=\"_ _3b\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _27\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _c3\"> </span></span>(13<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _a6\"> </span></span></span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>9)<span class=\"_ _e0\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls3b ws36\">(77)<span class=\"_ _3ab\"> </span></span></span></span></span>Net fi<span class=\"_ _3\"></span>nance inc<span class=\"_ _3\"></span>ome/<span class=\"_ _3\"></span>(cost<span class=\"_ _3\"></span>) (Note 8<span class=\"_ _3\"></span>)<span class=\"_ _241\"> </span><span class=\"ff46 ls90 ws116\">12<span class=\"_ _47\"> </span></span><span class=\"ff46\">2<span class=\"_ _20c\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _f2\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _47\"> </span></span></span></span>6<span class=\"_ _7e\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _7e\"> </span></span>\u2013<span class=\"_ _47\"> </span>5<span class=\"_ _3ab\"> </span>T<span class=\"_ _5\"></span>otal<span class=\"_ _4\"></span> (<span class=\"_ _4\"></span>charged<span class=\"_ _4\"></span>)<span class=\"_ _4\"></span>/<span class=\"_ _4\"></span>credited<span class=\"_ _4\"></span> to<span class=\"_ _4\"></span> income<span class=\"_ _4\"></span> statement<span class=\"_ _4\"></span> <span class=\"_ _342\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>8)<span class=\"_ _98\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _20c\"> </span></span>(9)<span class=\"_ _a6\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>6)<span class=\"_ _dd\"> </span><span class=\"ff47 ls5f ws57\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _27\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _27\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _a6\"> </span><span class=\"lsaa ws69\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Am<span class=\"_ _3\"></span>ount<span class=\"_ _3\"></span>s re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in th<span class=\"_ _3\"></span>e st<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t of co<span class=\"_ _3\"></span>mpr<span class=\"_ _3\"></span>ehen<span class=\"_ _3\"></span>siv<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>ome<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _3ab\"> </span>Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Fund<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>scheme<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _3ab\"> </span>Beat<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Fund<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Railways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>schemes<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on p<span class=\"_ _3\"></span>ension sc<span class=\"_ _3\"></span>heme ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns<span class=\"_ _3ab\"> </span>(70)<span class=\"_ _a8\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _82\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _128\"> </span></span>(9<span class=\"_ _3\"></span>1)<span class=\"_ _db\"> </span><span class=\"ff47 ls162 ws155\">1<span class=\"_ _3\"></span>,17<span class=\"_ _2\"></span>8<span class=\"_ _fa\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>16<span class=\"_ _3ab\"> </span></span></span></span></span></span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on p<span class=\"_ _3\"></span>ension sc<span class=\"_ _3\"></span>heme ass<span class=\"_ _3\"></span>ets<span class=\"_ _de\"> </span><span class=\"ff46 ls1c ws107\">(8<span class=\"_ _3\"></span>5)<span class=\"_ _a8\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _82\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _e3\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _b8\"> </span></span></span><span class=\"ls10a wsfe\">(1,<span class=\"_ _2\"></span>31<span class=\"_ _3\"></span>4)<span class=\"_ _10a\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>54)<span class=\"_ _7e\"> </span></span></span>\u2013<span class=\"_ _5f\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al a<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>uari<span class=\"_ _3\"></span>al move<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ogn<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he s<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt o<span class=\"_ _3\"></span>f com<span class=\"_ _3\"></span>pre<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span>e (No<span class=\"_ _3\"></span>te<span class=\"_ gs52\"> </span>32<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>)<span class=\"_ _f9\"> </span><span class=\"ls10f ws105\">(15<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _dd\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>2)<span class=\"_ _82\"> </span></span></span>\u2013<span class=\"_ _de\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>97<span class=\"_ _3\"></span>)<span class=\"_ _c3\"> </span><span class=\"ff47 ls164 ws157\">(13<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _ee\"> </span><span class=\"ls16d ws230\">77<span class=\"_ _34\"> </span></span></span></span><span class=\"ff47\">7<span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span>Cumul<span class=\"_ _3\"></span>ative ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in the st<span class=\"_ _3\"></span>atement of co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve income<span class=\"_ _229\"> </span><span class=\"ff46 lsf7 ws100\">(3<span class=\"_ _3\"></span>36)<span class=\"_ _10a\"> </span><span class=\"ls10f ws105\">(18<span class=\"_ _3\"></span>)<span class=\"_ _dd\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>22)<span class=\"_ _d5\"> </span></span></span></span><span class=\"ff46\">(3<span class=\"_ _3\"></span>76)<span class=\"_ _c3\"> </span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>1)<span class=\"_ _128\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _1cb\"> </span><span class=\"ls72 wsf5\">(2<span class=\"_ _3\"></span>2)<span class=\"_ _c3\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span>Th<span class=\"_ _3\"></span>e actual retu<span class=\"_ _3\"></span>rn on pla<span class=\"_ _3\"></span>n assets was a g<span class=\"_ _3\"></span>ain of \u00a34<span class=\"_ _3\"></span>0m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a31,28<span class=\"_ _3\"></span>6m l<span class=\"_ _3\"></span>oss).<span class=\"_ _3ab\"> </span>Am<span class=\"_ _3\"></span>ount<span class=\"_ _3\"></span>s re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in th<span class=\"_ _3\"></span>e bala<span class=\"_ _3\"></span>nce s<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>et<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _3ab\"> </span>Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Fund<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>sc<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>mes \u2020<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _3ab\"> </span>Beat<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Fund<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Railways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>schemes \u2020<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Prese<span class=\"_ _3\"></span>nt value of ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns<span class=\"_ _1ae\"> </span><span class=\"ff46 ls14b ws189\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>1)<span class=\"_ _d5\"> </span><span class=\"lsf7 ws100\">(32<span class=\"_ _3\"></span>0)<span class=\"_ _de\"> </span><span class=\"ls1c ws107\">(3<span class=\"_ _3\"></span>5)<span class=\"_ _3f\"> </span></span></span></span><span class=\"ff46\">(2,<span class=\"_ _3\"></span>85<span class=\"_ _3\"></span>6)<span class=\"_ _e6\"> </span></span><span class=\"ls73 ws80\">(<span class=\"_ _3\"></span>2,46<span class=\"_ _3\"></span>4)<span class=\"_ _d5\"> </span><span class=\"lsaa ws69\">(300)<span class=\"_ _1f7\"> </span>(39)<span class=\"_ _3f\"> </span></span>(2,<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span>Fair v<span class=\"_ _3\"></span>alue of plan a<span class=\"_ _3\"></span>ssets<span class=\"_ _23d\"> </span><span class=\"ff46 ls3e ws39\">2,602<span class=\"_ _10a\"> </span><span class=\"ls33 ws2c\">323<span class=\"_ _47\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _d8\"> </span><span class=\"ls74 ws6b\">2,925<span class=\"_ _d8\"> </span></span></span><span class=\"ls114 ws10c\">2<span class=\"_ _4\"></span>,689<span class=\"_ _dd\"> </span><span class=\"ls85 ws7d\">3<span class=\"_ _3\"></span>37<span class=\"_ _47\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _d8\"> </span><span class=\"ls4f ws49\">3,0<span class=\"_ _3\"></span>26<span class=\"_ _3ab\"> </span></span></span></span></span>Asset/(<span class=\"_ _4\"></span>liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>) in<span class=\"_ _4\"></span> the balance sheet<span class=\"_ _84\"> </span><span class=\"ls7 ws102\">101<span class=\"_ _47\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _fa\"> </span><span class=\"ls1c ws107\">(3<span class=\"_ _3\"></span>5)<span class=\"_ _128\"> </span><span class=\"ls103 wsf8\">69<span class=\"_ _a8\"> </span><span class=\"ff47 ls4a ws44\">2<span class=\"_ _3\"></span>25<span class=\"_ _27\"> </span><span class=\"ls85 ws7d\">37<span class=\"_ _fa\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>9)<span class=\"_ _de\"> </span><span class=\"lsa9 wsa0\">223<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></span>+ <span class=\"_ _37\"> </span>I<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ents in m<span class=\"_ _3\"></span>utua<span class=\"_ _3\"></span>l funds o<span class=\"_ _3\"></span>f \u00a319m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>m) are he<span class=\"_ _3\"></span>ld to sat<span class=\"_ _3\"></span>isf<span class=\"_ _3\"></span>y the Gro<span class=\"_ _3\"></span>up\u2019s defer<span class=\"_ _3\"></span>red co<span class=\"_ _3\"></span>mpen<span class=\"_ _3\"></span>sati<span class=\"_ _3\"></span>on obl<span class=\"_ _3\"></span>igat<span class=\"_ _3\"></span>ions (<span class=\"_ _3\"></span>Note 20<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>1).<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e defined b<span class=\"_ _3\"></span>enefit ob<span class=\"_ _3\"></span>ligati<span class=\"_ _3\"></span>ons comp<span class=\"_ _3\"></span>rise \u00a3<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9m) ari<span class=\"_ _3\"></span>sing from wh<span class=\"_ _3\"></span>olly unfun<span class=\"_ _3\"></span>ded pla<span class=\"_ _3\"></span>ns and \u00a3<span class=\"_ _3\"></span>2,8<span class=\"_ _3\"></span>21<span class=\"_ _5\"></span>m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>2,764<span class=\"_ _3\"></span>m) arisin<span class=\"_ _3\"></span>g from pla<span class=\"_ _3\"></span>ns that are who<span class=\"_ _3\"></span>lly or pa<span class=\"_ _3\"></span>rtl<span class=\"_ _3\"></span>y funded<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e BBPF s<span class=\"_ _3\"></span>aw a reducti<span class=\"_ _3\"></span>on in cor<span class=\"_ _3\"></span>porate b<span class=\"_ _3\"></span>ond yiel<span class=\"_ _3\"></span>ds, whic<span class=\"_ _3\"></span>h led to a cor<span class=\"_ _3\"></span>respon<span class=\"_ _3\"></span>ding reduc<span class=\"_ _3\"></span>tion in th<span class=\"_ _3\"></span>e IAS19 disc<span class=\"_ _3\"></span>ount rate, of<span class=\"_ _3\"></span>fset by some pos<span class=\"_ _3\"></span>itive<span class=\"_ gs52\"> </span>cha<span class=\"_ _3\"></span>nges in de<span class=\"_ _3\"></span>mogra<span class=\"_ _3\"></span>phic assum<span class=\"_ _3\"></span>ptions an<span class=\"_ _3\"></span>d led to an overall i<span class=\"_ _3\"></span>ncrease in t<span class=\"_ _3\"></span>he present valu<span class=\"_ _3\"></span>e of oblig<span class=\"_ _3\"></span>ations from 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 to<span class=\"_ gs52\"> </span>31<span class=\"_ gs52\"> </span>Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>. Conver<span class=\"_ _3\"></span>sely<span class=\"_ _4\"></span>, a<span class=\"_ _3\"></span>nd driven by c<span class=\"_ _3\"></span>hallen<span class=\"_ _3\"></span>ging investm<span class=\"_ _3\"></span>ent markets, the s<span class=\"_ _3\"></span>cheme\u2019s assets fell in v<span class=\"_ _3\"></span>alue over 20<span class=\"_ _3\"></span>23. T<span class=\"_ _3\"></span>hese t<span class=\"_ _3\"></span>wo fac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rs<span class=\"_ gs52\"> </span>comp<span class=\"_ _3\"></span>ounde<span class=\"_ _3\"></span>d and resulted i<span class=\"_ _3\"></span>n a material re<span class=\"_ _3\"></span>ductio<span class=\"_ _3\"></span>n in the sche<span class=\"_ _3\"></span>me\u2019<span class=\"_ _4\"></span>s net as<span class=\"_ _3\"></span>sets from \u00a3<span class=\"_ _3\"></span>225<span class=\"_ _3\"></span>m to \u00a310<span class=\"_ _4\"></span>1m over 20<span class=\"_ _3\"></span>23.<span class=\"_ _3ab\"> </span>Move<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t in the p<span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>ent v<span class=\"_ _3\"></span>alue of o<span class=\"_ _3\"></span>bliga<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> Pension Fu<span class=\"_ _3\"></span>nd 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>scheme<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Pension Fun<span class=\"_ _3\"></span>d 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Railways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>schemes<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _79\"> </span><span class=\"ff46 ls94 ws18a\">(2<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>46<span class=\"_ _3\"></span>4)<span class=\"_ _d5\"> </span><span class=\"lsf7 ws100\">(30<span class=\"_ _3\"></span>0)<span class=\"_ _a6\"> </span>(3<span class=\"_ _3\"></span>9)<span class=\"_ _20d\"> </span><span class=\"lsd ws18e\">(2<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>3)<span class=\"_ _3f\"> </span></span></span></span><span class=\"lsaa ws69\">(3,<span class=\"_ _4\"></span>71<span class=\"_ _5\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _15\"> </span><span class=\"ls85 ws7d\">(4<span class=\"_ _3\"></span>37)<span class=\"_ _dd\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>6)<span class=\"_ _3f\"> </span>(4,201<span class=\"_ _4\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _24d\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _34\"> </span>2<span class=\"_ _47\"> </span>2<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _98\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _25\"> </span>(3)<span class=\"_ _3ab\"> </span></span></span></span>Current service cost <span class=\"_ _1bb\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _a1\"> </span>(1)<span class=\"_ _27\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _27\"> </span></span></span></span><span class=\"ls72 wsf5\">(2)<span class=\"_ _25\"> </span>(2)<span class=\"_ _a1\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _116\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _3ab\"> </span></span></span></span>Inter<span class=\"_ _4\"></span>est cost <span class=\"_ _35a\"> </span><span class=\"ff46 ls110 ws106\">(11<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3b\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _27\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _c3\"> </span></span>(13<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _a6\"> </span></span></span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>9)<span class=\"_ _e0\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls3b ws36\">(77)<span class=\"_ _3ab\"> </span></span></span></span></span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements from re<span class=\"_ _3\"></span>assessi<span class=\"_ _3\"></span>ng the dif<span class=\"_ _3\"></span>ference b<span class=\"_ _3\"></span>etween R<span class=\"_ _3\"></span>PI and C<span class=\"_ _3\"></span>PI<span class=\"_ _211\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _e0\"> </span>(<span class=\"_ _3\"></span>2)<span class=\"_ _20c\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _7e\"> </span></span></span>\u2013<span class=\"_ _34\"> </span>2<span class=\"_ _47\"> </span>\u2013<span class=\"_ _47\"> </span>2<span class=\"_ _3ab\"> </span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements from c<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>s in demographic ass<span class=\"_ _4\"></span>umptions<span class=\"_ _177\"> </span><span class=\"ff46 ls88 ws4f\">17<span class=\"_ _82\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _116\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _a3\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></span></span>Other financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> a<span class=\"_ _3\"></span>ctuarial movements<span class=\"_ _214\"> </span><span class=\"ff46 ls1c ws107\">(<span class=\"_ _3\"></span>85)<span class=\"_ _10a\"> </span><span class=\"ls10f ws105\">(16<span class=\"_ _3\"></span>)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _110\"> </span><span class=\"ls14b ws189\">(10<span class=\"_ _3\"></span>1)<span class=\"_ _db\"> </span></span></span></span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,15<span class=\"_ _2\"></span>7<span class=\"_ _fa\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>9<span class=\"_ _47\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _57\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>Ex<span class=\"_ _3\"></span>perience (losses)/gains<span class=\"_ _1fe\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _98\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>2)<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _ee\"> </span><span class=\"ff47\">21<span class=\"_ _a3\"> </span></span></span><span class=\"ff47\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _116\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _3ab\"> </span></span></span></span>T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l actuar<span class=\"_ _3\"></span>ial moveme<span class=\"_ _3\"></span>nts<span class=\"_ _35b\"> </span><span class=\"ff46 ls3c ws37\">(70)<span class=\"_ _a8\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _82\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _128\"> </span><span class=\"ls14b ws189\">(9<span class=\"_ _3\"></span>1)<span class=\"_ _db\"> </span></span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,17<span class=\"_ _2\"></span>8<span class=\"_ _fa\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _34\"> </span></span></span>7<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>16<span class=\"_ _3ab\"> </span></span>Benefits paid<span class=\"_ _35c\"> </span><span class=\"ff46 ls10d ws101\">15<span class=\"_ _3\"></span>3<span class=\"_ _25\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _47\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _1cc\"> </span><span class=\"ls88 ws4f\">174<span class=\"_ _fa\"> </span></span></span></span></span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>7<span class=\"_ _a1\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _3b\"> </span></span>16<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r<span class=\"_ _4d\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>1)<span class=\"_ _d5\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>20)<span class=\"_ _dd\"> </span><span class=\"ls1c ws107\">(3<span class=\"_ _3\"></span>5)<span class=\"_ _e6\"> </span></span></span></span>(2<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>56)<span class=\"_ _20d\"> </span><span class=\"ff47 ls73 ws80\">(2,<span class=\"_ _3\"></span>46<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span>(30<span class=\"_ _3\"></span>0)<span class=\"_ _a6\"> </span>(3<span class=\"_ _3\"></span>9)<span class=\"_ _20d\"> </span><span class=\"ls73 ws80\">(<span class=\"_ _3\"></span>2,80<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsdb0\">Move<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t in the f<span class=\"_ _3\"></span>air valu<span class=\"_ _3\"></span>e of pla<span class=\"_ _3\"></span>n as<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsdb1\">Balfour </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gsdb2\">Beatt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsdb3\">Pension </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsdb4\">Fu<span class=\"_ _3\"></span>nd </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsdb5\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsdb6\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls4a ws44 gsdb7\">Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsdb8\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsdb9\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsdba\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsdbb\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gsdbc\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsdbd\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsdbe\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsdbf\">Balfour </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsdc0\">Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsdc1\">Pension </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsdc2\">Fun<span class=\"_ _3\"></span>d </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsdc3\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsdc4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsdc5\">Railways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsdc6\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsdc7\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsdc8\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsdc9\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsdca\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsdcb\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsdcc\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsdcd\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _188\"> </span><span class=\"ff46 ls3e ws39\">2,6<span class=\"_ _3\"></span>89<span class=\"_ _a1\"> </span><span class=\"ls73 ws80\">3<span class=\"_ _3\"></span>37<span class=\"_ _110\"> </span><span class=\"ls16 ws12\">3,0<span class=\"_ _3\"></span>26<span class=\"_ _de\"> </span></span></span></span><span class=\"ls4f ws49\">4<span class=\"_ _3\"></span>,039<span class=\"_ _a0\"> </span><span class=\"ls105 wsc2\">393<span class=\"_ _de\"> </span><span class=\"ls3e ws39\">4,4<span class=\"_ _3\"></span>32<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsdce\">Inter<span class=\"_ _4\"></span>est income <span class=\"_ _29e\"> </span><span class=\"ff46 ls48 ws42\">130<span class=\"_ _7d\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _180\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _38\"> </span></span></span></span><span class=\"lsc ws8\">75<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _a3\"> </span><span class=\"ls113 ws10b\">82<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls4f ws49 gsdcf\">Actuarial mo<span class=\"_ _4\"></span>vements<span class=\"_ _184\"> </span><span class=\"ff46 ls1c ws107\">(8<span class=\"_ _3\"></span>5)<span class=\"_ _a0\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>21)<span class=\"_ _cc\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _d5\"> </span></span></span></span><span class=\"ls10a wsfe\">(1,<span class=\"_ _2\"></span>314<span class=\"_ _3\"></span>)<span class=\"_ _180\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>4)<span class=\"_ _1e\"> </span></span>(1,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gsdd0\">Contributions f<span class=\"_ _4\"></span>rom employer<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsdd1\">\u2013 regular funding<span class=\"_ _127\"> </span><span class=\"ff46 ls5 ws3\">2<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>3<span class=\"_ _9a\"> </span><span class=\"ff47\">1<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc ws8 gsdd2\">\u2013 ongoing de<span class=\"_ _4\"></span>ficit funding<span class=\"_ _287\"> </span><span class=\"ff46 ls94 ws18a\">19<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _9d\"> </span><span class=\"ls3b ws36\">25<span class=\"_ _a3\"> </span></span></span></span><span class=\"ls103 wsf8\">35<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _7d\"> </span><span class=\"ls5b ws15e\">41<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsdd3\">Benefits paid<span class=\"_ _16d\"> </span><span class=\"ff46 ls10f ws105\">(15<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _180\"> </span>(16<span class=\"_ _3\"></span>)<span class=\"_ _cc\"> </span>(16<span class=\"_ _2\"></span>9)<span class=\"_ _1cb\"> </span></span><span class=\"ls100 ws104\">(14<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _97\"> </span><span class=\"ls93 wsfa\">(16<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span>(16<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsdd4\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r<span class=\"_ _216\"> </span><span class=\"ls3e ws39\">2,602<span class=\"_ _a0\"> </span><span class=\"ls33 ws2c\">323<span class=\"_ _110\"> </span><span class=\"ls74 ws6b\">2,925<span class=\"_ _110\"> </span><span class=\"ff47 ls114 ws10c\">2<span class=\"_ _4\"></span>,689<span class=\"_ _a1\"> </span><span class=\"ls85 ws7d\">337<span class=\"_ _110\"> </span><span class=\"ls4f ws49\">3,0<span class=\"_ _3\"></span>26<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsdd5\">Fair v<span class=\"_ _3\"></span>alue of t<span class=\"_ _3\"></span>he as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts he<span class=\"_ _3\"></span>ld by t<span class=\"_ _3\"></span>he sc<span class=\"_ _3\"></span>hem<span class=\"_ _3\"></span>es at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsdd6\">Balfour<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gsdd7\">Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsdd8\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls18a ws187 gsdd9\">Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsdda\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsddb\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls4a ws44 gsddc\">Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsddd\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsdde\">Sc<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>me </div><div class=\"t m0 h45 ff46 fs22 fc4 sc0 ls5 ws3 gsddf\">\u2020<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsde0\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsde1\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gsde2\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsde3\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsde4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsde5\">Balfour<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsde6\">Beat<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsde7\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls127 ws11d gsde8\">Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsde9\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsdea\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsdeb\">Railways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsdec\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsded\">Scheme </div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gsdee\">\u2020<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsdef\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsdf0\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsdf1\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsdf2\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsdf3\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsdf4\">Return<span class=\"_ _3\"></span>-seeking<span class=\"_ _2b5\"> </span><span class=\"ff46 ls5 ws3\">276<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>0<span class=\"_ _180\"> </span><span class=\"lsa9 wsa0\">386<span class=\"_ _2e\"> </span></span></span><span class=\"ff47\"> <span class=\"_ _e0\"> </span><span class=\"ls122 ws11b\">74<span class=\"_ _2\"></span>8<span class=\"_ _97\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _2\"></span>0<span class=\"_ _a1\"> </span><span class=\"ls221 wsa6\">888<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsdf5\">\u2013 Develo<span class=\"_ _3\"></span>ped na<span class=\"_ _3\"></span>tion equi<span class=\"_ _3\"></span>ties</div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gsdf6\">#<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gsdf7\">92<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span></span>92<span class=\"_ _c9\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _25\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _97\"> </span><span class=\"ls12a ws11f\">197<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsdf8\">\u2013 Emerg<span class=\"_ _3\"></span>ing market equ<span class=\"_ _3\"></span>ities<span class=\"_ _35d\"> </span><span class=\"ff46\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _2e\"> </span></span> <span class=\"_ _ff\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsdf9\">\u2013 Hed<span class=\"_ _3\"></span>ge fund<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gsdfa\">#<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls90 ws116 gsdfb\">16<span class=\"_ _3\"></span>8<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>16<span class=\"_ _3\"></span>8<span class=\"_ _1c4\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _b2\"> </span><span class=\"ls11d wsf4\">395<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls11d wsf4\">395<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsdfc\">\u2013 Retur<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>seek<span class=\"_ _3\"></span>ing grow<span class=\"_ _3\"></span>th poo<span class=\"_ _3\"></span>led fund<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gsdfd\">$<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsdfe\">\u2013<span class=\"_ _98\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>0<span class=\"_ _20c\"> </span>11<span class=\"_ _3\"></span>0<span class=\"_ _25d\"> </span></span><span class=\"ff47\"> <span class=\"_ _7c\"> </span>\u2013<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>0<span class=\"_ _98\"> </span>14<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gsdff\">\u2013 Other return-<span class=\"_ _3\"></span>seeking assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls222 ws243 gse00\">#@<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls90 ws116 gse01\">16<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span></span>16<span class=\"_ _2e\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _25\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls16 ws12 gse02\">Liab<span class=\"_ _3\"></span>ility<span class=\"_ _3\"></span>-matchin<span class=\"_ _3\"></span>g bond<span class=\"_ _3\"></span>-t<span class=\"_ _3\"></span>ype assets<span class=\"_ _a4\"> </span><span class=\"ff46 ls93 wsfa\">1,8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _98\"> </span><span class=\"ls90 ws116\">212<span class=\"_ _110\"> </span><span class=\"lsc ws8\">2<span class=\"_ _3\"></span>,034<span class=\"_ _2e\"> </span></span></span></span><span class=\"ls5 ws3\"> <span class=\"_ _b5\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3<span class=\"_ _98\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _a6\"> </span></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc ws8 gse03\">\u2013 Corporate bonds<span class=\"_ _35e\"> </span><span class=\"ff46 ls5 ws3\">776<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _180\"> </span>7<span class=\"_ _3\"></span>76<span class=\"_ _c9\"> </span><span class=\"ff47\"> <span class=\"_ _e0\"> </span><span class=\"lsa9 wsa0\">298<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse04\">\u2013 Fixed intere<span class=\"_ _3\"></span>st gilts<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gse05\">^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsab wsa1 gse06\">496<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>496<span class=\"_ _2e\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _b2\"> </span><span class=\"ls105 wsc2\">665<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls105 wsc2\">6<span class=\"_ _3\"></span>65<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse07\">\u2013 Ind<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>-linked g<span class=\"_ _3\"></span>ilts</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gse08\">^<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls124 ws6a gse09\">554<span class=\"_ _a0\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3\"></span>7<span class=\"_ _180\"> </span><span class=\"lse9 wscd\">6<span class=\"_ _3\"></span>91<span class=\"_ _2e\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _b2\"> </span><span class=\"ls114 ws10c\">604<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">111<span class=\"_ _20c\"> </span><span class=\"ls100 ws104\">7<span class=\"_ _3\"></span>15<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gse0a\">\u2013 Cur<span class=\"_ _3\"></span>rency hed<span class=\"_ _3\"></span>ging<span class=\"_ _35f\"> </span><span class=\"ff46 ls10d ws101\">15<span class=\"_ _11c\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _38\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _2e\"> </span></span></span> <span class=\"_ _ff\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls16 ws12 gse0b\">\u2013 Liab<span class=\"_ _3\"></span>ility<span class=\"_ _3\"></span>-matchin<span class=\"_ _3\"></span>g pooled fund<span class=\"_ _3\"></span>s</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gse0c\">~<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gse0d\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls72 wsf5\">75<span class=\"_ _9d\"> </span>75<span class=\"_ _2e\"> </span></span><span class=\"ff47\"> <span class=\"_ _1f6\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ls114 ws10c\">86<span class=\"_ _a3\"> </span>86<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gse0e\">\u2013 Interest an<span class=\"_ _3\"></span>d inflation r<span class=\"_ _3\"></span>ate swaps<span class=\"_ _360\"> </span><span class=\"ff46 ls10f ws105\">(1<span class=\"_ _3\"></span>9)<span class=\"_ _7b\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _37\"> </span></span></span> <span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span></span>(1<span class=\"_ _5\"></span>72)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls3c ws37 gse0f\">Pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ty</div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gse10\">#<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls18b ws188 gse11\">40<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span></span>40<span class=\"_ _c9\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _51\"> </span><span class=\"ls18f ws191\">98<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a3\"> </span><span class=\"ls18f ws191\">98<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gse12\">Secure i<span class=\"_ _4\"></span>ncome assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gse13\">#<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gse14\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls10d ws101 gse15\">15<span class=\"_ _3\"></span>3<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>15<span class=\"_ _3\"></span>3<span class=\"_ _2e\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _e0\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _2\"></span>6<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gse16\">Fair v<span class=\"_ _3\"></span>alue long<span class=\"_ _3\"></span>evit<span class=\"_ _3\"></span>y swap<span class=\"_ _1b5\"> </span><span class=\"ff46\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _1d6\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gse17\">C<span class=\"_ _3\"></span>ash and other<span class=\"_ _2ff\"> </span><span class=\"ff46 ls7 ws102\">310<span class=\"_ _9a\"> </span></span><span class=\"ff46\">1<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">3<span class=\"_ _3\"></span>11<span class=\"_ _25d\"> </span></span></span> <span class=\"_ _125\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _3\"></span>4<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls110 ws106 gse18\">To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _120\"> </span><span class=\"ls3e ws39\">2,602<span class=\"_ _a0\"> </span><span class=\"ls33 ws2c\">323<span class=\"_ _de\"> </span><span class=\"ls74 ws6b\">2<span class=\"_ _3\"></span>,925<span class=\"_ _2e\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _d6\"> </span><span class=\"ls114 ws10c\">2,<span class=\"_ _4\"></span>689<span class=\"_ _a1\"> </span><span class=\"ls85 ws7d\">337<span class=\"_ _1f7\"> </span><span class=\"ls4f ws49\">3,026<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gse19\">\u2020 <span class=\"_ _b\"> </span>Th<span class=\"_ _3\"></span>e amou<span class=\"_ _3\"></span>nts rep<span class=\"_ _3\"></span>resent 10<span class=\"_ _3\"></span>0% of th<span class=\"_ _3\"></span>e sche<span class=\"_ _3\"></span>me\u2019s asse<span class=\"_ _3\"></span>ts. </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gse1a\">^ <span class=\"_ _37\"> </span>F<span class=\"_ _3\"></span>ixed inte<span class=\"_ _3\"></span>rest gi<span class=\"_ _3\"></span>lts an<span class=\"_ _3\"></span>d index<span class=\"_ _3\"></span>-li<span class=\"_ _3\"></span>nked gil<span class=\"_ _3\"></span>ts tota<span class=\"_ _3\"></span>lling \u00a3<span class=\"_ _3\"></span>1,<span class=\"_ _5\"></span>18<span class=\"_ _3\"></span>7m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>m) are as<span class=\"_ _3\"></span>sets h<span class=\"_ _3\"></span>eld in p<span class=\"_ _3\"></span>oole<span class=\"_ _3\"></span>d invest<span class=\"_ _3\"></span>ment ve<span class=\"_ _3\"></span>hicle<span class=\"_ _3\"></span>s with u<span class=\"_ _3\"></span>nder<span class=\"_ _3\"></span>lyin<span class=\"_ _3\"></span>g secu<span class=\"_ _3\"></span>riti<span class=\"_ _3\"></span>es that h<span class=\"_ _3\"></span>ave quo<span class=\"_ _3\"></span>ted pri<span class=\"_ _3\"></span>ces in a<span class=\"_ _3\"></span>ctiv<span class=\"_ _3\"></span>e </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gse1b\">mar<span class=\"_ _3\"></span>kets. T<span class=\"_ _3\"></span>he rem<span class=\"_ _3\"></span>ainin<span class=\"_ _3\"></span>g asset<span class=\"_ _3\"></span>s that a<span class=\"_ _3\"></span>re neith<span class=\"_ _3\"></span>er quo<span class=\"_ _3\"></span>ted nor t<span class=\"_ _3\"></span>rade<span class=\"_ _3\"></span>d on an ac<span class=\"_ _3\"></span>tive m<span class=\"_ _3\"></span>arket are s<span class=\"_ _3\"></span>tated a<span class=\"_ _3\"></span>t fair va<span class=\"_ _3\"></span>lue es<span class=\"_ _3\"></span>timate<span class=\"_ _3\"></span>s provi<span class=\"_ _3\"></span>ded by t<span class=\"_ _3\"></span>he man<span class=\"_ _3\"></span>ager o<span class=\"_ _3\"></span>f the inve<span class=\"_ _3\"></span>stme<span class=\"_ _3\"></span>nt or fund<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gse1c\"># </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gse1d\">Leve<span class=\"_ _3\"></span>l 3 asset<span class=\"_ _3\"></span>s wit<span class=\"_ _3\"></span>h valua<span class=\"_ _3\"></span>tions b<span class=\"_ _3\"></span>ase<span class=\"_ _3\"></span>d on uno<span class=\"_ _3\"></span>bser<span class=\"_ _3\"></span>vab<span class=\"_ _3\"></span>le inp<span class=\"_ _3\"></span>uts hel<span class=\"_ _3\"></span>d by the B<span class=\"_ _3\"></span>BPF i<span class=\"_ _3\"></span>nclu<span class=\"_ _3\"></span>de hed<span class=\"_ _3\"></span>ge fun<span class=\"_ _3\"></span>ds, pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y funds<span class=\"_ _3\"></span>, devel<span class=\"_ _3\"></span>ope<span class=\"_ _3\"></span>d natio<span class=\"_ _3\"></span>n equi<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>, secu<span class=\"_ _3\"></span>re inco<span class=\"_ _3\"></span>me ass<span class=\"_ _3\"></span>ets and o<span class=\"_ _3\"></span>ther ret<span class=\"_ _3\"></span>urn </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gse1e\">see<span class=\"_ _3\"></span>king a<span class=\"_ _3\"></span>ssets t<span class=\"_ _3\"></span>otal \u00a3<span class=\"_ _3\"></span>610m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a31,0<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>9m). T<span class=\"_ _3\"></span>hese a<span class=\"_ _3\"></span>re poo<span class=\"_ _3\"></span>led in<span class=\"_ _3\"></span>vestm<span class=\"_ _3\"></span>ents st<span class=\"_ _3\"></span>ated at f<span class=\"_ _3\"></span>air val<span class=\"_ _3\"></span>ue prov<span class=\"_ _3\"></span>ided b<span class=\"_ _3\"></span>y the fun<span class=\"_ _3\"></span>d mana<span class=\"_ _3\"></span>gers<span class=\"_ _3\"></span>, of whi<span class=\"_ _3\"></span>ch \u00a313<span class=\"_ _3\"></span>0m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a310<span class=\"_ _3\"></span>3m) h<span class=\"_ _3\"></span>ave bee<span class=\"_ _3\"></span>n value<span class=\"_ _3\"></span>d on </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gse1f\">Se<span class=\"_ _3\"></span>ptemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>23 va<span class=\"_ _3\"></span>luati<span class=\"_ _3\"></span>ons an<span class=\"_ _3\"></span>d \u00a3181m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>nil) on N<span class=\"_ _3\"></span>ovem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 v<span class=\"_ _3\"></span>aluat<span class=\"_ _3\"></span>ions<span class=\"_ _3\"></span>, for whi<span class=\"_ _3\"></span>ch valu<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>ns were a<span class=\"_ _3\"></span>djuste<span class=\"_ _3\"></span>d for ca<span class=\"_ _3\"></span>sh move<span class=\"_ _3\"></span>ments t<span class=\"_ _3\"></span>hat oc<span class=\"_ _3\"></span>curr<span class=\"_ _3\"></span>ed in the l<span class=\"_ _3\"></span>ast qu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ter of the ye<span class=\"_ _3\"></span>ar as a </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gse20\">resu<span class=\"_ _3\"></span>lt of De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>23 va<span class=\"_ _3\"></span>luati<span class=\"_ _3\"></span>ons not b<span class=\"_ _3\"></span>eing a<span class=\"_ _3\"></span>vaila<span class=\"_ _3\"></span>ble as a<span class=\"_ _3\"></span>t the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate. Th<span class=\"_ _3\"></span>e Dire<span class=\"_ _3\"></span>ctors c<span class=\"_ _3\"></span>onsi<span class=\"_ _3\"></span>der th<span class=\"_ _3\"></span>ese val<span class=\"_ _3\"></span>ues to be a f<span class=\"_ _3\"></span>air ap<span class=\"_ _3\"></span>proxim<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n for the<span class=\"_ _3\"></span>se asse<span class=\"_ _3\"></span>ts at 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gse21\">@ <span class=\"_ _5d\"> </span>Ot<span class=\"_ _3\"></span>her retu<span class=\"_ _3\"></span>rn<span class=\"_ _3\"></span>-se<span class=\"_ _3\"></span>ekin<span class=\"_ _3\"></span>g asset<span class=\"_ _3\"></span>s are alte<span class=\"_ _3\"></span>rnat<span class=\"_ _3\"></span>ive bet<span class=\"_ _3\"></span>a ass<span class=\"_ _3\"></span>ets, wh<span class=\"_ _3\"></span>ich pro<span class=\"_ _3\"></span>vide ex<span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>ure to a ran<span class=\"_ _3\"></span>ge of ris<span class=\"_ _3\"></span>k premi<span class=\"_ _3\"></span>a that a<span class=\"_ _3\"></span>re intend<span class=\"_ _3\"></span>ed to di<span class=\"_ _3\"></span>versi<span class=\"_ _3\"></span>fy p<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>foli<span class=\"_ _3\"></span>o return<span class=\"_ _3\"></span>s from tr<span class=\"_ _3\"></span>adit<span class=\"_ _3\"></span>iona<span class=\"_ _3\"></span>l equi<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d cred<span class=\"_ _3\"></span>it </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls1e ws18 gse22\">ma<span class=\"_ _3\"></span>rkets<span class=\"_ _3\"></span>. </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gse23\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gse24\">Se<span class=\"_ _3\"></span>cure in<span class=\"_ _3\"></span>come a<span class=\"_ _3\"></span>ssets r<span class=\"_ _3\"></span>eflec<span class=\"_ _3\"></span>t more il<span class=\"_ _3\"></span>liqu<span class=\"_ _3\"></span>id inves<span class=\"_ _3\"></span>tment<span class=\"_ _3\"></span>s that of<span class=\"_ _3\"></span>fer lo<span class=\"_ _3\"></span>ng term c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>actu<span class=\"_ _3\"></span>al ca<span class=\"_ _3\"></span>sh flow<span class=\"_ _3\"></span>s that c<span class=\"_ _3\"></span>an be us<span class=\"_ _3\"></span>ed for th<span class=\"_ _3\"></span>e paym<span class=\"_ _3\"></span>ent of pe<span class=\"_ _3\"></span>nsion<span class=\"_ _3\"></span>s. </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gse25\">$ <span class=\"_ _b\"> </span>T<span class=\"_ _3\"></span>he RP<span class=\"_ _3\"></span>S retur<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>see<span class=\"_ _3\"></span>king g<span class=\"_ _3\"></span>rowt<span class=\"_ _3\"></span>h poo<span class=\"_ _3\"></span>led fu<span class=\"_ _3\"></span>nds as<span class=\"_ _3\"></span>sets are t<span class=\"_ _3\"></span>he Grow<span class=\"_ _3\"></span>th Po<span class=\"_ _3\"></span>ole<span class=\"_ _3\"></span>d Fund<span class=\"_ _3\"></span>, Illiq<span class=\"_ _3\"></span>uid Gro<span class=\"_ _3\"></span>wth P<span class=\"_ _3\"></span>oole<span class=\"_ _3\"></span>d Fund a<span class=\"_ _3\"></span>nd the P<span class=\"_ _3\"></span>riva<span class=\"_ _3\"></span>te Equi<span class=\"_ _3\"></span>ty Po<span class=\"_ _3\"></span>oled F<span class=\"_ _3\"></span>und wh<span class=\"_ _3\"></span>ich are H<span class=\"_ _3\"></span>MRC a<span class=\"_ _3\"></span>ppro<span class=\"_ _3\"></span>ved po<span class=\"_ _3\"></span>oled f<span class=\"_ _3\"></span>unds<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse26\">~<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gse27\">Th<span class=\"_ _3\"></span>e RP<span class=\"_ _3\"></span>S liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>matc<span class=\"_ _3\"></span>hing p<span class=\"_ _3\"></span>oole<span class=\"_ _3\"></span>d fund<span class=\"_ _3\"></span>s are Lon<span class=\"_ _3\"></span>g T<span class=\"_ _4\"></span>er<span class=\"_ _3\"></span>m Inc<span class=\"_ _3\"></span>ome Po<span class=\"_ _3\"></span>oled F<span class=\"_ _3\"></span>unds w<span class=\"_ _3\"></span>hich a<span class=\"_ _3\"></span>re HMR<span class=\"_ _3\"></span>C app<span class=\"_ _3\"></span>roved p<span class=\"_ _3\"></span>oole<span class=\"_ _3\"></span>d fund<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gse28\">Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d con<span class=\"_ _3\"></span>trib<span class=\"_ _3\"></span>utio<span class=\"_ _3\"></span>ns ex<span class=\"_ _3\"></span>pec<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d to b<span class=\"_ _3\"></span>e paid t<span class=\"_ _3\"></span>o the Gr<span class=\"_ _3\"></span>oup\u2019s prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al de<span class=\"_ _3\"></span>fin<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>t sch<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>s duri<span class=\"_ _3\"></span>ng 2024<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gse29\">Balfour<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gse2a\">Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gse2b\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls18a ws187 gse2c\">Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gse2d\">2024<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gse2e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls4a ws44 gse2f\">Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gse30\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gse31\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gse32\">2024<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gse33\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gse34\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gse35\">2024<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gse36\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gse37\">Regular funding<span class=\"_ _361\"> </span><span class=\"ff46 ls5 ws3\">1<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gse38\">Ongoing deficit<span class=\"_ _4\"></span> funding</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gse39\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5f ws57 gse3a\">24<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gse3b\">T<span class=\"_ _4\"></span>otal contributions<span class=\"_ _362\"> </span><span class=\"ff46 ls3b ws36\">25<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _38\"> </span><span class=\"ls33 ws2c\">32<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse3c\">Esti<span class=\"_ _3\"></span>mated BBP<span class=\"_ _3\"></span>F running c<span class=\"_ _3\"></span>osts to be fu<span class=\"_ _3\"></span>nded from d<span class=\"_ _3\"></span>eficit c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tions</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gse3d\">*<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls48 ws42 gse3e\">(4)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span></span>(4)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gse3f\">Estimated tota<span class=\"_ _4\"></span>l cash contributions<span class=\"_ _292\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gse40\">* <span class=\"_ _b\"> </span>T<span class=\"_ _3\"></span>he run<span class=\"_ _3\"></span>ning c<span class=\"_ _3\"></span>osts of t<span class=\"_ _3\"></span>he BBP<span class=\"_ _3\"></span>F are fun<span class=\"_ _3\"></span>ded f<span class=\"_ _3\"></span>rom defi<span class=\"_ _3\"></span>cit c<span class=\"_ _3\"></span>ontri<span class=\"_ _3\"></span>buti<span class=\"_ _3\"></span>ons as p<span class=\"_ _3\"></span>er the BB<span class=\"_ _3\"></span>PF sc<span class=\"_ _3\"></span>hedu<span class=\"_ _3\"></span>le of co<span class=\"_ _3\"></span>ntrib<span class=\"_ _3\"></span>utio<span class=\"_ _3\"></span>ns.<span class=\"_ _3ab\"> </span></div>Th<span class=\"_ _3\"></span>e sensitiv<span class=\"_ _3\"></span>ity a<span class=\"_ _3\"></span>nalysis b<span class=\"_ _3\"></span>elow has b<span class=\"_ _3\"></span>een determi<span class=\"_ _3\"></span>ned base<span class=\"_ _3\"></span>d on reaso<span class=\"_ _3\"></span>nably p<span class=\"_ _3\"></span>ossib<span class=\"_ _3\"></span>le chang<span class=\"_ _3\"></span>es in assum<span class=\"_ _3\"></span>ptions oc<span class=\"_ _3\"></span>currin<span class=\"_ _3\"></span>g at the end of th<span class=\"_ _3\"></span>e repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g perio<span class=\"_ _3\"></span>d. In eac<span class=\"_ _3\"></span>h case th<span class=\"_ _3\"></span>e relevant cha<span class=\"_ _3\"></span>nge in assum<span class=\"_ _3\"></span>ption oc<span class=\"_ _3\"></span>curs in iso<span class=\"_ _3\"></span>lation f<span class=\"_ _3\"></span>rom potential c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n other assum<span class=\"_ _3\"></span>ptions. In p<span class=\"_ _3\"></span>racti<span class=\"_ _3\"></span>ce more th<span class=\"_ _3\"></span>an one vari<span class=\"_ _3\"></span>able is likel<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>o c<span class=\"_ _3\"></span>hange a<span class=\"_ _3\"></span>t the same ti<span class=\"_ _3\"></span>me. The se<span class=\"_ _3\"></span>nsitivi<span class=\"_ _3\"></span>ties have be<span class=\"_ _3\"></span>en calc<span class=\"_ _3\"></span>ulated usin<span class=\"_ _3\"></span>g the projec<span class=\"_ _3\"></span>ted unit cre<span class=\"_ _3\"></span>dit metho<span class=\"_ _3\"></span>d.<span class=\"_ _3ab\"> </span>Se<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>tiv<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y of the G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s r<span class=\"_ _3\"></span>etir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>t oblig<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>ns at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>23 to di<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ent a<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>uari<span class=\"_ _3\"></span>al as<span class=\"_ _3\"></span>sump<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Sensitivity to increase in<span class=\"_ _4\"></span> assumption<span class=\"_ _20c\"> </span><span class=\"ls6c ws64\">Sensitivity to<span class=\"_ _4\"></span> decrease in<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>su<span class=\"_ _4\"></span>mp<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>ion<span class=\"_ _3ab\"> </span></span>Assump<span class=\"_ _3\"></span>tions<span class=\"_ _3ab\"> </span>Percentage<span class=\"_ _3ab\"> </span>points/years<span class=\"_ _3ab\"> </span>(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span>increase in<span class=\"_ _3ab\"> </span>obligations %<span class=\"_ _3ab\"> </span>(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span>increase in<span class=\"_ _3ab\"> </span>obligations \u00a3m<span class=\"_ _3ab\"> </span>Percentage<span class=\"_ _3ab\"> </span>points/years<span class=\"_ _3ab\"> </span>Increase/<span class=\"_ _3ab\"> </span>(decrease)<span class=\"_ _4\"></span> in<span class=\"_ _3ab\"> </span>obligations %<span class=\"_ _3ab\"> </span>Increase/<span class=\"_ _3ab\"> </span>(decrease)<span class=\"_ _4\"></span> in<span class=\"_ _3ab\"> </span>obligations \u00a3m<span class=\"_ _3ab\"> </span>Discou<span class=\"_ _4\"></span>nt rat<span class=\"_ _4\"></span>e<span class=\"_ _363\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _c3\"> </span><span class=\"ls7 ws102\">(5<span class=\"_ _3\"></span>.7)%<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _d6\"> </span><span class=\"ls1c ws107\">(0.<span class=\"_ _3\"></span>5)%<span class=\"_ _3b\"> </span><span class=\"ls14 ws10\">6<span class=\"_ _3\"></span>.3%<span class=\"_ _97\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Ma<span class=\"_ _3\"></span>rk<span class=\"_ _4\"></span>et ex<span class=\"_ _3\"></span>pect<span class=\"_ _3\"></span>ation of RP<span class=\"_ _3\"></span>I inflatio<span class=\"_ _3\"></span>n<span class=\"_ _f7\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _1cc\"> </span><span class=\"ls109 ws87\">4.0<span class=\"_ _3\"></span>%<span class=\"_ _98\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>2<span class=\"_ _1f7\"> </span><span class=\"ls1c ws107\">(0<span class=\"_ _3\"></span>.5)%<span class=\"_ _c3\"> </span></span></span></span>(3<span class=\"_ _3\"></span>.9)%<span class=\"_ _116\"> </span><span class=\"ls110 ws106\">(<span class=\"_ _3\"></span>111)<span class=\"_ _3ab\"> </span></span></span>Salar<span class=\"_ _3\"></span>y growth<span class=\"_ _364\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _2f\"> </span><span class=\"ls104 wsf9\">&lt;<span class=\"_ _2\"> </span>0<span class=\"_ _2\"></span>.1%<span class=\"_ _3e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _110\"> </span><span class=\"ls1c ws107\">(0<span class=\"_ _3\"></span>.5)%<span class=\"_ _db\"> </span></span></span>&lt;<span class=\"_ _3\"></span>(<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>)<span class=\"_ _3\"></span>%<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Li<span class=\"_ _3\"></span>fe exp<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>tan<span class=\"_ _3\"></span>cy<span class=\"_ _216\"> </span><span class=\"ff46 ls5 ws3\">1 yea<span class=\"_ _3\"></span>r<span class=\"_ _1cc\"> </span><span class=\"ls109 ws87\">4.0<span class=\"_ _3\"></span>%<span class=\"_ _98\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>4<span class=\"_ _4f\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span> ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>)<span class=\"_ _2f\"> </span><span class=\"ls104 wsf9\">(<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _3\"></span>)<span class=\"_ _3\"></span>%<span class=\"_ _116\"> </span></span></span>(11<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>Se<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>tiv<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y of the G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s r<span class=\"_ _3\"></span>etir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3 to ch<span class=\"_ _3\"></span>ange<span class=\"_ _3\"></span>s in mar<span class=\"_ _3\"></span>ket c<span class=\"_ _3\"></span>ondi<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Percentage<span class=\"_ _3ab\"> </span>points<span class=\"_ _3ab\"> </span>(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span>increase<span class=\"_ _3ab\"> </span>in<span class=\"_ _4\"></span> assets<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span>increase<span class=\"_ _3ab\"> </span>in<span class=\"_ _4\"></span> assets<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Increase in int<span class=\"_ _4\"></span>erest rates<span class=\"_ _111\"> </span><span class=\"ff46 lsf7 ws100\">0<span class=\"_ _3\"></span>.5%<span class=\"_ _c3\"> </span><span class=\"ls94 ws18a\">(5<span class=\"_ _3\"></span>.4)%<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>Inc<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ase in mar<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>et exp<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>ation of RP<span class=\"_ _3\"></span>I inflation<span class=\"_ _365\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _1cc\"> </span><span class=\"ls4a ws44\">3.9%<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span>Th<span class=\"_ _3\"></span>e asset sensi<span class=\"_ _3\"></span>tivitie<span class=\"_ _3\"></span>s only take into ac<span class=\"_ _3\"></span>count the im<span class=\"_ _3\"></span>pact of t<span class=\"_ _3\"></span>he chang<span class=\"_ _3\"></span>es in market co<span class=\"_ _3\"></span>ndition<span class=\"_ _3\"></span>s on bond<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ty<span class=\"_ _3\"></span>pe assets<span class=\"_ _3\"></span>. The valu<span class=\"_ _3\"></span>e of the sche<span class=\"_ _3\"></span>mes\u2019 return<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>seekin<span class=\"_ _3\"></span>g assets is not d<span class=\"_ _3\"></span>irectl<span class=\"_ _3\"></span>y correla<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d with move<span class=\"_ _3\"></span>ments in interest r<span class=\"_ _3\"></span>ates or RPI inf<span class=\"_ _3\"></span>lation.<span class=\"_ _3ab\"> </span>Y<span class=\"_ _4\"></span>ea<span class=\"_ _3\"></span>r end hi<span class=\"_ _3\"></span>sto<span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>al inf<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>tion f<span class=\"_ _3\"></span>or the G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s r<span class=\"_ _3\"></span>etir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt de<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ned b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>t sc<span class=\"_ _3\"></span>heme<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>21<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2020<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>19<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Prese<span class=\"_ _3\"></span>nt value of ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns<span class=\"_ _366\"> </span><span class=\"ff46\">(2,<span class=\"_ _3\"></span>85<span class=\"_ _3\"></span>6)<span class=\"_ _d8\"> </span></span><span class=\"ls73 ws80\">(<span class=\"_ _3\"></span>2,80<span class=\"_ _3\"></span>3)<span class=\"_ _15\"> </span><span class=\"ls5f ws57\">(4,201<span class=\"_ _4\"></span>)<span class=\"_ _4f\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _1e\"> </span><span class=\"lsaa ws69\">(3,95<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span></span></span></span>Fair v<span class=\"_ _3\"></span>alue of assets<span class=\"_ _2cd\"> </span><span class=\"ff46 ls74 ws6b\">2,<span class=\"_ _3\"></span>925<span class=\"_ _110\"> </span></span><span class=\"ls4f ws49\">3,026<span class=\"_ _110\"> </span><span class=\"ls3e ws39\">4,432<span class=\"_ _de\"> </span>4,4<span class=\"_ _3\"></span>06<span class=\"_ _110\"> </span></span>4,09<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span>Surp<span class=\"_ _3\"></span>lus<span class=\"_ _367\"> </span><span class=\"ff46 ls103 wsf8\">69<span class=\"_ _a1\"> </span></span><span class=\"lsa9 wsa0\">223<span class=\"_ _180\"> </span><span class=\"ls3c ws37\">231<span class=\"_ _9d\"> </span><span class=\"ls114 ws10c\">89<span class=\"_ _a0\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>Ex<span class=\"_ _3\"></span>perience adjustment f<span class=\"_ _4\"></span>or oblig<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>tio<span class=\"_ _3\"></span>ns<span class=\"_ _299\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _51\"> </span><span class=\"ff47\">21<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _9a\"> </span>5<span class=\"_ _87\"> </span><span class=\"ls33 ws2c\">(53)<span class=\"_ _3ab\"> </span></span></span></span></span>Ex<span class=\"_ _3\"></span>perience adjustment f<span class=\"_ _4\"></span>or assets<span class=\"_ _184\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _56\"> </span></span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls33 ws2c\">87<span class=\"_ _a0\"> </span><span class=\"lsab wsa1\">392<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">329<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l defici<span class=\"_ _3\"></span>t funding<span class=\"_ _27f\"> </span><span class=\"ff46 ls3b ws36\">25<span class=\"_ _38\"> </span></span><span class=\"ls5b ws15e\">41<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">39<span class=\"_ _38\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _38\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _3ab\"> </span></span></span></span></span>30.<span class=\"_ _3\"></span>3 La<span class=\"_ _3\"></span>tes<span class=\"_ _3\"></span>t fo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>l tri<span class=\"_ _3\"></span>enn<span class=\"_ _3\"></span>ial f<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>ing va<span class=\"_ _3\"></span>lua<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns<span class=\"_ _3ab\"> </span>Ba<span class=\"_ _3\"></span>lfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Pension Fun<span class=\"_ _3\"></span>d \u00a3m<span class=\"_ _3ab\"> </span>Railways Pension Scheme \u00a3m<span class=\"_ _3ab\"> </span>Date of la<span class=\"_ _3\"></span>st formal tr<span class=\"_ _3\"></span>iennial fu<span class=\"_ _3\"></span>nding valu<span class=\"_ _3\"></span>ation<span class=\"_ _251\"> </span><span class=\"ls12a ws11f\">31/<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>22<span class=\"_ _1c1\"> </span>3<span class=\"_ _3\"></span>1/12<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>019<span class=\"_ _3ab\"> </span></span>Scheme<span class=\"_ _4\"></span> de<span class=\"_ _3\"></span>ficit<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>rk<span class=\"_ _4\"></span>et v<span class=\"_ _3\"></span>alue of assets<span class=\"_ _368\"> </span><span class=\"ls4a ws44\">4,426<span class=\"_ _a0\"> </span><span class=\"ls103 wsf8\">354<span class=\"_ _3ab\"> </span></span></span>Prese<span class=\"_ _3\"></span>nt value of ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns<span class=\"_ _220\"> </span><span class=\"ls5b ws15e\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>414<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"lsaa ws69\">(38<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span>Surplus<span class=\"_ _3\"></span>/(deficit) in defi<span class=\"_ _4\"></span>ne<span class=\"_ _3\"></span>d bene<span class=\"_ _4\"></span>fit scheme<span class=\"_ _2d8\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _51\"> </span><span class=\"ls61 ws59\">(26)<span class=\"_ _3ab\"> </span></span></span>Fund<span class=\"_ _3\"></span>ing leve<span class=\"_ _3\"></span>l<span class=\"_ _21e\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3%<span class=\"_ _f\"> </span><span class=\"ls1c ws107\">9<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>2%</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-632": {
   "value": "Defin<span class=\"_ _3\"></span>ed contr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>n schemes a<span class=\"_ _3\"></span>re those whe<span class=\"_ _3\"></span>re the Group\u2019s oblig<span class=\"_ _3\"></span>ation is lim<span class=\"_ _3\"></span>ited to the amou<span class=\"_ _3\"></span>nt that it co<span class=\"_ _3\"></span>ntributes to th<span class=\"_ _3\"></span>e scheme an<span class=\"_ _3\"></span>d the sche<span class=\"_ _3\"></span>me memb<span class=\"_ _3\"></span>ers bear t<span class=\"_ _3\"></span>he investment a<span class=\"_ _3\"></span>nd actua<span class=\"_ _3\"></span>rial risks<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-633": {
   "value": "Defin<span class=\"_ _3\"></span>ed benefi<span class=\"_ _3\"></span>t scheme<span class=\"_ _3\"></span>s are scheme<span class=\"_ _3\"></span>s other than d<span class=\"_ _3\"></span>efined co<span class=\"_ _3\"></span>ntribut<span class=\"_ _3\"></span>ion schem<span class=\"_ _3\"></span>es where th<span class=\"_ _3\"></span>e Group\u2019<span class=\"_ _4\"></span>s o<span class=\"_ _3\"></span>bliga<span class=\"_ _3\"></span>tion is to provi<span class=\"_ _3\"></span>de spec<span class=\"_ _3\"></span>ified b<span class=\"_ _3\"></span>enefits on ret<span class=\"_ _3\"></span>irement<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>IA<span class=\"_ _3\"></span>S 19 Employee Be<span class=\"_ _3\"></span>nefits (I<span class=\"_ _3\"></span>AS 19) p<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>scrib<span class=\"_ _3\"></span>es the acc<span class=\"_ _3\"></span>ounting for d<span class=\"_ _3\"></span>efined be<span class=\"_ _3\"></span>nefit sche<span class=\"_ _3\"></span>mes in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s fin<span class=\"_ _3\"></span>ancial s<span class=\"_ _3\"></span>tatements<span class=\"_ _3\"></span>. Oblig<span class=\"_ _3\"></span>ations are cal<span class=\"_ _3\"></span>culated us<span class=\"_ _3\"></span>ing the proje<span class=\"_ _3\"></span>cted unit c<span class=\"_ _3\"></span>redit meth<span class=\"_ _3\"></span>od and dis<span class=\"_ _3\"></span>counted to a net pre<span class=\"_ _3\"></span>sent value usi<span class=\"_ _3\"></span>ng the market yie<span class=\"_ _3\"></span>ld on high<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>lity c<span class=\"_ _3\"></span>orpo<span class=\"_ _3\"></span>rate bond<span class=\"_ _3\"></span>s. Th<span class=\"_ _3\"></span>e pension ex<span class=\"_ _3\"></span>pense rela<span class=\"_ _3\"></span>ting to current se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ice cost i<span class=\"_ _3\"></span>s charge<span class=\"_ _3\"></span>d to contrac<span class=\"_ _3\"></span>ts or overh<span class=\"_ _3\"></span>eads ba<span class=\"_ _3\"></span>sed on the fu<span class=\"_ _3\"></span>nction of s<span class=\"_ _3\"></span>cheme me<span class=\"_ _3\"></span>mbers an<span class=\"_ _3\"></span>d is incl<span class=\"_ _3\"></span>uded in c<span class=\"_ _3\"></span>ost of sale<span class=\"_ _3\"></span>s and net ope<span class=\"_ _3\"></span>rating exp<span class=\"_ _3\"></span>enses. T<span class=\"_ _3\"></span>he net finan<span class=\"_ _3\"></span>ce inco<span class=\"_ _3\"></span>me arising f<span class=\"_ _3\"></span>rom the expe<span class=\"_ _3\"></span>cted interest in<span class=\"_ _3\"></span>come on p<span class=\"_ _3\"></span>lan asset<span class=\"_ _3\"></span>s and interest c<span class=\"_ _3\"></span>ost on sche<span class=\"_ _3\"></span>me oblig<span class=\"_ _3\"></span>ations is i<span class=\"_ _3\"></span>nclude<span class=\"_ _3\"></span>d in investment in<span class=\"_ _3\"></span>come. A<span class=\"_ _3\"></span>ctuar<span class=\"_ _3\"></span>ial gains a<span class=\"_ _3\"></span>nd losses a<span class=\"_ _3\"></span>re r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ted in the st<span class=\"_ _3\"></span>atement of com<span class=\"_ _3\"></span>prehensi<span class=\"_ _3\"></span>ve income. T<span class=\"_ _3\"></span>he IA<span class=\"_ _3\"></span>S 19 accou<span class=\"_ _3\"></span>nting valuat<span class=\"_ _3\"></span>ions are set out i<span class=\"_ _3\"></span>n Note 30<span class=\"_ _3\"></span>.2.<span class=\"_ _3ab\"> </span>A dif<span class=\"_ _3\"></span>ferent cal<span class=\"_ _3\"></span>culatio<span class=\"_ _3\"></span>n is used for the for<span class=\"_ _3\"></span>mal trie<span class=\"_ _3\"></span>nnial fund<span class=\"_ _3\"></span>ing valuat<span class=\"_ _3\"></span>ions und<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n by the sche<span class=\"_ _3\"></span>me trustee<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o d<span class=\"_ _3\"></span>etermine th<span class=\"_ _3\"></span>e future Com<span class=\"_ _3\"></span>pany cont<span class=\"_ _3\"></span>ributio<span class=\"_ _3\"></span>n level nece<span class=\"_ _3\"></span>ssar<span class=\"_ _3\"></span>y so that ove<span class=\"_ _3\"></span>r time the sc<span class=\"_ _3\"></span>heme asset<span class=\"_ _3\"></span>s will meet th<span class=\"_ _3\"></span>e scheme o<span class=\"_ _3\"></span>bliga<span class=\"_ _3\"></span>tions. T<span class=\"_ _3\"></span>he princ<span class=\"_ _3\"></span>ipal di<span class=\"_ _3\"></span>fference b<span class=\"_ _3\"></span>etwee<span class=\"_ _3\"></span>n the two metho<span class=\"_ _3\"></span>ds is that u<span class=\"_ _3\"></span>nder the fu<span class=\"_ _3\"></span>nding ba<span class=\"_ _3\"></span>sis the obl<span class=\"_ _3\"></span>igation<span class=\"_ _3\"></span>s are discou<span class=\"_ _3\"></span>nted using a rate of retur<span class=\"_ _3\"></span>n reflecti<span class=\"_ _3\"></span>ng the com<span class=\"_ _3\"></span>positi<span class=\"_ _3\"></span>on of the asset<span class=\"_ _3\"></span>s in the sche<span class=\"_ _3\"></span>me, rather t<span class=\"_ _3\"></span>han the rate of retur<span class=\"_ _3\"></span>n on high<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>quali<span class=\"_ _3\"></span>ty co<span class=\"_ _3\"></span>rpor<span class=\"_ _3\"></span>ate bonds a<span class=\"_ _3\"></span>s required by I<span class=\"_ _3\"></span>AS 19 for the fin<span class=\"_ _3\"></span>ancial s<span class=\"_ _3\"></span>tatements<span class=\"_ _3\"></span>. Details of t<span class=\"_ _3\"></span>he latest form<span class=\"_ _3\"></span>al triennia<span class=\"_ _3\"></span>l funding v<span class=\"_ _3\"></span>aluation<span class=\"_ _3\"></span>s are set out in N<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e 3<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e assets of the s<span class=\"_ _3\"></span>chemes d<span class=\"_ _3\"></span>o not inclu<span class=\"_ _3\"></span>de any direc<span class=\"_ _3\"></span>t holdin<span class=\"_ _3\"></span>gs of the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s fina<span class=\"_ _3\"></span>ncial inst<span class=\"_ _3\"></span>ruments<span class=\"_ _3\"></span>, nor any prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y oc<span class=\"_ _3\"></span>cupied b<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, o<span class=\"_ _3\"></span>r other asset<span class=\"_ _3\"></span>s of<span class=\"_ _4\"></span>, the G<span class=\"_ _3\"></span>roup.<span class=\"_ _3ab\"> </span>Principal schemes<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s princi<span class=\"_ _3\"></span>pal sche<span class=\"_ _3\"></span>mes are the Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>ension Fun<span class=\"_ _3\"></span>d (BBP<span class=\"_ _3\"></span>F), whi<span class=\"_ _3\"></span>ch inclu<span class=\"_ _3\"></span>des define<span class=\"_ _3\"></span>d contri<span class=\"_ _3\"></span>bution an<span class=\"_ _3\"></span>d defined b<span class=\"_ _3\"></span>enefit se<span class=\"_ _3\"></span>ctions<span class=\"_ _3\"></span>, and th<span class=\"_ _3\"></span>e Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Share<span class=\"_ _3\"></span>d Cost S<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>n of the Rail<span class=\"_ _3\"></span>ways Pensio<span class=\"_ _3\"></span>n Schem<span class=\"_ _3\"></span>e (RP<span class=\"_ _3\"></span>S). The def<span class=\"_ _3\"></span>ined ben<span class=\"_ _3\"></span>efit sect<span class=\"_ _3\"></span>ions of both s<span class=\"_ _3\"></span>chemes are fu<span class=\"_ _3\"></span>nded and cl<span class=\"_ _3\"></span>osed to new me<span class=\"_ _3\"></span>mbers w<span class=\"_ _3\"></span>ith the excepti<span class=\"_ _3\"></span>on of employe<span class=\"_ _3\"></span>es where em<span class=\"_ _3\"></span>ployme<span class=\"_ _3\"></span>nt has transfer<span class=\"_ _3\"></span>red to the Grou<span class=\"_ _3\"></span>p under ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain agreed arrangements. Pension benefits for de<span class=\"_ _4\"></span>fine<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> b<span class=\"_ _3\"></span>ene<span class=\"_ _4\"></span>fit schemes are based on employees\u2019 pensionable servic<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span> and their pensionable salar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e scheme<span class=\"_ _3\"></span>s operate un<span class=\"_ _3\"></span>der trus<span class=\"_ _3\"></span>t law and are man<span class=\"_ _3\"></span>aged an<span class=\"_ _3\"></span>d administere<span class=\"_ _3\"></span>d by trustee<span class=\"_ _3\"></span>s on behal<span class=\"_ _3\"></span>f of the memb<span class=\"_ _3\"></span>ers in acc<span class=\"_ _3\"></span>ordan<span class=\"_ _3\"></span>ce with th<span class=\"_ _3\"></span>e t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rms of the tr<span class=\"_ _3\"></span>ust deed a<span class=\"_ _3\"></span>nd rules a<span class=\"_ _3\"></span>nd relevant leg<span class=\"_ _3\"></span>islatio<span class=\"_ _3\"></span>n. Defined b<span class=\"_ _3\"></span>enefit c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tions are deter<span class=\"_ _3\"></span>mined in co<span class=\"_ _3\"></span>nsultat<span class=\"_ _3\"></span>ion with th<span class=\"_ _3\"></span>e trustees<span class=\"_ _3\"></span>, after t<span class=\"_ _3\"></span>aking act<span class=\"_ _3\"></span>uarial a<span class=\"_ _3\"></span>dvice<span class=\"_ _3\"></span>. The tru<span class=\"_ _3\"></span>stees are resp<span class=\"_ _3\"></span>onsible for e<span class=\"_ _3\"></span>stabl<span class=\"_ _3\"></span>ishing the inves<span class=\"_ _3\"></span>tment strate<span class=\"_ _3\"></span>gy and ensu<span class=\"_ _3\"></span>ring that t<span class=\"_ _3\"></span>here are suf<span class=\"_ _3\"></span>ficient as<span class=\"_ _3\"></span>sets to meet the cos<span class=\"_ _3\"></span>t of current and fu<span class=\"_ _3\"></span>ture benefi<span class=\"_ _3\"></span>ts.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ese schem<span class=\"_ _3\"></span>es expose t<span class=\"_ _3\"></span>he Group to invest<span class=\"_ _3\"></span>ment and ac<span class=\"_ _3\"></span>tuaria<span class=\"_ _3\"></span>l risks where a<span class=\"_ _3\"></span>dditio<span class=\"_ _3\"></span>nal contr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>ns may be req<span class=\"_ _3\"></span>uired if asset<span class=\"_ _3\"></span>s are not suf<span class=\"_ _3\"></span>ficient to pay fut<span class=\"_ _3\"></span>ure pension b<span class=\"_ _3\"></span>enefits: <span class=\"_ _1dd\"></span>\u00bb<span class=\"_ _12b\"> </span><span class=\"ls1c\">i<span class=\"_ _3\"></span>nvestment risk<span class=\"_ _3\"></span>: the investm<span class=\"_ _3\"></span>ent por<span class=\"_ _3\"></span>tfoli<span class=\"_ _3\"></span>o is subjec<span class=\"_ _3\"></span>t to a range of ri<span class=\"_ _3\"></span>sks ty<span class=\"_ _3\"></span>pical of t<span class=\"_ _3\"></span>he investment<span class=\"_ _3\"></span>s held, for exam<span class=\"_ _3\"></span>ple, cred<span class=\"_ _3\"></span>it risk on c<span class=\"_ _3\"></span>orpo<span class=\"_ _3\"></span>rate bond </span>holdings<span class=\"_ _4\"></span>; and <span class=\"_ _1dd\"></span>\u00bb<span class=\"_ _12b\"> </span><span class=\"ls1c\">a<span class=\"_ _3\"></span>ctuar<span class=\"_ _3\"></span>ial risk: t<span class=\"_ _3\"></span>he ultima<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e c<span class=\"_ _3\"></span>ost of provi<span class=\"_ _3\"></span>ding pens<span class=\"_ _3\"></span>ion benef<span class=\"_ _3\"></span>its is af<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cted by infl<span class=\"_ _3\"></span>ation rates an<span class=\"_ _3\"></span>d member<span class=\"_ _3\"></span>s\u2019 life expec<span class=\"_ _3\"></span>tancy. The net p<span class=\"_ _3\"></span>resent value<span class=\"_ _3\"></span> </span>of the ob<span class=\"_ _3\"></span>ligati<span class=\"_ _3\"></span>ons is af<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cted by the m<span class=\"_ _3\"></span>arket yield on hi<span class=\"_ _3\"></span>gh<span class=\"_ _3\"></span>-q<span class=\"_ _3\"></span>ualit<span class=\"_ _3\"></span>y cor<span class=\"_ _3\"></span>porate b<span class=\"_ _3\"></span>onds use<span class=\"_ _3\"></span>d to discount t<span class=\"_ _3\"></span>he oblig<span class=\"_ _3\"></span>ations.<span class=\"_ _3ab\"> </span>Chan<span class=\"_ _3\"></span>ges in the p<span class=\"_ _3\"></span>rincip<span class=\"_ _3\"></span>al actu<span class=\"_ _3\"></span>arial as<span class=\"_ _3\"></span>sumptions b<span class=\"_ _3\"></span>ased on m<span class=\"_ _3\"></span>arket data<span class=\"_ _3\"></span>, such as inflat<span class=\"_ _3\"></span>ion and the d<span class=\"_ _3\"></span>iscount r<span class=\"_ _3\"></span>ate, and exper<span class=\"_ _3\"></span>ience, suc<span class=\"_ _3\"></span>h as life expe<span class=\"_ _3\"></span>ctanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, exp<span class=\"_ _3\"></span>ose the Grou<span class=\"_ _3\"></span>p to fluctua<span class=\"_ _3\"></span>tions in the n<span class=\"_ _3\"></span>et IAS 19 liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y and the net fin<span class=\"_ _3\"></span>ance co<span class=\"_ _3\"></span>st.<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>four B<span class=\"_ _3\"></span>ea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y Pe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>on Fund<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e investment str<span class=\"_ _3\"></span>ategy of the B<span class=\"_ _3\"></span>BPF is to ho<span class=\"_ _3\"></span>ld assets of a<span class=\"_ _3\"></span>ppropr<span class=\"_ _3\"></span>iate liquid<span class=\"_ _3\"></span>ity a<span class=\"_ _3\"></span>nd marketab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>o g<span class=\"_ _3\"></span>enerate in<span class=\"_ _3\"></span>come and c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al grow<span class=\"_ _3\"></span>th. Th<span class=\"_ _3\"></span>e<span class=\"_ gs52\"> </span>BBPF inves<span class=\"_ _3\"></span>ts par<span class=\"_ _3\"></span>tly in a di<span class=\"_ _3\"></span>versifie<span class=\"_ _3\"></span>d range of a<span class=\"_ _3\"></span>ssets inc<span class=\"_ _3\"></span>luding co<span class=\"_ _3\"></span>rpor<span class=\"_ _3\"></span>ate bonds<span class=\"_ _3\"></span>, equiti<span class=\"_ _3\"></span>es and hed<span class=\"_ _3\"></span>ge funds i<span class=\"_ _3\"></span>n anticip<span class=\"_ _3\"></span>ation that<span class=\"_ _3\"></span>, over the lon<span class=\"_ _3\"></span>ger term, th<span class=\"_ _3\"></span>ey will grow in val<span class=\"_ _3\"></span>ue faster tha<span class=\"_ _3\"></span>n the schem<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>\u2019s obl<span class=\"_ _3\"></span>igation<span class=\"_ _3\"></span>s. The B<span class=\"_ _3\"></span>BPF has b<span class=\"_ _3\"></span>een und<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>aking a ph<span class=\"_ _3\"></span>ased wit<span class=\"_ _3\"></span>hdrawal fro<span class=\"_ _3\"></span>m equiti<span class=\"_ _3\"></span>es and he<span class=\"_ _3\"></span>dge fun<span class=\"_ _3\"></span>ds. The o<span class=\"_ _3\"></span>nly residu<span class=\"_ _3\"></span>al equit<span class=\"_ _3\"></span>ies held are a ver<span class=\"_ _3\"></span>y sm<span class=\"_ _3\"></span>all amount of em<span class=\"_ _3\"></span>erging ma<span class=\"_ _3\"></span>rket equities h<span class=\"_ _3\"></span>eld via p<span class=\"_ _3\"></span>oole<span class=\"_ _3\"></span>d funds. T<span class=\"_ _3\"></span>he remaini<span class=\"_ _3\"></span>ng BBP<span class=\"_ _3\"></span>F assets are p<span class=\"_ _3\"></span>rincip<span class=\"_ _3\"></span>ally fixe<span class=\"_ _3\"></span>d and index-<span class=\"_ _3\"></span>linked bo<span class=\"_ _3\"></span>nds and d<span class=\"_ _3\"></span>erivati<span class=\"_ _3\"></span>ves, provid<span class=\"_ _3\"></span>ing protect<span class=\"_ _3\"></span>ion aga<span class=\"_ _3\"></span>inst movement<span class=\"_ _3\"></span>s in inflatio<span class=\"_ _3\"></span>n and interest rates and he<span class=\"_ _3\"></span>nce enhan<span class=\"_ _3\"></span>cing the res<span class=\"_ _3\"></span>ilience of th<span class=\"_ _3\"></span>e funding l<span class=\"_ _3\"></span>evel of the sche<span class=\"_ _3\"></span>me. The p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>mance of t<span class=\"_ _3\"></span>he assets is m<span class=\"_ _3\"></span>easured ag<span class=\"_ _3\"></span>ainst ma<span class=\"_ _3\"></span>rk<span class=\"_ _4\"></span>et i<span class=\"_ _3\"></span>ndices<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e BBPF\u2019s define<span class=\"_ _3\"></span>d benefi<span class=\"_ _3\"></span>t sectio<span class=\"_ _3\"></span>n is expose<span class=\"_ _3\"></span>d to a number of li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y related ri<span class=\"_ _3\"></span>sks, namel<span class=\"_ _3\"></span>y chang<span class=\"_ _3\"></span>es in gilt y<span class=\"_ _3\"></span>ields, infl<span class=\"_ _3\"></span>ation an<span class=\"_ _3\"></span>d the long<span class=\"_ _3\"></span>evity of<span class=\"_ gs52\"> </span>the sc<span class=\"_ _3\"></span>heme\u2019<span class=\"_ _4\"></span>s m<span class=\"_ _3\"></span>ember<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>W<span class=\"_ _3\"></span>ith respec<span class=\"_ _3\"></span>t to interest rate and inf<span class=\"_ _3\"></span>lation ri<span class=\"_ _3\"></span>sks, the tru<span class=\"_ _3\"></span>stee seeks to miti<span class=\"_ _3\"></span>gate the maj<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y of these ri<span class=\"_ _3\"></span>sks through i<span class=\"_ _3\"></span>ts liabili<span class=\"_ _3\"></span>ty he<span class=\"_ _3\"></span>dging p<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>folio. Thi<span class=\"_ _3\"></span>s is a segreg<span class=\"_ _3\"></span>ated por<span class=\"_ _3\"></span>tfo<span class=\"_ _3\"></span>lio of hedg<span class=\"_ _3\"></span>ing asset<span class=\"_ _3\"></span>s which inc<span class=\"_ _3\"></span>ludes phy<span class=\"_ _3\"></span>sical gi<span class=\"_ _3\"></span>lts, gilt re<span class=\"_ _3\"></span>purchas<span class=\"_ _3\"></span>e agreement<span class=\"_ _3\"></span>s and interest rate an<span class=\"_ _3\"></span>d inflatio<span class=\"_ _3\"></span>n swaps. Th<span class=\"_ _3\"></span>e current ob<span class=\"_ _3\"></span>jective of t<span class=\"_ _3\"></span>he por<span class=\"_ _3\"></span>tfoli<span class=\"_ _3\"></span>o is to hedge 10<span class=\"_ _3\"></span>0% of the imp<span class=\"_ _3\"></span>act th<span class=\"_ _3\"></span>at chang<span class=\"_ _3\"></span>es in interest rates an<span class=\"_ _3\"></span>d inflation c<span class=\"_ _3\"></span>an have on th<span class=\"_ _3\"></span>e funding p<span class=\"_ _3\"></span>ositio<span class=\"_ _3\"></span>n.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e BBPF\u2019s Fidu<span class=\"_ _3\"></span>ciar<span class=\"_ _3\"></span>y Man<span class=\"_ _3\"></span>ager and I<span class=\"_ _3\"></span>nvestment C<span class=\"_ _3\"></span>ommit<span class=\"_ _3\"></span>tee closel<span class=\"_ _3\"></span>y monitor t<span class=\"_ _3\"></span>he collater<span class=\"_ _3\"></span>al being h<span class=\"_ _3\"></span>eld withi<span class=\"_ _3\"></span>n the liabi<span class=\"_ _3\"></span>lity he<span class=\"_ _3\"></span>dging p<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tfolio to<span class=\"_ gs52\"> </span>ensure th<span class=\"_ _3\"></span>at the schem<span class=\"_ _3\"></span>e holds su<span class=\"_ _3\"></span>ffic<span class=\"_ _3\"></span>ient coll<span class=\"_ _3\"></span>ateral to supp<span class=\"_ _3\"></span>ort i<span class=\"_ _3\"></span>ts liabi<span class=\"_ _3\"></span>lity h<span class=\"_ _3\"></span>edging p<span class=\"_ _3\"></span>rogram<span class=\"_ _3\"></span>me.<span class=\"_ _3ab\"> </span>W<span class=\"_ _3\"></span>ith respec<span class=\"_ _3\"></span>t to longev<span class=\"_ _3\"></span>ity r<span class=\"_ _3\"></span>isk the BBP<span class=\"_ _3\"></span>F has a lon<span class=\"_ _3\"></span>gevit<span class=\"_ _3\"></span>y swap co<span class=\"_ _3\"></span>ntract a<span class=\"_ _3\"></span>s par<span class=\"_ _3\"></span>t of the investme<span class=\"_ _3\"></span>nt por<span class=\"_ _3\"></span>tfolio w<span class=\"_ _3\"></span>hich will p<span class=\"_ _3\"></span>rovide inc<span class=\"_ _3\"></span>ome in the event that p<span class=\"_ _3\"></span>ensions a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e p<span class=\"_ _3\"></span>aid out for l<span class=\"_ _3\"></span>onger. The fair v<span class=\"_ _3\"></span>alue of the lon<span class=\"_ _3\"></span>gevit<span class=\"_ _3\"></span>y swap ha<span class=\"_ _3\"></span>s been inc<span class=\"_ _3\"></span>luded a<span class=\"_ _3\"></span>s par<span class=\"_ _3\"></span>t of the fair valu<span class=\"_ _3\"></span>e of plan ass<span class=\"_ _3\"></span>ets.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group op<span class=\"_ _3\"></span>erates a Sc<span class=\"_ _3\"></span>ottish L<span class=\"_ _3\"></span>imited Pa<span class=\"_ _3\"></span>rtn<span class=\"_ _3\"></span>ership (S<span class=\"_ _3\"></span>LP) s<span class=\"_ _3\"></span>tructu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e w<span class=\"_ _3\"></span>hich ho<span class=\"_ _3\"></span>lds the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s 4<span class=\"_ _3\"></span>0% interest in the B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am Hosp<span class=\"_ _3\"></span>ital P<span class=\"_ _3\"></span>FI investm<span class=\"_ _3\"></span>ent and the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s 15<span class=\"_ _4\"></span>% sh<span class=\"_ _3\"></span>are of the Con<span class=\"_ _3\"></span>nect Pl<span class=\"_ _3\"></span>us (M25<span class=\"_ _3\"></span>) asset. T<span class=\"_ _3\"></span>he BBP<span class=\"_ _3\"></span>F is a par<span class=\"_ _3\"></span>tner in the S<span class=\"_ _3\"></span>LP and i<span class=\"_ _3\"></span>s entitled to a sh<span class=\"_ _3\"></span>are of the inc<span class=\"_ _3\"></span>ome of the SL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>. In acc<span class=\"_ _3\"></span>ordanc<span class=\"_ _3\"></span>e with IF<span class=\"_ _3\"></span>RS 1<span class=\"_ _4\"></span>0 C<span class=\"_ _3\"></span>onso<span class=\"_ _3\"></span>lidated Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Statement<span class=\"_ _3\"></span>s, the SL<span class=\"_ _3\"></span>P is deeme<span class=\"_ _3\"></span>d to be contro<span class=\"_ _3\"></span>lled by the G<span class=\"_ _3\"></span>roup, whic<span class=\"_ _3\"></span>h retains t<span class=\"_ _3\"></span>he abilit<span class=\"_ _3\"></span>y to subst<span class=\"_ _3\"></span>itute the investm<span class=\"_ _3\"></span>ent in the Bir<span class=\"_ _3\"></span>mingham H<span class=\"_ _3\"></span>ospit<span class=\"_ _3\"></span>al PFI inves<span class=\"_ _3\"></span>tment and the C<span class=\"_ _3\"></span>onne<span class=\"_ _3\"></span>ct Plus (<span class=\"_ _3\"></span>M25) as<span class=\"_ _3\"></span>set for other investm<span class=\"_ _3\"></span>ents from time to ti<span class=\"_ _3\"></span>me. Und<span class=\"_ _3\"></span>er IA<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>9, t<span class=\"_ _3\"></span>he investment he<span class=\"_ _3\"></span>ld by the BB<span class=\"_ _3\"></span>PF in the S<span class=\"_ _3\"></span>LP doe<span class=\"_ _3\"></span>s not consti<span class=\"_ _3\"></span>tute a plan as<span class=\"_ _3\"></span>set and therefore th<span class=\"_ _3\"></span>e pension s<span class=\"_ _3\"></span>urplus p<span class=\"_ _3\"></span>resented in thes<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncial st<span class=\"_ _3\"></span>atements do<span class=\"_ _3\"></span>es not reflec<span class=\"_ _3\"></span>t the BBP<span class=\"_ _3\"></span>F\u2019<span class=\"_ _4\"></span>s interes<span class=\"_ _3\"></span>t in the SL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>. Distri<span class=\"_ _3\"></span>butions fro<span class=\"_ _3\"></span>m the SL<span class=\"_ _3\"></span>P to the BBP<span class=\"_ _3\"></span>F will be refle<span class=\"_ _3\"></span>cted in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s fina<span class=\"_ _3\"></span>ncial st<span class=\"_ _3\"></span>atements as p<span class=\"_ _3\"></span>ension c<span class=\"_ _3\"></span>ontribut<span class=\"_ _3\"></span>ions on a c<span class=\"_ _3\"></span>ash basis<span class=\"_ _3\"></span>. In 202<span class=\"_ _3\"></span>3, the B<span class=\"_ _3\"></span>BPF rec<span class=\"_ _3\"></span>eived dist<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>ons of \u00a3<span class=\"_ _3\"></span>2m from the SL<span class=\"_ _3\"></span>P (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>2m). Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the truste<span class=\"_ _3\"></span>es of the BBP<span class=\"_ _3\"></span>F have reconf<span class=\"_ _3\"></span>irmed th<span class=\"_ _3\"></span>eir commi<span class=\"_ _3\"></span>tment to a jour<span class=\"_ _3\"></span>ney plan ap<span class=\"_ _3\"></span>proac<span class=\"_ _3\"></span>h t<span class=\"_ _4\"></span>o m<span class=\"_ _3\"></span>anagi<span class=\"_ _3\"></span>ng the BBP<span class=\"_ _3\"></span>F with the aim of rea<span class=\"_ _3\"></span>ching self<span class=\"_ _3\"></span>-su<span class=\"_ _3\"></span>ffici<span class=\"_ _3\"></span>ency by 2<span class=\"_ _3\"></span>027<span class=\"_ _5\"></span>. T<span class=\"_ _3\"></span>he C<span class=\"_ _3\"></span>ompany an<span class=\"_ _3\"></span>d trustees h<span class=\"_ _3\"></span>ave agreed th<span class=\"_ _3\"></span>e 31 March 20<span class=\"_ _3\"></span>22 for<span class=\"_ _3\"></span>mal valua<span class=\"_ _3\"></span>tion and as a res<span class=\"_ _3\"></span>ult Balfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y made def<span class=\"_ _3\"></span>icit co<span class=\"_ _3\"></span>ntributi<span class=\"_ _3\"></span>ons to the BBP<span class=\"_ _3\"></span>F of \u00a319m in 20<span class=\"_ _3\"></span>23 (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>m) and has ag<span class=\"_ _3\"></span>reed to pay def<span class=\"_ _3\"></span>icit cont<span class=\"_ _3\"></span>ributi<span class=\"_ _3\"></span>ons to the BBP<span class=\"_ _3\"></span>F of \u00a324<span class=\"_ _3\"></span>m in 20<span class=\"_ _3\"></span>24 and \u00a3<span class=\"_ _3\"></span>6m in 20<span class=\"_ _3\"></span>25. T<span class=\"_ _3\"></span>he Co<span class=\"_ _3\"></span>mpany and t<span class=\"_ _3\"></span>he trustees ex<span class=\"_ _3\"></span>pect to t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e fu<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>er steps over the c<span class=\"_ _3\"></span>oming mo<span class=\"_ _3\"></span>nths to reduce t<span class=\"_ _3\"></span>he overall risk i<span class=\"_ _3\"></span>n the sche<span class=\"_ _3\"></span>me and the C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny has agree<span class=\"_ _3\"></span>d that add<span class=\"_ _3\"></span>itiona<span class=\"_ _3\"></span>l amounts w<span class=\"_ _3\"></span>ill beco<span class=\"_ _3\"></span>me payab<span class=\"_ _3\"></span>le at \u00a3<span class=\"_ _3\"></span>2m per month fro<span class=\"_ _3\"></span>m March 2<span class=\"_ _3\"></span>025 if th<span class=\"_ _3\"></span>e BBPF\u2019s per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance is mater<span class=\"_ _3\"></span>ially d<span class=\"_ _3\"></span>ifferent from t<span class=\"_ _3\"></span>hat expec<span class=\"_ _3\"></span>ted. T<span class=\"_ _3\"></span>he next form<span class=\"_ _3\"></span>al trienn<span class=\"_ _3\"></span>ial fundin<span class=\"_ _3\"></span>g valuati<span class=\"_ _3\"></span>on is due wit<span class=\"_ _3\"></span>h effect f<span class=\"_ _3\"></span>rom 31 March 2<span class=\"_ _3\"></span>025<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Thi<span class=\"_ _3\"></span>s agreeme<span class=\"_ _3\"></span>nt constitu<span class=\"_ _3\"></span>tes a minimum fun<span class=\"_ _3\"></span>ding requi<span class=\"_ _3\"></span>rement (M<span class=\"_ _3\"></span>FR) und<span class=\"_ _3\"></span>er IFRI<span class=\"_ _3\"></span>C 1<span class=\"_ _4\"></span>4 I<span class=\"_ _3\"></span>AS 19: The L<span class=\"_ _3\"></span>imit on a D<span class=\"_ _3\"></span>efined Ben<span class=\"_ _3\"></span>efit As<span class=\"_ _3\"></span>set, Minim<span class=\"_ _3\"></span>um Fund<span class=\"_ _3\"></span>ing Requi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ments and t<span class=\"_ _3\"></span>heir Interac<span class=\"_ _3\"></span>tion. T<span class=\"_ _3\"></span>he Group h<span class=\"_ _3\"></span>as not reco<span class=\"_ _3\"></span>gnised any li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s in relation to thi<span class=\"_ _3\"></span>s MFR as any sur<span class=\"_ _3\"></span>plus of def<span class=\"_ _3\"></span>icit cont<span class=\"_ _3\"></span>ributio<span class=\"_ _3\"></span>ns to the BBP<span class=\"_ _3\"></span>F would be re<span class=\"_ _3\"></span>coverab<span class=\"_ _3\"></span>le by way of a refund an<span class=\"_ _3\"></span>d the Group h<span class=\"_ _3\"></span>as the unc<span class=\"_ _3\"></span>onditio<span class=\"_ _3\"></span>nal right to th<span class=\"_ _3\"></span>e surplu<span class=\"_ _3\"></span>s and control<span class=\"_ _3\"></span>s the<span class=\"_ gs52\"> </span>ru<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>f of the ben<span class=\"_ _3\"></span>efit obli<span class=\"_ _3\"></span>gations o<span class=\"_ _3\"></span>nce all othe<span class=\"_ _3\"></span>r oblig<span class=\"_ _3\"></span>ations of the B<span class=\"_ _3\"></span>BPF have b<span class=\"_ _3\"></span>een set<span class=\"_ _3\"></span>tled.<span class=\"_ _3ab\"> </span><div class=\"t m0 h20 ff4b fs5 fc4 sc0 lsc ws8 gsc55\">Railways Pension Sc<span class=\"_ _3\"></span>heme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsc56\">Th<span class=\"_ _3\"></span>e RPS is a s<span class=\"_ _3\"></span>hared cos<span class=\"_ _3\"></span>t scheme. T<span class=\"_ _3\"></span>he leg<span class=\"_ _3\"></span>al respo<span class=\"_ _3\"></span>nsibilit<span class=\"_ _3\"></span>y of the Gro<span class=\"_ _3\"></span>up in the RP<span class=\"_ _3\"></span>S is app<span class=\"_ _3\"></span>roximately 6<span class=\"_ _3\"></span>0% of the s<span class=\"_ _3\"></span>cheme\u2019s assets and l<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsc57\">bas<span class=\"_ _3\"></span>ed on the releva<span class=\"_ _3\"></span>nt provision<span class=\"_ _3\"></span>s of the trust d<span class=\"_ _3\"></span>eed and r<span class=\"_ _3\"></span>ules and tr<span class=\"_ _3\"></span>ustee guid<span class=\"_ _3\"></span>elines reg<span class=\"_ _3\"></span>arding futu<span class=\"_ _3\"></span>re surplus a<span class=\"_ _3\"></span>ppor<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>ments and d<span class=\"_ _3\"></span>eficit fin<span class=\"_ _3\"></span>ancing<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc58\">Th<span class=\"_ _3\"></span>e assumed c<span class=\"_ _3\"></span>ost of provi<span class=\"_ _3\"></span>ding future se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ice benef<span class=\"_ _3\"></span>its is spli<span class=\"_ _3\"></span>t betwe<span class=\"_ _3\"></span>en the Grou<span class=\"_ _3\"></span>p and the mem<span class=\"_ _3\"></span>bers in th<span class=\"_ _3\"></span>e ratio 6<span class=\"_ _3\"></span>0:4<span class=\"_ _3\"></span>0. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc59\">Bec<span class=\"_ _3\"></span>ause of a de<span class=\"_ _3\"></span>clining p<span class=\"_ _3\"></span>opulati<span class=\"_ _3\"></span>on of acti<span class=\"_ _3\"></span>ve member<span class=\"_ _3\"></span>s, it has b<span class=\"_ _3\"></span>ecome l<span class=\"_ _3\"></span>ess likely tha<span class=\"_ _3\"></span>t the Group\u2019s costs of m<span class=\"_ _3\"></span>eeting any def<span class=\"_ _3\"></span>icits wou<span class=\"_ _3\"></span>ld be ca<span class=\"_ _3\"></span>pped </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc5a\">in line w<span class=\"_ _3\"></span>ith its str<span class=\"_ _3\"></span>ict leg<span class=\"_ _3\"></span>al obli<span class=\"_ _3\"></span>gation of 6<span class=\"_ _3\"></span>0% as me<span class=\"_ _3\"></span>mbers mi<span class=\"_ _3\"></span>ght only b<span class=\"_ _3\"></span>e able to af<span class=\"_ _3\"></span>ford to fund a small p<span class=\"_ _3\"></span>ropor<span class=\"_ _3\"></span>tion of t<span class=\"_ _3\"></span>he scheme d<span class=\"_ _3\"></span>eficit. I<span class=\"_ _3\"></span>t has </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc5b\">therefore b<span class=\"_ _3\"></span>een assume<span class=\"_ _3\"></span>d that the G<span class=\"_ _3\"></span>roup will b<span class=\"_ _3\"></span>e responsi<span class=\"_ _3\"></span>ble for 100% of a<span class=\"_ _3\"></span>ny deficit a<span class=\"_ _3\"></span>nd the bal<span class=\"_ _3\"></span>ance sheet a<span class=\"_ _3\"></span>ssets and o<span class=\"_ _3\"></span>bligat<span class=\"_ _3\"></span>ions disc<span class=\"_ _3\"></span>losed<span class=\"_ _3\"></span>, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc5c\">therefore, are e<span class=\"_ _3\"></span>qual to 100% of t<span class=\"_ _3\"></span>he total sche<span class=\"_ _3\"></span>me assets a<span class=\"_ _3\"></span>nd oblig<span class=\"_ _3\"></span>ations. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc5d\">Th<span class=\"_ _3\"></span>e RPS inves<span class=\"_ _3\"></span>ts in a rang<span class=\"_ _3\"></span>e of pool<span class=\"_ _3\"></span>ed investment f<span class=\"_ _3\"></span>unds intende<span class=\"_ _3\"></span>d to genera<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e a c<span class=\"_ _3\"></span>ombin<span class=\"_ _3\"></span>ation of ca<span class=\"_ _3\"></span>pital g<span class=\"_ _3\"></span>rowth a<span class=\"_ _3\"></span>nd incom<span class=\"_ _3\"></span>e and, as d<span class=\"_ _3\"></span>et<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rmined </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc5e\">by the tr<span class=\"_ _3\"></span>ustee, tak<span class=\"_ _3\"></span>ing acc<span class=\"_ _3\"></span>ount of the cha<span class=\"_ _3\"></span>racteri<span class=\"_ _3\"></span>stics of th<span class=\"_ _3\"></span>e oblig<span class=\"_ _3\"></span>ations and t<span class=\"_ _3\"></span>he trustee\u2019s atti<span class=\"_ _3\"></span>tude to risk<span class=\"_ _3\"></span>. The maj<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y of the RP<span class=\"_ _3\"></span>S\u2019s assets th<span class=\"_ _3\"></span>at </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc5f\">are intend<span class=\"_ _3\"></span>ed to genera<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>dditi<span class=\"_ _3\"></span>onal returns<span class=\"_ _3\"></span>, over the rate at wh<span class=\"_ _3\"></span>ich the ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns are expec<span class=\"_ _3\"></span>ted to grow<span class=\"_ _4\"></span>, a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e i<span class=\"_ _3\"></span>nv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sted in a sing<span class=\"_ _3\"></span>le pool<span class=\"_ _3\"></span>ed grow<span class=\"_ _3\"></span>th </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc60\">fund<span class=\"_ _3\"></span>. This fun<span class=\"_ _3\"></span>d is invested in a wid<span class=\"_ _3\"></span>e range of a<span class=\"_ _3\"></span>sset clas<span class=\"_ _3\"></span>ses and the fu<span class=\"_ _3\"></span>nd manag<span class=\"_ _3\"></span>er Railp<span class=\"_ _3\"></span>en has the d<span class=\"_ _3\"></span>iscretion to va<span class=\"_ _3\"></span>ry th<span class=\"_ _3\"></span>e asset allo<span class=\"_ _3\"></span>catio<span class=\"_ _3\"></span>n t<span class=\"_ _4\"></span>o </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc61\">reflec<span class=\"_ _3\"></span>t its views o<span class=\"_ _3\"></span>n the relati<span class=\"_ _3\"></span>ve attra<span class=\"_ _3\"></span>ctivene<span class=\"_ _3\"></span>ss of dif<span class=\"_ _3\"></span>ferent asset cla<span class=\"_ _3\"></span>sses at any tim<span class=\"_ _3\"></span>e. The rem<span class=\"_ _3\"></span>aining asset<span class=\"_ _3\"></span>s in the RP<span class=\"_ _3\"></span>S are prin<span class=\"_ _3\"></span>cipall<span class=\"_ _3\"></span>y fixed and </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls49 ws43 gsc62\">index-<span class=\"_ _3\"></span>link<span class=\"_ _4\"></span>ed b<span class=\"_ _3\"></span>onds.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc63\">Th<span class=\"_ _3\"></span>e RPS is ex<span class=\"_ _3\"></span>posed to a nu<span class=\"_ _3\"></span>mber of lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y related risks<span class=\"_ _3\"></span>, namel<span class=\"_ _3\"></span>y change<span class=\"_ _3\"></span>s in gilt yie<span class=\"_ _3\"></span>lds, infl<span class=\"_ _3\"></span>ation and th<span class=\"_ _3\"></span>e longev<span class=\"_ _3\"></span>ity of th<span class=\"_ _3\"></span>e scheme\u2019s membe<span class=\"_ _3\"></span>rs. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc64\">W<span class=\"_ _3\"></span>ith respec<span class=\"_ _3\"></span>t to interest rate and inf<span class=\"_ _3\"></span>lation ri<span class=\"_ _3\"></span>sks, the str<span class=\"_ _3\"></span>ategic asset a<span class=\"_ _3\"></span>lloca<span class=\"_ _3\"></span>tion was reviewe<span class=\"_ _3\"></span>d and amen<span class=\"_ _3\"></span>ded in 20<span class=\"_ _3\"></span>23 to mit<span class=\"_ _3\"></span>igate these r<span class=\"_ _3\"></span>isks by </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc65\">incre<span class=\"_ _3\"></span>asing the al<span class=\"_ _3\"></span>locat<span class=\"_ _3\"></span>ion to fixed and i<span class=\"_ _3\"></span>ndex-<span class=\"_ _3\"></span>linked bon<span class=\"_ _3\"></span>d poole<span class=\"_ _3\"></span>d funds. T<span class=\"_ _3\"></span>he cur<span class=\"_ _3\"></span>rent objec<span class=\"_ _3\"></span>tive of the po<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>folio is to hed<span class=\"_ _3\"></span>ge around 10<span class=\"_ _3\"></span>0% of the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc66\">imp<span class=\"_ _3\"></span>act that c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n interest rates and i<span class=\"_ _3\"></span>nflation c<span class=\"_ _3\"></span>an have on the fu<span class=\"_ _3\"></span>nding p<span class=\"_ _3\"></span>osition<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc67\">Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rmal tr<span class=\"_ _3\"></span>iennial fun<span class=\"_ _3\"></span>ding valu<span class=\"_ _3\"></span>ation of the R<span class=\"_ _3\"></span>PS as at 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 2019 was com<span class=\"_ _3\"></span>pleted in De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 2021, with the Gro<span class=\"_ _3\"></span>up agreein<span class=\"_ _3\"></span>g to </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc68\">cont<span class=\"_ _3\"></span>inue to make fixed defi<span class=\"_ _3\"></span>cit contr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>ns of \u00a36<span class=\"_ _3\"></span>m per annum w<span class=\"_ _3\"></span>hich sho<span class=\"_ _3\"></span>uld reduc<span class=\"_ _3\"></span>e the defic<span class=\"_ _3\"></span>it to z<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ro by 2025<span class=\"_ _3\"></span>. This a<span class=\"_ _3\"></span>greement c<span class=\"_ _3\"></span>onstitute<span class=\"_ _3\"></span>s a </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc69\">MF<span class=\"_ _3\"></span>R under IF<span class=\"_ _3\"></span>RIC 14 IA<span class=\"_ _3\"></span>S 1<span class=\"_ _4\"></span>9: T<span class=\"_ _3\"></span>he Lim<span class=\"_ _3\"></span>it on a Define<span class=\"_ _3\"></span>d Benefit A<span class=\"_ _3\"></span>sset, M<span class=\"_ _3\"></span>inimum Fun<span class=\"_ _3\"></span>ding Req<span class=\"_ _3\"></span>uirements an<span class=\"_ _3\"></span>d their Intera<span class=\"_ _3\"></span>ction. T<span class=\"_ _3\"></span>he Group h<span class=\"_ _3\"></span>as not </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc6a\">reco<span class=\"_ _3\"></span>gnised any li<span class=\"_ _3\"></span>abiliti<span class=\"_ _3\"></span>es in relatio<span class=\"_ _3\"></span>n to this MFR as a<span class=\"_ _3\"></span>ny surplus of d<span class=\"_ _3\"></span>eficit co<span class=\"_ _3\"></span>ntribut<span class=\"_ _3\"></span>ions to the RP<span class=\"_ _3\"></span>S would b<span class=\"_ _3\"></span>e recovera<span class=\"_ _3\"></span>ble by way of a refun<span class=\"_ _3\"></span>d and </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc6b\">the Gro<span class=\"_ _3\"></span>up has the u<span class=\"_ _3\"></span>ncondi<span class=\"_ _3\"></span>tional r<span class=\"_ _3\"></span>ight to the sur<span class=\"_ _3\"></span>plus and co<span class=\"_ _3\"></span>ntrols the ru<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>f of the ben<span class=\"_ _3\"></span>efit obli<span class=\"_ _3\"></span>gations o<span class=\"_ _3\"></span>nce all othe<span class=\"_ _3\"></span>r oblig<span class=\"_ _3\"></span>ations of the R<span class=\"_ _3\"></span>PS </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc6c\">have be<span class=\"_ _3\"></span>en settl<span class=\"_ _3\"></span>ed. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc6d\">A form<span class=\"_ _3\"></span>al triennia<span class=\"_ _3\"></span>l valuatio<span class=\"_ _3\"></span>n of the RP<span class=\"_ _3\"></span>S as at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>022 i<span class=\"_ _3\"></span>s currently o<span class=\"_ _3\"></span>ngoin<span class=\"_ _3\"></span>g. The tr<span class=\"_ _3\"></span>ustee and B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y have reache<span class=\"_ _3\"></span>d agreem<span class=\"_ _3\"></span>ent </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc6e\">in pri<span class=\"_ _3\"></span>nciple a<span class=\"_ _3\"></span>s to the financ<span class=\"_ _3\"></span>ial and de<span class=\"_ _3\"></span>mogra<span class=\"_ _3\"></span>phic assu<span class=\"_ _3\"></span>mptions to b<span class=\"_ _3\"></span>e adopted for t<span class=\"_ _3\"></span>he purp<span class=\"_ _3\"></span>ose of this val<span class=\"_ _3\"></span>uation; whic<span class=\"_ _3\"></span>h would inc<span class=\"_ _3\"></span>lude the G<span class=\"_ _3\"></span>roup </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsc6f\">cont<span class=\"_ _3\"></span>inuing to make fixed d<span class=\"_ _3\"></span>eficit co<span class=\"_ _3\"></span>ntribut<span class=\"_ _3\"></span>ions of \u00a36<span class=\"_ _3\"></span>m per ann<span class=\"_ _3\"></span>um until Feb<span class=\"_ _3\"></span>ruar<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>25.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls61 ws59 gsc70\">Other sche<span class=\"_ _3\"></span>mes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsf7 ws3 gsc71\">Ot<span class=\"_ _3\"></span>her schem<span class=\"_ _3\"></span>es comp<span class=\"_ _3\"></span>rise unfund<span class=\"_ _3\"></span>ed pos<span class=\"_ _3\"></span>t-retire<span class=\"_ _3\"></span>ment benefi<span class=\"_ _3\"></span>t oblig<span class=\"_ _3\"></span>ations in Euro<span class=\"_ _3\"></span>pe, the maj<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y of which are c<span class=\"_ _3\"></span>losed to new ent<span class=\"_ _3\"></span>rants, and d<span class=\"_ _3\"></span>eferred </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsf7 ws3 gsc72\">com<span class=\"_ _3\"></span>pensat<span class=\"_ _3\"></span>ion sche<span class=\"_ _3\"></span>mes in Nor<span class=\"_ _3\"></span>th A<span class=\"_ _3\"></span>meric<span class=\"_ _3\"></span>a, whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e a<span class=\"_ _3\"></span>n element of em<span class=\"_ _3\"></span>ployees\u2019 co<span class=\"_ _3\"></span>mpens<span class=\"_ _3\"></span>ation is defer<span class=\"_ _3\"></span>red and invested i<span class=\"_ _3\"></span>n investments i<span class=\"_ _3\"></span>n mutual </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsf7 ws3 gsc73\">fund<span class=\"_ _3\"></span>s (as discl<span class=\"_ _3\"></span>osed in N<span class=\"_ _3\"></span>ote 20.<span class=\"_ _5\"></span>1) in a trust<span class=\"_ _3\"></span>, the asset<span class=\"_ _3\"></span>s of which are for t<span class=\"_ _3\"></span>he ultimate b<span class=\"_ _3\"></span>enefit of the e<span class=\"_ _3\"></span>mployees b<span class=\"_ _3\"></span>ut are availa<span class=\"_ _3\"></span>ble to the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsf7 ws3 gsc74\">cred<span class=\"_ _3\"></span>itors in the event of in<span class=\"_ _3\"></span>solvenc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsf7 ws3 gsc75\">Th<span class=\"_ _3\"></span>e Group also p<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ticipa<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s in The P<span class=\"_ _3\"></span>lumbing &amp; M<span class=\"_ _3\"></span>echani<span class=\"_ _3\"></span>cal Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ices Ind<span class=\"_ _3\"></span>ustr<span class=\"_ _3\"></span>y Pension S<span class=\"_ _3\"></span>cheme (<span class=\"_ _3\"></span>Plumb<span class=\"_ _3\"></span>ers Sch<span class=\"_ _3\"></span>eme), whic<span class=\"_ _3\"></span>h is an indust<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>-w<span class=\"_ _3\"></span>ide </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gsc76\">non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>asso<span class=\"_ _3\"></span>ciated mul<span class=\"_ _3\"></span>ti-<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>ployer defi<span class=\"_ _3\"></span>ned benef<span class=\"_ _3\"></span>it schem<span class=\"_ _3\"></span>e. As the P<span class=\"_ _3\"></span>lumber<span class=\"_ _3\"></span>s Schem<span class=\"_ _3\"></span>e does not se<span class=\"_ _3\"></span>gregate as<span class=\"_ _3\"></span>sets and lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s betwee<span class=\"_ _3\"></span>n the dif<span class=\"_ _3\"></span>ferent </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsf7 ws3 gsc77\">par<span class=\"_ _3\"></span>tici<span class=\"_ _3\"></span>pating e<span class=\"_ _3\"></span>mployers<span class=\"_ _3\"></span>, the Group\u2019s only o<span class=\"_ _3\"></span>bligat<span class=\"_ _3\"></span>ion to the Plu<span class=\"_ _3\"></span>mbers S<span class=\"_ _3\"></span>cheme is to p<span class=\"_ _3\"></span>ay the contr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>ns requeste<span class=\"_ _3\"></span>d by the sche<span class=\"_ _3\"></span>me trustees a<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsf7 ws3 gsc78\">they fall d<span class=\"_ _3\"></span>ue. In acc<span class=\"_ _3\"></span>ordan<span class=\"_ _3\"></span>ce with I<span class=\"_ _3\"></span>AS 19, this ob<span class=\"_ _3\"></span>ligati<span class=\"_ _3\"></span>on has bee<span class=\"_ _3\"></span>n acco<span class=\"_ _3\"></span>unted for on a defin<span class=\"_ _3\"></span>ed contri<span class=\"_ _3\"></span>bution b<span class=\"_ _3\"></span>asis and th<span class=\"_ _3\"></span>e relevant emp<span class=\"_ _3\"></span>loyer </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsf7 ws3 gsc79\">cont<span class=\"_ _3\"></span>ributio<span class=\"_ _3\"></span>ns have been c<span class=\"_ _3\"></span>harge<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsc7a\">Me<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>rsh<span class=\"_ _3\"></span>ip of th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cipa<span class=\"_ _3\"></span>l sch<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsc7b\">Ba<span class=\"_ _3\"></span>lf<span class=\"_ _3\"></span>our B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Pen<span class=\"_ _3\"></span>sio<span class=\"_ _3\"></span>n Fun<span class=\"_ _3\"></span>d 202<span class=\"_ _3\"></span>3<span class=\"_ _1f4\"> </span><span class=\"ls33 ws2c\">Railways P<span class=\"_ _4\"></span>ens<span class=\"_ _3\"></span>ion<span class=\"_ _4\"></span> Scheme 2023<span class=\"_ _b8\"> </span><span class=\"ff47 ls5 ws3\">Ba<span class=\"_ _3\"></span>lfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty Pe<span class=\"_ _3\"></span>nsio<span class=\"_ _3\"></span>n Fund 20<span class=\"_ _3\"></span>22<span class=\"_ _122\"> </span>Rail<span class=\"_ _3\"></span>ways Pe<span class=\"_ _3\"></span>nsio<span class=\"_ _3\"></span>n Sche<span class=\"_ _3\"></span>me 20<span class=\"_ _3\"></span>22<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsc7c\">Number<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gsc7d\">of<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsc7e\">members<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsab wsa1 gsc7f\">Defined<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls189 wsb4 gsc80\">benefit<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsc81\">obligations<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsc82\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls210 ws22e gsc83\">Ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsc84\">duration </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls88 ws4f gsc85\">Ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsc86\">Number<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gsc87\">of<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsc88\">members<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsab wsa1 gsc89\">Defined<span class=\"_ _4\"></span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls189 wsb4 gsc8a\">benefit<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsc8b\">obligations<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsc8c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls210 ws22e gsc8d\">Ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsc8e\">duration </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls88 ws4f gsc8f\">Ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsc90\">Number<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsec wse2 gsc91\">of<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsc92\">members<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4b ws45 gsc93\">Define<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsc94\">benefit<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsc95\">obligati<span class=\"_ _3\"></span>ons<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsc96\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls194 ws195 gsc97\">Averag<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsc98\">duration<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls91 ws223 gsc99\">Ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rs<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsc9a\">Number<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsec wse2 gsc9b\">of<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsc9c\">members<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4b ws45 gsc9d\">Define<span class=\"_ _3\"></span>d<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsc9e\">benefit<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsc9f\">obligati<span class=\"_ _3\"></span>ons<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsca0\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls194 ws195 gsca1\">Averag<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsca2\">duration<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls91 ws223 gsca3\">Ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rs<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsca4\">Defined benefit<span class=\"_ _20\"> </span><span class=\"ff46 ls5 ws3\"> <span class=\"_ _81\"> </span> <span class=\"_ _25\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _ff\"> </span> <span class=\"_ _27\"> </span> <span class=\"_ _132\"> </span><span class=\"ff47\"> <span class=\"_ _10a\"> </span> <span class=\"_ _25\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _bf\"> </span> <span class=\"_ _a8\"> </span> <span class=\"_ _27\"> </span> <span class=\"_ _128\"> </span> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsca5\">\u2013 act<span class=\"_ _3\"></span>ive memb<span class=\"_ _3\"></span>ers<span class=\"_ _a0\"> </span><span class=\"ff46\">1<span class=\"_ _98\"> </span>1<span class=\"_ _de\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _f2\"> </span><span class=\"ls109 ws87\">70<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">26<span class=\"_ _f6\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _1cf\"> </span></span></span></span></span></span> <span class=\"_ _10a\"> </span>1<span class=\"_ _f2\"> </span>1<span class=\"_ _d6\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _1cf\"> </span></span> <span class=\"_ _f\"> </span><span class=\"lsab wsa1\">92<span class=\"_ _b5\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _d6\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws241 gsca6\">\u2013 <span class=\"_ _5d\"> </span> d<span class=\"_ _3\"></span>ef<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rred </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsca7\">pensioners<span class=\"_ _ff\"> </span><span class=\"ff46 ls8b ws4\">8,7<span class=\"_ _3\"></span>70<span class=\"_ _5f\"> </span><span class=\"ls93 wsfa\">1,0<span class=\"_ _3\"></span>07<span class=\"_ _110\"> </span><span class=\"ls90 ws116\">18<span class=\"_ _b5\"> </span></span></span></span><span class=\"ff46\">97<span class=\"_ _3\"></span>2<span class=\"_ _cc\"> </span><span class=\"ls18b ws188\">90<span class=\"_ _f6\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _44\"> </span></span></span></span><span class=\"ls5 ws3\"> <span class=\"_ _b6\"> </span><span class=\"ls10c ws85\">9,<span class=\"_ _3\"></span>261<span class=\"_ _ce\"> </span><span class=\"ls74 ws6b\">9<span class=\"_ _3\"></span>52<span class=\"_ _d6\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _1e2\"> </span></span></span></span> <span class=\"_ _b6\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _e3\"> </span><span class=\"lsc ws8\">97<span class=\"_ _d6\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws242 gsca8\">\u2013 <span class=\"_ _5d\"> </span> pensioners, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsca9\">wid<span class=\"_ _3\"></span>ow(er)s a<span class=\"_ _3\"></span>nd </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls3c ws37 gscaa\">dep<span class=\"_ _3\"></span>end<span class=\"_ _3\"></span>ants<span class=\"_ _fa\"> </span><span class=\"ff46 ls90 ws116\">16<span class=\"_ _3\"></span>,76<span class=\"_ _3\"></span>4<span class=\"_ _5e\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>3<span class=\"_ _ee\"> </span><span class=\"ls5 ws3\">9<span class=\"_ _5e\"> </span></span>1,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _b5\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3\"></span>4<span class=\"_ _b5\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _44\"> </span></span></span></span></span><span class=\"ls5 ws3\"> <span class=\"_ _16\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>6<span class=\"_ _d2\"> </span><span class=\"ls11c ws115\">1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>11<span class=\"_ _cc\"> </span></span></span>9<span class=\"_ _44\"> </span> <span class=\"_ _f4\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>74<span class=\"_ _56\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>0<span class=\"_ _2f\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc ws8 gscab\">Defined con<span class=\"_ _4\"></span>tribution<span class=\"_ _2e\"> </span><span class=\"ff46 ls107 wsfc\">1<span class=\"_ _3\"></span>5,<span class=\"_ _3\"></span>512<span class=\"_ _82\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _128\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _ee\"> </span>\u2013<span class=\"_ _1e2\"> </span><span class=\"ff47\"> <span class=\"_ _1c1\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _128\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _1e2\"> </span> <span class=\"_ _3b\"> </span>\u2013<span class=\"_ _128\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls110 ws106 gscac\">To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _176\"> </span><span class=\"ls10a wsfe\">41,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>7<span class=\"_ _5f\"> </span><span class=\"ls4c ws46\">2,<span class=\"_ _3\"></span>501<span class=\"_ _de\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _10c\"> </span><span class=\"ls124 ws6a\">2,9<span class=\"_ _3\"></span>46<span class=\"_ _2f\"> </span><span class=\"ls92 ws8a\">320<span class=\"_ _f6\"> </span></span></span>12<span class=\"_ _44\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _c0\"> </span><span class=\"ls5b ws15e\">41,<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>0<span class=\"_ _1a7\"> </span><span class=\"ls73 ws80\">2,<span class=\"_ _3\"></span>46<span class=\"_ _3\"></span>4<span class=\"_ _d6\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _1cf\"> </span></span></span></span> <span class=\"_ _55\"> </span><span class=\"ls73 ws80\">2,<span class=\"_ _3\"></span>972<span class=\"_ _ce\"> </span><span class=\"ls105 wsc2\">300<span class=\"_ _d6\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gscae\">30.<span class=\"_ _3\"></span>2 IAS 19 a<span class=\"_ _3\"></span>cc<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ons<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gscaf\">Pr<span class=\"_ _3\"></span>inci<span class=\"_ _3\"></span>pal ac<span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>arial a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>umpt<span class=\"_ _3\"></span>ions f<span class=\"_ _3\"></span>or the I<span class=\"_ _3\"></span>AS 19 ac<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>untin<span class=\"_ _3\"></span>g valua<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>s of the G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s pr<span class=\"_ _3\"></span>inc<span class=\"_ _3\"></span>ipal s<span class=\"_ _3\"></span>che<span class=\"_ _3\"></span>mes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gscb0\">Balfour Beatty<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gscb1\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls18a ws187 gscb2\">Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gscb3\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gscb4\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls4a ws44 gscb5\">Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gscb6\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gscb7\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gscb8\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gscb9\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gscba\">Balfour Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gscbb\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls127 ws11d gscbc\">Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gscbd\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gscbe\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gscbf\">Railways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gscc0\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gscc1\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gscc2\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gscc3\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls61 ws59 gscc4\">Discou<span class=\"_ _4\"></span>nt rat<span class=\"_ _4\"></span>e<span class=\"_ _358\"> </span><span class=\"ff46 ls73 ws80\">4.6<span class=\"_ _3\"></span>5<span class=\"_ _128\"> </span>4.6<span class=\"_ _3\"></span>5<span class=\"_ _128\"> </span></span><span class=\"ls3e ws39\">4.95<span class=\"_ _128\"> </span>4.9<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls16 ws12 gscc5\">Inflation rate<span class=\"_ _bf\"> </span><span class=\"ls5 ws3\">\u2013 RP<span class=\"_ _3\"></span>I<span class=\"_ _168\"> </span><span class=\"ff46 ls104 wsf9\">3<span class=\"_ _3\"></span>.1<span class=\"_ _2\"></span>5<span class=\"_ _116\"> </span>3<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>5<span class=\"_ _e0\"> </span></span><span class=\"lsaa ws69\">3.35<span class=\"_ _128\"> </span>3.3<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gscc6\">\u2013 CP<span class=\"_ _3\"></span>I<span class=\"_ _258\"> </span><span class=\"ff46 ls73 ws80\">2.60<span class=\"_ _b2\"> </span><span class=\"ls7 ws102\">2<span class=\"_ _3\"></span>.75<span class=\"_ _27\"> </span></span></span><span class=\"ls2e ws7\">2.7<span class=\"_ _3\"></span>5<span class=\"_ _125\"> </span><span class=\"ls10c ws85\">2.9<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gscc7\">Future in<span class=\"_ _3\"></span>creases in p<span class=\"_ _3\"></span>ension<span class=\"_ _3\"></span>able sal<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _208\"> </span><span class=\"ff46 ls73 ws80\">2.60<span class=\"_ _b2\"> </span><span class=\"ls7 ws102\">2<span class=\"_ _3\"></span>.75<span class=\"_ _27\"> </span></span></span><span class=\"ls2e ws7\">2.7<span class=\"_ _3\"></span>5<span class=\"_ _125\"> </span><span class=\"ls10c ws85\">2.9<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gscc8\">Rate of inc<span class=\"_ _3\"></span>rease in pe<span class=\"_ _3\"></span>nsions in p<span class=\"_ _3\"></span>ayment (or su<span class=\"_ _3\"></span>ch other rate as i<span class=\"_ _3\"></span>s guarantee<span class=\"_ _3\"></span>d)<span class=\"_ _212\"> </span><span class=\"ff46 lsa9 wsa0\">2.95<span class=\"_ _128\"> </span><span class=\"ls66 ws5e\">2<span class=\"_ _3\"></span>.85<span class=\"_ _27\"> </span></span></span><span class=\"ls106 wsfb\">3<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>0<span class=\"_ _b2\"> </span><span class=\"ls10c ws85\">2.<span class=\"_ _3\"></span>95<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscc9\">Th<span class=\"_ _3\"></span>e BBPF a<span class=\"_ _3\"></span>ctuar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s regular m<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y investigat<span class=\"_ _3\"></span>ions as pa<span class=\"_ _3\"></span>rt of the fo<span class=\"_ _3\"></span>rmal tri<span class=\"_ _3\"></span>ennial valu<span class=\"_ _3\"></span>ation ba<span class=\"_ _3\"></span>sed on the exp<span class=\"_ _3\"></span>erienc<span class=\"_ _3\"></span>e exhibited b<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscca\">pens<span class=\"_ _3\"></span>ioners of th<span class=\"_ _3\"></span>e BBPF an<span class=\"_ _3\"></span>d due to the size of the m<span class=\"_ _3\"></span>embers<span class=\"_ _3\"></span>hip of the BBP<span class=\"_ _3\"></span>F is able to m<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e c<span class=\"_ _3\"></span>ompar<span class=\"_ _3\"></span>isons of this ex<span class=\"_ _3\"></span>perien<span class=\"_ _3\"></span>ce with th<span class=\"_ _3\"></span>e mor<span class=\"_ _3\"></span>talit<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsccb\">rates set o<span class=\"_ _3\"></span>ut in the vari<span class=\"_ _3\"></span>ous pub<span class=\"_ _3\"></span>lished mo<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>lity t<span class=\"_ _3\"></span>ables<span class=\"_ _3\"></span>. The ac<span class=\"_ _3\"></span>tuar<span class=\"_ _3\"></span>y is also ab<span class=\"_ _3\"></span>le to monitor c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n the exhibite<span class=\"_ _3\"></span>d mor<span class=\"_ _3\"></span>talit<span class=\"_ _3\"></span>y over time. T<span class=\"_ _3\"></span>his </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsccc\">resea<span class=\"_ _3\"></span>rch is taken into acc<span class=\"_ _3\"></span>ount in the BB<span class=\"_ _3\"></span>PF\u2019s mor<span class=\"_ _3\"></span>talit<span class=\"_ _3\"></span>y assum<span class=\"_ _3\"></span>ptions. T<span class=\"_ _3\"></span>he mor<span class=\"_ _3\"></span>tali<span class=\"_ _3\"></span>ty as<span class=\"_ _3\"></span>sumptions a<span class=\"_ _3\"></span>s at 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 have b<span class=\"_ _3\"></span>een upd<span class=\"_ _3\"></span>ated </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsccd\">to<span class=\"_ gs52\"> </span>reflec<span class=\"_ _3\"></span>t the exper<span class=\"_ _3\"></span>ience of BB<span class=\"_ _3\"></span>PF pensi<span class=\"_ _3\"></span>oners for th<span class=\"_ _3\"></span>e perio<span class=\"_ _3\"></span>d to 30 Se<span class=\"_ _3\"></span>ptember 2<span class=\"_ _3\"></span>021<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscce\">Simil<span class=\"_ _3\"></span>arly, the RP<span class=\"_ _3\"></span>S actua<span class=\"_ _3\"></span>ry al<span class=\"_ _3\"></span>so under<span class=\"_ _3\"></span>takes reg<span class=\"_ _3\"></span>ular mor<span class=\"_ _3\"></span>tali<span class=\"_ _3\"></span>ty invest<span class=\"_ _3\"></span>igatio<span class=\"_ _3\"></span>ns as par<span class=\"_ _3\"></span>t of the form<span class=\"_ _3\"></span>al trienni<span class=\"_ _3\"></span>al valuati<span class=\"_ _3\"></span>on base<span class=\"_ _3\"></span>d on the expe<span class=\"_ _3\"></span>rience </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsccf\">exhibi<span class=\"_ _3\"></span>ted by pensi<span class=\"_ _3\"></span>oners of the R<span class=\"_ _3\"></span>PS<span class=\"_ _3\"></span>. In previou<span class=\"_ _3\"></span>s years, the m<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y assumpt<span class=\"_ _3\"></span>ions for the R<span class=\"_ _3\"></span>PS have b<span class=\"_ _3\"></span>een set using t<span class=\"_ _3\"></span>he mor<span class=\"_ _3\"></span>talit<span class=\"_ _3\"></span>y anal<span class=\"_ _3\"></span>ysis </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscd0\">con<span class=\"_ _3\"></span>ducted for t<span class=\"_ _3\"></span>he BBPF for t<span class=\"_ _3\"></span>he reason of p<span class=\"_ _3\"></span>ractic<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y given th<span class=\"_ _3\"></span>e assumed l<span class=\"_ _3\"></span>ife e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pect<span class=\"_ _3\"></span>ancie<span class=\"_ _3\"></span>s have historic<span class=\"_ _3\"></span>ally be<span class=\"_ _3\"></span>en similar fo<span class=\"_ _3\"></span>r both sche<span class=\"_ _3\"></span>mes. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscd1\">However, these have d<span class=\"_ _3\"></span>iverged over t<span class=\"_ _3\"></span>ime and the m<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y assumpt<span class=\"_ _3\"></span>ions ado<span class=\"_ _3\"></span>pted as at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the RP<span class=\"_ _3\"></span>S have been u<span class=\"_ _3\"></span>pdated </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscd2\">in<span class=\"_ gs52\"> </span>line w<span class=\"_ _3\"></span>ith the exp<span class=\"_ _3\"></span>erienc<span class=\"_ _3\"></span>e analysis c<span class=\"_ _3\"></span>onduc<span class=\"_ _3\"></span>ted as par<span class=\"_ _3\"></span>t of the on<span class=\"_ _3\"></span>going 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2 trienn<span class=\"_ _3\"></span>ial valuat<span class=\"_ _3\"></span>ion, whi<span class=\"_ _3\"></span>ch consi<span class=\"_ _3\"></span>dered expe<span class=\"_ _3\"></span>rience </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscd3\">anal<span class=\"_ _3\"></span>ysis up to 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>021<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscd4\">Fol<span class=\"_ _3\"></span>lowing the c<span class=\"_ _3\"></span>omplet<span class=\"_ _3\"></span>ion of the BB<span class=\"_ _3\"></span>PF\u2019s 31 March 20<span class=\"_ _3\"></span>22 tr<span class=\"_ _3\"></span>iennial va<span class=\"_ _3\"></span>luation<span class=\"_ _3\"></span>, the future imp<span class=\"_ _3\"></span>rovements ass<span class=\"_ _3\"></span>umption a<span class=\"_ _3\"></span>dopted for th<span class=\"_ _3\"></span>e BBPF an<span class=\"_ _3\"></span>d </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscd5\">RP<span class=\"_ _3\"></span>S has als<span class=\"_ _3\"></span>o been up<span class=\"_ _3\"></span>dated for 20<span class=\"_ _3\"></span>23 to refle<span class=\"_ _3\"></span>ct the mos<span class=\"_ _3\"></span>t recent mo<span class=\"_ _3\"></span>del availa<span class=\"_ _3\"></span>ble, wit<span class=\"_ _3\"></span>h the Group set<span class=\"_ _3\"></span>ting fu<span class=\"_ _3\"></span>ture improvement<span class=\"_ _3\"></span>s in line wit<span class=\"_ _3\"></span>h the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscd6\">Co<span class=\"_ _3\"></span>ntinuous M<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y Investig<span class=\"_ _3\"></span>ation (C<span class=\"_ _3\"></span>MI) 20<span class=\"_ _3\"></span>22 c<span class=\"_ _3\"></span>ore projec<span class=\"_ _3\"></span>tions mo<span class=\"_ _3\"></span>del.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gscd7\">BB<span class=\"_ _3\"></span>PF lif<span class=\"_ _3\"></span>e exp<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>tan<span class=\"_ _3\"></span>cie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gscd8\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gscd9\">Ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e lif<span class=\"_ _3\"></span>e exp<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ncy </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gscda\">at 6<span class=\"_ _3\"></span>5 yea<span class=\"_ _3\"></span>rs o<span class=\"_ _3\"></span>f age<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gscdb\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gscdc\">Aver<span class=\"_ _3\"></span>age li<span class=\"_ _3\"></span>fe expe<span class=\"_ _3\"></span>ctan<span class=\"_ _3\"></span>cy </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gscdd\">at 6<span class=\"_ _3\"></span>5 year<span class=\"_ _3\"></span>s of age<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gscde\">Male<span class=\"_ _e3\"> </span><span class=\"ls10 wsc\">Female<span class=\"_ _7d\"> </span><span class=\"ff47 lsce wsc3\">Male<span class=\"_ _a6\"> </span><span class=\"lsd0 wsc4\">Female<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gscdf\">Mem<span class=\"_ _3\"></span>bers in rec<span class=\"_ _3\"></span>eipt of a pens<span class=\"_ _3\"></span>ion<span class=\"_ _2cd\"> </span><span class=\"ff46 lsfe ws158\">21.<span class=\"_ _3\"></span>3<span class=\"_ _b2\"> </span><span class=\"ls109 ws87\">23<span class=\"_ _3\"></span>.0<span class=\"_ _2e\"> </span></span></span> <span class=\"_ _f2\"> </span><span class=\"ls10f ws105\">2<span class=\"_ _3\"></span>1.7<span class=\"_ _b2\"> </span><span class=\"lsaa ws69\">23.4<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsce0\">Mem<span class=\"_ _3\"></span>bers not yet in re<span class=\"_ _3\"></span>ceipt of a pen<span class=\"_ _3\"></span>sion (cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt age 5<span class=\"_ _3\"></span>0)<span class=\"_ _359\"> </span><span class=\"ff46 ls10b wsff\">22.2<span class=\"_ _125\"> </span><span class=\"ls4f ws49\">23.9<span class=\"_ _1c4\"> </span></span></span> <span class=\"_ _cc\"> </span><span class=\"ls10c ws85\">2<span class=\"_ _3\"></span>2.6<span class=\"_ _125\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsce1\">RP<span class=\"_ _3\"></span>S lif<span class=\"_ _3\"></span>e expe<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>tan<span class=\"_ _3\"></span>cie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsce2\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsce3\">Ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e lif<span class=\"_ _3\"></span>e exp<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ncy </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsce4\">at 6<span class=\"_ _3\"></span>5 yea<span class=\"_ _3\"></span>rs o<span class=\"_ _3\"></span>f age<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsce5\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsce6\">Aver<span class=\"_ _3\"></span>age li<span class=\"_ _3\"></span>fe expe<span class=\"_ _3\"></span>ctan<span class=\"_ _3\"></span>cy </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsce7\">at 6<span class=\"_ _3\"></span>5 year<span class=\"_ _3\"></span>s of age<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gsce8\">Male<span class=\"_ _e3\"> </span><span class=\"ls10 wsc\">Female<span class=\"_ _7d\"> </span><span class=\"ff47 lsce wsc3\">Male<span class=\"_ _a6\"> </span><span class=\"lsd0 wsc4\">Female<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsce9\">Mem<span class=\"_ _3\"></span>bers in rec<span class=\"_ _3\"></span>eipt of a pens<span class=\"_ _3\"></span>ion<span class=\"_ _15c\"> </span><span class=\"ff46 ls14 ws10\">20.8<span class=\"_ _b2\"> </span><span class=\"ls7 ws102\">2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.7<span class=\"_ _2e\"> </span></span></span> <span class=\"_ _1cb\"> </span><span class=\"ls2e ws7\">2<span class=\"_ _3\"></span>0.7<span class=\"_ _e0\"> </span>2<span class=\"_ _3\"></span>2.7<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gscea\">Mem<span class=\"_ _3\"></span>bers not yet in re<span class=\"_ _3\"></span>ceipt of a pen<span class=\"_ _3\"></span>sion (cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt age 5<span class=\"_ _3\"></span>0)<span class=\"_ _344\"> </span><span class=\"ff46 lsfe ws158\">21.<span class=\"_ _3\"></span>6<span class=\"_ _b2\"> </span><span class=\"ls73 ws80\">23.6<span class=\"_ _1c4\"> </span></span></span> <span class=\"_ _1cb\"> </span><span class=\"ls10f ws105\">2<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6<span class=\"_ _e0\"> </span><span class=\"ls2e ws7\">2<span class=\"_ _3\"></span>3.7<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsceb\">Am<span class=\"_ _3\"></span>ount<span class=\"_ _3\"></span>s re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in th<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>ome s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>tem<span class=\"_ _3\"></span>ent<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscec\">Th<span class=\"_ _3\"></span>e BBPF d<span class=\"_ _3\"></span>efined co<span class=\"_ _3\"></span>ntributi<span class=\"_ _3\"></span>on empl<span class=\"_ _3\"></span>oyer contri<span class=\"_ _3\"></span>butions p<span class=\"_ _3\"></span>aid and c<span class=\"_ _3\"></span>harged to the i<span class=\"_ _3\"></span>ncome s<span class=\"_ _3\"></span>tatement have b<span class=\"_ _3\"></span>een sep<span class=\"_ _3\"></span>arately id<span class=\"_ _3\"></span>entified i<span class=\"_ _3\"></span>n the tabl<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsced\">bel<span class=\"_ _3\"></span>ow and the defi<span class=\"_ _3\"></span>ned contr<span class=\"_ _3\"></span>ibutio<span class=\"_ _3\"></span>n sectio<span class=\"_ _3\"></span>n assets an<span class=\"_ _3\"></span>d liabilit<span class=\"_ _3\"></span>ies amount<span class=\"_ _3\"></span>ing to \u00a3710m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>m) have bee<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>xcl<span class=\"_ _3\"></span>uded from t<span class=\"_ _3\"></span>he tabl<span class=\"_ _3\"></span>es on </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gscee\">pag<span class=\"_ _3\"></span>es 227 to 2<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>. Defined c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tion ch<span class=\"_ _3\"></span>arges for other s<span class=\"_ _3\"></span>chemes in<span class=\"_ _3\"></span>clude c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tions to multi<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>emp<span class=\"_ _3\"></span>loyer pens<span class=\"_ _3\"></span>ion schem<span class=\"_ _3\"></span>es.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gscef\">Balfour<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gscf0\">Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gscf1\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls18a ws187 gscf2\">Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gscf3\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gscf4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls4a ws44 gscf5\">Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gscf6\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gscf7\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gscf8\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gscf9\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gscfa\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gscfb\">scheme<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gscfc\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gscfd\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gscfe\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gscff\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd00\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsd01\">Balfour<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsd02\">Beat<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsd03\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls127 ws11d gsd04\">Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd05\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd06\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsd07\">Railways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsd08\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd09\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd0a\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd0b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd0c\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd0d\">schemes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd0e\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd0f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsd10\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd11\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd12\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gsd13\">Group <span class=\"_ _1f9\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _17e\"> </span> <span class=\"_ _39\"> </span> <span class=\"_ _39\"> </span> <span class=\"_ _17e\"> </span><span class=\"ff47\"> <span class=\"_ _39\"> </span> <span class=\"_ _17e\"> </span> <span class=\"_ _39\"> </span> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsd14\">Current service cost<span class=\"_ _21d\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _116\"> </span>(1)<span class=\"_ _25\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _27\"> </span></span></span></span><span class=\"ls72 wsf5\">(2)<span class=\"_ _25\"> </span>(2)<span class=\"_ _a1\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _116\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsd15\">Defined contribution charge<span class=\"_ _130\"> </span><span class=\"ff46 ls48 ws42\">(48<span class=\"_ _3\"></span>)<span class=\"_ _20c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _20c\"> </span><span class=\"ls10d ws101\">(6)<span class=\"_ _a6\"> </span><span class=\"ls94 ws18a\">(<span class=\"_ _3\"></span>54)<span class=\"_ _a8\"> </span></span></span></span></span><span class=\"ls72 wsf5\">(52)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _98\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _a8\"> </span><span class=\"lsaa ws69\">(58)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsd16\">Inc<span class=\"_ _3\"></span>luded in em<span class=\"_ _3\"></span>ployee c<span class=\"_ _3\"></span>osts (N<span class=\"_ _3\"></span>ote 7)<span class=\"_ _30\"> </span><span class=\"ff46 ls3c ws37\">(50)<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _27\"> </span><span class=\"ls170 ws18f\">(7)<span class=\"_ _dd\"> </span>(5<span class=\"_ _3\"></span>8)<span class=\"_ _1f7\"> </span></span></span></span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>54)<span class=\"_ _25\"> </span>(2)<span class=\"_ _27\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _dd\"> </span><span class=\"ls33 ws2c\">(6<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsd17\">Inter<span class=\"_ _4\"></span>est income<span class=\"_ _153\"> </span><span class=\"ff46 ls48 ws42\">13<span class=\"_ _3\"></span>0<span class=\"_ _116\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _a3\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _10a\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _116\"> </span></span></span></span></span><span class=\"lsc ws8\">75<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls113 ws10b\">82<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsd18\">Inter<span class=\"_ _4\"></span>est cost<span class=\"_ _9f\"> </span><span class=\"ff46 ls110 ws106\">(<span class=\"_ _3\"></span>118<span class=\"_ _3\"></span>)<span class=\"_ _3b\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _27\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _c3\"> </span></span>(13<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _a6\"> </span></span></span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>9)<span class=\"_ _e0\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls3b ws36\">(77)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsd19\">Net fi<span class=\"_ _3\"></span>nance inc<span class=\"_ _3\"></span>ome/<span class=\"_ _3\"></span>(cost<span class=\"_ _3\"></span>) (Note 8<span class=\"_ _3\"></span>)<span class=\"_ _241\"> </span><span class=\"ff46 ls90 ws116\">12<span class=\"_ _47\"> </span></span><span class=\"ff46\">2<span class=\"_ _20c\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _f2\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _47\"> </span></span></span></span>6<span class=\"_ _7e\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _7e\"> </span></span>\u2013<span class=\"_ _47\"> </span>5<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls113 ws10b gsd1a\">T<span class=\"_ _5\"></span>otal<span class=\"_ _4\"></span> (<span class=\"_ _4\"></span>charged<span class=\"_ _4\"></span>)<span class=\"_ _4\"></span>/<span class=\"_ _4\"></span>credited<span class=\"_ _4\"></span> to<span class=\"_ _4\"></span> income<span class=\"_ _4\"></span> </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls10b wsff gsd1b\">statement<span class=\"_ _4\"></span> <span class=\"_ _342\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>8)<span class=\"_ _98\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _20c\"> </span></span>(9)<span class=\"_ _a6\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>6)<span class=\"_ _dd\"> </span><span class=\"ff47 ls5f ws57\">(4<span class=\"_ _3\"></span>8)<span class=\"_ _27\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _27\"> </span><span class=\"ls3b ws36\">(7)<span class=\"_ _a6\"> </span><span class=\"lsaa ws69\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsd1d\">Am<span class=\"_ _3\"></span>ount<span class=\"_ _3\"></span>s re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in th<span class=\"_ _3\"></span>e st<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t of co<span class=\"_ _3\"></span>mpr<span class=\"_ _3\"></span>ehen<span class=\"_ _3\"></span>siv<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>ome<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd1e\">Balfour<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gsd1f\">Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd20\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls18a ws187 gsd21\">Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsd22\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd23\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls4a ws44 gsd24\">Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd25\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsd26\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsd27\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd28\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd29\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsd2a\">scheme<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsd2b\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd2c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gsd2d\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsd2e\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd2f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsd30\">Balfour<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsd31\">Beat<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsd32\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls127 ws11d gsd33\">Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd34\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd35\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsd36\">Railways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsd37\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd38\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd39\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd3a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd3b\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd3c\">schemes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd3d\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd3e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsd3f\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd40\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd41\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m6 h8 ff47 fs5 fc4 sc0 ls88 ws3 gsd42\">Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on p<span class=\"_ _3\"></span>ension sc<span class=\"_ _3\"></span>heme ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3c ws37 gsd43\">(70)<span class=\"_ _a8\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _82\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _128\"> </span></span>(9<span class=\"_ _3\"></span>1)<span class=\"_ _db\"> </span><span class=\"ff47 ls162 ws155\">1<span class=\"_ _3\"></span>,17<span class=\"_ _2\"></span>8<span class=\"_ _fa\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>16<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsd44\">Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on p<span class=\"_ _3\"></span>ension sc<span class=\"_ _3\"></span>heme ass<span class=\"_ _3\"></span>ets<span class=\"_ _de\"> </span><span class=\"ff46 ls1c ws107\">(8<span class=\"_ _3\"></span>5)<span class=\"_ _a8\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _82\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _e3\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _b8\"> </span></span></span><span class=\"ls10a wsfe\">(1,<span class=\"_ _2\"></span>31<span class=\"_ _3\"></span>4)<span class=\"_ _10a\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>54)<span class=\"_ _7e\"> </span></span></span>\u2013<span class=\"_ _5f\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsd45\">T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al a<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>uari<span class=\"_ _3\"></span>al move<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ogn<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsd46\">s<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt o<span class=\"_ _3\"></span>f com<span class=\"_ _3\"></span>pre<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span>e </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsd47\">(No<span class=\"_ _3\"></span>te<span class=\"_ gs52\"> </span>32<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>)<span class=\"_ _f9\"> </span><span class=\"ls10f ws105\">(15<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _dd\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>2)<span class=\"_ _82\"> </span></span></span>\u2013<span class=\"_ _de\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>97<span class=\"_ _3\"></span>)<span class=\"_ _c3\"> </span><span class=\"ff47 ls164 ws157\">(13<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _ee\"> </span><span class=\"ls16d ws230\">77<span class=\"_ _34\"> </span></span></span></span><span class=\"ff47\">7<span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>2)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsd48\">Cumul<span class=\"_ _3\"></span>ative ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsd49\">the st<span class=\"_ _3\"></span>atement of co<span class=\"_ _3\"></span>mprehensi<span class=\"_ _3\"></span>ve income<span class=\"_ _229\"> </span><span class=\"ff46 lsf7 ws100\">(3<span class=\"_ _3\"></span>36)<span class=\"_ _10a\"> </span><span class=\"ls10f ws105\">(18<span class=\"_ _3\"></span>)<span class=\"_ _dd\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>22)<span class=\"_ _d5\"> </span></span></span></span><span class=\"ff46\">(3<span class=\"_ _3\"></span>76)<span class=\"_ _c3\"> </span></span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>1)<span class=\"_ _128\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _1cb\"> </span><span class=\"ls72 wsf5\">(2<span class=\"_ _3\"></span>2)<span class=\"_ _c3\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsd4a\">Th<span class=\"_ _3\"></span>e actual retu<span class=\"_ _3\"></span>rn on pla<span class=\"_ _3\"></span>n assets was a g<span class=\"_ _3\"></span>ain of \u00a34<span class=\"_ _3\"></span>0m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a31,28<span class=\"_ _3\"></span>6m l<span class=\"_ _3\"></span>oss).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsd4b\">Am<span class=\"_ _3\"></span>ount<span class=\"_ _3\"></span>s re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in th<span class=\"_ _3\"></span>e bala<span class=\"_ _3\"></span>nce s<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>et<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd4c\">Balfour<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gsd4d\">Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd4e\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls18a ws187 gsd4f\">Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsd50\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd51\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls4a ws44 gsd52\">Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd53\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsd54\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsd55\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd56\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd57\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsd58\">sc<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>mes </div><div class=\"t m0 h45 ff46 fs22 fc4 sc0 ls5 ws3 gsd59\">\u2020<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsd5a\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd5b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gsd5c\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsd5d\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd5e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsd5f\">Balfour<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsd60\">Beat<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsd61\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls127 ws11d gsd62\">Fund<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd63\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd64\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsd65\">Railways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsd66\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd67\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd68\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd69\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd6a\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd6b\">schemes </div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gsd6c\">\u2020<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd6d\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd6e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsd6f\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd70\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd71\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsd72\">Prese<span class=\"_ _3\"></span>nt value of ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns<span class=\"_ _1ae\"> </span><span class=\"ff46 ls14b ws189\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>1)<span class=\"_ _d5\"> </span><span class=\"lsf7 ws100\">(32<span class=\"_ _3\"></span>0)<span class=\"_ _de\"> </span><span class=\"ls1c ws107\">(3<span class=\"_ _3\"></span>5)<span class=\"_ _3f\"> </span></span></span></span><span class=\"ff46\">(2,<span class=\"_ _3\"></span>85<span class=\"_ _3\"></span>6)<span class=\"_ _e6\"> </span></span><span class=\"ls73 ws80\">(<span class=\"_ _3\"></span>2,46<span class=\"_ _3\"></span>4)<span class=\"_ _d5\"> </span><span class=\"lsaa ws69\">(300)<span class=\"_ _1f7\"> </span>(39)<span class=\"_ _3f\"> </span></span>(2,<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsd73\">Fair v<span class=\"_ _3\"></span>alue of plan a<span class=\"_ _3\"></span>ssets<span class=\"_ _23d\"> </span><span class=\"ff46 ls3e ws39\">2,602<span class=\"_ _10a\"> </span><span class=\"ls33 ws2c\">323<span class=\"_ _47\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _d8\"> </span><span class=\"ls74 ws6b\">2,925<span class=\"_ _d8\"> </span></span></span><span class=\"ls114 ws10c\">2<span class=\"_ _4\"></span>,689<span class=\"_ _dd\"> </span><span class=\"ls85 ws7d\">3<span class=\"_ _3\"></span>37<span class=\"_ _47\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _d8\"> </span><span class=\"ls4f ws49\">3,0<span class=\"_ _3\"></span>26<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gsd74\">Asset/(<span class=\"_ _4\"></span>liabilitie<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>) in<span class=\"_ _4\"></span> the balance sheet<span class=\"_ _84\"> </span><span class=\"ls7 ws102\">101<span class=\"_ _47\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _fa\"> </span><span class=\"ls1c ws107\">(3<span class=\"_ _3\"></span>5)<span class=\"_ _128\"> </span><span class=\"ls103 wsf8\">69<span class=\"_ _a8\"> </span><span class=\"ff47 ls4a ws44\">2<span class=\"_ _3\"></span>25<span class=\"_ _27\"> </span><span class=\"ls85 ws7d\">37<span class=\"_ _fa\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>9)<span class=\"_ _de\"> </span><span class=\"lsa9 wsa0\">223<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gsd75\">+ <span class=\"_ _37\"> </span>I<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ents in m<span class=\"_ _3\"></span>utua<span class=\"_ _3\"></span>l funds o<span class=\"_ _3\"></span>f \u00a319m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>m) are he<span class=\"_ _3\"></span>ld to sat<span class=\"_ _3\"></span>isf<span class=\"_ _3\"></span>y the Gro<span class=\"_ _3\"></span>up\u2019s defer<span class=\"_ _3\"></span>red co<span class=\"_ _3\"></span>mpen<span class=\"_ _3\"></span>sati<span class=\"_ _3\"></span>on obl<span class=\"_ _3\"></span>igat<span class=\"_ _3\"></span>ions (<span class=\"_ _3\"></span>Note 20<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>1).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsd76\">Th<span class=\"_ _3\"></span>e defined b<span class=\"_ _3\"></span>enefit ob<span class=\"_ _3\"></span>ligati<span class=\"_ _3\"></span>ons comp<span class=\"_ _3\"></span>rise \u00a3<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9m) ari<span class=\"_ _3\"></span>sing from wh<span class=\"_ _3\"></span>olly unfun<span class=\"_ _3\"></span>ded pla<span class=\"_ _3\"></span>ns and \u00a3<span class=\"_ _3\"></span>2,8<span class=\"_ _3\"></span>21<span class=\"_ _5\"></span>m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>2,764<span class=\"_ _3\"></span>m) arisin<span class=\"_ _3\"></span>g from </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsd77\">pla<span class=\"_ _3\"></span>ns that are who<span class=\"_ _3\"></span>lly or pa<span class=\"_ _3\"></span>rtl<span class=\"_ _3\"></span>y funded<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsd78\">Th<span class=\"_ _3\"></span>e BBPF s<span class=\"_ _3\"></span>aw a reducti<span class=\"_ _3\"></span>on in cor<span class=\"_ _3\"></span>porate b<span class=\"_ _3\"></span>ond yiel<span class=\"_ _3\"></span>ds, whic<span class=\"_ _3\"></span>h led to a cor<span class=\"_ _3\"></span>respon<span class=\"_ _3\"></span>ding reduc<span class=\"_ _3\"></span>tion in th<span class=\"_ _3\"></span>e IAS19 disc<span class=\"_ _3\"></span>ount rate, of<span class=\"_ _3\"></span>fset by some </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsd79\">pos<span class=\"_ _3\"></span>itive<span class=\"_ gs52\"> </span>cha<span class=\"_ _3\"></span>nges in de<span class=\"_ _3\"></span>mogra<span class=\"_ _3\"></span>phic assum<span class=\"_ _3\"></span>ptions an<span class=\"_ _3\"></span>d led to an overall i<span class=\"_ _3\"></span>ncrease in t<span class=\"_ _3\"></span>he present valu<span class=\"_ _3\"></span>e of oblig<span class=\"_ _3\"></span>ations from 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsd7a\">to<span class=\"_ gs52\"> </span>31<span class=\"_ gs52\"> </span>Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>. Conver<span class=\"_ _3\"></span>sely<span class=\"_ _4\"></span>, a<span class=\"_ _3\"></span>nd driven by c<span class=\"_ _3\"></span>hallen<span class=\"_ _3\"></span>ging investm<span class=\"_ _3\"></span>ent markets, the s<span class=\"_ _3\"></span>cheme\u2019s assets fell in v<span class=\"_ _3\"></span>alue over 20<span class=\"_ _3\"></span>23. T<span class=\"_ _3\"></span>hese t<span class=\"_ _3\"></span>wo </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsd7b\">fac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rs<span class=\"_ gs52\"> </span>comp<span class=\"_ _3\"></span>ounde<span class=\"_ _3\"></span>d and resulted i<span class=\"_ _3\"></span>n a material re<span class=\"_ _3\"></span>ductio<span class=\"_ _3\"></span>n in the sche<span class=\"_ _3\"></span>me\u2019<span class=\"_ _4\"></span>s net as<span class=\"_ _3\"></span>sets from \u00a3<span class=\"_ _3\"></span>225<span class=\"_ _3\"></span>m to \u00a310<span class=\"_ _4\"></span>1m over 20<span class=\"_ _3\"></span>23.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gsd7c\">Move<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t in the p<span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>ent v<span class=\"_ _3\"></span>alue of o<span class=\"_ _3\"></span>bliga<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd7d\">Balfour </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gsd7e\">Beatt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd7f\">Pension </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsd80\">Fu<span class=\"_ _3\"></span>nd </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsd81\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd82\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls4a ws44 gsd83\">Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd84\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsd85\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsd86\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd87\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsd88\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsd89\">scheme<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsd8a\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd8b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gsd8c\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsd8d\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsd8e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsd8f\">Balfour </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsd90\">Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsd91\">Pension </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsd92\">Fun<span class=\"_ _3\"></span>d </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsd93\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd94\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsd95\">Railways<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls47 ws19 gsd96\">Pension<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd97\">Scheme<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd98\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd99\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd9a\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsd9b\">schemes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd9c\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsd9d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsd9e\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsd9f\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsda0\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsda1\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _79\"> </span><span class=\"ff46 ls94 ws18a\">(2<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>46<span class=\"_ _3\"></span>4)<span class=\"_ _d5\"> </span><span class=\"lsf7 ws100\">(30<span class=\"_ _3\"></span>0)<span class=\"_ _a6\"> </span>(3<span class=\"_ _3\"></span>9)<span class=\"_ _20d\"> </span><span class=\"lsd ws18e\">(2<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>3)<span class=\"_ _3f\"> </span></span></span></span><span class=\"lsaa ws69\">(3,<span class=\"_ _4\"></span>71<span class=\"_ _5\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _15\"> </span><span class=\"ls85 ws7d\">(4<span class=\"_ _3\"></span>37)<span class=\"_ _dd\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>6)<span class=\"_ _3f\"> </span>(4,201<span class=\"_ _4\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsda2\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _24d\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _34\"> </span>2<span class=\"_ _47\"> </span>2<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _98\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _25\"> </span>(3)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsda3\">Current service cost <span class=\"_ _1bb\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _a1\"> </span>(1)<span class=\"_ _27\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _27\"> </span></span></span></span><span class=\"ls72 wsf5\">(2)<span class=\"_ _25\"> </span>(2)<span class=\"_ _a1\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _116\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsda4\">Inter<span class=\"_ _4\"></span>est cost <span class=\"_ _35a\"> </span><span class=\"ff46 ls110 ws106\">(11<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3b\"> </span><span class=\"ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _27\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _c3\"> </span></span>(13<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _a6\"> </span></span></span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>9)<span class=\"_ _e0\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1cb\"> </span><span class=\"ls3b ws36\">(77)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsda5\">Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements from re<span class=\"_ _3\"></span>assessi<span class=\"_ _3\"></span>ng the </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsda6\">dif<span class=\"_ _3\"></span>ference b<span class=\"_ _3\"></span>etween R<span class=\"_ _3\"></span>PI and C<span class=\"_ _3\"></span>PI<span class=\"_ _211\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _e0\"> </span>(<span class=\"_ _3\"></span>2)<span class=\"_ _20c\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _20c\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _7e\"> </span></span></span>\u2013<span class=\"_ _34\"> </span>2<span class=\"_ _47\"> </span>\u2013<span class=\"_ _47\"> </span>2<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsda7\">Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements from c<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>s in </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls4f ws49 gsda8\">demographic ass<span class=\"_ _4\"></span>umptions<span class=\"_ _177\"> </span><span class=\"ff46 ls88 ws4f\">17<span class=\"_ _82\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _116\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _a3\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsda9\">Other financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> a<span class=\"_ _3\"></span>ctuarial movements<span class=\"_ _214\"> </span><span class=\"ff46 ls1c ws107\">(<span class=\"_ _3\"></span>85)<span class=\"_ _10a\"> </span><span class=\"ls10f ws105\">(16<span class=\"_ _3\"></span>)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _110\"> </span><span class=\"ls14b ws189\">(10<span class=\"_ _3\"></span>1)<span class=\"_ _db\"> </span></span></span></span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,15<span class=\"_ _2\"></span>7<span class=\"_ _fa\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>9<span class=\"_ _47\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _57\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsdaa\">Ex<span class=\"_ _3\"></span>perience (losses)/gains<span class=\"_ _1fe\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _98\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>2)<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _ee\"> </span><span class=\"ff47\">21<span class=\"_ _a3\"> </span></span></span><span class=\"ff47\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _116\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsdab\">T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l actuar<span class=\"_ _3\"></span>ial moveme<span class=\"_ _3\"></span>nts<span class=\"_ _35b\"> </span><span class=\"ff46 ls3c ws37\">(70)<span class=\"_ _a8\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _82\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _128\"> </span><span class=\"ls14b ws189\">(9<span class=\"_ _3\"></span>1)<span class=\"_ _db\"> </span></span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,17<span class=\"_ _2\"></span>8<span class=\"_ _fa\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>1<span class=\"_ _34\"> </span></span></span>7<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>16<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsdac\">Benefits paid<span class=\"_ _35c\"> </span><span class=\"ff46 ls10d ws101\">15<span class=\"_ _3\"></span>3<span class=\"_ _25\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _47\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _1cc\"> </span><span class=\"ls88 ws4f\">174<span class=\"_ _fa\"> </span></span></span></span></span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>7<span class=\"_ _a1\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _3b\"> </span></span>16<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsdad\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r<span class=\"_ _4d\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>1)<span class=\"_ _d5\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>20)<span class=\"_ _dd\"> </span><span class=\"ls1c ws107\">(3<span class=\"_ _3\"></span>5)<span class=\"_ _e6\"> </span></span></span></span>(2<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>56)<span class=\"_ _20d\"> </span><span class=\"ff47 ls73 ws80\">(2,<span class=\"_ _3\"></span>46<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsaa ws69 gsdae\">(30<span class=\"_ _3\"></span>0)<span class=\"_ _a6\"> </span>(3<span class=\"_ _3\"></span>9)<span class=\"_ _20d\"> </span><span class=\"ls73 ws80\">(<span class=\"_ _3\"></span>2,80<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></div>Move<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t in the f<span class=\"_ _3\"></span>air valu<span class=\"_ _3\"></span>e of pla<span class=\"_ _3\"></span>n as<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> Pension Fu<span class=\"_ _3\"></span>nd 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Pension Fun<span class=\"_ _3\"></span>d 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Railways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _188\"> </span><span class=\"ff46 ls3e ws39\">2,6<span class=\"_ _3\"></span>89<span class=\"_ _a1\"> </span><span class=\"ls73 ws80\">3<span class=\"_ _3\"></span>37<span class=\"_ _110\"> </span><span class=\"ls16 ws12\">3,0<span class=\"_ _3\"></span>26<span class=\"_ _de\"> </span></span></span></span><span class=\"ls4f ws49\">4<span class=\"_ _3\"></span>,039<span class=\"_ _a0\"> </span><span class=\"ls105 wsc2\">393<span class=\"_ _de\"> </span><span class=\"ls3e ws39\">4,4<span class=\"_ _3\"></span>32<span class=\"_ _3ab\"> </span></span></span></span>Inter<span class=\"_ _4\"></span>est income <span class=\"_ _29e\"> </span><span class=\"ff46 ls48 ws42\">130<span class=\"_ _7d\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _180\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>6<span class=\"_ _38\"> </span></span></span></span><span class=\"lsc ws8\">75<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _a3\"> </span><span class=\"ls113 ws10b\">82<span class=\"_ _3ab\"> </span></span></span></span>Actuarial mo<span class=\"_ _4\"></span>vements<span class=\"_ _184\"> </span><span class=\"ff46 ls1c ws107\">(8<span class=\"_ _3\"></span>5)<span class=\"_ _a0\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>21)<span class=\"_ _cc\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _d5\"> </span></span></span></span><span class=\"ls10a wsfe\">(1,<span class=\"_ _2\"></span>314<span class=\"_ _3\"></span>)<span class=\"_ _180\"> </span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>4)<span class=\"_ _1e\"> </span></span>(1,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Contributions f<span class=\"_ _4\"></span>rom employer<span class=\"_ _3ab\"> </span>\u2013 regular funding<span class=\"_ _127\"> </span><span class=\"ff46 ls5 ws3\">2<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>3<span class=\"_ _9a\"> </span><span class=\"ff47\">1<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span></span>\u2013 ongoing de<span class=\"_ _4\"></span>ficit funding<span class=\"_ _287\"> </span><span class=\"ff46 ls94 ws18a\">19<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _9d\"> </span><span class=\"ls3b ws36\">25<span class=\"_ _a3\"> </span></span></span></span><span class=\"ls103 wsf8\">35<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _7d\"> </span><span class=\"ls5b ws15e\">41<span class=\"_ _3ab\"> </span></span></span></span>Benefits paid<span class=\"_ _16d\"> </span><span class=\"ff46 ls10f ws105\">(15<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _180\"> </span>(16<span class=\"_ _3\"></span>)<span class=\"_ _cc\"> </span>(16<span class=\"_ _2\"></span>9)<span class=\"_ _1cb\"> </span></span><span class=\"ls100 ws104\">(14<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _97\"> </span><span class=\"ls93 wsfa\">(16<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span>(16<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r<span class=\"_ _216\"> </span><span class=\"ls3e ws39\">2,602<span class=\"_ _a0\"> </span><span class=\"ls33 ws2c\">323<span class=\"_ _110\"> </span><span class=\"ls74 ws6b\">2,925<span class=\"_ _110\"> </span><span class=\"ff47 ls114 ws10c\">2<span class=\"_ _4\"></span>,689<span class=\"_ _a1\"> </span><span class=\"ls85 ws7d\">337<span class=\"_ _110\"> </span><span class=\"ls4f ws49\">3,0<span class=\"_ _3\"></span>26<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Fair v<span class=\"_ _3\"></span>alue of t<span class=\"_ _3\"></span>he as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts he<span class=\"_ _3\"></span>ld by t<span class=\"_ _3\"></span>he sc<span class=\"_ _3\"></span>hem<span class=\"_ _3\"></span>es at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _3ab\"> </span>Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Fund<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Sc<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>me \u2020<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _3ab\"> </span>Beat<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Fund<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Railways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme \u2020<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Return<span class=\"_ _3\"></span>-seeking<span class=\"_ _2b5\"> </span><span class=\"ff46 ls5 ws3\">276<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>0<span class=\"_ _180\"> </span><span class=\"lsa9 wsa0\">386<span class=\"_ _2e\"> </span></span></span><span class=\"ff47\"> <span class=\"_ _e0\"> </span><span class=\"ls122 ws11b\">74<span class=\"_ _2\"></span>8<span class=\"_ _97\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _2\"></span>0<span class=\"_ _a1\"> </span><span class=\"ls221 wsa6\">888<span class=\"_ _3ab\"> </span></span></span></span></span></span>\u2013 Develo<span class=\"_ _3\"></span>ped na<span class=\"_ _3\"></span>tion equi<span class=\"_ _3\"></span>ties#<span class=\"_ _3ab\"> </span>92<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span></span>92<span class=\"_ _c9\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _25\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _97\"> </span><span class=\"ls12a ws11f\">197<span class=\"_ _3ab\"> </span></span></span>\u2013 Emerg<span class=\"_ _3\"></span>ing market equ<span class=\"_ _3\"></span>ities<span class=\"_ _35d\"> </span><span class=\"ff46\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _2e\"> </span></span> <span class=\"_ _ff\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _3ab\"> </span></span>\u2013 Hed<span class=\"_ _3\"></span>ge fund<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>#<span class=\"_ _3ab\"> </span>16<span class=\"_ _3\"></span>8<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>16<span class=\"_ _3\"></span>8<span class=\"_ _1c4\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _b2\"> </span><span class=\"ls11d wsf4\">395<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls11d wsf4\">395<span class=\"_ _3ab\"> </span></span></span>\u2013 Retur<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>seek<span class=\"_ _3\"></span>ing grow<span class=\"_ _3\"></span>th poo<span class=\"_ _3\"></span>led fund<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>$<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _98\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>0<span class=\"_ _20c\"> </span>11<span class=\"_ _3\"></span>0<span class=\"_ _25d\"> </span></span><span class=\"ff47\"> <span class=\"_ _7c\"> </span>\u2013<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>0<span class=\"_ _98\"> </span>14<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></span>\u2013 Other return-<span class=\"_ _3\"></span>seeking assets<span class=\"_ _3ab\"> </span>#@<span class=\"_ _3ab\"> </span>16<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span></span>16<span class=\"_ _2e\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _25\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _97\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span>Liab<span class=\"_ _3\"></span>ility<span class=\"_ _3\"></span>-matchin<span class=\"_ _3\"></span>g bond<span class=\"_ _3\"></span>-t<span class=\"_ _3\"></span>ype assets<span class=\"_ _a4\"> </span><span class=\"ff46 ls93 wsfa\">1,8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _98\"> </span><span class=\"ls90 ws116\">212<span class=\"_ _110\"> </span><span class=\"lsc ws8\">2<span class=\"_ _3\"></span>,034<span class=\"_ _2e\"> </span></span></span></span><span class=\"ls5 ws3\"> <span class=\"_ _b5\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3<span class=\"_ _98\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _a6\"> </span></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></span>\u2013 Corporate bonds<span class=\"_ _35e\"> </span><span class=\"ff46 ls5 ws3\">776<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _180\"> </span>7<span class=\"_ _3\"></span>76<span class=\"_ _c9\"> </span><span class=\"ff47\"> <span class=\"_ _e0\"> </span><span class=\"lsa9 wsa0\">298<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span>\u2013 Fixed intere<span class=\"_ _3\"></span>st gilts<span class=\"_ _3ab\"> </span>^<span class=\"_ _3ab\"> </span>496<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>496<span class=\"_ _2e\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _b2\"> </span><span class=\"ls105 wsc2\">665<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls105 wsc2\">6<span class=\"_ _3\"></span>65<span class=\"_ _3ab\"> </span></span></span>\u2013 Ind<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>-linked g<span class=\"_ _3\"></span>ilts^<span class=\"_ _3ab\"> </span>554<span class=\"_ _a0\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3\"></span>7<span class=\"_ _180\"> </span><span class=\"lse9 wscd\">6<span class=\"_ _3\"></span>91<span class=\"_ _2e\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _b2\"> </span><span class=\"ls114 ws10c\">604<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">111<span class=\"_ _20c\"> </span><span class=\"ls100 ws104\">7<span class=\"_ _3\"></span>15<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>\u2013 Cur<span class=\"_ _3\"></span>rency hed<span class=\"_ _3\"></span>ging<span class=\"_ _35f\"> </span><span class=\"ff46 ls10d ws101\">15<span class=\"_ _11c\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _38\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _2e\"> </span></span></span> <span class=\"_ _ff\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span>\u2013 Liab<span class=\"_ _3\"></span>ility<span class=\"_ _3\"></span>-matchin<span class=\"_ _3\"></span>g pooled fund<span class=\"_ _3\"></span>s~<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls72 wsf5\">75<span class=\"_ _9d\"> </span>75<span class=\"_ _2e\"> </span></span><span class=\"ff47\"> <span class=\"_ _1f6\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ls114 ws10c\">86<span class=\"_ _a3\"> </span>86<span class=\"_ _3ab\"> </span></span></span>\u2013 Interest an<span class=\"_ _3\"></span>d inflation r<span class=\"_ _3\"></span>ate swaps<span class=\"_ _360\"> </span><span class=\"ff46 ls10f ws105\">(1<span class=\"_ _3\"></span>9)<span class=\"_ _7b\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _37\"> </span></span></span> <span class=\"_ _f2\"> </span><span class=\"ls72 wsf5\">(1<span class=\"_ _5\"></span>72)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span></span>(1<span class=\"_ _5\"></span>72)<span class=\"_ _3ab\"> </span></span>Pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ty#<span class=\"_ _3ab\"> </span>40<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _38\"> </span></span>40<span class=\"_ _c9\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _51\"> </span><span class=\"ls18f ws191\">98<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _a3\"> </span><span class=\"ls18f ws191\">98<span class=\"_ _3ab\"> </span></span></span>Secure i<span class=\"_ _4\"></span>ncome assets<span class=\"_ _3ab\"> </span>#<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>15<span class=\"_ _3\"></span>3<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a0\"> </span></span>15<span class=\"_ _3\"></span>3<span class=\"_ _2e\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _e0\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>6<span class=\"_ _119\"> </span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _2\"></span>6<span class=\"_ _3ab\"> </span></span></span>Fair v<span class=\"_ _3\"></span>alue long<span class=\"_ _3\"></span>evit<span class=\"_ _3\"></span>y swap<span class=\"_ _1b5\"> </span><span class=\"ff46\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _1d6\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>ash and other<span class=\"_ _2ff\"> </span><span class=\"ff46 ls7 ws102\">310<span class=\"_ _9a\"> </span></span><span class=\"ff46\">1<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">3<span class=\"_ _3\"></span>11<span class=\"_ _25d\"> </span></span></span> <span class=\"_ _125\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _3\"></span>4<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _a0\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span>To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _120\"> </span><span class=\"ls3e ws39\">2,602<span class=\"_ _a0\"> </span><span class=\"ls33 ws2c\">323<span class=\"_ _de\"> </span><span class=\"ls74 ws6b\">2<span class=\"_ _3\"></span>,925<span class=\"_ _2e\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _d6\"> </span><span class=\"ls114 ws10c\">2,<span class=\"_ _4\"></span>689<span class=\"_ _a1\"> </span><span class=\"ls85 ws7d\">337<span class=\"_ _1f7\"> </span><span class=\"ls4f ws49\">3,026<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>\u2020 <span class=\"_ _b\"> </span>Th<span class=\"_ _3\"></span>e amou<span class=\"_ _3\"></span>nts rep<span class=\"_ _3\"></span>resent 10<span class=\"_ _3\"></span>0% of th<span class=\"_ _3\"></span>e sche<span class=\"_ _3\"></span>me\u2019s asse<span class=\"_ _3\"></span>ts. ^ <span class=\"_ _37\"> </span>F<span class=\"_ _3\"></span>ixed inte<span class=\"_ _3\"></span>rest gi<span class=\"_ _3\"></span>lts an<span class=\"_ _3\"></span>d index<span class=\"_ _3\"></span>-li<span class=\"_ _3\"></span>nked gil<span class=\"_ _3\"></span>ts tota<span class=\"_ _3\"></span>lling \u00a3<span class=\"_ _3\"></span>1,<span class=\"_ _5\"></span>18<span class=\"_ _3\"></span>7m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>m) are as<span class=\"_ _3\"></span>sets h<span class=\"_ _3\"></span>eld in p<span class=\"_ _3\"></span>oole<span class=\"_ _3\"></span>d invest<span class=\"_ _3\"></span>ment ve<span class=\"_ _3\"></span>hicle<span class=\"_ _3\"></span>s with u<span class=\"_ _3\"></span>nder<span class=\"_ _3\"></span>lyin<span class=\"_ _3\"></span>g secu<span class=\"_ _3\"></span>riti<span class=\"_ _3\"></span>es that h<span class=\"_ _3\"></span>ave quo<span class=\"_ _3\"></span>ted pri<span class=\"_ _3\"></span>ces in a<span class=\"_ _3\"></span>ctiv<span class=\"_ _3\"></span>e mar<span class=\"_ _3\"></span>kets. T<span class=\"_ _3\"></span>he rem<span class=\"_ _3\"></span>ainin<span class=\"_ _3\"></span>g asset<span class=\"_ _3\"></span>s that a<span class=\"_ _3\"></span>re neith<span class=\"_ _3\"></span>er quo<span class=\"_ _3\"></span>ted nor t<span class=\"_ _3\"></span>rade<span class=\"_ _3\"></span>d on an ac<span class=\"_ _3\"></span>tive m<span class=\"_ _3\"></span>arket are s<span class=\"_ _3\"></span>tated a<span class=\"_ _3\"></span>t fair va<span class=\"_ _3\"></span>lue es<span class=\"_ _3\"></span>timate<span class=\"_ _3\"></span>s provi<span class=\"_ _3\"></span>ded by t<span class=\"_ _3\"></span>he man<span class=\"_ _3\"></span>ager o<span class=\"_ _3\"></span>f the inve<span class=\"_ _3\"></span>stme<span class=\"_ _3\"></span>nt or fund<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span># Leve<span class=\"_ _3\"></span>l 3 asset<span class=\"_ _3\"></span>s wit<span class=\"_ _3\"></span>h valua<span class=\"_ _3\"></span>tions b<span class=\"_ _3\"></span>ase<span class=\"_ _3\"></span>d on uno<span class=\"_ _3\"></span>bser<span class=\"_ _3\"></span>vab<span class=\"_ _3\"></span>le inp<span class=\"_ _3\"></span>uts hel<span class=\"_ _3\"></span>d by the B<span class=\"_ _3\"></span>BPF i<span class=\"_ _3\"></span>nclu<span class=\"_ _3\"></span>de hed<span class=\"_ _3\"></span>ge fun<span class=\"_ _3\"></span>ds, pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y funds<span class=\"_ _3\"></span>, devel<span class=\"_ _3\"></span>ope<span class=\"_ _3\"></span>d natio<span class=\"_ _3\"></span>n equi<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>, secu<span class=\"_ _3\"></span>re inco<span class=\"_ _3\"></span>me ass<span class=\"_ _3\"></span>ets and o<span class=\"_ _3\"></span>ther ret<span class=\"_ _3\"></span>urn see<span class=\"_ _3\"></span>king a<span class=\"_ _3\"></span>ssets t<span class=\"_ _3\"></span>otal \u00a3<span class=\"_ _3\"></span>610m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a31,0<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>9m). T<span class=\"_ _3\"></span>hese a<span class=\"_ _3\"></span>re poo<span class=\"_ _3\"></span>led in<span class=\"_ _3\"></span>vestm<span class=\"_ _3\"></span>ents st<span class=\"_ _3\"></span>ated at f<span class=\"_ _3\"></span>air val<span class=\"_ _3\"></span>ue prov<span class=\"_ _3\"></span>ided b<span class=\"_ _3\"></span>y the fun<span class=\"_ _3\"></span>d mana<span class=\"_ _3\"></span>gers<span class=\"_ _3\"></span>, of whi<span class=\"_ _3\"></span>ch \u00a313<span class=\"_ _3\"></span>0m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a310<span class=\"_ _3\"></span>3m) h<span class=\"_ _3\"></span>ave bee<span class=\"_ _3\"></span>n value<span class=\"_ _3\"></span>d on Se<span class=\"_ _3\"></span>ptemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>23 va<span class=\"_ _3\"></span>luati<span class=\"_ _3\"></span>ons an<span class=\"_ _3\"></span>d \u00a3181m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>nil) on N<span class=\"_ _3\"></span>ovem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 v<span class=\"_ _3\"></span>aluat<span class=\"_ _3\"></span>ions<span class=\"_ _3\"></span>, for whi<span class=\"_ _3\"></span>ch valu<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>ns were a<span class=\"_ _3\"></span>djuste<span class=\"_ _3\"></span>d for ca<span class=\"_ _3\"></span>sh move<span class=\"_ _3\"></span>ments t<span class=\"_ _3\"></span>hat oc<span class=\"_ _3\"></span>curr<span class=\"_ _3\"></span>ed in the l<span class=\"_ _3\"></span>ast qu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ter of the ye<span class=\"_ _3\"></span>ar as a resu<span class=\"_ _3\"></span>lt of De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>23 va<span class=\"_ _3\"></span>luati<span class=\"_ _3\"></span>ons not b<span class=\"_ _3\"></span>eing a<span class=\"_ _3\"></span>vaila<span class=\"_ _3\"></span>ble as a<span class=\"_ _3\"></span>t the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate. Th<span class=\"_ _3\"></span>e Dire<span class=\"_ _3\"></span>ctors c<span class=\"_ _3\"></span>onsi<span class=\"_ _3\"></span>der th<span class=\"_ _3\"></span>ese val<span class=\"_ _3\"></span>ues to be a f<span class=\"_ _3\"></span>air ap<span class=\"_ _3\"></span>proxim<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n for the<span class=\"_ _3\"></span>se asse<span class=\"_ _3\"></span>ts at 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>@ <span class=\"_ _5d\"> </span>Ot<span class=\"_ _3\"></span>her retu<span class=\"_ _3\"></span>rn<span class=\"_ _3\"></span>-se<span class=\"_ _3\"></span>ekin<span class=\"_ _3\"></span>g asset<span class=\"_ _3\"></span>s are alte<span class=\"_ _3\"></span>rnat<span class=\"_ _3\"></span>ive bet<span class=\"_ _3\"></span>a ass<span class=\"_ _3\"></span>ets, wh<span class=\"_ _3\"></span>ich pro<span class=\"_ _3\"></span>vide ex<span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>ure to a ran<span class=\"_ _3\"></span>ge of ris<span class=\"_ _3\"></span>k premi<span class=\"_ _3\"></span>a that a<span class=\"_ _3\"></span>re intend<span class=\"_ _3\"></span>ed to di<span class=\"_ _3\"></span>versi<span class=\"_ _3\"></span>fy p<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>foli<span class=\"_ _3\"></span>o return<span class=\"_ _3\"></span>s from tr<span class=\"_ _3\"></span>adit<span class=\"_ _3\"></span>iona<span class=\"_ _3\"></span>l equi<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d cred<span class=\"_ _3\"></span>it ma<span class=\"_ _3\"></span>rkets<span class=\"_ _3\"></span>. %<span class=\"_ _3ab\"> </span>Se<span class=\"_ _3\"></span>cure in<span class=\"_ _3\"></span>come a<span class=\"_ _3\"></span>ssets r<span class=\"_ _3\"></span>eflec<span class=\"_ _3\"></span>t more il<span class=\"_ _3\"></span>liqu<span class=\"_ _3\"></span>id inves<span class=\"_ _3\"></span>tment<span class=\"_ _3\"></span>s that of<span class=\"_ _3\"></span>fer lo<span class=\"_ _3\"></span>ng term c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>actu<span class=\"_ _3\"></span>al ca<span class=\"_ _3\"></span>sh flow<span class=\"_ _3\"></span>s that c<span class=\"_ _3\"></span>an be us<span class=\"_ _3\"></span>ed for th<span class=\"_ _3\"></span>e paym<span class=\"_ _3\"></span>ent of pe<span class=\"_ _3\"></span>nsion<span class=\"_ _3\"></span>s. $ <span class=\"_ _b\"> </span>T<span class=\"_ _3\"></span>he RP<span class=\"_ _3\"></span>S retur<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>see<span class=\"_ _3\"></span>king g<span class=\"_ _3\"></span>rowt<span class=\"_ _3\"></span>h poo<span class=\"_ _3\"></span>led fu<span class=\"_ _3\"></span>nds as<span class=\"_ _3\"></span>sets are t<span class=\"_ _3\"></span>he Grow<span class=\"_ _3\"></span>th Po<span class=\"_ _3\"></span>ole<span class=\"_ _3\"></span>d Fund<span class=\"_ _3\"></span>, Illiq<span class=\"_ _3\"></span>uid Gro<span class=\"_ _3\"></span>wth P<span class=\"_ _3\"></span>oole<span class=\"_ _3\"></span>d Fund a<span class=\"_ _3\"></span>nd the P<span class=\"_ _3\"></span>riva<span class=\"_ _3\"></span>te Equi<span class=\"_ _3\"></span>ty Po<span class=\"_ _3\"></span>oled F<span class=\"_ _3\"></span>und wh<span class=\"_ _3\"></span>ich are H<span class=\"_ _3\"></span>MRC a<span class=\"_ _3\"></span>ppro<span class=\"_ _3\"></span>ved po<span class=\"_ _3\"></span>oled f<span class=\"_ _3\"></span>unds<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>~<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e RP<span class=\"_ _3\"></span>S liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>matc<span class=\"_ _3\"></span>hing p<span class=\"_ _3\"></span>oole<span class=\"_ _3\"></span>d fund<span class=\"_ _3\"></span>s are Lon<span class=\"_ _3\"></span>g T<span class=\"_ _4\"></span>er<span class=\"_ _3\"></span>m Inc<span class=\"_ _3\"></span>ome Po<span class=\"_ _3\"></span>oled F<span class=\"_ _3\"></span>unds w<span class=\"_ _3\"></span>hich a<span class=\"_ _3\"></span>re HMR<span class=\"_ _3\"></span>C app<span class=\"_ _3\"></span>roved p<span class=\"_ _3\"></span>oole<span class=\"_ _3\"></span>d fund<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d con<span class=\"_ _3\"></span>trib<span class=\"_ _3\"></span>utio<span class=\"_ _3\"></span>ns ex<span class=\"_ _3\"></span>pec<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d to b<span class=\"_ _3\"></span>e paid t<span class=\"_ _3\"></span>o the Gr<span class=\"_ _3\"></span>oup\u2019s prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al de<span class=\"_ _3\"></span>fin<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>t sch<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>s duri<span class=\"_ _3\"></span>ng 2024<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _3ab\"> </span>Beatt<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Fund<span class=\"_ _3ab\"> </span>2024<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Rai<span class=\"_ _3\"></span>lways<span class=\"_ _3ab\"> </span>Pension<span class=\"_ _3ab\"> </span>Scheme<span class=\"_ _3ab\"> </span>2024<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2024<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Regular funding<span class=\"_ _361\"> </span><span class=\"ff46 ls5 ws3\">1<span class=\"_ _9a\"> </span>1<span class=\"_ _9a\"> </span>2<span class=\"_ _3ab\"> </span></span>Ongoing deficit<span class=\"_ _4\"></span> funding+<span class=\"_ _3ab\"> </span>24<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">6<span class=\"_ _38\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _4\"></span>otal contributions<span class=\"_ _362\"> </span><span class=\"ff46 ls3b ws36\">25<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _38\"> </span><span class=\"ls33 ws2c\">32<span class=\"_ _3ab\"> </span></span></span></span>Esti<span class=\"_ _3\"></span>mated BBP<span class=\"_ _3\"></span>F running c<span class=\"_ _3\"></span>osts to be fu<span class=\"_ _3\"></span>nded from d<span class=\"_ _3\"></span>eficit c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tions*<span class=\"_ _3ab\"> </span>(4)<span class=\"_ _7b\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _145\"> </span></span>(4)<span class=\"_ _3ab\"> </span>Estimated tota<span class=\"_ _4\"></span>l cash contributions<span class=\"_ _292\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">7<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _3ab\"> </span></span></span></span>* <span class=\"_ _b\"> </span>T<span class=\"_ _3\"></span>he run<span class=\"_ _3\"></span>ning c<span class=\"_ _3\"></span>osts of t<span class=\"_ _3\"></span>he BBP<span class=\"_ _3\"></span>F are fun<span class=\"_ _3\"></span>ded f<span class=\"_ _3\"></span>rom defi<span class=\"_ _3\"></span>cit c<span class=\"_ _3\"></span>ontri<span class=\"_ _3\"></span>buti<span class=\"_ _3\"></span>ons as p<span class=\"_ _3\"></span>er the BB<span class=\"_ _3\"></span>PF sc<span class=\"_ _3\"></span>hedu<span class=\"_ _3\"></span>le of co<span class=\"_ _3\"></span>ntrib<span class=\"_ _3\"></span>utio<span class=\"_ _3\"></span>ns.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e sensitiv<span class=\"_ _3\"></span>ity a<span class=\"_ _3\"></span>nalysis b<span class=\"_ _3\"></span>elow has b<span class=\"_ _3\"></span>een determi<span class=\"_ _3\"></span>ned base<span class=\"_ _3\"></span>d on reaso<span class=\"_ _3\"></span>nably p<span class=\"_ _3\"></span>ossib<span class=\"_ _3\"></span>le chang<span class=\"_ _3\"></span>es in assum<span class=\"_ _3\"></span>ptions oc<span class=\"_ _3\"></span>currin<span class=\"_ _3\"></span>g at the end of th<span class=\"_ _3\"></span>e repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g perio<span class=\"_ _3\"></span>d. In eac<span class=\"_ _3\"></span>h case th<span class=\"_ _3\"></span>e relevant cha<span class=\"_ _3\"></span>nge in assum<span class=\"_ _3\"></span>ption oc<span class=\"_ _3\"></span>curs in iso<span class=\"_ _3\"></span>lation f<span class=\"_ _3\"></span>rom potential c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n other assum<span class=\"_ _3\"></span>ptions. In p<span class=\"_ _3\"></span>racti<span class=\"_ _3\"></span>ce more th<span class=\"_ _3\"></span>an one vari<span class=\"_ _3\"></span>able is likel<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>o c<span class=\"_ _3\"></span>hange a<span class=\"_ _3\"></span>t the same ti<span class=\"_ _3\"></span>me. The se<span class=\"_ _3\"></span>nsitivi<span class=\"_ _3\"></span>ties have be<span class=\"_ _3\"></span>en calc<span class=\"_ _3\"></span>ulated usin<span class=\"_ _3\"></span>g the projec<span class=\"_ _3\"></span>ted unit cre<span class=\"_ _3\"></span>dit metho<span class=\"_ _3\"></span>d.<span class=\"_ _3ab\"> </span>Se<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>tiv<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y of the G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s r<span class=\"_ _3\"></span>etir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>t oblig<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>ns at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>23 to di<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ent a<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>uari<span class=\"_ _3\"></span>al as<span class=\"_ _3\"></span>sump<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Sensitivity to increase in<span class=\"_ _4\"></span> assumption<span class=\"_ _20c\"> </span><span class=\"ls6c ws64\">Sensitivity to<span class=\"_ _4\"></span> decrease in<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>su<span class=\"_ _4\"></span>mp<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>ion<span class=\"_ _3ab\"> </span></span>Assump<span class=\"_ _3\"></span>tions<span class=\"_ _3ab\"> </span>Percentage<span class=\"_ _3ab\"> </span>points/years<span class=\"_ _3ab\"> </span>(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span>increase in<span class=\"_ _3ab\"> </span>obligations %<span class=\"_ _3ab\"> </span>(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span>increase in<span class=\"_ _3ab\"> </span>obligations \u00a3m<span class=\"_ _3ab\"> </span>Percentage<span class=\"_ _3ab\"> </span>points/years<span class=\"_ _3ab\"> </span>Increase/<span class=\"_ _3ab\"> </span>(decrease)<span class=\"_ _4\"></span> in<span class=\"_ _3ab\"> </span>obligations %<span class=\"_ _3ab\"> </span>Increase/<span class=\"_ _3ab\"> </span>(decrease)<span class=\"_ _4\"></span> in<span class=\"_ _3ab\"> </span>obligations \u00a3m<span class=\"_ _3ab\"> </span>Discou<span class=\"_ _4\"></span>nt rat<span class=\"_ _4\"></span>e<span class=\"_ _363\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _c3\"> </span><span class=\"ls7 ws102\">(5<span class=\"_ _3\"></span>.7)%<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _d6\"> </span><span class=\"ls1c ws107\">(0.<span class=\"_ _3\"></span>5)%<span class=\"_ _3b\"> </span><span class=\"ls14 ws10\">6<span class=\"_ _3\"></span>.3%<span class=\"_ _97\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Ma<span class=\"_ _3\"></span>rk<span class=\"_ _4\"></span>et ex<span class=\"_ _3\"></span>pect<span class=\"_ _3\"></span>ation of RP<span class=\"_ _3\"></span>I inflatio<span class=\"_ _3\"></span>n<span class=\"_ _f7\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _1cc\"> </span><span class=\"ls109 ws87\">4.0<span class=\"_ _3\"></span>%<span class=\"_ _98\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>2<span class=\"_ _1f7\"> </span><span class=\"ls1c ws107\">(0<span class=\"_ _3\"></span>.5)%<span class=\"_ _c3\"> </span></span></span></span>(3<span class=\"_ _3\"></span>.9)%<span class=\"_ _116\"> </span><span class=\"ls110 ws106\">(<span class=\"_ _3\"></span>111)<span class=\"_ _3ab\"> </span></span></span>Salar<span class=\"_ _3\"></span>y growth<span class=\"_ _364\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _2f\"> </span><span class=\"ls104 wsf9\">&lt;<span class=\"_ _2\"> </span>0<span class=\"_ _2\"></span>.1%<span class=\"_ _3e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _110\"> </span><span class=\"ls1c ws107\">(0<span class=\"_ _3\"></span>.5)%<span class=\"_ _db\"> </span></span></span>&lt;<span class=\"_ _3\"></span>(<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>)<span class=\"_ _3\"></span>%<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></span></span>Li<span class=\"_ _3\"></span>fe exp<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>tan<span class=\"_ _3\"></span>cy<span class=\"_ _216\"> </span><span class=\"ff46 ls5 ws3\">1 yea<span class=\"_ _3\"></span>r<span class=\"_ _1cc\"> </span><span class=\"ls109 ws87\">4.0<span class=\"_ _3\"></span>%<span class=\"_ _98\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>4<span class=\"_ _4f\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span> ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>)<span class=\"_ _2f\"> </span><span class=\"ls104 wsf9\">(<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _3\"></span>)<span class=\"_ _3\"></span>%<span class=\"_ _116\"> </span></span></span>(11<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>Se<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>tiv<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y of the G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s r<span class=\"_ _3\"></span>etir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3 to ch<span class=\"_ _3\"></span>ange<span class=\"_ _3\"></span>s in mar<span class=\"_ _3\"></span>ket c<span class=\"_ _3\"></span>ondi<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Percentage<span class=\"_ _3ab\"> </span>points<span class=\"_ _3ab\"> </span>(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span>increase<span class=\"_ _3ab\"> </span>in<span class=\"_ _4\"></span> assets<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span>increase<span class=\"_ _3ab\"> </span>in<span class=\"_ _4\"></span> assets<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Increase in int<span class=\"_ _4\"></span>erest rates<span class=\"_ _111\"> </span><span class=\"ff46 lsf7 ws100\">0<span class=\"_ _3\"></span>.5%<span class=\"_ _c3\"> </span><span class=\"ls94 ws18a\">(5<span class=\"_ _3\"></span>.4)%<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span>Inc<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ase in mar<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>et exp<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>ation of RP<span class=\"_ _3\"></span>I inflation<span class=\"_ _365\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _1cc\"> </span><span class=\"ls4a ws44\">3.9%<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span>Th<span class=\"_ _3\"></span>e asset sensi<span class=\"_ _3\"></span>tivitie<span class=\"_ _3\"></span>s only take into ac<span class=\"_ _3\"></span>count the im<span class=\"_ _3\"></span>pact of t<span class=\"_ _3\"></span>he chang<span class=\"_ _3\"></span>es in market co<span class=\"_ _3\"></span>ndition<span class=\"_ _3\"></span>s on bond<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ty<span class=\"_ _3\"></span>pe assets<span class=\"_ _3\"></span>. The valu<span class=\"_ _3\"></span>e of the sche<span class=\"_ _3\"></span>mes\u2019 return<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>seekin<span class=\"_ _3\"></span>g assets is not d<span class=\"_ _3\"></span>irectl<span class=\"_ _3\"></span>y correla<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d with move<span class=\"_ _3\"></span>ments in interest r<span class=\"_ _3\"></span>ates or RPI inf<span class=\"_ _3\"></span>lation.<span class=\"_ _3ab\"> </span>Y<span class=\"_ _4\"></span>ea<span class=\"_ _3\"></span>r end hi<span class=\"_ _3\"></span>sto<span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>al inf<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>tion f<span class=\"_ _3\"></span>or the G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s r<span class=\"_ _3\"></span>etir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt de<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ned b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>t sc<span class=\"_ _3\"></span>heme<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>21<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2020<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>19<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Prese<span class=\"_ _3\"></span>nt value of ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns<span class=\"_ _366\"> </span><span class=\"ff46\">(2,<span class=\"_ _3\"></span>85<span class=\"_ _3\"></span>6)<span class=\"_ _d8\"> </span></span><span class=\"ls73 ws80\">(<span class=\"_ _3\"></span>2,80<span class=\"_ _3\"></span>3)<span class=\"_ _15\"> </span><span class=\"ls5f ws57\">(4,201<span class=\"_ _4\"></span>)<span class=\"_ _4f\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _1e\"> </span><span class=\"lsaa ws69\">(3,95<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span></span></span></span>Fair v<span class=\"_ _3\"></span>alue of assets<span class=\"_ _2cd\"> </span><span class=\"ff46 ls74 ws6b\">2,<span class=\"_ _3\"></span>925<span class=\"_ _110\"> </span></span><span class=\"ls4f ws49\">3,026<span class=\"_ _110\"> </span><span class=\"ls3e ws39\">4,432<span class=\"_ _de\"> </span>4,4<span class=\"_ _3\"></span>06<span class=\"_ _110\"> </span></span>4,09<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span>Surp<span class=\"_ _3\"></span>lus<span class=\"_ _367\"> </span><span class=\"ff46 ls103 wsf8\">69<span class=\"_ _a1\"> </span></span><span class=\"lsa9 wsa0\">223<span class=\"_ _180\"> </span><span class=\"ls3c ws37\">231<span class=\"_ _9d\"> </span><span class=\"ls114 ws10c\">89<span class=\"_ _a0\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span>Ex<span class=\"_ _3\"></span>perience adjustment f<span class=\"_ _4\"></span>or oblig<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>tio<span class=\"_ _3\"></span>ns<span class=\"_ _299\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _51\"> </span><span class=\"ff47\">21<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _9a\"> </span>5<span class=\"_ _87\"> </span><span class=\"ls33 ws2c\">(53)<span class=\"_ _3ab\"> </span></span></span></span></span>Ex<span class=\"_ _3\"></span>perience adjustment f<span class=\"_ _4\"></span>or assets<span class=\"_ _184\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _56\"> </span></span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls33 ws2c\">87<span class=\"_ _a0\"> </span><span class=\"lsab wsa1\">392<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">329<span class=\"_ _3ab\"> </span></span></span></span></span>T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l defici<span class=\"_ _3\"></span>t funding<span class=\"_ _27f\"> </span><span class=\"ff46 ls3b ws36\">25<span class=\"_ _38\"> </span></span><span class=\"ls5b ws15e\">41<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">39<span class=\"_ _38\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _38\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _3ab\"> </span></span></span></span></span>30.<span class=\"_ _3\"></span>3 La<span class=\"_ _3\"></span>tes<span class=\"_ _3\"></span>t fo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>l tri<span class=\"_ _3\"></span>enn<span class=\"_ _3\"></span>ial f<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>ing va<span class=\"_ _3\"></span>lua<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns<span class=\"_ _3ab\"> </span>Ba<span class=\"_ _3\"></span>lfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Pension Fun<span class=\"_ _3\"></span>d \u00a3m<span class=\"_ _3ab\"> </span>Railways Pension Scheme \u00a3m<span class=\"_ _3ab\"> </span>Date of la<span class=\"_ _3\"></span>st formal tr<span class=\"_ _3\"></span>iennial fu<span class=\"_ _3\"></span>nding valu<span class=\"_ _3\"></span>ation<span class=\"_ _251\"> </span><span class=\"ls12a ws11f\">31/<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>22<span class=\"_ _1c1\"> </span>3<span class=\"_ _3\"></span>1/12<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>019<span class=\"_ _3ab\"> </span></span>Scheme<span class=\"_ _4\"></span> de<span class=\"_ _3\"></span>ficit<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>rk<span class=\"_ _4\"></span>et v<span class=\"_ _3\"></span>alue of assets<span class=\"_ _368\"> </span><span class=\"ls4a ws44\">4,426<span class=\"_ _a0\"> </span><span class=\"ls103 wsf8\">354<span class=\"_ _3ab\"> </span></span></span>Prese<span class=\"_ _3\"></span>nt value of ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns<span class=\"_ _220\"> </span><span class=\"ls5b ws15e\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>414<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span><span class=\"lsaa ws69\">(38<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span>Surplus<span class=\"_ _3\"></span>/(deficit) in defi<span class=\"_ _4\"></span>ne<span class=\"_ _3\"></span>d bene<span class=\"_ _4\"></span>fit scheme<span class=\"_ _2d8\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _51\"> </span><span class=\"ls61 ws59\">(26)<span class=\"_ _3ab\"> </span></span></span>Fund<span class=\"_ _3\"></span>ing leve<span class=\"_ _3\"></span>l<span class=\"_ _21e\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3%<span class=\"_ _f\"> </span><span class=\"ls1c ws107\">9<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>2%</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-658": {
   "value": "<div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gse42\">Se<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>tiv<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y of the G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s r<span class=\"_ _3\"></span>etir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>t oblig<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>ns at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>23 to di<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ent a<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>uari<span class=\"_ _3\"></span>al as<span class=\"_ _3\"></span>sump<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gse43\">Sensitivity to increase in<span class=\"_ _4\"></span> assumption<span class=\"_ _20c\"> </span><span class=\"ls6c ws64\">Sensitivity to<span class=\"_ _4\"></span> decrease in<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>su<span class=\"_ _4\"></span>mp<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>ion<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls66 ws5e gse44\">Assump<span class=\"_ _3\"></span>tions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls189 wsb4 gse45\">Percentage<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gse46\">points/years<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsab wsa1 gse47\">(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gse48\">increase in<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gse49\">obligations </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gse4a\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsab wsa1 gse4b\">(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gse4c\">increase in<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gse4d\">obligations </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gse4e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls189 wsb4 gse4f\">Percentage<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gse50\">points/years<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gse51\">Increase/<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gse52\">(decrease)<span class=\"_ _4\"></span> in<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gse53\">obligations </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gse54\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gse55\">Increase/<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gse56\">(decrease)<span class=\"_ _4\"></span> in<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gse57\">obligations </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gse58\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls61 ws59 gse59\">Discou<span class=\"_ _4\"></span>nt rat<span class=\"_ _4\"></span>e<span class=\"_ _363\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _c3\"> </span><span class=\"ls7 ws102\">(5<span class=\"_ _3\"></span>.7)%<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _d6\"> </span><span class=\"ls1c ws107\">(0.<span class=\"_ _3\"></span>5)%<span class=\"_ _3b\"> </span><span class=\"ls14 ws10\">6<span class=\"_ _3\"></span>.3%<span class=\"_ _97\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>7<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gse5a\">Ma<span class=\"_ _3\"></span>rk<span class=\"_ _4\"></span>et ex<span class=\"_ _3\"></span>pect<span class=\"_ _3\"></span>ation of RP<span class=\"_ _3\"></span>I inflatio<span class=\"_ _3\"></span>n<span class=\"_ _f7\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _1cc\"> </span><span class=\"ls109 ws87\">4.0<span class=\"_ _3\"></span>%<span class=\"_ _98\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>2<span class=\"_ _1f7\"> </span><span class=\"ls1c ws107\">(0<span class=\"_ _3\"></span>.5)%<span class=\"_ _c3\"> </span></span></span></span>(3<span class=\"_ _3\"></span>.9)%<span class=\"_ _116\"> </span><span class=\"ls110 ws106\">(<span class=\"_ _3\"></span>111)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gse5b\">Salar<span class=\"_ _3\"></span>y growth<span class=\"_ _364\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _2f\"> </span><span class=\"ls104 wsf9\">&lt;<span class=\"_ _2\"> </span>0<span class=\"_ _2\"></span>.1%<span class=\"_ _3e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _110\"> </span><span class=\"ls1c ws107\">(0<span class=\"_ _3\"></span>.5)%<span class=\"_ _db\"> </span></span></span>&lt;<span class=\"_ _3\"></span>(<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>)<span class=\"_ _3\"></span>%<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls78 ws11a gse5c\">Li<span class=\"_ _3\"></span>fe exp<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>tan<span class=\"_ _3\"></span>cy<span class=\"_ _216\"> </span><span class=\"ff46 ls5 ws3\">1 yea<span class=\"_ _3\"></span>r<span class=\"_ _1cc\"> </span><span class=\"ls109 ws87\">4.0<span class=\"_ _3\"></span>%<span class=\"_ _98\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>4<span class=\"_ _4f\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span> ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>)<span class=\"_ _2f\"> </span><span class=\"ls104 wsf9\">(<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _3\"></span>)<span class=\"_ _3\"></span>%<span class=\"_ _116\"> </span></span></span>(11<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gse5d\">Se<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>tiv<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y of the G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s r<span class=\"_ _3\"></span>etir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3 to ch<span class=\"_ _3\"></span>ange<span class=\"_ _3\"></span>s in mar<span class=\"_ _3\"></span>ket c<span class=\"_ _3\"></span>ondi<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls189 wsb4 gse5e\">Percentage<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gse5f\">points<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsab wsa1 gse60\">(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gse61\">increase<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsab wsa1 gse62\">in<span class=\"_ _4\"></span> assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gse63\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsab wsa1 gse64\">(D<span class=\"_ _4\"></span>ecrease)<span class=\"_ _4\"></span>/<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gse65\">increase<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsab wsa1 gse66\">in<span class=\"_ _4\"></span> assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gse67\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gse68\">Increase in int<span class=\"_ _4\"></span>erest rates<span class=\"_ _111\"> </span><span class=\"ff46 lsf7 ws100\">0<span class=\"_ _3\"></span>.5%<span class=\"_ _c3\"> </span><span class=\"ls94 ws18a\">(5<span class=\"_ _3\"></span>.4)%<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gse69\">Inc<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ase in mar<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>et exp<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>ation of RP<span class=\"_ _3\"></span>I inflation<span class=\"_ _365\"> </span><span class=\"ff46 lsf7 ws100\">0.<span class=\"_ _3\"></span>5%<span class=\"_ _1cc\"> </span><span class=\"ls4a ws44\">3.9%<span class=\"_ _20c\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse6a\">Th<span class=\"_ _3\"></span>e asset sensi<span class=\"_ _3\"></span>tivitie<span class=\"_ _3\"></span>s only take into ac<span class=\"_ _3\"></span>count the im<span class=\"_ _3\"></span>pact of t<span class=\"_ _3\"></span>he chang<span class=\"_ _3\"></span>es in market co<span class=\"_ _3\"></span>ndition<span class=\"_ _3\"></span>s on bond<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ty<span class=\"_ _3\"></span>pe assets<span class=\"_ _3\"></span>. The valu<span class=\"_ _3\"></span>e of the sche<span class=\"_ _3\"></span>mes\u2019 </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse6b\">return<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>seekin<span class=\"_ _3\"></span>g assets is not d<span class=\"_ _3\"></span>irectl<span class=\"_ _3\"></span>y correla<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d with move<span class=\"_ _3\"></span>ments in interest r<span class=\"_ _3\"></span>ates or RPI inf<span class=\"_ _3\"></span>lation.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gse6c\">Y<span class=\"_ _4\"></span>ea<span class=\"_ _3\"></span>r end hi<span class=\"_ _3\"></span>sto<span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>al inf<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>tion f<span class=\"_ _3\"></span>or the G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s r<span class=\"_ _3\"></span>etir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt de<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ned b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>t sc<span class=\"_ _3\"></span>heme<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gse6d\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gse6e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gse6f\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gse70\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsc7 wsbc gse71\">20<span class=\"_ _3\"></span>21<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gse72\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gse73\">2020<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gse74\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls78 ws11a gse75\">20<span class=\"_ _3\"></span>19<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gse76\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gse77\">Prese<span class=\"_ _3\"></span>nt value of ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns<span class=\"_ _366\"> </span><span class=\"ff46\">(2,<span class=\"_ _3\"></span>85<span class=\"_ _3\"></span>6)<span class=\"_ _d8\"> </span></span><span class=\"ls73 ws80\">(<span class=\"_ _3\"></span>2,80<span class=\"_ _3\"></span>3)<span class=\"_ _15\"> </span><span class=\"ls5f ws57\">(4,201<span class=\"_ _4\"></span>)<span class=\"_ _4f\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _1e\"> </span><span class=\"lsaa ws69\">(3,95<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gse78\">Fair v<span class=\"_ _3\"></span>alue of assets<span class=\"_ _2cd\"> </span><span class=\"ff46 ls74 ws6b\">2,<span class=\"_ _3\"></span>925<span class=\"_ _110\"> </span></span><span class=\"ls4f ws49\">3,026<span class=\"_ _110\"> </span><span class=\"ls3e ws39\">4,432<span class=\"_ _de\"> </span>4,4<span class=\"_ _3\"></span>06<span class=\"_ _110\"> </span></span>4,09<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls16 ws12 gse79\">Surp<span class=\"_ _3\"></span>lus<span class=\"_ _367\"> </span><span class=\"ff46 ls103 wsf8\">69<span class=\"_ _a1\"> </span></span><span class=\"lsa9 wsa0\">223<span class=\"_ _180\"> </span><span class=\"ls3c ws37\">231<span class=\"_ _9d\"> </span><span class=\"ls114 ws10c\">89<span class=\"_ _a0\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _2\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gse7a\">Ex<span class=\"_ _3\"></span>perience adjustment f<span class=\"_ _4\"></span>or oblig<span class=\"_ _3\"></span>a<span class=\"_ _4\"></span>tio<span class=\"_ _3\"></span>ns<span class=\"_ _299\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _51\"> </span><span class=\"ff47\">21<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _9a\"> </span>5<span class=\"_ _87\"> </span><span class=\"ls33 ws2c\">(53)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gse7b\">Ex<span class=\"_ _3\"></span>perience adjustment f<span class=\"_ _4\"></span>or assets<span class=\"_ _184\"> </span><span class=\"ff46 ls10f ws105\">(10<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _56\"> </span></span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls33 ws2c\">87<span class=\"_ _a0\"> </span><span class=\"lsab wsa1\">392<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">329<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls170 ws18f gse7c\">T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l defici<span class=\"_ _3\"></span>t funding<span class=\"_ _27f\"> </span><span class=\"ff46 ls3b ws36\">25<span class=\"_ _38\"> </span></span><span class=\"ls5b ws15e\">41<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">39<span class=\"_ _38\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _38\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _3ab\"> </span></span></span></span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-634": {
   "value": "<div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls5 ws3 gse7e\">31 Share c<span class=\"_ _3\"></span>api<span class=\"_ _3\"></span>tal<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gse7f\">2023<span class=\"_ _218\"> </span><span class=\"ff47 ls33 ws2c\">2022<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gse80\">Million<span class=\"_ _a3\"> </span><span class=\"ls97 ws8e\">\u00a3m<span class=\"_ _27\"> </span><span class=\"ff47 lscf ws78\">Million<span class=\"_ _38\"> </span><span class=\"ls85 ws7d\">\u00a3m<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gse81\">C<span class=\"_ _3\"></span>alled<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up share c<span class=\"_ _3\"></span>apital i<span class=\"_ _3\"></span>n issue<span class=\"_ _27f\"> </span><span class=\"ff46 ls18b ws188\">544<span class=\"_ _a0\"> </span><span class=\"ls85 ws7d\">272<span class=\"_ _51\"> </span></span></span><span class=\"ls44 ws3f\">588<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse82\">Al<span class=\"_ _3\"></span>l issued ord<span class=\"_ _3\"></span>inar<span class=\"_ _3\"></span>y shares are ful<span class=\"_ _3\"></span>ly paid<span class=\"_ _3\"></span>. Ordina<span class=\"_ _3\"></span>ry sh<span class=\"_ _3\"></span>ares have a nomin<span class=\"_ _3\"></span>al value of \u00a3<span class=\"_ _3\"></span>0.5<span class=\"_ _3\"></span>0 eac<span class=\"_ _3\"></span>h and car<span class=\"_ _3\"></span>ry n<span class=\"_ _3\"></span>o right to fixed in<span class=\"_ _3\"></span>come bu<span class=\"_ _3\"></span>t each sh<span class=\"_ _3\"></span>are </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse83\">ca<span class=\"_ _3\"></span>rries the r<span class=\"_ _3\"></span>ight to one vote at ge<span class=\"_ _3\"></span>neral meeti<span class=\"_ _3\"></span>ngs of the C<span class=\"_ _3\"></span>ompany. No ord<span class=\"_ _3\"></span>inar<span class=\"_ _3\"></span>y shares were issu<span class=\"_ _3\"></span>ed durin<span class=\"_ _3\"></span>g the current o<span class=\"_ _3\"></span>r prior ye<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse84\">In 20<span class=\"_ _3\"></span>23 the C<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>any comme<span class=\"_ _3\"></span>nced the t<span class=\"_ _3\"></span>hird phase of i<span class=\"_ _3\"></span>ts share bu<span class=\"_ _3\"></span>yback p<span class=\"_ _3\"></span>rogramm<span class=\"_ _3\"></span>e, which c<span class=\"_ _3\"></span>ompleted o<span class=\"_ _3\"></span>n 1<span class=\"_ _4\"></span>5 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3. T<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gse85\">purch<span class=\"_ _3\"></span>ased 4<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>3m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: 52.0<span class=\"_ _3\"></span>m) shares for a tot<span class=\"_ _3\"></span>al consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>5<span class=\"_ _3\"></span>0m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3150<span class=\"_ _3\"></span>m) and hel<span class=\"_ _3\"></span>d these sha<span class=\"_ _3\"></span>res in treasur<span class=\"_ _3\"></span>y wit<span class=\"_ _3\"></span>h no voting rig<span class=\"_ _3\"></span>hts. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse86\">Th<span class=\"_ _3\"></span>e purchase of t<span class=\"_ _3\"></span>hese shares<span class=\"_ _3\"></span>, together w<span class=\"_ _3\"></span>ith asso<span class=\"_ _3\"></span>ciated fees a<span class=\"_ _3\"></span>nd stamp d<span class=\"_ _3\"></span>uty a<span class=\"_ _3\"></span>mounting to \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a31m)<span class=\"_ _4\"></span>, u<span class=\"_ _3\"></span>tilised \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>51<span class=\"_ _5\"></span>m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a315<span class=\"_ _4\"></span>1m) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse87\">of<span class=\"_ gs52\"> </span>the C<span class=\"_ _3\"></span>ompany<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s di<span class=\"_ _3\"></span>stribut<span class=\"_ _3\"></span>able p<span class=\"_ _3\"></span>rofits.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 wsc8 gse88\">On 2<span class=\"_ _3\"></span>0 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Com<span class=\"_ _3\"></span>pany can<span class=\"_ _3\"></span>celled th<span class=\"_ _3\"></span>e 43<span class=\"_ _3\"></span>.3<span class=\"_ _3\"></span>m treasur<span class=\"_ _3\"></span>y shares p<span class=\"_ _3\"></span>urchase<span class=\"_ _3\"></span>d through th<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3 phase of it<span class=\"_ _3\"></span>s share buy<span class=\"_ _3\"></span>back p<span class=\"_ _3\"></span>rogramm<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse89\">(2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: 1<span class=\"_ _4\"></span>0<span class=\"_ _3\"></span>2.3<span class=\"_ _3\"></span>m)<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his can<span class=\"_ _3\"></span>cellati<span class=\"_ _3\"></span>on resulted in a d<span class=\"_ _3\"></span>ecrease i<span class=\"_ _3\"></span>n called<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up sha<span class=\"_ _3\"></span>re capit<span class=\"_ _3\"></span>al in issue of \u00a3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>) and a cor<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>spond<span class=\"_ _3\"></span>ing incre<span class=\"_ _3\"></span>ase </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse8a\">in the c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al redempt<span class=\"_ _3\"></span>ion reser<span class=\"_ _3\"></span>ve.<span class=\"_ _3ab\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-598": {
   "value": "31 Share c<span class=\"_ _3\"></span>api<span class=\"_ _3\"></span>tal<span class=\"_ _3ab\"> </span>2023<span class=\"_ _218\"> </span><span class=\"ff47 ls33 ws2c\">2022<span class=\"_ _3ab\"> </span></span>Million<span class=\"_ _a3\"> </span><span class=\"ls97 ws8e\">\u00a3m<span class=\"_ _27\"> </span><span class=\"ff47 lscf ws78\">Million<span class=\"_ _38\"> </span><span class=\"ls85 ws7d\">\u00a3m<span class=\"_ _3ab\"> </span></span></span></span>C<span class=\"_ _3\"></span>alled<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up share c<span class=\"_ _3\"></span>apital i<span class=\"_ _3\"></span>n issue<span class=\"_ _27f\"> </span><span class=\"ff46 ls18b ws188\">544<span class=\"_ _a0\"> </span><span class=\"ls85 ws7d\">272<span class=\"_ _51\"> </span></span></span><span class=\"ls44 ws3f\">588<span class=\"_ _a1\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span>Al<span class=\"_ _3\"></span>l issued ord<span class=\"_ _3\"></span>inar<span class=\"_ _3\"></span>y shares are ful<span class=\"_ _3\"></span>ly paid<span class=\"_ _3\"></span>. Ordina<span class=\"_ _3\"></span>ry sh<span class=\"_ _3\"></span>ares have a nomin<span class=\"_ _3\"></span>al value of \u00a3<span class=\"_ _3\"></span>0.5<span class=\"_ _3\"></span>0 eac<span class=\"_ _3\"></span>h and car<span class=\"_ _3\"></span>ry n<span class=\"_ _3\"></span>o right to fixed in<span class=\"_ _3\"></span>come bu<span class=\"_ _3\"></span>t each sh<span class=\"_ _3\"></span>are ca<span class=\"_ _3\"></span>rries the r<span class=\"_ _3\"></span>ight to one vote at ge<span class=\"_ _3\"></span>neral meeti<span class=\"_ _3\"></span>ngs of the C<span class=\"_ _3\"></span>ompany. No ord<span class=\"_ _3\"></span>inar<span class=\"_ _3\"></span>y shares were issu<span class=\"_ _3\"></span>ed durin<span class=\"_ _3\"></span>g the current o<span class=\"_ _3\"></span>r prior ye<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>. In 20<span class=\"_ _3\"></span>23 the C<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>any comme<span class=\"_ _3\"></span>nced the t<span class=\"_ _3\"></span>hird phase of i<span class=\"_ _3\"></span>ts share bu<span class=\"_ _3\"></span>yback p<span class=\"_ _3\"></span>rogramm<span class=\"_ _3\"></span>e, which c<span class=\"_ _3\"></span>ompleted o<span class=\"_ _3\"></span>n 1<span class=\"_ _4\"></span>5 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3. T<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any purch<span class=\"_ _3\"></span>ased 4<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>3m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: 52.0<span class=\"_ _3\"></span>m) shares for a tot<span class=\"_ _3\"></span>al consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>5<span class=\"_ _3\"></span>0m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3150<span class=\"_ _3\"></span>m) and hel<span class=\"_ _3\"></span>d these sha<span class=\"_ _3\"></span>res in treasur<span class=\"_ _3\"></span>y wit<span class=\"_ _3\"></span>h no voting rig<span class=\"_ _3\"></span>hts. Th<span class=\"_ _3\"></span>e purchase of t<span class=\"_ _3\"></span>hese shares<span class=\"_ _3\"></span>, together w<span class=\"_ _3\"></span>ith asso<span class=\"_ _3\"></span>ciated fees a<span class=\"_ _3\"></span>nd stamp d<span class=\"_ _3\"></span>uty a<span class=\"_ _3\"></span>mounting to \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a31m)<span class=\"_ _4\"></span>, u<span class=\"_ _3\"></span>tilised \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>51<span class=\"_ _5\"></span>m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a315<span class=\"_ _4\"></span>1m) of<span class=\"_ gs52\"> </span>the C<span class=\"_ _3\"></span>ompany<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s di<span class=\"_ _3\"></span>stribut<span class=\"_ _3\"></span>able p<span class=\"_ _3\"></span>rofits.<span class=\"_ _3ab\"> </span>On 2<span class=\"_ _3\"></span>0 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Com<span class=\"_ _3\"></span>pany can<span class=\"_ _3\"></span>celled th<span class=\"_ _3\"></span>e 43<span class=\"_ _3\"></span>.3<span class=\"_ _3\"></span>m treasur<span class=\"_ _3\"></span>y shares p<span class=\"_ _3\"></span>urchase<span class=\"_ _3\"></span>d through th<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3 phase of it<span class=\"_ _3\"></span>s share buy<span class=\"_ _3\"></span>back p<span class=\"_ _3\"></span>rogramm<span class=\"_ _3\"></span>e (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: 1<span class=\"_ _4\"></span>0<span class=\"_ _3\"></span>2.3<span class=\"_ _3\"></span>m)<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his can<span class=\"_ _3\"></span>cellati<span class=\"_ _3\"></span>on resulted in a d<span class=\"_ _3\"></span>ecrease i<span class=\"_ _3\"></span>n called<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up sha<span class=\"_ _3\"></span>re capit<span class=\"_ _3\"></span>al in issue of \u00a3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>) and a cor<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>spond<span class=\"_ _3\"></span>ing incre<span class=\"_ _3\"></span>ase in the c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al redempt<span class=\"_ _3\"></span>ion reser<span class=\"_ _3\"></span>ve.<span class=\"_ _3ab\"> </span><div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls5 ws3 gse8c\">32 M<span class=\"_ _3\"></span>o<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span>s in e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gse8d\">32.<span class=\"_ _5\"></span>1 Group<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gse8e\">Share<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gse8f\">of joint<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gse90\">ventures\u2019<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gse91\">and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gse92\">Other reserves<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gse93\">Called-<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gse94\">up s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gse95\">capital<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gse96\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gse97\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gse98\">Share<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls10 wsc gse99\">premium<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc8 wsbd gse9a\">account<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gse9b\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gse9c\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gse9d\">Capital </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gse9e\">redemption </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls192 ws244 gse9f\">re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ve<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsea0\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsea1\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsea2\">associa<span class=\"_ _3\"></span>tes\u2019<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls223 ws245 gsea3\">reserves<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsea4\">(No<span class=\"_ _3\"></span>te 19.<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsea5\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsea6\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsea7\">Hedging<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls223 ws245 gsea8\">reserves<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsea9\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gseaa\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gseab\">PPP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gseac\">financial<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsab wsa1 gsead\">assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gseae\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gseaf\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gseb0\">Currency<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gseb1\">translation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls192 ws244 gseb2\">re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ve<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gseb3\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gseb4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gseb5\">O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r </div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gseb6\">\u00b5<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gseb7\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gseb8\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gseb9\">Retained<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gseba\">profits<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsebb\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsebc\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsebd\">Non-<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gsebe\">controlling<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsebf\">interes<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsec0\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsec1\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gsec2\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsec3\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsec4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsec5\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3<span class=\"_ _2c\"> </span><span class=\"ff46 ls10b wsff\">294<span class=\"_ _5e\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>6<span class=\"_ _116\"> </span><span class=\"ls3e ws39\">52<span class=\"_ _a6\"> </span><span class=\"ls3c ws37\">(20)<span class=\"_ _b5\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _2f\"> </span></span></span></span></span></span><span class=\"ff46\">1<span class=\"_ _f6\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3\"></span>2<span class=\"_ _5f\"> </span><span class=\"ls10a wsfe\">41<span class=\"_ _5f\"> </span><span class=\"ls109 ws87\">706<span class=\"_ _98\"> </span></span></span></span>5<span class=\"_ _be\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsec6\">Profi<span class=\"_ _3\"></span>t/<span class=\"_ _3\"></span>(loss) for t<span class=\"_ _3\"></span>he year<span class=\"_ _155\"> </span><span class=\"ff46\">\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _dd\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _5e\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>4<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _13e\"> </span><span class=\"ls94 ws18a\">194<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsec7\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _7d\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _10a\"> </span><span class=\"ls10f ws105\">(13<span class=\"_ _3\"></span>)<span class=\"_ _10a\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _10a\"> </span><span class=\"ls10f ws105\">(17<span class=\"_ _3\"></span>)<span class=\"_ _d8\"> </span></span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _11e\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsec8\">Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsec9\">benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _1b6\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _3b\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _11f\"> </span><span class=\"ls10f ws105\">(19<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _13e\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gseca\">Fair value reval<span class=\"_ _4\"></span>u<span class=\"_ _3\"></span>ations<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsecb\">\u2013 PP<span class=\"_ _3\"></span>P financ<span class=\"_ _3\"></span>ial assets<span class=\"_ _12d\"> </span><span class=\"ff46\">\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _ef\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _128\"> </span></span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _db\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsecc\">\u2013 ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges<span class=\"_ _1ac\"> </span><span class=\"ff46\">\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _97\"> </span>2<span class=\"_ _128\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d6\"> </span>2<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls88 ws3 gsecd\">\u2013  <span class=\"_ _c\"></span>investment<span class=\"_ _3\"></span>s in mutual fun<span class=\"_ _3\"></span>ds </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls88 ws3 gsece\">mea<span class=\"_ _3\"></span>sured at fair valu<span class=\"_ _3\"></span>e through O<span class=\"_ _3\"></span>CI <span class=\"_ _3b\"> </span><span class=\"ff46 ls5\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d5\"> </span>1<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d6\"> </span>1<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsecf\">Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsed0\">the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gsed1\">@<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsed2\">\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _10a\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _1e\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsed3\">T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items reco<span class=\"_ _3\"></span>gnised in oth<span class=\"_ _3\"></span>er </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc ws8 gsed4\">comprehensiv<span class=\"_ _4\"></span>e income<span class=\"_ _155\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _b2\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _15\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _3b\"> </span></span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _4f\"> </span><span class=\"ls21f ws108\">49<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _cf\"> </span><span class=\"ls11d wsf4\">43<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gsed5\">T<span class=\"_ _5\"></span>otal comprehensive<span class=\"_ _4\"></span> income/(loss) </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsed6\">for<span class=\"_ gs52\"> </span>the<span class=\"_ gs52\"> </span>yea<span class=\"_ _3\"></span>r<span class=\"_ _369\"> </span><span class=\"ff46\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _27\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _15\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _10a\"> </span></span></span>\u2013<span class=\"_ _10a\"> </span><span class=\"ls10f ws105\">(17<span class=\"_ _3\"></span>)<span class=\"_ _ce\"> </span></span>1<span class=\"_ _b5\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _cc\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _b8\"> </span><span class=\"ls10b wsff\">29<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls4f ws49 gsed7\">Ordinary dividends<span class=\"_ _ca\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _db\"> </span><span class=\"ls170 ws18f\">(58)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _1f4\"> </span><span class=\"ls170 ws18f\">(<span class=\"_ _3\"></span>58)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls3c ws11 gsed8\">Joint vent<span class=\"_ _4\"></span>ures\u2019 and associates\u2019 </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsed9\">dividends<span class=\"_ _ab\"> </span><span class=\"ff46\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a6\"> </span><span class=\"ls10d ws101\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _a8\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _15\"> </span><span class=\"ls16d ws230\">60<span class=\"_ _98\"> </span></span>\u2013<span class=\"_ _b5\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gseda\">Purchase of treasury shares<span class=\"_ _fd\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _3f\"> </span><span class=\"ls14b ws189\">(1<span class=\"_ _3\"></span>51)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _1a7\"> </span><span class=\"ls14b ws189\">(1<span class=\"_ _3\"></span>51)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsedb\">C<span class=\"_ _3\"></span>ancellat<span class=\"_ _3\"></span>ion of ordin<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y shares<span class=\"_ _7e\"> </span><span class=\"ff46 ls78 ws11a\">(2<span class=\"_ _3\"></span>2)<span class=\"_ _b5\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _25\"> </span><span class=\"ls10b wsff\">22<span class=\"_ _47\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _b5\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gsedc\">Movem<span class=\"_ _3\"></span>ents relatin<span class=\"_ _3\"></span>g to share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>based<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls93 wsfa gsedd\">pay<span class=\"_ _3\"></span>ments</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gsede\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsedf\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _d5\"> </span>4<span class=\"_ _2f\"> </span><span class=\"ls170 ws18f\">(7)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _1e\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc ws8 gsee0\">Capital contribution<span class=\"_ _1b7\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _98\"> </span>8<span class=\"_ _2f\"> </span>8<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsee1\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _40\"> </span><span class=\"ls85 ws7d\">272<span class=\"_ _5f\"> </span><span class=\"ls88 ws4f\">176<span class=\"_ _a1\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _dd\"> </span><span class=\"ls170 ws18f\">(2<span class=\"_ _3\"></span>7)<span class=\"_ _2f\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _2f\"> </span></span></span></span></span></span>1<span class=\"_ _de\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>5<span class=\"_ _5f\"> </span><span class=\"ls113 ws10b\">46<span class=\"_ _122\"> </span><span class=\"ls18b ws188\">546<span class=\"_ _1cb\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _be\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gsee2\">\u00b5</div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsee3\"> <span class=\"_ _1cf\"> </span>O<span class=\"_ _3\"></span>ther r<span class=\"_ _4\"></span>eser<span class=\"_ _3\"></span>ves<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _3\"></span>de<span class=\"_ _4\"></span> \u00a3<span class=\"_ _3\"></span>22m of<span class=\"_ _4\"></span> sp<span class=\"_ _3\"></span>ecial<span class=\"_ _4\"></span> reser<span class=\"_ _3\"></span>ve.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gsee4\">+</div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsee5\"> <span class=\"_ _44\"> </span> <span class=\"_ _5c\"></span>Mo<span class=\"_ _3\"></span>vement<span class=\"_ _3\"></span>s rela<span class=\"_ _3\"></span>ting to sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased p<span class=\"_ _3\"></span>aym<span class=\"_ _3\"></span>ents in<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>e \u00a3nil t<span class=\"_ _3\"></span>ax cha<span class=\"_ _3\"></span>rge rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>sed di<span class=\"_ _3\"></span>rectl<span class=\"_ _3\"></span>y wit<span class=\"_ _3\"></span>hin reta<span class=\"_ _3\"></span>ined p<span class=\"_ _3\"></span>rofit<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls1ff ws21d gsee6\">Sha<span class=\"_ _3\"></span>re<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsee7\">of jo<span class=\"_ _3\"></span>int<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsee8\">ventures<span class=\"_ _4\"></span>\u2019and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsee9\">Other reserves<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gseea\">Calle<span class=\"_ _3\"></span>d-<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gseeb\">up shar<span class=\"_ _4\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gseec\">capital<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gseed\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gseee\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls1ff ws21d gseef\">Sha<span class=\"_ _3\"></span>re<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsef0\">premium<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gsef1\">acc<span class=\"_ _3\"></span>ount<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsef2\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsef3\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsef4\">Ca<span class=\"_ _3\"></span>pit<span class=\"_ _3\"></span>al </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls66 ws5e gsef5\">redempt<span class=\"_ _4\"></span>ion </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsef6\">reserve<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsef7\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsef8\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls10c ws85 gsef9\">ass<span class=\"_ _3\"></span>ociate<span class=\"_ _3\"></span>s\u2019<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsefa\">reserves<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls78 ws11a gsefb\">(<span class=\"_ _3\"></span>Not<span class=\"_ _3\"></span>e 19.<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsefc\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsefd\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gsefe\">Hedging<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gseff\">reserves<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsf00\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf01\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsc4 ws9e gsf02\">PPP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsf03\">financial<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gsf04\">assets<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsf05\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf06\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls1ff ws21d gsf07\">Cur<span class=\"_ _3\"></span>rency<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsf08\">translation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsf09\">reserve<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsf0a\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf0b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsf0c\">Other </div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gsf0d\">\u00b5 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsf0e\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf0f\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4b ws45 gsf10\">Retai<span class=\"_ _3\"></span>ned<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gsf11\">profit<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsf12\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf13\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf14\">Non<span class=\"_ _3\"></span>-<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gsf15\">contro<span class=\"_ _3\"></span>lling<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsf16\">interests<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsf17\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf18\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsf19\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsf1a\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf1b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf1c\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _36a\"> </span><span class=\"ls11d wsf4\">345<span class=\"_ _5f\"> </span><span class=\"ls11e ws117\">176<span class=\"_ _a3\"> </span></span></span>1<span class=\"_ _25\"> </span><span class=\"ls72 wsf5\">72<span class=\"_ _2f\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _b5\"> </span></span></span>4<span class=\"_ _b5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0<span class=\"_ _5f\"> </span><span class=\"ls11d wsf4\">45<span class=\"_ _122\"> </span><span class=\"ls3c ws37\">6<span class=\"_ _3\"></span>31<span class=\"_ _98\"> </span></span></span></span>7<span class=\"_ _1bf\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf1d\">Profi<span class=\"_ _3\"></span>t/<span class=\"_ _3\"></span>(loss) for t<span class=\"_ _3\"></span>he year<span class=\"_ _155\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _10a\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _10a\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _5e\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>3<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _1a4\"> </span><span class=\"ls3e ws39\">287<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gsf1e\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _7d\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _ee\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _c3\"> </span></span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _cf\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf1f\">Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gsf20\">benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _1b6\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _97\"> </span>1<span class=\"_ _128\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _db\"> </span><span class=\"ls72 wsf5\">(52)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _5e\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>51)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gsf21\">Fair value reval<span class=\"_ _4\"></span>u<span class=\"_ _3\"></span>ations<span class=\"_ _181\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _cc\"> </span> <span class=\"_ _17e\"> </span> <span class=\"_ _ff\"> </span> <span class=\"_ _27\"> </span> <span class=\"_ _1cb\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _b5\"> </span> <span class=\"_ _ef\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _110\"> </span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf22\">\u2013 PP<span class=\"_ _3\"></span>P financ<span class=\"_ _3\"></span>ial assets<span class=\"_ _12d\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _c3\"> </span><span class=\"ls30 ws29\">(12<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span></span>\u2013<span class=\"_ _2f\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _1a4\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>127<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf23\">\u2013 ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _ef\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _f2\"> </span></span>3<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _db\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls88 ws3 gsf24\">\u2013  <span class=\"_ _c\"></span>investment<span class=\"_ _3\"></span>s in mutual fun<span class=\"_ _3\"></span>ds </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls88 ws3 gsf25\">mea<span class=\"_ _3\"></span>sured at fair valu<span class=\"_ _3\"></span>e through O<span class=\"_ _3\"></span>CI <span class=\"_ _3b\"> </span><span class=\"ls5\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _ce\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _f6\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _1e\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf26\">Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf27\">the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gsf28\">@<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf29\">\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _10a\"> </span></span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1e\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf2a\">T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items reco<span class=\"_ _3\"></span>gnised in oth<span class=\"_ _3\"></span>er </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gsf2b\">comprehensiv<span class=\"_ _4\"></span>e income<span class=\"_ _155\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _dd\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>2)<span class=\"_ _b5\"> </span></span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _d5\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _82\"> </span></span>\u2013<span class=\"_ _cf\"> </span><span class=\"ls187 ws184\">44<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gsf2c\">T<span class=\"_ _5\"></span>otal comprehensive<span class=\"_ _4\"></span> income/(loss) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf2d\">for<span class=\"_ gs52\"> </span>the<span class=\"_ gs52\"> </span>yea<span class=\"_ _3\"></span>r<span class=\"_ _369\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _27\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _a6\"> </span></span>1<span class=\"_ _2f\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _dd\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _db\"> </span><span class=\"ls66 ws5e\">(<span class=\"_ _3\"></span>5)<span class=\"_ _d2\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>2<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _13e\"> </span><span class=\"lsa9 wsa0\">232<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gsf2e\">Ordinary dividends<span class=\"_ _ca\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _cf\"> </span><span class=\"lsaa ws69\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _b8\"> </span><span class=\"lsaa ws69\">(58)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls3c ws11 gsf2f\">Joint vent<span class=\"_ _4\"></span>ures\u2019 and associates\u2019 </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf30\">dividends<span class=\"_ _ab\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _d5\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _5e\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _2\"></span>8<span class=\"_ _82\"> </span></span>\u2013<span class=\"_ _2f\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gsf31\">Non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>controll<span class=\"_ _4\"></span>ing interests\u2019<span class=\"_ _4\"></span> di<span class=\"_ _3\"></span>vidends<span class=\"_ _e3\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _ce\"> </span>(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gsf32\">Purchase of treasury shares<span class=\"_ _fd\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _1f4\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>151)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _11e\"> </span><span class=\"ls10f ws105\">(15<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf33\">C<span class=\"_ _3\"></span>ancellat<span class=\"_ _3\"></span>ion of ordin<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y shares<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>1)<span class=\"_ _e3\"> </span></span>\u2013<span class=\"_ _116\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _a3\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _b5\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls77 ws3 gsf34\">Movem<span class=\"_ _3\"></span>ents relatin<span class=\"_ _3\"></span>g to share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>based<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls93 wsfa gsf35\">pay<span class=\"_ _3\"></span>ments</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gsf36\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf37\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _d5\"> </span>1<span class=\"_ _d8\"> </span><span class=\"ls93 wsfa\">(16<span class=\"_ _3\"></span>)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _10c\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>15)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsf38\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>2<span class=\"_ _1a\"> </span><span class=\"ff47 lsa9 wsa0\">29<span class=\"_ _3\"></span>4<span class=\"_ _5f\"> </span><span class=\"ls11e ws117\">176<span class=\"_ _a1\"> </span><span class=\"ls74 ws6b\">52<span class=\"_ _1f7\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _f6\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _b5\"> </span></span></span></span></span></span><span class=\"ff47\">1<span class=\"_ _f6\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>2<span class=\"_ _ba\"> </span><span class=\"ls5b ws15e\">41<span class=\"_ _5e\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _3\"></span>6<span class=\"_ _98\"> </span></span></span></span>5<span class=\"_ _1a8\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gsf39\">\u00b5</div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsf3a\"> <span class=\"_ _1cf\"> </span>O<span class=\"_ _3\"></span>ther r<span class=\"_ _4\"></span>eser<span class=\"_ _3\"></span>ves<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _3\"></span>de<span class=\"_ _4\"></span> \u00a3<span class=\"_ _3\"></span>22m of<span class=\"_ _4\"></span> sp<span class=\"_ _3\"></span>ecial<span class=\"_ _4\"></span> reser<span class=\"_ _3\"></span>ve.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gsf3b\">+</div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsf3c\"> <span class=\"_ _44\"> </span> <span class=\"_ _5c\"></span>Mo<span class=\"_ _3\"></span>vement<span class=\"_ _3\"></span>s rela<span class=\"_ _3\"></span>ting to sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased p<span class=\"_ _3\"></span>aym<span class=\"_ _3\"></span>ents in<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>e \u00a32m t<span class=\"_ _3\"></span>ax cre<span class=\"_ _3\"></span>dit re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ised d<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span>ly wit<span class=\"_ _3\"></span>hin ret<span class=\"_ _3\"></span>ained p<span class=\"_ _3\"></span>rofit<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h46 ff47 fs22 fc4 sc0 ls5 ws3 gsf3d\">@</div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsf3e\"> <span class=\"_ _12b\"> </span>R<span class=\"_ _3\"></span>ecyc<span class=\"_ _3\"></span>ling of r<span class=\"_ _3\"></span>evalua<span class=\"_ _3\"></span>tion re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ves to th<span class=\"_ _3\"></span>e inco<span class=\"_ _3\"></span>me sta<span class=\"_ _3\"></span>tement o<span class=\"_ _3\"></span>n disp<span class=\"_ _3\"></span>osal h<span class=\"_ _3\"></span>as no as<span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>iated t<span class=\"_ _3\"></span>ax ef<span class=\"_ _3\"></span>fect.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsf40\">32<span class=\"_ _3\"></span>.2 C<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>any<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsf41\">Other reserves<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsf42\">Calle<span class=\"_ _3\"></span>d-<span class=\"_ _3\"></span>up<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls1ff ws21d gsf43\">share<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsf44\">capital<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf45\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls1ff ws21d gsf46\">Sha<span class=\"_ _3\"></span>re<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsf47\">premium<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gsf48\">acc<span class=\"_ _3\"></span>ount<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf49\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsf4a\">Ca<span class=\"_ _3\"></span>pit<span class=\"_ _3\"></span>al </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls66 ws5e gsf4b\">redempt<span class=\"_ _4\"></span>ion<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsf4c\">reserve<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf4d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gsf4e\">Special </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsf4f\">reserve<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf50\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsf51\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf52\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4b ws45 gsf53\">Retai<span class=\"_ _3\"></span>ned<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gsf54\">profit<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf55\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsf56\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf57\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf58\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _301\"> </span><span class=\"ls11d wsf4\">345<span class=\"_ _3b\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _47\"> </span></span></span>1<span class=\"_ _25\"> </span><span class=\"ls120 ws119\">22<span class=\"_ _10a\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _3b\"> </span><span class=\"ls16 ws12\">676<span class=\"_ _57\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf59\">Profi<span class=\"_ _3\"></span>t f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the year<span class=\"_ _250\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _3b\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>8<span class=\"_ _fa\"> </span>17<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gsf5a\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _233\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _27\"> </span>(3)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf5b\">T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l compreh<span class=\"_ _3\"></span>ensive profit fo<span class=\"_ _3\"></span>r the year<span class=\"_ _22e\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _1cc\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>5<span class=\"_ _fa\"> </span>17<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gsf5c\">Ordinary dividends<span class=\"_ _35e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _ef\"> </span><span class=\"lsaa ws69\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _a6\"> </span>(5<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gsf5d\">Purchase of treasury shares<span class=\"_ _1c5\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a6\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>151)<span class=\"_ _b5\"> </span>(15<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf5e\">C<span class=\"_ _3\"></span>ancellat<span class=\"_ _3\"></span>ion of ordin<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y shares<span class=\"_ _1d3\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>51)<span class=\"_ _87\"> </span></span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _a3\"> </span></span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf5f\">Movem<span class=\"_ _3\"></span>ents relatin<span class=\"_ _3\"></span>g to share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>based p<span class=\"_ _3\"></span>ayments</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gsf60\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf61\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _47\"> </span>8<span class=\"_ _f2\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>24)<span class=\"_ _3b\"> </span><span class=\"ls93 wsfa\">(16<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf62\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2f0\"> </span><span class=\"lsa9 wsa0\">294<span class=\"_ _3b\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _116\"> </span><span class=\"ls74 ws6b\">52<span class=\"_ _25\"> </span><span class=\"ls120 ws119\">22<span class=\"_ _fa\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>4<span class=\"_ _fa\"> </span><span class=\"ls12a ws11f\">6<span class=\"_ _3\"></span>18<span class=\"_ _56\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsf63\">Profi<span class=\"_ _3\"></span>t f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the year<span class=\"_ _250\"> </span><span class=\"ff46\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _34\"> </span>1<span class=\"_ _3b\"> </span><span class=\"ls10d ws101\">2<span class=\"_ _3\"></span>61<span class=\"_ _a8\"> </span><span class=\"ls5f ws57\">262<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsf64\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _233\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _34\"> </span>4<span class=\"_ _34\"> </span>4<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsf65\">T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l compreh<span class=\"_ _3\"></span>ensive profit fo<span class=\"_ _3\"></span>r the year<span class=\"_ _22e\"> </span><span class=\"ff46\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _34\"> </span>1<span class=\"_ _a8\"> </span><span class=\"ls5f ws57\">26<span class=\"_ _3\"></span>5<span class=\"_ _a8\"> </span>266<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls4f ws49 gsf66\">Ordinary dividends<span class=\"_ _35e\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls170 ws18f\">(58)<span class=\"_ _dd\"> </span>(5<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsf67\">Purchase of treasury shares<span class=\"_ _1c5\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls14b ws189 gsf68\">(1<span class=\"_ _3\"></span>51)<span class=\"_ _c6\"> </span>(1<span class=\"_ _3\"></span>51)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsf69\">C<span class=\"_ _3\"></span>ancellat<span class=\"_ _3\"></span>ion of ordin<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y shares<span class=\"_ _240\"> </span><span class=\"ff46 ls78 ws11a\">(2<span class=\"_ _3\"></span>2)<span class=\"_ _20c\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _25\"> </span><span class=\"ls10b wsff\">22<span class=\"_ _47\"> </span></span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf6a\">Movem<span class=\"_ _3\"></span>ents relatin<span class=\"_ _3\"></span>g to share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>based p<span class=\"_ _3\"></span>ayments</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls5 ws3 gsf6b\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsf6c\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _ee\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _27\"> </span><span class=\"lsd ws18e\">(<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsf6d\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _234\"> </span><span class=\"ls85 ws7d\">272<span class=\"_ _3b\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>6<span class=\"_ _116\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _116\"> </span><span class=\"ls10b wsff\">22<span class=\"_ _3b\"> </span><span class=\"ls90 ws116\">127<span class=\"_ _10a\"> </span><span class=\"ls3e ws39\">6<span class=\"_ _3\"></span>59<span class=\"_ _d8\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>30<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsf6e\">+<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsf6f\">Mo<span class=\"_ _3\"></span>vement<span class=\"_ _3\"></span>s relat<span class=\"_ _3\"></span>ing to sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased p<span class=\"_ _3\"></span>ayme<span class=\"_ _3\"></span>nts inc<span class=\"_ _3\"></span>lud<span class=\"_ _3\"></span>e \u00a3nil ta<span class=\"_ _3\"></span>x cred<span class=\"_ _3\"></span>it (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a31m) rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>sed dir<span class=\"_ _3\"></span>ectl<span class=\"_ _3\"></span>y with<span class=\"_ _3\"></span>in retai<span class=\"_ _3\"></span>ned pr<span class=\"_ _3\"></span>ofits<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf70\">As p<span class=\"_ _3\"></span>ermit<span class=\"_ _3\"></span>ted und<span class=\"_ _3\"></span>er Sect<span class=\"_ _3\"></span>ion 4<span class=\"_ _3\"></span>08 of th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>anies Ac<span class=\"_ _3\"></span>t 20<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>, the C<span class=\"_ _3\"></span>ompany ha<span class=\"_ _3\"></span>s electe<span class=\"_ _3\"></span>d not to present its st<span class=\"_ _3\"></span>atement of co<span class=\"_ _3\"></span>mprehens<span class=\"_ _3\"></span>ive incom<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf71\">(inc<span class=\"_ _3\"></span>luding t<span class=\"_ _3\"></span>he profit and l<span class=\"_ _3\"></span>oss acc<span class=\"_ _3\"></span>ount) for th<span class=\"_ _3\"></span>e year<span class=\"_ _4\"></span>. Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>ty p<span class=\"_ _3\"></span>lc repor<span class=\"_ _3\"></span>ted a prof<span class=\"_ _3\"></span>it for the fina<span class=\"_ _3\"></span>ncial yea<span class=\"_ _3\"></span>r ended 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3 of \u00a32<span class=\"_ _3\"></span>62m </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls10c ws85 gsf72\">(2<span class=\"_ _3\"></span>022: \u00a3178m).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsf73\">Dur<span class=\"_ _3\"></span>ing the year, \u00a31<span class=\"_ _4\"></span>51<span class=\"_ _4\"></span>m of th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any\u2019s distrib<span class=\"_ _3\"></span>utab<span class=\"_ _3\"></span>le profits were u<span class=\"_ _3\"></span>tilised for th<span class=\"_ _3\"></span>e purchase of s<span class=\"_ _3\"></span>hares into treasur<span class=\"_ _3\"></span>y (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a315<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>m) a<span class=\"_ _3\"></span>nd 4<span class=\"_ _3\"></span>3.3<span class=\"_ _3\"></span>m </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsf74\">(2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: 1<span class=\"_ _4\"></span>0<span class=\"_ _3\"></span>2.3<span class=\"_ _3\"></span>m) treasur<span class=\"_ _3\"></span>y shares we<span class=\"_ _3\"></span>re cance<span class=\"_ _3\"></span>lled. S<span class=\"_ _3\"></span>ee Note 31<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsf75\">Th<span class=\"_ _3\"></span>e majori<span class=\"_ _3\"></span>ty of the ret<span class=\"_ _3\"></span>ained prof<span class=\"_ _3\"></span>its of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty pl<span class=\"_ _3\"></span>c are distri<span class=\"_ _3\"></span>butab<span class=\"_ _3\"></span>le. By spe<span class=\"_ _3\"></span>cial reso<span class=\"_ _3\"></span>lution on 13 May 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>, confir<span class=\"_ _3\"></span>med by the c<span class=\"_ _3\"></span>ourt o<span class=\"_ _3\"></span>n </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf76\">1<span class=\"_ _4\"></span>6<span class=\"_ gs52\"> </span>June 20<span class=\"_ _3\"></span>04, the s<span class=\"_ _3\"></span>hare premium ac<span class=\"_ _3\"></span>count wa<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>duce<span class=\"_ _3\"></span>d by \u00a31<span class=\"_ _4\"></span>8<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m an<span class=\"_ _3\"></span>d the \u00a34m c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al redemp<span class=\"_ _3\"></span>tion reser<span class=\"_ _3\"></span>ve was c<span class=\"_ _3\"></span>ancelle<span class=\"_ _3\"></span>d, effe<span class=\"_ _3\"></span>ctive on </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf77\">25<span class=\"_ gs52\"> </span>Jun<span class=\"_ _3\"></span>e<span class=\"_ gs52\"> </span>20<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>, and a sp<span class=\"_ _3\"></span>ecial rese<span class=\"_ _3\"></span>rve of \u00a318<span class=\"_ _3\"></span>5m was c<span class=\"_ _3\"></span>reated. T<span class=\"_ _3\"></span>his reser<span class=\"_ _3\"></span>ve beco<span class=\"_ _3\"></span>mes dist<span class=\"_ _3\"></span>ribut<span class=\"_ _3\"></span>able to the ex<span class=\"_ _3\"></span>tent of future incre<span class=\"_ _3\"></span>ases in share </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf78\">ca<span class=\"_ _3\"></span>pital an<span class=\"_ _3\"></span>d share premium a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>, of which \u00a3<span class=\"_ _3\"></span>nil occur<span class=\"_ _3\"></span>red in 20<span class=\"_ _3\"></span>23 (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a3nil).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsf79\">32<span class=\"_ _3\"></span>.3 B<span class=\"_ _3\"></span>alf<span class=\"_ _3\"></span>our B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Emp<span class=\"_ _3\"></span>loye<span class=\"_ _3\"></span>e Sha<span class=\"_ _3\"></span>re Ow<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>hip T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>t </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf7a\">Th<span class=\"_ _3\"></span>e retained p<span class=\"_ _3\"></span>rofits in the G<span class=\"_ _3\"></span>roup and the ret<span class=\"_ _3\"></span>ained profi<span class=\"_ _3\"></span>ts of the C<span class=\"_ _3\"></span>ompany are st<span class=\"_ _3\"></span>ated net of investm<span class=\"_ _3\"></span>ents in Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty p<span class=\"_ _3\"></span>lc ordina<span class=\"_ _3\"></span>ry sh<span class=\"_ _3\"></span>ares </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf7b\">acq<span class=\"_ _3\"></span>uired by the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s em<span class=\"_ _3\"></span>ployee dis<span class=\"_ _3\"></span>cretionar<span class=\"_ _3\"></span>y tr<span class=\"_ _3\"></span>ust, the B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Employe<span class=\"_ _3\"></span>e Share Ow<span class=\"_ _3\"></span>nershi<span class=\"_ _3\"></span>p T<span class=\"_ _5\"></span>rus<span class=\"_ _3\"></span>t, to satisf<span class=\"_ _3\"></span>y award<span class=\"_ _3\"></span>s under th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf7c\">Per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce Share P<span class=\"_ _3\"></span>lan, the D<span class=\"_ _3\"></span>eferred Bon<span class=\"_ _3\"></span>us Plan an<span class=\"_ _3\"></span>d the Restr<span class=\"_ _3\"></span>icted Sh<span class=\"_ _3\"></span>are Plan. I<span class=\"_ _3\"></span>n 202<span class=\"_ _3\"></span>3, 5.<span class=\"_ _4\"></span>1m (20<span class=\"_ _3\"></span>22: 9.<span class=\"_ _3\"></span>8m) sh<span class=\"_ _3\"></span>ares were purcha<span class=\"_ _3\"></span>sed at a cos<span class=\"_ _3\"></span>t </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf7d\">of \u00a318m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>25m). The m<span class=\"_ _3\"></span>arket value of the 7<span class=\"_ _4\"></span>.5<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: 7<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5m) shares h<span class=\"_ _3\"></span>eld by the tr<span class=\"_ _3\"></span>ust at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 w<span class=\"_ _3\"></span>as \u00a325<span class=\"_ _3\"></span>.0<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>25.<span class=\"_ _3\"></span>3m). </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf7e\">Th<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g value of thes<span class=\"_ _3\"></span>e shares was \u00a3<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1m (20<span class=\"_ _3\"></span>22: \u00a319.<span class=\"_ _3\"></span>8m). </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf7f\">Fol<span class=\"_ _3\"></span>lowing co<span class=\"_ _3\"></span>nfirmat<span class=\"_ _3\"></span>ion of the per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance cr<span class=\"_ _3\"></span>iteria at th<span class=\"_ _3\"></span>e end of the per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance pe<span class=\"_ _3\"></span>riod in th<span class=\"_ _3\"></span>e case of the P<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>mance S<span class=\"_ _3\"></span>hare Pla<span class=\"_ _3\"></span>n, and at </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf80\">the<span class=\"_ gs52\"> </span>en<span class=\"_ _3\"></span>d of the vesting p<span class=\"_ _3\"></span>eriod i<span class=\"_ _3\"></span>n the case of t<span class=\"_ _3\"></span>he Deferred B<span class=\"_ _3\"></span>onus Pla<span class=\"_ _3\"></span>n and the Res<span class=\"_ _3\"></span>tricted S<span class=\"_ _3\"></span>hare Pla<span class=\"_ _3\"></span>n, the app<span class=\"_ _3\"></span>ropriate nu<span class=\"_ _3\"></span>mber of sha<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s will be </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf81\">unc<span class=\"_ _3\"></span>onditio<span class=\"_ _3\"></span>nally tr<span class=\"_ _3\"></span>ansferred to p<span class=\"_ _3\"></span>arti<span class=\"_ _3\"></span>cipant<span class=\"_ _3\"></span>s. In 20<span class=\"_ _3\"></span>23, 3<span class=\"_ _3\"></span>.2m sh<span class=\"_ _3\"></span>ares were transfer<span class=\"_ _3\"></span>red to par<span class=\"_ _3\"></span>ticip<span class=\"_ _3\"></span>ants in relati<span class=\"_ _3\"></span>on to the Marc<span class=\"_ _3\"></span>h 202<span class=\"_ _3\"></span>0 and June 2<span class=\"_ _3\"></span>020 </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf82\">awards u<span class=\"_ _3\"></span>nder the Pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>mance S<span class=\"_ _3\"></span>hare Plan (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: 1<span class=\"_ _4\"></span>.7m shares were tr<span class=\"_ _3\"></span>ansferred to p<span class=\"_ _3\"></span>arti<span class=\"_ _3\"></span>cipants i<span class=\"_ _3\"></span>n relation to th<span class=\"_ _3\"></span>e March 2019 award<span class=\"_ _3\"></span>s under the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gsf83\">Per<span class=\"_ _3\"></span>forman<span class=\"_ _3\"></span>ce Share P<span class=\"_ _3\"></span>lan), 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>0m share<span class=\"_ _3\"></span>s were transferre<span class=\"_ _3\"></span>d to par<span class=\"_ _3\"></span>ticipa<span class=\"_ _3\"></span>nts in relatio<span class=\"_ _3\"></span>n to awards und<span class=\"_ _3\"></span>er the Deferre<span class=\"_ _3\"></span>d Bonus Pl<span class=\"_ _3\"></span>an (20<span class=\"_ _3\"></span>22: 0<span class=\"_ _3\"></span>.6m sh<span class=\"_ _3\"></span>ares) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf84\">and 0<span class=\"_ _3\"></span>.9m s<span class=\"_ _3\"></span>hares were tran<span class=\"_ _3\"></span>sferred to par<span class=\"_ _3\"></span>tici<span class=\"_ _3\"></span>pants in rel<span class=\"_ _3\"></span>ation to awards u<span class=\"_ _3\"></span>nder the R<span class=\"_ _3\"></span>estric<span class=\"_ _3\"></span>ted Share Pl<span class=\"_ _3\"></span>an (20<span class=\"_ _3\"></span>22: 1.2m).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf85\">Th<span class=\"_ _3\"></span>e trustees h<span class=\"_ _3\"></span>ave waived the r<span class=\"_ _3\"></span>ights to di<span class=\"_ _3\"></span>vidend<span class=\"_ _3\"></span>s on shares he<span class=\"_ _3\"></span>ld by the tru<span class=\"_ _3\"></span>st. Par<span class=\"_ _3\"></span>tici<span class=\"_ _3\"></span>pants in the s<span class=\"_ _3\"></span>chemes re<span class=\"_ _3\"></span>ceive an award of s<span class=\"_ _3\"></span>hares to </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf86\">represe<span class=\"_ _3\"></span>nt the divi<span class=\"_ _3\"></span>dends w<span class=\"_ _3\"></span>hich woul<span class=\"_ _3\"></span>d have been p<span class=\"_ _3\"></span>ayable on t<span class=\"_ _3\"></span>he shares sin<span class=\"_ _3\"></span>ce the date of g<span class=\"_ _3\"></span>rant.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf87\">Ot<span class=\"_ _3\"></span>her reser<span class=\"_ _3\"></span>ves in the G<span class=\"_ _3\"></span>roup and C<span class=\"_ _3\"></span>ompany in<span class=\"_ _3\"></span>clude \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>2.<span class=\"_ _3\"></span>2m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a38<span class=\"_ _3\"></span>.8<span class=\"_ _3\"></span>m) relating to unves<span class=\"_ _3\"></span>ted Per<span class=\"_ _3\"></span>formanc<span class=\"_ _3\"></span>e Share Pl<span class=\"_ _3\"></span>an awards, \u00a3<span class=\"_ _3\"></span>4.4<span class=\"_ _3\"></span>m </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsf88\">(2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2:<span class=\"_ gs52\"> </span>\u00a33<span class=\"_ _3\"></span>.8<span class=\"_ _3\"></span>m) relating to unves<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d Restri<span class=\"_ _3\"></span>cted Sha<span class=\"_ _3\"></span>re Plan award<span class=\"_ _3\"></span>s and \u00a3<span class=\"_ _3\"></span>2.<span class=\"_ _4\"></span>7m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a32.7m) relating to unve<span class=\"_ _3\"></span>sted Deferred B<span class=\"_ _3\"></span>onus Pla<span class=\"_ _3\"></span>n awards. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-635": {
   "value": "32 M<span class=\"_ _3\"></span>o<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span>s in e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _3ab\"> </span>32.<span class=\"_ _5\"></span>1 Group<span class=\"_ _3ab\"> </span>Share<span class=\"_ _3ab\"> </span>of joint<span class=\"_ _3ab\"> </span>ventures\u2019<span class=\"_ _3ab\"> </span>and<span class=\"_ _3ab\"> </span>Other reserves<span class=\"_ _3ab\"> </span>Called-<span class=\"_ _3ab\"> </span>up s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span>capital<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Share<span class=\"_ _3ab\"> </span>premium<span class=\"_ _3ab\"> </span>account<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Capital redemption re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ve<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>associa<span class=\"_ _3\"></span>tes\u2019<span class=\"_ _3ab\"> </span>reserves<span class=\"_ _3ab\"> </span>(No<span class=\"_ _3\"></span>te 19.<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Hedging<span class=\"_ _3ab\"> </span>reserves<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>PPP<span class=\"_ _3ab\"> </span>financial<span class=\"_ _3ab\"> </span>assets<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Currency<span class=\"_ _3ab\"> </span>translation<span class=\"_ _3ab\"> </span>re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ve<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r \u00b5<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Retained<span class=\"_ _3ab\"> </span>profits<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Non-<span class=\"_ _3ab\"> </span>controlling<span class=\"_ _3ab\"> </span>interes<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3<span class=\"_ _2c\"> </span><span class=\"ff46 ls10b wsff\">294<span class=\"_ _5e\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>6<span class=\"_ _116\"> </span><span class=\"ls3e ws39\">52<span class=\"_ _a6\"> </span><span class=\"ls3c ws37\">(20)<span class=\"_ _b5\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _2f\"> </span></span></span></span></span></span><span class=\"ff46\">1<span class=\"_ _f6\"> </span><span class=\"ls48 ws42\">13<span class=\"_ _3\"></span>2<span class=\"_ _5f\"> </span><span class=\"ls10a wsfe\">41<span class=\"_ _5f\"> </span><span class=\"ls109 ws87\">706<span class=\"_ _98\"> </span></span></span></span>5<span class=\"_ _be\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span>Profi<span class=\"_ _3\"></span>t/<span class=\"_ _3\"></span>(loss) for t<span class=\"_ _3\"></span>he year<span class=\"_ _155\"> </span><span class=\"ff46\">\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _dd\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _5e\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3\"></span>4<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _13e\"> </span><span class=\"ls94 ws18a\">194<span class=\"_ _3ab\"> </span></span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _7d\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _10a\"> </span><span class=\"ls10f ws105\">(13<span class=\"_ _3\"></span>)<span class=\"_ _10a\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _10a\"> </span><span class=\"ls10f ws105\">(17<span class=\"_ _3\"></span>)<span class=\"_ _d8\"> </span></span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _11e\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _3ab\"> </span></span></span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _1b6\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _3b\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _11f\"> </span><span class=\"ls10f ws105\">(19<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _13e\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span>Fair value reval<span class=\"_ _4\"></span>u<span class=\"_ _3\"></span>ations<span class=\"_ _3ab\"> </span>\u2013 PP<span class=\"_ _3\"></span>P financ<span class=\"_ _3\"></span>ial assets<span class=\"_ _12d\"> </span><span class=\"ff46\">\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _ef\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _128\"> </span></span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _db\"> </span><span class=\"ls92 ws8a\">20<span class=\"_ _3ab\"> </span></span></span>\u2013 ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges<span class=\"_ _1ac\"> </span><span class=\"ff46\">\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _97\"> </span>2<span class=\"_ _128\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d6\"> </span>2<span class=\"_ _3ab\"> </span></span>\u2013  <span class=\"_ _c\"></span>investment<span class=\"_ _3\"></span>s in mutual fun<span class=\"_ _3\"></span>ds mea<span class=\"_ _3\"></span>sured at fair valu<span class=\"_ _3\"></span>e through O<span class=\"_ _3\"></span>CI <span class=\"_ _3b\"> </span><span class=\"ff46 ls5\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d5\"> </span>1<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d6\"> </span>1<span class=\"_ _3ab\"> </span></span>Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3ab\"> </span>@<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _10a\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _1e\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items reco<span class=\"_ _3\"></span>gnised in oth<span class=\"_ _3\"></span>er comprehensiv<span class=\"_ _4\"></span>e income<span class=\"_ _155\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _b2\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _15\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _3b\"> </span></span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _4f\"> </span><span class=\"ls21f ws108\">49<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _cf\"> </span><span class=\"ls11d wsf4\">43<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _5\"></span>otal comprehensive<span class=\"_ _4\"></span> income/(loss) for<span class=\"_ gs52\"> </span>the<span class=\"_ gs52\"> </span>yea<span class=\"_ _3\"></span>r<span class=\"_ _369\"> </span><span class=\"ff46\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _27\"> </span><span class=\"ls120 ws119\">53<span class=\"_ _15\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _10a\"> </span></span></span>\u2013<span class=\"_ _10a\"> </span><span class=\"ls10f ws105\">(17<span class=\"_ _3\"></span>)<span class=\"_ _ce\"> </span></span>1<span class=\"_ _b5\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _cc\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _b8\"> </span><span class=\"ls10b wsff\">29<span class=\"_ _3ab\"> </span></span></span></span></span>Ordinary dividends<span class=\"_ _ca\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _db\"> </span><span class=\"ls170 ws18f\">(58)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _1f4\"> </span><span class=\"ls170 ws18f\">(<span class=\"_ _3\"></span>58)<span class=\"_ _3ab\"> </span></span></span>Joint vent<span class=\"_ _4\"></span>ures\u2019 and associates\u2019 dividends<span class=\"_ _ab\"> </span><span class=\"ff46\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a6\"> </span><span class=\"ls10d ws101\">(6<span class=\"_ _3\"></span>0)<span class=\"_ _a8\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _15\"> </span><span class=\"ls16d ws230\">60<span class=\"_ _98\"> </span></span>\u2013<span class=\"_ _b5\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>Purchase of treasury shares<span class=\"_ _fd\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _3f\"> </span><span class=\"ls14b ws189\">(1<span class=\"_ _3\"></span>51)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _1a7\"> </span><span class=\"ls14b ws189\">(1<span class=\"_ _3\"></span>51)<span class=\"_ _3ab\"> </span></span></span>C<span class=\"_ _3\"></span>ancellat<span class=\"_ _3\"></span>ion of ordin<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y shares<span class=\"_ _7e\"> </span><span class=\"ff46 ls78 ws11a\">(2<span class=\"_ _3\"></span>2)<span class=\"_ _b5\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _25\"> </span><span class=\"ls10b wsff\">22<span class=\"_ _47\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _b5\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>Movem<span class=\"_ _3\"></span>ents relatin<span class=\"_ _3\"></span>g to share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>based<span class=\"_ _3\"></span> pay<span class=\"_ _3\"></span>ments+<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _d5\"> </span>4<span class=\"_ _2f\"> </span><span class=\"ls170 ws18f\">(7)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _1e\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _3ab\"> </span></span>Capital contribution<span class=\"_ _1b7\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _98\"> </span>8<span class=\"_ _2f\"> </span>8<span class=\"_ _3ab\"> </span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _40\"> </span><span class=\"ls85 ws7d\">272<span class=\"_ _5f\"> </span><span class=\"ls88 ws4f\">176<span class=\"_ _a1\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _dd\"> </span><span class=\"ls170 ws18f\">(2<span class=\"_ _3\"></span>7)<span class=\"_ _2f\"> </span><span class=\"ls1c ws107\">(5)<span class=\"_ _2f\"> </span></span></span></span></span></span>1<span class=\"_ _de\"> </span><span class=\"ls110 ws106\">11<span class=\"_ _3\"></span>5<span class=\"_ _5f\"> </span><span class=\"ls113 ws10b\">46<span class=\"_ _122\"> </span><span class=\"ls18b ws188\">546<span class=\"_ _1cb\"> </span><span class=\"ls7 ws102\">10<span class=\"_ _be\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></span></span>\u00b5 <span class=\"_ _1cf\"> </span>O<span class=\"_ _3\"></span>ther r<span class=\"_ _4\"></span>eser<span class=\"_ _3\"></span>ves<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _3\"></span>de<span class=\"_ _4\"></span> \u00a3<span class=\"_ _3\"></span>22m of<span class=\"_ _4\"></span> sp<span class=\"_ _3\"></span>ecial<span class=\"_ _4\"></span> reser<span class=\"_ _3\"></span>ve.<span class=\"_ _3ab\"> </span>+ <span class=\"_ _44\"> </span> <span class=\"_ _5c\"></span>Mo<span class=\"_ _3\"></span>vement<span class=\"_ _3\"></span>s rela<span class=\"_ _3\"></span>ting to sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased p<span class=\"_ _3\"></span>aym<span class=\"_ _3\"></span>ents in<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>e \u00a3nil t<span class=\"_ _3\"></span>ax cha<span class=\"_ _3\"></span>rge rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>sed di<span class=\"_ _3\"></span>rectl<span class=\"_ _3\"></span>y wit<span class=\"_ _3\"></span>hin reta<span class=\"_ _3\"></span>ined p<span class=\"_ _3\"></span>rofit<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Sha<span class=\"_ _3\"></span>re<span class=\"_ _3ab\"> </span>of jo<span class=\"_ _3\"></span>int<span class=\"_ _3ab\"> </span>ventures<span class=\"_ _4\"></span>\u2019and<span class=\"_ _3ab\"> </span>Other reserves<span class=\"_ _3ab\"> </span>Calle<span class=\"_ _3\"></span>d-<span class=\"_ _3ab\"> </span>up shar<span class=\"_ _4\"></span>e<span class=\"_ _3ab\"> </span>capital<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Sha<span class=\"_ _3\"></span>re<span class=\"_ _3ab\"> </span>premium<span class=\"_ _3ab\"> </span>acc<span class=\"_ _3\"></span>ount<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Ca<span class=\"_ _3\"></span>pit<span class=\"_ _3\"></span>al redempt<span class=\"_ _4\"></span>ion reserve<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>ass<span class=\"_ _3\"></span>ociate<span class=\"_ _3\"></span>s\u2019<span class=\"_ _3ab\"> </span>reserves<span class=\"_ _3ab\"> </span>(<span class=\"_ _3\"></span>Not<span class=\"_ _3\"></span>e 19.<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Hedging<span class=\"_ _3ab\"> </span>reserves<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>PPP<span class=\"_ _3ab\"> </span>financial<span class=\"_ _3ab\"> </span>assets<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Cur<span class=\"_ _3\"></span>rency<span class=\"_ _3ab\"> </span>translation<span class=\"_ _3ab\"> </span>reserve<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other \u00b5 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Retai<span class=\"_ _3\"></span>ned<span class=\"_ _3ab\"> </span>profit<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-<span class=\"_ _3ab\"> </span>contro<span class=\"_ _3\"></span>lling<span class=\"_ _3ab\"> </span>interests<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _36a\"> </span><span class=\"ls11d wsf4\">345<span class=\"_ _5f\"> </span><span class=\"ls11e ws117\">176<span class=\"_ _a3\"> </span></span></span>1<span class=\"_ _25\"> </span><span class=\"ls72 wsf5\">72<span class=\"_ _2f\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _b5\"> </span></span></span>4<span class=\"_ _b5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0<span class=\"_ _5f\"> </span><span class=\"ls11d wsf4\">45<span class=\"_ _122\"> </span><span class=\"ls3c ws37\">6<span class=\"_ _3\"></span>31<span class=\"_ _98\"> </span></span></span></span>7<span class=\"_ _1bf\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span>Profi<span class=\"_ _3\"></span>t/<span class=\"_ _3\"></span>(loss) for t<span class=\"_ _3\"></span>he year<span class=\"_ _155\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _10a\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _10a\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _5e\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>3<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _1a4\"> </span><span class=\"ls3e ws39\">287<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _7d\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _ee\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _c3\"> </span></span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _cf\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _3ab\"> </span></span></span>Ac<span class=\"_ _3\"></span>tuarial m<span class=\"_ _3\"></span>ovements on retire<span class=\"_ _3\"></span>ment benefit assets/<span class=\"_ _3\"></span>liabilities<span class=\"_ _1b6\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _97\"> </span>1<span class=\"_ _128\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _db\"> </span><span class=\"ls72 wsf5\">(52)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _5e\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>51)<span class=\"_ _3ab\"> </span></span></span>Fair value reval<span class=\"_ _4\"></span>u<span class=\"_ _3\"></span>ations<span class=\"_ _181\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _cc\"> </span> <span class=\"_ _17e\"> </span> <span class=\"_ _ff\"> </span> <span class=\"_ _27\"> </span> <span class=\"_ _1cb\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _b5\"> </span> <span class=\"_ _ef\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _110\"> </span> </span>\u2013 PP<span class=\"_ _3\"></span>P financ<span class=\"_ _3\"></span>ial assets<span class=\"_ _12d\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _c3\"> </span><span class=\"ls30 ws29\">(12<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span></span>\u2013<span class=\"_ _2f\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _1a4\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>127<span class=\"_ _2\"></span>)<span class=\"_ _3ab\"> </span></span>\u2013 ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _ef\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _f2\"> </span></span>3<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _db\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _3ab\"> </span></span>\u2013  <span class=\"_ _c\"></span>investment<span class=\"_ _3\"></span>s in mutual fun<span class=\"_ _3\"></span>ds mea<span class=\"_ _3\"></span>sured at fair valu<span class=\"_ _3\"></span>e through O<span class=\"_ _3\"></span>CI <span class=\"_ _3b\"> </span><span class=\"ls5\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _ce\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _f6\"> </span></span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _1e\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _3ab\"> </span></span></span>Rec<span class=\"_ _3\"></span>ycling of revalu<span class=\"_ _3\"></span>ation reser<span class=\"_ _3\"></span>ves to the inc<span class=\"_ _3\"></span>ome st<span class=\"_ _3\"></span>atement on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3ab\"> </span>@<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _10a\"> </span></span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1e\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ax o<span class=\"_ _3\"></span>n items reco<span class=\"_ _3\"></span>gnised in oth<span class=\"_ _3\"></span>er comprehensiv<span class=\"_ _4\"></span>e income<span class=\"_ _155\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _dd\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>2)<span class=\"_ _b5\"> </span></span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _d5\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _82\"> </span></span>\u2013<span class=\"_ _cf\"> </span><span class=\"ls187 ws184\">44<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _5\"></span>otal comprehensive<span class=\"_ _4\"></span> income/(loss) for<span class=\"_ gs52\"> </span>the<span class=\"_ gs52\"> </span>yea<span class=\"_ _3\"></span>r<span class=\"_ _369\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _27\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _a6\"> </span></span>1<span class=\"_ _2f\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _dd\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _db\"> </span><span class=\"ls66 ws5e\">(<span class=\"_ _3\"></span>5)<span class=\"_ _d2\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>2<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _13e\"> </span><span class=\"lsa9 wsa0\">232<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Ordinary dividends<span class=\"_ _ca\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _cf\"> </span><span class=\"lsaa ws69\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _b8\"> </span><span class=\"lsaa ws69\">(58)<span class=\"_ _3ab\"> </span></span></span>Joint vent<span class=\"_ _4\"></span>ures\u2019 and associates\u2019 dividends<span class=\"_ _ab\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _d5\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1cc\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _5e\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _2\"></span>8<span class=\"_ _82\"> </span></span>\u2013<span class=\"_ _2f\"> </span>\u2013<span class=\"_ _3ab\"> </span>Non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>controll<span class=\"_ _4\"></span>ing interests\u2019<span class=\"_ _4\"></span> di<span class=\"_ _3\"></span>vidends<span class=\"_ _e3\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _ce\"> </span>(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span>Purchase of treasury shares<span class=\"_ _fd\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _dd\"> </span>\u2013<span class=\"_ _10a\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _1f4\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>151)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _11e\"> </span><span class=\"ls10f ws105\">(15<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span>C<span class=\"_ _3\"></span>ancellat<span class=\"_ _3\"></span>ion of ordin<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y shares<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>1)<span class=\"_ _e3\"> </span></span>\u2013<span class=\"_ _116\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _a3\"> </span></span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _c3\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _b5\"> </span>\u2013<span class=\"_ _3ab\"> </span>Movem<span class=\"_ _3\"></span>ents relatin<span class=\"_ _3\"></span>g to share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>based<span class=\"_ _3\"></span> pay<span class=\"_ _3\"></span>ments+<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _a8\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _d5\"> </span>1<span class=\"_ _d8\"> </span><span class=\"ls93 wsfa\">(16<span class=\"_ _3\"></span>)<span class=\"_ _116\"> </span></span>\u2013<span class=\"_ _10c\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>15)<span class=\"_ _3ab\"> </span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>2<span class=\"_ _1a\"> </span><span class=\"ff47 lsa9 wsa0\">29<span class=\"_ _3\"></span>4<span class=\"_ _5f\"> </span><span class=\"ls11e ws117\">176<span class=\"_ _a1\"> </span><span class=\"ls74 ws6b\">52<span class=\"_ _1f7\"> </span><span class=\"ls5f ws57\">(20)<span class=\"_ _f6\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _b5\"> </span></span></span></span></span></span><span class=\"ff47\">1<span class=\"_ _f6\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>2<span class=\"_ _ba\"> </span><span class=\"ls5b ws15e\">41<span class=\"_ _5e\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _3\"></span>6<span class=\"_ _98\"> </span></span></span></span>5<span class=\"_ _1a8\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span>\u00b5 <span class=\"_ _1cf\"> </span>O<span class=\"_ _3\"></span>ther r<span class=\"_ _4\"></span>eser<span class=\"_ _3\"></span>ves<span class=\"_ _4\"></span> inc<span class=\"_ _3\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _3\"></span>de<span class=\"_ _4\"></span> \u00a3<span class=\"_ _3\"></span>22m of<span class=\"_ _4\"></span> sp<span class=\"_ _3\"></span>ecial<span class=\"_ _4\"></span> reser<span class=\"_ _3\"></span>ve.<span class=\"_ _3ab\"> </span>+ <span class=\"_ _44\"> </span> <span class=\"_ _5c\"></span>Mo<span class=\"_ _3\"></span>vement<span class=\"_ _3\"></span>s rela<span class=\"_ _3\"></span>ting to sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased p<span class=\"_ _3\"></span>aym<span class=\"_ _3\"></span>ents in<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>e \u00a32m t<span class=\"_ _3\"></span>ax cre<span class=\"_ _3\"></span>dit re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ised d<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span>ly wit<span class=\"_ _3\"></span>hin ret<span class=\"_ _3\"></span>ained p<span class=\"_ _3\"></span>rofit<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>@ <span class=\"_ _12b\"> </span>R<span class=\"_ _3\"></span>ecyc<span class=\"_ _3\"></span>ling of r<span class=\"_ _3\"></span>evalua<span class=\"_ _3\"></span>tion re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ves to th<span class=\"_ _3\"></span>e inco<span class=\"_ _3\"></span>me sta<span class=\"_ _3\"></span>tement o<span class=\"_ _3\"></span>n disp<span class=\"_ _3\"></span>osal h<span class=\"_ _3\"></span>as no as<span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>iated t<span class=\"_ _3\"></span>ax ef<span class=\"_ _3\"></span>fect.<span class=\"_ _3ab\"> </span>32<span class=\"_ _3\"></span>.2 C<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>any<span class=\"_ _3ab\"> </span>Other reserves<span class=\"_ _3ab\"> </span>Calle<span class=\"_ _3\"></span>d-<span class=\"_ _3\"></span>up<span class=\"_ _3ab\"> </span>share<span class=\"_ _3ab\"> </span>capital<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Sha<span class=\"_ _3\"></span>re<span class=\"_ _3ab\"> </span>premium<span class=\"_ _3ab\"> </span>acc<span class=\"_ _3\"></span>ount<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Ca<span class=\"_ _3\"></span>pit<span class=\"_ _3\"></span>al redempt<span class=\"_ _4\"></span>ion<span class=\"_ _3ab\"> </span>reserve<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Special reserve<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Retai<span class=\"_ _3\"></span>ned<span class=\"_ _3ab\"> </span>profit<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _301\"> </span><span class=\"ls11d wsf4\">345<span class=\"_ _3b\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _47\"> </span></span></span>1<span class=\"_ _25\"> </span><span class=\"ls120 ws119\">22<span class=\"_ _10a\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>6<span class=\"_ _3b\"> </span><span class=\"ls16 ws12\">676<span class=\"_ _57\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span>Profi<span class=\"_ _3\"></span>t f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the year<span class=\"_ _250\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _3b\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>8<span class=\"_ _fa\"> </span>17<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _233\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _20c\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _27\"> </span>(3)<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l compreh<span class=\"_ _3\"></span>ensive profit fo<span class=\"_ _3\"></span>r the year<span class=\"_ _22e\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _1cc\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>5<span class=\"_ _fa\"> </span>17<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>Ordinary dividends<span class=\"_ _35e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _ef\"> </span><span class=\"lsaa ws69\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _a6\"> </span>(5<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span>Purchase of treasury shares<span class=\"_ _1c5\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a6\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>151)<span class=\"_ _b5\"> </span>(15<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span>C<span class=\"_ _3\"></span>ancellat<span class=\"_ _3\"></span>ion of ordin<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y shares<span class=\"_ _1d3\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>51)<span class=\"_ _87\"> </span></span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _a3\"> </span></span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _3ab\"> </span>Movem<span class=\"_ _3\"></span>ents relatin<span class=\"_ _3\"></span>g to share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>based p<span class=\"_ _3\"></span>ayments+<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _47\"> </span>8<span class=\"_ _f2\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>24)<span class=\"_ _3b\"> </span><span class=\"ls93 wsfa\">(16<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span>At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _2f0\"> </span><span class=\"lsa9 wsa0\">294<span class=\"_ _3b\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _116\"> </span><span class=\"ls74 ws6b\">52<span class=\"_ _25\"> </span><span class=\"ls120 ws119\">22<span class=\"_ _fa\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>4<span class=\"_ _fa\"> </span><span class=\"ls12a ws11f\">6<span class=\"_ _3\"></span>18<span class=\"_ _56\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Profi<span class=\"_ _3\"></span>t f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the year<span class=\"_ _250\"> </span><span class=\"ff46\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _34\"> </span>1<span class=\"_ _3b\"> </span><span class=\"ls10d ws101\">2<span class=\"_ _3\"></span>61<span class=\"_ _a8\"> </span><span class=\"ls5f ws57\">262<span class=\"_ _3ab\"> </span></span></span></span>Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _233\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _34\"> </span>4<span class=\"_ _34\"> </span>4<span class=\"_ _3ab\"> </span></span>T<span class=\"_ _4\"></span>ota<span class=\"_ _3\"></span>l compreh<span class=\"_ _3\"></span>ensive profit fo<span class=\"_ _3\"></span>r the year<span class=\"_ _22e\"> </span><span class=\"ff46\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _34\"> </span>1<span class=\"_ _a8\"> </span><span class=\"ls5f ws57\">26<span class=\"_ _3\"></span>5<span class=\"_ _a8\"> </span>266<span class=\"_ _3ab\"> </span></span></span>Ordinary dividends<span class=\"_ _35e\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls170 ws18f\">(58)<span class=\"_ _dd\"> </span>(5<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span>Purchase of treasury shares<span class=\"_ _1c5\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>(1<span class=\"_ _3\"></span>51)<span class=\"_ _c6\"> </span>(1<span class=\"_ _3\"></span>51)<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>ancellat<span class=\"_ _3\"></span>ion of ordin<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y shares<span class=\"_ _240\"> </span><span class=\"ff46 ls78 ws11a\">(2<span class=\"_ _3\"></span>2)<span class=\"_ _20c\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _25\"> </span><span class=\"ls10b wsff\">22<span class=\"_ _47\"> </span></span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _3ab\"> </span></span>Movem<span class=\"_ _3\"></span>ents relatin<span class=\"_ _3\"></span>g to share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>based p<span class=\"_ _3\"></span>ayments+<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _47\"> </span>\u2013<span class=\"_ _a1\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _ee\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _27\"> </span><span class=\"lsd ws18e\">(<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></span></span>At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _234\"> </span><span class=\"ls85 ws7d\">272<span class=\"_ _3b\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>6<span class=\"_ _116\"> </span><span class=\"ls1b wsa9\">74<span class=\"_ _116\"> </span><span class=\"ls10b wsff\">22<span class=\"_ _3b\"> </span><span class=\"ls90 ws116\">127<span class=\"_ _10a\"> </span><span class=\"ls3e ws39\">6<span class=\"_ _3\"></span>59<span class=\"_ _d8\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>30<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>+<span class=\"_ _3ab\"> </span>Mo<span class=\"_ _3\"></span>vement<span class=\"_ _3\"></span>s relat<span class=\"_ _3\"></span>ing to sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased p<span class=\"_ _3\"></span>ayme<span class=\"_ _3\"></span>nts inc<span class=\"_ _3\"></span>lud<span class=\"_ _3\"></span>e \u00a3nil ta<span class=\"_ _3\"></span>x cred<span class=\"_ _3\"></span>it (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a31m) rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>sed dir<span class=\"_ _3\"></span>ectl<span class=\"_ _3\"></span>y with<span class=\"_ _3\"></span>in retai<span class=\"_ _3\"></span>ned pr<span class=\"_ _3\"></span>ofits<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>As p<span class=\"_ _3\"></span>ermit<span class=\"_ _3\"></span>ted und<span class=\"_ _3\"></span>er Sect<span class=\"_ _3\"></span>ion 4<span class=\"_ _3\"></span>08 of th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>anies Ac<span class=\"_ _3\"></span>t 20<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>, the C<span class=\"_ _3\"></span>ompany ha<span class=\"_ _3\"></span>s electe<span class=\"_ _3\"></span>d not to present its st<span class=\"_ _3\"></span>atement of co<span class=\"_ _3\"></span>mprehens<span class=\"_ _3\"></span>ive incom<span class=\"_ _3\"></span>e (inc<span class=\"_ _3\"></span>luding t<span class=\"_ _3\"></span>he profit and l<span class=\"_ _3\"></span>oss acc<span class=\"_ _3\"></span>ount) for th<span class=\"_ _3\"></span>e year<span class=\"_ _4\"></span>. Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>ty p<span class=\"_ _3\"></span>lc repor<span class=\"_ _3\"></span>ted a prof<span class=\"_ _3\"></span>it for the fina<span class=\"_ _3\"></span>ncial yea<span class=\"_ _3\"></span>r ended 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3 of \u00a32<span class=\"_ _3\"></span>62m (2<span class=\"_ _3\"></span>022: \u00a3178m).<span class=\"_ _3ab\"> </span>Dur<span class=\"_ _3\"></span>ing the year, \u00a31<span class=\"_ _4\"></span>51<span class=\"_ _4\"></span>m of th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any\u2019s distrib<span class=\"_ _3\"></span>utab<span class=\"_ _3\"></span>le profits were u<span class=\"_ _3\"></span>tilised for th<span class=\"_ _3\"></span>e purchase of s<span class=\"_ _3\"></span>hares into treasur<span class=\"_ _3\"></span>y (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a315<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>m) a<span class=\"_ _3\"></span>nd 4<span class=\"_ _3\"></span>3.3<span class=\"_ _3\"></span>m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: 1<span class=\"_ _4\"></span>0<span class=\"_ _3\"></span>2.3<span class=\"_ _3\"></span>m) treasur<span class=\"_ _3\"></span>y shares we<span class=\"_ _3\"></span>re cance<span class=\"_ _3\"></span>lled. S<span class=\"_ _3\"></span>ee Note 31<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e majori<span class=\"_ _3\"></span>ty of the ret<span class=\"_ _3\"></span>ained prof<span class=\"_ _3\"></span>its of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty pl<span class=\"_ _3\"></span>c are distri<span class=\"_ _3\"></span>butab<span class=\"_ _3\"></span>le. By spe<span class=\"_ _3\"></span>cial reso<span class=\"_ _3\"></span>lution on 13 May 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>, confir<span class=\"_ _3\"></span>med by the c<span class=\"_ _3\"></span>ourt o<span class=\"_ _3\"></span>n 1<span class=\"_ _4\"></span>6<span class=\"_ gs52\"> </span>June 20<span class=\"_ _3\"></span>04, the s<span class=\"_ _3\"></span>hare premium ac<span class=\"_ _3\"></span>count wa<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>duce<span class=\"_ _3\"></span>d by \u00a31<span class=\"_ _4\"></span>8<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m an<span class=\"_ _3\"></span>d the \u00a34m c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al redemp<span class=\"_ _3\"></span>tion reser<span class=\"_ _3\"></span>ve was c<span class=\"_ _3\"></span>ancelle<span class=\"_ _3\"></span>d, effe<span class=\"_ _3\"></span>ctive on 25<span class=\"_ gs52\"> </span>Jun<span class=\"_ _3\"></span>e<span class=\"_ gs52\"> </span>20<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>, and a sp<span class=\"_ _3\"></span>ecial rese<span class=\"_ _3\"></span>rve of \u00a318<span class=\"_ _3\"></span>5m was c<span class=\"_ _3\"></span>reated. T<span class=\"_ _3\"></span>his reser<span class=\"_ _3\"></span>ve beco<span class=\"_ _3\"></span>mes dist<span class=\"_ _3\"></span>ribut<span class=\"_ _3\"></span>able to the ex<span class=\"_ _3\"></span>tent of future incre<span class=\"_ _3\"></span>ases in share ca<span class=\"_ _3\"></span>pital an<span class=\"_ _3\"></span>d share premium a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>, of which \u00a3<span class=\"_ _3\"></span>nil occur<span class=\"_ _3\"></span>red in 20<span class=\"_ _3\"></span>23 (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a3nil).<span class=\"_ _3ab\"> </span>32<span class=\"_ _3\"></span>.3 B<span class=\"_ _3\"></span>alf<span class=\"_ _3\"></span>our B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Emp<span class=\"_ _3\"></span>loye<span class=\"_ _3\"></span>e Sha<span class=\"_ _3\"></span>re Ow<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>hip T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>t Th<span class=\"_ _3\"></span>e retained p<span class=\"_ _3\"></span>rofits in the G<span class=\"_ _3\"></span>roup and the ret<span class=\"_ _3\"></span>ained profi<span class=\"_ _3\"></span>ts of the C<span class=\"_ _3\"></span>ompany are st<span class=\"_ _3\"></span>ated net of investm<span class=\"_ _3\"></span>ents in Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty p<span class=\"_ _3\"></span>lc ordina<span class=\"_ _3\"></span>ry sh<span class=\"_ _3\"></span>ares acq<span class=\"_ _3\"></span>uired by the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s em<span class=\"_ _3\"></span>ployee dis<span class=\"_ _3\"></span>cretionar<span class=\"_ _3\"></span>y tr<span class=\"_ _3\"></span>ust, the B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Employe<span class=\"_ _3\"></span>e Share Ow<span class=\"_ _3\"></span>nershi<span class=\"_ _3\"></span>p T<span class=\"_ _5\"></span>rus<span class=\"_ _3\"></span>t, to satisf<span class=\"_ _3\"></span>y award<span class=\"_ _3\"></span>s under th<span class=\"_ _3\"></span>e Per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce Share P<span class=\"_ _3\"></span>lan, the D<span class=\"_ _3\"></span>eferred Bon<span class=\"_ _3\"></span>us Plan an<span class=\"_ _3\"></span>d the Restr<span class=\"_ _3\"></span>icted Sh<span class=\"_ _3\"></span>are Plan. I<span class=\"_ _3\"></span>n 202<span class=\"_ _3\"></span>3, 5.<span class=\"_ _4\"></span>1m (20<span class=\"_ _3\"></span>22: 9.<span class=\"_ _3\"></span>8m) sh<span class=\"_ _3\"></span>ares were purcha<span class=\"_ _3\"></span>sed at a cos<span class=\"_ _3\"></span>t of \u00a318m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3<span class=\"_ _3\"></span>25m). The m<span class=\"_ _3\"></span>arket value of the 7<span class=\"_ _4\"></span>.5<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: 7<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5m) shares h<span class=\"_ _3\"></span>eld by the tr<span class=\"_ _3\"></span>ust at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 w<span class=\"_ _3\"></span>as \u00a325<span class=\"_ _3\"></span>.0<span class=\"_ _3\"></span>m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>25.<span class=\"_ _3\"></span>3m). Th<span class=\"_ _3\"></span>e carr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g value of thes<span class=\"_ _3\"></span>e shares was \u00a3<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1m (20<span class=\"_ _3\"></span>22: \u00a319.<span class=\"_ _3\"></span>8m). Fol<span class=\"_ _3\"></span>lowing co<span class=\"_ _3\"></span>nfirmat<span class=\"_ _3\"></span>ion of the per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance cr<span class=\"_ _3\"></span>iteria at th<span class=\"_ _3\"></span>e end of the per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance pe<span class=\"_ _3\"></span>riod in th<span class=\"_ _3\"></span>e case of the P<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>mance S<span class=\"_ _3\"></span>hare Pla<span class=\"_ _3\"></span>n, and at the<span class=\"_ gs52\"> </span>en<span class=\"_ _3\"></span>d of the vesting p<span class=\"_ _3\"></span>eriod i<span class=\"_ _3\"></span>n the case of t<span class=\"_ _3\"></span>he Deferred B<span class=\"_ _3\"></span>onus Pla<span class=\"_ _3\"></span>n and the Res<span class=\"_ _3\"></span>tricted S<span class=\"_ _3\"></span>hare Pla<span class=\"_ _3\"></span>n, the app<span class=\"_ _3\"></span>ropriate nu<span class=\"_ _3\"></span>mber of sha<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s will be unc<span class=\"_ _3\"></span>onditio<span class=\"_ _3\"></span>nally tr<span class=\"_ _3\"></span>ansferred to p<span class=\"_ _3\"></span>arti<span class=\"_ _3\"></span>cipant<span class=\"_ _3\"></span>s. In 20<span class=\"_ _3\"></span>23, 3<span class=\"_ _3\"></span>.2m sh<span class=\"_ _3\"></span>ares were transfer<span class=\"_ _3\"></span>red to par<span class=\"_ _3\"></span>ticip<span class=\"_ _3\"></span>ants in relati<span class=\"_ _3\"></span>on to the Marc<span class=\"_ _3\"></span>h 202<span class=\"_ _3\"></span>0 and June 2<span class=\"_ _3\"></span>020 awards u<span class=\"_ _3\"></span>nder the Pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>mance S<span class=\"_ _3\"></span>hare Plan (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: 1<span class=\"_ _4\"></span>.7m shares were tr<span class=\"_ _3\"></span>ansferred to p<span class=\"_ _3\"></span>arti<span class=\"_ _3\"></span>cipants i<span class=\"_ _3\"></span>n relation to th<span class=\"_ _3\"></span>e March 2019 award<span class=\"_ _3\"></span>s under the Per<span class=\"_ _3\"></span>forman<span class=\"_ _3\"></span>ce Share P<span class=\"_ _3\"></span>lan), 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>0m share<span class=\"_ _3\"></span>s were transferre<span class=\"_ _3\"></span>d to par<span class=\"_ _3\"></span>ticipa<span class=\"_ _3\"></span>nts in relatio<span class=\"_ _3\"></span>n to awards und<span class=\"_ _3\"></span>er the Deferre<span class=\"_ _3\"></span>d Bonus Pl<span class=\"_ _3\"></span>an (20<span class=\"_ _3\"></span>22: 0<span class=\"_ _3\"></span>.6m sh<span class=\"_ _3\"></span>ares) and 0<span class=\"_ _3\"></span>.9m s<span class=\"_ _3\"></span>hares were tran<span class=\"_ _3\"></span>sferred to par<span class=\"_ _3\"></span>tici<span class=\"_ _3\"></span>pants in rel<span class=\"_ _3\"></span>ation to awards u<span class=\"_ _3\"></span>nder the R<span class=\"_ _3\"></span>estric<span class=\"_ _3\"></span>ted Share Pl<span class=\"_ _3\"></span>an (20<span class=\"_ _3\"></span>22: 1.2m).<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e trustees h<span class=\"_ _3\"></span>ave waived the r<span class=\"_ _3\"></span>ights to di<span class=\"_ _3\"></span>vidend<span class=\"_ _3\"></span>s on shares he<span class=\"_ _3\"></span>ld by the tru<span class=\"_ _3\"></span>st. Par<span class=\"_ _3\"></span>tici<span class=\"_ _3\"></span>pants in the s<span class=\"_ _3\"></span>chemes re<span class=\"_ _3\"></span>ceive an award of s<span class=\"_ _3\"></span>hares to represe<span class=\"_ _3\"></span>nt the divi<span class=\"_ _3\"></span>dends w<span class=\"_ _3\"></span>hich woul<span class=\"_ _3\"></span>d have been p<span class=\"_ _3\"></span>ayable on t<span class=\"_ _3\"></span>he shares sin<span class=\"_ _3\"></span>ce the date of g<span class=\"_ _3\"></span>rant.<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her reser<span class=\"_ _3\"></span>ves in the G<span class=\"_ _3\"></span>roup and C<span class=\"_ _3\"></span>ompany in<span class=\"_ _3\"></span>clude \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>2.<span class=\"_ _3\"></span>2m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a38<span class=\"_ _3\"></span>.8<span class=\"_ _3\"></span>m) relating to unves<span class=\"_ _3\"></span>ted Per<span class=\"_ _3\"></span>formanc<span class=\"_ _3\"></span>e Share Pl<span class=\"_ _3\"></span>an awards, \u00a3<span class=\"_ _3\"></span>4.4<span class=\"_ _3\"></span>m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2:<span class=\"_ gs52\"> </span>\u00a33<span class=\"_ _3\"></span>.8<span class=\"_ _3\"></span>m) relating to unves<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d Restri<span class=\"_ _3\"></span>cted Sha<span class=\"_ _3\"></span>re Plan award<span class=\"_ _3\"></span>s and \u00a3<span class=\"_ _3\"></span>2.<span class=\"_ _4\"></span>7m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a32.7m) relating to unve<span class=\"_ _3\"></span>sted Deferred B<span class=\"_ _3\"></span>onus Pla<span class=\"_ _3\"></span>n awards.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-599": {
   "value": "<div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls5 ws3 gsf8a\">33 N<span class=\"_ _3\"></span>otes t<span class=\"_ _3\"></span>o the s<span class=\"_ _3\"></span>tate<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t of ca<span class=\"_ _3\"></span>sh fl<span class=\"_ _3\"></span>ows<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gsf8b\">33.<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span> Cash from/<span class=\"_ _5\"></span>(used in<span class=\"_ _4\"></span>) operatio<span class=\"_ _4\"></span>ns<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls10c ws85 gsf8c\">Note<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gsf8d\">Underlying</div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gsf8e\"> it<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>s </div><div class=\"t m0 h45 ff46 fs22 fc4 sc0 ls5 ws3 gsf8f\">1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsf90\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsf91\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsf92\">Non-<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gsf93\">underlying<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gsf94\">items<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsf95\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsf96\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsf97\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsf98\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsf99\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsf9a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsf9b\">Profi<span class=\"_ _3\"></span>t from oper<span class=\"_ _3\"></span>ations<span class=\"_ _162\"> </span> <span class=\"_ _87\"> </span><span class=\"ff46 ls3e ws39\">2<span class=\"_ _3\"></span>28<span class=\"_ _87\"> </span><span class=\"ls10f ws105\">(17<span class=\"_ _3\"></span>)<span class=\"_ _27\"> </span><span class=\"ls110 ws106\">2<span class=\"_ _3\"></span>11<span class=\"_ _97\"> </span></span></span></span><span class=\"lsc ws8\">275<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsf9c\">Sha<span class=\"_ _3\"></span>re of r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sults of joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates<span class=\"_ _233\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _87\"> </span><span class=\"ff46 lsd ws18e\">(5<span class=\"_ _3\"></span>3)<span class=\"_ _145\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _87\"> </span><span class=\"lsd ws18e\">(5<span class=\"_ _3\"></span>3)<span class=\"_ _fa\"> </span></span></span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsf9d\">Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, pl<span class=\"_ _3\"></span>ant and equi<span class=\"_ _3\"></span>pment<span class=\"_ _153\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _38\"> </span><span class=\"ff46 ls3e ws39\">28<span class=\"_ _9a\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _9d\"> </span></span></span><span class=\"lsc ws8\">27<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsf9e\">Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on of right-<span class=\"_ _3\"></span>of-<span class=\"_ _3\"></span>use a<span class=\"_ _3\"></span>ssets<span class=\"_ _255\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _7d\"> </span><span class=\"ff46 ls109 ws87\">57<span class=\"_ _11c\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _38\"> </span><span class=\"ls109 ws87\">57<span class=\"_ _a3\"> </span></span></span><span class=\"ls42 ws3d\">54<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsf9f\">Depreciation of inv<span class=\"_ _4\"></span>estment proper<span class=\"_ _3\"></span>ties<span class=\"_ _36b\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _9a\"> </span><span class=\"ff46 ls5 ws3\">2<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>2<span class=\"_ _9a\"> </span><span class=\"ff47\">2<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfa0\">Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of ot<span class=\"_ _3\"></span>her intan<span class=\"_ _3\"></span>gible as<span class=\"_ _3\"></span>sets<span class=\"_ _2e6\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _9a\"> </span></span><span class=\"ff46\">7<span class=\"_ _9a\"> </span>5<span class=\"_ _38\"> </span><span class=\"ls90 ws116\">12<span class=\"_ _7d\"> </span></span></span><span class=\"ls164 ws157\">13<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfa1\">Am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tisation of c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t fulfilme<span class=\"_ _3\"></span>nt assets<span class=\"_ _86\"> </span><span class=\"ff46 ls10d ws101\">15<span class=\"_ _11c\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _38\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _7d\"> </span></span></span><span class=\"ls100 ws104\">15<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfa2\">Pensi<span class=\"_ _3\"></span>on defici<span class=\"_ _3\"></span>t payment<span class=\"_ _3\"></span>s, inclu<span class=\"_ _3\"></span>ding regul<span class=\"_ _3\"></span>ar fundin<span class=\"_ _3\"></span>g<span class=\"_ _1fe\"> </span><span class=\"ls85 ws7d\">3<span class=\"_ _3\"></span>0.2<span class=\"_ _7e\"> </span><span class=\"ff46 ls170 ws18f\">(2<span class=\"_ _3\"></span>8)<span class=\"_ _145\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _7e\"> </span><span class=\"ls170 ws18f\">(2<span class=\"_ _3\"></span>8)<span class=\"_ _116\"> </span></span></span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>3)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfa3\">Movem<span class=\"_ _3\"></span>ents relatin<span class=\"_ _3\"></span>g to equit<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>tled share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>bas<span class=\"_ _3\"></span>ed paym<span class=\"_ _3\"></span>ents<span class=\"_ _23b\"> </span><span class=\"ff46 ls10d ws101\">15<span class=\"_ _11c\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _38\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _9a\"> </span></span></span>9<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfa4\">Gai<span class=\"_ _3\"></span>n on dispo<span class=\"_ _3\"></span>sal of interests i<span class=\"_ _3\"></span>n investments<span class=\"_ _23e\"> </span><span class=\"ls3e ws39\">3<span class=\"_ _3\"></span>4.3<span class=\"_ _7e\"> </span><span class=\"ff46 ls94 ws18a\">(2<span class=\"_ _3\"></span>4)<span class=\"_ _145\"> </span></span></span><span class=\"ff46\">\u2013<span class=\"_ _87\"> </span><span class=\"ls94 ws18a\">(24)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfa5\">Profi<span class=\"_ _3\"></span>t on dispo<span class=\"_ _3\"></span>sal of prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, p<span class=\"_ _3\"></span>lant and eq<span class=\"_ _3\"></span>uipment<span class=\"_ _36c\"> </span> <span class=\"_ _b0\"> </span><span class=\"ff46 ls78 ws11a\">(2)<span class=\"_ _7b\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _ad\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>2)<span class=\"_ _47\"> </span></span></span><span class=\"ls72 wsf5\">(4)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsfa6\">Other non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cash items<span class=\"_ _162\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _b0\"> </span><span class=\"ff46 lsd ws18e\">(3)<span class=\"_ _145\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _145\"> </span><span class=\"lsd ws18e\">(3)<span class=\"_ _a3\"> </span></span></span><span class=\"ls72 wsf5\">(4)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfa7\">Op<span class=\"_ _3\"></span>erating c<span class=\"_ _3\"></span>ash flows b<span class=\"_ _3\"></span>efore movements i<span class=\"_ _3\"></span>n working c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al<span class=\"_ _b3\"> </span> <span class=\"_ _87\"> </span><span class=\"ff46 ls5f ws57\">242<span class=\"_ _51\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>2)<span class=\"_ _125\"> </span><span class=\"ls66 ws5e\">230<span class=\"_ _a0\"> </span></span></span></span><span class=\"lsa9 wsa0\">239<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfa8\">Dec<span class=\"_ _3\"></span>rease/<span class=\"_ _3\"></span>(increa<span class=\"_ _3\"></span>se) in oper<span class=\"_ _3\"></span>ating work<span class=\"_ _3\"></span>ing ca<span class=\"_ _3\"></span>pital<span class=\"_ _359\"> </span> <span class=\"_ _ec\"> </span><span class=\"ff46\"> <span class=\"_ _ec\"> </span> <span class=\"_ _145\"> </span><span class=\"ls43 ws3e\">63<span class=\"_ _82\"> </span></span></span><span class=\"ls72 wsf5\">(5<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls3c ws37 gsfa9\">Inventor<span class=\"_ _3\"></span>ies<span class=\"_ _165\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span><span class=\"ff46\"> <span class=\"_ _ec\"> </span> <span class=\"_ _39\"> </span><span class=\"ls110 ws106\">(<span class=\"_ _3\"></span>11)<span class=\"_ _a3\"> </span></span></span><span class=\"ls124 ws6a\">(6)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc ws8 gsfaa\">Contract assets<span class=\"_ _e2\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span><span class=\"ff46\"> <span class=\"_ _ec\"> </span> <span class=\"_ _9a\"> </span><span class=\"ls48 ws42\">(4)<span class=\"_ _116\"> </span></span></span><span class=\"ls5f ws57\">(<span class=\"_ _3\"></span>78)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfab\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other rec<span class=\"_ _3\"></span>eivab<span class=\"_ _3\"></span>les<span class=\"_ _32f\"> </span> <span class=\"_ _ec\"> </span><span class=\"ff46\"> <span class=\"_ _ec\"> </span> <span class=\"_ _a3\"> </span><span class=\"lsd ws18e\">(7<span class=\"_ _3\"></span>3)<span class=\"_ _82\"> </span></span></span><span class=\"ls121 wsa3\">34<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsc ws8 gsfac\">Contract liabilit<span class=\"_ _4\"></span>ies<span class=\"_ _307\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span><span class=\"ff46\"> <span class=\"_ _ec\"> </span> <span class=\"_ _9d\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>4)<span class=\"_ _116\"> </span></span></span><span class=\"lsaa ws69\">(5<span class=\"_ _3\"></span>9)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfad\">T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other p<span class=\"_ _3\"></span>ayables<span class=\"_ _247\"> </span> <span class=\"_ _ec\"> </span><span class=\"ff46\"> <span class=\"_ _ec\"> </span> <span class=\"_ _ff\"> </span><span class=\"ls88 ws4f\">17<span class=\"_ _3\"></span>7<span class=\"_ _38\"> </span></span></span><span class=\"ls3e ws39\">57<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls49 ws43 gsfae\">Provisions<span class=\"_ _166\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span><span class=\"ff46\"> <span class=\"_ _ec\"> </span> <span class=\"_ _7f\"> </span><span class=\"ls90 ws116\">18<span class=\"_ _145\"> </span></span></span><span class=\"ls72 wsf5\">(2)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gsfaf\">Cash from<span class=\"_ _4\"></span> operations<span class=\"_ _24f\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _ec\"> </span><span class=\"ff46\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsfb0\"> <span class=\"_ _87\"> </span><span class=\"lsa9 wsa0\">293<span class=\"_ _a0\"> </span><span class=\"ff47 ls12a ws11f\">18<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gsfb1\">1 <span class=\"_ _b\"> </span>Be<span class=\"_ _3\"></span>fore non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erly<span class=\"_ _3\"></span>ing ite<span class=\"_ _3\"></span>ms (N<span class=\"_ _3\"></span>otes 2.1<span class=\"_ _4\"></span>0 a<span class=\"_ _3\"></span>nd 10).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gsfb2\">33.2 Cash<span class=\"_ _4\"></span> and cash equiv<span class=\"_ _4\"></span>alent<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gsfb3\">Group<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsfb4\">2023<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsfb5\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls128 ws10e gsfb6\">Group<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsfb7\">2022<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsfb8\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gsfb9\">Company<span class=\"_ _4\"></span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gsfba\">2023<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gsfbb\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gsfbc\">Company<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gsfbd\">2022<span class=\"ls5 ws3\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsfbe\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfbf\">C<span class=\"_ _3\"></span>ash and dep<span class=\"_ _3\"></span>osits<span class=\"_ _36d\"> </span><span class=\"ff46 ls18b ws188\">890<span class=\"_ _a1\"> </span></span><span class=\"ls3e ws39\">8<span class=\"_ _3\"></span>28<span class=\"_ _a0\"> </span><span class=\"ff46 ls10d ws101\">150<span class=\"_ _9d\"> </span></span><span class=\"ls12c ws121\">95<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 lsa3 ws9b gsfc0\">Te<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>p<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _358\"> </span><span class=\"ff46 ls90 ws116\">218<span class=\"_ _a0\"> </span></span><span class=\"ls10b wsff\">332<span class=\"_ _97\"> </span><span class=\"ff46 ls90 ws116\">218<span class=\"_ _180\"> </span></span><span class=\"lsa9 wsa0\">329<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsfc1\">Cash bal<span class=\"_ _3\"></span>ances within in<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> c<span class=\"_ _3\"></span>oncessions<span class=\"_ _36e\"> </span><span class=\"ff46 ls66 ws5e\">306<span class=\"_ _38\"> </span></span><span class=\"ls12a ws11f\">19<span class=\"_ _119\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _11c\"> </span><span class=\"ff47\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfc2\">Bank ove<span class=\"_ _3\"></span>rdraf<span class=\"_ _3\"></span>ts <span class=\"_ _337\"> </span><span class=\"ff46 ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"ff46 ls170 ws18f\">(5<span class=\"_ _3\"></span>8)<span class=\"_ _116\"> </span></span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>5)</span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfc3\"> <span class=\"_ _338\"> </span><span class=\"ff46 ls7 ws102\">1,<span class=\"_ _3\"></span>310<span class=\"_ _1cc\"> </span></span><span class=\"ls162 ws155\">1,1<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>9<span class=\"_ _20c\"> </span><span class=\"ff46 ls7 ws102\">310<span class=\"_ _180\"> </span></span><span class=\"ls85 ws7d\">379<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfc4\">C<span class=\"_ _3\"></span>ash and ca<span class=\"_ _3\"></span>sh equiva<span class=\"_ _3\"></span>lents inc<span class=\"_ _3\"></span>lude ca<span class=\"_ _3\"></span>sh in hand, d<span class=\"_ _3\"></span>eposi<span class=\"_ _3\"></span>ts held at c<span class=\"_ _3\"></span>all with b<span class=\"_ _3\"></span>anks and oth<span class=\"_ _3\"></span>er shor<span class=\"_ _3\"></span>t-term h<span class=\"_ _3\"></span>ighly liq<span class=\"_ _3\"></span>uid investme<span class=\"_ _3\"></span>nts with or<span class=\"_ _3\"></span>iginal </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfc5\">matur<span class=\"_ _3\"></span>ities of les<span class=\"_ _3\"></span>s than three m<span class=\"_ _3\"></span>onths.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsfc6\">33<span class=\"_ _3\"></span>.3 An<span class=\"_ _3\"></span>aly<span class=\"_ _3\"></span>sis o<span class=\"_ _3\"></span>f movem<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts in b<span class=\"_ _3\"></span>orr<span class=\"_ _3\"></span>owi<span class=\"_ _3\"></span>ngs<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsfc7\">Infrastructure<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsfc8\">concessions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsfc9\">non-<span class=\"_ _3\"></span>recourse<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gsfca\">project finance<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsfcb\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gsfcc\">US privat<span class=\"_ _4\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gsfcd\">placement<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsfce\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsfcf\">Bilateral</div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsfd0\"> co<span class=\"_ _3\"></span>mmit<span class=\"_ _3\"></span>ted </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gsfd1\">facilit<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsfd2\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gsfd3\">Ba<span class=\"_ _3\"></span>nk </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gsfd4\">overdr<span class=\"_ _4\"></span>af<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsfd5\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gsfd6\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gsfd7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfd8\">At 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>2<span class=\"_ _36f\"> </span><span class=\"ls61 ws59\">(26<span class=\"_ _3\"></span>0)<span class=\"_ _cc\"> </span><span class=\"ls12a ws11f\">(19<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls72 wsf5\">(34)<span class=\"_ _3b\"> </span><span class=\"ls5f ws57\">(4<span class=\"_ _3\"></span>86<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gsfd9\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _364\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _7e\"> </span><span class=\"lsa9 wsa0\">(23)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _87\"> </span><span class=\"lsa9 wsa0\">(23)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfda\">Pro<span class=\"_ _3\"></span>ceeds of l<span class=\"_ _3\"></span>oans<span class=\"_ _158\"> </span><span class=\"ls16d ws230\">(<span class=\"_ _4\"></span>8)<span class=\"_ _cc\"> </span><span class=\"ls164 ws157\">(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _b2\"> </span></span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfdb\">Rep<span class=\"_ _3\"></span>ayments of l<span class=\"_ _3\"></span>oans<span class=\"_ _2cb\"> </span>7<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _38\"> </span><span class=\"ls5b ws15e\">41<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfdc\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _25b\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>61)<span class=\"_ _fa\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _128\"> </span><span class=\"ls124 ws6a\">(60<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gsfdd\">Currency translation dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>erences<span class=\"_ _364\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _11c\"> </span></span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span><span class=\"ls2e ws7\">14<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfde\">Pro<span class=\"_ _3\"></span>ceeds of l<span class=\"_ _3\"></span>oans<span class=\"_ _356\"> </span><span class=\"ff46 lsf7 ws100\">(3<span class=\"_ _3\"></span>36)<span class=\"_ _7b\"> </span></span><span class=\"ff46\">\u2013<span class=\"_ _87\"> </span><span class=\"ls170 ws18f\">(28)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _1cc\"> </span><span class=\"ls48 ws42\">(4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>8)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gsfdf\">Rep<span class=\"_ _3\"></span>ayments of l<span class=\"_ _3\"></span>oans<span class=\"_ _2cb\"> </span><span class=\"ff46\">8<span class=\"_ _180\"> </span><span class=\"ls90 ws116\">16<span class=\"_ _3\"></span>9<span class=\"_ _38\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _9a\"> </span></span></span>\u2013<span class=\"_ _180\"> </span><span class=\"ls92 ws8a\">205<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gsfe0\">Fair value adjustment<span class=\"_ _4\"></span> to loan<span class=\"_ _127\"> </span><span class=\"ff46 ls94 ws18a\">19<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _38\"> </span></span>19<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gsfe1\">At 31 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _370\"> </span><span class=\"ls109 ws87\">(570)<span class=\"_ _fa\"> </span><span class=\"ls10f ws105\">(16<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls10f ws105\">(10<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _3b\"> </span><span class=\"ls8b ws4\">(8<span class=\"_ _3\"></span>36)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfe2\">In M<span class=\"_ _3\"></span>arch 20<span class=\"_ _3\"></span>23, th<span class=\"_ _3\"></span>e Group rep<span class=\"_ _3\"></span>aid US<span class=\"_ _3\"></span>$20<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m of US Pri<span class=\"_ _3\"></span>vate Plac<span class=\"_ _3\"></span>ement (U<span class=\"_ _3\"></span>SPP<span class=\"_ _3\"></span>) notes as they fell due<span class=\"_ _3\"></span>. The rep<span class=\"_ _3\"></span>ayment was fu<span class=\"_ _3\"></span>nded from t<span class=\"_ _3\"></span>he </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfe3\">proc<span class=\"_ _3\"></span>eeds of de<span class=\"_ _3\"></span>bt issuan<span class=\"_ _3\"></span>ce arran<span class=\"_ _3\"></span>ged in 20<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>, speci<span class=\"_ _3\"></span>ficall<span class=\"_ _3\"></span>y US$<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>5<span class=\"_ _3\"></span>8m of new US<span class=\"_ _3\"></span>PP notes is<span class=\"_ _3\"></span>sued in Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>2 (US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>35m 6<span class=\"_ _3\"></span>.31<span class=\"_ _4\"></span>% notes m<span class=\"_ _3\"></span>aturing in </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfe4\">June 2<span class=\"_ _3\"></span>027<span class=\"_ _4\"></span>, US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>m 6.<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9% notes maturi<span class=\"_ _3\"></span>ng in June 2<span class=\"_ _3\"></span>029 a<span class=\"_ _3\"></span>nd US<span class=\"_ _3\"></span>$4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>m 6.4<span class=\"_ _3\"></span>5% notes maturi<span class=\"_ _3\"></span>ng in June 2<span class=\"_ _3\"></span>03<span class=\"_ _3\"></span>2), and a US<span class=\"_ _3\"></span>$<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>m drawdow<span class=\"_ _3\"></span>n in </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfe5\">Ma<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>h 202<span class=\"_ _3\"></span>3 under t<span class=\"_ _3\"></span>he \u00a33<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>m bilateral c<span class=\"_ _3\"></span>ommit<span class=\"_ _3\"></span>ted facili<span class=\"_ _3\"></span>ty. In Septem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, d<span class=\"_ _3\"></span>rawing<span class=\"_ _3\"></span>s under the \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0m bi<span class=\"_ _3\"></span>lateral RC<span class=\"_ _3\"></span>F bank fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y were repaid </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfe6\">and th<span class=\"_ _3\"></span>e facilit<span class=\"_ _3\"></span>y was un<span class=\"_ _3\"></span>drawn at 31 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3. T<span class=\"_ _3\"></span>his facilit<span class=\"_ _3\"></span>y is on si<span class=\"_ _3\"></span>milar terms to th<span class=\"_ _3\"></span>e Group\u2019s core facili<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d has an initi<span class=\"_ _3\"></span>al maturi<span class=\"_ _3\"></span>ty of </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfe7\">Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>024, b<span class=\"_ _3\"></span>ut the Grou<span class=\"_ _3\"></span>p holds a<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>tension o<span class=\"_ _3\"></span>ption to ex<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nd the expir<span class=\"_ _3\"></span>y to De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 2027<span class=\"_ _4\"></span>. At 31 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3 the Grou<span class=\"_ _3\"></span>p had not </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfe8\">trig<span class=\"_ _3\"></span>gered th<span class=\"_ _3\"></span>e bilateral c<span class=\"_ _3\"></span>ommit<span class=\"_ _3\"></span>ted facili<span class=\"_ _3\"></span>ty<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s exten<span class=\"_ _3\"></span>sion opti<span class=\"_ _3\"></span>on. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfea\">In Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3 the Grou<span class=\"_ _3\"></span>p compl<span class=\"_ _3\"></span>et<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d the refinan<span class=\"_ _3\"></span>cing of its c<span class=\"_ _3\"></span>ore \u00a3<span class=\"_ _3\"></span>375m revol<span class=\"_ _3\"></span>ving cre<span class=\"_ _3\"></span>dit facili<span class=\"_ _3\"></span>ty, which was s<span class=\"_ _3\"></span>et to e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pire in Oc<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>24, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfeb\">repl<span class=\"_ _3\"></span>acing it w<span class=\"_ _3\"></span>ith a new \u00a3475<span class=\"_ _3\"></span>m facilit<span class=\"_ _3\"></span>y that w<span class=\"_ _3\"></span>ill expire in Jun<span class=\"_ _3\"></span>e 2027 (<span class=\"_ _3\"></span>the RC<span class=\"_ _3\"></span>F). The R<span class=\"_ _3\"></span>CF has a<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>tension o<span class=\"_ _3\"></span>ption for a fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r year to June 2<span class=\"_ _3\"></span>028<span class=\"_ _3\"></span>, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfec\">with t<span class=\"_ _3\"></span>he agreem<span class=\"_ _3\"></span>ent of the lend<span class=\"_ _3\"></span>ing banks<span class=\"_ _3\"></span>, and its term<span class=\"_ _3\"></span>s and cond<span class=\"_ _3\"></span>itions are m<span class=\"_ _3\"></span>ateriall<span class=\"_ _3\"></span>y the same a<span class=\"_ _3\"></span>s the prior f<span class=\"_ _3\"></span>acilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he RCF i<span class=\"_ _3\"></span>s a Sustain<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfed\">Linked L<span class=\"_ _3\"></span>oan, un<span class=\"_ _3\"></span>der the term<span class=\"_ _3\"></span>s of which the G<span class=\"_ _3\"></span>roup is inc<span class=\"_ _3\"></span>entivise<span class=\"_ _3\"></span>d to deliver ann<span class=\"_ _3\"></span>ual measu<span class=\"_ _3\"></span>rable p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>mance i<span class=\"_ _3\"></span>mprovement in th<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>e k<span class=\"_ _4\"></span>ey a<span class=\"_ _3\"></span>reas: </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfee\">C<span class=\"_ _3\"></span>arbon Em<span class=\"_ _3\"></span>issions<span class=\"_ _3\"></span>, Soci<span class=\"_ _3\"></span>al V<span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>lue gener<span class=\"_ _3\"></span>ation and a<span class=\"_ _3\"></span>n indep<span class=\"_ _3\"></span>endent Enviro<span class=\"_ _3\"></span>nment, S<span class=\"_ _3\"></span>ocial an<span class=\"_ _3\"></span>d Govern<span class=\"_ _3\"></span>ance (ES<span class=\"_ _3\"></span>G) ratin<span class=\"_ _3\"></span>g score \u2013 thes<span class=\"_ _3\"></span>e areas of </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsfef\">per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance and th<span class=\"_ _3\"></span>e assoc<span class=\"_ _3\"></span>iated metri<span class=\"_ _3\"></span>cs are to be reviewe<span class=\"_ _3\"></span>d and upd<span class=\"_ _3\"></span>ated in 20<span class=\"_ _3\"></span>24. T<span class=\"_ _3\"></span>he RCF rem<span class=\"_ _3\"></span>ained und<span class=\"_ _3\"></span>rawn at 31 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsff0\">At 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, \u00a3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>3m was i<span class=\"_ _3\"></span>nclude<span class=\"_ _3\"></span>d within no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>reco<span class=\"_ _3\"></span>urse bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>lating to the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction of th<span class=\"_ _3\"></span>e West Slo<span class=\"_ _3\"></span>pe stude<span class=\"_ _3\"></span>nt </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsff1\">acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation pro<span class=\"_ _3\"></span>ject, of w<span class=\"_ _3\"></span>hich \u00a3171<span class=\"_ _5\"></span>m rel<span class=\"_ _3\"></span>ates to e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>terna<span class=\"_ _3\"></span>l funding o<span class=\"_ _3\"></span>btaine<span class=\"_ _3\"></span>d from a third pa<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y bank an<span class=\"_ _3\"></span>d \u00a31<span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>2m relates to a lo<span class=\"_ _3\"></span>an provide<span class=\"_ _3\"></span>d by </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsff2\">the Uni<span class=\"_ _3\"></span>versit<span class=\"_ _3\"></span>y of Sussex<span class=\"_ _3\"></span>. The fun<span class=\"_ _3\"></span>ding from the u<span class=\"_ _3\"></span>niversit<span class=\"_ _3\"></span>y repres<span class=\"_ _3\"></span>ents a loan a<span class=\"_ _3\"></span>rrange<span class=\"_ _3\"></span>ment whic<span class=\"_ _3\"></span>h was entered into sep<span class=\"_ _3\"></span>arately w<span class=\"_ _3\"></span>ith the uni<span class=\"_ _3\"></span>versit<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gsff3\">at the s<span class=\"_ _3\"></span>ame time as t<span class=\"_ _3\"></span>he conce<span class=\"_ _3\"></span>ssion ar<span class=\"_ _3\"></span>rangem<span class=\"_ _3\"></span>ent.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-659": {
   "value": "34 A<span class=\"_ _4\"></span>cquisitions<span class=\"_ _4\"></span> and disposals<span class=\"_ _3ab\"> </span>34.<span class=\"_ _5\"></span>1 Current<span class=\"_ _4\"></span> and prior<span class=\"_ _4\"></span> year<span class=\"_ _4\"></span> acq<span class=\"_ _3\"></span>u<span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>sitio<span class=\"_ _4\"></span>ns<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ere were no materi<span class=\"_ _3\"></span>al acquis<span class=\"_ _3\"></span>itions in 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Deferre<span class=\"_ _3\"></span>d consid<span class=\"_ _3\"></span>eration p<span class=\"_ _3\"></span>aid duri<span class=\"_ _3\"></span>ng 202<span class=\"_ _3\"></span>3 in respe<span class=\"_ _3\"></span>ct of acq<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span>s compl<span class=\"_ _3\"></span>et<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d in earlie<span class=\"_ _3\"></span>r years was \u00a3<span class=\"_ _3\"></span>nil (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>3m). 34.2 Current<span class=\"_ _4\"></span> year disposals<span class=\"_ _3ab\"> </span>Dur<span class=\"_ _3\"></span>ing the year, the Grou<span class=\"_ _3\"></span>p dispos<span class=\"_ _3\"></span>ed of two I<span class=\"_ _3\"></span>nfrastru<span class=\"_ _3\"></span>cture Investm<span class=\"_ _3\"></span>ents assets a<span class=\"_ _3\"></span>s detaile<span class=\"_ _3\"></span>d below.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e gain reco<span class=\"_ _3\"></span>gnised f<span class=\"_ _3\"></span>rom the disp<span class=\"_ _3\"></span>osal of as<span class=\"_ _3\"></span>sets that were he<span class=\"_ _3\"></span>ld within j<span class=\"_ _3\"></span>oint venture entiti<span class=\"_ _3\"></span>es of the Grou<span class=\"_ _3\"></span>p is recogn<span class=\"_ _3\"></span>ised with<span class=\"_ _3\"></span>in the Group\u2019s share of result<span class=\"_ _3\"></span>s of joint ventures an<span class=\"_ _3\"></span>d associ<span class=\"_ _3\"></span>ates.<span class=\"_ _3ab\"> </span>Note<span class=\"_ _3\"></span>s<span class=\"_ _10c\"> </span><span class=\"lsd2 wsc6\">Disposal da<span class=\"_ _4\"></span>te<span class=\"_ _7e\"> </span><span class=\"lsce wsc3\">Entit<span class=\"_ _3\"></span>y/asset<span class=\"_ _1ad\"> </span><span class=\"ls5 ws3\">Str<span class=\"_ _3\"></span>uctu<span class=\"_ _3\"></span>re of sal<span class=\"_ _3\"></span>e </span></span></span>Percent<span class=\"_ _3\"></span>age disposed<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Cash<span class=\"_ _3ab\"> </span>consideration<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Net asset<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>disposed<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Am<span class=\"_ _3\"></span>ount recyc<span class=\"_ _3\"></span>led from<span class=\"_ _3ab\"> </span>reserves<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Underlying<span class=\"_ _3ab\"> </span>gain<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>.1<span class=\"_ _f4\"> </span><span class=\"ff47 ls5 ws3\">28 Se<span class=\"_ _3\"></span>ptember 20<span class=\"_ _3\"></span>23<span class=\"_ _0\"> </span><span class=\"ls3c ws37\">M<span class=\"_ _3\"></span>oret<span class=\"_ _3\"></span>ti Ap<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ments<span class=\"_ _3ab\"> </span></span></span>^ <span class=\"_ _1f5\"> </span><span class=\"ls14 ws10\">Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _b0\"> </span></span></span>5<span class=\"_ _ee\"> </span><span class=\"ls33 ws2c\">(3)<span class=\"_ _81\"> </span></span>\u2013<span class=\"_ _87\"> </span>2<span class=\"_ _3ab\"> </span>34.2.2<span class=\"_ _1b8\"> </span><span class=\"ff47 ls5 ws3\">8 N<span class=\"_ _3\"></span>ovembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3<span class=\"_ _c0\"> </span><span class=\"ls15 ws11\">Gloucester Wast<span class=\"_ _4\"></span>e <span class=\"_ _227\"> </span>Equit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> interest sale<span class=\"_ _57\"> </span><span class=\"ls4f ws49\">4<span class=\"_ _3\"></span>9.5<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _de\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>5)<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _b2\"> </span><span class=\"ls109 ws87\">24<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>61<span class=\"_ _e3\"> </span><span class=\"lsf7 ws100\">(38)<span class=\"_ _51\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _125\"> </span><span class=\"ls5f ws57\">26<span class=\"_ _3ab\"> </span></span></span></span>^ <span class=\"_ _37\"> </span>D<span class=\"_ _3\"></span>ispo<span class=\"_ _3\"></span>sal of a<span class=\"_ _3\"></span>sset wi<span class=\"_ _3\"></span>thin a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure enti<span class=\"_ _3\"></span>ty.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>2.<span class=\"_ _5\"></span>1 On 2<span class=\"_ _3\"></span>8 Septem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Group di<span class=\"_ _3\"></span>spose<span class=\"_ _3\"></span>d of its Moret<span class=\"_ _3\"></span>ti A<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tments mul<span class=\"_ _3\"></span>tifamily p<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>ty a<span class=\"_ _3\"></span>sset loc<span class=\"_ _3\"></span>ated in Ho<span class=\"_ _3\"></span>mewood<span class=\"_ _3\"></span>, Alab<span class=\"_ _3\"></span>ama, an<span class=\"_ _3\"></span>d recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a35m<span class=\"_ _3\"></span>. The as<span class=\"_ _3\"></span>set dispo<span class=\"_ _3\"></span>sal resulted in a<span class=\"_ _3\"></span>n underl<span class=\"_ _3\"></span>ying ga<span class=\"_ _3\"></span>in of \u00a32m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised in t<span class=\"_ _3\"></span>he Group\u2019s share of joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates. 3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>2.2 O<span class=\"_ _3\"></span>n 8 Novembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s entire 49<span class=\"_ _3\"></span>.5% interest in UB<span class=\"_ _3\"></span>B Waste (Glo<span class=\"_ _3\"></span>ucesters<span class=\"_ _3\"></span>hire) Hold<span class=\"_ _3\"></span>ings Lim<span class=\"_ _3\"></span>ited (Glo<span class=\"_ _3\"></span>ucester Waste) for a c<span class=\"_ _3\"></span>ash cons<span class=\"_ _3\"></span>iderati<span class=\"_ _3\"></span>on of \u00a35<span class=\"_ _3\"></span>6m. T<span class=\"_ _3\"></span>he disp<span class=\"_ _3\"></span>osal in<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d the Group\u2019s share of joint ve<span class=\"_ _3\"></span>nture net assets of \u00a3<span class=\"_ _3\"></span>31<span class=\"_ _4\"></span>m an<span class=\"_ _3\"></span>d \u00a34m of ac<span class=\"_ _3\"></span>crued interest rec<span class=\"_ _3\"></span>eivabl<span class=\"_ _3\"></span>e and resulted in a n<span class=\"_ _3\"></span>et gain of \u00a3<span class=\"_ _3\"></span>24m bei<span class=\"_ _3\"></span>ng recog<span class=\"_ _3\"></span>nised in und<span class=\"_ _3\"></span>erly<span class=\"_ _3\"></span>ing oper<span class=\"_ _3\"></span>ating profit<span class=\"_ _3\"></span>, inclu<span class=\"_ _3\"></span>ding a loss of \u00a3<span class=\"_ _3\"></span>6m i<span class=\"_ _3\"></span>n respec<span class=\"_ _3\"></span>t of PPP fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>set reser<span class=\"_ _3\"></span>ves and a gai<span class=\"_ _3\"></span>n of \u00a39<span class=\"_ _3\"></span>m in respe<span class=\"_ _3\"></span>ct of hed<span class=\"_ _3\"></span>ging reser<span class=\"_ _3\"></span>ves rec<span class=\"_ _3\"></span>ycled to the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement on dis<span class=\"_ _3\"></span>posal<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>34<span class=\"_ _3\"></span>.3 Pr<span class=\"_ _3\"></span>ior ye<span class=\"_ _3\"></span>ar d<span class=\"_ _3\"></span>isp<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>als<span class=\"_ _3ab\"> </span>Dur<span class=\"_ _3\"></span>ing 20<span class=\"_ _3\"></span>22, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of sever<span class=\"_ _3\"></span>al Infrastr<span class=\"_ _3\"></span>ucture Inves<span class=\"_ _3\"></span>tments ass<span class=\"_ _3\"></span>ets as deta<span class=\"_ _3\"></span>iled bel<span class=\"_ _3\"></span>ow<span class=\"_ _4\"></span>. Th<span class=\"_ _3\"></span>e gain reco<span class=\"_ _3\"></span>gnised f<span class=\"_ _3\"></span>rom the disp<span class=\"_ _3\"></span>osal of as<span class=\"_ _3\"></span>sets that were he<span class=\"_ _3\"></span>ld within j<span class=\"_ _3\"></span>oint venture entiti<span class=\"_ _3\"></span>es of the Grou<span class=\"_ _3\"></span>p was recog<span class=\"_ _3\"></span>nised wi<span class=\"_ _3\"></span>thin the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s share of resu<span class=\"_ _3\"></span>lts of joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span>Note<span class=\"_ _3\"></span>s<span class=\"_ _10c\"> </span><span class=\"lsd2 wsc6\">Disposal da<span class=\"_ _4\"></span>te<span class=\"_ _7e\"> </span><span class=\"lsce wsc3\">Entit<span class=\"_ _3\"></span>y/asset<span class=\"_ _1ad\"> </span><span class=\"ls5 ws3\">Str<span class=\"_ _3\"></span>uctu<span class=\"_ _3\"></span>re of sal<span class=\"_ _3\"></span>e </span></span></span>Percent<span class=\"_ _3\"></span>age disposed<span class=\"_ _3ab\"> </span>%<span class=\"_ _3ab\"> </span>Cash<span class=\"_ _3ab\"> </span>consideration<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Net asset<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>disposed<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Am<span class=\"_ _3\"></span>ount recyc<span class=\"_ _3\"></span>led from<span class=\"_ _3ab\"> </span>reserves<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Underlying<span class=\"_ _3ab\"> </span>gain<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>34.3.<span class=\"_ _5\"></span>1<span class=\"_ _55\"> </span><span class=\"ff47 ls5 ws3\">30 J<span class=\"_ _3\"></span>une 20<span class=\"_ _3\"></span>22<span class=\"_ _f\"> </span>Re<span class=\"_ _3\"></span>gard at M<span class=\"_ _3\"></span>ed Center </span>(form<span class=\"_ _3\"></span>erly<span class=\"_ gs52\"> </span>Ci<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>ake) ^<span class=\"_ _3ab\"> </span>Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _38\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _128\"> </span><span class=\"ls66 ws5e\">(5)<span class=\"_ _51\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _87\"> </span>8<span class=\"_ _3ab\"> </span></span></span></span></span>34.3.2<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">1<span class=\"_ _5\"></span>1 Augu<span class=\"_ _3\"></span>st 202<span class=\"_ _3\"></span>2<span class=\"_ _11f\"> </span>Aspi<span class=\"_ _3\"></span>re at Discover<span class=\"_ _3\"></span>y Pa<span class=\"_ _3\"></span>rk</span> ^<span class=\"_ _3ab\"> </span>Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _a6\"> </span><span class=\"ls30 ws29\">(<span class=\"_ _3\"></span>12)<span class=\"_ _ff\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _128\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _3ab\"> </span></span></span></span></span></span>34.3.3<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">23 Aug<span class=\"_ _3\"></span>ust 20<span class=\"_ _3\"></span>22<span class=\"_ _e6\"> </span>Pre<span class=\"_ _3\"></span>serve a<span class=\"_ _3\"></span>t Southw<span class=\"_ _3\"></span>ind</span> ^<span class=\"_ _3ab\"> </span>Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _b2\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _ff\"> </span></span>\u2013<span class=\"_ _87\"> </span>3<span class=\"_ _3ab\"> </span></span></span>34.3.4<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">23 Aug<span class=\"_ _3\"></span>ust 20<span class=\"_ _3\"></span>22<span class=\"_ _e6\"> </span><span class=\"ls14 ws10\">Preser<span class=\"_ _3\"></span>ve at<span class=\"_ _4\"></span> B<span class=\"_ _3\"></span>artlett</span></span>^<span class=\"_ _3ab\"> </span>Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _125\"> </span><span class=\"ls72 wsf5\">(4)<span class=\"_ _ff\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _87\"> </span>9<span class=\"_ _3ab\"> </span></span></span></span></span>34.3.5<span class=\"_ _e\"> </span><span class=\"ff47 ls5 ws3\">2 Novemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2<span class=\"_ _c0\"> </span><span class=\"ls15 ws11\">Water<span class=\"_ _4\"></span>chase A<span class=\"_ _3\"></span>partments</span></span> ^<span class=\"_ _3ab\"> </span>Asset sale<span class=\"_ _1cd\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _38\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _125\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>4)<span class=\"_ _87\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3ab\"> </span></span></span></span></span></span>93<span class=\"_ _e3\"> </span><span class=\"ls5 ws3\">(26)<span class=\"_ _87\"> </span>3<span class=\"_ _125\"> </span><span class=\"ls109 ws87\">70<span class=\"_ _3ab\"> </span></span></span>^ <span class=\"_ _37\"> </span>D<span class=\"_ _3\"></span>ispo<span class=\"_ _3\"></span>sal of a<span class=\"_ _3\"></span>sset wi<span class=\"_ _3\"></span>thin a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure enti<span class=\"_ _3\"></span>ty.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.<span class=\"_ _5\"></span>1 O<span class=\"_ _3\"></span>n 30 J<span class=\"_ _3\"></span>une 20<span class=\"_ _3\"></span>22, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s Regard at M<span class=\"_ _3\"></span>ed Ce<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r multifami<span class=\"_ _3\"></span>ly prope<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y asset lo<span class=\"_ _3\"></span>cated in H<span class=\"_ _3\"></span>ouston, Te<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>as, and rec<span class=\"_ _3\"></span>eived total c<span class=\"_ _3\"></span>ash cons<span class=\"_ _3\"></span>iderati<span class=\"_ _3\"></span>on of \u00a31<span class=\"_ _4\"></span>2m. T<span class=\"_ _3\"></span>he asset d<span class=\"_ _3\"></span>ispos<span class=\"_ _3\"></span>al resulted in an u<span class=\"_ _3\"></span>nderl<span class=\"_ _3\"></span>ying gai<span class=\"_ _3\"></span>n of \u00a38<span class=\"_ _3\"></span>m being rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s share of j<span class=\"_ _3\"></span>oint ventures<span class=\"fc4 ls5\"> </span>and as<span class=\"_ _3\"></span>socia<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s, includ<span class=\"_ _3\"></span>ing a gain of \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>m in resp<span class=\"_ _3\"></span>ect of foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y translat<span class=\"_ _3\"></span>ion reser<span class=\"_ _3\"></span>ves recyc<span class=\"_ _3\"></span>led to the inc<span class=\"_ _3\"></span>ome sta<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ment on dis<span class=\"_ _3\"></span>posal.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>2 On 1<span class=\"_ _5\"></span>1 Au<span class=\"_ _3\"></span>gust 20<span class=\"_ _3\"></span>22, th<span class=\"_ _3\"></span>e Group disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s Aspi<span class=\"_ _3\"></span>re at Discover<span class=\"_ _3\"></span>y Pa<span class=\"_ _3\"></span>rk on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>campu<span class=\"_ _3\"></span>s acco<span class=\"_ _3\"></span>mmoda<span class=\"_ _3\"></span>tion at Purd<span class=\"_ _3\"></span>ue Univers<span class=\"_ _3\"></span>ity in We<span class=\"_ _3\"></span>st L<span class=\"_ _3\"></span>afayette, Ind<span class=\"_ _3\"></span>iana, an<span class=\"_ _3\"></span>d receive<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al cash c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>ration of \u00a3<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>m. Th<span class=\"_ _3\"></span>e asset disp<span class=\"_ _3\"></span>osal resu<span class=\"_ _3\"></span>lted in an und<span class=\"_ _3\"></span>erlyin<span class=\"_ _3\"></span>g gain of \u00a34<span class=\"_ _3\"></span>0m b<span class=\"_ _3\"></span>eing rec<span class=\"_ _3\"></span>ognised in the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s sh<span class=\"_ _3\"></span>are of joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates, inc<span class=\"_ _3\"></span>luding a g<span class=\"_ _3\"></span>ain of \u00a32m i<span class=\"_ _3\"></span>n r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>spec<span class=\"_ _3\"></span>t of f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>reign cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ncy tran<span class=\"_ _3\"></span>slation res<span class=\"_ _3\"></span>erve<span class=\"_ _3\"></span>s r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cycle<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he income statemen<span class=\"_ _4\"></span>t on disposal.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.3 O<span class=\"_ _3\"></span>n 23 Au<span class=\"_ _3\"></span>gust 20<span class=\"_ _3\"></span>22, th<span class=\"_ _3\"></span>e Group dis<span class=\"_ _3\"></span>posed of it<span class=\"_ _3\"></span>s Preser<span class=\"_ _3\"></span>ve at So<span class=\"_ _3\"></span>uthwind mu<span class=\"_ _3\"></span>ltifamil<span class=\"_ _3\"></span>y proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y asset loc<span class=\"_ _3\"></span>ated in M<span class=\"_ _3\"></span>emphis, T<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nnessee, a<span class=\"_ _3\"></span>nd recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a34m. T<span class=\"_ _3\"></span>he asset di<span class=\"_ _3\"></span>sposa<span class=\"_ _3\"></span>l resulted in an un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing gain of \u00a3<span class=\"_ _3\"></span>3m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised i<span class=\"_ _3\"></span>n the Group\u2019s share of joint ven<span class=\"_ _4\"></span>tures and associates.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.4 O<span class=\"_ _3\"></span>n 23 Aug<span class=\"_ _3\"></span>ust 20<span class=\"_ _3\"></span>22, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of it<span class=\"_ _3\"></span>s Preser<span class=\"_ _3\"></span>ve at Bar<span class=\"_ _3\"></span>tlet<span class=\"_ _3\"></span>t multifa<span class=\"_ _3\"></span>mily prop<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>y asset l<span class=\"_ _3\"></span>ocate<span class=\"_ _3\"></span>d in Bar<span class=\"_ _3\"></span>tlett<span class=\"_ _3\"></span>, T<span class=\"_ _5\"></span>en<span class=\"_ _3\"></span>nessee, an<span class=\"_ _3\"></span>d recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>m. The a<span class=\"_ _3\"></span>sset disp<span class=\"_ _3\"></span>osal resul<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d in an unde<span class=\"_ _3\"></span>rlyin<span class=\"_ _3\"></span>g gain of \u00a3<span class=\"_ _3\"></span>9m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e Group\u2019s share of<span class=\"_ gs52\"> </span>joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>3.5 O<span class=\"_ _3\"></span>n 2 Novemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2, the G<span class=\"_ _3\"></span>roup disp<span class=\"_ _3\"></span>osed of its W<span class=\"_ _3\"></span>aterchase A<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tments m<span class=\"_ _3\"></span>ultifamil<span class=\"_ _3\"></span>y proper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y asset lo<span class=\"_ _3\"></span>cated in L<span class=\"_ _3\"></span>argo, F<span class=\"_ _3\"></span>lorid<span class=\"_ _3\"></span>a, and recei<span class=\"_ _3\"></span>ved total c<span class=\"_ _3\"></span>ash consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>4<span class=\"_ _3\"></span>m. The a<span class=\"_ _3\"></span>sset disp<span class=\"_ _3\"></span>osal resulte<span class=\"_ _3\"></span>d in an under<span class=\"_ _3\"></span>lying g<span class=\"_ _3\"></span>ain of \u00a310m b<span class=\"_ _3\"></span>eing reco<span class=\"_ _3\"></span>gnised in th<span class=\"_ _3\"></span>e Group\u2019s share of<span class=\"_ gs52\"> </span>joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates.<span class=\"_ _3ab\"> </span>In ad<span class=\"_ _3\"></span>dition to th<span class=\"_ _3\"></span>e dispos<span class=\"_ _3\"></span>als above, t<span class=\"_ _3\"></span>he Group rec<span class=\"_ _3\"></span>eived a fur<span class=\"_ _3\"></span>ther \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m of d<span class=\"_ _3\"></span>eferred con<span class=\"_ _3\"></span>siderat<span class=\"_ _3\"></span>ion in relati<span class=\"_ _3\"></span>on to the disp<span class=\"_ _3\"></span>osal of it<span class=\"_ _3\"></span>s Middl<span class=\"_ _3\"></span>e Eastern joint ventu<span class=\"_ _3\"></span>res in 201<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his deferred c<span class=\"_ _3\"></span>onsider<span class=\"_ _3\"></span>ation was in<span class=\"_ _3\"></span>clude<span class=\"_ _3\"></span>d in the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s asse<span class=\"_ _3\"></span>ssment of the g<span class=\"_ _3\"></span>ain on disp<span class=\"_ _3\"></span>osal rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d in 201<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-600": {
   "value": "<div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls5 ws3 gs1058\">35 S<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ase<span class=\"_ _3\"></span>d payme<span class=\"_ _3\"></span>nts<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1059\">Th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any oper<span class=\"_ _3\"></span>ates three equi<span class=\"_ _3\"></span>ty<span class=\"_ _3\"></span>-set<span class=\"_ _3\"></span>tled s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased pa<span class=\"_ _3\"></span>yment arr<span class=\"_ _3\"></span>angeme<span class=\"_ _3\"></span>nts, name<span class=\"_ _3\"></span>ly the Per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>ance Sha<span class=\"_ _3\"></span>re Plan (P<span class=\"_ _3\"></span>SP<span class=\"_ _3\"></span>), the Deferred </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs105a\">Bonu<span class=\"_ _3\"></span>s Plan (<span class=\"_ _3\"></span>DBP) a<span class=\"_ _3\"></span>nd the Rest<span class=\"_ _3\"></span>ricted S<span class=\"_ _3\"></span>hare Plan (<span class=\"_ _3\"></span>RSP<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>he Group re<span class=\"_ _3\"></span>cogni<span class=\"_ _3\"></span>sed total exp<span class=\"_ _3\"></span>enses relati<span class=\"_ _3\"></span>ng to equit<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>tled sha<span class=\"_ _3\"></span>re-<span class=\"_ _3\"></span>ba<span class=\"_ _3\"></span>sed pay<span class=\"_ _3\"></span>ment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs105b\">trans<span class=\"_ _3\"></span>acti<span class=\"_ _3\"></span>ons of \u00a315m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>m)<span class=\"_ _4\"></span>. R<span class=\"_ _3\"></span>efer to the Remune<span class=\"_ _3\"></span>ration rep<span class=\"_ _3\"></span>ort fo<span class=\"_ _3\"></span>r details of th<span class=\"_ _3\"></span>e PSP a<span class=\"_ _3\"></span>nd DBP sc<span class=\"_ _3\"></span>hemes.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs105c\">Th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any also op<span class=\"_ _3\"></span>erates three c<span class=\"_ _3\"></span>ash<span class=\"_ _3\"></span>-set<span class=\"_ _3\"></span>tled s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased pa<span class=\"_ _3\"></span>yment arr<span class=\"_ _3\"></span>angeme<span class=\"_ _3\"></span>nts, name<span class=\"_ _3\"></span>ly the Sh<span class=\"_ _3\"></span>adow P<span class=\"_ _3\"></span>SP (SP<span class=\"_ _3\"></span>SP<span class=\"_ _3\"></span>), the Shad<span class=\"_ _3\"></span>ow RSP (<span class=\"_ _3\"></span>SRSP<span class=\"_ _3\"></span>) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs105d\">and th<span class=\"_ _3\"></span>e Shadow D<span class=\"_ _3\"></span>eferred Bo<span class=\"_ _3\"></span>nus Plan (S<span class=\"_ _3\"></span>DBP<span class=\"_ _3\"></span>). These sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased pay<span class=\"_ _3\"></span>ment arr<span class=\"_ _3\"></span>angeme<span class=\"_ _3\"></span>nts mirror th<span class=\"_ _3\"></span>e condit<span class=\"_ _3\"></span>ions of the eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>settl<span class=\"_ _3\"></span>ed PS<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, RSP </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs105e\">and D<span class=\"_ _3\"></span>BP plans<span class=\"_ _3\"></span>, the only d<span class=\"_ _3\"></span>ifferenc<span class=\"_ _3\"></span>e being th<span class=\"_ _3\"></span>ey are settl<span class=\"_ _3\"></span>ed in cash<span class=\"_ _3\"></span>. The Gro<span class=\"_ _3\"></span>up recog<span class=\"_ _3\"></span>nised total ex<span class=\"_ _3\"></span>penses rel<span class=\"_ _3\"></span>ating to cas<span class=\"_ _3\"></span>h-<span class=\"_ _3\"></span>sett<span class=\"_ _3\"></span>led share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>bas<span class=\"_ _3\"></span>ed </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs105f\">pay<span class=\"_ _3\"></span>ment trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>ns of \u00a39<span class=\"_ _3\"></span>m (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>m).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1060\">Move<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>nts i<span class=\"_ _3\"></span>n sha<span class=\"_ _3\"></span>re p<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gs1061\">Equi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y-s<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>ed sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>ed pay<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t awar<span class=\"_ _3\"></span>ds<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1062\">20<span class=\"_ _3\"></span>23 nu<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er of a<span class=\"_ _3\"></span>war<span class=\"_ _3\"></span>ds<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs1063\">PSP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1064\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsaf wsa8 gs1065\">award<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs1066\">DBP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1067\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsaf wsa8 gs1068\">award<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc8 wsbd gs1069\">RSP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs106a\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsaf wsa8 gs106b\">award<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs106c\">Out<span class=\"_ _3\"></span>stand<span class=\"_ _3\"></span>ing at 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _169\"> </span><span class=\"ff46 ls90 ws116\">9,<span class=\"_ _3\"></span>616,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5<span class=\"_ _e6\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>01,<span class=\"_ _3\"></span>91<span class=\"_ _3\"></span>5<span class=\"_ _b7\"> </span><span class=\"ls109 ws87\">3,6<span class=\"_ _3\"></span>00,<span class=\"_ _3\"></span>926<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gs106d\">Granted during the year<span class=\"_ _2ed\"> </span><span class=\"ff46 ls3e ws39\">2,625,626<span class=\"_ _57\"> </span><span class=\"lsab wsa1\">7<span class=\"_ _4\"></span>52,862<span class=\"_ _57\"> </span><span class=\"ls5 ws3\">8<span class=\"_ _3\"></span>39,<span class=\"_ _3\"></span>532<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs106e\">Awards i<span class=\"_ _3\"></span>n lieu of divi<span class=\"_ _3\"></span>dends<span class=\"_ _198\"> </span><span class=\"ff46\">\u2013<span class=\"_ _e3\"> </span><span class=\"ls49 ws43\">6<span class=\"_ _3\"></span>5,6<span class=\"_ _3\"></span>84<span class=\"_ _1f7\"> </span><span class=\"ls48 ws42\">7<span class=\"_ _3\"></span>9,<span class=\"_ _3\"></span>471<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs106f\">For<span class=\"_ _3\"></span>feited du<span class=\"_ _3\"></span>ring the yea<span class=\"_ _3\"></span>r<span class=\"_ _163\"> </span><span class=\"ff46\">(776,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>96)<span class=\"_ _3f\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _122\"> </span></span>(27<span class=\"_ _3\"></span>9,<span class=\"_ _5\"></span>13<span class=\"_ _3\"></span>4<span class=\"_ _4\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gs1070\">Exercised during the year<span class=\"_ _17d\"> </span><span class=\"ff46 lsf7 ws100\">(3,<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>0,6<span class=\"_ _3\"></span>58)<span class=\"_ _11f\"> </span><span class=\"ls43 ws3e\">(958<span class=\"_ _4\"></span>,042<span class=\"_ _4\"></span>)<span class=\"_ _122\"> </span><span class=\"ls125 ws11c\">(<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,19<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1071\">Ou<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ndi<span class=\"_ _3\"></span>ng at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er<span class=\"_ _e2\"> </span><span class=\"ls88 ws4f\">8<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>4,<span class=\"_ _2\"></span>917<span class=\"_ _e6\"> </span><span class=\"ls124 ws6a\">2,053,<span class=\"_ _4\"></span>723<span class=\"_ _b7\"> </span><span class=\"ls5 ws3\">3,<span class=\"_ _3\"></span>379,<span class=\"_ _3\"></span>60<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1072\">E<span class=\"_ _3\"></span>xer<span class=\"_ _3\"></span>cis<span class=\"_ _3\"></span>ab<span class=\"_ _3\"></span>le at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er<span class=\"_ _144\"> </span>\u2013<span class=\"_ _1f1\"> </span>\u2013<span class=\"_ _1f1\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1073\">Wei<span class=\"_ _3\"></span>ght<span class=\"_ _3\"></span>ed ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e rem<span class=\"_ _3\"></span>ain<span class=\"_ _3\"></span>ing c<span class=\"_ _3\"></span>ont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>al li<span class=\"_ _3\"></span>fe (yea<span class=\"_ _3\"></span>rs) <span class=\"_ _371\"> </span><span class=\"lsfe ws158\">1.<span class=\"_ _3\"></span>2<span class=\"_ _145\"> </span>1.<span class=\"_ _3\"></span>4<span class=\"_ _145\"> </span>1.<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1074\">Wei<span class=\"_ _3\"></span>ght<span class=\"_ _3\"></span>ed ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e sha<span class=\"_ _3\"></span>re pr<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e at th<span class=\"_ _3\"></span>e dat<span class=\"_ _3\"></span>e of exe<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e for awa<span class=\"_ _3\"></span>rd<span class=\"_ _3\"></span>s exer<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d in th<span class=\"_ _3\"></span>e yea<span class=\"_ _3\"></span>r <span class=\"_ _372\"> </span><span class=\"ls109 ws87\">370.4<span class=\"_ _b2\"> </span><span class=\"lsfe ws158\">3<span class=\"_ _3\"></span>71.<span class=\"_ _3\"></span>2<span class=\"_ _128\"> </span><span class=\"ls14 ws10\">34<span class=\"_ _3\"></span>0.5<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1075\">20<span class=\"_ _3\"></span>22 nu<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er of a<span class=\"_ _3\"></span>war<span class=\"_ _3\"></span>ds<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls124 ws6a gs1076\">PSP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1077\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsec wse2 gs1078\">awards<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsd0 wsc4 gs1079\">DBP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs107a\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsec wse2 gs107b\">awards<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsd2 wsc6 gs107c\">RSP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs107d\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsec wse2 gs107e\">awards<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs107f\">Out<span class=\"_ _3\"></span>stand<span class=\"_ _3\"></span>ing at 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _2cc\"> </span><span class=\"lsab wsa1\">9,333,34<span class=\"_ _4\"></span>1<span class=\"_ _b7\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _3f\"> </span><span class=\"ls10e ws103\">3<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1080\">Granted during the year<span class=\"_ _2ed\"> </span><span class=\"ls109 ws87\">3,6<span class=\"_ _3\"></span>24,<span class=\"_ _3\"></span>249<span class=\"_ _c3\"> </span><span class=\"ls10e ws103\">9<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>7,1<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _11f\"> </span><span class=\"ls105 wsc2\">1<span class=\"_ _5\"></span>,305,<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1081\">Awards i<span class=\"_ _3\"></span>n lieu of divi<span class=\"_ _3\"></span>dends<span class=\"_ _198\"> </span>\u2013<span class=\"_ _110\"> </span><span class=\"ls10e ws103\">7<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>9<span class=\"_ _15\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1082\">For<span class=\"_ _3\"></span>feited du<span class=\"_ _3\"></span>ring the yea<span class=\"_ _3\"></span>r<span class=\"_ _373\"> </span><span class=\"ls30 ws29\">(1<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>41<span class=\"_ _3\"></span>)<span class=\"_ _56\"> </span><span class=\"ls93 wsfa\">(<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>,78<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _122\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>,7<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1083\">Exercised during the year<span class=\"_ _166\"> </span><span class=\"ls93 wsfa\">(1,72<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>,70<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _b8\"> </span><span class=\"ls12a ws11f\">(<span class=\"_ _3\"></span>619<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _55\"> </span><span class=\"ls162 ws155\">(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1084\">Outstanding at<span class=\"_ _4\"></span> 31 December<span class=\"_ _f1\"> </span><span class=\"ls93 wsfa\">9<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>16,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5<span class=\"_ _11f\"> </span><span class=\"ls10a wsfe\">2<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>915<span class=\"_ _b7\"> </span><span class=\"ls61 ws59\">3,6<span class=\"_ _3\"></span>00,9<span class=\"_ _3\"></span>26<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1085\">E<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>erc<span class=\"_ _3\"></span>isabl<span class=\"_ _3\"></span>e at 31 Decem<span class=\"_ _3\"></span>ber<span class=\"_ _2b4\"> </span>\u2013<span class=\"_ _1f1\"> </span>\u2013<span class=\"_ _1f1\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1086\">Weighte<span class=\"_ _3\"></span>d average rem<span class=\"_ _3\"></span>aining cont<span class=\"_ _3\"></span>ractu<span class=\"_ _3\"></span>al life (years) <span class=\"_ _306\"> </span><span class=\"ls10f ws105\">1.<span class=\"_ _3\"></span>3<span class=\"_ _7b\"> </span>1.<span class=\"_ _3\"></span>3<span class=\"_ _7f\"> </span>1.<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1087\">Weighte<span class=\"_ _3\"></span>d average sh<span class=\"_ _3\"></span>are price at th<span class=\"_ _3\"></span>e date of exercise for award<span class=\"_ _3\"></span>s ex<span class=\"_ _4\"></span>erc<span class=\"_ _3\"></span>ised in the ye<span class=\"_ _3\"></span>ar <span class=\"_ _12e\"> </span><span class=\"ls10c ws85\">262.<span class=\"_ _3\"></span>2<span class=\"_ _128\"> </span><span class=\"ls4a ws44\">256.<span class=\"_ _3\"></span>6<span class=\"_ _128\"> </span><span class=\"ls109 ws87\">242.<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1088\">Th<span class=\"_ _3\"></span>e princi<span class=\"_ _3\"></span>pal assum<span class=\"_ _3\"></span>ptions, i<span class=\"_ _3\"></span>ncludin<span class=\"_ _3\"></span>g e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pec<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d volatili<span class=\"_ _3\"></span>ty deter<span class=\"_ _3\"></span>mined fro<span class=\"_ _3\"></span>m the historic<span class=\"_ _3\"></span>al weekl<span class=\"_ _3\"></span>y share pri<span class=\"_ _3\"></span>ce movement<span class=\"_ _3\"></span>s over the three<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>year per<span class=\"_ _3\"></span>iod </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1089\">imme<span class=\"_ _3\"></span>diately p<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cedin<span class=\"_ _3\"></span>g the award da<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e, u<span class=\"_ _3\"></span>sed by the c<span class=\"_ _3\"></span>onsulta<span class=\"_ _3\"></span>nts in the stoc<span class=\"_ _3\"></span>hastic mo<span class=\"_ _3\"></span>del for the 3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.3% of the P<span class=\"_ _3\"></span>SP award<span class=\"_ _3\"></span>s granted in 2<span class=\"_ _3\"></span>023 su<span class=\"_ _3\"></span>bject<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs108a\">to market co<span class=\"_ _3\"></span>ndition<span class=\"_ _3\"></span>s, were:<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs108b\">Awa<span class=\"_ _3\"></span>rd da<span class=\"_ _3\"></span>te<span class=\"_ _374\"> </span>Na<span class=\"_ _3\"></span>me of a<span class=\"_ _3\"></span>war<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs108c\">Nu<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er of</div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsaf wsa8 gs108d\"> award<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gs108e\">Closing<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs108f\">sh<span class=\"_ _3\"></span>are </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1090\">pr<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e on<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1091\">awa<span class=\"_ _3\"></span>rd d<span class=\"_ _3\"></span>ate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls127 ws11d gs1092\">Penc<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsab wsa1 gs1093\">Expected<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc4 ws9e gs1094\">volatility of<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc8 wsbd gs1095\">shares<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1096\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsab wsa1 gs1097\">Expected<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1098\">te<span class=\"_ _3\"></span>rm o<span class=\"_ _3\"></span>f<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsaf wsa8 gs1099\">award<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls88 ws4f gs109a\">Ye<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gs109b\">Risk-free<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs109c\">interes<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs109d\">rate<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs109e\">%<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs109f\">Calcula<span class=\"_ _3\"></span>ted<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs10a0\">fa<span class=\"_ _3\"></span>ir va<span class=\"_ _3\"></span>lue<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs10a1\">of a<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsaf wsa8 gs10a2\">award<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls127 ws11d gs10a3\">Penc<span class=\"_ _3\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs10a4\">3 A<span class=\"_ _3\"></span>pril 20<span class=\"_ _3\"></span>23<span class=\"_ _145\"> </span>P<span class=\"_ _3\"></span>SP award<span class=\"_ _100\"> </span><span class=\"ff46 ls3e ws39\">2<span class=\"_ _3\"></span>,625,626<span class=\"_ _1f7\"> </span><span class=\"lsfe ws158\">37<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>2<span class=\"_ _db\"> </span><span class=\"ls18d ws18d\">2<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>%<span class=\"_ _81\"> </span><span class=\"ls109 ws87\">3.0<span class=\"_ _125\"> </span><span class=\"ls4f ws49\">3.4<span class=\"_ _3\"></span>0<span class=\"_ _a6\"> </span></span></span>2<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>7.<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10a5\">For t<span class=\"_ _3\"></span>he 66<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>7% of th<span class=\"_ _3\"></span>e PSP aw<span class=\"_ _3\"></span>ards granted i<span class=\"_ _3\"></span>n 202<span class=\"_ _3\"></span>3 subjec<span class=\"_ _3\"></span>t to non<span class=\"_ _3\"></span>-m<span class=\"_ _3\"></span>arket condi<span class=\"_ _3\"></span>tions and for t<span class=\"_ _3\"></span>he DBP an<span class=\"_ _3\"></span>d RSP award<span class=\"_ _3\"></span>s granted in 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>, the fair </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10a6\">value of t<span class=\"_ _3\"></span>he awards is th<span class=\"_ _3\"></span>e closing s<span class=\"_ _3\"></span>hare pric<span class=\"_ _3\"></span>e on the date of gr<span class=\"_ _3\"></span>ant.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h20 ff4b fs5 fc4 sc0 lsaa ws69 gs10a8\">Cash-se<span class=\"_ _3\"></span>ttled sh<span class=\"_ _4\"></span>are<span class=\"_ _3\"></span>-based<span class=\"_ _4\"></span> payment aw<span class=\"_ _4\"></span>ards<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs10a9\">20<span class=\"_ _3\"></span>23 nu<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er of a<span class=\"_ _3\"></span>war<span class=\"_ _3\"></span>ds<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs10aa\">SPSP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs10ab\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsaf wsa8 gs10ac\">award<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs10ad\">SDBP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs10ae\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsaf wsa8 gs10af\">award<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsc8 wsbd gs10b0\">SRSP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs10b1\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsaf wsa8 gs10b2\">award<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs10b3\">Out<span class=\"_ _3\"></span>stand<span class=\"_ _3\"></span>ing at 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _289\"> </span><span class=\"ff46 lsa9 wsa0\">8,383,533<span class=\"_ _1e4\"> </span><span class=\"ls3e ws39\">1,598,936<span class=\"_ _1e4\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>6,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gs10b4\">Granted during the year<span class=\"_ _2f2\"> </span><span class=\"ff46 ls124 ws6a\">2,<span class=\"_ _3\"></span>278<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>23<span class=\"_ _5e\"> </span><span class=\"ls10a wsfe\">3<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>417<span class=\"_ _122\"> </span><span class=\"lsab wsa1\">435,869<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs10b5\">Awards i<span class=\"_ _3\"></span>n lieu of divi<span class=\"_ _3\"></span>dends<span class=\"_ _2a1\"> </span>\u2013<span class=\"_ _4f\"> </span><span class=\"ff46 ls10d ws101\">3<span class=\"_ _3\"></span>8,015<span class=\"_ _c3\"> </span><span class=\"ls125 ws11c\">3<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs10b6\">For<span class=\"_ _3\"></span>feited du<span class=\"_ _3\"></span>ring the yea<span class=\"_ _3\"></span>r<span class=\"_ _14b\"> </span><span class=\"ff46 ls8b ws4\">(87<span class=\"_ _3\"></span>5,764)<span class=\"_ _5e\"> </span><span class=\"ls125 ws11c\">(<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>74<span class=\"_ _3\"></span>)<span class=\"_ _1a7\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _4\"></span>16<span class=\"_ _3\"></span>0,708)<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gs10b7\">Exercised during the year<span class=\"_ _375\"> </span><span class=\"ff46 ls94 ws18a\">(3,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>96<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>4)<span class=\"_ _55\"> </span>(<span class=\"_ _3\"></span>60<span class=\"_ _3\"></span>0,<span class=\"_ _3\"></span>95<span class=\"_ _3\"></span>4)<span class=\"_ _1a4\"> </span><span class=\"ls104 wsf9\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>17,<span class=\"_ _45\"> </span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs10b8\">Ou<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ndi<span class=\"_ _3\"></span>ng at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er<span class=\"_ _f1\"> </span><span class=\"ls21f ws108\">6,488,9<span class=\"_ _4\"></span>88<span class=\"_ _1e4\"> </span><span class=\"ls5f ws57\">1,250,<span class=\"_ _3\"></span>240<span class=\"_ _1e4\"> </span><span class=\"ls93 wsfa\">1,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs10b9\">E<span class=\"_ _3\"></span>xer<span class=\"_ _3\"></span>cis<span class=\"_ _3\"></span>ab<span class=\"_ _3\"></span>le at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er<span class=\"_ _358\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs10ba\">Wei<span class=\"_ _3\"></span>ght<span class=\"_ _3\"></span>ed ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e rem<span class=\"_ _3\"></span>ain<span class=\"_ _3\"></span>ing c<span class=\"_ _3\"></span>ont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>al li<span class=\"_ _3\"></span>fe (yea<span class=\"_ _3\"></span>rs) <span class=\"_ _29e\"> </span><span class=\"lsfe ws158\">1.<span class=\"_ _3\"></span>2<span class=\"_ _51\"> </span>1.<span class=\"_ _3\"></span>3<span class=\"_ _ff\"> </span>1.7<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs10bb\">Wei<span class=\"_ _3\"></span>ght<span class=\"_ _3\"></span>ed ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e sha<span class=\"_ _3\"></span>re pr<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e at th<span class=\"_ _3\"></span>e dat<span class=\"_ _3\"></span>e of exe<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e for awa<span class=\"_ _3\"></span>rd<span class=\"_ _3\"></span>s exer<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d in th<span class=\"_ _3\"></span>e yea<span class=\"_ _3\"></span>r <span class=\"_ _176\"> </span><span class=\"ls10a wsfe\">3<span class=\"_ _3\"></span>41.<span class=\"_ _3\"></span>0<span class=\"_ _dd\"> </span>3<span class=\"_ _3\"></span>41<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _1f7\"> </span><span class=\"ls14 ws10\">3<span class=\"_ _3\"></span>20.9<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10bc\">As a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Group\u2019s liabilit<span class=\"_ _3\"></span>y in resp<span class=\"_ _3\"></span>ect of ou<span class=\"_ _3\"></span>tstand<span class=\"_ _3\"></span>ing cas<span class=\"_ _3\"></span>h-<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>tled share<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>bas<span class=\"_ _3\"></span>ed paym<span class=\"_ _3\"></span>ent awards amo<span class=\"_ _3\"></span>unted to \u00a321m </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10bd\">(2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2:<span class=\"_ gs52\"> </span>\u00a321<span class=\"_ _4\"></span>m). T<span class=\"_ _3\"></span>his liabil<span class=\"_ _3\"></span>ity h<span class=\"_ _3\"></span>as been rec<span class=\"_ _3\"></span>orded w<span class=\"_ _3\"></span>ithin acc<span class=\"_ _3\"></span>ruals.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs10be\">20<span class=\"_ _3\"></span>22 nu<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er of a<span class=\"_ _3\"></span>war<span class=\"_ _3\"></span>ds<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls124 ws6a gs10bf\">SPSP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs10c0\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsec wse2 gs10c1\">awards<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsd0 wsc4 gs10c2\">SDBP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs10c3\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsec wse2 gs10c4\">awards<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsd2 wsc6 gs10c5\">SRSP<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs10c6\">conditional<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsec wse2 gs10c7\">awards<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10c8\">Out<span class=\"_ _3\"></span>stand<span class=\"_ _3\"></span>ing at 1 Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _36d\"> </span><span class=\"ls3b ws36\">8,<span class=\"_ _4\"></span>5<span class=\"_ _3\"></span>38,863<span class=\"_ _3d\"> </span>1<span class=\"_ _4\"></span>,255,8<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>5<span class=\"_ _1e4\"> </span><span class=\"ls3e ws39\">1,480,557<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs10c9\">Granted during the year<span class=\"_ _2f2\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>,75<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>,73<span class=\"_ _2\"></span>3<span class=\"_ _122\"> </span><span class=\"ls114 ws10c\">605,<span class=\"_ _5\"></span>7<span class=\"_ _4\"></span>46<span class=\"_ _3f\"> </span><span class=\"ls4f ws49\">49<span class=\"_ _3\"></span>9,3<span class=\"_ _3\"></span>50<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10ca\">Awards i<span class=\"_ _3\"></span>n lieu of divi<span class=\"_ _3\"></span>dends<span class=\"_ _2a1\"> </span>\u2013<span class=\"_ _57\"> </span><span class=\"lsaa ws69\">53,38<span class=\"_ _3\"></span>4<span class=\"_ _57\"> </span>35,29<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10cb\">For<span class=\"_ _3\"></span>feited du<span class=\"_ _3\"></span>ring the yea<span class=\"_ _3\"></span>r<span class=\"_ _2c1\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>,0<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _7c\"> </span></span>\u2013<span class=\"_ _d2\"> </span><span class=\"lsa9 wsa0\">(21<span class=\"_ _5\"></span>6,<span class=\"_ _3\"></span>9<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>9)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs10cc\">Exercised during the year<span class=\"_ _163\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>91,<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _13e\"> </span><span class=\"ls93 wsfa\">(<span class=\"_ _3\"></span>316<span class=\"_ _3\"></span>,0<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>)<span class=\"_ _13e\"> </span></span>(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs10cd\">Ou<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ndi<span class=\"_ _3\"></span>ng at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er<span class=\"_ _333\"> </span><span class=\"ff47 ls3e ws39\">8,3<span class=\"_ _3\"></span>83,53<span class=\"_ _3\"></span>3<span class=\"_ _bc\"> </span><span class=\"ls105 wsc2\">1<span class=\"_ _4\"></span>,598,936<span class=\"_ _bc\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs10ce\">E<span class=\"_ _3\"></span>xer<span class=\"_ _3\"></span>cis<span class=\"_ _3\"></span>ab<span class=\"_ _3\"></span>le at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er<span class=\"_ _358\"> </span><span class=\"ff47\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs10cf\">Wei<span class=\"_ _3\"></span>ght<span class=\"_ _3\"></span>ed ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e rem<span class=\"_ _3\"></span>ain<span class=\"_ _3\"></span>ing c<span class=\"_ _3\"></span>ont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>al li<span class=\"_ _3\"></span>fe (yea<span class=\"_ _3\"></span>rs) <span class=\"_ _364\"> </span><span class=\"ff47 ls106 wsfb\">1<span class=\"_ _3\"></span>.1<span class=\"_ _81\"> </span><span class=\"ls10f ws105\">1.<span class=\"_ _3\"></span>2<span class=\"_ _81\"> </span>1.<span class=\"_ _3\"></span>6<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs10d0\">Wei<span class=\"_ _3\"></span>ght<span class=\"_ _3\"></span>ed ave<span class=\"_ _3\"></span>rag<span class=\"_ _3\"></span>e sha<span class=\"_ _3\"></span>re pr<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e at th<span class=\"_ _3\"></span>e dat<span class=\"_ _3\"></span>e of exe<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e for awa<span class=\"_ _3\"></span>rd<span class=\"_ _3\"></span>s exer<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d in th<span class=\"_ _3\"></span>e yea<span class=\"_ _3\"></span>r <span class=\"_ _1cd\"> </span><span class=\"ff47 ls92 ws8a\">263.0<span class=\"_ _110\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3\"></span>9.5<span class=\"_ _110\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _3\"></span>0.6</span></span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-636": {
   "value": "<div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls73 ws80 gs10d2\">36 Commitmen<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10d3\">C<span class=\"_ _3\"></span>apital ex<span class=\"_ _3\"></span>pendit<span class=\"_ _3\"></span>ure authori<span class=\"_ _3\"></span>sed and co<span class=\"_ _3\"></span>ntracte<span class=\"_ _3\"></span>d f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r which ha<span class=\"_ _3\"></span>s not been p<span class=\"_ _3\"></span>rovided for in t<span class=\"_ _3\"></span>he financ<span class=\"_ _3\"></span>ial state<span class=\"_ _3\"></span>ments amou<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d to \u00a31<span class=\"_ _4\"></span>2m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a35<span class=\"_ _3\"></span>m) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10d4\">in the G<span class=\"_ _3\"></span>roup and \u00a3nil (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3nil) i<span class=\"_ _3\"></span>n the Com<span class=\"_ _3\"></span>pany<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10d5\">Th<span class=\"_ _3\"></span>e Group has c<span class=\"_ _3\"></span>ommit<span class=\"_ _3\"></span>ted to provid<span class=\"_ _3\"></span>e its share of fur<span class=\"_ _3\"></span>ther e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y fundin<span class=\"_ _3\"></span>g and subo<span class=\"_ _3\"></span>rdinated d<span class=\"_ _3\"></span>ebt in Infras<span class=\"_ _3\"></span>tructu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e I<span class=\"_ _3\"></span>nvestments p<span class=\"_ _3\"></span>rojects w<span class=\"_ _3\"></span>hich </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10d6\">have rea<span class=\"_ _3\"></span>ched fin<span class=\"_ _3\"></span>ancial c<span class=\"_ _3\"></span>lose. Refer to Note 41<span class=\"_ _4\"></span>(f<span class=\"_ _3\"></span>).<span class=\"_ _3ab\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-601": {
   "value": "36 Commitmen<span class=\"_ _3\"></span>ts<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>apital ex<span class=\"_ _3\"></span>pendit<span class=\"_ _3\"></span>ure authori<span class=\"_ _3\"></span>sed and co<span class=\"_ _3\"></span>ntracte<span class=\"_ _3\"></span>d f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r which ha<span class=\"_ _3\"></span>s not been p<span class=\"_ _3\"></span>rovided for in t<span class=\"_ _3\"></span>he financ<span class=\"_ _3\"></span>ial state<span class=\"_ _3\"></span>ments amou<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d to \u00a31<span class=\"_ _4\"></span>2m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a35<span class=\"_ _3\"></span>m) in the G<span class=\"_ _3\"></span>roup and \u00a3nil (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3nil) i<span class=\"_ _3\"></span>n the Com<span class=\"_ _3\"></span>pany<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group has c<span class=\"_ _3\"></span>ommit<span class=\"_ _3\"></span>ted to provid<span class=\"_ _3\"></span>e its share of fur<span class=\"_ _3\"></span>ther e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y fundin<span class=\"_ _3\"></span>g and subo<span class=\"_ _3\"></span>rdinated d<span class=\"_ _3\"></span>ebt in Infras<span class=\"_ _3\"></span>tructu<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e I<span class=\"_ _3\"></span>nvestments p<span class=\"_ _3\"></span>rojects w<span class=\"_ _3\"></span>hich have rea<span class=\"_ _3\"></span>ched fin<span class=\"_ _3\"></span>ancial c<span class=\"_ _3\"></span>lose. Refer to Note 41<span class=\"_ _4\"></span>(f<span class=\"_ _3\"></span>).<span class=\"_ _3ab\"> </span>37 Contingent<span class=\"_ _4\"></span> liabili<span class=\"_ _3\"></span>ties<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any and cer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>n subsidi<span class=\"_ _3\"></span>ary u<span class=\"_ _3\"></span>nder<span class=\"_ _3\"></span>takin<span class=\"_ _3\"></span>gs have, in the n<span class=\"_ _3\"></span>ormal c<span class=\"_ _3\"></span>ourse of bus<span class=\"_ _3\"></span>iness, gi<span class=\"_ _3\"></span>ven guara<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>es and entered into c<span class=\"_ _3\"></span>ounter-i<span class=\"_ _3\"></span>ndemniti<span class=\"_ _3\"></span>es in resp<span class=\"_ _3\"></span>ect of bo<span class=\"_ _3\"></span>nds relatin<span class=\"_ _3\"></span>g to the Group\u2019s own cont<span class=\"_ _3\"></span>racts a<span class=\"_ _3\"></span>nd given gu<span class=\"_ _3\"></span>arantees in res<span class=\"_ _3\"></span>pect of th<span class=\"_ _3\"></span>eir share of cer<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>in contrac<span class=\"_ _3\"></span>tual ob<span class=\"_ _3\"></span>ligati<span class=\"_ _3\"></span>ons of joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates and ce<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>in retirement ben<span class=\"_ _3\"></span>efit liab<span class=\"_ _3\"></span>ilities of the B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Pension Fu<span class=\"_ _3\"></span>nd and the R<span class=\"_ _3\"></span>ailways Pe<span class=\"_ _3\"></span>nsion Sc<span class=\"_ _3\"></span>heme. Gu<span class=\"_ _3\"></span>arantees are treate<span class=\"_ _3\"></span>d as conting<span class=\"_ _3\"></span>ent liabil<span class=\"_ _3\"></span>ities until su<span class=\"_ _3\"></span>ch time as it b<span class=\"_ _3\"></span>ecome<span class=\"_ _3\"></span>s probab<span class=\"_ _3\"></span>le paym<span class=\"_ _3\"></span>ent will be re<span class=\"_ _3\"></span>quired und<span class=\"_ _3\"></span>er the terms of t<span class=\"_ _3\"></span>he guarante<span class=\"_ _3\"></span>e.<span class=\"_ _3ab\"> </span>Provi<span class=\"_ _3\"></span>sion has b<span class=\"_ _3\"></span>een mad<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the Direc<span class=\"_ _3\"></span>tors\u2019 best es<span class=\"_ _3\"></span>timate of know<span class=\"_ _3\"></span>n lega<span class=\"_ _3\"></span>l claims, i<span class=\"_ _3\"></span>nv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>stigati<span class=\"_ _3\"></span>ons and le<span class=\"_ _3\"></span>gal act<span class=\"_ _3\"></span>ions in pro<span class=\"_ _3\"></span>gress. T<span class=\"_ _3\"></span>he Group t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s leg<span class=\"_ _3\"></span>al adv<span class=\"_ _3\"></span>ice as to the likeliho<span class=\"_ _3\"></span>od of suc<span class=\"_ _3\"></span>cess of cl<span class=\"_ _3\"></span>aims and ac<span class=\"_ _3\"></span>tions and n<span class=\"_ _3\"></span>o provision i<span class=\"_ _3\"></span>s made wh<span class=\"_ _3\"></span>ere the Direc<span class=\"_ _3\"></span>tors cons<span class=\"_ _3\"></span>ider<span class=\"_ _4\"></span>, b<span class=\"_ _3\"></span>ased on th<span class=\"_ _3\"></span>at adv<span class=\"_ _3\"></span>ice, that th<span class=\"_ _3\"></span>e actio<span class=\"_ _3\"></span>n is unlikely to succ<span class=\"_ _3\"></span>eed, o<span class=\"_ _3\"></span>r that the Gro<span class=\"_ _3\"></span>up cannot m<span class=\"_ _3\"></span>ake a suffic<span class=\"_ _3\"></span>iently reli<span class=\"_ _3\"></span>able est<span class=\"_ _3\"></span>imate of the potent<span class=\"_ _3\"></span>ial oblig<span class=\"_ _3\"></span>ation. H<span class=\"_ _3\"></span>owever<span class=\"_ _4\"></span>, in cer<span class=\"_ _3\"></span>tain c<span class=\"_ _3\"></span>ases w<span class=\"_ _3\"></span>here assess<span class=\"_ _3\"></span>ments are ong<span class=\"_ _3\"></span>oing and t<span class=\"_ _3\"></span>he Group c<span class=\"_ _3\"></span>annot yet con<span class=\"_ _3\"></span>clude wh<span class=\"_ _3\"></span>ether it is pro<span class=\"_ _3\"></span>bable t<span class=\"_ _3\"></span>he claim is v<span class=\"_ _3\"></span>alid, a p<span class=\"_ _3\"></span>ossible o<span class=\"_ _3\"></span>bliga<span class=\"_ _3\"></span>tion may exis<span class=\"_ _3\"></span>t at 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23. I<span class=\"_ _3\"></span>n respec<span class=\"_ _3\"></span>t of these c<span class=\"_ _3\"></span>ases, it is not p<span class=\"_ _3\"></span>racti<span class=\"_ _3\"></span>cabl<span class=\"_ _3\"></span>e t<span class=\"_ _4\"></span>o e<span class=\"_ _3\"></span>stimate the f<span class=\"_ _3\"></span>inancia<span class=\"_ _3\"></span>l effect b<span class=\"_ _3\"></span>ased on th<span class=\"_ _3\"></span>e current st<span class=\"_ _3\"></span>atus of the assessments.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-637": {
   "value": "<div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls85 ws7d gs10d8\">37 Contingent<span class=\"_ _4\"></span> liabili<span class=\"_ _3\"></span>ties<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs10d9\">Th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>any and cer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>n subsidi<span class=\"_ _3\"></span>ary u<span class=\"_ _3\"></span>nder<span class=\"_ _3\"></span>takin<span class=\"_ _3\"></span>gs have, in the n<span class=\"_ _3\"></span>ormal c<span class=\"_ _3\"></span>ourse of bus<span class=\"_ _3\"></span>iness, gi<span class=\"_ _3\"></span>ven guara<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>es and entered into c<span class=\"_ _3\"></span>ounter-i<span class=\"_ _3\"></span>ndemniti<span class=\"_ _3\"></span>es </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsf7 ws3 gs10da\">in resp<span class=\"_ _3\"></span>ect of bo<span class=\"_ _3\"></span>nds relatin<span class=\"_ _3\"></span>g to the Group\u2019s own cont<span class=\"_ _3\"></span>racts a<span class=\"_ _3\"></span>nd given gu<span class=\"_ _3\"></span>arantees in res<span class=\"_ _3\"></span>pect of th<span class=\"_ _3\"></span>eir share of cer<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>in contrac<span class=\"_ _3\"></span>tual ob<span class=\"_ _3\"></span>ligati<span class=\"_ _3\"></span>ons of joint </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls90 wsc8 gs10db\">ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates and ce<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>in retirement ben<span class=\"_ _3\"></span>efit liab<span class=\"_ _3\"></span>ilities of the B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Pension Fu<span class=\"_ _3\"></span>nd and the R<span class=\"_ _3\"></span>ailways Pe<span class=\"_ _3\"></span>nsion Sc<span class=\"_ _3\"></span>heme. Gu<span class=\"_ _3\"></span>arantees </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse84\">are treate<span class=\"_ _3\"></span>d as conting<span class=\"_ _3\"></span>ent liabil<span class=\"_ _3\"></span>ities until su<span class=\"_ _3\"></span>ch time as it b<span class=\"_ _3\"></span>ecome<span class=\"_ _3\"></span>s probab<span class=\"_ _3\"></span>le paym<span class=\"_ _3\"></span>ent will be re<span class=\"_ _3\"></span>quired und<span class=\"_ _3\"></span>er the terms of t<span class=\"_ _3\"></span>he guarante<span class=\"_ _3\"></span>e.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10dc\">Provi<span class=\"_ _3\"></span>sion has b<span class=\"_ _3\"></span>een mad<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r the Direc<span class=\"_ _3\"></span>tors\u2019 best es<span class=\"_ _3\"></span>timate of know<span class=\"_ _3\"></span>n lega<span class=\"_ _3\"></span>l claims, i<span class=\"_ _3\"></span>nv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>stigati<span class=\"_ _3\"></span>ons and le<span class=\"_ _3\"></span>gal act<span class=\"_ _3\"></span>ions in pro<span class=\"_ _3\"></span>gress. T<span class=\"_ _3\"></span>he Group t<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10dd\">leg<span class=\"_ _3\"></span>al adv<span class=\"_ _3\"></span>ice as to the likeliho<span class=\"_ _3\"></span>od of suc<span class=\"_ _3\"></span>cess of cl<span class=\"_ _3\"></span>aims and ac<span class=\"_ _3\"></span>tions and n<span class=\"_ _3\"></span>o provision i<span class=\"_ _3\"></span>s made wh<span class=\"_ _3\"></span>ere the Direc<span class=\"_ _3\"></span>tors cons<span class=\"_ _3\"></span>ider<span class=\"_ _4\"></span>, b<span class=\"_ _3\"></span>ased on th<span class=\"_ _3\"></span>at adv<span class=\"_ _3\"></span>ice, </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10de\">that th<span class=\"_ _3\"></span>e actio<span class=\"_ _3\"></span>n is unlikely to succ<span class=\"_ _3\"></span>eed, o<span class=\"_ _3\"></span>r that the Gro<span class=\"_ _3\"></span>up cannot m<span class=\"_ _3\"></span>ake a suffic<span class=\"_ _3\"></span>iently reli<span class=\"_ _3\"></span>able est<span class=\"_ _3\"></span>imate of the potent<span class=\"_ _3\"></span>ial oblig<span class=\"_ _3\"></span>ation. H<span class=\"_ _3\"></span>owever<span class=\"_ _4\"></span>, in </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse88\">cer<span class=\"_ _3\"></span>tain c<span class=\"_ _3\"></span>ases w<span class=\"_ _3\"></span>here assess<span class=\"_ _3\"></span>ments are ong<span class=\"_ _3\"></span>oing and t<span class=\"_ _3\"></span>he Group c<span class=\"_ _3\"></span>annot yet con<span class=\"_ _3\"></span>clude wh<span class=\"_ _3\"></span>ether it is pro<span class=\"_ _3\"></span>bable t<span class=\"_ _3\"></span>he claim is v<span class=\"_ _3\"></span>alid, a p<span class=\"_ _3\"></span>ossible o<span class=\"_ _3\"></span>bliga<span class=\"_ _3\"></span>tion </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gse89\">may exis<span class=\"_ _3\"></span>t at 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23. I<span class=\"_ _3\"></span>n respec<span class=\"_ _3\"></span>t of these c<span class=\"_ _3\"></span>ases, it is not p<span class=\"_ _3\"></span>racti<span class=\"_ _3\"></span>cabl<span class=\"_ _3\"></span>e t<span class=\"_ _4\"></span>o e<span class=\"_ _3\"></span>stimate the f<span class=\"_ _3\"></span>inancia<span class=\"_ _3\"></span>l effect b<span class=\"_ _3\"></span>ased on th<span class=\"_ _3\"></span>e current st<span class=\"_ _3\"></span>atus of </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gse8a\">the assessments.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-602": {
   "value": "<div class=\"t m0 h7 ff46 fs4 fc6 sc0 lse wsa gs10e0\">38 Related par<span class=\"_ _3\"></span>ty transa<span class=\"_ _3\"></span>ctions<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gs10e1\">Joint<span class=\"_ _4\"></span> ventures and<span class=\"_ _4\"></span> assoc<span class=\"_ _3\"></span>iat<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10e2\">Th<span class=\"_ _3\"></span>e Group has c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ted with, p<span class=\"_ _3\"></span>rovided s<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>ices to, and rec<span class=\"_ _3\"></span>eived ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent fees from, ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain joint ventures a<span class=\"_ _3\"></span>nd assoc<span class=\"_ _3\"></span>iates amou<span class=\"_ _3\"></span>nting to </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs10e3\">\u00a34<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a34<span class=\"_ _3\"></span>47<span class=\"_ _4\"></span>m). T<span class=\"_ _3\"></span>hese trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>ns occu<span class=\"_ _3\"></span>rred in the no<span class=\"_ _3\"></span>rmal co<span class=\"_ _3\"></span>urse of busi<span class=\"_ _3\"></span>ness at mar<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>et r<span class=\"_ _3\"></span>ates and terms<span class=\"_ _3\"></span>. In addit<span class=\"_ _3\"></span>ion, the G<span class=\"_ _3\"></span>roup procu<span class=\"_ _3\"></span>red </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10e4\">equi<span class=\"_ _3\"></span>pment and l<span class=\"_ _3\"></span>abour o<span class=\"_ _3\"></span>n behalf of c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates wh<span class=\"_ _3\"></span>ich were recha<span class=\"_ _3\"></span>rged at co<span class=\"_ _3\"></span>st with no m<span class=\"_ _3\"></span>ark-u<span class=\"_ _3\"></span>p. The am<span class=\"_ _3\"></span>ounts due f<span class=\"_ _3\"></span>rom </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10e5\">or to joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates at th<span class=\"_ _3\"></span>e repor<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate are disclo<span class=\"_ _3\"></span>sed in Notes 24 a<span class=\"_ _3\"></span>nd 25 respe<span class=\"_ _3\"></span>ctivel<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs10e6\">T<span class=\"_ _5\"></span>rans<span class=\"_ _3\"></span>actions with non-Group members<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs10e7\">Th<span class=\"_ _3\"></span>e Group also e<span class=\"_ _3\"></span>ntered into trans<span class=\"_ _3\"></span>action<span class=\"_ _3\"></span>s and had am<span class=\"_ _3\"></span>ounts out<span class=\"_ _3\"></span>standi<span class=\"_ _3\"></span>ng with rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d par<span class=\"_ _3\"></span>ties whi<span class=\"_ _3\"></span>ch are not memb<span class=\"_ _3\"></span>ers of the G<span class=\"_ _3\"></span>roup as set out b<span class=\"_ _3\"></span>elow. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs10e8\">Thi<span class=\"_ _3\"></span>s compa<span class=\"_ _3\"></span>ny was a related p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>y as it wa<span class=\"_ _3\"></span>s controlle<span class=\"_ _3\"></span>d, jointl<span class=\"_ _3\"></span>y controll<span class=\"_ _3\"></span>ed or und<span class=\"_ _3\"></span>er signifi<span class=\"_ _3\"></span>cant influe<span class=\"_ _3\"></span>nce by a Dire<span class=\"_ _3\"></span>ctor of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty pl<span class=\"_ _3\"></span>c.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gs10e9\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs10ea\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gs10eb\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs10ec\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs10ed\">Si<span class=\"_ _3\"></span>te As<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>st S<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>tw<span class=\"_ _3\"></span>are L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs10ee\">Purc<span class=\"_ _3\"></span>hase of ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es <span class=\"_ _19d\"> </span><span class=\"ff46\">1<span class=\"_ _b0\"> </span></span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10ef\">Al<span class=\"_ _3\"></span>l transa<span class=\"_ _3\"></span>ctions w<span class=\"_ _3\"></span>ith this relate<span class=\"_ _3\"></span>d par<span class=\"_ _3\"></span>ty were c<span class=\"_ _3\"></span>onduc<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d on norm<span class=\"_ _3\"></span>al comm<span class=\"_ _3\"></span>ercial term<span class=\"_ _3\"></span>s, equiv<span class=\"_ _3\"></span>alent to those c<span class=\"_ _3\"></span>onduc<span class=\"_ _3\"></span>ted with ex<span class=\"_ _3\"></span>ternal p<span class=\"_ _3\"></span>artie<span class=\"_ _3\"></span>s. No </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10f0\">gua<span class=\"_ _3\"></span>rantees have be<span class=\"_ _3\"></span>en given or re<span class=\"_ _3\"></span>ceived<span class=\"_ _3\"></span>. No expen<span class=\"_ _3\"></span>se has bee<span class=\"_ _3\"></span>n r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ised in the yea<span class=\"_ _3\"></span>r for bad or d<span class=\"_ _3\"></span>oubtf<span class=\"_ _3\"></span>ul debts in res<span class=\"_ _3\"></span>pect of a<span class=\"_ _3\"></span>mounts owed b<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10f1\">this rel<span class=\"_ _3\"></span>ated par<span class=\"_ _3\"></span>ty. </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs10f2\">Co<span class=\"_ _3\"></span>mpe<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of ke<span class=\"_ _3\"></span>y mana<span class=\"_ _3\"></span>gem<span class=\"_ _3\"></span>ent p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>son<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>l of th<span class=\"_ _3\"></span>e Com<span class=\"_ _3\"></span>pany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd0 wsc4 gs10f3\">2023<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs10f4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gs10f5\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs10f6\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls15 ws11 gs10f7\">Shor<span class=\"_ _3\"></span>t-term benefits<span class=\"_ _376\"> </span><span class=\"ff46 ls104 wsf9\">3<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _1f7\"> </span></span><span class=\"lsc ws8\">3<span class=\"_ _3\"></span>.273<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls14 ws10 gs10f8\">Share<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased payments<span class=\"_ _377\"> </span><span class=\"ff46 ls4f ws49\">3.86<span class=\"_ _3\"></span>6<span class=\"_ _de\"> </span></span><span class=\"ls10f ws105\">1.<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs10f9\">6.969<span class=\"_ _de\"> </span><span class=\"ff47 ls4a ws44\">4<span class=\"_ _3\"></span>.9<span class=\"_ _3\"></span>07<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10fa\">Key man<span class=\"_ _3\"></span>agement p<span class=\"_ _3\"></span>ersonn<span class=\"_ _3\"></span>el compr<span class=\"_ _3\"></span>ise the executi<span class=\"_ _3\"></span>ve Director<span class=\"_ _3\"></span>s who are dire<span class=\"_ _3\"></span>ctly resp<span class=\"_ _3\"></span>onsibl<span class=\"_ _3\"></span>e for the Group\u2019s acti<span class=\"_ _3\"></span>vities a<span class=\"_ _3\"></span>nd the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>executive </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10fb\">Direc<span class=\"_ _3\"></span>tors. T<span class=\"_ _3\"></span>he comp<span class=\"_ _3\"></span>ensati<span class=\"_ _3\"></span>on includ<span class=\"_ _3\"></span>ed above is i<span class=\"_ _3\"></span>n respec<span class=\"_ _3\"></span>t of the peri<span class=\"_ _3\"></span>od of the year d<span class=\"_ _3\"></span>uring whi<span class=\"_ _3\"></span>ch the ind<span class=\"_ _3\"></span>ividu<span class=\"_ _3\"></span>als were Direc<span class=\"_ _3\"></span>tors. Fur<span class=\"_ _3\"></span>ther det<span class=\"_ _3\"></span>ails </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs10fc\">of Direc<span class=\"_ _3\"></span>tors\u2019 emol<span class=\"_ _3\"></span>uments, p<span class=\"_ _3\"></span>ost-<span class=\"_ _3\"></span>empl<span class=\"_ _3\"></span>oyment b<span class=\"_ _3\"></span>enefits an<span class=\"_ _3\"></span>d interests are set out i<span class=\"_ _3\"></span>n the Remune<span class=\"_ _3\"></span>ration rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t on page<span class=\"_ _3\"></span>s 1<span class=\"_ _4\"></span>52 to 16<span class=\"_ _3\"></span>8.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs10fd\">Dur<span class=\"_ _3\"></span>ing 20<span class=\"_ _3\"></span>23, a me<span class=\"_ _3\"></span>mber of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s s<span class=\"_ _3\"></span>taff w<span class=\"_ _3\"></span>as secon<span class=\"_ _3\"></span>ded on a ful<span class=\"_ _3\"></span>l-<span class=\"_ _3\"></span>time basi<span class=\"_ _3\"></span>s to The 5% Club, a ch<span class=\"_ _3\"></span>arit<span class=\"_ _3\"></span>y which is a d<span class=\"_ _3\"></span>ynami<span class=\"_ _3\"></span>c movement of </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs10fe\">emp<span class=\"_ _3\"></span>loyer-m<span class=\"_ _3\"></span>ember<span class=\"_ _3\"></span>s working to c<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ate a shared pro<span class=\"_ _3\"></span>sperit<span class=\"_ _3\"></span>y acro<span class=\"_ _3\"></span>ss the UK by d<span class=\"_ _3\"></span>riving \u2018ear<span class=\"_ _3\"></span>n and lear<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>\u2019 sk<span class=\"_ _3\"></span>ills train<span class=\"_ _3\"></span>ing. Th<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pense for t<span class=\"_ _3\"></span>he salar<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs10ff\">cos<span class=\"_ _3\"></span>t<span class=\"_ gs52\"> </span>was bor<span class=\"_ _3\"></span>ne by the Grou<span class=\"_ _3\"></span>p and no con<span class=\"_ _3\"></span>siderat<span class=\"_ _3\"></span>ion was rec<span class=\"_ _3\"></span>eived in return<span class=\"_ _3\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-638": {
   "value": "38 Related par<span class=\"_ _3\"></span>ty transa<span class=\"_ _3\"></span>ctions<span class=\"_ _3ab\"> </span>Joint<span class=\"_ _4\"></span> ventures and<span class=\"_ _4\"></span> assoc<span class=\"_ _3\"></span>iat<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group has c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ted with, p<span class=\"_ _3\"></span>rovided s<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>ices to, and rec<span class=\"_ _3\"></span>eived ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent fees from, ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain joint ventures a<span class=\"_ _3\"></span>nd assoc<span class=\"_ _3\"></span>iates amou<span class=\"_ _3\"></span>nting to \u00a34<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a34<span class=\"_ _3\"></span>47<span class=\"_ _4\"></span>m). T<span class=\"_ _3\"></span>hese trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>ns occu<span class=\"_ _3\"></span>rred in the no<span class=\"_ _3\"></span>rmal co<span class=\"_ _3\"></span>urse of busi<span class=\"_ _3\"></span>ness at mar<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>et r<span class=\"_ _3\"></span>ates and terms<span class=\"_ _3\"></span>. In addit<span class=\"_ _3\"></span>ion, the G<span class=\"_ _3\"></span>roup procu<span class=\"_ _3\"></span>red equi<span class=\"_ _3\"></span>pment and l<span class=\"_ _3\"></span>abour o<span class=\"_ _3\"></span>n behalf of c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain joint ventu<span class=\"_ _3\"></span>res and asso<span class=\"_ _3\"></span>ciates wh<span class=\"_ _3\"></span>ich were recha<span class=\"_ _3\"></span>rged at co<span class=\"_ _3\"></span>st with no m<span class=\"_ _3\"></span>ark-u<span class=\"_ _3\"></span>p. The am<span class=\"_ _3\"></span>ounts due f<span class=\"_ _3\"></span>rom or to joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates at th<span class=\"_ _3\"></span>e repor<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate are disclo<span class=\"_ _3\"></span>sed in Notes 24 a<span class=\"_ _3\"></span>nd 25 respe<span class=\"_ _3\"></span>ctivel<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span>T<span class=\"_ _5\"></span>rans<span class=\"_ _3\"></span>actions with non-Group members<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group also e<span class=\"_ _3\"></span>ntered into trans<span class=\"_ _3\"></span>action<span class=\"_ _3\"></span>s and had am<span class=\"_ _3\"></span>ounts out<span class=\"_ _3\"></span>standi<span class=\"_ _3\"></span>ng with rela<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d par<span class=\"_ _3\"></span>ties whi<span class=\"_ _3\"></span>ch are not memb<span class=\"_ _3\"></span>ers of the G<span class=\"_ _3\"></span>roup as set out b<span class=\"_ _3\"></span>elow. Thi<span class=\"_ _3\"></span>s compa<span class=\"_ _3\"></span>ny was a related p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>y as it wa<span class=\"_ _3\"></span>s controlle<span class=\"_ _3\"></span>d, jointl<span class=\"_ _3\"></span>y controll<span class=\"_ _3\"></span>ed or und<span class=\"_ _3\"></span>er signifi<span class=\"_ _3\"></span>cant influe<span class=\"_ _3\"></span>nce by a Dire<span class=\"_ _3\"></span>ctor of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty pl<span class=\"_ _3\"></span>c.<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Si<span class=\"_ _3\"></span>te As<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>st S<span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>tw<span class=\"_ _3\"></span>are L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted Purc<span class=\"_ _3\"></span>hase of ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es <span class=\"_ _19d\"> </span><span class=\"ff46\">1<span class=\"_ _b0\"> </span></span>1<span class=\"_ _3ab\"> </span>Al<span class=\"_ _3\"></span>l transa<span class=\"_ _3\"></span>ctions w<span class=\"_ _3\"></span>ith this relate<span class=\"_ _3\"></span>d par<span class=\"_ _3\"></span>ty were c<span class=\"_ _3\"></span>onduc<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d on norm<span class=\"_ _3\"></span>al comm<span class=\"_ _3\"></span>ercial term<span class=\"_ _3\"></span>s, equiv<span class=\"_ _3\"></span>alent to those c<span class=\"_ _3\"></span>onduc<span class=\"_ _3\"></span>ted with ex<span class=\"_ _3\"></span>ternal p<span class=\"_ _3\"></span>artie<span class=\"_ _3\"></span>s. No gua<span class=\"_ _3\"></span>rantees have be<span class=\"_ _3\"></span>en given or re<span class=\"_ _3\"></span>ceived<span class=\"_ _3\"></span>. No expen<span class=\"_ _3\"></span>se has bee<span class=\"_ _3\"></span>n r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ised in the yea<span class=\"_ _3\"></span>r for bad or d<span class=\"_ _3\"></span>oubtf<span class=\"_ _3\"></span>ul debts in res<span class=\"_ _3\"></span>pect of a<span class=\"_ _3\"></span>mounts owed b<span class=\"_ _3\"></span>y this rel<span class=\"_ _3\"></span>ated par<span class=\"_ _3\"></span>ty. Co<span class=\"_ _3\"></span>mpe<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of ke<span class=\"_ _3\"></span>y mana<span class=\"_ _3\"></span>gem<span class=\"_ _3\"></span>ent p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>son<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>l of th<span class=\"_ _3\"></span>e Com<span class=\"_ _3\"></span>pany<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Shor<span class=\"_ _3\"></span>t-term benefits<span class=\"_ _376\"> </span><span class=\"ff46 ls104 wsf9\">3<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _1f7\"> </span></span><span class=\"lsc ws8\">3<span class=\"_ _3\"></span>.273<span class=\"_ _3ab\"> </span></span>Share<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased payments<span class=\"_ _377\"> </span><span class=\"ff46 ls4f ws49\">3.86<span class=\"_ _3\"></span>6<span class=\"_ _de\"> </span></span><span class=\"ls10f ws105\">1.<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span>6.969<span class=\"_ _de\"> </span><span class=\"ff47 ls4a ws44\">4<span class=\"_ _3\"></span>.9<span class=\"_ _3\"></span>07<span class=\"_ _3ab\"> </span></span>Key man<span class=\"_ _3\"></span>agement p<span class=\"_ _3\"></span>ersonn<span class=\"_ _3\"></span>el compr<span class=\"_ _3\"></span>ise the executi<span class=\"_ _3\"></span>ve Director<span class=\"_ _3\"></span>s who are dire<span class=\"_ _3\"></span>ctly resp<span class=\"_ _3\"></span>onsibl<span class=\"_ _3\"></span>e for the Group\u2019s acti<span class=\"_ _3\"></span>vities a<span class=\"_ _3\"></span>nd the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>executive Direc<span class=\"_ _3\"></span>tors. T<span class=\"_ _3\"></span>he comp<span class=\"_ _3\"></span>ensati<span class=\"_ _3\"></span>on includ<span class=\"_ _3\"></span>ed above is i<span class=\"_ _3\"></span>n respec<span class=\"_ _3\"></span>t of the peri<span class=\"_ _3\"></span>od of the year d<span class=\"_ _3\"></span>uring whi<span class=\"_ _3\"></span>ch the ind<span class=\"_ _3\"></span>ividu<span class=\"_ _3\"></span>als were Direc<span class=\"_ _3\"></span>tors. Fur<span class=\"_ _3\"></span>ther det<span class=\"_ _3\"></span>ails of Direc<span class=\"_ _3\"></span>tors\u2019 emol<span class=\"_ _3\"></span>uments, p<span class=\"_ _3\"></span>ost-<span class=\"_ _3\"></span>empl<span class=\"_ _3\"></span>oyment b<span class=\"_ _3\"></span>enefits an<span class=\"_ _3\"></span>d interests are set out i<span class=\"_ _3\"></span>n the Remune<span class=\"_ _3\"></span>ration rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t on page<span class=\"_ _3\"></span>s 1<span class=\"_ _4\"></span>52 to 16<span class=\"_ _3\"></span>8.<span class=\"_ _3ab\"> </span>Dur<span class=\"_ _3\"></span>ing 20<span class=\"_ _3\"></span>23, a me<span class=\"_ _3\"></span>mber of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s s<span class=\"_ _3\"></span>taff w<span class=\"_ _3\"></span>as secon<span class=\"_ _3\"></span>ded on a ful<span class=\"_ _3\"></span>l-<span class=\"_ _3\"></span>time basi<span class=\"_ _3\"></span>s to The 5% Club, a ch<span class=\"_ _3\"></span>arit<span class=\"_ _3\"></span>y which is a d<span class=\"_ _3\"></span>ynami<span class=\"_ _3\"></span>c movement of emp<span class=\"_ _3\"></span>loyer-m<span class=\"_ _3\"></span>ember<span class=\"_ _3\"></span>s working to c<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ate a shared pro<span class=\"_ _3\"></span>sperit<span class=\"_ _3\"></span>y acro<span class=\"_ _3\"></span>ss the UK by d<span class=\"_ _3\"></span>riving \u2018ear<span class=\"_ _3\"></span>n and lear<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>\u2019 sk<span class=\"_ _3\"></span>ills train<span class=\"_ _3\"></span>ing. Th<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pense for t<span class=\"_ _3\"></span>he salar<span class=\"_ _3\"></span>y cos<span class=\"_ _3\"></span>t<span class=\"_ gs52\"> </span>was bor<span class=\"_ _3\"></span>ne by the Grou<span class=\"_ _3\"></span>p and no con<span class=\"_ _3\"></span>siderat<span class=\"_ _3\"></span>ion was rec<span class=\"_ _3\"></span>eived in return<span class=\"_ _3\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-660": {
   "value": "Co<span class=\"_ _3\"></span>mpe<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of ke<span class=\"_ _3\"></span>y mana<span class=\"_ _3\"></span>gem<span class=\"_ _3\"></span>ent p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>son<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>l of th<span class=\"_ _3\"></span>e Com<span class=\"_ _3\"></span>pany<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Shor<span class=\"_ _3\"></span>t-term benefits<span class=\"_ _376\"> </span><span class=\"ff46 ls104 wsf9\">3<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _1f7\"> </span></span><span class=\"lsc ws8\">3<span class=\"_ _3\"></span>.273<span class=\"_ _3ab\"> </span></span>Share<span class=\"_ _3\"></span>-b<span class=\"_ _3\"></span>ased payments<span class=\"_ _377\"> </span><span class=\"ff46 ls4f ws49\">3.86<span class=\"_ _3\"></span>6<span class=\"_ _de\"> </span></span><span class=\"ls10f ws105\">1.<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _3ab\"> </span></span>6.969<span class=\"_ _de\"> </span><span class=\"ff47 ls4a ws44\">4<span class=\"_ _3\"></span>.9<span class=\"_ _3\"></span>07<span class=\"_ _3ab\"> </span></span>Key man<span class=\"_ _3\"></span>agement p<span class=\"_ _3\"></span>ersonn<span class=\"_ _3\"></span>el compr<span class=\"_ _3\"></span>ise the executi<span class=\"_ _3\"></span>ve Director<span class=\"_ _3\"></span>s who are dire<span class=\"_ _3\"></span>ctly resp<span class=\"_ _3\"></span>onsibl<span class=\"_ _3\"></span>e for the Group\u2019s acti<span class=\"_ _3\"></span>vities a<span class=\"_ _3\"></span>nd the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>executive Direc<span class=\"_ _3\"></span>tors. T<span class=\"_ _3\"></span>he comp<span class=\"_ _3\"></span>ensati<span class=\"_ _3\"></span>on includ<span class=\"_ _3\"></span>ed above is i<span class=\"_ _3\"></span>n respec<span class=\"_ _3\"></span>t of the peri<span class=\"_ _3\"></span>od of the year d<span class=\"_ _3\"></span>uring whi<span class=\"_ _3\"></span>ch the ind<span class=\"_ _3\"></span>ividu<span class=\"_ _3\"></span>als were Direc<span class=\"_ _3\"></span>tors. Fur<span class=\"_ _3\"></span>ther det<span class=\"_ _3\"></span>ails of Direc<span class=\"_ _3\"></span>tors\u2019 emol<span class=\"_ _3\"></span>uments, p<span class=\"_ _3\"></span>ost-<span class=\"_ _3\"></span>empl<span class=\"_ _3\"></span>oyment b<span class=\"_ _3\"></span>enefits an<span class=\"_ _3\"></span>d interests are set out i<span class=\"_ _3\"></span>n the Remune<span class=\"_ _3\"></span>ration rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t on page<span class=\"_ _3\"></span>s 1<span class=\"_ _4\"></span>52 to 16<span class=\"_ _3\"></span>8.<span class=\"_ _3ab\"> </span>Dur<span class=\"_ _3\"></span>ing 20<span class=\"_ _3\"></span>23, a me<span class=\"_ _3\"></span>mber of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s s<span class=\"_ _3\"></span>taff w<span class=\"_ _3\"></span>as secon<span class=\"_ _3\"></span>ded on a ful<span class=\"_ _3\"></span>l-<span class=\"_ _3\"></span>time basi<span class=\"_ _3\"></span>s to The 5% Club, a ch<span class=\"_ _3\"></span>arit<span class=\"_ _3\"></span>y which is a d<span class=\"_ _3\"></span>ynami<span class=\"_ _3\"></span>c movement of emp<span class=\"_ _3\"></span>loyer-m<span class=\"_ _3\"></span>ember<span class=\"_ _3\"></span>s working to c<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ate a shared pro<span class=\"_ _3\"></span>sperit<span class=\"_ _3\"></span>y acro<span class=\"_ _3\"></span>ss the UK by d<span class=\"_ _3\"></span>riving \u2018ear<span class=\"_ _3\"></span>n and lear<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>\u2019 sk<span class=\"_ _3\"></span>ills train<span class=\"_ _3\"></span>ing. Th<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pense for t<span class=\"_ _3\"></span>he salar<span class=\"_ _3\"></span>y cos<span class=\"_ _3\"></span>t<span class=\"_ gs52\"> </span>was bor<span class=\"_ _3\"></span>ne by the Grou<span class=\"_ _3\"></span>p and no con<span class=\"_ _3\"></span>siderat<span class=\"_ _3\"></span>ion was rec<span class=\"_ _3\"></span>eived in return<span class=\"_ _3\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-603": {
   "value": "<div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls5 ws3 gs1101\">39 Even<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>ft<span class=\"_ _3\"></span>er the r<span class=\"_ _3\"></span>epo<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ting da<span class=\"_ _3\"></span>te<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1102\">In the p<span class=\"_ _3\"></span>eriod f<span class=\"_ _3\"></span>rom 1 Janua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>024 to 1<span class=\"_ _5\"></span>1 M<span class=\"_ _3\"></span>arch 20<span class=\"_ _3\"></span>24 (the lates<span class=\"_ _3\"></span>t practi<span class=\"_ _3\"></span>cabl<span class=\"_ _3\"></span>e date prio<span class=\"_ _3\"></span>r to the date of this ann<span class=\"_ _3\"></span>ual repor<span class=\"_ _3\"></span>t and a<span class=\"_ _3\"></span>ccount<span class=\"_ _3\"></span>s), the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1103\">Co<span class=\"_ _3\"></span>mpany purc<span class=\"_ _3\"></span>hased 8<span class=\"_ _3\"></span>.2m o<span class=\"_ _3\"></span>rdinar<span class=\"_ _3\"></span>y shares<span class=\"_ _3\"></span>, which are he<span class=\"_ _3\"></span>ld in treasur<span class=\"_ _3\"></span>y wi<span class=\"_ _3\"></span>th no voting ri<span class=\"_ _3\"></span>ghts, for a total c<span class=\"_ _3\"></span>onside<span class=\"_ _3\"></span>ration of \u00a3<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>m (inclu<span class=\"_ _3\"></span>ding st<span class=\"_ _3\"></span>amp </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1104\">dut<span class=\"_ _3\"></span>y and fees).<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1105\">Th<span class=\"_ _3\"></span>ere were no other ma<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rial po<span class=\"_ _3\"></span>st balan<span class=\"_ _3\"></span>ce sheet events a<span class=\"_ _3\"></span>rising af<span class=\"_ _3\"></span>ter the repo<span class=\"_ _3\"></span>rti<span class=\"_ _3\"></span>ng date.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-661": {
   "value": "Capital<span class=\"_ _4\"></span> risk mana<span class=\"_ _4\"></span>gement<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group man<span class=\"_ _3\"></span>ages it<span class=\"_ _3\"></span>s capit<span class=\"_ _3\"></span>al to ensure its a<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y to continue a<span class=\"_ _3\"></span>s a going c<span class=\"_ _3\"></span>oncern a<span class=\"_ _3\"></span>nd to maintai<span class=\"_ _3\"></span>n an optima<span class=\"_ _3\"></span>l capit<span class=\"_ _3\"></span>al stru<span class=\"_ _3\"></span>cture to reduc<span class=\"_ _3\"></span>e the cos<span class=\"_ _3\"></span>t of capit<span class=\"_ _3\"></span>al. Th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>onents of c<span class=\"_ _3\"></span>apital a<span class=\"_ _3\"></span>re as follows: equ<span class=\"_ _3\"></span>ity at<span class=\"_ _3\"></span>trib<span class=\"_ _3\"></span>utabl<span class=\"_ _3\"></span>e to equit<span class=\"_ _3\"></span>y hold<span class=\"_ _3\"></span>ers of the C<span class=\"_ _3\"></span>ompany c<span class=\"_ _3\"></span>ompris<span class=\"_ _3\"></span>ing issue<span class=\"_ _3\"></span>d ordinar<span class=\"_ _3\"></span>y share c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al, reser<span class=\"_ _3\"></span>ves and reta<span class=\"_ _3\"></span>ined ear<span class=\"_ _3\"></span>nings as di<span class=\"_ _3\"></span>sclose<span class=\"_ _3\"></span>d in Notes 31 and 3<span class=\"_ _3\"></span>2; US pri<span class=\"_ _3\"></span>vate place<span class=\"_ _3\"></span>ment as disc<span class=\"_ _3\"></span>losed in N<span class=\"_ _3\"></span>ote 27; and cash a<span class=\"_ _3\"></span>nd ca<span class=\"_ _3\"></span>sh<span class=\"_ gs52\"> </span>equiva<span class=\"_ _3\"></span>lents and b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs as disc<span class=\"_ _3\"></span>losed in N<span class=\"_ _3\"></span>ote 27<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group mai<span class=\"_ _3\"></span>ntains or ad<span class=\"_ _3\"></span>justs it<span class=\"_ _3\"></span>s capit<span class=\"_ _3\"></span>al stru<span class=\"_ _3\"></span>cture throug<span class=\"_ _3\"></span>h the paym<span class=\"_ _3\"></span>ent of divi<span class=\"_ _3\"></span>dends to eq<span class=\"_ _3\"></span>uity h<span class=\"_ _3\"></span>older<span class=\"_ _3\"></span>s, issue of new sh<span class=\"_ _3\"></span>ares and bu<span class=\"_ _3\"></span>ybac<span class=\"_ _3\"></span>k of existin<span class=\"_ _3\"></span>g shares, an<span class=\"_ _3\"></span>d drawdow<span class=\"_ _3\"></span>n of new borrow<span class=\"_ _3\"></span>ings and re<span class=\"_ _3\"></span>payment of exi<span class=\"_ _3\"></span>sting bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s. The p<span class=\"_ _3\"></span>olicy of th<span class=\"_ _3\"></span>e Group is to ensure an a<span class=\"_ _3\"></span>pprop<span class=\"_ _3\"></span>riate bal<span class=\"_ _3\"></span>ance bet<span class=\"_ _3\"></span>ween c<span class=\"_ _3\"></span>ash, bor<span class=\"_ _3\"></span>rowings (ot<span class=\"_ _3\"></span>her than th<span class=\"_ _3\"></span>e non<span class=\"_ _3\"></span>-rec<span class=\"_ _3\"></span>ourse b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs of comp<span class=\"_ _3\"></span>anies eng<span class=\"_ _3\"></span>aged in I<span class=\"_ _3\"></span>nfrastru<span class=\"_ _3\"></span>cture Investm<span class=\"_ _3\"></span>ents proje<span class=\"_ _3\"></span>cts), working capital and the value in the In<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>uctur<span class=\"_ _4\"></span>e Investments inv<span class=\"_ _4\"></span>estment por<span class=\"_ _3\"></span>tfolio.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e overall ca<span class=\"_ _3\"></span>pital r<span class=\"_ _3\"></span>isk manag<span class=\"_ _3\"></span>ement stra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>gy of the G<span class=\"_ _3\"></span>roup remains u<span class=\"_ _3\"></span>nchan<span class=\"_ _3\"></span>ged from 20<span class=\"_ _3\"></span>22. In 20<span class=\"_ _3\"></span>23 the C<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>any comme<span class=\"_ _3\"></span>nced the t<span class=\"_ _3\"></span>hird phase of i<span class=\"_ _3\"></span>ts share bu<span class=\"_ _3\"></span>yback p<span class=\"_ _3\"></span>rogramm<span class=\"_ _3\"></span>e, which c<span class=\"_ _3\"></span>ompleted o<span class=\"_ _3\"></span>n 1<span class=\"_ _4\"></span>5 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3. T<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any purch<span class=\"_ _3\"></span>ased 4<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>3m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: 52.0<span class=\"_ _3\"></span>m) shares for a tot<span class=\"_ _3\"></span>al consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>5<span class=\"_ _3\"></span>0m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3150<span class=\"_ _3\"></span>m) and hel<span class=\"_ _3\"></span>d these sha<span class=\"_ _3\"></span>res in treasur<span class=\"_ _3\"></span>y wit<span class=\"_ _3\"></span>h no voting rig<span class=\"_ _3\"></span>hts. The p<span class=\"_ _3\"></span>urchase of th<span class=\"_ _3\"></span>ese shares<span class=\"_ _3\"></span>, t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>gether w<span class=\"_ _3\"></span>ith asso<span class=\"_ _3\"></span>ciated fees an<span class=\"_ _3\"></span>d stamp d<span class=\"_ _3\"></span>uty am<span class=\"_ _3\"></span>ounting to \u00a31m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m), u<span class=\"_ _3\"></span>tilised \u00a3151<span class=\"_ _5\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a315<span class=\"_ _4\"></span>1m) of the Co<span class=\"_ _3\"></span>mpany\u2019s distr<span class=\"_ _3\"></span>ibuta<span class=\"_ _3\"></span>ble profit<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>On 2<span class=\"_ _3\"></span>0 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Com<span class=\"_ _3\"></span>pany can<span class=\"_ _3\"></span>celled th<span class=\"_ _3\"></span>e 43<span class=\"_ _3\"></span>.3<span class=\"_ _3\"></span>m treasur<span class=\"_ _3\"></span>y shares p<span class=\"_ _3\"></span>urchase<span class=\"_ _3\"></span>d through th<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3 phase of it<span class=\"_ _3\"></span>s share buy<span class=\"_ _3\"></span>back p<span class=\"_ _3\"></span>rogramm<span class=\"_ _3\"></span>e (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: 1<span class=\"_ _4\"></span>0<span class=\"_ _3\"></span>2.3<span class=\"_ _3\"></span>m)<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his can<span class=\"_ _3\"></span>cellati<span class=\"_ _3\"></span>on resulted in a d<span class=\"_ _3\"></span>ecrease i<span class=\"_ _3\"></span>n called<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up sha<span class=\"_ _3\"></span>re capit<span class=\"_ _3\"></span>al in issue of \u00a3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>) and a cor<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>spond<span class=\"_ _3\"></span>ing incre<span class=\"_ _3\"></span>ase in the c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al redempt<span class=\"_ _3\"></span>ion reser<span class=\"_ _3\"></span>ve.<span class=\"_ _3ab\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-639": {
   "value": "Capital<span class=\"_ _4\"></span> risk mana<span class=\"_ _4\"></span>gement<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group man<span class=\"_ _3\"></span>ages it<span class=\"_ _3\"></span>s capit<span class=\"_ _3\"></span>al to ensure its a<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y to continue a<span class=\"_ _3\"></span>s a going c<span class=\"_ _3\"></span>oncern a<span class=\"_ _3\"></span>nd to maintai<span class=\"_ _3\"></span>n an optima<span class=\"_ _3\"></span>l capit<span class=\"_ _3\"></span>al stru<span class=\"_ _3\"></span>cture to reduc<span class=\"_ _3\"></span>e the cos<span class=\"_ _3\"></span>t of capit<span class=\"_ _3\"></span>al. Th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>onents of c<span class=\"_ _3\"></span>apital a<span class=\"_ _3\"></span>re as follows: equ<span class=\"_ _3\"></span>ity at<span class=\"_ _3\"></span>trib<span class=\"_ _3\"></span>utabl<span class=\"_ _3\"></span>e to equit<span class=\"_ _3\"></span>y hold<span class=\"_ _3\"></span>ers of the C<span class=\"_ _3\"></span>ompany c<span class=\"_ _3\"></span>ompris<span class=\"_ _3\"></span>ing issue<span class=\"_ _3\"></span>d ordinar<span class=\"_ _3\"></span>y share c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al, reser<span class=\"_ _3\"></span>ves and reta<span class=\"_ _3\"></span>ined ear<span class=\"_ _3\"></span>nings as di<span class=\"_ _3\"></span>sclose<span class=\"_ _3\"></span>d in Notes 31 and 3<span class=\"_ _3\"></span>2; US pri<span class=\"_ _3\"></span>vate place<span class=\"_ _3\"></span>ment as disc<span class=\"_ _3\"></span>losed in N<span class=\"_ _3\"></span>ote 27; and cash a<span class=\"_ _3\"></span>nd ca<span class=\"_ _3\"></span>sh<span class=\"_ gs52\"> </span>equiva<span class=\"_ _3\"></span>lents and b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs as disc<span class=\"_ _3\"></span>losed in N<span class=\"_ _3\"></span>ote 27<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group mai<span class=\"_ _3\"></span>ntains or ad<span class=\"_ _3\"></span>justs it<span class=\"_ _3\"></span>s capit<span class=\"_ _3\"></span>al stru<span class=\"_ _3\"></span>cture throug<span class=\"_ _3\"></span>h the paym<span class=\"_ _3\"></span>ent of divi<span class=\"_ _3\"></span>dends to eq<span class=\"_ _3\"></span>uity h<span class=\"_ _3\"></span>older<span class=\"_ _3\"></span>s, issue of new sh<span class=\"_ _3\"></span>ares and bu<span class=\"_ _3\"></span>ybac<span class=\"_ _3\"></span>k of existin<span class=\"_ _3\"></span>g shares, an<span class=\"_ _3\"></span>d drawdow<span class=\"_ _3\"></span>n of new borrow<span class=\"_ _3\"></span>ings and re<span class=\"_ _3\"></span>payment of exi<span class=\"_ _3\"></span>sting bo<span class=\"_ _3\"></span>rrowing<span class=\"_ _3\"></span>s. The p<span class=\"_ _3\"></span>olicy of th<span class=\"_ _3\"></span>e Group is to ensure an a<span class=\"_ _3\"></span>pprop<span class=\"_ _3\"></span>riate bal<span class=\"_ _3\"></span>ance bet<span class=\"_ _3\"></span>ween c<span class=\"_ _3\"></span>ash, bor<span class=\"_ _3\"></span>rowings (ot<span class=\"_ _3\"></span>her than th<span class=\"_ _3\"></span>e non<span class=\"_ _3\"></span>-rec<span class=\"_ _3\"></span>ourse b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs of comp<span class=\"_ _3\"></span>anies eng<span class=\"_ _3\"></span>aged in I<span class=\"_ _3\"></span>nfrastru<span class=\"_ _3\"></span>cture Investm<span class=\"_ _3\"></span>ents proje<span class=\"_ _3\"></span>cts), working capital and the value in the In<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>uctur<span class=\"_ _4\"></span>e Investments inv<span class=\"_ _4\"></span>estment por<span class=\"_ _3\"></span>tfolio.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e overall ca<span class=\"_ _3\"></span>pital r<span class=\"_ _3\"></span>isk manag<span class=\"_ _3\"></span>ement stra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>gy of the G<span class=\"_ _3\"></span>roup remains u<span class=\"_ _3\"></span>nchan<span class=\"_ _3\"></span>ged from 20<span class=\"_ _3\"></span>22. In 20<span class=\"_ _3\"></span>23 the C<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>any comme<span class=\"_ _3\"></span>nced the t<span class=\"_ _3\"></span>hird phase of i<span class=\"_ _3\"></span>ts share bu<span class=\"_ _3\"></span>yback p<span class=\"_ _3\"></span>rogramm<span class=\"_ _3\"></span>e, which c<span class=\"_ _3\"></span>ompleted o<span class=\"_ _3\"></span>n 1<span class=\"_ _4\"></span>5 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3. T<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any purch<span class=\"_ _3\"></span>ased 4<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>3m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: 52.0<span class=\"_ _3\"></span>m) shares for a tot<span class=\"_ _3\"></span>al consi<span class=\"_ _3\"></span>deratio<span class=\"_ _3\"></span>n of \u00a31<span class=\"_ _4\"></span>5<span class=\"_ _3\"></span>0m (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: \u00a3150<span class=\"_ _3\"></span>m) and hel<span class=\"_ _3\"></span>d these sha<span class=\"_ _3\"></span>res in treasur<span class=\"_ _3\"></span>y wit<span class=\"_ _3\"></span>h no voting rig<span class=\"_ _3\"></span>hts. The p<span class=\"_ _3\"></span>urchase of th<span class=\"_ _3\"></span>ese shares<span class=\"_ _3\"></span>, t<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>gether w<span class=\"_ _3\"></span>ith asso<span class=\"_ _3\"></span>ciated fees an<span class=\"_ _3\"></span>d stamp d<span class=\"_ _3\"></span>uty am<span class=\"_ _3\"></span>ounting to \u00a31m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m), u<span class=\"_ _3\"></span>tilised \u00a3151<span class=\"_ _5\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a315<span class=\"_ _4\"></span>1m) of the Co<span class=\"_ _3\"></span>mpany\u2019s distr<span class=\"_ _3\"></span>ibuta<span class=\"_ _3\"></span>ble profit<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>On 2<span class=\"_ _3\"></span>0 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he Com<span class=\"_ _3\"></span>pany can<span class=\"_ _3\"></span>celled th<span class=\"_ _3\"></span>e 43<span class=\"_ _3\"></span>.3<span class=\"_ _3\"></span>m treasur<span class=\"_ _3\"></span>y shares p<span class=\"_ _3\"></span>urchase<span class=\"_ _3\"></span>d through th<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3 phase of it<span class=\"_ _3\"></span>s share buy<span class=\"_ _3\"></span>back p<span class=\"_ _3\"></span>rogramm<span class=\"_ _3\"></span>e (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: 1<span class=\"_ _4\"></span>0<span class=\"_ _3\"></span>2.3<span class=\"_ _3\"></span>m)<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>his can<span class=\"_ _3\"></span>cellati<span class=\"_ _3\"></span>on resulted in a d<span class=\"_ _3\"></span>ecrease i<span class=\"_ _3\"></span>n called<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>up sha<span class=\"_ _3\"></span>re capit<span class=\"_ _3\"></span>al in issue of \u00a3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2m (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>) and a cor<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>spond<span class=\"_ _3\"></span>ing incre<span class=\"_ _3\"></span>ase in the c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al redempt<span class=\"_ _3\"></span>ion reser<span class=\"_ _3\"></span>ve.<span class=\"_ _3ab\"> </span>Financial risk factors<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s activ<span class=\"_ _3\"></span>ities expo<span class=\"_ _3\"></span>se it to a variet<span class=\"_ _3\"></span>y of finan<span class=\"_ _3\"></span>cial risk<span class=\"_ _3\"></span>s: market risk; cre<span class=\"_ _3\"></span>dit risk<span class=\"_ _3\"></span>; and liqui<span class=\"_ _3\"></span>dity r<span class=\"_ _3\"></span>isk. T<span class=\"_ _3\"></span>he Group\u2019s financ<span class=\"_ _3\"></span>ial risk man<span class=\"_ _3\"></span>ageme<span class=\"_ _3\"></span>nt strate<span class=\"_ _3\"></span>gy seeks to mi<span class=\"_ _3\"></span>nimise the p<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ntial adve<span class=\"_ _3\"></span>rse effec<span class=\"_ _3\"></span>t of these ris<span class=\"_ _3\"></span>ks on the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s fina<span class=\"_ _3\"></span>ncial pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>mance.<span class=\"_ _3ab\"> </span>Fina<span class=\"_ _3\"></span>ncial ri<span class=\"_ _3\"></span>sk manag<span class=\"_ _3\"></span>ement is ca<span class=\"_ _3\"></span>rried ou<span class=\"_ _3\"></span>t centrall<span class=\"_ _3\"></span>y by Group T<span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>y under p<span class=\"_ _3\"></span>olicies a<span class=\"_ _3\"></span>pproved by th<span class=\"_ _3\"></span>e Board<span class=\"_ _3\"></span>. Group T<span class=\"_ _4\"></span>reasu<span class=\"_ _3\"></span>ry li<span class=\"_ _3\"></span>aises wit<span class=\"_ _3\"></span>h the Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s busin<span class=\"_ _3\"></span>ess units to id<span class=\"_ _3\"></span>entif<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, evalu<span class=\"_ _3\"></span>ate and hedg<span class=\"_ _3\"></span>e financ<span class=\"_ _3\"></span>ial risks. T<span class=\"_ _3\"></span>he Bo<span class=\"_ _3\"></span>ard provid<span class=\"_ _3\"></span>es writ<span class=\"_ _3\"></span>ten princ<span class=\"_ _3\"></span>iples for over<span class=\"_ _3\"></span>all finan<span class=\"_ _3\"></span>cial risk m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent, as well as w<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>ten polic<span class=\"_ _3\"></span>ies coverin<span class=\"_ _3\"></span>g speci<span class=\"_ _3\"></span>fic areas, s<span class=\"_ _3\"></span>uch as foreign exch<span class=\"_ _3\"></span>ange risk<span class=\"_ _3\"></span>, interest rate ri<span class=\"_ _3\"></span>sk, cred<span class=\"_ _3\"></span>it risk, u<span class=\"_ _3\"></span>se of deriv<span class=\"_ _3\"></span>ative finan<span class=\"_ _3\"></span>cial instr<span class=\"_ _3\"></span>uments an<span class=\"_ _3\"></span>d non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>deriva<span class=\"_ _3\"></span>tive finan<span class=\"_ _3\"></span>cial instr<span class=\"_ _3\"></span>uments, a<span class=\"_ _3\"></span>nd the investm<span class=\"_ _3\"></span>ent of ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ess liqui<span class=\"_ _3\"></span>dit<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>. C<span class=\"_ _3\"></span>ompl<span class=\"_ _3\"></span>iance wi<span class=\"_ _3\"></span>th polic<span class=\"_ _3\"></span>ies and exp<span class=\"_ _3\"></span>osure limit<span class=\"_ _3\"></span>s is<span class=\"_ gs52\"> </span>moni<span class=\"_ _3\"></span>tored throug<span class=\"_ _3\"></span>h the Group\u2019s internal au<span class=\"_ _3\"></span>dit and ri<span class=\"_ _3\"></span>sk manag<span class=\"_ _3\"></span>ement proc<span class=\"_ _3\"></span>edures. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p uses deri<span class=\"_ _3\"></span>vative fin<span class=\"_ _3\"></span>ancial in<span class=\"_ _3\"></span>strument<span class=\"_ _3\"></span>s to hedge cer<span class=\"_ _3\"></span>tain r<span class=\"_ _3\"></span>isk exposu<span class=\"_ _3\"></span>res. The G<span class=\"_ _3\"></span>roup doe<span class=\"_ _3\"></span>s not trade i<span class=\"_ _3\"></span>n financi<span class=\"_ _3\"></span>al instrum<span class=\"_ _3\"></span>ents, inc<span class=\"_ _3\"></span>luding d<span class=\"_ _3\"></span>erivati<span class=\"_ _3\"></span>ve financ<span class=\"_ _3\"></span>ial instru<span class=\"_ _3\"></span>ments, for sp<span class=\"_ _3\"></span>ecula<span class=\"_ _3\"></span>tive purp<span class=\"_ _3\"></span>oses.<span class=\"_ _3ab\"> </span>(a<span class=\"_ _4\"></span>) M<span class=\"_ _3\"></span>arke<span class=\"_ _3\"></span>t ris<span class=\"_ _3\"></span>k<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s activ<span class=\"_ _3\"></span>ities expo<span class=\"_ _3\"></span>se it prim<span class=\"_ _3\"></span>arily to the f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al risks of cha<span class=\"_ _3\"></span>nges in foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hange ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and interest rates<span class=\"_ _3\"></span>. The Gro<span class=\"_ _3\"></span>up enters into a variet<span class=\"_ _3\"></span>y of der<span class=\"_ _3\"></span>ivative fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l instrum<span class=\"_ _3\"></span>ents to manag<span class=\"_ _3\"></span>e its exp<span class=\"_ _3\"></span>osure to interest rate and forei<span class=\"_ _3\"></span>gn curren<span class=\"_ _3\"></span>cy risk<span class=\"_ _3\"></span>, includi<span class=\"_ _3\"></span>ng: <span class=\"_ _1dd\"></span>\u00bb<span class=\"_ _1e2\"> </span><span class=\"ls3\">for<span class=\"_ _3\"></span>ward foreign exch<span class=\"_ _3\"></span>ange co<span class=\"_ _3\"></span>ntracts to h<span class=\"_ _3\"></span>edge th<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>xch<span class=\"_ _3\"></span>ange rate r<span class=\"_ _3\"></span>isk arising o<span class=\"_ _3\"></span>n tradin<span class=\"_ _3\"></span>g activ<span class=\"_ _3\"></span>ities tran<span class=\"_ _3\"></span>sacted i<span class=\"_ _3\"></span>n a currenc<span class=\"_ _3\"></span>y that is not the fu<span class=\"_ _3\"></span>nctio<span class=\"_ _3\"></span>nal </span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ncy of the bu<span class=\"_ _3\"></span>siness uni<span class=\"_ _3\"></span>t; and <span class=\"_ _1dd\"></span>\u00bb<span class=\"_ _1e2\"> </span><span class=\"ls3\">interest rate sw<span class=\"_ _3\"></span>aps to mitig<span class=\"_ _3\"></span>ate the cas<span class=\"_ _3\"></span>h flow varia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y in non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>recours<span class=\"_ _3\"></span>e project f<span class=\"_ _3\"></span>inance l<span class=\"_ _3\"></span>oans aris<span class=\"_ _3\"></span>ing from var<span class=\"_ _3\"></span>iable interes<span class=\"_ _3\"></span>t rates on bor<span class=\"_ _3\"></span>rowings<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>ere has bee<span class=\"_ _3\"></span>n no materia<span class=\"_ _3\"></span>l change to th<span class=\"_ _3\"></span>e Group\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to ma<span class=\"_ _3\"></span>rk<span class=\"_ _4\"></span>et r<span class=\"_ _3\"></span>isks and there h<span class=\"_ _3\"></span>as been no c<span class=\"_ _3\"></span>hange i<span class=\"_ _3\"></span>n how the Grou<span class=\"_ _3\"></span>p manage<span class=\"_ _3\"></span>s those risks since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span>(i) F<span class=\"_ _3\"></span>oreign cu<span class=\"_ _3\"></span>rrency ri<span class=\"_ _3\"></span>sk manag<span class=\"_ _3\"></span>ement<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group op<span class=\"_ _3\"></span>erates intern<span class=\"_ _3\"></span>ationall<span class=\"_ _3\"></span>y and is exp<span class=\"_ _3\"></span>osed to foreign excha<span class=\"_ _3\"></span>nge risk ar<span class=\"_ _3\"></span>ising from exp<span class=\"_ _3\"></span>osure to vari<span class=\"_ _3\"></span>ous curren<span class=\"_ _3\"></span>cies, pr<span class=\"_ _3\"></span>imaril<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>o U<span class=\"_ _3\"></span>S dolla<span class=\"_ _3\"></span>rs, euros<span class=\"_ _3\"></span> and Hong Kong<span class=\"_ _4\"></span> dollars. Foreign e<span class=\"_ _4\"></span>xchange risk<span class=\"_ _4\"></span> arises from f<span class=\"_ _4\"></span>uture trading<span class=\"_ _4\"></span> transactions, assets and<span class=\"_ _4\"></span> liabilities and<span class=\"_ _4\"></span> net inv<span class=\"_ _4\"></span>estments in f<span class=\"_ _4\"></span>oreign operations.<span class=\"_ _3ab\"> </span>Grou<span class=\"_ _3\"></span>p polic<span class=\"_ _3\"></span>y r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>quires bus<span class=\"_ _3\"></span>iness unit<span class=\"_ _3\"></span>s to manag<span class=\"_ _3\"></span>e their trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>nal foreign excha<span class=\"_ _3\"></span>nge risk a<span class=\"_ _3\"></span>gainst th<span class=\"_ _3\"></span>eir functi<span class=\"_ _3\"></span>onal cur<span class=\"_ _3\"></span>rency. Whenever a c<span class=\"_ _3\"></span>urrent or<span class=\"_ _3\"></span> future forei<span class=\"_ _3\"></span>gn curren<span class=\"_ _3\"></span>cy exposu<span class=\"_ _3\"></span>re is identifi<span class=\"_ _3\"></span>ed with su<span class=\"_ _3\"></span>ffic<span class=\"_ _3\"></span>ient reliabil<span class=\"_ _3\"></span>ity, Group T<span class=\"_ _4\"></span>rea<span class=\"_ _3\"></span>sury e<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rs into forw<span class=\"_ _3\"></span>ard contra<span class=\"_ _3\"></span>cts on b<span class=\"_ _3\"></span>ehalf of bu<span class=\"_ _3\"></span>siness uni<span class=\"_ _3\"></span>ts to cover 10<span class=\"_ _3\"></span>0% of foreign exchan<span class=\"_ _3\"></span>ge risk ab<span class=\"_ _3\"></span>ove material<span class=\"_ _3\"></span>ity level<span class=\"_ _3\"></span>s determine<span class=\"_ _3\"></span>d by the Chief Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Of<span class=\"_ _3\"></span>ficer<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>As a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he notiona<span class=\"_ _3\"></span>l princi<span class=\"_ _3\"></span>pal amou<span class=\"_ _3\"></span>nts of foreign exchan<span class=\"_ _3\"></span>ge contr<span class=\"_ _3\"></span>acts in res<span class=\"_ _3\"></span>pect of foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y trans<span class=\"_ _3\"></span>action<span class=\"_ _3\"></span>s where hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting is n<span class=\"_ _3\"></span>ot applie<span class=\"_ _3\"></span>d was \u00a351<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a316m) rec<span class=\"_ _3\"></span>eivabl<span class=\"_ _3\"></span>e and \u00a35<span class=\"_ _3\"></span>2m (20<span class=\"_ _3\"></span>22: \u00a316<span class=\"_ _3\"></span>m) payabl<span class=\"_ _3\"></span>e with relate<span class=\"_ _3\"></span>d cash flow<span class=\"_ _3\"></span>s expec<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d to occur w<span class=\"_ _3\"></span>ithin three<span class=\"_ _3\"></span> years (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: three ye<span class=\"_ _3\"></span>ars). The foreig<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>xc<span class=\"_ _3\"></span>hange g<span class=\"_ _3\"></span>ains or los<span class=\"_ _3\"></span>ses resultin<span class=\"_ _3\"></span>g from fair valui<span class=\"_ _3\"></span>ng these unh<span class=\"_ _3\"></span>edge<span class=\"_ _3\"></span>d foreign exchang<span class=\"_ _3\"></span>e contra<span class=\"_ _3\"></span>cts will a<span class=\"_ _3\"></span>ffect th<span class=\"_ _3\"></span>e income statemen<span class=\"_ _4\"></span>t throughout the same<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>eriods.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group has n<span class=\"_ _3\"></span>ot design<span class=\"_ _3\"></span>ated any for<span class=\"_ _3\"></span>ward exchang<span class=\"_ _3\"></span>e contrac<span class=\"_ _3\"></span>ts as ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges in 20<span class=\"_ _3\"></span>22 an<span class=\"_ _3\"></span>d 202<span class=\"_ _3\"></span>3.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s investments in fore<span class=\"_ _3\"></span>ign oper<span class=\"_ _3\"></span>ations are exp<span class=\"_ _3\"></span>osed to foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y transla<span class=\"_ _3\"></span>tion risks<span class=\"_ _3\"></span>. The Grou<span class=\"_ _3\"></span>p does not e<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r into f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rwa<span class=\"_ _3\"></span>rd foreign exchang<span class=\"_ _3\"></span>e or other de<span class=\"_ _3\"></span>rivative c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts to hedg<span class=\"_ _3\"></span>e foreign cur<span class=\"_ _3\"></span>rency den<span class=\"_ _3\"></span>ominated n<span class=\"_ _3\"></span>et assets.<span class=\"_ _3ab\"> </span>In Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>2 the Grou<span class=\"_ _3\"></span>p raised U<span class=\"_ _3\"></span>S$158<span class=\"_ _3\"></span>m of debt in th<span class=\"_ _3\"></span>e form of new US pr<span class=\"_ _3\"></span>ivate pla<span class=\"_ _3\"></span>cement (U<span class=\"_ _3\"></span>SPP<span class=\"_ _3\"></span>) notes on term<span class=\"_ _3\"></span>s and cond<span class=\"_ _3\"></span>itions m<span class=\"_ _3\"></span>aterially t<span class=\"_ _3\"></span>he same<span class=\"_ _3\"></span> as the exi<span class=\"_ _3\"></span>sting US<span class=\"_ _3\"></span>PP notes rais<span class=\"_ _3\"></span>ed in 2013, of whic<span class=\"_ _3\"></span>h US<span class=\"_ _3\"></span>$5<span class=\"_ _3\"></span>0m rema<span class=\"_ _3\"></span>ined out<span class=\"_ _3\"></span>stand<span class=\"_ _3\"></span>ing at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>. The U<span class=\"_ _3\"></span>SPP notes a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e d<span class=\"_ _3\"></span>esigna<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d as a net investm<span class=\"_ _3\"></span>ent hedg<span class=\"_ _3\"></span>e against c<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>s in the value of th<span class=\"_ _3\"></span>e Group\u2019s US net asset<span class=\"_ _3\"></span>s due to ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hange m<span class=\"_ _3\"></span>ovements. T<span class=\"_ _3\"></span>he Group re<span class=\"_ _3\"></span>assess<span class=\"_ _3\"></span>ed the US<span class=\"_ _3\"></span>$2<span class=\"_ _3\"></span>08<span class=\"_ _3\"></span>m hed<span class=\"_ _3\"></span>ge at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd conc<span class=\"_ _3\"></span>luded th<span class=\"_ _3\"></span>at the hed<span class=\"_ _3\"></span>ge continu<span class=\"_ _3\"></span>ed to be ef<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ctive. E<span class=\"_ _3\"></span>xchang<span class=\"_ _3\"></span>e movements in t<span class=\"_ _3\"></span>he year led to a \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>4m re<span class=\"_ _3\"></span>ductio<span class=\"_ _3\"></span>n in the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying am<span class=\"_ _3\"></span>ount of the lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y on the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>m increase). A<span class=\"_ gs52\"> </span>5% increa<span class=\"_ _3\"></span>se/dec<span class=\"_ _3\"></span>rease in the U<span class=\"_ _3\"></span>S dolla<span class=\"_ _3\"></span>r t<span class=\"_ _4\"></span>o s<span class=\"_ _3\"></span>terling exchan<span class=\"_ _3\"></span>ge rate woul<span class=\"_ _3\"></span>d lead to a \u00a3<span class=\"_ _3\"></span>8m d<span class=\"_ _3\"></span>ecrease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a316m)/<span class=\"_ _3\"></span>\u00a3<span class=\"_ _3\"></span>9m inc<span class=\"_ _3\"></span>rease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a318m) in the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying a<span class=\"_ _3\"></span>mount of the lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y on the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s ba<span class=\"_ _3\"></span>lance sh<span class=\"_ _3\"></span>eet, with<span class=\"_ _3\"></span> the move<span class=\"_ _3\"></span>ment reco<span class=\"_ _3\"></span>gnised in oth<span class=\"_ _3\"></span>er compre<span class=\"_ _3\"></span>hensive inc<span class=\"_ _3\"></span>ome.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e hedgin<span class=\"_ _3\"></span>g polic<span class=\"_ _3\"></span>y is reviewed pe<span class=\"_ _3\"></span>riodi<span class=\"_ _3\"></span>cally. At the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date there ha<span class=\"_ _3\"></span>d been no c<span class=\"_ _3\"></span>hange to the h<span class=\"_ _3\"></span>edgin<span class=\"_ _3\"></span>g polic<span class=\"_ _3\"></span>y since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span>(ii) Inter<span class=\"_ _4\"></span>est rate risk management<span class=\"_ _3ab\"> </span>Interest ra<span class=\"_ _3\"></span>te risk arises i<span class=\"_ _3\"></span>n the Group\u2019s non<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>course p<span class=\"_ _3\"></span>roject c<span class=\"_ _3\"></span>ompani<span class=\"_ _3\"></span>es which b<span class=\"_ _3\"></span>orrow fund<span class=\"_ _3\"></span>s at both flo<span class=\"_ _3\"></span>ating and f<span class=\"_ _3\"></span>ixed interest rates a<span class=\"_ _3\"></span>nd hold fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> asset<span class=\"_ _3\"></span>s measured a<span class=\"_ _3\"></span>t fair value thro<span class=\"_ _3\"></span>ugh OC<span class=\"_ _3\"></span>I. Floa<span class=\"_ _3\"></span>ting rate bo<span class=\"_ _3\"></span>rrowings ex<span class=\"_ _3\"></span>pose the G<span class=\"_ _3\"></span>roup to cas<span class=\"_ _3\"></span>h flow interest rate ris<span class=\"_ _3\"></span>k. The G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s p<span class=\"_ _3\"></span>olicy to ma<span class=\"_ _3\"></span>nage<span class=\"_ _3\"></span> this ri<span class=\"_ _3\"></span>sk is to swap flo<span class=\"_ _3\"></span>ating rate interest to fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d rate, using interes<span class=\"_ _3\"></span>t rate swap co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>In an interes<span class=\"_ _3\"></span>t rate swap, the G<span class=\"_ _3\"></span>roup agree<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o exch<span class=\"_ _3\"></span>ange the d<span class=\"_ _3\"></span>ifferenc<span class=\"_ _3\"></span>e betwe<span class=\"_ _3\"></span>en fixed and f<span class=\"_ _3\"></span>loating r<span class=\"_ _3\"></span>ate interest amount<span class=\"_ _3\"></span>s calcu<span class=\"_ _3\"></span>lated on ag<span class=\"_ _3\"></span>reed notio<span class=\"_ _3\"></span>nal prin<span class=\"_ _3\"></span>cipal a<span class=\"_ _3\"></span>mounts. T<span class=\"_ _3\"></span>he net ef<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ct of a moveme<span class=\"_ _3\"></span>nt in interest rates on in<span class=\"_ _3\"></span>come wou<span class=\"_ _3\"></span>ld be immater<span class=\"_ _3\"></span>ial. T<span class=\"_ _3\"></span>he fair value of i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>st rate swaps i<span class=\"_ _3\"></span>s determine<span class=\"_ _3\"></span>d by disc<span class=\"_ _3\"></span>ounting th<span class=\"_ _3\"></span>e future ca<span class=\"_ _3\"></span>sh flows usin<span class=\"_ _3\"></span>g the yield c<span class=\"_ _3\"></span>urve at t<span class=\"_ _3\"></span>he repor<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate.<span class=\"_ _3ab\"> </span>Dur<span class=\"_ _3\"></span>ing 20<span class=\"_ _3\"></span>23 and 2<span class=\"_ _3\"></span>022<span class=\"_ _3\"></span>, the Group\u2019s non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cours<span class=\"_ _3\"></span>e project su<span class=\"_ _3\"></span>bsidia<span class=\"_ _3\"></span>ries\u2019 bor<span class=\"_ _3\"></span>rowings at v<span class=\"_ _3\"></span>ariabl<span class=\"_ _3\"></span>e rates of interest were de<span class=\"_ _3\"></span>nominate<span class=\"_ _3\"></span>d in sterling. T<span class=\"_ _3\"></span>he notio<span class=\"_ _3\"></span>nal prin<span class=\"_ _3\"></span>cipal am<span class=\"_ _3\"></span>ounts of the su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies\u2019 interest rate swa<span class=\"_ _3\"></span>ps outst<span class=\"_ _3\"></span>andin<span class=\"_ _3\"></span>g at 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 totall<span class=\"_ _3\"></span>ed \u00a31<span class=\"_ _4\"></span>7m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a31<span class=\"_ _4\"></span>7m) with m<span class=\"_ _3\"></span>aturiti<span class=\"_ _3\"></span>es that match t<span class=\"_ _3\"></span>he maturi<span class=\"_ _3\"></span>ty of the u<span class=\"_ _3\"></span>nderl<span class=\"_ _3\"></span>ying bor<span class=\"_ _3\"></span>rowings of 8 ye<span class=\"_ _3\"></span>ars. At 31 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3, the fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d interest rate was 5<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>% (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: 5.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>%) and the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al flo<span class=\"_ _3\"></span>ating rates are S<span class=\"_ _3\"></span>ONI<span class=\"_ _3\"></span>A plus a fixe<span class=\"_ _3\"></span>d margin. A 5<span class=\"_ _3\"></span>0 basi<span class=\"_ _3\"></span>s point inc<span class=\"_ _3\"></span>rease/d<span class=\"_ _3\"></span>ecrease in t<span class=\"_ _3\"></span>he interest rate on fl<span class=\"_ _3\"></span>oating ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e b<span class=\"_ _3\"></span>orrowi<span class=\"_ _3\"></span>ngs for interest rate sw<span class=\"_ _3\"></span>aps would l<span class=\"_ _3\"></span>ead to a \u00a3nil in<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3nil)/<span class=\"_ _3\"></span>\u00a3nil de<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3nil) in a<span class=\"_ _3\"></span>mounts ta<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>en d<span class=\"_ _3\"></span>irectly to ot<span class=\"_ _3\"></span>her comp<span class=\"_ _3\"></span>rehensive in<span class=\"_ _3\"></span>come by th<span class=\"_ _3\"></span>e Group in rela<span class=\"_ _3\"></span>tion to the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _3\"></span>osure to interest rates on t<span class=\"_ _3\"></span>he PPP fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l assets and c<span class=\"_ _3\"></span>ash flow h<span class=\"_ _3\"></span>edges of i<span class=\"_ _3\"></span>ts Infrast<span class=\"_ _3\"></span>ructure Inve<span class=\"_ _3\"></span>stments sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies.<span class=\"_ _3ab\"> </span>Interest ra<span class=\"_ _3\"></span>te risk also ari<span class=\"_ _3\"></span>ses on the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s c<span class=\"_ _3\"></span>ash and c<span class=\"_ _3\"></span>ash equiv<span class=\"_ _3\"></span>alents, ter<span class=\"_ _3\"></span>m depo<span class=\"_ _3\"></span>sits and oth<span class=\"_ _3\"></span>er borrow<span class=\"_ _3\"></span>ings. O<span class=\"_ _3\"></span>ther tha<span class=\"_ _3\"></span>n the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>recours<span class=\"_ _3\"></span>e project<span class=\"_ _3\"></span> subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>\u2019 b<span class=\"_ _3\"></span>orrowi<span class=\"_ _3\"></span>ngs at vari<span class=\"_ _3\"></span>able rates of i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rest, all th<span class=\"_ _3\"></span>e debt of the G<span class=\"_ _3\"></span>roup is held at f<span class=\"_ _3\"></span>ixed interest rates<span class=\"_ _3\"></span>. A 50 ba<span class=\"_ _3\"></span>sis point in<span class=\"_ _3\"></span>crease/d<span class=\"_ _3\"></span>ecreas<span class=\"_ _3\"></span>e in the interest ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e of e<span class=\"_ _3\"></span>ach cur<span class=\"_ _3\"></span>rency in whi<span class=\"_ _3\"></span>ch these fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l instrum<span class=\"_ _3\"></span>ents are held wo<span class=\"_ _3\"></span>uld lead to a \u00a3<span class=\"_ _3\"></span>5m de<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>m)/<span class=\"_ _3\"></span>\u00a35m in<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>m) in<span class=\"_ gs52\"> </span>the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s net f<span class=\"_ _3\"></span>inance c<span class=\"_ _3\"></span>ost.<span class=\"_ _3ab\"> </span>(iii) Price<span class=\"_ _4\"></span> risk management<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s princi<span class=\"_ _3\"></span>pal pric<span class=\"_ _3\"></span>e risk expo<span class=\"_ _3\"></span>sure arises in i<span class=\"_ _3\"></span>ts Infrast<span class=\"_ _3\"></span>ructure Inves<span class=\"_ _3\"></span>tments co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>ons. At the c<span class=\"_ _3\"></span>ommenc<span class=\"_ _3\"></span>ement of the c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ion, an elem<span class=\"_ _3\"></span>ent of the unit<span class=\"_ _3\"></span>ary p<span class=\"_ _3\"></span>ayment by t<span class=\"_ _3\"></span>he customer i<span class=\"_ _3\"></span>s indexed to offs<span class=\"_ _3\"></span>et the effec<span class=\"_ _3\"></span>t of inflatio<span class=\"_ _3\"></span>n on the con<span class=\"_ _3\"></span>cessio<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>\u2019s cost<span class=\"_ _3\"></span>s. The G<span class=\"_ _3\"></span>roup is expo<span class=\"_ _3\"></span>sed to<span class=\"_ gs52\"> </span>pric<span class=\"_ _3\"></span>e risk to the exte<span class=\"_ _3\"></span>nt that inflati<span class=\"_ _3\"></span>on dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rs from the in<span class=\"_ _3\"></span>dex used.<span class=\"_ _3ab\"> </span>(b) Cre<span class=\"_ _3\"></span>dit ri<span class=\"_ _3\"></span>sk<span class=\"_ _3ab\"> </span>Cred<span class=\"_ _3\"></span>it risk is the r<span class=\"_ _3\"></span>isk that a cou<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rpar<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y will defaul<span class=\"_ _3\"></span>t on its co<span class=\"_ _3\"></span>ntractu<span class=\"_ _3\"></span>al oblig<span class=\"_ _3\"></span>ations<span class=\"_ _3\"></span>, r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sulting in fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l loss. Cre<span class=\"_ _3\"></span>dit risk ar<span class=\"_ _3\"></span>ises from c<span class=\"_ _3\"></span>ash and dep<span class=\"_ _3\"></span>osits<span class=\"_ _3\"></span>, derivat<span class=\"_ _3\"></span>ive financ<span class=\"_ _3\"></span>ial instr<span class=\"_ _3\"></span>uments, l<span class=\"_ _3\"></span>oans provi<span class=\"_ _3\"></span>ded to joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates an<span class=\"_ _3\"></span>d credit exp<span class=\"_ _3\"></span>osures to custo<span class=\"_ _3\"></span>mers, inc<span class=\"_ _3\"></span>luding out<span class=\"_ _3\"></span>standi<span class=\"_ _3\"></span>ng receiv<span class=\"_ _3\"></span>ables an<span class=\"_ _3\"></span>d commit<span class=\"_ _3\"></span>ted trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>ns. The G<span class=\"_ _3\"></span>roup has a p<span class=\"_ _3\"></span>olicy of as<span class=\"_ _3\"></span>sessing t<span class=\"_ _3\"></span>he credit<span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>thines<span class=\"_ _3\"></span>s of potential cu<span class=\"_ _3\"></span>stomers b<span class=\"_ _3\"></span>efore enterin<span class=\"_ _3\"></span>g into transac<span class=\"_ _3\"></span>tions set by t<span class=\"_ _3\"></span>he Board for t<span class=\"_ _3\"></span>he Group.<span class=\"_ _3ab\"> </span>For c<span class=\"_ _3\"></span>ash and d<span class=\"_ _3\"></span>eposit<span class=\"_ _3\"></span>s and der<span class=\"_ _3\"></span>ivative fin<span class=\"_ _3\"></span>ancial i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nts, the Grou<span class=\"_ _3\"></span>p has a po<span class=\"_ _3\"></span>licy of onl<span class=\"_ _3\"></span>y using cou<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rpar<span class=\"_ _3\"></span>ties th<span class=\"_ _3\"></span>at are indep<span class=\"_ _3\"></span>endentl<span class=\"_ _3\"></span>y rated with a m<span class=\"_ _3\"></span>inimum lon<span class=\"_ _3\"></span>g-<span class=\"_ _3\"></span>term cred<span class=\"_ _3\"></span>it rating of B<span class=\"_ _3\"></span>BB<span class=\"_ _3\"></span>- and at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 t<span class=\"_ _3\"></span>his criteri<span class=\"_ _3\"></span>on was met (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: BBB+). The c<span class=\"_ _3\"></span>redit rat<span class=\"_ _3\"></span>ing of a finan<span class=\"_ _3\"></span>cial insti<span class=\"_ _3\"></span>tution wi<span class=\"_ _3\"></span>ll determine t<span class=\"_ _3\"></span>he amount an<span class=\"_ _3\"></span>d duration fo<span class=\"_ _3\"></span>r which fun<span class=\"_ _3\"></span>ds may be d<span class=\"_ _3\"></span>eposite<span class=\"_ _3\"></span>d under in<span class=\"_ _3\"></span>dividu<span class=\"_ _3\"></span>al risk limi<span class=\"_ _3\"></span>ts set by the Bo<span class=\"_ _3\"></span>ard for the Grou<span class=\"_ _3\"></span>p and su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>y co<span class=\"_ _3\"></span>mpanie<span class=\"_ _3\"></span>s. Mana<span class=\"_ _3\"></span>gement mo<span class=\"_ _3\"></span>nitors the u<span class=\"_ _3\"></span>tilisatio<span class=\"_ _3\"></span>n of these cre<span class=\"_ _3\"></span>dit limits re<span class=\"_ _3\"></span>gularl<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>For t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her receiv<span class=\"_ _3\"></span>ables, c<span class=\"_ _3\"></span>redit evalu<span class=\"_ _3\"></span>ation is p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>med on th<span class=\"_ _3\"></span>e financi<span class=\"_ _3\"></span>al cond<span class=\"_ _3\"></span>ition of ac<span class=\"_ _3\"></span>counts rec<span class=\"_ _3\"></span>eivab<span class=\"_ _3\"></span>le using ind<span class=\"_ _3\"></span>epend<span class=\"_ _3\"></span>ent rating<span class=\"_ _3\"></span>s whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e av<span class=\"_ _3\"></span>ailabl<span class=\"_ _3\"></span>e or by asses<span class=\"_ _3\"></span>sment of the cu<span class=\"_ _3\"></span>stomer\u2019s credi<span class=\"_ _3\"></span>t qualit<span class=\"_ _3\"></span>y bas<span class=\"_ _3\"></span>ed on its fin<span class=\"_ _3\"></span>ancial p<span class=\"_ _3\"></span>ositio<span class=\"_ _3\"></span>n, past exp<span class=\"_ _3\"></span>erienc<span class=\"_ _3\"></span>e and other fa<span class=\"_ _3\"></span>ctors. T<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s most s<span class=\"_ _3\"></span>ignific<span class=\"_ _3\"></span>ant custom<span class=\"_ _3\"></span>ers are publ<span class=\"_ _3\"></span>ic or regula<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d indust<span class=\"_ _3\"></span>ry enti<span class=\"_ _3\"></span>ties whic<span class=\"_ _3\"></span>h genera<span class=\"_ _3\"></span>lly have high c<span class=\"_ _3\"></span>redit rat<span class=\"_ _3\"></span>ings or are of a hig<span class=\"_ _3\"></span>h credit qual<span class=\"_ _3\"></span>ity du<span class=\"_ _3\"></span>e to the nature of the c<span class=\"_ _3\"></span>ustomer. As such<span class=\"_ _3\"></span>, the Group d<span class=\"_ _3\"></span>oes not exp<span class=\"_ _3\"></span>ect mater<span class=\"_ _3\"></span>ial credi<span class=\"_ _3\"></span>t losses to o<span class=\"_ _3\"></span>ccur on b<span class=\"_ _3\"></span>alance<span class=\"_ _3\"></span>s owed to the Group by its p<span class=\"_ _3\"></span>ublic or re<span class=\"_ _3\"></span>gulated cus<span class=\"_ _3\"></span>tomers. T<span class=\"_ _3\"></span>his is in line w<span class=\"_ _3\"></span>ith the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _3\"></span>erienc<span class=\"_ _3\"></span>e in the past of re<span class=\"_ _3\"></span>covering b<span class=\"_ _3\"></span>alanc<span class=\"_ _3\"></span>es owed by thes<span class=\"_ _3\"></span>e customer<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group is exp<span class=\"_ _3\"></span>osed to cred<span class=\"_ _3\"></span>it risk on lo<span class=\"_ _3\"></span>ans provid<span class=\"_ _3\"></span>ed to joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates and a<span class=\"_ _3\"></span>ccrue<span class=\"_ _3\"></span>d interest on tho<span class=\"_ _3\"></span>se loans<span class=\"_ _3\"></span>, as the repay<span class=\"_ _3\"></span>ment of<span class=\"_ gs52\"> </span>these a<span class=\"_ _3\"></span>mounts is c<span class=\"_ _3\"></span>ontingent o<span class=\"_ _3\"></span>n the per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce of the un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing conc<span class=\"_ _3\"></span>ession o<span class=\"_ _3\"></span>r opera<span class=\"_ _3\"></span>tion. In th<span class=\"_ _3\"></span>e Infrastr<span class=\"_ _3\"></span>ucture Invest<span class=\"_ _3\"></span>ments seg<span class=\"_ _3\"></span>ment the con<span class=\"_ _3\"></span>cessio<span class=\"_ _3\"></span>ns are ty<span class=\"_ _3\"></span>pical<span class=\"_ _3\"></span>ly finan<span class=\"_ _3\"></span>ced by a co<span class=\"_ _3\"></span>mbinati<span class=\"_ _3\"></span>on of non<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>course ex<span class=\"_ _3\"></span>ternal b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs and sub<span class=\"_ _3\"></span>ordinate<span class=\"_ _3\"></span>d loans prov<span class=\"_ _3\"></span>ided by th<span class=\"_ _3\"></span>e joint venture par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s. The G<span class=\"_ _3\"></span>roup asses<span class=\"_ _3\"></span>ses any expe<span class=\"_ _3\"></span>cted cred<span class=\"_ _3\"></span>it losse<span class=\"_ _3\"></span>s on its lo<span class=\"_ _3\"></span>ans provid<span class=\"_ _3\"></span>ed to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates by com<span class=\"_ _3\"></span>parin<span class=\"_ _3\"></span>g the car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing value of the relev<span class=\"_ _3\"></span>ant investment in jo<span class=\"_ _3\"></span>int venture or ass<span class=\"_ _3\"></span>ociate ba<span class=\"_ _3\"></span>lance (w<span class=\"_ _3\"></span>hich inc<span class=\"_ _3\"></span>ludes th<span class=\"_ _3\"></span>e loans prov<span class=\"_ _3\"></span>ided an<span class=\"_ _3\"></span>d any accru<span class=\"_ _3\"></span>ed interest<span class=\"_ _3\"></span>) t<span class=\"_ _4\"></span>o f<span class=\"_ _3\"></span>uture cash flows ex<span class=\"_ _3\"></span>pected to b<span class=\"_ _3\"></span>e receive<span class=\"_ _3\"></span>d from the joint vent<span class=\"_ _3\"></span>ure or asso<span class=\"_ _3\"></span>ciate, disc<span class=\"_ _3\"></span>ounted where a<span class=\"_ _3\"></span>ppropr<span class=\"_ _3\"></span>iate. Th<span class=\"_ _3\"></span>e maximu<span class=\"_ _3\"></span>m e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to cre<span class=\"_ _3\"></span>dit risk in res<span class=\"_ _3\"></span>pect of th<span class=\"_ _3\"></span>e above at the re<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ting date is t<span class=\"_ _3\"></span>he carr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng value of fin<span class=\"_ _3\"></span>ancial as<span class=\"_ _3\"></span>sets reco<span class=\"_ _3\"></span>rded in the fina<span class=\"_ _3\"></span>ncial st<span class=\"_ _3\"></span>atements, n<span class=\"_ _3\"></span>et of any allowanc<span class=\"_ _3\"></span>e for losses<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ere has bee<span class=\"_ _3\"></span>n no materia<span class=\"_ _3\"></span>l change to th<span class=\"_ _3\"></span>e Group\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to cre<span class=\"_ _3\"></span>dit risks an<span class=\"_ _3\"></span>d there has be<span class=\"_ _3\"></span>en no chan<span class=\"_ _3\"></span>ge in how the G<span class=\"_ _3\"></span>roup man<span class=\"_ _3\"></span>ages tho<span class=\"_ _3\"></span>se risks since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span>(c) Liq<span class=\"_ _3\"></span>uidit<span class=\"_ _3\"></span>y r<span class=\"_ _3\"></span>isk<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group man<span class=\"_ _3\"></span>ages liq<span class=\"_ _3\"></span>uidit<span class=\"_ _3\"></span>y risk by ma<span class=\"_ _3\"></span>intaining a<span class=\"_ _3\"></span>dequ<span class=\"_ _3\"></span>ate cash ba<span class=\"_ _3\"></span>lances an<span class=\"_ _3\"></span>d bankin<span class=\"_ _3\"></span>g faciliti<span class=\"_ _3\"></span>es, conti<span class=\"_ _3\"></span>nuously m<span class=\"_ _3\"></span>onitorin<span class=\"_ _3\"></span>g f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>recast a<span class=\"_ _3\"></span>nd actua<span class=\"_ _3\"></span>l ca<span class=\"_ _3\"></span>sh flows and m<span class=\"_ _3\"></span>atching the m<span class=\"_ _3\"></span>aturit<span class=\"_ _3\"></span>y profiles of f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets an<span class=\"_ _3\"></span>d liabilit<span class=\"_ _3\"></span>ies. Det<span class=\"_ _3\"></span>ails of undr<span class=\"_ _3\"></span>awn commi<span class=\"_ _3\"></span>tted b<span class=\"_ _3\"></span>orrowing f<span class=\"_ _3\"></span>acilitie<span class=\"_ _3\"></span>s are set out in<span class=\"_ gs52\"> </span>Note 2<span class=\"_ _3\"></span>7<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1. The ma<span class=\"_ _3\"></span>turit<span class=\"_ _3\"></span>y profile of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al liabili<span class=\"_ _3\"></span>ties is set out o<span class=\"_ _3\"></span>n page 2<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ere has bee<span class=\"_ _3\"></span>n no materia<span class=\"_ _3\"></span>l change to th<span class=\"_ _3\"></span>e Group\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to liq<span class=\"_ _3\"></span>uidit<span class=\"_ _3\"></span>y risks and t<span class=\"_ _3\"></span>here has be<span class=\"_ _3\"></span>en no chan<span class=\"_ _3\"></span>ge in how the G<span class=\"_ _3\"></span>roup mana<span class=\"_ _3\"></span>ges thos<span class=\"_ _3\"></span>e risks since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span>Fair value estimation<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group hol<span class=\"_ _3\"></span>ds cer<span class=\"_ _3\"></span>tain f<span class=\"_ _3\"></span>inancia<span class=\"_ _3\"></span>l instrum<span class=\"_ _3\"></span>ents on the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet at their fai<span class=\"_ _3\"></span>r values. T<span class=\"_ _3\"></span>he follow<span class=\"_ _3\"></span>ing hierarc<span class=\"_ _3\"></span>hy classif<span class=\"_ _3\"></span>ies each c<span class=\"_ _3\"></span>lass of fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> asset o<span class=\"_ _3\"></span>r liabilit<span class=\"_ _3\"></span>y in ac<span class=\"_ _3\"></span>corda<span class=\"_ _3\"></span>nce with t<span class=\"_ _3\"></span>he valuati<span class=\"_ _3\"></span>on techniq<span class=\"_ _3\"></span>ue appli<span class=\"_ _3\"></span>ed in determi<span class=\"_ _3\"></span>ning its fair v<span class=\"_ _3\"></span>alue.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>ere have been n<span class=\"_ _3\"></span>o transfers b<span class=\"_ _3\"></span>etween t<span class=\"_ _3\"></span>hese cate<span class=\"_ _3\"></span>gories d<span class=\"_ _3\"></span>uring 20<span class=\"_ _3\"></span>23 or 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2.<span class=\"_ _3ab\"> </span>Level 1 \u2013 T<span class=\"_ _3\"></span>he fair valu<span class=\"_ _3\"></span>e is calcu<span class=\"_ _3\"></span>lated bas<span class=\"_ _3\"></span>ed on quoted p<span class=\"_ _3\"></span>rices tr<span class=\"_ _3\"></span>aded in a<span class=\"_ _3\"></span>ctive mar<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>s f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r identic<span class=\"_ _3\"></span>al asset<span class=\"_ _3\"></span>s or liabili<span class=\"_ _3\"></span>ties. Th<span class=\"_ _3\"></span>e Group hol<span class=\"_ _3\"></span>ds investme<span class=\"_ _3\"></span>nts in mutual f<span class=\"_ _3\"></span>unds mea<span class=\"_ _3\"></span>sured at fair val<span class=\"_ _3\"></span>ue through O<span class=\"_ _3\"></span>CI whic<span class=\"_ _3\"></span>h are trade<span class=\"_ _3\"></span>d in acti<span class=\"_ _3\"></span>ve markets and va<span class=\"_ _3\"></span>lued at the c<span class=\"_ _3\"></span>losing market pr<span class=\"_ _3\"></span>ice at the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date.<span class=\"_ _3ab\"> </span>Level 2 \u2013 T<span class=\"_ _3\"></span>he fair valu<span class=\"_ _3\"></span>e is based o<span class=\"_ _3\"></span>n inputs oth<span class=\"_ _3\"></span>er than qu<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d price<span class=\"_ _3\"></span>s includ<span class=\"_ _3\"></span>ed within L<span class=\"_ _3\"></span>evel 1 that are ob<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>vable for th<span class=\"_ _3\"></span>e asset or lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, eithe<span class=\"_ _3\"></span>r directly<span class=\"_ _4\"></span> or indirectly<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e fair value of interes<span class=\"_ _3\"></span>t rate swaps is c<span class=\"_ _3\"></span>alcul<span class=\"_ _3\"></span>ated as the prese<span class=\"_ _3\"></span>nt value of the es<span class=\"_ _3\"></span>timated fut<span class=\"_ _3\"></span>ure cash flow<span class=\"_ _3\"></span>s utilisin<span class=\"_ _3\"></span>g yield cur<span class=\"_ _3\"></span>ves at th<span class=\"_ _3\"></span>e repor<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate and t<span class=\"_ _3\"></span>aking into ac<span class=\"_ _3\"></span>count own c<span class=\"_ _3\"></span>redit risk<span class=\"_ _3\"></span>. Own c<span class=\"_ _3\"></span>redit risk fo<span class=\"_ _3\"></span>r Infrastr<span class=\"_ _3\"></span>ucture Invest<span class=\"_ _3\"></span>ments\u2019 swaps i<span class=\"_ _3\"></span>s not materia<span class=\"_ _3\"></span>l and is cal<span class=\"_ _3\"></span>culated usi<span class=\"_ _3\"></span>ng the follow<span class=\"_ _3\"></span>ing cred<span class=\"_ _3\"></span>it valuati<span class=\"_ _3\"></span>on adjust<span class=\"_ _3\"></span>ment (C<span class=\"_ _3\"></span>V<span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>) ca<span class=\"_ _3\"></span>lculati<span class=\"_ _3\"></span>on: loss give<span class=\"_ _3\"></span>n default mul<span class=\"_ _3\"></span>tiplied b<span class=\"_ _3\"></span>y e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure mul<span class=\"_ _3\"></span>tiplied b<span class=\"_ _3\"></span>y probab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y of default.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e fair value of for<span class=\"_ _3\"></span>ward forei<span class=\"_ _3\"></span>gn exchange c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts is determi<span class=\"_ _3\"></span>ned using q<span class=\"_ _3\"></span>uoted for<span class=\"_ _3\"></span>ward exchang<span class=\"_ _3\"></span>e rates at the rep<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>ing date and y<span class=\"_ _3\"></span>ield cur<span class=\"_ _3\"></span>ves der<span class=\"_ _3\"></span>ived from qu<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d interest rates ma<span class=\"_ _3\"></span>tching the m<span class=\"_ _3\"></span>aturities of t<span class=\"_ _3\"></span>he foreign exchan<span class=\"_ _3\"></span>ge contra<span class=\"_ _3\"></span>cts. O<span class=\"_ _3\"></span>wn cred<span class=\"_ _3\"></span>it risk for the ot<span class=\"_ _3\"></span>her deri<span class=\"_ _3\"></span>vative lia<span class=\"_ _3\"></span>bilities is<span class=\"_ _3\"></span> not mater<span class=\"_ _3\"></span>ial and is c<span class=\"_ _3\"></span>alcula<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d by appl<span class=\"_ _3\"></span>ying a relev<span class=\"_ _3\"></span>ant credit d<span class=\"_ _3\"></span>efault swap (<span class=\"_ _3\"></span>CDS) r<span class=\"_ _3\"></span>ate obtain<span class=\"_ _3\"></span>ed from a third p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Level 3 \u2013 T<span class=\"_ _3\"></span>he fair valu<span class=\"_ _3\"></span>e is based o<span class=\"_ _3\"></span>n unobse<span class=\"_ _3\"></span>rva<span class=\"_ _3\"></span>ble inpu<span class=\"_ _3\"></span>ts.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e fair value of th<span class=\"_ _3\"></span>e Group\u2019s PPP fin<span class=\"_ _3\"></span>ancial as<span class=\"_ _3\"></span>sets is deter<span class=\"_ _3\"></span>mined in the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction p<span class=\"_ _3\"></span>hase by ap<span class=\"_ _3\"></span>plyin<span class=\"_ _3\"></span>g an attr<span class=\"_ _3\"></span>ibuta<span class=\"_ _3\"></span>ble profit m<span class=\"_ _3\"></span>argin by reference to the c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion mar<span class=\"_ _3\"></span>gin on non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>PP<span class=\"_ _3\"></span>P project<span class=\"_ _3\"></span>s reflectin<span class=\"_ _3\"></span>g the cons<span class=\"_ _3\"></span>truct<span class=\"_ _3\"></span>ion risks reta<span class=\"_ _3\"></span>ined by the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction c<span class=\"_ _3\"></span>ontractor, and fair va<span class=\"_ _3\"></span>lue of const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es per<span class=\"_ _3\"></span>formed<span class=\"_ _3\"></span>. In the op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>al phase i<span class=\"_ _3\"></span>t is determine<span class=\"_ _3\"></span>d by disco<span class=\"_ _3\"></span>unting the fu<span class=\"_ _3\"></span>ture cash fl<span class=\"_ _3\"></span>ows alloc<span class=\"_ _3\"></span>ated to the fin<span class=\"_ _3\"></span>ancial as<span class=\"_ _3\"></span>set at a disco<span class=\"_ _3\"></span>unt rate whi<span class=\"_ _3\"></span>ch is base<span class=\"_ _3\"></span>d on long<span class=\"_ _3\"></span>-te<span class=\"_ _3\"></span>rm gilt rates a<span class=\"_ _3\"></span>djusted for th<span class=\"_ _3\"></span>e risk levels as<span class=\"_ _3\"></span>sociate<span class=\"_ _3\"></span>d with the as<span class=\"_ _3\"></span>sets, wi<span class=\"_ _3\"></span>th market-<span class=\"_ _3\"></span>related move<span class=\"_ _3\"></span>ments in fair va<span class=\"_ _3\"></span>lue reco<span class=\"_ _3\"></span>gnised in ot<span class=\"_ _3\"></span>her comp<span class=\"_ _3\"></span>rehensive in<span class=\"_ _3\"></span>come an<span class=\"_ _3\"></span>d other moveme<span class=\"_ _3\"></span>nts recog<span class=\"_ _3\"></span>nised in the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement. A<span class=\"_ _3\"></span>mounts o<span class=\"_ _3\"></span>rigina<span class=\"_ _3\"></span>lly reco<span class=\"_ _3\"></span>gnised in oth<span class=\"_ _3\"></span>er com<span class=\"_ _3\"></span>prehensi<span class=\"_ _3\"></span>ve income a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>ransferre<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement u<span class=\"_ _3\"></span>pon dis<span class=\"_ _3\"></span>posal of t<span class=\"_ _3\"></span>he asset. A cha<span class=\"_ _3\"></span>nge in the di<span class=\"_ _3\"></span>scount rate wo<span class=\"_ _3\"></span>uld have a sign<span class=\"_ _3\"></span>ificant ef<span class=\"_ _3\"></span>fect on t<span class=\"_ _3\"></span>he value of the a<span class=\"_ _3\"></span>sset and a 5<span class=\"_ _3\"></span>0 basis p<span class=\"_ _3\"></span>oint increa<span class=\"_ _3\"></span>se/dec<span class=\"_ _3\"></span>rease, whi<span class=\"_ _3\"></span>ch represent<span class=\"_ _3\"></span>s man<span class=\"_ _3\"></span>agement<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s as<span class=\"_ _3\"></span>sessment of a re<span class=\"_ _3\"></span>asonab<span class=\"_ _3\"></span>ly pos<span class=\"_ _3\"></span>sible ch<span class=\"_ _3\"></span>ange in th<span class=\"_ _3\"></span>e risk-a<span class=\"_ _3\"></span>djusted di<span class=\"_ _3\"></span>scount rate, wo<span class=\"_ _3\"></span>uld lead to a \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m d<span class=\"_ _3\"></span>ecreas<span class=\"_ _3\"></span>e (20<span class=\"_ _3\"></span>22: \u00a31m)/\u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m<span class=\"_ _3\"></span> incre<span class=\"_ _3\"></span>ase (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>m) in the fa<span class=\"_ _3\"></span>ir value of the a<span class=\"_ _3\"></span>ssets taken thro<span class=\"_ _3\"></span>ugh equi<span class=\"_ _3\"></span>ty. Refer to Note 21 for a reconc<span class=\"_ _3\"></span>iliatio<span class=\"_ _3\"></span>n of the movement fro<span class=\"_ _3\"></span>m the ope<span class=\"_ _3\"></span>ning balance to the closing balance.<span class=\"_ _3ab\"> </span>Fair value estimation continued<span class=\"_ _3ab\"> </span>For P<span class=\"_ _3\"></span>PP fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets held in j<span class=\"_ _3\"></span>oint ventures and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates, a chan<span class=\"_ _3\"></span>ge in the dis<span class=\"_ _3\"></span>count rate by a 5<span class=\"_ _3\"></span>0 basis p<span class=\"_ _3\"></span>oint inc<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ase/d<span class=\"_ _3\"></span>ecrease, w<span class=\"_ _3\"></span>hich repres<span class=\"_ _3\"></span>ents man<span class=\"_ _3\"></span>agement<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s as<span class=\"_ _3\"></span>sessment of a re<span class=\"_ _3\"></span>asonab<span class=\"_ _3\"></span>ly pos<span class=\"_ _3\"></span>sible ch<span class=\"_ _3\"></span>ange in th<span class=\"_ _3\"></span>e risk-a<span class=\"_ _3\"></span>djusted d<span class=\"_ _3\"></span>iscount rate, wo<span class=\"_ _3\"></span>uld lea<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o a \u00a3<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>m decrea<span class=\"_ _3\"></span>se (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>m)/\u00a3<span class=\"_ _3\"></span>26<span class=\"_ _3\"></span>m incre<span class=\"_ _3\"></span>ase (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>9m) in the fa<span class=\"_ _3\"></span>ir value of the a<span class=\"_ _3\"></span>ssets taken thro<span class=\"_ _3\"></span>ugh equi<span class=\"_ _3\"></span>ty wi<span class=\"_ _3\"></span>thin the sha<span class=\"_ _3\"></span>re of joint ventures\u2019 and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates\u2019 r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ves. 2023<span class=\"_ _37e\"> </span><span class=\"ff47 ls33 ws2c\">2022<span class=\"_ _3ab\"> </span></span>Fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al in<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rum<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t fai<span class=\"_ _3\"></span>r val<span class=\"_ _3\"></span>ue<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>vel 1<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>vel 2<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>vel 3<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Leve<span class=\"_ _3\"></span>l 1<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Leve<span class=\"_ _3\"></span>l 2<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Leve<span class=\"_ _3\"></span>l 3<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Investments<span class=\"_ _4\"></span> in mutual fund financial assets<span class=\"_ _1d2\"> </span><span class=\"ff46 ls94 ws18a\">19<span class=\"_ _20c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _f2\"> </span></span>19<span class=\"_ _1c4\"> </span></span><span class=\"ls5 ws3\"> <span class=\"_ _a8\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3ab\"> </span></span></span>PPP financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _35a\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _ef\"> </span>24<span class=\"_ _1c4\"> </span></span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _1cb\"> </span>26<span class=\"_ _3ab\"> </span></span></span></span>Other investment<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>ts<span class=\"_ _1d3\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>7<span class=\"_ _98\"> </span>7<span class=\"_ _2e\"> </span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _ee\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _125\"> </span>11<span class=\"_ _3ab\"> </span></span></span></span>Fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets \u2013 fuel he<span class=\"_ _3\"></span>dges<span class=\"_ _a4\"> </span><span class=\"ff46\">\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed a<span class=\"_ _3\"></span>t fai<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>e<span class=\"_ _35\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _98\"> </span></span>1<span class=\"_ _f2\"> </span><span class=\"ls7 ws102\">31<span class=\"_ _ee\"> </span><span class=\"ls107 wsfc\">51<span class=\"_ _1c4\"> </span></span></span><span class=\"ff47\"> <span class=\"_ _a8\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _98\"> </span></span>1<span class=\"_ _1cb\"> </span><span class=\"ls85 ws7d\">37<span class=\"_ _ef\"> </span><span class=\"ls44 ws3f\">58<span class=\"_ _3ab\"> </span></span></span></span>Financial liabilities \u2013 infrastructure <span class=\"ls5 ws3\"> </span>concessions interest<span class=\"_ _4\"></span> rate swaps<span class=\"_ _46\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _133\"> </span></span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _3ab\"> </span></span></span></span>Financial liabi<span class=\"_ _4\"></span>lities \u2013 f<span class=\"_ _4\"></span>or<span class=\"_ _3\"></span>ward e<span class=\"_ _4\"></span>xchange contracts<span class=\"_ _4\"></span> <span class=\"_ _215\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _9d\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _5\"></span>otal liabilities measured at<span class=\"_ _4\"></span> fair value<span class=\"_ _12f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _133\"> </span></span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-662": {
   "value": "Categorie<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> of finan<span class=\"_ _3\"></span>cial instrument<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Loans and<span class=\"_ _4\"></span> receivables at am<span class=\"_ _4\"></span>or<span class=\"_ _3\"></span>tised<span class=\"_ _4\"></span> co<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>, ca<span class=\"_ _3\"></span>sh and deposits 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Financial liabilities at<span class=\"_ _4\"></span> amortised co<span class=\"_ _3\"></span>st 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Financial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t fa<span class=\"_ _3\"></span>ir va<span class=\"_ _3\"></span>lue<span class=\"_ _3ab\"> </span>through<span class=\"_ _4\"></span> OCI<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Financial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t amortised cost<span class=\"_ _3ab\"> </span>2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Financial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t fa<span class=\"_ _3\"></span>ir va<span class=\"_ _3\"></span>lue through<span class=\"_ _4\"></span> P&amp;<span class=\"_ _3\"></span>L 2023<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Derivativ<span class=\"_ _4\"></span>es 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Lo<span class=\"_ _3\"></span>ans and receivables<span class=\"_ _4\"></span> at amortise<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>st, c<span class=\"_ _3\"></span>ash and deposits 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Financial liabilities at amortise<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> co<span class=\"_ _3\"></span>st 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Financial ass<span class=\"_ _3\"></span>ets at fair value<span class=\"_ _3ab\"> </span>through<span class=\"_ _4\"></span> OCI<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Financial ass<span class=\"_ _3\"></span>ets at amortise<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> cost<span class=\"_ _3ab\"> </span>2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Financial ass<span class=\"_ _3\"></span>ets at fai<span class=\"_ _3\"></span>r value through<span class=\"_ _4\"></span> P&amp;<span class=\"_ _3\"></span>L 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Derivatives 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Financial assets<span class=\"_ _40\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _39\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _39\"> </span><span class=\"ff47\"> <span class=\"_ _81\"> </span> <span class=\"_ _a0\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> </span></span>Fixed r<span class=\"_ _3\"></span>ate bon<span class=\"_ _3\"></span>ds and treasury stock<span class=\"_ _51\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _e0\"> </span>2<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>Mutual fun<span class=\"_ _3\"></span>ds<span class=\"_ _39\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ff47\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _e0\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>Ot<span class=\"_ _3\"></span>her investmen<span class=\"_ _4\"></span>t assets<span class=\"_ _302\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _b2\"> </span>2<span class=\"_ _fa\"> </span>7<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _e0\"> </span>7<span class=\"_ _2f\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _7e\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span>PP<span class=\"_ _3\"></span>P financ<span class=\"_ _3\"></span>ial assets<span class=\"_ _302\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _e0\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ff47\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1f7\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _e0\"> </span></span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>C<span class=\"_ _3\"></span>ash and depo<span class=\"_ _3\"></span>sits<span class=\"_ _145\"> </span><span class=\"ff46 ls10a wsfe\">1,<span class=\"_ _2\"></span>414<span class=\"_ _a3\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _d5\"> </span></span></span><span class=\"ls162 ws155\">1<span class=\"_ _3\"></span>,17<span class=\"_ _3\"></span>9<span class=\"_ _7e\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other receivables<span class=\"_ _128\"> </span><span class=\"ff46 ls125 ws11c\">1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _c3\"> </span><span class=\"ff47 ls11c ws115\">1<span class=\"_ _3\"></span>,111<span class=\"_ _3ab\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span>\u2013<span class=\"_ _3ab\"> </span>Derivatives<span class=\"_ _1c\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span>1<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _3ab\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _3ab\"> </span>1<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _84\"> </span><span class=\"ls124 ws6a\">2,559<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _1f7\"> </span><span class=\"ls11d wsf4\">43<span class=\"_ _125\"> </span></span>2<span class=\"_ _fa\"> </span>7<span class=\"_ _97\"> </span>1<span class=\"_ _d8\"> </span><span class=\"ff47 ls73 ws80\">2,<span class=\"_ _3\"></span>290<span class=\"_ _82\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _110\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _125\"> </span></span>9<span class=\"_ _b5\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _82\"> </span></span>1<span class=\"_ _3ab\"> </span></span></span></span>Financial liabilities<span class=\"_ _1fd\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _39\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> <span class=\"_ _39\"> </span><span class=\"ff47\"> <span class=\"_ _81\"> </span> <span class=\"_ _a0\"> </span> <span class=\"_ _180\"> </span> <span class=\"_ _128\"> </span> <span class=\"_ _81\"> </span> </span></span>T<span class=\"_ _4\"></span>rad<span class=\"_ _3\"></span>e and other payables<span class=\"_ _98\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _ba\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8)<span class=\"_ _1cb\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _11f\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,6<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _f2\"> </span></span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>Unsecured borrowings<span class=\"_ _36\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _f6\"> </span>(26<span class=\"_ _3\"></span>6)<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _a3\"> </span><span class=\"ff47\">\u2013<span class=\"_ _4f\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _ef\"> </span></span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>Infrastructure concessions non<span class=\"_ _3\"></span>-recourse ter<span class=\"_ _3\"></span>m loa<span class=\"_ _3\"></span>ns<span class=\"_ _20f\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _e3\"> </span><span class=\"ls109 ws87\">(570)<span class=\"_ _cc\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _47\"> </span><span class=\"ff47\">\u2013<span class=\"_ _f\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>61)<span class=\"_ _f2\"> </span></span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>Derivatives<span class=\"_ _1c\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _27\"> </span>\u2013<span class=\"_ _fa\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _7e\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>(1)<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _1ea\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _10c\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>,5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4)<span class=\"_ _cc\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _7e\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _e6\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>)<span class=\"_ _ef\"> </span></span>\u2013<span class=\"_ _e0\"> </span>\u2013<span class=\"_ _cc\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _3ab\"> </span></span></span></span>Net<span class=\"_ _378\"> </span><span class=\"ls124 ws6a\">2,559<span class=\"_ _10c\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>,5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4)<span class=\"_ _c6\"> </span><span class=\"ls11d wsf4\">43<span class=\"_ _b2\"> </span><span class=\"ls5 ws3\">2<span class=\"_ _1cc\"> </span>7<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(<span class=\"_ _3\"></span>1)<span class=\"_ _5e\"> </span><span class=\"ff47 ls73 ws80\">2,2<span class=\"_ _3\"></span>90<span class=\"_ _20d\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>4)<span class=\"_ _2f\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _125\"> </span></span></span></span></span><span class=\"ff47\">9<span class=\"_ _2f\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _7e\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></span></span></span></span></span>Current year comprehensive income/(loss) excl<span class=\"_ _3\"></span>udin<span class=\"_ _3\"></span>g sh<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span> of joint<span class=\"_ _3\"></span> venture<span class=\"_ _3\"></span>s and associates<span class=\"_ _23\"> </span><span class=\"ff46 ls43 ws3e\">63<span class=\"_ _1cb\"> </span><span class=\"lsd ws18e\">(3<span class=\"_ _3\"></span>3)<span class=\"_ _1cc\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _27\"> </span>\u2013<span class=\"_ _c6\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7e\"> </span></span>\u2013<span class=\"_ _27\"> </span></span></span></span><span class=\"ls103 wsf8\">35<span class=\"_ _1f7\"> </span><span class=\"lsaa ws69\">(3<span class=\"_ _3\"></span>0)<span class=\"_ _c6\"> </span><span class=\"ls124 ws6a\">(6)<span class=\"_ _e0\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _fa\"> </span>6<span class=\"_ _97\"> </span>3<span class=\"_ _3ab\"> </span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-640": {
   "value": "<div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls124 ws6a gs1192\">Deriv<span class=\"_ _4\"></span>atives<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gs1193\">Financial assets/<span class=\"_ _4\"></span>(liabilities)<span class=\"_ _30\"> </span><span class=\"ff47 ls97 ws8e\">Financial assets/(liabil<span class=\"_ _4\"></span>ities)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gs1194\">Current </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1195\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs1196\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs1197\">Non-<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gs1198\">current </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1199\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs119a\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls191 ws193 gs119b\">To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs119c\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs119d\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs119e\">Cur<span class=\"_ _3\"></span>rent </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs119f\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs11a0\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs11a1\">Non<span class=\"_ _3\"></span>-<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11a2\">cur<span class=\"_ _3\"></span>rent </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11a3\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs11a4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls88 ws4f gs11a5\">To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11a6\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs11a7\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs11a8\">Fue<span class=\"_ _3\"></span>l he<span class=\"_ _3\"></span>dge<span class=\"_ _3\"></span>s </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs11a9\">Hel<span class=\"_ _3\"></span>d for tradin<span class=\"_ _3\"></span>g at fair value t<span class=\"_ _3\"></span>hrough inc<span class=\"_ _3\"></span>ome state<span class=\"_ _3\"></span>ment<span class=\"_ _1d2\"> </span><span class=\"ff46\">1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _379\"> </span></span>1<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>1<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs11aa\">Fo<span class=\"_ _3\"></span>rwa<span class=\"_ _3\"></span>rd ex<span class=\"_ _3\"></span>cha<span class=\"_ _3\"></span>nge c<span class=\"_ _3\"></span>ont<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s </div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs11ab\">Hel<span class=\"_ _3\"></span>d for tradin<span class=\"_ _3\"></span>g at fair value t<span class=\"_ _3\"></span>hrough inc<span class=\"_ _3\"></span>ome state<span class=\"_ _3\"></span>ment<span class=\"_ _219\"> </span><span class=\"ff46\">\u2013<span class=\"_ _145\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _38\"> </span>(1)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gs11ac\">Interest rate<span class=\"_ _4\"></span> swaps<span class=\"_ _37a\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _ec\"> </span> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs11ad\">Desi<span class=\"_ _3\"></span>gnated as c<span class=\"_ _3\"></span>ash flow he<span class=\"_ _3\"></span>dges<span class=\"_ _153\"> </span><span class=\"ff46\">\u2013<span class=\"_ _145\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _38\"> </span>(1)<span class=\"_ _133\"> </span></span></span> <span class=\"_ _7c\"> </span>\u2013<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _7d\"> </span>(1)</span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs11ae\"> <span class=\"_ _dc\"> </span><span class=\"ff46\">1<span class=\"_ _ad\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _38\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _37\"> </span></span></span></span> <span class=\"_ _7f\"> </span>1<span class=\"_ _7f\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _7c\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs11af\">Non-de<span class=\"_ _3\"></span>riv<span class=\"_ _4\"></span>ative financial liabilities<span class=\"_ _4\"></span> gros<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> maturit<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs11b0\">Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing t<span class=\"_ _3\"></span>able d<span class=\"_ _3\"></span>etails the rem<span class=\"_ _3\"></span>aining co<span class=\"_ _3\"></span>ntractu<span class=\"_ _3\"></span>al maturi<span class=\"_ _3\"></span>ty for th<span class=\"_ _3\"></span>e Group\u2019s non<span class=\"_ _3\"></span>-d<span class=\"_ _3\"></span>erivat<span class=\"_ _3\"></span>ive financ<span class=\"_ _3\"></span>ial liab<span class=\"_ _3\"></span>ilities. T<span class=\"_ _3\"></span>he ta<span class=\"_ _3\"></span>ble reflec<span class=\"_ _3\"></span>ts the undi<span class=\"_ _3\"></span>scounted<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11b1\">cont<span class=\"_ _3\"></span>ractua<span class=\"_ _3\"></span>l maturit<span class=\"_ _3\"></span>ies of the fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s includi<span class=\"_ _3\"></span>ng interest that w<span class=\"_ _3\"></span>ill accr<span class=\"_ _3\"></span>ue on those l<span class=\"_ _3\"></span>iabilit<span class=\"_ _3\"></span>ies except where t<span class=\"_ _3\"></span>he Group is enti<span class=\"_ _3\"></span>tled to and </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11b2\">intends to rep<span class=\"_ _3\"></span>ay the lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y before its mat<span class=\"_ _3\"></span>urit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. Th<span class=\"_ _3\"></span>e discou<span class=\"_ _3\"></span>nt column rep<span class=\"_ _3\"></span>resents the p<span class=\"_ _3\"></span>ossibl<span class=\"_ _3\"></span>e future ca<span class=\"_ _3\"></span>sh flows inc<span class=\"_ _3\"></span>luded in th<span class=\"_ _3\"></span>e maturit<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11b3\">anal<span class=\"_ _3\"></span>ysis, suc<span class=\"_ _3\"></span>h as future interest<span class=\"_ _3\"></span>, that are not inc<span class=\"_ _3\"></span>luded in t<span class=\"_ _3\"></span>he car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing value of the f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al liabili<span class=\"_ _3\"></span>ty. </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs11b4\">Ma<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f the G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s n<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eri<span class=\"_ _3\"></span>vat<span class=\"_ _3\"></span>ive fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al li<span class=\"_ _3\"></span>abi<span class=\"_ _3\"></span>lit<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>s at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs11b5\">Non-rec<span class=\"_ _3\"></span>ourse<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11b6\">pr<span class=\"_ _3\"></span>oje<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11b7\">fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nce </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11b8\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs11b9\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls33 ws2c gs11ba\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gs11bb\">borrowings<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11bc\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs11bd\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11be\">O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs11bf\">financial<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gs11c0\">liabilities </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11c1\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs11c2\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11c3\">T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l non<span class=\"_ _3\"></span>- </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls6c ws64 gs11c4\">derivativ<span class=\"_ _4\"></span>e<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs11c5\">financial<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls102 wsf7 gs11c6\">liabilities </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11c7\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs11c8\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11c9\">Di<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>t </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11ca\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs11cb\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gs11cc\">Carrying </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11cd\">va<span class=\"_ _3\"></span>lue </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs11ce\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs11cf\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs11d0\">Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year<span class=\"_ _37b\"> </span><span class=\"ff46 ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _cc\"> </span>(10<span class=\"_ _2\"></span>4)<span class=\"_ _4f\"> </span>(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>3)<span class=\"_ _f\"> </span>(1,<span class=\"_ _3\"></span>71<span class=\"_ _3\"></span>2)<span class=\"_ _145\"> </span></span><span class=\"ff46\">6<span class=\"_ _b5\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs11d1\">Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years<span class=\"_ _187\"> </span><span class=\"ff46 ls10f ws105\">(1<span class=\"_ _3\"></span>8)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>9)<span class=\"_ _116\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>82)<span class=\"_ _fa\"> </span></span></span>(1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9)<span class=\"_ _145\"> </span></span><span class=\"ff46\">8<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1<span class=\"_ _3\"></span>31)<span class=\"_ _3ab\"> </span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs11d2\">Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years<span class=\"_ _9f\"> </span><span class=\"ff46 ls14b ws189\">(2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(27)<span class=\"_ _a1\"> </span>(28)<span class=\"_ _1cc\"> </span></span></span><span class=\"ff46\">(276)<span class=\"_ _87\"> </span><span class=\"ls18b ws188\">40<span class=\"_ _ee\"> </span></span>(2<span class=\"_ _3\"></span>36)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs11d3\">Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s<span class=\"_ _37c\"> </span><span class=\"ff46 ls94 ws18a\">(9<span class=\"_ _3\"></span>34)<span class=\"_ _a1\"> </span></span><span class=\"ff46\">(96)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _1e\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _128\"> </span><span class=\"ls74 ws6b\">56<span class=\"_ _3\"></span>4<span class=\"_ _b2\"> </span><span class=\"ls48 ws42\">(471)</span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs11d4\"> <span class=\"_ _158\"> </span><span class=\"ff46 ls125 ws11c\">(1<span class=\"_ _3\"></span>,18<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span></span><span class=\"ff46\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _1e\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>,7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _15\"> </span><span class=\"ls125 ws11c\">(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _e0\"> </span><span class=\"ls90 ws116\">618<span class=\"_ _c6\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>,5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span></span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls61 ws59 gs11d5\">Discou<span class=\"_ _4\"></span>nt<span class=\"_ _120\"> </span><span class=\"ff46 ls90 ws116\">618<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _97\"> </span></span>618<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gs11d6\">Carrying v<span class=\"_ _4\"></span>alue<span class=\"_ _2ff\"> </span><span class=\"ls109 ws87\">(570)<span class=\"_ _3b\"> </span><span class=\"ls5 ws3\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _4f\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>70<span class=\"_ _2\"></span>8)<span class=\"_ _57\"> </span><span class=\"ls94 ws18a\">(<span class=\"_ _3\"></span>2,<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs11d7\">Non<span class=\"_ _3\"></span>-recourse<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11d8\">pro<span class=\"_ _3\"></span>ject </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs11d9\">finance </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11da\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs11db\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs11dc\">Other<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls66 ws5e gs11dd\">borrowing<span class=\"_ _4\"></span>s </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11de\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs11df\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs11e0\">Other </div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs11e1\">financial<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gs11e2\">liabilities </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11e3\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs11e4\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11e5\">Total no<span class=\"_ _3\"></span>n- </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gs11e6\">derivative<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsce wsc3 gs11e7\">financial<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lscf ws78 gs11e8\">liabilities </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11e9\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs11ea\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsd2 wsc6 gs11eb\">Discoun<span class=\"_ _4\"></span>t </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11ec\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs11ed\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11ee\">Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ying </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11ef\">val<span class=\"_ _3\"></span>ue </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs11f0\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs11f1\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11f2\">Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year<span class=\"_ _21d\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>32)<span class=\"_ _cc\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _d5\"> </span><span class=\"ls10a wsfe\">(1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _d5\"> </span>(<span class=\"_ _3\"></span>1,7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span></span></span></span>2<span class=\"_ _b5\"> </span><span class=\"ls10a wsfe\">(1,<span class=\"_ _3\"></span>70<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11f3\">Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years<span class=\"_ _37d\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>8)<span class=\"_ _a1\"> </span><span class=\"ls16 ws12\">(76<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls16 ws12\">(<span class=\"_ _3\"></span>76)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11f4\">Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years<span class=\"_ _187\"> </span><span class=\"ls61 ws59\">(26)<span class=\"_ _a0\"> </span><span class=\"ls49 ws43\">(70<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(6<span class=\"_ _3\"></span>2)<span class=\"_ _fa\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span></span></span></span></span>1<span class=\"_ _e0\"> </span><span class=\"ls100 ws104\">(15<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11f5\">Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s<span class=\"_ _153\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>85)<span class=\"_ _cc\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _9d\"> </span></span>(5)<span class=\"_ _1cc\"> </span><span class=\"ls72 wsf5\">(4<span class=\"_ _3\"></span>92)<span class=\"_ _e0\"> </span><span class=\"ls12a ws11f\">187<span class=\"_ _125\"> </span><span class=\"ls105 wsc2\">(305)</span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11f6\"> <span class=\"_ _147\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>51)<span class=\"_ _fa\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1e\"> </span><span class=\"ls73 ws80\">(2,<span class=\"_ _3\"></span>43<span class=\"_ _3\"></span>4)<span class=\"_ _b2\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>0<span class=\"_ _d6\"> </span><span class=\"ls109 ws87\">(2,<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls61 ws59 gs11f7\">Discou<span class=\"_ _4\"></span>nt<span class=\"_ _160\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _2\"></span>0<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _180\"> </span></span>19<span class=\"_ _3\"></span>0<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 lsa9 wsa0 gs11f8\">Carrying v<span class=\"_ _4\"></span>alue<span class=\"_ _e9\"> </span><span class=\"ff47 ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _1cc\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _1e\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span><span class=\"ff47 ls10f ws105\"><span class=\"ls66 ws5e\"><span class=\"ls10a wsfe\"><span class=\"ls109 ws87\"><span class=\"_ _145\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> </span></span></span></span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs11f9\">Derivativ<span class=\"_ _4\"></span>e financial liabilities gross maturity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11fa\">Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing t<span class=\"_ _3\"></span>able d<span class=\"_ _3\"></span>etails the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _3\"></span>ected m<span class=\"_ _3\"></span>aturit<span class=\"_ _3\"></span>y for its de<span class=\"_ _3\"></span>rivati<span class=\"_ _3\"></span>ve financi<span class=\"_ _3\"></span>al liabil<span class=\"_ _3\"></span>ities. T<span class=\"_ _3\"></span>he tabl<span class=\"_ _3\"></span>e reflects t<span class=\"_ _3\"></span>he undisc<span class=\"_ _3\"></span>ounted net c<span class=\"_ _3\"></span>ash </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11fb\">inflows<span class=\"_ _3\"></span>/(ou<span class=\"_ _3\"></span>tflow<span class=\"_ _3\"></span>s) on the deri<span class=\"_ _3\"></span>vative ins<span class=\"_ _3\"></span>truments t<span class=\"_ _3\"></span>hat sett<span class=\"_ _3\"></span>le on a net basi<span class=\"_ _3\"></span>s (interest rate swa<span class=\"_ _3\"></span>ps) and und<span class=\"_ _3\"></span>iscounted g<span class=\"_ _3\"></span>ross inflows<span class=\"_ _3\"></span>/(ou<span class=\"_ _3\"></span>tflows) fo<span class=\"_ _3\"></span>r </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11fc\">thos<span class=\"_ _3\"></span>e deriva<span class=\"_ _3\"></span>tives that are set<span class=\"_ _3\"></span>tled o<span class=\"_ _3\"></span>n a gross ba<span class=\"_ _3\"></span>sis (foreign excha<span class=\"_ _3\"></span>nge contr<span class=\"_ _3\"></span>acts). W<span class=\"_ _3\"></span>hen the amo<span class=\"_ _3\"></span>unt payab<span class=\"_ _3\"></span>le or recei<span class=\"_ _3\"></span>vable is not f<span class=\"_ _3\"></span>ixed, the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs11fd\">amou<span class=\"_ _3\"></span>nt disclo<span class=\"_ _3\"></span>sed has be<span class=\"_ _3\"></span>en determin<span class=\"_ _3\"></span>ed by reference to the p<span class=\"_ _3\"></span>rojected intere<span class=\"_ _3\"></span>st rates, usin<span class=\"_ _3\"></span>g the yiel<span class=\"_ _3\"></span>d cur<span class=\"_ _3\"></span>ves at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs11fe\">Ma<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f the G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s d<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ivat<span class=\"_ _3\"></span>ive<span class=\"_ _3\"></span>s at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gs11ff\">Pay<span class=\"_ _4\"></span>able </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1200\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs1201\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gs1202\">Receivable </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1203\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs1204\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1205\">Ne<span class=\"_ _3\"></span>t </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls124 ws6a gs1206\">payable<span class=\"_ _4\"></span> </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls5 ws3 gs1207\">20<span class=\"_ _3\"></span>23 </div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 ls97 ws8e gs1208\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1209\">Pay<span class=\"_ _3\"></span>able </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs120a\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs120b\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls97 ws8e gs120c\">Receivable </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs120d\">20<span class=\"_ _3\"></span>22 </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs120e\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs120f\">Net </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs1210\">pay<span class=\"_ _3\"></span>able </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls33 ws2c gs1211\">2022<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls85 ws7d gs1212\">\u00a3m<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs1213\">Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year<span class=\"_ _37b\"> </span><span class=\"ff46 ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _9a\"> </span></span></span><span class=\"ff46\">1<span class=\"_ _34\"> </span></span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>)<span class=\"_ _47\"> </span>11<span class=\"_ _b1\"> </span></span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs1214\">Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years<span class=\"_ _187\"> </span><span class=\"ff46 ls14b ws189\">(<span class=\"_ _3\"></span>31)<span class=\"_ _51\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _145\"> </span></span>(<span class=\"_ _3\"></span>1)<span class=\"_ _a3\"> </span></span><span class=\"ls66 ws5e\">(5)<span class=\"_ _145\"> </span></span>5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff47 fs5 fc4 sc0 ls5 ws3 gs1215\">Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years<span class=\"_ _30f\"> </span><span class=\"ff46 ls170 ws18f\">(7)<span class=\"_ _ad\"> </span></span><span class=\"ff46\">6<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls110 ws106 gs1216\">To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _22d\"> </span><span class=\"ls78 ws11a\">(5<span class=\"_ _3\"></span>2)<span class=\"_ _87\"> </span><span class=\"ls107 wsfc\">51<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _180\"> </span><span class=\"ff47 ls93 wsfa\">(<span class=\"_ _3\"></span>16)<span class=\"_ _81\"> </span>16<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-663": {
   "value": "Non-de<span class=\"_ _3\"></span>riv<span class=\"_ _4\"></span>ative financial liabilities<span class=\"_ _4\"></span> gros<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> maturit<span class=\"_ _3\"></span>y<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing t<span class=\"_ _3\"></span>able d<span class=\"_ _3\"></span>etails the rem<span class=\"_ _3\"></span>aining co<span class=\"_ _3\"></span>ntractu<span class=\"_ _3\"></span>al maturi<span class=\"_ _3\"></span>ty for th<span class=\"_ _3\"></span>e Group\u2019s non<span class=\"_ _3\"></span>-d<span class=\"_ _3\"></span>erivat<span class=\"_ _3\"></span>ive financ<span class=\"_ _3\"></span>ial liab<span class=\"_ _3\"></span>ilities. T<span class=\"_ _3\"></span>he ta<span class=\"_ _3\"></span>ble reflec<span class=\"_ _3\"></span>ts the undi<span class=\"_ _3\"></span>scounted<span class=\"_ _3\"></span> cont<span class=\"_ _3\"></span>ractua<span class=\"_ _3\"></span>l maturit<span class=\"_ _3\"></span>ies of the fina<span class=\"_ _3\"></span>ncial lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s includi<span class=\"_ _3\"></span>ng interest that w<span class=\"_ _3\"></span>ill accr<span class=\"_ _3\"></span>ue on those l<span class=\"_ _3\"></span>iabilit<span class=\"_ _3\"></span>ies except where t<span class=\"_ _3\"></span>he Group is enti<span class=\"_ _3\"></span>tled to and intends to rep<span class=\"_ _3\"></span>ay the lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y before its mat<span class=\"_ _3\"></span>urit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. Th<span class=\"_ _3\"></span>e discou<span class=\"_ _3\"></span>nt column rep<span class=\"_ _3\"></span>resents the p<span class=\"_ _3\"></span>ossibl<span class=\"_ _3\"></span>e future ca<span class=\"_ _3\"></span>sh flows inc<span class=\"_ _3\"></span>luded in th<span class=\"_ _3\"></span>e maturit<span class=\"_ _3\"></span>y anal<span class=\"_ _3\"></span>ysis, suc<span class=\"_ _3\"></span>h as future interest<span class=\"_ _3\"></span>, that are not inc<span class=\"_ _3\"></span>luded in t<span class=\"_ _3\"></span>he car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing value of the f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al liabili<span class=\"_ _3\"></span>ty. Ma<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f the G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s n<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eri<span class=\"_ _3\"></span>vat<span class=\"_ _3\"></span>ive fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al li<span class=\"_ _3\"></span>abi<span class=\"_ _3\"></span>lit<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>s at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r<span class=\"_ _3ab\"> </span>Non-rec<span class=\"_ _3\"></span>ourse<span class=\"_ _3ab\"> </span>pr<span class=\"_ _3\"></span>oje<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nce 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>borrowings<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>O<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r financial<span class=\"_ _3ab\"> </span>liabilities 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l non<span class=\"_ _3\"></span>- derivativ<span class=\"_ _4\"></span>e<span class=\"_ _3ab\"> </span>financial<span class=\"_ _3ab\"> </span>liabilities 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Di<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>t 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Carrying va<span class=\"_ _3\"></span>lue 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year<span class=\"_ _37b\"> </span><span class=\"ff46 ls10f ws105\">(1<span class=\"_ _3\"></span>5)<span class=\"_ _cc\"> </span>(10<span class=\"_ _2\"></span>4)<span class=\"_ _4f\"> </span>(1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>3)<span class=\"_ _f\"> </span>(1,<span class=\"_ _3\"></span>71<span class=\"_ _3\"></span>2)<span class=\"_ _145\"> </span></span><span class=\"ff46\">6<span class=\"_ _b5\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6)<span class=\"_ _3ab\"> </span></span></span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years<span class=\"_ _187\"> </span><span class=\"ff46 ls10f ws105\">(1<span class=\"_ _3\"></span>8)<span class=\"_ _a1\"> </span><span class=\"lsf7 ws100\">(3<span class=\"_ _3\"></span>9)<span class=\"_ _116\"> </span><span class=\"ls78 ws11a\">(<span class=\"_ _3\"></span>82)<span class=\"_ _fa\"> </span></span></span>(1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9)<span class=\"_ _145\"> </span></span><span class=\"ff46\">8<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1<span class=\"_ _3\"></span>31)<span class=\"_ _3ab\"> </span></span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years<span class=\"_ _9f\"> </span><span class=\"ff46 ls14b ws189\">(2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1)<span class=\"_ _a1\"> </span><span class=\"ls170 ws18f\">(27)<span class=\"_ _a1\"> </span>(28)<span class=\"_ _1cc\"> </span></span></span><span class=\"ff46\">(276)<span class=\"_ _87\"> </span><span class=\"ls18b ws188\">40<span class=\"_ _ee\"> </span></span>(2<span class=\"_ _3\"></span>36)<span class=\"_ _3ab\"> </span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s<span class=\"_ _37c\"> </span><span class=\"ff46 ls94 ws18a\">(9<span class=\"_ _3\"></span>34)<span class=\"_ _a1\"> </span></span><span class=\"ff46\">(96)<span class=\"_ _47\"> </span><span class=\"ls1c ws107\">(<span class=\"_ _3\"></span>5)<span class=\"_ _1e\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>)<span class=\"_ _128\"> </span><span class=\"ls74 ws6b\">56<span class=\"_ _3\"></span>4<span class=\"_ _b2\"> </span><span class=\"ls48 ws42\">(471)</span></span></span></span></span> <span class=\"_ _158\"> </span><span class=\"ff46 ls125 ws11c\">(1<span class=\"_ _3\"></span>,18<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _fa\"> </span></span><span class=\"ff46\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _1e\"> </span><span class=\"ls10f ws105\">(1<span class=\"_ _3\"></span>,7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _15\"> </span><span class=\"ls125 ws11c\">(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _e0\"> </span><span class=\"ls90 ws116\">618<span class=\"_ _c6\"> </span><span class=\"ls94 ws18a\">(2<span class=\"_ _3\"></span>,5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span></span>Discou<span class=\"_ _4\"></span>nt<span class=\"_ _120\"> </span><span class=\"ff46 ls90 ws116\">618<span class=\"_ _119\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _97\"> </span></span>618<span class=\"_ _3ab\"> </span></span>Carrying v<span class=\"_ _4\"></span>alue<span class=\"_ _2ff\"> </span><span class=\"ls109 ws87\">(570)<span class=\"_ _3b\"> </span><span class=\"ls5 ws3\">(26<span class=\"_ _3\"></span>6)<span class=\"_ _4f\"> </span><span class=\"ls10f ws105\">(1,<span class=\"_ _3\"></span>70<span class=\"_ _2\"></span>8)<span class=\"_ _57\"> </span><span class=\"ls94 ws18a\">(<span class=\"_ _3\"></span>2,<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span>Non<span class=\"_ _3\"></span>-recourse<span class=\"_ _3ab\"> </span>pro<span class=\"_ _3\"></span>ject finance 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Other<span class=\"_ _3ab\"> </span>borrowing<span class=\"_ _4\"></span>s 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Other financial<span class=\"_ _3ab\"> </span>liabilities 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Total no<span class=\"_ _3\"></span>n- derivative<span class=\"_ _3ab\"> </span>financial<span class=\"_ _3ab\"> </span>liabilities 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Discoun<span class=\"_ _4\"></span>t 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Ca<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ying val<span class=\"_ _3\"></span>ue 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year<span class=\"_ _21d\"> </span><span class=\"ls72 wsf5\">(<span class=\"_ _3\"></span>32)<span class=\"_ _cc\"> </span><span class=\"ls11e ws117\">(<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _d5\"> </span><span class=\"ls10a wsfe\">(1,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>)<span class=\"_ _d5\"> </span>(<span class=\"_ _3\"></span>1,7<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7f\"> </span></span></span></span>2<span class=\"_ _b5\"> </span><span class=\"ls10a wsfe\">(1,<span class=\"_ _3\"></span>70<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years<span class=\"_ _37d\"> </span><span class=\"ls16d ws230\">(8)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"ls124 ws6a\">(6<span class=\"_ _3\"></span>8)<span class=\"_ _a1\"> </span><span class=\"ls16 ws12\">(76<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _87\"> </span><span class=\"ls16 ws12\">(<span class=\"_ _3\"></span>76)<span class=\"_ _3ab\"> </span></span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years<span class=\"_ _187\"> </span><span class=\"ls61 ws59\">(26)<span class=\"_ _a0\"> </span><span class=\"ls49 ws43\">(70<span class=\"_ _3\"></span>)<span class=\"_ _a1\"> </span><span class=\"ls72 wsf5\">(6<span class=\"_ _3\"></span>2)<span class=\"_ _fa\"> </span><span class=\"ls100 ws104\">(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _7b\"> </span></span></span></span></span>1<span class=\"_ _e0\"> </span><span class=\"ls100 ws104\">(15<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>)<span class=\"_ _3ab\"> </span></span>Due af<span class=\"_ _3\"></span>ter more th<span class=\"_ _3\"></span>an five year<span class=\"_ _3\"></span>s<span class=\"_ _153\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>85)<span class=\"_ _cc\"> </span><span class=\"ls89 ws88\">(10<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>)<span class=\"_ _9d\"> </span></span>(5)<span class=\"_ _1cc\"> </span><span class=\"ls72 wsf5\">(4<span class=\"_ _3\"></span>92)<span class=\"_ _e0\"> </span><span class=\"ls12a ws11f\">187<span class=\"_ _125\"> </span><span class=\"ls105 wsc2\">(305)</span></span></span></span> <span class=\"_ _147\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>51)<span class=\"_ _fa\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>)<span class=\"_ _1e\"> </span><span class=\"ls73 ws80\">(2,<span class=\"_ _3\"></span>43<span class=\"_ _3\"></span>4)<span class=\"_ _b2\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>0<span class=\"_ _d6\"> </span><span class=\"ls109 ws87\">(2,<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Discou<span class=\"_ _4\"></span>nt<span class=\"_ _160\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _2\"></span>0<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _180\"> </span></span>19<span class=\"_ _3\"></span>0<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _ec\"> </span> </span></span>Carrying v<span class=\"_ _4\"></span>alue<span class=\"_ _e9\"> </span><span class=\"ff47 ls10f ws105\">(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>1)<span class=\"_ _1cc\"> </span><span class=\"ls66 ws5e\">(3<span class=\"_ _3\"></span>45)<span class=\"_ _1e\"> </span><span class=\"ls10a wsfe\">(<span class=\"_ _3\"></span>1,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _1e\"> </span><span class=\"ls109 ws87\">(<span class=\"_ _3\"></span>2,24<span class=\"_ _3\"></span>4)<span class=\"_ _3ab\"> </span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-664": {
   "value": "Derivativ<span class=\"_ _4\"></span>e financial liabilities gross maturity<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing t<span class=\"_ _3\"></span>able d<span class=\"_ _3\"></span>etails the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _3\"></span>ected m<span class=\"_ _3\"></span>aturit<span class=\"_ _3\"></span>y for its de<span class=\"_ _3\"></span>rivati<span class=\"_ _3\"></span>ve financi<span class=\"_ _3\"></span>al liabil<span class=\"_ _3\"></span>ities. T<span class=\"_ _3\"></span>he tabl<span class=\"_ _3\"></span>e reflects t<span class=\"_ _3\"></span>he undisc<span class=\"_ _3\"></span>ounted net c<span class=\"_ _3\"></span>ash inflows<span class=\"_ _3\"></span>/(ou<span class=\"_ _3\"></span>tflow<span class=\"_ _3\"></span>s) on the deri<span class=\"_ _3\"></span>vative ins<span class=\"_ _3\"></span>truments t<span class=\"_ _3\"></span>hat sett<span class=\"_ _3\"></span>le on a net basi<span class=\"_ _3\"></span>s (interest rate swa<span class=\"_ _3\"></span>ps) and und<span class=\"_ _3\"></span>iscounted g<span class=\"_ _3\"></span>ross inflows<span class=\"_ _3\"></span>/(ou<span class=\"_ _3\"></span>tflows) fo<span class=\"_ _3\"></span>r thos<span class=\"_ _3\"></span>e deriva<span class=\"_ _3\"></span>tives that are set<span class=\"_ _3\"></span>tled o<span class=\"_ _3\"></span>n a gross ba<span class=\"_ _3\"></span>sis (foreign excha<span class=\"_ _3\"></span>nge contr<span class=\"_ _3\"></span>acts). W<span class=\"_ _3\"></span>hen the amo<span class=\"_ _3\"></span>unt payab<span class=\"_ _3\"></span>le or recei<span class=\"_ _3\"></span>vable is not f<span class=\"_ _3\"></span>ixed, the amou<span class=\"_ _3\"></span>nt disclo<span class=\"_ _3\"></span>sed has be<span class=\"_ _3\"></span>en determin<span class=\"_ _3\"></span>ed by reference to the p<span class=\"_ _3\"></span>rojected intere<span class=\"_ _3\"></span>st rates, usin<span class=\"_ _3\"></span>g the yiel<span class=\"_ _3\"></span>d cur<span class=\"_ _3\"></span>ves at the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date.<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y pr<span class=\"_ _3\"></span>ofi<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f the G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s d<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ivat<span class=\"_ _3\"></span>ive<span class=\"_ _3\"></span>s at 31 De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r<span class=\"_ _3ab\"> </span>Pay<span class=\"_ _4\"></span>able 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Receivable 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Ne<span class=\"_ _3\"></span>t payable<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>23 \u00a3m<span class=\"_ _3ab\"> </span>Pay<span class=\"_ _3\"></span>able 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Receivable 20<span class=\"_ _3\"></span>22 \u00a3m<span class=\"_ _3ab\"> </span>Net pay<span class=\"_ _3\"></span>able 2022<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Due o<span class=\"_ _3\"></span>n demand o<span class=\"_ _3\"></span>r within on<span class=\"_ _3\"></span>e year<span class=\"_ _37b\"> </span><span class=\"ff46 ls10f ws105\">(14<span class=\"_ _3\"></span>)<span class=\"_ _51\"> </span><span class=\"ls10d ws101\">15<span class=\"_ _9a\"> </span></span></span><span class=\"ff46\">1<span class=\"_ _34\"> </span></span><span class=\"ls11c ws115\">(<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>)<span class=\"_ _47\"> </span>11<span class=\"_ _b1\"> </span></span>\u2013<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin one to t<span class=\"_ _3\"></span>wo years<span class=\"_ _187\"> </span><span class=\"ff46 ls14b ws189\">(<span class=\"_ _3\"></span>31)<span class=\"_ _51\"> </span><span class=\"ls66 ws5e\">30<span class=\"_ _145\"> </span></span>(<span class=\"_ _3\"></span>1)<span class=\"_ _a3\"> </span></span><span class=\"ls66 ws5e\">(5)<span class=\"_ _145\"> </span></span>5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>Due w<span class=\"_ _3\"></span>ithin t<span class=\"_ _3\"></span>wo to five years<span class=\"_ _30f\"> </span><span class=\"ff46 ls170 ws18f\">(7)<span class=\"_ _ad\"> </span></span><span class=\"ff46\">6<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _22d\"> </span><span class=\"ls78 ws11a\">(5<span class=\"_ _3\"></span>2)<span class=\"_ _87\"> </span><span class=\"ls107 wsfc\">51<span class=\"_ _7f\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _180\"> </span><span class=\"ff47 ls93 wsfa\">(<span class=\"_ _3\"></span>16)<span class=\"_ _81\"> </span>16<span class=\"_ _11c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _3ab\"> </span></span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-665": {
   "value": "(a<span class=\"_ _4\"></span>) M<span class=\"_ _3\"></span>arke<span class=\"_ _3\"></span>t ris<span class=\"_ _3\"></span>k<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s activ<span class=\"_ _3\"></span>ities expo<span class=\"_ _3\"></span>se it prim<span class=\"_ _3\"></span>arily to the f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al risks of cha<span class=\"_ _3\"></span>nges in foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hange ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s and interest rates<span class=\"_ _3\"></span>. The Gro<span class=\"_ _3\"></span>up enters into a variet<span class=\"_ _3\"></span>y of der<span class=\"_ _3\"></span>ivative fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l instrum<span class=\"_ _3\"></span>ents to manag<span class=\"_ _3\"></span>e its exp<span class=\"_ _3\"></span>osure to interest rate and forei<span class=\"_ _3\"></span>gn curren<span class=\"_ _3\"></span>cy risk<span class=\"_ _3\"></span>, includi<span class=\"_ _3\"></span>ng: <span class=\"_ _1dd\"></span>\u00bb<span class=\"_ _1e2\"> </span><span class=\"ls3\">for<span class=\"_ _3\"></span>ward foreign exch<span class=\"_ _3\"></span>ange co<span class=\"_ _3\"></span>ntracts to h<span class=\"_ _3\"></span>edge th<span class=\"_ _3\"></span>e e<span class=\"_ _4\"></span>xch<span class=\"_ _3\"></span>ange rate r<span class=\"_ _3\"></span>isk arising o<span class=\"_ _3\"></span>n tradin<span class=\"_ _3\"></span>g activ<span class=\"_ _3\"></span>ities tran<span class=\"_ _3\"></span>sacted i<span class=\"_ _3\"></span>n a currenc<span class=\"_ _3\"></span>y that is not the fu<span class=\"_ _3\"></span>nctio<span class=\"_ _3\"></span>nal </span>cur<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ncy of the bu<span class=\"_ _3\"></span>siness uni<span class=\"_ _3\"></span>t; and <span class=\"_ _1dd\"></span>\u00bb<span class=\"_ _1e2\"> </span><span class=\"ls3\">interest rate sw<span class=\"_ _3\"></span>aps to mitig<span class=\"_ _3\"></span>ate the cas<span class=\"_ _3\"></span>h flow varia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y in non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>recours<span class=\"_ _3\"></span>e project f<span class=\"_ _3\"></span>inance l<span class=\"_ _3\"></span>oans aris<span class=\"_ _3\"></span>ing from var<span class=\"_ _3\"></span>iable interes<span class=\"_ _3\"></span>t rates on bor<span class=\"_ _3\"></span>rowings<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>ere has bee<span class=\"_ _3\"></span>n no materia<span class=\"_ _3\"></span>l change to th<span class=\"_ _3\"></span>e Group\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to ma<span class=\"_ _3\"></span>rk<span class=\"_ _4\"></span>et r<span class=\"_ _3\"></span>isks and there h<span class=\"_ _3\"></span>as been no c<span class=\"_ _3\"></span>hange i<span class=\"_ _3\"></span>n how the Grou<span class=\"_ _3\"></span>p manage<span class=\"_ _3\"></span>s those risks since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span>(i) F<span class=\"_ _3\"></span>oreign cu<span class=\"_ _3\"></span>rrency ri<span class=\"_ _3\"></span>sk manag<span class=\"_ _3\"></span>ement<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group op<span class=\"_ _3\"></span>erates intern<span class=\"_ _3\"></span>ationall<span class=\"_ _3\"></span>y and is exp<span class=\"_ _3\"></span>osed to foreign excha<span class=\"_ _3\"></span>nge risk ar<span class=\"_ _3\"></span>ising from exp<span class=\"_ _3\"></span>osure to vari<span class=\"_ _3\"></span>ous curren<span class=\"_ _3\"></span>cies, pr<span class=\"_ _3\"></span>imaril<span class=\"_ _3\"></span>y t<span class=\"_ _4\"></span>o U<span class=\"_ _3\"></span>S dolla<span class=\"_ _3\"></span>rs, euros<span class=\"_ _3\"></span> and Hong Kong<span class=\"_ _4\"></span> dollars. Foreign e<span class=\"_ _4\"></span>xchange risk<span class=\"_ _4\"></span> arises from f<span class=\"_ _4\"></span>uture trading<span class=\"_ _4\"></span> transactions, assets and<span class=\"_ _4\"></span> liabilities and<span class=\"_ _4\"></span> net inv<span class=\"_ _4\"></span>estments in f<span class=\"_ _4\"></span>oreign operations.<span class=\"_ _3ab\"> </span>Grou<span class=\"_ _3\"></span>p polic<span class=\"_ _3\"></span>y r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>quires bus<span class=\"_ _3\"></span>iness unit<span class=\"_ _3\"></span>s to manag<span class=\"_ _3\"></span>e their trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>nal foreign excha<span class=\"_ _3\"></span>nge risk a<span class=\"_ _3\"></span>gainst th<span class=\"_ _3\"></span>eir functi<span class=\"_ _3\"></span>onal cur<span class=\"_ _3\"></span>rency. Whenever a c<span class=\"_ _3\"></span>urrent or<span class=\"_ _3\"></span> future forei<span class=\"_ _3\"></span>gn curren<span class=\"_ _3\"></span>cy exposu<span class=\"_ _3\"></span>re is identifi<span class=\"_ _3\"></span>ed with su<span class=\"_ _3\"></span>ffic<span class=\"_ _3\"></span>ient reliabil<span class=\"_ _3\"></span>ity, Group T<span class=\"_ _4\"></span>rea<span class=\"_ _3\"></span>sury e<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rs into forw<span class=\"_ _3\"></span>ard contra<span class=\"_ _3\"></span>cts on b<span class=\"_ _3\"></span>ehalf of bu<span class=\"_ _3\"></span>siness uni<span class=\"_ _3\"></span>ts to cover 10<span class=\"_ _3\"></span>0% of foreign exchan<span class=\"_ _3\"></span>ge risk ab<span class=\"_ _3\"></span>ove material<span class=\"_ _3\"></span>ity level<span class=\"_ _3\"></span>s determine<span class=\"_ _3\"></span>d by the Chief Fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l Of<span class=\"_ _3\"></span>ficer<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>As a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23, t<span class=\"_ _3\"></span>he notiona<span class=\"_ _3\"></span>l princi<span class=\"_ _3\"></span>pal amou<span class=\"_ _3\"></span>nts of foreign exchan<span class=\"_ _3\"></span>ge contr<span class=\"_ _3\"></span>acts in res<span class=\"_ _3\"></span>pect of foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y trans<span class=\"_ _3\"></span>action<span class=\"_ _3\"></span>s where hed<span class=\"_ _3\"></span>ge acc<span class=\"_ _3\"></span>ounting is n<span class=\"_ _3\"></span>ot applie<span class=\"_ _3\"></span>d was \u00a351<span class=\"_ _4\"></span>m (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a316m) rec<span class=\"_ _3\"></span>eivabl<span class=\"_ _3\"></span>e and \u00a35<span class=\"_ _3\"></span>2m (20<span class=\"_ _3\"></span>22: \u00a316<span class=\"_ _3\"></span>m) payabl<span class=\"_ _3\"></span>e with relate<span class=\"_ _3\"></span>d cash flow<span class=\"_ _3\"></span>s expec<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d to occur w<span class=\"_ _3\"></span>ithin three<span class=\"_ _3\"></span> years (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: three ye<span class=\"_ _3\"></span>ars). The foreig<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>xc<span class=\"_ _3\"></span>hange g<span class=\"_ _3\"></span>ains or los<span class=\"_ _3\"></span>ses resultin<span class=\"_ _3\"></span>g from fair valui<span class=\"_ _3\"></span>ng these unh<span class=\"_ _3\"></span>edge<span class=\"_ _3\"></span>d foreign exchang<span class=\"_ _3\"></span>e contra<span class=\"_ _3\"></span>cts will a<span class=\"_ _3\"></span>ffect th<span class=\"_ _3\"></span>e income statemen<span class=\"_ _4\"></span>t throughout the same<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>eriods.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group has n<span class=\"_ _3\"></span>ot design<span class=\"_ _3\"></span>ated any for<span class=\"_ _3\"></span>ward exchang<span class=\"_ _3\"></span>e contrac<span class=\"_ _3\"></span>ts as ca<span class=\"_ _3\"></span>sh flow hed<span class=\"_ _3\"></span>ges in 20<span class=\"_ _3\"></span>22 an<span class=\"_ _3\"></span>d 202<span class=\"_ _3\"></span>3.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group\u2019s investments in fore<span class=\"_ _3\"></span>ign oper<span class=\"_ _3\"></span>ations are exp<span class=\"_ _3\"></span>osed to foreig<span class=\"_ _3\"></span>n currenc<span class=\"_ _3\"></span>y transla<span class=\"_ _3\"></span>tion risks<span class=\"_ _3\"></span>. The Grou<span class=\"_ _3\"></span>p does not e<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r into f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rwa<span class=\"_ _3\"></span>rd foreign exchang<span class=\"_ _3\"></span>e or other de<span class=\"_ _3\"></span>rivative c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts to hedg<span class=\"_ _3\"></span>e foreign cur<span class=\"_ _3\"></span>rency den<span class=\"_ _3\"></span>ominated n<span class=\"_ _3\"></span>et assets.<span class=\"_ _3ab\"> </span>In Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>2 the Grou<span class=\"_ _3\"></span>p raised U<span class=\"_ _3\"></span>S$158<span class=\"_ _3\"></span>m of debt in th<span class=\"_ _3\"></span>e form of new US pr<span class=\"_ _3\"></span>ivate pla<span class=\"_ _3\"></span>cement (U<span class=\"_ _3\"></span>SPP<span class=\"_ _3\"></span>) notes on term<span class=\"_ _3\"></span>s and cond<span class=\"_ _3\"></span>itions m<span class=\"_ _3\"></span>aterially t<span class=\"_ _3\"></span>he same<span class=\"_ _3\"></span> as the exi<span class=\"_ _3\"></span>sting US<span class=\"_ _3\"></span>PP notes rais<span class=\"_ _3\"></span>ed in 2013, of whic<span class=\"_ _3\"></span>h US<span class=\"_ _3\"></span>$5<span class=\"_ _3\"></span>0m rema<span class=\"_ _3\"></span>ined out<span class=\"_ _3\"></span>stand<span class=\"_ _3\"></span>ing at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023<span class=\"_ _3\"></span>. The U<span class=\"_ _3\"></span>SPP notes a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e d<span class=\"_ _3\"></span>esigna<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d as a net investm<span class=\"_ _3\"></span>ent hedg<span class=\"_ _3\"></span>e against c<span class=\"_ _3\"></span>hange<span class=\"_ _3\"></span>s in the value of th<span class=\"_ _3\"></span>e Group\u2019s US net asset<span class=\"_ _3\"></span>s due to ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hange m<span class=\"_ _3\"></span>ovements. T<span class=\"_ _3\"></span>he Group re<span class=\"_ _3\"></span>assess<span class=\"_ _3\"></span>ed the US<span class=\"_ _3\"></span>$2<span class=\"_ _3\"></span>08<span class=\"_ _3\"></span>m hed<span class=\"_ _3\"></span>ge at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd conc<span class=\"_ _3\"></span>luded th<span class=\"_ _3\"></span>at the hed<span class=\"_ _3\"></span>ge continu<span class=\"_ _3\"></span>ed to be ef<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ctive. E<span class=\"_ _3\"></span>xchang<span class=\"_ _3\"></span>e movements in t<span class=\"_ _3\"></span>he year led to a \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>4m re<span class=\"_ _3\"></span>ductio<span class=\"_ _3\"></span>n in the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying am<span class=\"_ _3\"></span>ount of the lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y on the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s bal<span class=\"_ _3\"></span>ance she<span class=\"_ _3\"></span>et (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>23<span class=\"_ _3\"></span>m increase). A<span class=\"_ gs52\"> </span>5% increa<span class=\"_ _3\"></span>se/dec<span class=\"_ _3\"></span>rease in the U<span class=\"_ _3\"></span>S dolla<span class=\"_ _3\"></span>r t<span class=\"_ _4\"></span>o s<span class=\"_ _3\"></span>terling exchan<span class=\"_ _3\"></span>ge rate woul<span class=\"_ _3\"></span>d lead to a \u00a3<span class=\"_ _3\"></span>8m d<span class=\"_ _3\"></span>ecrease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a316m)/<span class=\"_ _3\"></span>\u00a3<span class=\"_ _3\"></span>9m inc<span class=\"_ _3\"></span>rease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a318m) in the c<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying a<span class=\"_ _3\"></span>mount of the lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y on the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s ba<span class=\"_ _3\"></span>lance sh<span class=\"_ _3\"></span>eet, with<span class=\"_ _3\"></span> the move<span class=\"_ _3\"></span>ment reco<span class=\"_ _3\"></span>gnised in oth<span class=\"_ _3\"></span>er compre<span class=\"_ _3\"></span>hensive inc<span class=\"_ _3\"></span>ome.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e hedgin<span class=\"_ _3\"></span>g polic<span class=\"_ _3\"></span>y is reviewed pe<span class=\"_ _3\"></span>riodi<span class=\"_ _3\"></span>cally. At the repo<span class=\"_ _3\"></span>rtin<span class=\"_ _3\"></span>g date there ha<span class=\"_ _3\"></span>d been no c<span class=\"_ _3\"></span>hange to the h<span class=\"_ _3\"></span>edgin<span class=\"_ _3\"></span>g polic<span class=\"_ _3\"></span>y since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span>(ii) Inter<span class=\"_ _4\"></span>est rate risk management<span class=\"_ _3ab\"> </span>Interest ra<span class=\"_ _3\"></span>te risk arises i<span class=\"_ _3\"></span>n the Group\u2019s non<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>course p<span class=\"_ _3\"></span>roject c<span class=\"_ _3\"></span>ompani<span class=\"_ _3\"></span>es which b<span class=\"_ _3\"></span>orrow fund<span class=\"_ _3\"></span>s at both flo<span class=\"_ _3\"></span>ating and f<span class=\"_ _3\"></span>ixed interest rates a<span class=\"_ _3\"></span>nd hold fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> asset<span class=\"_ _3\"></span>s measured a<span class=\"_ _3\"></span>t fair value thro<span class=\"_ _3\"></span>ugh OC<span class=\"_ _3\"></span>I. Floa<span class=\"_ _3\"></span>ting rate bo<span class=\"_ _3\"></span>rrowings ex<span class=\"_ _3\"></span>pose the G<span class=\"_ _3\"></span>roup to cas<span class=\"_ _3\"></span>h flow interest rate ris<span class=\"_ _3\"></span>k. The G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s p<span class=\"_ _3\"></span>olicy to ma<span class=\"_ _3\"></span>nage<span class=\"_ _3\"></span> this ri<span class=\"_ _3\"></span>sk is to swap flo<span class=\"_ _3\"></span>ating rate interest to fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d rate, using interes<span class=\"_ _3\"></span>t rate swap co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>In an interes<span class=\"_ _3\"></span>t rate swap, the G<span class=\"_ _3\"></span>roup agree<span class=\"_ _3\"></span>s t<span class=\"_ _4\"></span>o exch<span class=\"_ _3\"></span>ange the d<span class=\"_ _3\"></span>ifferenc<span class=\"_ _3\"></span>e betwe<span class=\"_ _3\"></span>en fixed and f<span class=\"_ _3\"></span>loating r<span class=\"_ _3\"></span>ate interest amount<span class=\"_ _3\"></span>s calcu<span class=\"_ _3\"></span>lated on ag<span class=\"_ _3\"></span>reed notio<span class=\"_ _3\"></span>nal prin<span class=\"_ _3\"></span>cipal a<span class=\"_ _3\"></span>mounts. T<span class=\"_ _3\"></span>he net ef<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ct of a moveme<span class=\"_ _3\"></span>nt in interest rates on in<span class=\"_ _3\"></span>come wou<span class=\"_ _3\"></span>ld be immater<span class=\"_ _3\"></span>ial. T<span class=\"_ _3\"></span>he fair value of i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>st rate swaps i<span class=\"_ _3\"></span>s determine<span class=\"_ _3\"></span>d by disc<span class=\"_ _3\"></span>ounting th<span class=\"_ _3\"></span>e future ca<span class=\"_ _3\"></span>sh flows usin<span class=\"_ _3\"></span>g the yield c<span class=\"_ _3\"></span>urve at t<span class=\"_ _3\"></span>he repor<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate.<span class=\"_ _3ab\"> </span>Dur<span class=\"_ _3\"></span>ing 20<span class=\"_ _3\"></span>23 and 2<span class=\"_ _3\"></span>022<span class=\"_ _3\"></span>, the Group\u2019s non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>cours<span class=\"_ _3\"></span>e project su<span class=\"_ _3\"></span>bsidia<span class=\"_ _3\"></span>ries\u2019 bor<span class=\"_ _3\"></span>rowings at v<span class=\"_ _3\"></span>ariabl<span class=\"_ _3\"></span>e rates of interest were de<span class=\"_ _3\"></span>nominate<span class=\"_ _3\"></span>d in sterling. T<span class=\"_ _3\"></span>he notio<span class=\"_ _3\"></span>nal prin<span class=\"_ _3\"></span>cipal am<span class=\"_ _3\"></span>ounts of the su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies\u2019 interest rate swa<span class=\"_ _3\"></span>ps outst<span class=\"_ _3\"></span>andin<span class=\"_ _3\"></span>g at 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 totall<span class=\"_ _3\"></span>ed \u00a31<span class=\"_ _4\"></span>7m (2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2: \u00a31<span class=\"_ _4\"></span>7m) with m<span class=\"_ _3\"></span>aturiti<span class=\"_ _3\"></span>es that match t<span class=\"_ _3\"></span>he maturi<span class=\"_ _3\"></span>ty of the u<span class=\"_ _3\"></span>nderl<span class=\"_ _3\"></span>ying bor<span class=\"_ _3\"></span>rowings of 8 ye<span class=\"_ _3\"></span>ars. At 31 De<span class=\"_ _3\"></span>cembe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3, the fi<span class=\"_ _3\"></span>x<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d interest rate was 5<span class=\"_ _3\"></span>.<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>% (<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>22: 5.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>%) and the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al flo<span class=\"_ _3\"></span>ating rates are S<span class=\"_ _3\"></span>ONI<span class=\"_ _3\"></span>A plus a fixe<span class=\"_ _3\"></span>d margin. A 5<span class=\"_ _3\"></span>0 basi<span class=\"_ _3\"></span>s point inc<span class=\"_ _3\"></span>rease/d<span class=\"_ _3\"></span>ecrease in t<span class=\"_ _3\"></span>he interest rate on fl<span class=\"_ _3\"></span>oating ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e b<span class=\"_ _3\"></span>orrowi<span class=\"_ _3\"></span>ngs for interest rate sw<span class=\"_ _3\"></span>aps would l<span class=\"_ _3\"></span>ead to a \u00a3nil in<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3nil)/<span class=\"_ _3\"></span>\u00a3nil de<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a3nil) in a<span class=\"_ _3\"></span>mounts ta<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>en d<span class=\"_ _3\"></span>irectly to ot<span class=\"_ _3\"></span>her comp<span class=\"_ _3\"></span>rehensive in<span class=\"_ _3\"></span>come by th<span class=\"_ _3\"></span>e Group in rela<span class=\"_ _3\"></span>tion to the Grou<span class=\"_ _3\"></span>p\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _3\"></span>osure to interest rates on t<span class=\"_ _3\"></span>he PPP fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l assets and c<span class=\"_ _3\"></span>ash flow h<span class=\"_ _3\"></span>edges of i<span class=\"_ _3\"></span>ts Infrast<span class=\"_ _3\"></span>ructure Inve<span class=\"_ _3\"></span>stments sub<span class=\"_ _3\"></span>sidiar<span class=\"_ _3\"></span>ies.<span class=\"_ _3ab\"> </span>Interest ra<span class=\"_ _3\"></span>te risk also ari<span class=\"_ _3\"></span>ses on the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s c<span class=\"_ _3\"></span>ash and c<span class=\"_ _3\"></span>ash equiv<span class=\"_ _3\"></span>alents, ter<span class=\"_ _3\"></span>m depo<span class=\"_ _3\"></span>sits and oth<span class=\"_ _3\"></span>er borrow<span class=\"_ _3\"></span>ings. O<span class=\"_ _3\"></span>ther tha<span class=\"_ _3\"></span>n the non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>recours<span class=\"_ _3\"></span>e project<span class=\"_ _3\"></span> subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>\u2019 b<span class=\"_ _3\"></span>orrowi<span class=\"_ _3\"></span>ngs at vari<span class=\"_ _3\"></span>able rates of i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rest, all th<span class=\"_ _3\"></span>e debt of the G<span class=\"_ _3\"></span>roup is held at f<span class=\"_ _3\"></span>ixed interest rates<span class=\"_ _3\"></span>. A 50 ba<span class=\"_ _3\"></span>sis point in<span class=\"_ _3\"></span>crease/d<span class=\"_ _3\"></span>ecreas<span class=\"_ _3\"></span>e in the interest ra<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e of e<span class=\"_ _3\"></span>ach cur<span class=\"_ _3\"></span>rency in whi<span class=\"_ _3\"></span>ch these fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l instrum<span class=\"_ _3\"></span>ents are held wo<span class=\"_ _3\"></span>uld lead to a \u00a3<span class=\"_ _3\"></span>5m de<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>m)/<span class=\"_ _3\"></span>\u00a35m in<span class=\"_ _3\"></span>crease (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: \u00a36<span class=\"_ _3\"></span>m) in<span class=\"_ gs52\"> </span>the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s net f<span class=\"_ _3\"></span>inance c<span class=\"_ _3\"></span>ost.<span class=\"_ _3ab\"> </span><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs730\">(iii) Price<span class=\"_ _4\"></span> risk management<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs731\">Th<span class=\"_ _3\"></span>e Group\u2019s princi<span class=\"_ _3\"></span>pal pric<span class=\"_ _3\"></span>e risk expo<span class=\"_ _3\"></span>sure arises in i<span class=\"_ _3\"></span>ts Infrast<span class=\"_ _3\"></span>ructure Inves<span class=\"_ _3\"></span>tments co<span class=\"_ _3\"></span>ncessi<span class=\"_ _3\"></span>ons. At the c<span class=\"_ _3\"></span>ommenc<span class=\"_ _3\"></span>ement of the c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ion, an </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs732\">elem<span class=\"_ _3\"></span>ent of the unit<span class=\"_ _3\"></span>ary p<span class=\"_ _3\"></span>ayment by t<span class=\"_ _3\"></span>he customer i<span class=\"_ _3\"></span>s indexed to offs<span class=\"_ _3\"></span>et the effec<span class=\"_ _3\"></span>t of inflatio<span class=\"_ _3\"></span>n on the con<span class=\"_ _3\"></span>cessio<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>\u2019s cost<span class=\"_ _3\"></span>s. The G<span class=\"_ _3\"></span>roup is expo<span class=\"_ _3\"></span>sed </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs733\">to<span class=\"_ gs52\"> </span>pric<span class=\"_ _3\"></span>e risk to the exte<span class=\"_ _3\"></span>nt that inflati<span class=\"_ _3\"></span>on dif<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rs from the in<span class=\"_ _3\"></span>dex used.<span class=\"_ _3ab\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-667": {
   "value": "<div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gs1251\">(b) Cre<span class=\"_ _3\"></span>dit ri<span class=\"_ _3\"></span>sk<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1252\">Cred<span class=\"_ _3\"></span>it risk is the r<span class=\"_ _3\"></span>isk that a cou<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rpar<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y will defaul<span class=\"_ _3\"></span>t on its co<span class=\"_ _3\"></span>ntractu<span class=\"_ _3\"></span>al oblig<span class=\"_ _3\"></span>ations<span class=\"_ _3\"></span>, r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>sulting in fi<span class=\"_ _3\"></span>nancia<span class=\"_ _3\"></span>l loss. Cre<span class=\"_ _3\"></span>dit risk ar<span class=\"_ _3\"></span>ises from c<span class=\"_ _3\"></span>ash and </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1253\">dep<span class=\"_ _3\"></span>osits<span class=\"_ _3\"></span>, derivat<span class=\"_ _3\"></span>ive financ<span class=\"_ _3\"></span>ial instr<span class=\"_ _3\"></span>uments, l<span class=\"_ _3\"></span>oans provi<span class=\"_ _3\"></span>ded to joint ve<span class=\"_ _3\"></span>ntures and ass<span class=\"_ _3\"></span>ociates an<span class=\"_ _3\"></span>d credit exp<span class=\"_ _3\"></span>osures to custo<span class=\"_ _3\"></span>mers, inc<span class=\"_ _3\"></span>luding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1254\">out<span class=\"_ _3\"></span>standi<span class=\"_ _3\"></span>ng receiv<span class=\"_ _3\"></span>ables an<span class=\"_ _3\"></span>d commit<span class=\"_ _3\"></span>ted trans<span class=\"_ _3\"></span>actio<span class=\"_ _3\"></span>ns. The G<span class=\"_ _3\"></span>roup has a p<span class=\"_ _3\"></span>olicy of as<span class=\"_ _3\"></span>sessing t<span class=\"_ _3\"></span>he credit<span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>thines<span class=\"_ _3\"></span>s of potential cu<span class=\"_ _3\"></span>stomers b<span class=\"_ _3\"></span>efore </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1255\">enterin<span class=\"_ _3\"></span>g into transac<span class=\"_ _3\"></span>tions set by t<span class=\"_ _3\"></span>he Board for t<span class=\"_ _3\"></span>he Group.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1256\">For c<span class=\"_ _3\"></span>ash and d<span class=\"_ _3\"></span>eposit<span class=\"_ _3\"></span>s and der<span class=\"_ _3\"></span>ivative fin<span class=\"_ _3\"></span>ancial i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nts, the Grou<span class=\"_ _3\"></span>p has a po<span class=\"_ _3\"></span>licy of onl<span class=\"_ _3\"></span>y using cou<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rpar<span class=\"_ _3\"></span>ties th<span class=\"_ _3\"></span>at are indep<span class=\"_ _3\"></span>endentl<span class=\"_ _3\"></span>y rated </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1257\">with a m<span class=\"_ _3\"></span>inimum lon<span class=\"_ _3\"></span>g-<span class=\"_ _3\"></span>term cred<span class=\"_ _3\"></span>it rating of B<span class=\"_ _3\"></span>BB<span class=\"_ _3\"></span>- and at 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 t<span class=\"_ _3\"></span>his criteri<span class=\"_ _3\"></span>on was met (<span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2: BBB+). The c<span class=\"_ _3\"></span>redit rat<span class=\"_ _3\"></span>ing of a finan<span class=\"_ _3\"></span>cial </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1258\">insti<span class=\"_ _3\"></span>tution wi<span class=\"_ _3\"></span>ll determine t<span class=\"_ _3\"></span>he amount an<span class=\"_ _3\"></span>d duration fo<span class=\"_ _3\"></span>r which fun<span class=\"_ _3\"></span>ds may be d<span class=\"_ _3\"></span>eposite<span class=\"_ _3\"></span>d under in<span class=\"_ _3\"></span>dividu<span class=\"_ _3\"></span>al risk limi<span class=\"_ _3\"></span>ts set by the Bo<span class=\"_ _3\"></span>ard for the Grou<span class=\"_ _3\"></span>p </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1259\">and su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>y co<span class=\"_ _3\"></span>mpanie<span class=\"_ _3\"></span>s. Mana<span class=\"_ _3\"></span>gement mo<span class=\"_ _3\"></span>nitors the u<span class=\"_ _3\"></span>tilisatio<span class=\"_ _3\"></span>n of these cre<span class=\"_ _3\"></span>dit limits re<span class=\"_ _3\"></span>gularl<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs125a\">For t<span class=\"_ _3\"></span>rade and ot<span class=\"_ _3\"></span>her receiv<span class=\"_ _3\"></span>ables, c<span class=\"_ _3\"></span>redit evalu<span class=\"_ _3\"></span>ation is p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>med on th<span class=\"_ _3\"></span>e financi<span class=\"_ _3\"></span>al cond<span class=\"_ _3\"></span>ition of ac<span class=\"_ _3\"></span>counts rec<span class=\"_ _3\"></span>eivab<span class=\"_ _3\"></span>le using ind<span class=\"_ _3\"></span>epend<span class=\"_ _3\"></span>ent rating<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs125b\">whe<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e av<span class=\"_ _3\"></span>ailabl<span class=\"_ _3\"></span>e or by asses<span class=\"_ _3\"></span>sment of the cu<span class=\"_ _3\"></span>stomer\u2019s credi<span class=\"_ _3\"></span>t qualit<span class=\"_ _3\"></span>y bas<span class=\"_ _3\"></span>ed on its fin<span class=\"_ _3\"></span>ancial p<span class=\"_ _3\"></span>ositio<span class=\"_ _3\"></span>n, past exp<span class=\"_ _3\"></span>erienc<span class=\"_ _3\"></span>e and other fa<span class=\"_ _3\"></span>ctors. T<span class=\"_ _3\"></span>he </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs125c\">Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s most s<span class=\"_ _3\"></span>ignific<span class=\"_ _3\"></span>ant custom<span class=\"_ _3\"></span>ers are publ<span class=\"_ _3\"></span>ic or regula<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d indust<span class=\"_ _3\"></span>ry enti<span class=\"_ _3\"></span>ties whic<span class=\"_ _3\"></span>h genera<span class=\"_ _3\"></span>lly have high c<span class=\"_ _3\"></span>redit rat<span class=\"_ _3\"></span>ings or are of a hig<span class=\"_ _3\"></span>h credit </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs125d\">qual<span class=\"_ _3\"></span>ity du<span class=\"_ _3\"></span>e to the nature of the c<span class=\"_ _3\"></span>ustomer. As such<span class=\"_ _3\"></span>, the Group d<span class=\"_ _3\"></span>oes not exp<span class=\"_ _3\"></span>ect mater<span class=\"_ _3\"></span>ial credi<span class=\"_ _3\"></span>t losses to o<span class=\"_ _3\"></span>ccur on b<span class=\"_ _3\"></span>alance<span class=\"_ _3\"></span>s owed to the Group </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs125e\">by its p<span class=\"_ _3\"></span>ublic or re<span class=\"_ _3\"></span>gulated cus<span class=\"_ _3\"></span>tomers. T<span class=\"_ _3\"></span>his is in line w<span class=\"_ _3\"></span>ith the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _3\"></span>erienc<span class=\"_ _3\"></span>e in the past of re<span class=\"_ _3\"></span>covering b<span class=\"_ _3\"></span>alanc<span class=\"_ _3\"></span>es owed by thes<span class=\"_ _3\"></span>e customer<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs125f\">Th<span class=\"_ _3\"></span>e Group is exp<span class=\"_ _3\"></span>osed to cred<span class=\"_ _3\"></span>it risk on lo<span class=\"_ _3\"></span>ans provid<span class=\"_ _3\"></span>ed to joint venture<span class=\"_ _3\"></span>s and asso<span class=\"_ _3\"></span>ciates and a<span class=\"_ _3\"></span>ccrue<span class=\"_ _3\"></span>d interest on tho<span class=\"_ _3\"></span>se loans<span class=\"_ _3\"></span>, as the repay<span class=\"_ _3\"></span>ment </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1260\">of<span class=\"_ gs52\"> </span>these a<span class=\"_ _3\"></span>mounts is c<span class=\"_ _3\"></span>ontingent o<span class=\"_ _3\"></span>n the per<span class=\"_ _3\"></span>forma<span class=\"_ _3\"></span>nce of the un<span class=\"_ _3\"></span>derly<span class=\"_ _3\"></span>ing conc<span class=\"_ _3\"></span>ession o<span class=\"_ _3\"></span>r opera<span class=\"_ _3\"></span>tion. In th<span class=\"_ _3\"></span>e Infrastr<span class=\"_ _3\"></span>ucture Invest<span class=\"_ _3\"></span>ments seg<span class=\"_ _3\"></span>ment the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1261\">con<span class=\"_ _3\"></span>cessio<span class=\"_ _3\"></span>ns are ty<span class=\"_ _3\"></span>pical<span class=\"_ _3\"></span>ly finan<span class=\"_ _3\"></span>ced by a co<span class=\"_ _3\"></span>mbinati<span class=\"_ _3\"></span>on of non<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>course ex<span class=\"_ _3\"></span>ternal b<span class=\"_ _3\"></span>orrowin<span class=\"_ _3\"></span>gs and sub<span class=\"_ _3\"></span>ordinate<span class=\"_ _3\"></span>d loans prov<span class=\"_ _3\"></span>ided by th<span class=\"_ _3\"></span>e joint venture </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1262\">par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s. The G<span class=\"_ _3\"></span>roup asses<span class=\"_ _3\"></span>ses any expe<span class=\"_ _3\"></span>cted cred<span class=\"_ _3\"></span>it losse<span class=\"_ _3\"></span>s on its lo<span class=\"_ _3\"></span>ans provid<span class=\"_ _3\"></span>ed to joint ventures an<span class=\"_ _3\"></span>d assoc<span class=\"_ _3\"></span>iates by com<span class=\"_ _3\"></span>parin<span class=\"_ _3\"></span>g the car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing value </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1263\">of the relev<span class=\"_ _3\"></span>ant investment in jo<span class=\"_ _3\"></span>int venture or ass<span class=\"_ _3\"></span>ociate ba<span class=\"_ _3\"></span>lance (w<span class=\"_ _3\"></span>hich inc<span class=\"_ _3\"></span>ludes th<span class=\"_ _3\"></span>e loans prov<span class=\"_ _3\"></span>ided an<span class=\"_ _3\"></span>d any accru<span class=\"_ _3\"></span>ed interest<span class=\"_ _3\"></span>) t<span class=\"_ _4\"></span>o f<span class=\"_ _3\"></span>uture cash </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1264\">flows ex<span class=\"_ _3\"></span>pected to b<span class=\"_ _3\"></span>e receive<span class=\"_ _3\"></span>d from the joint vent<span class=\"_ _3\"></span>ure or asso<span class=\"_ _3\"></span>ciate, disc<span class=\"_ _3\"></span>ounted where a<span class=\"_ _3\"></span>ppropr<span class=\"_ _3\"></span>iate. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1265\">Th<span class=\"_ _3\"></span>e maximu<span class=\"_ _3\"></span>m e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to cre<span class=\"_ _3\"></span>dit risk in res<span class=\"_ _3\"></span>pect of th<span class=\"_ _3\"></span>e above at the re<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ting date is t<span class=\"_ _3\"></span>he carr<span class=\"_ _3\"></span>yi<span class=\"_ _3\"></span>ng value of fin<span class=\"_ _3\"></span>ancial as<span class=\"_ _3\"></span>sets reco<span class=\"_ _3\"></span>rded in the </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1266\">fina<span class=\"_ _3\"></span>ncial st<span class=\"_ _3\"></span>atements, n<span class=\"_ _3\"></span>et of any allowanc<span class=\"_ _3\"></span>e for losses<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1267\">Th<span class=\"_ _3\"></span>ere has bee<span class=\"_ _3\"></span>n no materia<span class=\"_ _3\"></span>l change to th<span class=\"_ _3\"></span>e Group\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to cre<span class=\"_ _3\"></span>dit risks an<span class=\"_ _3\"></span>d there has be<span class=\"_ _3\"></span>en no chan<span class=\"_ _3\"></span>ge in how the G<span class=\"_ _3\"></span>roup man<span class=\"_ _3\"></span>ages tho<span class=\"_ _3\"></span>se </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls49 ws43 gs1268\">risks since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-666": {
   "value": "<div class=\"t m0 h20 ff4b fs5 fc4 sc0 ls5 ws3 gs126a\">(c) Liq<span class=\"_ _3\"></span>uidit<span class=\"_ _3\"></span>y r<span class=\"_ _3\"></span>isk<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs126b\">Th<span class=\"_ _3\"></span>e Group man<span class=\"_ _3\"></span>ages liq<span class=\"_ _3\"></span>uidit<span class=\"_ _3\"></span>y risk by ma<span class=\"_ _3\"></span>intaining a<span class=\"_ _3\"></span>dequ<span class=\"_ _3\"></span>ate cash ba<span class=\"_ _3\"></span>lances an<span class=\"_ _3\"></span>d bankin<span class=\"_ _3\"></span>g faciliti<span class=\"_ _3\"></span>es, conti<span class=\"_ _3\"></span>nuously m<span class=\"_ _3\"></span>onitorin<span class=\"_ _3\"></span>g f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>recast a<span class=\"_ _3\"></span>nd actua<span class=\"_ _3\"></span>l </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs126c\">ca<span class=\"_ _3\"></span>sh flows and m<span class=\"_ _3\"></span>atching the m<span class=\"_ _3\"></span>aturit<span class=\"_ _3\"></span>y profiles of f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al assets an<span class=\"_ _3\"></span>d liabilit<span class=\"_ _3\"></span>ies. Det<span class=\"_ _3\"></span>ails of undr<span class=\"_ _3\"></span>awn commi<span class=\"_ _3\"></span>tted b<span class=\"_ _3\"></span>orrowing f<span class=\"_ _3\"></span>acilitie<span class=\"_ _3\"></span>s are set out </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs126d\">in<span class=\"_ gs52\"> </span>Note 2<span class=\"_ _3\"></span>7<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1. The ma<span class=\"_ _3\"></span>turit<span class=\"_ _3\"></span>y profile of the G<span class=\"_ _3\"></span>roup\u2019<span class=\"_ _4\"></span>s f<span class=\"_ _3\"></span>inanci<span class=\"_ _3\"></span>al liabili<span class=\"_ _3\"></span>ties is set out o<span class=\"_ _3\"></span>n page 2<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs126e\">Th<span class=\"_ _3\"></span>ere has bee<span class=\"_ _3\"></span>n no materia<span class=\"_ _3\"></span>l change to th<span class=\"_ _3\"></span>e Group\u2019s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure to liq<span class=\"_ _3\"></span>uidit<span class=\"_ _3\"></span>y risks and t<span class=\"_ _3\"></span>here has be<span class=\"_ _3\"></span>en no chan<span class=\"_ _3\"></span>ge in how the G<span class=\"_ _3\"></span>roup mana<span class=\"_ _3\"></span>ges thos<span class=\"_ _3\"></span>e </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls49 ws43 gs126f\">risks since 20<span class=\"_ _3\"></span>22.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1270\">Fair value estimation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1271\">Th<span class=\"_ _3\"></span>e Group hol<span class=\"_ _3\"></span>ds cer<span class=\"_ _3\"></span>tain f<span class=\"_ _3\"></span>inancia<span class=\"_ _3\"></span>l instrum<span class=\"_ _3\"></span>ents on the b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet at their fai<span class=\"_ _3\"></span>r values. T<span class=\"_ _3\"></span>he follow<span class=\"_ _3\"></span>ing hierarc<span class=\"_ _3\"></span>hy classif<span class=\"_ _3\"></span>ies each c<span class=\"_ _3\"></span>lass of fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1272\">asset o<span class=\"_ _3\"></span>r liabilit<span class=\"_ _3\"></span>y in ac<span class=\"_ _3\"></span>corda<span class=\"_ _3\"></span>nce with t<span class=\"_ _3\"></span>he valuati<span class=\"_ _3\"></span>on techniq<span class=\"_ _3\"></span>ue appli<span class=\"_ _3\"></span>ed in determi<span class=\"_ _3\"></span>ning its fair v<span class=\"_ _3\"></span>alue.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1273\">Th<span class=\"_ _3\"></span>ere have been n<span class=\"_ _3\"></span>o transfers b<span class=\"_ _3\"></span>etween t<span class=\"_ _3\"></span>hese cate<span class=\"_ _3\"></span>gories d<span class=\"_ _3\"></span>uring 20<span class=\"_ _3\"></span>23 or 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1274\">Level 1 \u2013 T<span class=\"_ _3\"></span>he fair valu<span class=\"_ _3\"></span>e is calcu<span class=\"_ _3\"></span>lated bas<span class=\"_ _3\"></span>ed on quoted p<span class=\"_ _3\"></span>rices tr<span class=\"_ _3\"></span>aded in a<span class=\"_ _3\"></span>ctive mar<span class=\"_ _3\"></span>k<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>s f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r identic<span class=\"_ _3\"></span>al asset<span class=\"_ _3\"></span>s or liabili<span class=\"_ _3\"></span>ties. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1275\">Th<span class=\"_ _3\"></span>e Group hol<span class=\"_ _3\"></span>ds investme<span class=\"_ _3\"></span>nts in mutual f<span class=\"_ _3\"></span>unds mea<span class=\"_ _3\"></span>sured at fair val<span class=\"_ _3\"></span>ue through O<span class=\"_ _3\"></span>CI whic<span class=\"_ _3\"></span>h are trade<span class=\"_ _3\"></span>d in acti<span class=\"_ _3\"></span>ve markets and va<span class=\"_ _3\"></span>lued at the c<span class=\"_ _3\"></span>losing </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1276\">market pr<span class=\"_ _3\"></span>ice at the rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting date.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1277\">Level 2 \u2013 T<span class=\"_ _3\"></span>he fair valu<span class=\"_ _3\"></span>e is based o<span class=\"_ _3\"></span>n inputs oth<span class=\"_ _3\"></span>er than qu<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d price<span class=\"_ _3\"></span>s includ<span class=\"_ _3\"></span>ed within L<span class=\"_ _3\"></span>evel 1 that are ob<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>vable for th<span class=\"_ _3\"></span>e asset or lia<span class=\"_ _3\"></span>bilit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, eithe<span class=\"_ _3\"></span>r </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls111 ws49 gs1278\">directly<span class=\"_ _4\"></span> or indirectly<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1279\">Th<span class=\"_ _3\"></span>e fair value of interes<span class=\"_ _3\"></span>t rate swaps is c<span class=\"_ _3\"></span>alcul<span class=\"_ _3\"></span>ated as the prese<span class=\"_ _3\"></span>nt value of the es<span class=\"_ _3\"></span>timated fut<span class=\"_ _3\"></span>ure cash flow<span class=\"_ _3\"></span>s utilisin<span class=\"_ _3\"></span>g yield cur<span class=\"_ _3\"></span>ves at th<span class=\"_ _3\"></span>e repor<span class=\"_ _3\"></span>ting d<span class=\"_ _3\"></span>ate </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs127a\">and t<span class=\"_ _3\"></span>aking into ac<span class=\"_ _3\"></span>count own c<span class=\"_ _3\"></span>redit risk<span class=\"_ _3\"></span>. Own c<span class=\"_ _3\"></span>redit risk fo<span class=\"_ _3\"></span>r Infrastr<span class=\"_ _3\"></span>ucture Invest<span class=\"_ _3\"></span>ments\u2019 swaps i<span class=\"_ _3\"></span>s not materia<span class=\"_ _3\"></span>l and is cal<span class=\"_ _3\"></span>culated usi<span class=\"_ _3\"></span>ng the follow<span class=\"_ _3\"></span>ing </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs127b\">cred<span class=\"_ _3\"></span>it valuati<span class=\"_ _3\"></span>on adjust<span class=\"_ _3\"></span>ment (C<span class=\"_ _3\"></span>V<span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>) ca<span class=\"_ _3\"></span>lculati<span class=\"_ _3\"></span>on: loss give<span class=\"_ _3\"></span>n default mul<span class=\"_ _3\"></span>tiplied b<span class=\"_ _3\"></span>y e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>posure mul<span class=\"_ _3\"></span>tiplied b<span class=\"_ _3\"></span>y probab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y of default.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs127c\">Th<span class=\"_ _3\"></span>e fair value of for<span class=\"_ _3\"></span>ward forei<span class=\"_ _3\"></span>gn exchange c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts is determi<span class=\"_ _3\"></span>ned using q<span class=\"_ _3\"></span>uoted for<span class=\"_ _3\"></span>ward exchang<span class=\"_ _3\"></span>e rates at the rep<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>ing date and y<span class=\"_ _3\"></span>ield cur<span class=\"_ _3\"></span>ves </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs127d\">der<span class=\"_ _3\"></span>ived from qu<span class=\"_ _3\"></span>ot<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d interest rates ma<span class=\"_ _3\"></span>tching the m<span class=\"_ _3\"></span>aturities of t<span class=\"_ _3\"></span>he foreign exchan<span class=\"_ _3\"></span>ge contra<span class=\"_ _3\"></span>cts. O<span class=\"_ _3\"></span>wn cred<span class=\"_ _3\"></span>it risk for the ot<span class=\"_ _3\"></span>her deri<span class=\"_ _3\"></span>vative lia<span class=\"_ _3\"></span>bilities is<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs127e\">not mater<span class=\"_ _3\"></span>ial and is c<span class=\"_ _3\"></span>alcula<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d by appl<span class=\"_ _3\"></span>ying a relev<span class=\"_ _3\"></span>ant credit d<span class=\"_ _3\"></span>efault swap (<span class=\"_ _3\"></span>CDS) r<span class=\"_ _3\"></span>ate obtain<span class=\"_ _3\"></span>ed from a third p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs127f\">Level 3 \u2013 T<span class=\"_ _3\"></span>he fair valu<span class=\"_ _3\"></span>e is based o<span class=\"_ _3\"></span>n unobse<span class=\"_ _3\"></span>rva<span class=\"_ _3\"></span>ble inpu<span class=\"_ _3\"></span>ts.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1280\">Th<span class=\"_ _3\"></span>e fair value of th<span class=\"_ _3\"></span>e Group\u2019s PPP fin<span class=\"_ _3\"></span>ancial as<span class=\"_ _3\"></span>sets is deter<span class=\"_ _3\"></span>mined in the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction p<span class=\"_ _3\"></span>hase by ap<span class=\"_ _3\"></span>plyin<span class=\"_ _3\"></span>g an attr<span class=\"_ _3\"></span>ibuta<span class=\"_ _3\"></span>ble profit m<span class=\"_ _3\"></span>argin by reference to </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws85 gs1281\">the c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion mar<span class=\"_ _3\"></span>gin on non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>PP<span class=\"_ _3\"></span>P project<span class=\"_ _3\"></span>s reflectin<span class=\"_ _3\"></span>g the cons<span class=\"_ _3\"></span>truct<span class=\"_ _3\"></span>ion risks reta<span class=\"_ _3\"></span>ined by the c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction c<span class=\"_ _3\"></span>ontractor, and fair va<span class=\"_ _3\"></span>lue of const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1282\">ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es per<span class=\"_ _3\"></span>formed<span class=\"_ _3\"></span>. In the op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>al phase i<span class=\"_ _3\"></span>t is determine<span class=\"_ _3\"></span>d by disco<span class=\"_ _3\"></span>unting the fu<span class=\"_ _3\"></span>ture cash fl<span class=\"_ _3\"></span>ows alloc<span class=\"_ _3\"></span>ated to the fin<span class=\"_ _3\"></span>ancial as<span class=\"_ _3\"></span>set at a disco<span class=\"_ _3\"></span>unt </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1283\">rate whi<span class=\"_ _3\"></span>ch is base<span class=\"_ _3\"></span>d on long<span class=\"_ _3\"></span>-te<span class=\"_ _3\"></span>rm gilt rates a<span class=\"_ _3\"></span>djusted for th<span class=\"_ _3\"></span>e risk levels as<span class=\"_ _3\"></span>sociate<span class=\"_ _3\"></span>d with the as<span class=\"_ _3\"></span>sets, wi<span class=\"_ _3\"></span>th market-<span class=\"_ _3\"></span>related move<span class=\"_ _3\"></span>ments in fair va<span class=\"_ _3\"></span>lue </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1284\">reco<span class=\"_ _3\"></span>gnised in ot<span class=\"_ _3\"></span>her comp<span class=\"_ _3\"></span>rehensive in<span class=\"_ _3\"></span>come an<span class=\"_ _3\"></span>d other moveme<span class=\"_ _3\"></span>nts recog<span class=\"_ _3\"></span>nised in the in<span class=\"_ _3\"></span>come st<span class=\"_ _3\"></span>atement. A<span class=\"_ _3\"></span>mounts o<span class=\"_ _3\"></span>rigina<span class=\"_ _3\"></span>lly reco<span class=\"_ _3\"></span>gnised in oth<span class=\"_ _3\"></span>er </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1285\">com<span class=\"_ _3\"></span>prehensi<span class=\"_ _3\"></span>ve income a<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e t<span class=\"_ _3\"></span>ransferre<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o t<span class=\"_ _3\"></span>he incom<span class=\"_ _3\"></span>e statement u<span class=\"_ _3\"></span>pon dis<span class=\"_ _3\"></span>posal of t<span class=\"_ _3\"></span>he asset. </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1286\">A cha<span class=\"_ _3\"></span>nge in the di<span class=\"_ _3\"></span>scount rate wo<span class=\"_ _3\"></span>uld have a sign<span class=\"_ _3\"></span>ificant ef<span class=\"_ _3\"></span>fect on t<span class=\"_ _3\"></span>he value of the a<span class=\"_ _3\"></span>sset and a 5<span class=\"_ _3\"></span>0 basis p<span class=\"_ _3\"></span>oint increa<span class=\"_ _3\"></span>se/dec<span class=\"_ _3\"></span>rease, whi<span class=\"_ _3\"></span>ch represent<span class=\"_ _3\"></span>s </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1287\">man<span class=\"_ _3\"></span>agement<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s as<span class=\"_ _3\"></span>sessment of a re<span class=\"_ _3\"></span>asonab<span class=\"_ _3\"></span>ly pos<span class=\"_ _3\"></span>sible ch<span class=\"_ _3\"></span>ange in th<span class=\"_ _3\"></span>e risk-a<span class=\"_ _3\"></span>djusted di<span class=\"_ _3\"></span>scount rate, wo<span class=\"_ _3\"></span>uld lead to a \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m d<span class=\"_ _3\"></span>ecreas<span class=\"_ _3\"></span>e (20<span class=\"_ _3\"></span>22: \u00a31m)/\u00a3<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>m<span class=\"_ _3\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls1c ws3 gs1288\">incre<span class=\"_ _3\"></span>ase (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>m) in the fa<span class=\"_ _3\"></span>ir value of the a<span class=\"_ _3\"></span>ssets taken thro<span class=\"_ _3\"></span>ugh equi<span class=\"_ _3\"></span>ty. Refer to Note 21 for a reconc<span class=\"_ _3\"></span>iliatio<span class=\"_ _3\"></span>n of the movement fro<span class=\"_ _3\"></span>m the ope<span class=\"_ _3\"></span>ning </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws10 gs1289\">balance to the closing balance.<span class=\"_ _3ab\"> </span></div>For P<span class=\"_ _3\"></span>PP fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets held in j<span class=\"_ _3\"></span>oint ventures and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates, a chan<span class=\"_ _3\"></span>ge in the dis<span class=\"_ _3\"></span>count rate by a 5<span class=\"_ _3\"></span>0 basis p<span class=\"_ _3\"></span>oint inc<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ase/d<span class=\"_ _3\"></span>ecrease, w<span class=\"_ _3\"></span>hich repres<span class=\"_ _3\"></span>ents man<span class=\"_ _3\"></span>agement<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s as<span class=\"_ _3\"></span>sessment of a re<span class=\"_ _3\"></span>asonab<span class=\"_ _3\"></span>ly pos<span class=\"_ _3\"></span>sible ch<span class=\"_ _3\"></span>ange in th<span class=\"_ _3\"></span>e risk-a<span class=\"_ _3\"></span>djusted d<span class=\"_ _3\"></span>iscount rate, wo<span class=\"_ _3\"></span>uld lea<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o a \u00a3<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>m decrea<span class=\"_ _3\"></span>se (20<span class=\"_ _3\"></span>22: \u00a3<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>m)/\u00a3<span class=\"_ _3\"></span>26<span class=\"_ _3\"></span>m incre<span class=\"_ _3\"></span>ase (2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>9m) in the fa<span class=\"_ _3\"></span>ir value of the a<span class=\"_ _3\"></span>ssets taken thro<span class=\"_ _3\"></span>ugh equi<span class=\"_ _3\"></span>ty wi<span class=\"_ _3\"></span>thin the sha<span class=\"_ _3\"></span>re of joint ventures\u2019 and a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates\u2019 r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ves. 2023<span class=\"_ _37e\"> </span><span class=\"ff47 ls33 ws2c\">2022<span class=\"_ _3ab\"> </span></span>Fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al in<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rum<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>t fai<span class=\"_ _3\"></span>r val<span class=\"_ _3\"></span>ue<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>vel 1<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>vel 2<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>vel 3<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Leve<span class=\"_ _3\"></span>l 1<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Leve<span class=\"_ _3\"></span>l 2<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Leve<span class=\"_ _3\"></span>l 3<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>Investments<span class=\"_ _4\"></span> in mutual fund financial assets<span class=\"_ _1d2\"> </span><span class=\"ff46 ls94 ws18a\">19<span class=\"_ _20c\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _f2\"> </span></span>19<span class=\"_ _1c4\"> </span></span><span class=\"ls5 ws3\"> <span class=\"_ _a8\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _20c\"> </span></span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3ab\"> </span></span></span>PPP financi<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _35a\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls5f ws57\">24<span class=\"_ _ef\"> </span>24<span class=\"_ _1c4\"> </span></span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _1cb\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _1cb\"> </span>26<span class=\"_ _3ab\"> </span></span></span></span>Other investment<span class=\"_ _4\"></span> as<span class=\"_ _3\"></span>se<span class=\"_ _4\"></span>ts<span class=\"_ _1d3\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>7<span class=\"_ _98\"> </span>7<span class=\"_ _2e\"> </span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _ee\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _125\"> </span>11<span class=\"_ _3ab\"> </span></span></span></span>Fina<span class=\"_ _3\"></span>ncial as<span class=\"_ _3\"></span>sets \u2013 fuel he<span class=\"_ _3\"></span>dges<span class=\"_ _a4\"> </span><span class=\"ff46\">\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _82\"> </span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _145\"> </span></span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _98\"> </span>1<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed a<span class=\"_ _3\"></span>t fai<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>e<span class=\"_ _35\"> </span><span class=\"ls94 ws18a\">19<span class=\"_ _98\"> </span></span>1<span class=\"_ _f2\"> </span><span class=\"ls7 ws102\">31<span class=\"_ _ee\"> </span><span class=\"ls107 wsfc\">51<span class=\"_ _1c4\"> </span></span></span><span class=\"ff47\"> <span class=\"_ _a8\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _98\"> </span></span>1<span class=\"_ _1cb\"> </span><span class=\"ls85 ws7d\">37<span class=\"_ _ef\"> </span><span class=\"ls44 ws3f\">58<span class=\"_ _3ab\"> </span></span></span></span>Financial liabilities \u2013 infrastructure <span class=\"ls5 ws3\"> </span>concessions interest<span class=\"_ _4\"></span> rate swaps<span class=\"_ _46\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _133\"> </span></span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(1)<span class=\"_ _3ab\"> </span></span></span></span>Financial liabi<span class=\"_ _4\"></span>lities \u2013 f<span class=\"_ _4\"></span>or<span class=\"_ _3\"></span>ward e<span class=\"_ _4\"></span>xchange contracts<span class=\"_ _4\"></span> <span class=\"_ _215\"> </span><span class=\"ff46 ls5 ws3\">\u2013<span class=\"_ _27\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls14b ws189\">(1)<span class=\"_ _9d\"> </span></span><span class=\"ff47\">\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _3ab\"> </span></span></span>T<span class=\"_ _5\"></span>otal liabilities measured at<span class=\"_ _4\"></span> fair value<span class=\"_ _12f\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _27\"> </span></span>\u2013<span class=\"_ _e0\"> </span><span class=\"ls78 ws11a\">(2)<span class=\"_ _133\"> </span></span><span class=\"ff47\"> <span class=\"_ _116\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls10f ws105\">(<span class=\"_ _3\"></span>1)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _116\"> </span><span class=\"ls10f ws105\">(1)</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-668": {
   "value": "4<span class=\"_ _5\"></span>1 Principal subsidiari<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>, joint v<span class=\"_ _4\"></span>entures and associates<span class=\"_ _3ab\"> </span>(<span class=\"_ _4\"></span>a) Principal subsidiaries<span class=\"_ _3ab\"> </span>Country of incorporation or registra<span class=\"_ _4\"></span>tion<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ion a<span class=\"_ _3\"></span>nd s<span class=\"_ _3\"></span>upp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup Inc<span class=\"_ _37f\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Inc<span class=\"_ _8b\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Infrastructure Inv<span class=\"_ _4\"></span>estments<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Communities LLC<span class=\"_ _2a8\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> Investments Ltd<span class=\"_ _4\"></span>*<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>vestments Inc<span class=\"_ _380\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ampus S<span class=\"_ _3\"></span>oluti<span class=\"_ _3\"></span>ons LLC<span class=\"_ _264\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts Inc<span class=\"_ _19d\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>Other<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs Inc. <span class=\"_ _381\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _3ab\"> </span></span>(b<span class=\"_ _5\"></span>) Principal jo<span class=\"_ _4\"></span>int ventures<span class=\"_ _4\"></span> and associates<span class=\"_ _3ab\"> </span>Country of incorporation or registra<span class=\"_ _4\"></span>tion<span class=\"_ _3ab\"> </span>Ownership interest<span class=\"_ _4\"></span> %<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ion a<span class=\"_ _3\"></span>nd s<span class=\"_ _3\"></span>upp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>Gammon China<span class=\"_ _4\"></span> Ltd<span class=\"_ _349\"> </span><span class=\"lsc ws8\">Hong Kong<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">50.0<span class=\"_ _3ab\"> </span></span></span>Infrastructure Inv<span class=\"_ _4\"></span>estments (Note<span class=\"_ _4\"></span> 4<span class=\"_ _4\"></span>1<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Ltd<span class=\"_ _382\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _3ab\"> </span></span>(c<span class=\"_ _4\"></span>) Principal joint operations<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group c<span class=\"_ _3\"></span>arries ou<span class=\"_ _3\"></span>t a number of i<span class=\"_ _3\"></span>ts larger c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>ts in joint ar<span class=\"_ _3\"></span>range<span class=\"_ _3\"></span>ments wit<span class=\"_ _3\"></span>h other contr<span class=\"_ _3\"></span>actors s<span class=\"_ _3\"></span>o as to share resourc<span class=\"_ _3\"></span>es and risk<span class=\"_ _3\"></span>. The pr<span class=\"_ _3\"></span>incipa<span class=\"_ _3\"></span>l joint p<span class=\"_ _3\"></span>rojects i<span class=\"_ _3\"></span>n progress d<span class=\"_ _3\"></span>uring the ye<span class=\"_ _3\"></span>ar are shown b<span class=\"_ _3\"></span>elow<span class=\"_ _4\"></span>.<span class=\"_ _3ab\"> </span>Country of incorporation or registra<span class=\"_ _4\"></span>tion<span class=\"_ _3ab\"> </span>Ownership interest<span class=\"_ _4\"></span> %<span class=\"_ _3ab\"> </span>M25 Maintenance<span class=\"_ _383\"> </span><span class=\"ls10c ws85\">52.<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span></span>HS<span class=\"_ _3\"></span>2 \u2013 Area N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>th<span class=\"_ _384\"> </span><span class=\"ls92 ws8a\">50.0<span class=\"_ _3ab\"> </span></span>Central Rail Systems Alliance<span class=\"_ _266\"> </span><span class=\"ls92 ws8a\">8<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span>Old O<span class=\"_ _3\"></span>ak Co<span class=\"_ _3\"></span>mmon<span class=\"_ _194\"> </span><span class=\"ls10c ws85\">4<span class=\"_ _3\"></span>2.0<span class=\"_ _3ab\"> </span></span>Gilb<span class=\"_ _3\"></span>ane/<span class=\"_ _3\"></span>Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty Ec<span class=\"_ _3\"></span>cles 1951<span class=\"_ _2b4\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">5<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span></span>Skanska<span class=\"_ _3\"></span>/Balfour Beat<span class=\"_ _3\"></span>ty <span class=\"_ _320\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">5<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span></span>Dri<span class=\"_ _3\"></span>scoll<span class=\"_ _3\"></span>/B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y <span class=\"_ _385\"> </span>US <span class=\"_ _386\"> </span><span class=\"ls92 ws8a\">35.0<span class=\"_ _3ab\"> </span></span>Greenline E<span class=\"_ _3\"></span>xtension <span class=\"_ _2a7\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _387\"> </span><span class=\"ls4a ws44\">25.0<span class=\"_ _3ab\"> </span></span></span>L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Inte<span class=\"_ _3\"></span>grated E<span class=\"_ _3\"></span>xpress S<span class=\"_ _3\"></span>olutio<span class=\"_ _3\"></span>ns <span class=\"_ _275\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">3<span class=\"_ _3\"></span>0.0<span class=\"_ _3ab\"> </span></span></span>LB<span class=\"_ _3\"></span>J East<span class=\"_ _190\"> </span><span class=\"ls85 ws7d\">US<span class=\"_ _176\"> </span><span class=\"ls92 ws8a\">45<span class=\"_ _3\"></span>.0<span class=\"_ _3ab\"> </span></span></span>Notes<span class=\"_ _3ab\"> </span>(i)  Subsidiaries, j<span class=\"ls5 ws3\">oint ve<span class=\"_ _3\"></span>ntures a<span class=\"_ _3\"></span>nd ass<span class=\"_ _3\"></span>ocia<span class=\"_ _3\"></span>tes who<span class=\"_ _3\"></span>se resu<span class=\"_ _3\"></span>lts di<span class=\"_ _3\"></span>d not, in t<span class=\"_ _3\"></span>he opi<span class=\"_ _3\"></span>nion of t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s, mate<span class=\"_ _3\"></span>riall<span class=\"_ _3\"></span>y affe<span class=\"_ _3\"></span>ct th<span class=\"_ _3\"></span>e result<span class=\"_ _3\"></span>s or net as<span class=\"_ _3\"></span>sets of t<span class=\"_ _3\"></span>he Gro<span class=\"_ _3\"></span>up are not s<span class=\"_ _3\"></span>hown<span class=\"_ _3\"></span>. </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>Unle<span class=\"_ _3\"></span>ss othe<span class=\"_ _3\"></span>rw<span class=\"_ _3\"></span>ise st<span class=\"_ _3\"></span>ated, 10<span class=\"_ _3\"></span>0% of th<span class=\"_ _3\"></span>e equi<span class=\"_ _3\"></span>ty c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al is ow<span class=\"_ _3\"></span>ned an<span class=\"_ _3\"></span>d comp<span class=\"_ _3\"></span>anie<span class=\"_ _3\"></span>s are reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wales a<span class=\"_ _3\"></span>nd the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of eac<span class=\"_ _3\"></span>h comp<span class=\"_ _3\"></span>any are c<span class=\"_ _3\"></span>ondu<span class=\"_ _3\"></span>cted in t<span class=\"_ _3\"></span>he country of incorporation.<span class=\"_ _3ab\"> </span>* <span class=\"_ _b\"> </span>In<span class=\"_ _3\"></span>dic<span class=\"_ _3\"></span>ates he<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>A full lis<span class=\"_ _3\"></span>t of the Group\u2019s related und<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>aking<span class=\"_ _3\"></span>s is includ<span class=\"_ _3\"></span>ed in Note 4<span class=\"_ _3\"></span>3.<span class=\"_ _3ab\"> </span>(d) Bal<span class=\"_ _3\"></span>fou<span class=\"_ _3\"></span>r Bea<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ty I<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s UK<span class=\"_ _3ab\"> </span>Roads<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty is a p<span class=\"_ _3\"></span>romoter<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>loper a<span class=\"_ _3\"></span>nd investor in 1<span class=\"_ _4\"></span>2 ro<span class=\"_ _3\"></span>ad and stre<span class=\"_ _3\"></span>et lighting pro<span class=\"_ _3\"></span>jects to c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>t new road<span class=\"_ _3\"></span>s, to upgra<span class=\"_ _3\"></span>de and ma<span class=\"_ _3\"></span>intain existin<span class=\"_ _3\"></span>g roads an<span class=\"_ _3\"></span>d to r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>place a<span class=\"_ _3\"></span>nd mainta<span class=\"_ _3\"></span>in street light<span class=\"_ _3\"></span>ing. Th<span class=\"_ _3\"></span>e princi<span class=\"_ _3\"></span>pal contr<span class=\"_ _3\"></span>act is the p<span class=\"_ _3\"></span>roject a<span class=\"_ _3\"></span>greement w<span class=\"_ _3\"></span>ith the gover<span class=\"_ _3\"></span>nmental hi<span class=\"_ _3\"></span>ghway auth<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>. Al<span class=\"_ _3\"></span>l assets tra<span class=\"_ _3\"></span>nsfer to the custom<span class=\"_ _3\"></span>er at the end of t<span class=\"_ _3\"></span>he conc<span class=\"_ _3\"></span>ession.<span class=\"_ _3ab\"> </span>Conces<span class=\"_ _3\"></span>sion<span class=\"_ _4\"></span> company (i<span class=\"_ _4\"></span>)<span class=\"_ _a7\"> </span><span class=\"ff47 ls128 ws10e\">P<span class=\"_ _3\"></span>roject<span class=\"_ _3ab\"> </span></span>Total de<span class=\"_ _3\"></span>bt and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y funding \u00a3m<span class=\"_ _1a8\"> </span><span class=\"ls97 ws8e\">S<span class=\"_ _3\"></span>har<span class=\"_ _4\"></span>eholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial<span class=\"_ _3ab\"> </span>close<span class=\"_ _3ab\"> </span>Duration<span class=\"_ _3ab\"> </span>years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>completion<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect M1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _369\"> </span><span class=\"ls3c ws37\">3<span class=\"_ _3\"></span>0km ro<span class=\"_ _3\"></span>ad<span class=\"_ _1e\"> </span><span class=\"lsa9 wsa0\">29<span class=\"_ _3\"></span>0<span class=\"_ _a6\"> </span></span></span>20%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _c3\"> </span><span class=\"ls12a ws11f\">M<span class=\"_ _3\"></span>arc<span class=\"_ _3\"></span>h 19<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _e3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _3b\"> </span><span class=\"ls114 ws10c\">1<span class=\"_ _4\"></span>999<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>50 Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _3ab\"> </span>57k<span class=\"_ _3\"></span>m road<span class=\"_ _1f7\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _a8\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>5%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _128\"> </span><span class=\"ls12a ws11f\">Ma<span class=\"_ _3\"></span>y 19<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _f6\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _fa\"> </span></span>19<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0/A<span class=\"_ _3\"></span>35 Ltd (ii<span class=\"_ _3\"></span>)<span class=\"_ _af\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>2k<span class=\"_ _3\"></span>m ro<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d<span class=\"_ _d5\"> </span><span class=\"ls30 ws29\">12<span class=\"_ _3\"></span>7<span class=\"_ _a8\"> </span></span></span>20%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b2\"> </span><span class=\"ls12a ws11f\">J<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>y 19<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _e3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _10a\"> </span><span class=\"ls4e ws48\">2000<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect M<span class=\"_ _3\"></span>77/GSO p<span class=\"_ _3\"></span>lc (ii)<span class=\"_ _130\"> </span><span class=\"ls3c ws37\">2<span class=\"_ _3\"></span>5km ro<span class=\"_ _3\"></span>ad<span class=\"_ _15\"> </span><span class=\"ls93 wsfa\">16<span class=\"_ _3\"></span>7<span class=\"_ _dd\"> </span>8<span class=\"_ _3\"></span>5%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _f2\"> </span></span></span></span>M<span class=\"_ _3\"></span>ay 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _b5\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _1cc\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>05<span class=\"_ _3ab\"> </span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Sun<span class=\"_ _3\"></span>derla<span class=\"_ _3\"></span>nd Ltd (ii)<span class=\"_ _40\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"lsc ws8\">27<span class=\"_ _dd\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _51\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _ce\"> </span><span class=\"ls15 ws11\">August 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _b5\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">200<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Ltd (i<span class=\"_ _3\"></span>i)<span class=\"_ _36\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls3e ws39\">28<span class=\"_ _dd\"> </span></span></span>20%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _c0\"> </span><span class=\"ls15 ws11\">Dec<span class=\"_ _3\"></span>ember 200<span class=\"_ _3\"></span>5<span class=\"_ _f6\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _ef\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Ltd<span class=\"_ _1ae\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls11d wsf4\">36<span class=\"_ _d5\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0%<span class=\"_ _be\"> </span><span class=\"ls73 ws80\">Subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _1cb\"> </span></span></span></span></span>A<span class=\"_ _3\"></span>pril 20<span class=\"_ _3\"></span>07<span class=\"_ _e3\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Ltd (ii)<span class=\"_ _1d2\"> </span>J16 \u2013 J23, J<span class=\"_ _3\"></span>27 \u2013 J3<span class=\"_ _3\"></span>0 and<span class=\"ls5 ws3\"> </span>A<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>(M<span class=\"_ _3\"></span>) Hatfield T<span class=\"_ _5\"></span>unnel<span class=\"_ _20d\"> </span><span class=\"ls10a wsfe\">1,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _3b\"> </span><span class=\"ls100 ws104\">15%<span class=\"_ _81\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">M<span class=\"_ _3\"></span>ay 20<span class=\"_ _3\"></span>09<span class=\"_ _e3\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _cc\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _388\"> </span><span class=\"ls14 ws10\">Carlisle N<span class=\"_ _3\"></span>orthern</span> Devel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt Route<span class=\"_ _d5\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _10a\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>5%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b2\"> </span><span class=\"ls5 ws3\">J<span class=\"_ _3\"></span>uly 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>9<span class=\"_ _b5\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Ltd (ii)<span class=\"_ _1b6\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _dd\"> </span></span></span>20%<span class=\"_ _ff\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _57\"> </span><span class=\"ls15 ws11\">August 2010<span class=\"_ _b5\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _1cb\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>015<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>ambri<span class=\"_ _3\"></span>dgeshire Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _1f5\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _a6\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _a8\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _51\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _128\"> </span><span class=\"ls11c ws115\">A<span class=\"_ _2\"> </span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _110\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>hamptonshire Ltd (<span class=\"_ _3\"></span>ii)<span class=\"_ _ff\"> </span><span class=\"ls14 ws10\">Streetlighting<span class=\"_ _110\"> </span><span class=\"ls40 ws3b\">64<span class=\"_ _1f7\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _51\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _56\"> </span><span class=\"ls15 ws11\">August 201<span class=\"_ _5\"></span>1<span class=\"_ _e3\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in Eng<span class=\"_ _3\"></span>land a<span class=\"_ _3\"></span>nd Wal<span class=\"_ _3\"></span>es and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch com<span class=\"_ _3\"></span>pany a<span class=\"_ _3\"></span>re in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s, excep<span class=\"_ _3\"></span>t Conn<span class=\"_ _3\"></span>ect M<span class=\"_ _3\"></span>77/G<span class=\"_ _3\"></span>SO pl<span class=\"_ _3\"></span>c whic<span class=\"_ _3\"></span>h is regis<span class=\"_ _3\"></span>tered<span class=\"_ _3\"></span>, and co<span class=\"_ _3\"></span>nduc<span class=\"_ _3\"></span>ts th<span class=\"_ _3\"></span>eir pri<span class=\"_ _3\"></span>ncip<span class=\"_ _3\"></span>al operations, in Scotland.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span>Healthcare<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty is a p<span class=\"_ _3\"></span>romoter<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>loper a<span class=\"_ _3\"></span>nd investor in t<span class=\"_ _3\"></span>wo health<span class=\"_ _3\"></span>care proj<span class=\"_ _3\"></span>ects to buil<span class=\"_ _3\"></span>d hospit<span class=\"_ _3\"></span>al acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation an<span class=\"_ _3\"></span>d t<span class=\"_ _4\"></span>o p<span class=\"_ _3\"></span>rovide ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>medic<span class=\"_ _3\"></span>al faci<span class=\"_ _3\"></span>lities man<span class=\"_ _3\"></span>ageme<span class=\"_ _3\"></span>nt serv<span class=\"_ _3\"></span>ices over th<span class=\"_ _3\"></span>e conce<span class=\"_ _3\"></span>ssion pe<span class=\"_ _3\"></span>riod. T<span class=\"_ _3\"></span>he prin<span class=\"_ _3\"></span>cipal c<span class=\"_ _3\"></span>ontrac<span class=\"_ _3\"></span>t for Birming<span class=\"_ _3\"></span>ham is the p<span class=\"_ _3\"></span>roject ag<span class=\"_ _3\"></span>reement bet<span class=\"_ _3\"></span>ween th<span class=\"_ _3\"></span>e conces<span class=\"_ _3\"></span>sion co<span class=\"_ _3\"></span>mp<span class=\"_ _3\"></span>any a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>the N<span class=\"_ _3\"></span>HS T<span class=\"_ _4\"></span>rust a<span class=\"_ _3\"></span>nd for the Iris<span class=\"_ _3\"></span>h primar<span class=\"_ _3\"></span>y c<span class=\"_ _3\"></span>are centres, th<span class=\"_ _3\"></span>e project a<span class=\"_ _3\"></span>greement is w<span class=\"_ _3\"></span>ith the Ir<span class=\"_ _3\"></span>ish Governm<span class=\"_ _3\"></span>ent. All a<span class=\"_ _3\"></span>ssets tran<span class=\"_ _3\"></span>sfer to the custom<span class=\"_ _3\"></span>er at the end of t<span class=\"_ _3\"></span>he conc<span class=\"_ _3\"></span>ession.<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny (i)(ii)<span class=\"_ _389\"> </span><span class=\"ff47 ls128 ws10e\">Proje<span class=\"_ _3\"></span>ct<span class=\"_ _3ab\"> </span></span>Total de<span class=\"_ _3\"></span>bt and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y funding \u00a3m<span class=\"_ _bf\"> </span><span class=\"ls97 ws8e\">Shar<span class=\"_ _4\"></span>eholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial<span class=\"_ _3ab\"> </span>close<span class=\"_ _3ab\"> </span>Duration<span class=\"_ _3ab\"> </span>years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>completion<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Ltd <span class=\"_ _116\"> </span><span class=\"lsc ws8\">T<span class=\"_ _4\"></span>eaching hospital a<span class=\"_ _4\"></span>nd </span>mental health hospital<span class=\"_ _b5\"> </span><span class=\"lsab wsa1\">553<span class=\"_ _d6\"> </span><span class=\"ls5 ws3\">40%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _e6\"> </span></span>June 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6<span class=\"_ _1f7\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _de\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span></span>Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Ltd <span class=\"_ _34a\"> </span><span class=\"ls14 ws10\">Primar<span class=\"_ _3\"></span>y health </span>ca<span class=\"_ _3\"></span>re<span class=\"_ gs52\"> </span>centre<span class=\"_ _3\"></span>s<span class=\"_ _b5\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _2\"></span>8<span class=\"_ _d6\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _3\"></span>0%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _122\"> </span><span class=\"ls93 wsfa\">M<span class=\"_ _3\"></span>ay<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>16<span class=\"_ _1f7\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _de\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>019<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>) <span class=\"_ _5d\"> </span>Reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s and the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of eac<span class=\"_ _3\"></span>h comp<span class=\"_ _3\"></span>any are i<span class=\"_ _3\"></span>n Engla<span class=\"_ _3\"></span>nd and W<span class=\"_ _3\"></span>ales<span class=\"_ _3\"></span>, except H<span class=\"_ _3\"></span>ealt<span class=\"_ _3\"></span>hcar<span class=\"_ _3\"></span>e Centr<span class=\"_ _3\"></span>es PP<span class=\"_ _3\"></span>P Ltd whic<span class=\"_ _3\"></span>h is reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d, and c<span class=\"_ _3\"></span>ondu<span class=\"_ _3\"></span>cts i<span class=\"_ _3\"></span>ts pri<span class=\"_ _3\"></span>ncip<span class=\"_ _3\"></span>al operations, in<span class=\"_ _4\"></span> Ireland.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span>Stude<span class=\"_ _3\"></span>nt accomm<span class=\"_ _3\"></span>odation<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty is a p<span class=\"_ _3\"></span>romoter<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>ev<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>loper a<span class=\"_ _3\"></span>nd investor in five s<span class=\"_ _3\"></span>tudent ac<span class=\"_ _3\"></span>commo<span class=\"_ _3\"></span>dation p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s. On Ho<span class=\"_ _3\"></span>lyroo<span class=\"_ _3\"></span>d, A<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span>ystw<span class=\"_ _3\"></span>y<span class=\"_ _3\"></span>th and t<span class=\"_ _3\"></span>wo Sus<span class=\"_ _3\"></span>sex project<span class=\"_ _3\"></span>s, the<span class=\"_ _4\"></span> pri<span class=\"_ _4\"></span>ncipal<span class=\"_ _4\"></span> a<span class=\"_ _3\"></span>greement is b<span class=\"_ _3\"></span>etwee<span class=\"_ _3\"></span>n the conc<span class=\"_ _3\"></span>ession c<span class=\"_ _3\"></span>ompany an<span class=\"_ _3\"></span>d the univer<span class=\"_ _3\"></span>sity a<span class=\"_ _3\"></span>nd the asset<span class=\"_ _3\"></span>s transfer to the c<span class=\"_ _3\"></span>ustomer at th<span class=\"_ _3\"></span>e end of the con<span class=\"_ _3\"></span>cessio<span class=\"_ _3\"></span>n. On Gla<span class=\"_ _3\"></span>sgow Resi<span class=\"_ _3\"></span>dences t<span class=\"_ _3\"></span>he buildi<span class=\"_ _3\"></span>ng is owne<span class=\"_ _3\"></span>d outrig<span class=\"_ _3\"></span>ht by Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and roo<span class=\"_ _3\"></span>ms are let to indiv<span class=\"_ _3\"></span>idual s<span class=\"_ _3\"></span>tudents.<span class=\"_ _3ab\"> </span>Conces<span class=\"_ _3\"></span>sion<span class=\"_ _4\"></span> company (i<span class=\"_ _4\"></span>)<span class=\"_ _1fe\"> </span><span class=\"ff47 ls128 ws10e\">Projec<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></span>Total de<span class=\"_ _3\"></span>bt and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y funding \u00a3m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of<span class=\"_ _3ab\"> </span>accounting<span class=\"_ _3ab\"> </span>Financial<span class=\"_ _3ab\"> </span>close<span class=\"_ _3ab\"> </span>Duration<span class=\"_ _3ab\"> </span>years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>completion<span class=\"_ _3ab\"> </span>Ho<span class=\"_ _3\"></span>lyroo<span class=\"_ _3\"></span>d Student A<span class=\"_ _3\"></span>ccomm<span class=\"_ _3\"></span>odatio<span class=\"_ _3\"></span>n SP<span class=\"_ _3\"></span>V Ltd<span class=\"_ _4\"></span> (ii)<span class=\"_ _df\"> </span><span class=\"ls111 wsc8\">Edinburg<span class=\"_ _3\"></span>h<span class=\"_ _27\"> </span><span class=\"ls113 ws10b\">82<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">20%<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _9d\"> </span><span class=\"ls164 ws157\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>013<span class=\"_ _116\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Ab<span class=\"_ _3\"></span>eryst<span class=\"_ _3\"></span>wy<span class=\"_ _3\"></span>th Student Accommod<span class=\"_ _3\"></span>ation Lt<span class=\"_ _4\"></span>d<span class=\"_ _bc\"> </span><span class=\"ls14\">A<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span>ystw<span class=\"_ _3\"></span>yth<span class=\"_ _a1\"> </span><span class=\"ls108 wsfd\">51<span class=\"_ _e3\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _1e4\"> </span><span class=\"ls73 ws80\">Subsidiary<span class=\"_ _38\"> </span><span class=\"ls164 ws157\">Ju<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>013<span class=\"_ _116\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _ef\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Glasgow Residences (Kennedy Street) LL<span class=\"_ _3\"></span>P<span class=\"_ _1f7\"> </span><span class=\"ls85 ws7d\">Glasgow<span class=\"_ _27\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _f6\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _bc\"> </span><span class=\"ls73 ws80\">Subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _51\"> </span><span class=\"ls93 wsfa\">A<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>l 2<span class=\"_ _3\"></span>016<span class=\"_ _128\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _ef\"> </span><span class=\"ls11e ws117\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>17<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Student Accomm<span class=\"_ _3\"></span>odation LLP<span class=\"_ _303\"> </span><span class=\"ls78 ws11a\">S<span class=\"_ _3\"></span>uss<span class=\"_ _3\"></span>ex<span class=\"_ _3b\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>18<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">8<span class=\"_ _3\"></span>0%<span class=\"_ _bc\"> </span><span class=\"ls73 ws80\">Subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _1cb\"> </span><span class=\"ls11e ws117\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>17<span class=\"_ _116\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">2020<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>West Slope Residencies LL<span class=\"_ _3\"></span>P<span class=\"_ _12e\"> </span><span class=\"ls78 ws11a\">S<span class=\"_ _3\"></span>ussex<span class=\"_ _a8\"> </span><span class=\"ls121 wsa3\">343<span class=\"_ _128\"> </span><span class=\"ls21b ws23a\">8<span class=\"_ _3\"></span>1%<span class=\"_ _1b8\"> </span><span class=\"ls73 ws80\">Subsidiary<span class=\"_ _11e\"> </span></span></span></span></span>Decemb<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span> 2<span class=\"_ _3\"></span>023<span class=\"_ _25\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cc\"> </span><span class=\"ls5f ws57\">202<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in Eng<span class=\"_ _3\"></span>land a<span class=\"_ _3\"></span>nd Wal<span class=\"_ _3\"></span>es and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch com<span class=\"_ _3\"></span>pany a<span class=\"_ _3\"></span>re in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s, excep<span class=\"_ _3\"></span>t Hol<span class=\"_ _3\"></span>yroo<span class=\"_ _3\"></span>d Stud<span class=\"_ _3\"></span>ent Ac<span class=\"_ _3\"></span>comm<span class=\"_ _3\"></span>odat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>PV Ltd a<span class=\"_ _3\"></span>nd Gla<span class=\"_ _3\"></span>sgow R<span class=\"_ _3\"></span>esid<span class=\"_ _3\"></span>ences (Ke<span class=\"_ _3\"></span>nned<span class=\"_ _3\"></span>y Stree<span class=\"_ _3\"></span>t) LL<span class=\"_ _3\"></span>P whi<span class=\"_ _3\"></span>ch are reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d, an<span class=\"_ _3\"></span>d cond<span class=\"_ _3\"></span>uct th<span class=\"_ _3\"></span>eir pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al op<span class=\"_ _3\"></span>erat<span class=\"_ _3\"></span>ions, i<span class=\"_ _3\"></span>n Scot<span class=\"_ _3\"></span>land<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span>Ot<span class=\"_ _3\"></span>her conce<span class=\"_ _3\"></span>ssions<span class=\"_ _3ab\"> </span>Pevensey C<span class=\"_ _3\"></span>oast<span class=\"_ _3\"></span>al Defence Ltd (<span class=\"_ _3\"></span>PCD<span class=\"_ _3\"></span>L) h<span class=\"_ _3\"></span>as a 25<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>year contr<span class=\"_ _3\"></span>act wit<span class=\"_ _3\"></span>h the Environme<span class=\"_ _3\"></span>nt Agenc<span class=\"_ _3\"></span>y to maintain a sh<span class=\"_ _3\"></span>ingle ba<span class=\"_ _3\"></span>nk sea defenc<span class=\"_ _3\"></span>e in East Su<span class=\"_ _3\"></span>ssex. Th<span class=\"_ _3\"></span>anet involves t<span class=\"_ _3\"></span>he opera<span class=\"_ _3\"></span>tion of trans<span class=\"_ _3\"></span>mission a<span class=\"_ _3\"></span>ssets for the 3<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0M<span class=\"_ _3\"></span>W offs<span class=\"_ _3\"></span>hore wind fa<span class=\"_ _3\"></span>rm project <span class=\"_ _4\"></span>loc<span class=\"_ _3\"></span>at<span class=\"_ _4\"></span>ed off the K<span class=\"_ _4\"></span>ent coast. Gwynt y <span class=\"_ _4\"></span>M<span class=\"_ _3\"></span>\u00f4r involve<span class=\"_ _3\"></span>s the oper<span class=\"_ _3\"></span>ation of tra<span class=\"_ _3\"></span>nsmission a<span class=\"_ _3\"></span>ssets for the 5<span class=\"_ _3\"></span>76M<span class=\"_ _3\"></span>W off<span class=\"_ _3\"></span>shore wind fa<span class=\"_ _3\"></span>rm in the Ir<span class=\"_ _3\"></span>ish Sea. <span class=\"_ _3\"></span>Hum<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span> invo<span class=\"_ _3\"></span>lves<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>op<span class=\"_ _3\"></span>erat<span class=\"_ _3\"></span>ion <span class=\"_ _3\"></span>of tr<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>miss<span class=\"_ _3\"></span>ion<span class=\"_ _3\"></span> asset<span class=\"_ _3\"></span>s for the 21<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>M<span class=\"_ _3\"></span>W offsho<span class=\"_ _3\"></span>re wind farm i<span class=\"_ _3\"></span>n the Nor<span class=\"_ _3\"></span>th Se<span class=\"_ _3\"></span>a. Tha<span class=\"_ _3\"></span>net, Gw<span class=\"_ _3\"></span>ynt y M\u00f4<span class=\"_ _3\"></span>r and Humb<span class=\"_ _3\"></span>er ope<span class=\"_ _3\"></span>rate and maint<span class=\"_ _3\"></span>ain the tra<span class=\"_ _3\"></span>nsmission a<span class=\"_ _3\"></span>ssets und<span class=\"_ _3\"></span>er the terms of p<span class=\"_ _3\"></span>erpetu<span class=\"_ _3\"></span>al licenc<span class=\"_ _3\"></span>es granted by O<span class=\"_ _3\"></span>fgem wh<span class=\"_ _3\"></span>ich cont<span class=\"_ _3\"></span>ain the rig<span class=\"_ _3\"></span>ht t<span class=\"_ _4\"></span>o b<span class=\"_ _3\"></span>e paid a revenue s<span class=\"_ _3\"></span>tream over a 20<span class=\"_ _2\"></span>-ye<span class=\"_ _3\"></span>ar peri<span class=\"_ _3\"></span>od on an avail<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y basis<span class=\"_ _3\"></span>. Welland Bi<span class=\"_ _3\"></span>o Power involves th<span class=\"_ _3\"></span>e design<span class=\"_ _3\"></span>, constr<span class=\"_ _3\"></span>uction<span class=\"_ _3\"></span>, financ<span class=\"_ _3\"></span>ing, op<span class=\"_ _3\"></span>eration a<span class=\"_ _3\"></span>nd maintenan<span class=\"_ _3\"></span>ce of a 10.4M<span class=\"_ _3\"></span>W waste wo<span class=\"_ _3\"></span>od gasi<span class=\"_ _3\"></span>fier loc<span class=\"_ _3\"></span>ated at Peb<span class=\"_ _3\"></span>ble Ha<span class=\"_ _3\"></span>ll Farm, T<span class=\"_ _3\"></span>hreding<span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>th. Th<span class=\"_ _3\"></span>e East W<span class=\"_ _3\"></span>ick and Sweet<span class=\"_ _3\"></span>water d<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>lopme<span class=\"_ _3\"></span>nt is a Londo<span class=\"_ _3\"></span>n Legac<span class=\"_ _3\"></span>y Develo<span class=\"_ _3\"></span>pment Co<span class=\"_ _3\"></span>rpor<span class=\"_ _3\"></span>ation proje<span class=\"_ _3\"></span>ct, be<span class=\"_ _3\"></span>ing car<span class=\"_ _3\"></span>ried out i<span class=\"_ _3\"></span>n phases, w<span class=\"_ _3\"></span>hich wil<span class=\"_ _3\"></span>l result in the cre<span class=\"_ _3\"></span>ation of t<span class=\"_ _3\"></span>wo commun<span class=\"_ _3\"></span>ities, E<span class=\"_ _3\"></span>ast Wic<span class=\"_ _3\"></span>k and Sweet<span class=\"_ _3\"></span>water<span class=\"_ _4\"></span>, at th<span class=\"_ _3\"></span>e Queen El<span class=\"_ _3\"></span>izabeth Ol<span class=\"_ _3\"></span>ympic P<span class=\"_ _3\"></span>ark in Lon<span class=\"_ _3\"></span>don. W<span class=\"_ _3\"></span>ith the excepti<span class=\"_ _3\"></span>on of the Wella<span class=\"_ _3\"></span>nd Bio Power p<span class=\"_ _3\"></span>lant and the E<span class=\"_ _3\"></span>astw<span class=\"_ _3\"></span>ick and Swe<span class=\"_ _3\"></span>etwater p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>, all assets tr<span class=\"_ _3\"></span>ansfer to the cu<span class=\"_ _3\"></span>stomer at the e<span class=\"_ _3\"></span>nd of the relevant c<span class=\"_ _3\"></span>oncess<span class=\"_ _3\"></span>ion. Co<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny (i) (ii)<span class=\"_ _32\"> </span><span class=\"ff47 ls128 ws10e\">P<span class=\"_ _3\"></span>roject<span class=\"_ _3ab\"> </span></span>Total de<span class=\"_ _3\"></span>bt and e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y funding \u00a3m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial<span class=\"_ _3ab\"> </span>close<span class=\"_ _3ab\"> </span>Duration<span class=\"_ _3ab\"> </span>years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>completion<span class=\"_ _3ab\"> </span>Pevensey C<span class=\"_ _3\"></span>oast<span class=\"_ _3\"></span>al Defence Ltd<span class=\"_ _215\"> </span><span class=\"ls15 ws11\">S<span class=\"_ _3\"></span>ea def<span class=\"_ _4\"></span>ences<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _128\"> </span><span class=\"ls93 wsfa\">25%<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _81\"> </span><span class=\"ls4e ws48\">Ju<span class=\"_ _4\"></span>ly<span class=\"_ _5\"></span> 2000<span class=\"_ _27\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _ff\"> </span><span class=\"ls128 ws10e\">n/a<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Proj<span class=\"_ _3\"></span>ects (P<span class=\"_ _3\"></span>hase 1) Ltd<span class=\"_ _215\"> </span><span class=\"ls3c ws37\">P<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y develo<span class=\"_ _3\"></span>pment<span class=\"_ _25\"> </span><span class=\"ls114 ws10c\">99<span class=\"_ _1cb\"> </span></span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Januar<span class=\"_ _3\"></span>y 201<span class=\"_ _4\"></span>9<span class=\"_ _34\"> </span><span class=\"ls5 ws3\">3<span class=\"_ _ef\"> </span><span class=\"ls78 ws11a\">20<span class=\"_ _3\"></span>21<span class=\"_ _3ab\"> </span></span></span></span></span>Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Proj<span class=\"_ _3\"></span>ects (P<span class=\"_ _3\"></span>hase 2) Ltd<span class=\"_ _215\"> </span><span class=\"ls3c ws37\">P<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y develo<span class=\"_ _3\"></span>pment<span class=\"_ _116\"> </span><span class=\"ls16 ws12\">76<span class=\"_ _f2\"> </span></span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _110\"> </span><span class=\"ls15 ws11\">August 2023<span class=\"_ _47\"> </span></span></span>3<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">2026<span class=\"_ _3ab\"> </span></span>Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ltd<span class=\"_ _38a\"> </span><span class=\"ls128 ws10e\">Of<span class=\"_ _3\"></span>fshore transmission<span class=\"_ _3b\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _3\"></span>7<span class=\"_ _f2\"> </span></span></span>2<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b7\"> </span><span class=\"ls15 ws11\">Decemb<span class=\"_ _3\"></span>er 20<span class=\"_ _4\"></span>14<span class=\"_ _25\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _51\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _3ab\"> </span></span></span></span></span>Gw<span class=\"_ _3\"></span>ynt y M\u00f4<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO plc <span class=\"_ _145\"> </span><span class=\"ls128 ws10e\">O<span class=\"_ _3\"></span>ffshore transmission<span class=\"_ _10a\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _3\"></span>6<span class=\"_ _1cb\"> </span></span></span>6<span class=\"_ _3\"></span>0%<span class=\"_ _a3\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _d8\"> </span><span class=\"ls72 wsf5\">February 201<span class=\"_ _4\"></span>5<span class=\"_ _25\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _ff\"> </span><span class=\"ls128 ws10e\">n/a<span class=\"_ _3ab\"> </span></span></span></span></span>Wellan<span class=\"_ _3\"></span>d Bio Power Ltd<span class=\"_ _1fd\"> </span><span class=\"ls15 ws11\">Waste wood gasifier<span class=\"_ _a1\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _c3\"> </span><span class=\"ls1c ws107\">29<span class=\"_ _3\"></span>.2%<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _ef\"> </span><span class=\"ls100 ws104\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _128\"> </span><span class=\"ls128 ws10e\">n/a<span class=\"_ _ef\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Ltd<span class=\"_ _f6\"> </span><span class=\"ls128 ws10e\">O<span class=\"_ _3\"></span>ffshore transmission<span class=\"_ _3b\"> </span><span class=\"ls12a ws11f\">18<span class=\"_ _3\"></span>7<span class=\"_ _ee\"> </span></span></span>20%<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _f4\"> </span><span class=\"ls15 ws11\">September 201<span class=\"_ _4\"></span>6<span class=\"_ _116\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _51\"> </span><span class=\"ls128 ws10e\">n<span class=\"_ _3\"></span>/a<span class=\"_ _3ab\"> </span></span></span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in Eng<span class=\"_ _3\"></span>land a<span class=\"_ _3\"></span>nd Wal<span class=\"_ _3\"></span>es and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch com<span class=\"_ _3\"></span>pany a<span class=\"_ _3\"></span>re in Engl<span class=\"_ _3\"></span>and an<span class=\"_ _3\"></span>d Wale<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in the<span class=\"_ _3\"></span>se com<span class=\"_ _3\"></span>pani<span class=\"_ _3\"></span>es as a jo<span class=\"_ _3\"></span>int ventu<span class=\"_ _3\"></span>re.<span class=\"_ _3ab\"> </span>(e) Bal<span class=\"_ _3\"></span>fou<span class=\"_ _3\"></span>r Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y I<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s Nor<span class=\"_ _3\"></span>th A<span class=\"_ _3\"></span>mer<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>Militar<span class=\"_ _3\"></span>y housing<span class=\"_ _3ab\"> </span>Summary<span class=\"ff47 ls5 ws3\"> B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y through it<span class=\"_ _3\"></span>s subsidi<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Com<span class=\"_ _3\"></span>munities L<span class=\"_ _3\"></span>LC is a mana<span class=\"_ _3\"></span>ger<span class=\"_ _4\"></span>, deve<span class=\"_ _3\"></span>loper, and investor in a nu<span class=\"_ _3\"></span>mber of US </span>milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y privati<span class=\"_ _3\"></span>sation p<span class=\"_ _3\"></span>rojects a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ated with a tota<span class=\"_ _3\"></span>l of 55 US G<span class=\"_ _3\"></span>overnment mil<span class=\"_ _3\"></span>itar<span class=\"_ _3\"></span>y base<span class=\"_ _3\"></span>s which inc<span class=\"_ _3\"></span>ludes 5<span class=\"_ _3\"></span>5 milita<span class=\"_ _3\"></span>ry fa<span class=\"_ _3\"></span>mily hous<span class=\"_ _3\"></span>ing commu<span class=\"_ _3\"></span>nities and on<span class=\"_ _3\"></span>e unacc<span class=\"_ _3\"></span>ompani<span class=\"_ _3\"></span>ed pers<span class=\"_ _3\"></span>onnel hou<span class=\"_ _3\"></span>sing comm<span class=\"_ _3\"></span>unity t<span class=\"_ _3\"></span>hat are expe<span class=\"_ _3\"></span>cted to cont<span class=\"_ _3\"></span>ain approxi<span class=\"_ _3\"></span>mately 4<span class=\"_ _3\"></span>3,<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>0 hou<span class=\"_ _3\"></span>sing units o<span class=\"_ _3\"></span>nce devel<span class=\"_ _3\"></span>opment<span class=\"_ _3\"></span>, con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ion and renov<span class=\"_ _3\"></span>ation are co<span class=\"_ _3\"></span>mplete.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e project<span class=\"_ _3\"></span>s compr<span class=\"_ _3\"></span>ise 1<span class=\"_ _5\"></span>1 mili<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>y family h<span class=\"_ _3\"></span>ousing pr<span class=\"_ _3\"></span>ivatisa<span class=\"_ _3\"></span>tion proje<span class=\"_ _3\"></span>cts wit<span class=\"_ _3\"></span>h the United St<span class=\"_ _3\"></span>ates Dep<span class=\"_ _3\"></span>artm<span class=\"_ _3\"></span>ent of the Ar<span class=\"_ _3\"></span>my (A<span class=\"_ _3\"></span>rmy), seven p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s with t<span class=\"_ _3\"></span>he United St<span class=\"_ _3\"></span>ates Dep<span class=\"_ _3\"></span>artm<span class=\"_ _3\"></span>ent of the Ai<span class=\"_ _3\"></span>r Force (<span class=\"_ _3\"></span>Air F<span class=\"_ _3\"></span>orce) and t<span class=\"_ _3\"></span>wo proje<span class=\"_ _3\"></span>cts wit<span class=\"_ _3\"></span>h the United St<span class=\"_ _3\"></span>ates Dep<span class=\"_ _3\"></span>artm<span class=\"_ _3\"></span>ent of the Nav<span class=\"_ _3\"></span>y (<span class=\"_ _3\"></span>Nav<span class=\"_ _3\"></span>y). In addi<span class=\"_ _3\"></span>tion,<span class=\"_ _3\"></span> there is o<span class=\"_ _3\"></span>ne unacc<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>nied pers<span class=\"_ _3\"></span>onnel hou<span class=\"_ _3\"></span>sing (U<span class=\"_ _3\"></span>PH) proj<span class=\"_ _3\"></span>ect wit<span class=\"_ _3\"></span>h the Ar<span class=\"_ _3\"></span>my at For<span class=\"_ _3\"></span>t Stewar<span class=\"_ _3\"></span>t.<span class=\"_ _3ab\"> </span>Contractual arra<span class=\"_ _4\"></span>ngements<span class=\"ff47 ls5 ws3\"> T<span class=\"_ _3\"></span>he first ph<span class=\"_ _3\"></span>ase of the proj<span class=\"_ _3\"></span>ect, k<span class=\"_ _3\"></span>nown as the i<span class=\"_ _3\"></span>nitial devel<span class=\"_ _3\"></span>opment p<span class=\"_ _3\"></span>eriod<span class=\"_ _3\"></span>, covers the p<span class=\"_ _3\"></span>erio<span class=\"_ _3\"></span>d of initial co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion or </span>renovat<span class=\"_ _3\"></span>ion of milit<span class=\"_ _3\"></span>ary h<span class=\"_ _3\"></span>ousing on a b<span class=\"_ _3\"></span>ase, t<span class=\"_ _3\"></span>ypic<span class=\"_ _3\"></span>ally las<span class=\"_ _3\"></span>ting three to eig<span class=\"_ _3\"></span>ht y<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ars. W<span class=\"_ _3\"></span>ith resp<span class=\"_ _3\"></span>ect to Ar<span class=\"_ _3\"></span>my and Nav<span class=\"_ _3\"></span>y proj<span class=\"_ _3\"></span>ects, t<span class=\"_ _3\"></span>he Governm<span class=\"_ _3\"></span>ent beco<span class=\"_ _3\"></span>mes a memb<span class=\"_ _3\"></span>er or par<span class=\"_ _3\"></span>tne<span class=\"_ _3\"></span>r of the projec<span class=\"_ _3\"></span>t entit<span class=\"_ _3\"></span>y (Proje<span class=\"_ _3\"></span>ct LLC<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>; t<span class=\"_ _3\"></span>he Air Fo<span class=\"_ _3\"></span>rce is not a nam<span class=\"_ _3\"></span>ed par<span class=\"_ _3\"></span>tner or m<span class=\"_ _3\"></span>ember in B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Comm<span class=\"_ _3\"></span>unities\u2019 P<span class=\"_ _3\"></span>roje<span class=\"_ _3\"></span>ct LLC<span class=\"_ _3\"></span>s, however it c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>s a commit<span class=\"_ _3\"></span>ment to provide a G<span class=\"_ _3\"></span>overnme<span class=\"_ _3\"></span>nt direct lo<span class=\"_ _3\"></span>an to the Proje<span class=\"_ _3\"></span>ct LLC an<span class=\"_ _3\"></span>d has simila<span class=\"_ _3\"></span>r rights to sha<span class=\"_ _3\"></span>re in distri<span class=\"_ _3\"></span>butions<span class=\"_ _3\"></span> and c<span class=\"_ _3\"></span>ash flows of th<span class=\"_ _3\"></span>e Projec<span class=\"_ _3\"></span>t LLC. O<span class=\"_ _3\"></span>n each pro<span class=\"_ _3\"></span>ject, t<span class=\"_ _3\"></span>he Projec<span class=\"_ _3\"></span>t LLC enters into a g<span class=\"_ _3\"></span>round leas<span class=\"_ _3\"></span>e with the G<span class=\"_ _3\"></span>overnment<span class=\"_ _3\"></span>, which p<span class=\"_ _3\"></span>rovides t<span class=\"_ _3\"></span>he P<span class=\"_ _3\"></span>roje<span class=\"_ _3\"></span>ct LLC w<span class=\"_ _3\"></span>ith a lease<span class=\"_ _3\"></span>hold interest i<span class=\"_ _3\"></span>n the land an<span class=\"_ _3\"></span>d title to the im<span class=\"_ _3\"></span>provements on t<span class=\"_ _3\"></span>he land for a p<span class=\"_ _3\"></span>eriod of 5<span class=\"_ _3\"></span>0 years<span class=\"_ _3\"></span>. Each of th<span class=\"_ _3\"></span>ese milita<span class=\"_ _3\"></span>ry h<span class=\"_ _3\"></span>ousing pri<span class=\"_ _3\"></span>vatisati<span class=\"_ _3\"></span>on projec<span class=\"_ _3\"></span>ts inclu<span class=\"_ _3\"></span>des agree<span class=\"_ _3\"></span>ments cover<span class=\"_ _3\"></span>ing the ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt, renovati<span class=\"_ _3\"></span>on, and devel<span class=\"_ _3\"></span>opment of exis<span class=\"_ _3\"></span>ting hous<span class=\"_ _3\"></span>ing units<span class=\"_ _3\"></span>, as well as the develo<span class=\"_ _3\"></span>pment, c<span class=\"_ _3\"></span>onstru<span class=\"_ _3\"></span>ction<span class=\"_ _3\"></span>, r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>novation a<span class=\"_ _3\"></span>nd manag<span class=\"_ _3\"></span>ement of new uni<span class=\"_ _3\"></span>ts during t<span class=\"_ _3\"></span>he term of the pro<span class=\"_ _3\"></span>ject, w<span class=\"_ _3\"></span>hich, in th<span class=\"_ _3\"></span>e case of th<span class=\"_ _3\"></span>e Army, could potenti<span class=\"_ _3\"></span>ally exten<span class=\"_ _3\"></span>d for up to an add<span class=\"_ _3\"></span>itional 2<span class=\"_ _3\"></span>5 years. T<span class=\"_ _3\"></span>he 50<span class=\"_ _2\"></span>-ye<span class=\"_ _3\"></span>ar durati<span class=\"_ _3\"></span>on of each p<span class=\"_ _3\"></span>roject c<span class=\"_ _3\"></span>alls for conti<span class=\"_ _3\"></span>nuous renovat<span class=\"_ _3\"></span>ion, reha<span class=\"_ _3\"></span>bilitati<span class=\"_ _3\"></span>on, dem<span class=\"_ _3\"></span>olition a<span class=\"_ _3\"></span>nd reconst<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on of housin<span class=\"_ _3\"></span>g units. At th<span class=\"_ _3\"></span>e end of the grou<span class=\"_ _3\"></span>nd lease ter<span class=\"_ _3\"></span>m the Proje<span class=\"_ _3\"></span>ct LLC<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s le<span class=\"_ _3\"></span>asehol<span class=\"_ _3\"></span>d interest termin<span class=\"_ _3\"></span>ates and all proje<span class=\"_ _3\"></span>ct improvem<span class=\"_ _3\"></span>ents on the l<span class=\"_ _3\"></span>and gener<span class=\"_ _3\"></span>ally tran<span class=\"_ _3\"></span>sfer to the Gover<span class=\"_ _3\"></span>nment.<span class=\"_ _3ab\"> </span>Preferred<span class=\"_ _4\"></span> re<span class=\"_ _3\"></span>tu<span class=\"_ _4\"></span>rns<span class=\"ff47 ls5 ws3\"> The p<span class=\"_ _3\"></span>rojects w<span class=\"_ _3\"></span>ill ty<span class=\"_ _3\"></span>pica<span class=\"_ _3\"></span>lly recei<span class=\"_ _3\"></span>ve, to the extent tha<span class=\"_ _3\"></span>t adequ<span class=\"_ _3\"></span>ate funds are avail<span class=\"_ _3\"></span>able, an a<span class=\"_ _3\"></span>nnual minimu<span class=\"_ _3\"></span>m preferred return. </span>On<span class=\"_ gs52\"> </span>mo<span class=\"_ _3\"></span>st existing p<span class=\"_ _3\"></span>rojects<span class=\"_ _3\"></span>, this annua<span class=\"_ _3\"></span>l minimum preferre<span class=\"_ _3\"></span>d re<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>urn rang<span class=\"_ _3\"></span>es from 9% to 1<span class=\"_ _4\"></span>2% of Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ommuni<span class=\"_ _3\"></span>ties\u2019 initia<span class=\"_ _3\"></span>l equit<span class=\"_ _3\"></span>y contribution<span class=\"_ _4\"></span> to the proj<span class=\"_ _4\"></span>ec<span class=\"_ _3\"></span>t.<span class=\"_ _3ab\"> </span>Al<span class=\"_ _3\"></span>loc<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on of re<span class=\"_ _3\"></span>mainin<span class=\"_ _3\"></span>g ope<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing c<span class=\"_ _3\"></span>ash f<span class=\"_ _3\"></span>low<span class=\"ff47\"> O<span class=\"_ _3\"></span>peratin<span class=\"_ _3\"></span>g cash fl<span class=\"_ _3\"></span>ow remaining af<span class=\"_ _3\"></span>ter the annu<span class=\"_ _3\"></span>al minimum p<span class=\"_ _3\"></span>ref<span class=\"_ _4\"></span>er<span class=\"_ _3\"></span>red return is p<span class=\"_ _3\"></span>aid is share<span class=\"_ _3\"></span>d </span>bet<span class=\"_ _3\"></span>ween Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ommuni<span class=\"_ _3\"></span>ties and the rei<span class=\"_ _3\"></span>nv<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>stment ac<span class=\"_ _3\"></span>count hel<span class=\"_ _3\"></span>d by the proje<span class=\"_ _3\"></span>ct for the be<span class=\"_ _3\"></span>nefit of the Gove<span class=\"_ _3\"></span>rnment. O<span class=\"_ _3\"></span>n most of the existin<span class=\"_ _3\"></span>g projec<span class=\"_ _3\"></span>ts, the total a<span class=\"_ _3\"></span>mount that B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Comm<span class=\"_ _3\"></span>unities is ent<span class=\"_ _3\"></span>itled to rece<span class=\"_ _3\"></span>ive (inclu<span class=\"_ _3\"></span>sive of the preferre<span class=\"_ _3\"></span>d return) is gen<span class=\"_ _3\"></span>erally c<span class=\"_ _3\"></span>appe<span class=\"_ _3\"></span>d at an annu<span class=\"_ _3\"></span>al modi<span class=\"_ _3\"></span>fied rate of retur<span class=\"_ _3\"></span>n, or cas<span class=\"_ _3\"></span>h-<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>sh return, on it<span class=\"_ _3\"></span>s initial e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y contri<span class=\"_ _3\"></span>bution to the p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>. Historic<span class=\"_ _3\"></span>ally, these ca<span class=\"_ _3\"></span>ps have rang<span class=\"_ _3\"></span>ed bet<span class=\"_ _3\"></span>ween ap<span class=\"_ _3\"></span>proximatel<span class=\"_ _3\"></span>y 9% t<span class=\"_ _4\"></span>o 18% de<span class=\"_ _3\"></span>pendin<span class=\"_ _3\"></span>g on the par<span class=\"_ _3\"></span>ticu<span class=\"_ _3\"></span>lar proje<span class=\"_ _3\"></span>ct and the t<span class=\"_ _3\"></span>yp<span class=\"_ _3\"></span>e of return (annu<span class=\"_ _3\"></span>al modif<span class=\"_ _3\"></span>ied rates of retur<span class=\"_ _3\"></span>n or cash<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>cash<span class=\"_ _3\"></span>)<span class=\"_ _4\"></span>. However, in some of th<span class=\"_ _3\"></span>e more recent pro<span class=\"_ _3\"></span>jects<span class=\"_ _3\"></span>, there are eithe<span class=\"_ _3\"></span>r no annual c<span class=\"_ _3\"></span>aps or lowe<span class=\"_ _3\"></span>r projecte<span class=\"_ _3\"></span>d annual rates of retu<span class=\"_ _3\"></span>rn. Th<span class=\"_ _3\"></span>e t<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al cap<span class=\"_ _3\"></span>ped return g<span class=\"_ _3\"></span>enerall<span class=\"_ _3\"></span>y will inclu<span class=\"_ _3\"></span>de the annu<span class=\"_ _3\"></span>al minimum prefer<span class=\"_ _3\"></span>red return. T<span class=\"_ _3\"></span>he reinvestme<span class=\"_ _3\"></span>nt account i<span class=\"_ _3\"></span>s an acco<span class=\"_ _3\"></span>unt estab<span class=\"_ _3\"></span>lished for th<span class=\"_ _3\"></span>e benefit of th<span class=\"_ _3\"></span>e milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, b<span class=\"_ _3\"></span>ut funds m<span class=\"_ _3\"></span>ay be with<span class=\"_ _3\"></span>drawn for c<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion, d<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nt and renovatio<span class=\"_ _3\"></span>n costs d<span class=\"_ _3\"></span>uring the rem<span class=\"_ _3\"></span>aining life of a p<span class=\"_ _3\"></span>rivatis<span class=\"_ _3\"></span>ation proje<span class=\"_ _3\"></span>ct upo<span class=\"_ _3\"></span>n approva<span class=\"_ _3\"></span>l by the app<span class=\"_ _3\"></span>licab<span class=\"_ _3\"></span>le milita<span class=\"_ _3\"></span>ry se<span class=\"_ _3\"></span>rvi<span class=\"_ _3\"></span>ce.<span class=\"_ _3ab\"> </span>Re<span class=\"_ _3\"></span>turn o<span class=\"_ _3\"></span>f equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y<span class=\"ff47\"> Gener<span class=\"_ _3\"></span>ally<span class=\"_ _4\"></span>, at t<span class=\"_ _3\"></span>he end of a proje<span class=\"_ _3\"></span>ct term, any m<span class=\"_ _3\"></span>onies remai<span class=\"_ _3\"></span>ning in the reinves<span class=\"_ _3\"></span>tment acc<span class=\"_ _3\"></span>ount are distr<span class=\"_ _3\"></span>ibuted to Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y </span>Co<span class=\"_ _3\"></span>mmunities a<span class=\"_ _3\"></span>nd the A<span class=\"_ _3\"></span>rmy<span class=\"_ _4\"></span>, N<span class=\"_ _3\"></span>avy or A<span class=\"_ _3\"></span>ir Forc<span class=\"_ _3\"></span>e, in a predeter<span class=\"_ _3\"></span>mined ord<span class=\"_ _3\"></span>er of prior<span class=\"_ _3\"></span>ity. T<span class=\"_ _4\"></span>yp<span class=\"_ _3\"></span>ically t<span class=\"_ _3\"></span>hese dist<span class=\"_ _3\"></span>ributio<span class=\"_ _3\"></span>ns will have th<span class=\"_ _3\"></span>e effect of p<span class=\"_ _3\"></span>roviding the p<span class=\"_ _3\"></span>arti<span class=\"_ _3\"></span>es with suf<span class=\"_ _3\"></span>ficie<span class=\"_ _3\"></span>nt funds to provi<span class=\"_ _3\"></span>de a minimum an<span class=\"_ _3\"></span>nual return over th<span class=\"_ _3\"></span>e life of the proje<span class=\"_ _3\"></span>ct and a co<span class=\"_ _3\"></span>mplete return of th<span class=\"_ _3\"></span>e initial c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al contri<span class=\"_ _3\"></span>bution.<span class=\"_ _3\"></span> Af<span class=\"_ _3\"></span>ter payme<span class=\"_ _3\"></span>nt of the minimum an<span class=\"_ _3\"></span>nual return an<span class=\"_ _3\"></span>d the return of a pa<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>y\u2019s initial c<span class=\"_ _3\"></span>ontribu<span class=\"_ _3\"></span>tion, all rem<span class=\"_ _3\"></span>aining fun<span class=\"_ _3\"></span>ds will t<span class=\"_ _3\"></span>ypic<span class=\"_ _3\"></span>ally be d<span class=\"_ _3\"></span>istrib<span class=\"_ _3\"></span>uted to the appli<span class=\"_ _3\"></span>cable milit<span class=\"_ _3\"></span>ary ser<span class=\"_ _3\"></span>vice.<span class=\"_ _3ab\"> </span>Militar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> conc<span class=\"_ _3\"></span>ession company<span class=\"_ _4\"></span> (i)<span class=\"_ _e8\"> </span><span class=\"ff47 ls97 ws8e\">Projects<span class=\"_ _3ab\"> </span></span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>je<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span>funding US$m<span class=\"_ _3ab\"> </span>Financial close<span class=\"_ _3ab\"> </span>Duration years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _3ab\"> </span>completion<span class=\"_ _3ab\"> </span>Militar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> family housing<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson Fa<span class=\"_ _3\"></span>mily Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _100\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy b<span class=\"_ _3\"></span>ase<span class=\"_ _97\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>6<span class=\"_ _9a\"> </span></span></span>Novem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _a3\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _3b\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>04<span class=\"_ _3ab\"> </span></span></span>\u2013 Fort Carson expansion<span class=\"_ _38b\"> </span><span class=\"ls164 ws157\">13<span class=\"_ _3\"></span>0<span class=\"_ _b0\"> </span><span class=\"ls5 ws3\">N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6<span class=\"_ _9d\"> </span><span class=\"ls42 ws3d\">43<span class=\"_ _cc\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span></span>\u2013 For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson GTA expans<span class=\"_ _3\"></span>ion<span class=\"_ _29e\"> </span><span class=\"ls114 ws10c\">99<span class=\"_ _38c\"> </span><span class=\"ls89 ws88\">A<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>l 2<span class=\"_ _3\"></span>010<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">39<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span></span>\u2013 For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson GTA II expa<span class=\"_ _3\"></span>nsion<span class=\"_ _38d\"> </span><span class=\"ls114 ws10c\">68<span class=\"_ _175\"> </span><span class=\"ls100 ws104\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>e 2<span class=\"_ _3\"></span>015<span class=\"_ _38\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _fa\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span>Stewar<span class=\"_ _3\"></span>t Hunter H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _38e\"> </span>T<span class=\"_ _4\"></span>wo A<span class=\"_ _3\"></span>rmy base<span class=\"_ _3\"></span>s<span class=\"_ _180\"> </span><span class=\"ls122 ws11b\">3<span class=\"_ _3\"></span>74<span class=\"_ _9a\"> </span></span>Nove<span class=\"_ _3\"></span>mber 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span>For<span class=\"_ _3\"></span>t Ha<span class=\"_ _3\"></span>milton Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _aa\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy ba<span class=\"_ _3\"></span>se<span class=\"_ _9d\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _219\"> </span></span></span>June 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>4<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cc\"> </span><span class=\"ls5f ws57\">200<span class=\"_ _3\"></span>9<span class=\"_ _3ab\"> </span></span></span>For<span class=\"_ _3\"></span>t Detr<span class=\"_ _3\"></span>ick<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>Wa<span class=\"_ _3\"></span>lter Reed A<span class=\"_ _3\"></span>rmy Me<span class=\"_ _3\"></span>dical C<span class=\"_ _3\"></span>enter Housing L<span class=\"_ _3\"></span>LC<span class=\"_ _38f\"> </span><span class=\"ls5 ws3\">T<span class=\"_ _4\"></span>wo A<span class=\"_ _3\"></span>rmy base<span class=\"_ _3\"></span>s<span class=\"_ _20c\"> </span><span class=\"ls11c ws115\">11<span class=\"_ _3\"></span>2<span class=\"_ _390\"> </span></span>Jul<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>04<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _3b\"> </span><span class=\"ls5f ws57\">200<span class=\"_ _3\"></span>8<span class=\"_ _3ab\"> </span></span></span></span>Nor<span class=\"_ _3\"></span>theast Housing LLC<span class=\"_ _22e\"> </span><span class=\"ls5 ws3\">Seven N<span class=\"_ _3\"></span>av<span class=\"_ _3\"></span>y bases<span class=\"_ _a1\"> </span><span class=\"ls115 ws10d\">496<span class=\"_ _20\"> </span></span>N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>4<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span>For<span class=\"_ _3\"></span>t Eustis<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>For<span class=\"_ _3\"></span>t Stor<span class=\"_ _3\"></span>y Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _1ab\"> </span>T<span class=\"_ _5\"></span>wo A<span class=\"_ _3\"></span>rmy bas<span class=\"_ _3\"></span>es<span class=\"_ _97\"> </span><span class=\"ls11e ws117\">17<span class=\"_ _3\"></span>5<span class=\"_ _386\"> </span><span class=\"ls8b ws4\">M<span class=\"_ _3\"></span>arch 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>05<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span></span>\u2013 For<span class=\"_ _3\"></span>t Eustis ex<span class=\"_ _3\"></span>pansion<span class=\"_ _120\"> </span>8<span class=\"_ _1a0\"> </span><span class=\"ls89 ws88\">J<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>010<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">45<span class=\"_ _ef\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span>\u2013 For<span class=\"_ _3\"></span>t Eustis \u2013 M<span class=\"_ _3\"></span>arseill<span class=\"_ _3\"></span>es Vill<span class=\"_ _3\"></span>age<span class=\"_ _216\"> </span><span class=\"ls61 ws59\">26<span class=\"_ _1cd\"> </span><span class=\"ls164 ws157\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>013<span class=\"_ _38\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _1cb\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>015<span class=\"_ _3ab\"> </span></span></span></span></span>For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>hite S<span class=\"_ _3\"></span>ands Mis<span class=\"_ _3\"></span>sile Rang<span class=\"_ _3\"></span>e Housin<span class=\"_ _3\"></span>g LP<span class=\"_ _c3\"> </span>T<span class=\"_ _5\"></span>w<span class=\"_ _3\"></span>o Army b<span class=\"_ _3\"></span>ases<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">427<span class=\"_ _1ef\"> </span></span>J<span class=\"_ _3\"></span>uly 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>5<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span>\u2013 For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>pansio<span class=\"_ _3\"></span>n<span class=\"_ _247\"> </span><span class=\"ls114 ws10c\">46<span class=\"_ _20\"> </span><span class=\"ls15 ws11\">Decem<span class=\"_ _3\"></span>ber 200<span class=\"_ _3\"></span>9<span class=\"_ _a3\"> </span></span>46<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span>\u2013 For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s GT<span class=\"_ _4\"></span>A exp<span class=\"_ _3\"></span>ansion ph<span class=\"_ _3\"></span>ase I<span class=\"_ _299\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>6<span class=\"_ _156\"> </span><span class=\"ls11c ws115\">J<span class=\"_ _3\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>y<span class=\"_ _2\"></span> 2<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>11<span class=\"_ _38\"> </span><span class=\"ls187 ws184\">44<span class=\"_ _cc\"> </span></span></span>2<span class=\"_ _3\"></span>014<span class=\"_ _3ab\"> </span></span>\u2013 For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s GT<span class=\"_ _4\"></span>A exp<span class=\"_ _3\"></span>ansion ph<span class=\"_ _3\"></span>ase II<span class=\"_ _126\"> </span><span class=\"ls100 ws104\">14<span class=\"_ _3\"></span>6<span class=\"_ _b1\"> </span><span class=\"ls3c ws37\">N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>01<span class=\"_ _4\"></span>2<span class=\"_ _9d\"> </span><span class=\"ls42 ws3d\">43<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Gordon Housing LLC<span class=\"_ _fe\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy base<span class=\"_ _97\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>9<span class=\"_ _38c\"> </span><span class=\"ls5 ws3\">M<span class=\"_ _3\"></span>ay 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span></span>Car<span class=\"_ _3\"></span>lisle/<span class=\"_ _3\"></span>Picatinny Famil<span class=\"_ _3\"></span>y Housing LP<span class=\"_ _213\"> </span><span class=\"ls5 ws3\">T<span class=\"_ _5\"></span>wo A<span class=\"_ _3\"></span>rmy ba<span class=\"_ _3\"></span>ses<span class=\"_ _a3\"> </span><span class=\"ls46 ws41\">84<span class=\"_ _1ef\"> </span></span>July 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _1cb\"> </span><span class=\"ls11c ws115\">2<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>11<span class=\"_ _3ab\"> </span></span></span></span>\u2013 Carlisle<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>rit<span class=\"_ _3\"></span>age<span class=\"_ _4\"></span> Heights phase II<span class=\"_ _301\"> </span><span class=\"ls78 ws11a\">21<span class=\"_ _1d7\"> </span><span class=\"ls5f ws57\">October<span class=\"_ _4\"></span> 201<span class=\"_ _4\"></span>2<span class=\"_ _a3\"> </span><span class=\"ls187 ws184\">44<span class=\"_ _cc\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>014<span class=\"_ _3ab\"> </span></span></span></span></span>AE<span class=\"_ _3\"></span>TC H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P<span class=\"_ _391\"> </span>Fou<span class=\"_ _3\"></span>r Air Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _a0\"> </span><span class=\"ls103 wsf8\">359<span class=\"_ _1b\"> </span><span class=\"ls72 wsf5\">Februar<span class=\"_ _3\"></span>y 2007<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span></span>Southeast Housing L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _f0\"> </span><span class=\"ls5 ws3\">1<span class=\"_ _5\"></span>1 Nav<span class=\"_ _3\"></span>y bas<span class=\"_ _3\"></span>es<span class=\"_ _a1\"> </span><span class=\"lsab wsa1\">558<span class=\"_ _b0\"> </span></span>N<span class=\"_ _3\"></span>ovember 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>7<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span>Vandenberg Housing LP<span class=\"_ _391\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>ir Force b<span class=\"_ _3\"></span>ase<span class=\"_ _180\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>5<span class=\"_ _11c\"> </span></span>Novemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>07<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls30 ws29\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _3ab\"> </span></span></span></span>Leo<span class=\"_ _3\"></span>nard Woo<span class=\"_ _3\"></span>d Family C<span class=\"_ _3\"></span>ommunit<span class=\"_ _3\"></span>ies LLC<span class=\"_ _13c\"> </span><span class=\"ls170 ws18f\">Ar<span class=\"_ _3\"></span>my base<span class=\"_ _180\"> </span><span class=\"ls3c ws37\">2<span class=\"_ _3\"></span>31<span class=\"_ _3b\"> </span></span></span>Ac<span class=\"_ _3\"></span>quired Jun<span class=\"_ _3\"></span>e 20<span class=\"_ _3\"></span>08<span class=\"_ _3ab\"> </span>47<span class=\"_ _1cb\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>014<span class=\"_ _3ab\"> </span></span>A<span class=\"_ _3\"></span>MC West H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P<span class=\"_ _b3\"> </span>T<span class=\"_ _3\"></span>hree Air F<span class=\"_ _3\"></span>orce bas<span class=\"_ _3\"></span>es<span class=\"_ _a0\"> </span><span class=\"ls4a ws44\">428<span class=\"_ _31\"> </span></span>Jul<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>08<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls100 ws104\">2<span class=\"_ _3\"></span>015<span class=\"_ _3ab\"> </span></span></span>West Po<span class=\"_ _3\"></span>int Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _ed\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy base<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">220<span class=\"_ _1bd\"> </span><span class=\"ls15 ws11\">August 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Jackson Housing LLC<span class=\"_ _1e8\"> </span><span class=\"ls170 ws18f\">A<span class=\"_ _3\"></span>rmy base<span class=\"_ _98\"> </span><span class=\"ls12a ws11f\">181<span class=\"_ _392\"> </span><span class=\"ls5f ws57\">Octobe<span class=\"_ _4\"></span>r 20<span class=\"_ _3\"></span>08<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span></span></span>L<span class=\"_ _3\"></span>acklan<span class=\"_ _3\"></span>d Family H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _303\"> </span>A<span class=\"_ _3\"></span>ir Forc<span class=\"_ _3\"></span>e base<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>5<span class=\"_ _1a8\"> </span><span class=\"ls61 ws59\">Acquir<span class=\"_ _4\"></span>ed December<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>08<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls164 ws157\">2<span class=\"_ _3\"></span>013<span class=\"_ _3ab\"> </span></span></span></span></span>Western Group<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>ousing LP<span class=\"_ _1ae\"> </span><span class=\"ls5 ws3\">Four A<span class=\"_ _3\"></span>ir Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _180\"> </span><span class=\"ls3e ws39\">328<span class=\"_ _1cd\"> </span><span class=\"ls30 ws29\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span> 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>12<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls11e ws117\">2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>17<span class=\"_ _3ab\"> </span></span></span></span></span></span>No<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>rn Group H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _30a\"> </span>Si<span class=\"_ _3\"></span>x Air Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _180\"> </span><span class=\"ls4a ws44\">42<span class=\"_ _3\"></span>7<span class=\"_ _1d0\"> </span><span class=\"ls15 ws11\">August 201<span class=\"_ _4\"></span>3<span class=\"_ _9d\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _ef\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>019<span class=\"_ _3ab\"> </span></span></span></span></span>ACC G<span class=\"_ _3\"></span>roup Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _130\"> </span>T<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>o Air Fo<span class=\"_ _3\"></span>rce bases<span class=\"_ _9d\"> </span><span class=\"ls11d wsf4\">56<span class=\"_ _302\"> </span><span class=\"ls100 ws104\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span> 2<span class=\"_ _3\"></span>014<span class=\"_ _38\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span>Milit<span class=\"_ _3\"></span>ary unaccompanie<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> p<span class=\"_ _3\"></span>ersonnel housing<span class=\"_ _3ab\"> </span>Stewar<span class=\"_ _3\"></span>t Hunter H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _2df\"> </span>3<span class=\"_ _3\"></span>6 <span class=\"_ _13f\"> </span><span class=\"ls14 ws10\">J<span class=\"_ _3\"></span>anuary 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _a3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _cc\"> </span><span class=\"ls89 ws88\">2<span class=\"_ _3\"></span>010<span class=\"_ _3ab\"> </span></span></span></span>Note<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>) <span class=\"_ _5d\"> </span>Reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in the U<span class=\"_ _3\"></span>S and the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of eac<span class=\"_ _3\"></span>h proje<span class=\"_ _3\"></span>ct are c<span class=\"_ _3\"></span>ondu<span class=\"_ _3\"></span>cted in t<span class=\"_ _3\"></span>he US<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Th<span class=\"_ _3\"></span>e Group evalu<span class=\"_ _3\"></span>ated each of i<span class=\"_ _3\"></span>ts interests in th<span class=\"_ _3\"></span>e militar<span class=\"_ _3\"></span>y ho<span class=\"_ _3\"></span>using proje<span class=\"_ _3\"></span>cts to determ<span class=\"_ _3\"></span>ine if the enti<span class=\"_ _3\"></span>ties shoul<span class=\"_ _3\"></span>d be cons<span class=\"_ _3\"></span>olidate<span class=\"_ _3\"></span>d. This an<span class=\"_ _3\"></span>alysis incl<span class=\"_ _3\"></span>uded, b<span class=\"_ _3\"></span>ut was not limi<span class=\"_ _3\"></span>ted to, identif<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g the acti<span class=\"_ _3\"></span>vities th<span class=\"_ _3\"></span>at most sig<span class=\"_ _3\"></span>nific<span class=\"_ _3\"></span>antly imp<span class=\"_ _3\"></span>act an enti<span class=\"_ _3\"></span>ty\u2019s eco<span class=\"_ _3\"></span>nomic pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>mance, w<span class=\"_ _3\"></span>hich par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or par<span class=\"_ _3\"></span>ties c<span class=\"_ _3\"></span>ontrol tho<span class=\"_ _3\"></span>se activ<span class=\"_ _3\"></span>ities and t<span class=\"_ _3\"></span>he risks ass<span class=\"_ _3\"></span>ociated w<span class=\"_ _3\"></span>ith these e<span class=\"_ _3\"></span>ntities. D<span class=\"_ _3\"></span>ecisio<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>mak<span class=\"_ _3\"></span>ing power over key fac<span class=\"_ _3\"></span>ets of the cont<span class=\"_ _3\"></span>racts w<span class=\"_ _3\"></span>as evalua<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>d when deter<span class=\"_ _3\"></span>mining wh<span class=\"_ _3\"></span>ich par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or par<span class=\"_ _3\"></span>ties ha<span class=\"_ _3\"></span>d control over th<span class=\"_ _3\"></span>e activ<span class=\"_ _3\"></span>ities tha<span class=\"_ _3\"></span>t most sign<span class=\"_ _3\"></span>ificant<span class=\"_ _3\"></span>ly impa<span class=\"_ _3\"></span>cted a proje<span class=\"_ _3\"></span>ct\u2019s econ<span class=\"_ _3\"></span>omics. Bas<span class=\"_ _3\"></span>ed on this review, the Dire<span class=\"_ _3\"></span>ctors co<span class=\"_ _3\"></span>nsider th<span class=\"_ _3\"></span>at the Grou<span class=\"_ _3\"></span>p does not have t<span class=\"_ _3\"></span>he power to dire<span class=\"_ _3\"></span>ct these ac<span class=\"_ _3\"></span>tivit<span class=\"_ _3\"></span>ies and do<span class=\"_ _3\"></span>es not have co<span class=\"_ _3\"></span>ntrol and<span class=\"_ gs52\"> </span>th<span class=\"_ _3\"></span>eref<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>re the Group d<span class=\"_ _3\"></span>oes not co<span class=\"_ _3\"></span>nsolid<span class=\"_ _3\"></span>ate the milit<span class=\"_ _3\"></span>ary h<span class=\"_ _3\"></span>ousing pro<span class=\"_ _3\"></span>jects an<span class=\"_ _3\"></span>d accou<span class=\"_ _3\"></span>nts for these p<span class=\"_ _3\"></span>rojects a<span class=\"_ _3\"></span>s investments in a<span class=\"_ _3\"></span>ssoci<span class=\"_ _3\"></span>ates.<span class=\"_ _3ab\"> </span>Aviation<span class=\"_ _3ab\"> </span>Summary <span class=\"ff47 ls1c ws3\">Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty is a d<span class=\"_ _3\"></span>evelope<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, o<span class=\"_ _3\"></span>perator a<span class=\"_ _3\"></span>nd investor in an auto<span class=\"_ _3\"></span>mated peo<span class=\"_ _3\"></span>ple mover at L<span class=\"_ _3\"></span>os An<span class=\"_ _3\"></span>geles Inter<span class=\"_ _3\"></span>nationa<span class=\"_ _3\"></span>l Air<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>t. The p<span class=\"_ _3\"></span>eople<span class=\"_ _3\"></span> </span>mover w<span class=\"_ _3\"></span>ill be a 2.<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>mile above g<span class=\"_ _3\"></span>round air<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>t transp<span class=\"_ _3\"></span>ort s<span class=\"_ _3\"></span>ystem. Contractual arra<span class=\"_ _4\"></span>ngements <span class=\"ff47 ls5 ws3\">T<span class=\"_ _3\"></span>he princ<span class=\"_ _3\"></span>ipal co<span class=\"_ _3\"></span>ntract is th<span class=\"_ _3\"></span>e project a<span class=\"_ _3\"></span>greement b<span class=\"_ _3\"></span>etween t<span class=\"_ _3\"></span>he conc<span class=\"_ _3\"></span>ession p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>nership an<span class=\"_ _3\"></span>d the airp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t authori<span class=\"_ _3\"></span>ty. </span>Al<span class=\"_ _3\"></span>l<span class=\"_ gs52\"> </span>assets tra<span class=\"_ _3\"></span>nsfer to the autho<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y at the end of th<span class=\"_ _3\"></span>e conces<span class=\"_ _3\"></span>sion.<span class=\"_ _3ab\"> </span>Conces<span class=\"_ _3\"></span>sion<span class=\"_ _4\"></span> company<span class=\"_ _23b\"> </span><span class=\"ff47 ls128 ws10e\">Projec<span class=\"_ _3\"></span>t<span class=\"_ _3ab\"> </span></span>Total pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t funding US$m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial close<span class=\"_ _3ab\"> </span>Duration years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span> completion<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Inte<span class=\"_ _3\"></span>grated E<span class=\"_ _3\"></span>xpress S<span class=\"_ _3\"></span>olutio<span class=\"_ _3\"></span>ns LLC (i<span class=\"_ _3\"></span>)(ii)<span class=\"_ _11c\"> </span><span class=\"ls61 ws59\">LINXS<span class=\"_ _110\"> </span><span class=\"ls73 ws80\">2,<span class=\"_ _3\"></span>828<span class=\"_ _ee\"> </span><span class=\"ls48 ws42\">27%<span class=\"_ _38\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _172\"> </span><span class=\"ls12a ws11f\">J<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>18<span class=\"_ _9d\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _fa\"> </span><span class=\"ls109 ws87\">20<span class=\"_ _3\"></span>24<span class=\"_ _3ab\"> </span></span></span></span></span></span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>) <span class=\"_ _5d\"> </span>Reg<span class=\"_ _3\"></span>istere<span class=\"_ _3\"></span>d in the U<span class=\"_ _3\"></span>S and the p<span class=\"_ _3\"></span>rinc<span class=\"_ _3\"></span>ipal o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s of the pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t are con<span class=\"_ _3\"></span>duc<span class=\"_ _3\"></span>ted in the U<span class=\"_ _3\"></span>S.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019 ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt bet<span class=\"_ _3\"></span>ween B<span class=\"_ _3\"></span>alfour B<span class=\"_ _3\"></span>eat<span class=\"_ _3\"></span>ty an<span class=\"_ _3\"></span>d the ot<span class=\"_ _3\"></span>her sha<span class=\"_ _3\"></span>rehol<span class=\"_ _3\"></span>der re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ing una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in res<span class=\"_ _3\"></span>pect o<span class=\"_ _3\"></span>f signi<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters re<span class=\"_ _3\"></span>lated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and op<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>ng po<span class=\"_ _3\"></span>licie<span class=\"_ _3\"></span>s of this c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, t<span class=\"_ _3\"></span>he Dire<span class=\"_ _3\"></span>ctor<span class=\"_ _3\"></span>s have ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for it<span class=\"_ _3\"></span>s intere<span class=\"_ _3\"></span>st in thi<span class=\"_ _3\"></span>s comp<span class=\"_ _3\"></span>any as a jo<span class=\"_ _3\"></span>int vent<span class=\"_ _3\"></span>ure.<span class=\"_ _3ab\"> </span>Reside<span class=\"_ _3\"></span>ntial i<span class=\"_ _4\"></span>nve<span class=\"_ _3\"></span>stment<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Summary<span class=\"ff47 ls5 ws3\"> B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y is a develop<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>, op<span class=\"_ _3\"></span>erator and inves<span class=\"_ _3\"></span>tor in eight mul<span class=\"_ _3\"></span>tifamily res<span class=\"_ _3\"></span>idential p<span class=\"_ _3\"></span>roject<span class=\"_ _3\"></span>s.<span class=\"_ _3ab\"> </span></span>Contractual arra<span class=\"_ _4\"></span>ngements<span class=\"ff47 ls1c ws3\"> Bal<span class=\"_ _3\"></span>four Beat<span class=\"_ _3\"></span>ty h<span class=\"_ _3\"></span>as acqui<span class=\"_ _3\"></span>red residenti<span class=\"_ _3\"></span>al apar<span class=\"_ _3\"></span>tment b<span class=\"_ _3\"></span>uilding<span class=\"_ _3\"></span>s for eight mult<span class=\"_ _3\"></span>ifamily res<span class=\"_ _3\"></span>idential p<span class=\"_ _3\"></span>rojects<span class=\"_ _3\"></span>. For all resi<span class=\"_ _3\"></span>dential<span class=\"_ _3\"></span> </span>proje<span class=\"_ _3\"></span>cts, th<span class=\"_ _3\"></span>e entities have e<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>red into agreeme<span class=\"_ _3\"></span>nts with B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Commu<span class=\"_ _3\"></span>nities LLC to p<span class=\"_ _3\"></span>erfor<span class=\"_ _3\"></span>m the ope<span class=\"_ _3\"></span>rations a<span class=\"_ _3\"></span>nd renovatio<span class=\"_ _3\"></span>n work.<span class=\"_ _3ab\"> </span>Re<span class=\"_ _3\"></span>sid<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ial i<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nts (i)(i<span class=\"_ _3\"></span>i)<span class=\"_ _3ab\"> </span>Total pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t funding US$m<span class=\"_ _3d\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial close<span class=\"_ _3ab\"> </span>Renovation<span class=\"_ _4\"></span> completion<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>arolina C<span class=\"_ _3\"></span>ove (W<span class=\"_ _3\"></span>ilmin<span class=\"_ _3\"></span>gton) Ow<span class=\"_ _3\"></span>ner LLC (<span class=\"_ _3\"></span>Nor<span class=\"_ _3\"></span>th Ca<span class=\"_ _3\"></span>rolina)<span class=\"_ _12e\"> </span><span class=\"ls121 wsa3\">48<span class=\"_ _1cb\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _b7\"> </span><span class=\"ls15 ws11\">D<span class=\"_ _3\"></span>ecember 201<span class=\"_ _5\"></span>7<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>22<span class=\"_ _3ab\"> </span></span></span></span>Lexingt<span class=\"_ _4\"></span>on (Ridgeland) O<span class=\"_ _3\"></span>wner<span class=\"_ _5\"></span>, LLC (Jackson, Mississ<span class=\"_ _4\"></span>ip<span class=\"_ _3\"></span>pi)<span class=\"_ _49\"> </span>27<span class=\"_ _f2\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">August 2018<span class=\"_ _fa\"> </span><span class=\"ls4a ws44\">2025<span class=\"_ _3ab\"> </span></span></span></span></span>L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>s (Jac<span class=\"_ _3\"></span>ksonville) O<span class=\"_ _3\"></span>wner, LLC (Fl<span class=\"_ _3\"></span>orida<span class=\"_ _3\"></span>)<span class=\"_ _393\"> </span><span class=\"ls121 wsa3\">48<span class=\"_ _1cb\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">August 2019<span class=\"_ _fa\"> </span><span class=\"ls4a ws44\">2025<span class=\"_ _3ab\"> </span></span></span></span>Retreat a<span class=\"_ _3\"></span>t Schillin<span class=\"_ _3\"></span>ger (M<span class=\"_ _3\"></span>obile) O<span class=\"_ _3\"></span>wner, LLC (<span class=\"_ _3\"></span>Ala<span class=\"_ _3\"></span>bama)<span class=\"_ _2d4\"> </span><span class=\"ls44 ws3f\">33<span class=\"_ _1cb\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _11e\"> </span><span class=\"ls15 ws11\">D<span class=\"_ _3\"></span>ecember 201<span class=\"_ _4\"></span>9<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">20<span class=\"_ _3\"></span>26<span class=\"_ _3ab\"> </span></span></span></span>Pac<span class=\"_ _3\"></span>es Brook (<span class=\"_ _3\"></span>Colum<span class=\"_ _3\"></span>bia) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC (Sou<span class=\"_ _3\"></span>th Carol<span class=\"_ _3\"></span>ina)<span class=\"_ _394\"> </span><span class=\"lsc ws8\">27<span class=\"_ _f2\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _11e\"> </span><span class=\"ls15 ws11\">D<span class=\"_ _3\"></span>ecember 201<span class=\"_ _4\"></span>9<span class=\"_ _fa\"> </span><span class=\"ls61 ws59\">20<span class=\"_ _3\"></span>26<span class=\"_ _3ab\"> </span></span></span></span>Chen<span class=\"_ _3\"></span>al Pointe (L<span class=\"_ _3\"></span>ittle R<span class=\"_ _3\"></span>ock<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>LC (A<span class=\"_ _3\"></span>rkan<span class=\"_ _3\"></span>sas)<span class=\"_ _62\"> </span><span class=\"ls121 wsa3\">34<span class=\"_ _ef\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _b1\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _15\"> </span><span class=\"ls5f ws57\">October<span class=\"_ _4\"></span> 20<span class=\"_ _3\"></span>20<span class=\"_ _1cc\"> </span><span class=\"lsc ws8\">20<span class=\"_ _3\"></span>27<span class=\"_ _3ab\"> </span></span></span></span>Sa<span class=\"_ _3\"></span>n Mateo (K<span class=\"_ _3\"></span>issimm<span class=\"_ _3\"></span>ee) Own<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>, LLC (<span class=\"_ _3\"></span>Flori<span class=\"_ _3\"></span>da)<span class=\"_ _12c\"> </span><span class=\"ls10c ws85\">81<span class=\"_ _f2\"> </span></span>5<span class=\"_ _3\"></span>0%<span class=\"_ _119\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _110\"> </span><span class=\"ls15 ws11\">August 2<span class=\"_ _3\"></span>021<span class=\"_ _1cc\"> </span><span class=\"lsc ws8\">2<span class=\"_ _3\"></span>027<span class=\"_ _3ab\"> </span></span></span></span>V<span class=\"_ _3\"></span>iew SA LLC (<span class=\"_ _3\"></span>San A<span class=\"_ _3\"></span>ntonio, T<span class=\"_ _4\"></span>exas)<span class=\"_ _395\"> </span><span class=\"ls16 ws12\">76<span class=\"_ _ee\"> </span><span class=\"ls48 ws42\">87%<span class=\"_ _3e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _98\"> </span></span></span></span>June 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _fa\"> </span><span class=\"ls4a ws44\">2025<span class=\"_ _3ab\"> </span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in the U<span class=\"_ _3\"></span>S and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch proj<span class=\"_ _3\"></span>ect ar<span class=\"_ _3\"></span>e cond<span class=\"_ _3\"></span>ucte<span class=\"_ _3\"></span>d in the US<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019/pa<span class=\"_ _3\"></span>rtn<span class=\"_ _3\"></span>ershi<span class=\"_ _3\"></span>p agre<span class=\"_ _3\"></span>ement b<span class=\"_ _3\"></span>etwe<span class=\"_ _3\"></span>en Bal<span class=\"_ _3\"></span>four Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he othe<span class=\"_ _3\"></span>r share<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>er/p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ner req<span class=\"_ _3\"></span>uiri<span class=\"_ _3\"></span>ng una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in resp<span class=\"_ _3\"></span>ect of s<span class=\"_ _3\"></span>igni<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and o<span class=\"_ _3\"></span>pera<span class=\"_ _3\"></span>ting p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of thi<span class=\"_ _3\"></span>s unde<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>aking<span class=\"_ _3\"></span>, the D<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span>ors hav<span class=\"_ _3\"></span>e acco<span class=\"_ _3\"></span>unted fo<span class=\"_ _3\"></span>r its inte<span class=\"_ _3\"></span>rests i<span class=\"_ _3\"></span>n thes<span class=\"_ _3\"></span>e unde<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>king<span class=\"_ _3\"></span>s as a joi<span class=\"_ _3\"></span>nt venture<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>Stude<span class=\"_ _3\"></span>nt accomm<span class=\"_ _3\"></span>odation<span class=\"_ _3ab\"> </span>Summary <span class=\"ff47 ls5 ws3\">B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y is also a develo<span class=\"_ _3\"></span>per and ow<span class=\"_ _3\"></span>ner of six st<span class=\"_ _3\"></span>udent acc<span class=\"_ _3\"></span>ommo<span class=\"_ _3\"></span>dation p<span class=\"_ _3\"></span>rojects<span class=\"_ _3\"></span>. </span>Contractual arra<span class=\"_ _4\"></span>ngements<span class=\"ff47 ls3c ws11\"> T<span class=\"_ _3\"></span>he pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al cont<span class=\"_ _3\"></span>ract<span class=\"_ _3\"></span>s in the<span class=\"_ _3\"></span> student accommodation projects are the ground<span class=\"_ _4\"></span> le<span class=\"_ _3\"></span>ases,<span class=\"_ _4\"></span> d<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>velopm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t leases and </span>operating agr<span class=\"_ _4\"></span>eements wit<span class=\"_ _3\"></span>h the state uni<span class=\"_ _3\"></span>versities s<span class=\"_ _3\"></span>etting o<span class=\"_ _3\"></span>ut the ob<span class=\"_ _3\"></span>ligatio<span class=\"_ _3\"></span>ns for the con<span class=\"_ _3\"></span>struct<span class=\"_ _3\"></span>ion, op<span class=\"_ _3\"></span>eration a<span class=\"_ _3\"></span>nd maintenan<span class=\"_ _3\"></span>ce of the stud<span class=\"_ _3\"></span>ent acc<span class=\"_ _3\"></span>ommod<span class=\"_ _3\"></span>ation in<span class=\"_ _3\"></span>cluding l<span class=\"_ _3\"></span>ifecycle re<span class=\"_ _3\"></span>place<span class=\"_ _3\"></span>ment durin<span class=\"_ _3\"></span>g the conc<span class=\"_ _3\"></span>ession p<span class=\"_ _3\"></span>eriod<span class=\"_ _3\"></span>. The T<span class=\"_ _4\"></span>al<span class=\"_ _3\"></span>lahass<span class=\"_ _3\"></span>ee projec<span class=\"_ _3\"></span>t is an investment in a<span class=\"_ _3\"></span>n e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>isting of<span class=\"_ _3\"></span>f-<span class=\"_ _3ab\"> </span>ca<span class=\"_ _3\"></span>mpus stud<span class=\"_ _3\"></span>ent housin<span class=\"_ _3\"></span>g communit<span class=\"_ _3\"></span>y whi<span class=\"_ _3\"></span>ch is stru<span class=\"_ _3\"></span>ctured as a su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>y.<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny (i)(ii)<span class=\"_ _3ab\"> </span>Total pr<span class=\"_ _3\"></span>ojec<span class=\"_ _3\"></span>t funding US$m<span class=\"_ _d3\"> </span><span class=\"ls97 ws8e\">Shareholding<span class=\"_ _3ab\"> </span></span>Met<span class=\"_ _3\"></span>hod of accounting<span class=\"_ _3ab\"> </span>Financial close<span class=\"_ _3ab\"> </span>Duration years<span class=\"_ _3ab\"> </span>Constructio<span class=\"_ _3\"></span>n/<span class=\"_ _3ab\"> </span>renovation completion<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exas Da<span class=\"_ _3\"></span>llas)<span class=\"_ _227\"> </span><span class=\"ls42 ws3d\">54<span class=\"_ _a1\"> </span><span class=\"ls89 ws88\">10%<span class=\"_ _87\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _23\"> </span><span class=\"ls100 ws104\">M<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>h 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _38\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _ef\"> </span><span class=\"ls93 wsfa\">2<span class=\"_ _3\"></span>016<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 2, LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exas D<span class=\"_ _3\"></span>allas)<span class=\"_ _85\"> </span><span class=\"lsa9 wsa0\">67<span class=\"_ _a1\"> </span><span class=\"ls89 ws88\">10%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _a3\"> </span><span class=\"ls72 wsf5\">Februar<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> 201<span class=\"_ _4\"></span>7<span class=\"_ _38\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _ef\"> </span><span class=\"ls12a ws11f\">2<span class=\"_ _3\"></span>018<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 3, LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exa<span class=\"_ _3\"></span>s Dallas) <span class=\"_ _11c\"> </span><span class=\"ls11d wsf4\">36<span class=\"_ _116\"> </span></span>70%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _1d7\"> </span><span class=\"ls12a ws11f\">J<span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>e 2<span class=\"_ _3\"></span>019<span class=\"_ _38\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _3\"></span>20<span class=\"_ _3ab\"> </span></span></span></span></span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 4, LP (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>exa<span class=\"_ _3\"></span>s Dallas) <span class=\"_ _11c\"> </span><span class=\"ls49 ws43\">70<span class=\"_ _a1\"> </span><span class=\"ls93 wsfa\">6<span class=\"_ _3\"></span>5%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _e0\"> </span><span class=\"ls15 ws11\">December 2019<span class=\"_ _9d\"> </span><span class=\"ls10c ws85\">61<span class=\"_ _cc\"> </span><span class=\"ls78 ws11a\">2<span class=\"_ _3\"></span>021<span class=\"_ _3ab\"> </span></span></span></span></span></span></span>Swif<span class=\"_ _3\"></span>tsure H<span class=\"_ _3\"></span>ousing Pa<span class=\"_ _3\"></span>rtne<span class=\"_ _3\"></span>rs, LLC (<span class=\"_ _3\"></span>Vand<span class=\"_ _3\"></span>erbilt<span class=\"_ _3\"></span>) <span class=\"_ _13f\"> </span><span class=\"ls100 ws104\">15<span class=\"_ _3\"></span>4<span class=\"_ _a0\"> </span><span class=\"ls8b ws4\">23%<span class=\"_ _7e\"> </span><span class=\"ls11d wsf4\">JV<span class=\"_ _140\"> </span><span class=\"ls78 ws11a\">A<span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>il 2<span class=\"_ _3\"></span>021<span class=\"_ _9d\"> </span></span>45<span class=\"_ _fa\"> </span><span class=\"ls5f ws57\">2023<span class=\"_ _3ab\"> </span></span></span></span></span>Ok<span class=\"_ _3\"></span>tiv (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>all<span class=\"_ _3\"></span>ahassee) O<span class=\"_ _3\"></span>wner, LLC (F<span class=\"_ _3\"></span>lorid<span class=\"_ _3\"></span>a)<span class=\"_ _396\"> </span><span class=\"ls16a ws15f\">53<span class=\"_ _3b\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _3\"></span>0%<span class=\"_ _1c1\"> </span><span class=\"ls73 ws80\">Su<span class=\"_ _3\"></span>bs<span class=\"_ _4\"></span>idi<span class=\"_ _3\"></span>ary<span class=\"_ _84\"> </span><span class=\"ls5 ws3\">Jun<span class=\"_ _3\"></span>e 202<span class=\"_ _3\"></span>3<span class=\"_ _1e3\"> </span><span class=\"ls4a ws44\">20<span class=\"_ _3\"></span>25<span class=\"_ _3ab\"> </span></span></span></span></span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Re<span class=\"_ _3\"></span>gister<span class=\"_ _3\"></span>ed in the U<span class=\"_ _3\"></span>S and th<span class=\"_ _3\"></span>e prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al ope<span class=\"_ _3\"></span>ratio<span class=\"_ _3\"></span>ns of ea<span class=\"_ _3\"></span>ch proj<span class=\"_ _3\"></span>ect ar<span class=\"_ _3\"></span>e cond<span class=\"_ _3\"></span>ucte<span class=\"_ _3\"></span>d in the US<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ue to the s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs\u2019/pa<span class=\"_ _3\"></span>rtn<span class=\"_ _3\"></span>ershi<span class=\"_ _3\"></span>p agre<span class=\"_ _3\"></span>ement b<span class=\"_ _3\"></span>etwe<span class=\"_ _3\"></span>en Bal<span class=\"_ _3\"></span>four Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he othe<span class=\"_ _3\"></span>r share<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>er/p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>ner req<span class=\"_ _3\"></span>uiri<span class=\"_ _3\"></span>ng una<span class=\"_ _3\"></span>nimit<span class=\"_ _3\"></span>y of ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nt in resp<span class=\"_ _3\"></span>ect of s<span class=\"_ _3\"></span>igni<span class=\"_ _3\"></span>fica<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to t<span class=\"_ _3\"></span>he fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al and o<span class=\"_ _3\"></span>pera<span class=\"_ _3\"></span>ting p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of thi<span class=\"_ _3\"></span>s unde<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>aking<span class=\"_ _3\"></span>, the D<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span>ors hav<span class=\"_ _3\"></span>e acco<span class=\"_ _3\"></span>unted fo<span class=\"_ _3\"></span>r its inte<span class=\"_ _3\"></span>rests i<span class=\"_ _3\"></span>n thes<span class=\"_ _3\"></span>e unde<span class=\"_ _3\"></span>rta<span class=\"_ _3\"></span>king<span class=\"_ _3\"></span>s as a joi<span class=\"_ _3\"></span>nt venture<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(f) <span class=\"_ _4\"></span>B<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>four B<span class=\"_ _3\"></span>ea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y Inve<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nts U<span class=\"_ _3\"></span>K and N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>th A<span class=\"_ _3\"></span>mer<span class=\"_ _3\"></span>ica<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>al fu<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y and d<span class=\"_ _3\"></span>ebt f<span class=\"_ _3\"></span>undi<span class=\"_ _3\"></span>ng for In<span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>ast<span class=\"_ _3\"></span>ruc<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ure Inve<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>\u2019 proj<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>t co<span class=\"_ _3\"></span>mpani<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span>Conces<span class=\"_ _3\"></span>sions<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>24 \u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>25 \u00a3m<span class=\"_ _3ab\"> </span>2026<span class=\"_ _3ab\"> </span>\u00a3m<span class=\"_ _3ab\"> </span>20<span class=\"_ _3\"></span>27 onw<span class=\"_ _3\"></span>ards \u00a3m<span class=\"_ _3ab\"> </span>To<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> \u00a3m<span class=\"_ _3ab\"> </span>UK<span class=\"_ _191\"> </span><span class=\"ff47 ls5 ws3\"> </span>Student<span class=\"_ _4\"></span> acc<span class=\"_ _3\"></span>ommodation<span class=\"_ _257\"> </span><span class=\"ls5 ws3\">\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _9d\"> </span>62<span class=\"_ _3ab\"> </span></span></span>Other conces<span class=\"_ _3\"></span>sions<span class=\"_ _295\"> </span><span class=\"ls5 ws3\">5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9a\"> </span>5<span class=\"_ _3ab\"> </span></span>5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">67<span class=\"_ _3ab\"> </span></span></span>North America<span class=\"_ _293\"> </span><span class=\"ff47 ls5 ws3\"> <span class=\"_ _ec\"> </span> </span>Aviation<span class=\"_ _397\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _3ab\"> </span></span></span></span>24<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _a3\"> </span><span class=\"ls4e ws48\">90<span class=\"_ _3ab\"> </span></span></span></span>Proj<span class=\"_ _3\"></span>ects at fin<span class=\"_ _3\"></span>ancial c<span class=\"_ _3\"></span>lose<span class=\"_ _104\"> </span><span class=\"ls12a ws11f\">19<span class=\"_ _11c\"> </span></span>4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls10b wsff\">32<span class=\"_ _a3\"> </span><span class=\"lsab wsa1\">55<span class=\"_ _3ab\"> </span></span></span>Proj<span class=\"_ _3\"></span>ects at prefer<span class=\"_ _3\"></span>red bidd<span class=\"_ _3\"></span>er stag<span class=\"_ _3\"></span>e<span class=\"_ _398\"> </span>5<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _a3\"> </span><span class=\"ls103 wsf8\">35<span class=\"_ _3ab\"> </span></span></span>To<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _399\"> </span><span class=\"ff47 ls109 ws87\">24<span class=\"_ _9a\"> </span><span class=\"ls5 ws3\">4<span class=\"_ _11c\"> </span>\u2013<span class=\"_ _9d\"> </span><span class=\"lsab wsa1\">62<span class=\"_ _a3\"> </span><span class=\"ls4e ws48\">90<span class=\"_ _3ab\"> </span></span></span></span></span>",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfPrincipalSubsidiariesJointVenturesAndAssociates",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-604": {
   "value": "<div class=\"t m0 h7 ff46 fs4 fc6 sc0 ls5 ws3 gs1423\">4<span class=\"_ _3\"></span>2 Audit e<span class=\"_ _3\"></span>xempt<span class=\"_ _3\"></span>ions t<span class=\"_ _3\"></span>aken fo<span class=\"_ _3\"></span>r sub<span class=\"_ _3\"></span>sid<span class=\"_ _3\"></span>iarie<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1424\">Th<span class=\"_ _3\"></span>e f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>llowing su<span class=\"_ _3\"></span>bsidia<span class=\"_ _3\"></span>ries are exempt from th<span class=\"_ _3\"></span>e requireme<span class=\"_ _3\"></span>nts under th<span class=\"_ _3\"></span>e Comp<span class=\"_ _3\"></span>anies Ac<span class=\"_ _3\"></span>t 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6 relating to the au<span class=\"_ _3\"></span>dit of indi<span class=\"_ _3\"></span>vidua<span class=\"_ _3\"></span>l financi<span class=\"_ _3\"></span>al </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1425\">state<span class=\"_ _3\"></span>ments by vir<span class=\"_ _3\"></span>tue of S<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>n 4<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>9A of the A<span class=\"_ _3\"></span>ct.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls4d ws47 gs1426\">Company regis<span class=\"_ _4\"></span>tration number<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1427\">Education Investments Holdings Ltd<span class=\"_ _311\"> </span><span class=\"ls114 ws10c\">6863458<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1428\">Consor<span class=\"_ _3\"></span>t Healthcare Infrastructure In<span class=\"_ _4\"></span>vestments Ltd<span class=\"_ _31b\"> </span><span class=\"lsa9 wsa0\">68<span class=\"_ _3\"></span>59623</span></div>",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfAuditExemptionsTakenForSubsidiaries",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-678": {
   "value": "4<span class=\"_ _3\"></span>3 Det<span class=\"_ _3\"></span>ails o<span class=\"_ _3\"></span>f rel<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d unde<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>ngs o<span class=\"_ _3\"></span>f Balf<span class=\"_ _3\"></span>our Bea<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ty pl<span class=\"_ _3\"></span>c as at 31 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span>In ac<span class=\"_ _3\"></span>cordan<span class=\"_ _3\"></span>ce with S<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>n 40<span class=\"_ _3\"></span>9 of the C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>nies Act 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>6 a full l<span class=\"_ _3\"></span>ist of subsi<span class=\"_ _3\"></span>diarie<span class=\"_ _3\"></span>s, par<span class=\"_ _3\"></span>tnersh<span class=\"_ _3\"></span>ips, ass<span class=\"_ _3\"></span>ociates an<span class=\"_ _3\"></span>d joint ventures, i<span class=\"_ _3\"></span>ncludin<span class=\"_ _3\"></span>g the pr<span class=\"_ _3\"></span>incip<span class=\"_ _3\"></span>al activ<span class=\"_ _3\"></span>ity, the cou<span class=\"_ _3\"></span>ntry of i<span class=\"_ _3\"></span>ncorp<span class=\"_ _3\"></span>oratio<span class=\"_ _3\"></span>n and the ef<span class=\"_ _3\"></span>fective perc<span class=\"_ _3\"></span>entage of e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y owned as a<span class=\"_ _3\"></span>t 31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>23 is dis<span class=\"_ _3\"></span>closed bel<span class=\"_ _3\"></span>ow<span class=\"_ _4\"></span>. Unle<span class=\"_ _3\"></span>ss other<span class=\"_ _3\"></span>wise st<span class=\"_ _3\"></span>ated, all i<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rests are in the o<span class=\"_ _3\"></span>rdinar<span class=\"_ _3\"></span>y share<span class=\"_ gs52\"> </span>c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al or shares of c<span class=\"_ _3\"></span>ommon sto<span class=\"_ _3\"></span>ck in the entit<span class=\"_ _3\"></span>y and are he<span class=\"_ _3\"></span>ld indi<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ctly by t<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span>, and a<span class=\"_ _3\"></span>ll entities o<span class=\"_ _3\"></span>perate pr<span class=\"_ _3\"></span>incipa<span class=\"_ _3\"></span>lly in their cou<span class=\"_ _3\"></span>ntry of in<span class=\"_ _3\"></span>corp<span class=\"_ _3\"></span>oratio<span class=\"_ _3\"></span>n. All su<span class=\"_ _3\"></span>bsidiar<span class=\"_ _3\"></span>ies had a rep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ting peri<span class=\"_ _3\"></span>od ende<span class=\"_ _3\"></span>d 31 Dec<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>023 a<span class=\"_ _3\"></span>nd are wholl<span class=\"_ _3\"></span>y owned a<span class=\"_ _3\"></span>nd conso<span class=\"_ _3\"></span>lidated into th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p<span class=\"_ _4\"></span>\u2019s results<span class=\"_ _3\"></span>, ex<span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ept where in<span class=\"_ _3\"></span>dicate<span class=\"_ _3\"></span>d. Su<span class=\"_ _3\"></span>bsi<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>kin<span class=\"_ _3\"></span>gs in<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he Un<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d Ki<span class=\"_ _3\"></span>ngd<span class=\"_ _3\"></span>om Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>Q1<span class=\"_ _4\"></span>4 Q<span class=\"_ _3\"></span>uor<span class=\"_ _3\"></span>um Bu<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s Park<span class=\"_ _3\"></span>, Be<span class=\"_ _3\"></span>nto<span class=\"_ _3\"></span>n Lan<span class=\"_ _3\"></span>e, Ne<span class=\"_ _3\"></span>wca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le up<span class=\"_ _3\"></span>on T<span class=\"_ _4\"></span>yn<span class=\"_ _3\"></span>e N<span class=\"_ _3\"></span>E12 8B<span class=\"_ _3\"></span>U<span class=\"_ _3ab\"> </span>Ab<span class=\"_ _3\"></span>eryst<span class=\"_ _3\"></span>wy<span class=\"_ _3\"></span>th Student Accommod<span class=\"_ _3\"></span>ation Lt<span class=\"_ _4\"></span>d<span class=\"_ _78\"> </span><span class=\"lsc ws8\">Infrastructure Concession<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Investments<span class=\"_ _4\"></span><span class=\"_ gs52\"> </span>Ltd (i) Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Infrastructure Partner<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Mem<span class=\"_ _3\"></span>ber Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Proje<span class=\"_ _3\"></span>cts Investments<span class=\"_ _4\"></span> Ltd<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Holdi<span class=\"_ _3\"></span>ngs Ltd <span class=\"_ _fa\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Cor<span class=\"_ _3\"></span>porate  Ser<span class=\"_ _3\"></span>vices Ltd<span class=\"_ _4\"></span> Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Wo<span class=\"_ _3\"></span>rkSma<span class=\"_ _3\"></span>rt Ltd<span class=\"_ _36\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span>BBI Holdings Austral<span class=\"_ _4\"></span>ia Ltd<span class=\"_ _1bc\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>BBPF<span class=\"_ _4\"></span> LLP (iii)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artnership<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Hol<span class=\"_ _3\"></span>dings Ltd <span class=\"_ _e3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads De<span class=\"_ _3\"></span>rby Ltd <span class=\"_ _387\"> </span><span class=\"lsc ws8\">Infrastructur<span class=\"_ _4\"></span>e Concession<span class=\"_ _3ab\"> </span></span>Connect Roads Infrastructu<span class=\"_ _4\"></span>re <span class=\"ls5 ws3\"> </span>Investments<span class=\"_ _4\"></span> Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany Consor<span class=\"_ _3\"></span>t Healthcare Infrastructure Investments<span class=\"_ _4\"></span> Ltd Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Fa<span class=\"_ _3\"></span>ciliti<span class=\"_ _4\"></span>es Ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt Ltd Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>Eas<span class=\"_ _3\"></span>t Slope R<span class=\"_ _3\"></span>esiden<span class=\"_ _3\"></span>cies Ho<span class=\"_ _3\"></span>ldings Ltd <span class=\"_ _ce\"> </span><span class=\"ls15 ws11\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>vestment Holding </span>Co<span class=\"_ _3\"></span>mpany East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artner Ltd<span class=\"_ _4\"></span> <span class=\"_ _e3\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> pl<span class=\"_ _3\"></span>c<span class=\"_ _4\"></span> (ii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>East Slope Residenc<span class=\"_ _3\"></span>ies<span class=\"_ _4\"></span> Student Accomm<span class=\"_ _3\"></span>odation LLP (ii) (iii)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>Education Investments Holdings Ltd<span class=\"_ _c6\"> </span>Investment Holding Co<span class=\"_ _3\"></span>mpany Initi<span class=\"_ _3\"></span>al GP1 Ltd <span class=\"_ _ae\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Manchester Residences (New Cross) Ltd<span class=\"_ _4\"></span> <span class=\"_ _1c4\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>South C<span class=\"_ _3\"></span>ambridgeshire In<span class=\"_ _4\"></span>vestments Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>West Slope Residencies Facilities Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Ltd<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>West Slope Residencies Finance Ltd<span class=\"_ _d5\"> </span><span class=\"lsc ws8\">Infrast<span class=\"_ _4\"></span>ruc<span class=\"_ _3\"></span>tu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span></span>West Slope Residencies Holding<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Ltd<span class=\"_ _ba\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>West Slope Residencies LL<span class=\"_ _3\"></span>P<span class=\"_ _4\"></span> (iii) (v)<span class=\"_ _3ab\"> </span>Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span>West Slope Residencies Par<span class=\"_ _3\"></span>tners L<span class=\"_ _4\"></span>td<span class=\"_ _ce\"> </span><span class=\"lsc ws8\">Infrastructure<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>oncession<span class=\"_ _3ab\"> </span></span>West Stratford Dev<span class=\"_ _4\"></span>elo<span class=\"_ _3\"></span>pments<span class=\"_ _4\"></span> Ltd (iv)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span>5 Ch<span class=\"_ _3\"></span>urc<span class=\"_ _3\"></span>hi<span class=\"_ _3\"></span>ll Pl<span class=\"_ _3\"></span>ace<span class=\"_ _3\"></span>, Cana<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>y Wha<span class=\"_ _3\"></span>rf, L<span class=\"_ _3\"></span>ond<span class=\"_ _3\"></span>on E1<span class=\"_ _4\"></span>4 5<span class=\"_ _3\"></span>HU<span class=\"_ _3ab\"> </span>Avata<span class=\"_ _3\"></span>r Ltd <span class=\"_ _131\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Bu<span class=\"_ _3\"></span>ild Ltd <span class=\"_ _1d4\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Bu<span class=\"_ _3\"></span>ilding Ltd <span class=\"_ _378\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>E Ltd<span class=\"_ _12e\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivil Engi<span class=\"_ _3\"></span>neering (<span class=\"_ _3\"></span>SW<span class=\"_ _3\"></span>) Ltd <span class=\"_ _2e\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivil Engi<span class=\"_ _3\"></span>neering Ltd <span class=\"_ _b5\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ivils Ltd <span class=\"_ _31\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onst Ltd <span class=\"_ _24\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction (<span class=\"_ _3\"></span>SW<span class=\"_ _3\"></span>) Ltd <span class=\"_ _5e\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on In<span class=\"_ _4\"></span>ternation<span class=\"_ _3\"></span>al<span class=\"_ _4\"></span> Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>thern Ltd <span class=\"_ _c9\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty En<span class=\"_ _3\"></span>gineeri<span class=\"_ _3\"></span>ng Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es (HY<span class=\"_ _3\"></span>) Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Empl<span class=\"_ _3\"></span>oyment Ltd <span class=\"_ _b7\"> </span>Em<span class=\"_ _3\"></span>ployer Fo<span class=\"_ _3\"></span>r UK Workforce<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>roup Ltd<span class=\"_ _39a\"> </span><span class=\"lsc ws8\">Construction &amp; Support </span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>omes Ltd<span class=\"_ _1a\"> </span>A<span class=\"_ _3\"></span>gent of Ma<span class=\"_ _3\"></span>nring Ho<span class=\"_ _3\"></span>mes Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inter<span class=\"_ _3\"></span>nation<span class=\"_ _3\"></span>al Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stment Ho<span class=\"_ _3\"></span>ldings Ltd (i)<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Ltd <span class=\"_ _81\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty N<span class=\"_ _3\"></span>ominee<span class=\"_ _3\"></span>s Ltd <span class=\"_ _215\"> </span><span class=\"lsc ws8\">Nominee Company<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Overseas Inv<span class=\"_ _4\"></span>estments Ltd<span class=\"_ _bf\"> </span>Inv<span class=\"_ _4\"></span>estment Hold<span class=\"_ _3\"></span>ing<span class=\"_ _4\"></span> Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty O<span class=\"_ _3\"></span>versea<span class=\"_ _3\"></span>s Ltd<span class=\"_ _140\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Hol<span class=\"_ _3\"></span>ding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>roper<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Ltd (i)<span class=\"_ _3ab\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y plc<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Infrast<span class=\"_ _3\"></span>ructure S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vices Ltd Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Ltd <span class=\"_ _210\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Proje<span class=\"_ _3\"></span>cts Ltd <span class=\"_ _ad\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail T<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>chnolo<span class=\"_ _3\"></span>gies Ltd <span class=\"_ _4f\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail T<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ack Systems Ltd <span class=\"_ _122\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>efurbishm<span class=\"_ _3\"></span>ent Ltd<span class=\"_ _a0\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>egiona<span class=\"_ _3\"></span>l Const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n Ltd <span class=\"_ _25d\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty U<span class=\"_ _3\"></span>tilit<span class=\"_ _3\"></span>y Solut<span class=\"_ _3\"></span>ions Ltd <span class=\"_ _10a\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Grou<span class=\"_ _3\"></span>p Ltd Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Kilp<span class=\"_ _3\"></span>atrick Ltd <span class=\"_ _2c\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant </span>BB In<span class=\"_ _3\"></span>donesia Ltd<span class=\"_ _8\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>vac Ltd <span class=\"_ _a4\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd Bic<span class=\"_ _3\"></span>al Cons<span class=\"_ _3\"></span>truct<span class=\"_ _3\"></span>ion Ltd <span class=\"_ _213\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs14d4\">Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14d5\">Bign<span class=\"_ _3\"></span>ell &amp; Ass<span class=\"_ _3\"></span>ociates Ltd<span class=\"_ _156\"> </span>Agent of Ba<span class=\"_ _3\"></span>lfour Beat<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14d6\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14d7\">Birs<span class=\"_ _3\"></span>e Group Ltd <span class=\"_ _62\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs14d8\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls3c ws37 gs14d9\">Birs<span class=\"_ _3\"></span>e Metro Ltd<span class=\"_ _1e5\"> </span>Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs14da\">Bno<span class=\"_ _3\"></span>ms Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs14db\"> (i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs14dc\">Nominee Company<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14dd\">BP<span class=\"_ _3\"></span>H Equipment Ltd <span class=\"_ _35\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs14de\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14df\">Cow<span class=\"_ _3\"></span>lin Group Ltd <span class=\"_ _211\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14e0\">Devons<span class=\"_ _3\"></span>hire House D<span class=\"_ _3\"></span>ormant T<span class=\"_ _3\"></span>hree Ltd<span class=\"_ _10c\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs14e1\">Guinea Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Ltd <span class=\"_ _1a0\"> </span>Investment Holding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs14e2\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14e3\">G. N<span class=\"_ _3\"></span>. Hade<span class=\"_ _3\"></span>n &amp; Sons Ltd <span class=\"_ _1a0\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs14e4\">Haden Building Ser<span class=\"_ _3\"></span>vices Ltd<span class=\"_ _140\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14e5\">Ha<span class=\"_ _3\"></span>den Y<span class=\"_ _4\"></span>oung Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs14e6\"> (i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls3c ws37 gs14e7\">Do<span class=\"_ _3\"></span>rmant </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14e8\">Hal<span class=\"_ _3\"></span>l &amp; T<span class=\"_ _5\"></span>awse We<span class=\"_ _3\"></span>stern Ltd <span class=\"_ _39b\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14e9\">L<span class=\"_ _3\"></span>aser Rail Ltd <span class=\"_ _1b0\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14ea\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14eb\">Loun<span class=\"_ _3\"></span>sdale Ele<span class=\"_ _3\"></span>ctric Ltd <span class=\"_ _213\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>ormant<span class=\"_ _3\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14ec\">Ma<span class=\"_ _3\"></span>nring Ho<span class=\"_ _3\"></span>mes Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs14ed\"> (i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs14ee\">Proper<span class=\"_ _3\"></span>ty Investment<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14ef\">Mult<span class=\"_ _3\"></span>ibuild (<span class=\"_ _3\"></span>Constr<span class=\"_ _3\"></span>uctio<span class=\"_ _3\"></span>n &amp; Interiors) Ltd <span class=\"_ _1e4\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14f0\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs14f1\">Of<span class=\"_ _3\"></span>fice Projects (Interiors)<span class=\"_ _4\"></span> Ltd<span class=\"_ _229\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14f2\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs14f3\">Omnicom Enginee<span class=\"_ _4\"></span>ring Ltd <span class=\"_ _1cd\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14f4\">Ray<span class=\"_ _3\"></span>nesway C<span class=\"_ _3\"></span>onstruc<span class=\"_ _3\"></span>tion Ltd <span class=\"_ _1d6\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14f5\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs14f6\">Strata Construction L<span class=\"_ _4\"></span>td<span class=\"_ _30\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14f7\">Urb<span class=\"_ _3\"></span>an Fox Net<span class=\"_ _3\"></span>works (<span class=\"_ _3\"></span>UK<span class=\"_ _3\"></span>) Ltd </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs14f8\">(vi)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs14f9\">Infrastructu<span class=\"_ _4\"></span>re Concession<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs14fa\">He<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>d Ste<span class=\"_ _3\"></span>el Wor<span class=\"_ _3\"></span>ks, H<span class=\"_ _3\"></span>olm<span class=\"_ _3\"></span>er Ro<span class=\"_ _3\"></span>ad, H<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>d HR<span class=\"_ _3\"></span>4 9SW<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14fb\">Painter B<span class=\"_ _3\"></span>rothers Ltd <span class=\"_ _1d\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs14fc\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs14fd\">Ki<span class=\"_ _3\"></span>ngs B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss Pa<span class=\"_ _3\"></span>rk, K<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>s Dr<span class=\"_ _3\"></span>ive, Pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>t, Me<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>eysi<span class=\"_ _3\"></span>de L<span class=\"_ _3\"></span>34 1PJ<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs14fe\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Pe<span class=\"_ _3\"></span>nsion T<span class=\"_ _4\"></span>rus<span class=\"_ _3\"></span>t Ltd</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs14ff\"> (i)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1500\">Pension Fund T<span class=\"_ _5\"></span>rustee<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1501\">C/O Mc Gr<span class=\"_ _3\"></span>igg<span class=\"_ _3\"></span>ors L<span class=\"_ _3\"></span>LP<span class=\"_ _5\"></span>, Arn<span class=\"_ _3\"></span>ot<span class=\"_ _3\"></span>t Ho<span class=\"_ _3\"></span>use, 12<span class=\"_ _3\"></span>\u2013<span class=\"_ _4\"></span>16 Br<span class=\"_ _3\"></span>idg<span class=\"_ _3\"></span>e St<span class=\"_ _3\"></span>ree<span class=\"_ _3\"></span>t, B<span class=\"_ _3\"></span>el<span class=\"_ _3\"></span>fas<span class=\"_ _3\"></span>t </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1502\">BT1 1LS<span class=\"_ _3\"></span>, Nor<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>ern I<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1503\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Kilp<span class=\"_ _3\"></span>atrick N<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>thern Irel<span class=\"_ _3\"></span>and Ltd <span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1504\">Th<span class=\"_ _3\"></span>e Cur<span class=\"_ _3\"></span>ve Bu<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>g, Ax<span class=\"_ _3\"></span>is B<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>ss Par<span class=\"_ _3\"></span>k, H<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ica<span class=\"_ _3\"></span>ne Way, Lan<span class=\"_ _3\"></span>gley, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls66 ws5e gs1505\">Berkshire SL3 8AG<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1506\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty G<span class=\"_ _3\"></span>round Engin<span class=\"_ _3\"></span>eering Ltd <span class=\"_ _1a4\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1507\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1508\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es Ltd <span class=\"_ _b\"> </span>A<span class=\"_ _3\"></span>gent of Balfo<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1509\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs150a\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>iving P<span class=\"_ _3\"></span>laces Ltd <span class=\"_ _a3\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs150b\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs150c\">Sunderland Streetlighting Ltd <span class=\"_ _1f1\"> </span><span class=\"ls5 ws3\">A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs150d\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs150e\">T<span class=\"_ _4\"></span>esti<span class=\"_ _3\"></span>ng and A<span class=\"_ _3\"></span>nalysis Ltd <span class=\"_ _1ef\"> </span>Ag<span class=\"_ _3\"></span>ent of Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs150f\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1510\">Ma<span class=\"_ _3\"></span>xi<span class=\"_ _3\"></span>m 7<span class=\"_ _5\"></span>, Ma<span class=\"_ _3\"></span>xim O<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ce Pa<span class=\"_ _3\"></span>rk, P<span class=\"_ _3\"></span>ark<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>ds Aven<span class=\"_ _3\"></span>ue, Eu<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>l, </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs1511\">Holy<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>own ML<span class=\"_ _5\"></span>1 4<span class=\"_ _4\"></span>WQ<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1512\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction Ltd <span class=\"_ _7d\"> </span>Agent of B<span class=\"_ _3\"></span>alfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1513\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1514\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction S<span class=\"_ _3\"></span>cot<span class=\"_ _3\"></span>tish &amp; </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1515\">So<span class=\"_ _3\"></span>uthern Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1516\">Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1517\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1518\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty K<span class=\"_ _3\"></span>ilpat<span class=\"_ _3\"></span>rick Ltd <span class=\"_ _1d7\"> </span>A<span class=\"_ _3\"></span>gent of Balfou<span class=\"_ _3\"></span>r Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1519\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs151a\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Residu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y Ltd <span class=\"_ _a0\"> </span>Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs151b\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs151c\">Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Regional Civil E<span class=\"_ _4\"></span>ngineering </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs151d\">Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs151e\">Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs151f\">Grou<span class=\"_ _3\"></span>p Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1520\">BBPFS LP</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls225 ws247 gs1521\"> (iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1522\">Investment<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>artnership<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs1524\">Entity<span class=\"_ _ed\"> </span>Princ<span class=\"_ _3\"></span>ipal<span class=\"_ _4\"></span> ac<span class=\"_ _3\"></span>tivity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1525\">Glasgow Residences (Kennedy Street) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs1526\">Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1527\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1528\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls90 ws11 gs1529\">Glasgow Residences (Kennedy Street) LL<span class=\"_ _3\"></span>P</div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls227 ws247 gs152a\"> (iii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs152b\">Infrastructu<span class=\"_ _4\"></span>re Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs152c\">Glasgow Residences (Kennedy Street) </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs152d\">SP<span class=\"_ _3\"></span>V Ltd </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs152e\">Infrastructu<span class=\"_ _4\"></span>re Concession </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs152f\">Hal<span class=\"_ _3\"></span>l &amp; T<span class=\"_ _5\"></span>awse Ltd <span class=\"_ _34a\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1530\">Initi<span class=\"_ _3\"></span>al Found<span class=\"_ _3\"></span>er Par<span class=\"_ _3\"></span>tner G<span class=\"_ _3\"></span>P1 Ltd <span class=\"_ _7c\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1531\">Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1532\">Mi<span class=\"_ _3\"></span>dmi<span class=\"_ _3\"></span>ll Bu<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>k, T<span class=\"_ _4\"></span>um<span class=\"_ _3\"></span>ulu<span class=\"_ _3\"></span>s Way<span class=\"_ _4\"></span>, K<span class=\"_ _3\"></span>int<span class=\"_ _3\"></span>ore, A<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls85 ws7d gs1533\">AB51<span class=\"_ _4\"></span> 0TG<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1534\">Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Engineering<span class=\"_ _4\"></span> </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs1535\">Ser<span class=\"_ _3\"></span>vices (CL) Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1536\">Age<span class=\"_ _3\"></span>nt of Balfour Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1537\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1538\">C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s, T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>wer Br<span class=\"_ _3\"></span>idg<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>se, S<span class=\"_ _3\"></span>t Kat<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>\u2019<span class=\"_ _4\"></span>s Way, Lon<span class=\"_ _3\"></span>don </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls2e ws7 gs1539\">E1W 1<span class=\"_ _3\"></span>DD<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs153a\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Powe<span class=\"_ _3\"></span>r Const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on Ltd<span class=\"_ _e6\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs153b\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Powe<span class=\"_ _3\"></span>r Netw<span class=\"_ _3\"></span>orks </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls15 ws11 gs153c\">(Distribution S<span class=\"_ _3\"></span>ervices) Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls3c ws37 gs153d\">Do<span class=\"_ _3\"></span>rmant </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs153e\">Branlow<span class=\"_ _4\"></span> Ltd<span class=\"_ _a2\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs153f\">Mansell Maintenance Ltd<span class=\"_ _302\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1540\">C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s LLP<span class=\"_ _5\"></span>, 30 O<span class=\"_ _3\"></span>ld Ba<span class=\"_ _3\"></span>ile<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, Lo<span class=\"_ _3\"></span>ndo<span class=\"_ _3\"></span>n EC4<span class=\"_ _3\"></span>M 7<span class=\"_ _4\"></span>AU<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 lsc ws8 gs1541\">Birse Construction<span class=\"_ _4\"></span> Ltd<span class=\"_ _3a\"> </span><span class=\"ls15 ws11\">Investment Holding </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1542\">Co<span class=\"_ _3\"></span>mpany \u2013  In L<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>ation </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1543\">Edg<span class=\"_ _3\"></span>ar Alle<span class=\"_ _3\"></span>n Enginee<span class=\"_ _3\"></span>ring Ltd <span class=\"_ _140\"> </span>Dor<span class=\"_ _3\"></span>mant \u2013 In Li<span class=\"_ _3\"></span>quidati<span class=\"_ _3\"></span>on<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1544\">Ma<span class=\"_ _3\"></span>nsell plc <span class=\"_ _2c7\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estment Hold<span class=\"_ _3\"></span>ing<span class=\"_ _4\"></span> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1545\">Co<span class=\"_ _3\"></span>mpany \u2013 In L<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>ation<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1546\">Wes<span class=\"_ _3\"></span>t Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>e Roa<span class=\"_ _3\"></span>d, Ray<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>way<span class=\"_ _4\"></span>, D<span class=\"_ _3\"></span>erby D<span class=\"_ _3\"></span>E21 7BG<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1547\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty P<span class=\"_ _3\"></span>lant &amp; Fleet S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vices Ltd <span class=\"_ _132\"> </span>A<span class=\"_ _3\"></span>gent of Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs1548\">Grou<span class=\"_ _3\"></span>p Ltd<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1549\">C/O Maz<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s LLP<span class=\"_ _5\"></span>, 100 Q<span class=\"_ _3\"></span>uee<span class=\"_ _3\"></span>n St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, G<span class=\"_ _3\"></span>las<span class=\"_ _3\"></span>gow G1 3D<span class=\"_ _3\"></span>N Sco<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>and<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs154a\">Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty En<span class=\"_ _3\"></span>gineeri<span class=\"_ _3\"></span>ng Ser<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es  </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls8b ws4 gs154b\">(L<span class=\"_ _3\"></span>EL) L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls3c ws37 gs154c\">Do<span class=\"_ _3\"></span>rmant </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls33 ws2c gs154d\">Lumina<span class=\"_ _4\"></span> Building, 40 Ainslie<span class=\"_ _4\"></span> Road, Hillington<span class=\"_ _4\"></span> Park, Glasgow<span class=\"_ _4\"></span> </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs154e\">G5<span class=\"_ _3\"></span>2<span class=\"_ gs52\"> </span>4RU </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs154f\">Shaw<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Petrie Ltd<span class=\"_ _9b\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1550\">4<span class=\"_ _3\"></span>2-<span class=\"_ _3\"></span>44 C<span class=\"_ _3\"></span>lar<span class=\"_ _3\"></span>end<span class=\"_ _3\"></span>on Ro<span class=\"_ _3\"></span>ad, Wa<span class=\"_ _3\"></span>tf<span class=\"_ _3\"></span>ord<span class=\"_ _3\"></span>, He<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rd<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re WD17 1DR<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1551\">Bar<span class=\"_ _3\"></span>low &amp; Y<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ung, Ltd <span class=\"_ _1c7\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1552\">Ha<span class=\"_ _3\"></span>den Interna<span class=\"_ _3\"></span>tional Ltd<span class=\"_ _214\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1553\">Fo<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, 1<span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>0 Wi<span class=\"_ _3\"></span>lto<span class=\"_ _3\"></span>n Road<span class=\"_ _3\"></span>, Lon<span class=\"_ _3\"></span>don SW1V 1LQ<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls100 ws104 gs1554\">0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>5 L<span class=\"_ _3\"></span>td<span class=\"_ _173\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls11c ws115 gs1555\">0<span class=\"_ _3\"></span>11<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>17<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span> L<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>d<span class=\"_ _46\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1556\">BIC<span class=\"_ _3\"></span>C Dor<span class=\"_ _3\"></span>mant One Ltd<span class=\"_ _30\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1557\">Devons<span class=\"_ _3\"></span>hire House D<span class=\"_ _3\"></span>ormant O<span class=\"_ _3\"></span>ne Ltd<span class=\"_ _f\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1558\">Th<span class=\"_ _3\"></span>ird F<span class=\"_ _3\"></span>loo<span class=\"_ _3\"></span>r Devon<span class=\"_ _3\"></span>shi<span class=\"_ _3\"></span>re H<span class=\"_ _3\"></span>ous<span class=\"_ _3\"></span>e, May<span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ir Pl<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>e, Lon<span class=\"_ _3\"></span>don W1X 5F<span class=\"_ _3\"></span>H<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls5 ws3 gs1559\">BIC<span class=\"_ _3\"></span>C The<span class=\"_ _3\"></span>rmohe<span class=\"_ _3\"></span>at Ltd<span class=\"_ _19f\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd2 wsc6 gs155a\">Notes<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs155b\">(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls66 ws5e gs155c\">(ii) <span class=\"_ _3\"></span>80%<span class=\"_ _4\"></span> owned.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 lsaf wsa8 gs155d\">(iii) <span class=\"_ _6\"></span>Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terests held.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls5 ws3 gs155e\">(i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>31 Ma<span class=\"_ _3\"></span>rch yea<span class=\"_ _3\"></span>r end.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs155f\">(v<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>81<span class=\"_ _5\"></span>% o<span class=\"_ _3\"></span>wned<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span></div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs1560\">(v<span class=\"_ _3\"></span>i) Th<span class=\"_ _3\"></span>e Group h<span class=\"_ _3\"></span>olds a 7<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>8% dire<span class=\"_ _3\"></span>ct inte<span class=\"_ _3\"></span>rest in U<span class=\"_ _3\"></span>rban F<span class=\"_ _3\"></span>ox Net<span class=\"_ _3\"></span>work<span class=\"_ _3\"></span>s (UK<span class=\"_ _3\"></span>) Ltd an<span class=\"_ _3\"></span>d an ind<span class=\"_ _3\"></span>irect<span class=\"_ _3\"></span> </div><div class=\"t m0 he ff47 fs9 fc4 sc0 ls18 ws3 gs1561\">inte<span class=\"_ _3\"></span>rest of 5<span class=\"_ _3\"></span>.6% thr<span class=\"_ _3\"></span>ough t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p intere<span class=\"_ _3\"></span>st in Ur<span class=\"_ _3\"></span>ban Ele<span class=\"_ _3\"></span>ctr<span class=\"_ _3\"></span>ic Net<span class=\"_ _3\"></span>work<span class=\"_ _3\"></span>s Ltd. </div><div class=\"t mf he2 ff46 fs45 fc4 sc0 ls228 ws3 gs1562\">Su<span class=\"_ _3\"></span>bs<span class=\"_ _3\"></span>idi<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y und<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>kin<span class=\"_ _3\"></span>gs i<span class=\"_ _3\"></span>nco<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>sid<span class=\"_ _3\"></span>e the U<span class=\"_ _3\"></span>nit<span class=\"_ _3\"></span>ed K<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>dom</div><div class=\"t m0 h33 ff46 fs9 fc4 sc0 lsd1 wsc5 gs1563\">Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls3e ws39 gs1564\">Australia<span class=\"_ _ab\"> </span><span class=\"ls5 ws3\"> </span></div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls5 ws3 gs1565\">Al<span class=\"_ _3\"></span>len<span class=\"_ _3\"></span>s Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>e Ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>s Pt<span class=\"_ _3\"></span>y Li<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>, Leve<span class=\"_ _3\"></span>l 33, 101 Co<span class=\"_ _3\"></span>lli<span class=\"_ _3\"></span>ns </div><div class=\"t m0 h13 ff46 fs5 fc4 sc0 ls74 ws6b gs1566\">Stree<span class=\"_ _3\"></span>t,<span class=\"_ _4\"></span> Me<span class=\"_ _3\"></span>lbourne,<span class=\"_ _4\"></span> Vic<span class=\"_ _3\"></span>toria,<span class=\"_ _4\"></span> 30<span class=\"_ _3\"></span>00<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1567\">Balfour Beatt<span class=\"_ _3\"></span>y Australian Limited </div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls14 ws10 gs1568\">Par<span class=\"_ _3\"></span>tnership </div><div class=\"t m0 h2b ff47 fs19 fc4 sc0 ls224 ws246 gs1569\">(ii)<span class=\"_ _3ab\"> </span></div><div class=\"t m0 h8 ff47 fs5 fc4 sc0 ls4f ws49 gs156a\">Holding company<span class=\"_ _3ab\"> </span></div>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Le<span class=\"_ _3\"></span>vel 12, 6<span class=\"_ _3\"></span>80 Ge<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ge St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, S<span class=\"_ _3\"></span>ydne<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, NSW 2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>0 Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty A<span class=\"_ _3\"></span>ustralia P<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y Ltd <span class=\"_ _ad\"> </span><span class=\"lsc ws8\">Construction &amp; Support </span>Ser<span class=\"_ _3\"></span>vices Bahamas<span class=\"_ _39d\"> </span><span class=\"ls5 ws3\"> </span>Th<span class=\"_ _3\"></span>e Alex<span class=\"_ _3\"></span>and<span class=\"_ _3\"></span>er C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te Gr<span class=\"_ _3\"></span>oup L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span>, One M<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s Cou<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>t,  P<span class=\"_ _5\"></span>.O. Box N<span class=\"_ _3\"></span>-<span class=\"_ _4\"></span>71<span class=\"_ _5\"></span>17<span class=\"_ _5\"></span>, N<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sau<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty B<span class=\"_ _3\"></span>ahamas Ltd <span class=\"_ _140\"> </span><span class=\"ls3c ws37\">Dorm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span>Canada<span class=\"_ _39e\"> </span><span class=\"ls5 ws3\"> </span>Bo<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>n La<span class=\"_ _3\"></span>dne<span class=\"_ _3\"></span>r Ge<span class=\"_ _3\"></span>rva<span class=\"_ _3\"></span>is LL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, 22 Ad<span class=\"_ _3\"></span>ela<span class=\"_ _3\"></span>ide S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t Wes<span class=\"_ _3\"></span>t, Su<span class=\"_ _3\"></span>ite 3<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0, T<span class=\"_ _5\"></span>oronto, ON,<span class=\"_ _4\"></span> M<span class=\"_ _3\"></span>5H<span class=\"_ _4\"></span> 4E<span class=\"_ _3\"></span>3<span class=\"_ _3ab\"> </span>BB Gro<span class=\"_ _3\"></span>up Can<span class=\"_ _3\"></span>ada Inc<span class=\"_ _1c7\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>T<span class=\"_ _4\"></span>ayl<span class=\"_ _3\"></span>or M<span class=\"_ _3\"></span>cCa<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>y LLP<span class=\"_ _5\"></span>, 9<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0 St<span class=\"_ _3\"></span>. Mar<span class=\"_ _3\"></span>y Aven<span class=\"_ _3\"></span>ue, W<span class=\"_ _3\"></span>inni<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>g, MB, R3C 4K5<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Communities GP<span class=\"_ _5\"></span>, Inc<span class=\"_ _e3\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y Communities, LP (ii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on, LP (ii)<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, Inc<span class=\"_ _a8\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments G<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>, Inc <span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _3ab\"> </span></span>Balfour Beatt<span class=\"_ _3\"></span>y In<span class=\"_ _4\"></span>vestments, LP (ii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span>BB NI<span class=\"_ _3\"></span>H GP<span class=\"_ _5\"></span>, Inc<span class=\"_ _39f\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment<span class=\"_ _3ab\"> </span></span>Germany<span class=\"_ _154\"> </span><span class=\"ls5 ws3\"> </span>Ga<span class=\"_ _3\"></span>rmi<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>her S<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>e 35, 81373 M<span class=\"_ _3\"></span>uni<span class=\"_ _3\"></span>ch<span class=\"_ _be\"> </span> Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Gmb<span class=\"_ _3\"></span>H<span class=\"_ _219\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>BICC Holdings GmbH<span class=\"_ _1e3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Schreck<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>Mieves<span class=\"_ _4\"></span> GmbH<span class=\"_ _49\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant </span>Hong K<span class=\"_ _4\"></span>ong<span class=\"_ _369\"> </span><span class=\"ls5 ws3\"> </span>5/F<span class=\"_ _5\"></span>, M<span class=\"_ _3\"></span>anu<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>fe Pla<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>8 Kwun T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ng Roa<span class=\"_ _3\"></span>d Kowl<span class=\"_ _3\"></span>oon Ho<span class=\"_ _3\"></span>ng Kon<span class=\"_ _3\"></span>g<span class=\"_ _3ab\"> </span>Balfour<span class=\"_ _4\"></span> Beat<span class=\"_ _3\"></span>ty Hong Kong L<span class=\"_ _4\"></span>td<span class=\"_ _215\"> </span>Construction &amp; Support Ser<span class=\"_ _3\"></span>vices India<span class=\"_ _186\"> </span><span class=\"ls5 ws3\"> </span>6<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, N-<span class=\"_ _4\"></span>1 B<span class=\"_ _3\"></span>als<span class=\"_ _3\"></span>a Blo<span class=\"_ _3\"></span>ck<span class=\"_ _3\"></span>, Man<span class=\"_ _3\"></span>yata E<span class=\"_ _3\"></span>mba<span class=\"_ _3\"></span>ssy B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss Pa<span class=\"_ _3\"></span>rk, Nagav<span class=\"_ _4\"></span>ara, Rachenahalli Villag<span class=\"_ _4\"></span>e, Bangalore<span class=\"_ _4\"></span> \u2013 56004<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>, India<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture Indi<span class=\"_ _3\"></span>a  P<span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>t. Ltd<span class=\"_ _3ab\"> </span>Engineerin<span class=\"_ _3\"></span>g Design Consultan<span class=\"_ _3\"></span>cy Ireland<span class=\"_ _5a\"> </span><span class=\"ls5 ws3\"> </span>Ci<span class=\"_ _3\"></span>ty J<span class=\"_ _3\"></span>unc<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on Bu<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>k, No<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>rn Cr<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s, Ma<span class=\"_ _3\"></span>lahi<span class=\"_ _3\"></span>de R<span class=\"_ _3\"></span>oad, Dublin 1<span class=\"_ _5\"></span>7<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Ire<span class=\"_ _3\"></span>land Ltd<span class=\"_ _302\"> </span><span class=\"ls15 ws11\">Su<span class=\"_ _3\"></span>pport Ser<span class=\"_ _3\"></span>vices </span>Is<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f Man<span class=\"_ _22e\"> </span> T<span class=\"_ _4\"></span>owe<span class=\"_ _3\"></span>r Hou<span class=\"_ _3\"></span>se, L<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>h Prom<span class=\"_ _3\"></span>ena<span class=\"_ _3\"></span>de, D<span class=\"_ _3\"></span>oug<span class=\"_ _3\"></span>las I<span class=\"_ _3\"></span>M<span class=\"_ _4\"></span>1 2<span class=\"_ _3\"></span>LZ<span class=\"_ _3\"></span>, Is<span class=\"_ _3\"></span>le of M<span class=\"_ _3\"></span>an<span class=\"_ _3ab\"> </span>Delphian Insurance C<span class=\"_ _3\"></span>ompany L<span class=\"_ _4\"></span>td (i)<span class=\"_ _3ab\"> </span>Insurance Comp<span class=\"_ _3\"></span>any<span class=\"_ _4\"></span> Jer<span class=\"_ _3\"></span>sey<span class=\"_ _1e8\"> </span><span class=\"ls5 ws3\"> </span>12 Ca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et, S<span class=\"_ _3\"></span>t. H<span class=\"_ _3\"></span>eli<span class=\"_ _3\"></span>er, Jer<span class=\"_ _3\"></span>sey<span class=\"_ _15\"> </span> Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Em<span class=\"_ _3\"></span>ployees T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ustees Ltd (i)<span class=\"_ _3ab\"> </span>Employee T<span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ust<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>lays<span class=\"_ _3\"></span>ia<span class=\"_ _1c9\"> </span><span class=\"ls5 ws3\"> </span>12t<span class=\"_ _3\"></span>h Flo<span class=\"_ _3\"></span>or<span class=\"_ _4\"></span>, M<span class=\"_ _3\"></span>ena<span class=\"_ _3\"></span>ra sy<span class=\"_ _3\"></span>mph<span class=\"_ _3\"></span>ony<span class=\"_ _4\"></span>, N<span class=\"_ _3\"></span>o 5, Jal<span class=\"_ _3\"></span>an Pr<span class=\"_ _3\"></span>of. Kh<span class=\"_ _3\"></span>oo Kay K<span class=\"_ _3\"></span>im, Seksyen 1<span class=\"_ _4\"></span>3, 46200 Petaling Jaya,<span class=\"_ _4\"></span> Sel<span class=\"_ _3\"></span>angor<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ail Desig<span class=\"_ _3\"></span>n Internati<span class=\"_ _3\"></span>onal Sd<span class=\"_ _3\"></span>n Bhd Suppor<span class=\"_ _3\"></span>t Ser<span class=\"_ _3\"></span>vices Netherlan<span class=\"_ _3\"></span>ds<span class=\"_ _35b\"> </span><span class=\"ls5 ws3\"> </span>Ra<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>bu<span class=\"_ _3\"></span>rge<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>at 177<span class=\"_ _4\"></span>/B, 101<span class=\"_ _4\"></span>1 V<span class=\"_ _3\"></span>M Ams<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>m<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Netherlands B.<span class=\"_ _4\"></span>V.<span class=\"_ _7f\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Romania<span class=\"_ _1c9\"> </span><span class=\"ls5 ws3\"> </span>23 G<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>ral E<span class=\"_ _3\"></span>rne<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>t Bro<span class=\"_ _3\"></span>ste<span class=\"_ _3\"></span>anu S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, 1st Distric<span class=\"_ _3\"></span>t, 0<span class=\"_ _4\"></span>10527<span class=\"_ _5\"></span>,<span class=\"_ _4\"></span> Buc<span class=\"_ _3\"></span>harest<span class=\"_ _3ab\"> </span>S.C<span class=\"_ _3\"></span>. Balfour B<span class=\"_ _3\"></span>eatt<span class=\"_ _3\"></span>y Rail S<span class=\"_ _3\"></span>.R.<span class=\"_ _3\"></span>L.<span class=\"_ _3a0\"> </span>Dor<span class=\"_ _3\"></span>mant - In L<span class=\"_ _3\"></span>iquida<span class=\"_ _3\"></span>tion<span class=\"_ _3ab\"> </span>Sri Lanka<span class=\"_ _17f\"> </span><span class=\"ls5 ws3\"> </span>Pha<span class=\"_ _3\"></span>se 3 I<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt P<span class=\"_ _3\"></span>romo<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n Zon<span class=\"_ _3\"></span>e, Kat<span class=\"_ _3\"></span>unaya<span class=\"_ _3\"></span>ke, Co<span class=\"_ _3\"></span>lom<span class=\"_ _3\"></span>bo, Western<span class=\"_ _4\"></span> Province<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>eylon (<span class=\"_ _3\"></span>Priva<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e) Ltd <span class=\"_ _cc\"> </span><span class=\"ls15 ws11\">Sup<span class=\"_ _3\"></span>port Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Thailand<span class=\"_ _68\"> </span><span class=\"ls5 ws3\"> </span>9 So<span class=\"_ _3\"></span>i San<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>uk, S<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>his<span class=\"_ _3\"></span>arn R<span class=\"_ _3\"></span>oad, H<span class=\"_ _3\"></span>uay Kwan<span class=\"_ _3\"></span>g, Ban<span class=\"_ _3\"></span>gkok<span class=\"_ _3ab\"> </span>As<span class=\"_ _3\"></span>ia T<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ade Develo<span class=\"_ _3\"></span>pment C<span class=\"_ _3\"></span>o Ltd <span class=\"_ _7d\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on <span class=\"ls5 ws3\"> </span>(<span class=\"_ _3\"></span>Th<span class=\"_ _3\"></span>ailand) C<span class=\"_ _3\"></span>o Ltd Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs (<span class=\"_ _3\"></span>Thail<span class=\"_ _3\"></span>and) C<span class=\"_ _3\"></span>o Ltd <span class=\"_ _2e\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty T<span class=\"_ _3\"></span>hai Ltd <span class=\"_ _3a1\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Linwo<span class=\"_ _3\"></span>od Co Ltd <span class=\"_ _1e9\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _39f\"> </span><span class=\"ls5 ws3\"> </span>101<span class=\"_ _5\"></span>1 C<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tre R<span class=\"_ _3\"></span>oad, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 31<span class=\"_ _4\"></span>0, W<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>ming<span class=\"_ _3\"></span>ton D<span class=\"_ _3\"></span>E 1980<span class=\"_ _3\"></span>5<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty H<span class=\"_ _3\"></span>oldin<span class=\"_ _3\"></span>gs Inc<span class=\"_ _2d\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty L<span class=\"_ _3\"></span>LC <span class=\"_ _13d\"> </span><span class=\"ls15 ws11\">Inv<span class=\"_ _4\"></span>estment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>30<span class=\"_ _3\"></span>0 Gal<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>ria Pa<span class=\"_ _3\"></span>rk<span class=\"_ _3\"></span>way<span class=\"_ _4\"></span>, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 205<span class=\"_ _3\"></span>0, Atla<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>a, GA 30<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>9 National Enginee<span class=\"_ _4\"></span>ring &amp; Contracting Co<span class=\"_ _3\"></span>mpany Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inf<span class=\"_ _3\"></span>rastru<span class=\"_ _3\"></span>cture, Inc <span class=\"_ _7e\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 1<span class=\"_ _4\"></span>127 B<span class=\"_ _3\"></span>roa<span class=\"_ _3\"></span>dway S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et N<span class=\"_ _3\"></span>E, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 310, Sale<span class=\"_ _3\"></span>m OR 97<span class=\"_ _3\"></span>301<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty R<span class=\"_ _3\"></span>ock Spr<span class=\"_ _3\"></span>ings, L<span class=\"_ _3\"></span>LC<span class=\"_ _82\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 1703 L<span class=\"_ _3\"></span>aur<span class=\"_ _3\"></span>el S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Col<span class=\"_ _3\"></span>umb<span class=\"_ _3\"></span>ia,  SC 2<span class=\"_ _3\"></span>92<span class=\"_ _3\"></span>01<span class=\"_ _3ab\"> </span>National C<span class=\"_ _3\"></span>asualty and As<span class=\"_ _3\"></span>surance, Inc<span class=\"_ _4\"></span> <span class=\"_ _db\"> </span>Insurance Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, W<span class=\"_ _3\"></span>ilmi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>ton DE 19<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>08<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>ampus S<span class=\"_ _3\"></span>oluti<span class=\"_ _3\"></span>ons, LLC<span class=\"_ _b8\"> </span><span class=\"ls4f ws49\">Infrastructur<span class=\"_ _4\"></span>e Holding </span>Co<span class=\"_ _3\"></span>mpany Balfour Beatt<span class=\"_ _3\"></span>y Communities, LLC<span class=\"_ _98\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction D.C<span class=\"_ _3\"></span>., LLC<span class=\"_ _5f\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on, LLC<span class=\"_ _51\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts Hol<span class=\"_ _3\"></span>do, LLC<span class=\"_ _c1\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty D<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts, Inc<span class=\"_ _180\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion Services<span class=\"_ _3ab\"> </span></span>Balfour Beatty Equipment, LLC<span class=\"_ _11c\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty Inve<span class=\"_ _3\"></span>stments, I<span class=\"_ _3\"></span>nc <span class=\"_ _7d\"> </span><span class=\"ls15 ws11\">Investment Company<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Inc <span class=\"_ _9d\"> </span><span class=\"ls15 ws11\">Business Ser<span class=\"_ _3\"></span>vices </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty/<span class=\"_ _3\"></span>Ben<span class=\"_ _3\"></span>ham  Militar<span class=\"_ _3\"></span>y Communities LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Balfour Beatt<span class=\"_ _3\"></span>y/P<span class=\"_ _3\"></span>HELPS<span class=\"ls5 ws3\"> </span>Militar<span class=\"_ _3\"></span>y Communities LLC (iv)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Devel<span class=\"_ _3\"></span>opme<span class=\"_ _3\"></span>nt LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Investments<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding Co<span class=\"_ _3\"></span>mpany Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty \u2013 Wo<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>group, LLC<span class=\"_ _a1\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices </span>BBC A<span class=\"_ _3\"></span>F Hou<span class=\"_ _3\"></span>sing Co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion LLC<span class=\"_ _f2\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC AF Management/<span class=\"_ _3\"></span>Developmen<span class=\"_ _4\"></span>t LLC<span class=\"_ _1a8\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC I<span class=\"_ _3\"></span>ndepe<span class=\"_ _3\"></span>ndent Mem<span class=\"_ _3\"></span>ber I, In<span class=\"_ _3\"></span>c <span class=\"_ _87\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC I<span class=\"_ _3\"></span>ndepe<span class=\"_ _3\"></span>ndent Mem<span class=\"_ _3\"></span>ber II, I<span class=\"_ _3\"></span>nc<span class=\"_ _87\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 ACC G<span class=\"_ _3\"></span>roup, LLC<span class=\"_ _1b8\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>ETC G<span class=\"_ _3\"></span>eneral Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (iii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>ETC L<span class=\"_ _3\"></span>imited Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (iii)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>MC Gen<span class=\"_ _3\"></span>eral Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 A<span class=\"_ _3\"></span>MC Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>R General Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>R Limi<span class=\"_ _3\"></span>ted Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/ Picatinny General Par<span class=\"_ _3\"></span>tner LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/ Pic<span class=\"_ _3\"></span>atinny Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estmen<span class=\"_ _3ab\"> </span>t<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _39c\"> </span>Principal activity<span class=\"_ _3ab\"> </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 FD<span class=\"_ _3\"></span>WR LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt C<span class=\"_ _3\"></span>arson L<span class=\"_ _3\"></span>LC<span class=\"_ _1b8\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt Go<span class=\"_ _3\"></span>rdon LLC<span class=\"_ _bc\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt H<span class=\"_ _3\"></span>amilton LLC<span class=\"_ _1cf\"> </span><span class=\"ls15 ws11\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Fo<span class=\"_ _3\"></span>rt Ja<span class=\"_ _3\"></span>ckson L<span class=\"_ _3\"></span>LC<span class=\"_ _c1\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Ha<span class=\"_ _3\"></span>mpton Roa<span class=\"_ _3\"></span>ds LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 L<span class=\"_ _3\"></span>ackla<span class=\"_ _3\"></span>nd LLC<span class=\"_ _57\"> </span><span class=\"ls15 ws11\">Infrastructure In<span class=\"_ _4\"></span>vestment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Le<span class=\"_ _3\"></span>onard Woo<span class=\"_ _3\"></span>d LLC<span class=\"_ _2\"></span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Nav<span class=\"_ _3\"></span>y N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>heast LLC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Nav<span class=\"_ _3\"></span>y S<span class=\"_ _3\"></span>outhea<span class=\"_ _3\"></span>st LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 No<span class=\"_ _3\"></span>rth<span class=\"_ _3\"></span>ern Group, LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Stewar<span class=\"_ _3\"></span>t Hunter LLC<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Vande<span class=\"_ _3\"></span>nberg Gen<span class=\"_ _3\"></span>eral Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Vande<span class=\"_ _3\"></span>nberg Limi<span class=\"_ _3\"></span>ted Par<span class=\"_ _3\"></span>tner L<span class=\"_ _3\"></span>LC (v)<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 West Po<span class=\"_ _3\"></span>int LLC<span class=\"_ _13e\"> </span><span class=\"ls15 ws11\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e Investment </span>BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Wester<span class=\"_ _3\"></span>n Genera<span class=\"_ _3\"></span>l Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC M<span class=\"_ _3\"></span>ilitar<span class=\"_ _3\"></span>y Ho<span class=\"_ _3\"></span>using \u2013 Wester<span class=\"_ _3\"></span>n Limited Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _3ab\"> </span>Infrastructure Inv<span class=\"_ _4\"></span>estment BBC Multif<span class=\"_ _4\"></span>amily Holdings, LLC<span class=\"_ _b1\"> </span><span class=\"ls15 ws11\">Infrastructure Investment<span class=\"_ _4\"></span> </span>BBC<span class=\"_ _3\"></span>S \u2013 Nor<span class=\"_ _3\"></span>thsi<span class=\"_ _3\"></span>de Cam<span class=\"_ _3\"></span>pus LLC<span class=\"_ _1f6\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t </span>BBCS Developmen<span class=\"_ _4\"></span>t, LLC<span class=\"_ _38c\"> </span><span class=\"ls15 ws11\">Infrastructure Inv<span class=\"_ _4\"></span>estment </span>BB Dev<span class=\"_ _4\"></span>elopments Sub Holdco, LLC<span class=\"_ _1f7\"> </span><span class=\"ls15 ws11\">Infrastructure Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>BICC Cables Cor<span class=\"_ _3\"></span>poration<span class=\"_ _39a\"> </span><span class=\"ls15 ws11\">Business Ser<span class=\"_ _3\"></span>vices </span>Ok<span class=\"_ _3\"></span>tiv (<span class=\"_ _3\"></span>T<span class=\"_ _4\"></span>all<span class=\"_ _3\"></span>ahassee) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _b0\"> </span><span class=\"ls15 ws11\">In<span class=\"_ _4\"></span>frastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e Investment<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 3<span class=\"_ _3\"></span>00 De<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>hut<span class=\"_ _3\"></span>es Way SW, Sui<span class=\"_ _3\"></span>te 30<span class=\"_ _3\"></span>4, T<span class=\"_ _4\"></span>um<span class=\"_ _3\"></span>wate<span class=\"_ _3\"></span>r WA 98<span class=\"_ _3\"></span>501<span class=\"_ _3ab\"> </span>Howa<span class=\"_ _3\"></span>rd S. Wrig<span class=\"_ _3\"></span>ht Const<span class=\"_ _3\"></span>ructi<span class=\"_ _3\"></span>on Co<span class=\"_ _128\"> </span><span class=\"ls15 ws11\">Construction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>HS<span class=\"_ _3\"></span>W, Inc <span class=\"_ _154\"> </span><span class=\"ls15 ws11\">Constructio<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span></span>CS<span class=\"_ _3\"></span>C \u2013 Neva<span class=\"_ _3\"></span>da, C/O C<span class=\"_ _3\"></span>SC Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es of N<span class=\"_ _3\"></span>evad<span class=\"_ _3\"></span>a, In<span class=\"_ _3\"></span>c., 5<span class=\"_ _3\"></span>02 Ea<span class=\"_ _3\"></span>st Jo<span class=\"_ _3\"></span>hn St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et Ca<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>on Ci<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, N<span class=\"_ _3\"></span>eva<span class=\"_ _3\"></span>da 89<span class=\"_ _3\"></span>706<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y-<span class=\"_ _3\"></span>Gol<span class=\"_ _3\"></span>den Construction Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Construc<span class=\"_ _3\"></span>tion<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices<span class=\"_ _3ab\"> </span>Balfour Beatt<span class=\"_ _3\"></span>y Constructi<span class=\"_ _3\"></span>on Company<span class=\"_ _4\"></span>, Inc<span class=\"_ _1cf\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Serv<span class=\"_ _3\"></span>ices<span class=\"_ _3ab\"> </span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction G<span class=\"_ _3\"></span>roup, Inc <span class=\"_ _1a7\"> </span><span class=\"ls15 ws11\">Construc<span class=\"_ _3\"></span>tion Services<span class=\"_ _3ab\"> </span></span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii) <span class=\"_ _3\"></span>Partnership interests<span class=\"_ _4\"></span> held.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>i) <span class=\"_ _6\"></span>8<span class=\"_ _3\"></span>0% in<span class=\"_ _3\"></span>terest h<span class=\"_ _3\"></span>eld. (i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>89<span class=\"_ _3\"></span>% interes<span class=\"_ _3\"></span>t held<span class=\"_ _3\"></span>. (v) 9<span class=\"_ _3\"></span>0% in<span class=\"_ _4\"></span>terest held.<span class=\"_ _3ab\"> </span>Jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>s inc<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d in t<span class=\"_ _3\"></span>he Uni<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d Kin<span class=\"_ _3\"></span>gdo<span class=\"_ _3\"></span>mEntity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Q1<span class=\"_ _4\"></span>4 Q<span class=\"_ _3\"></span>uor<span class=\"_ _3\"></span>um Bu<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s Park<span class=\"_ _3\"></span>, Be<span class=\"_ _3\"></span>nto<span class=\"_ _3\"></span>n Lan<span class=\"_ _3\"></span>e, Ne<span class=\"_ _3\"></span>wca<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>le Up<span class=\"_ _3\"></span>on T<span class=\"_ _5\"></span>yne, England,<span class=\"_ _4\"></span> England, NE<span class=\"_ _4\"></span>12 8BU<span class=\"_ _3ab\"> </span>BBDE Orbital Holdings, LLP (iii) (v)<span class=\"_ _3ab\"> </span>3<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>5<span class=\"_ _5f\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t Ho<span class=\"_ _3\"></span>lding </span>Co<span class=\"_ _3\"></span>mpany Connect A3<span class=\"_ _3\"></span>0/A3<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span> Holdings Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0/A<span class=\"_ _3\"></span>35 Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nnect A<span class=\"_ _3\"></span>50 Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Connect CNDR Holdings Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR I<span class=\"_ _3\"></span>nt<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>rmedi<span class=\"_ _3\"></span>ate Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Co<span class=\"_ _3\"></span>nnect C<span class=\"_ _3\"></span>NDR Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession Connect M<span class=\"_ _4\"></span>1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Holdings Lt<span class=\"_ _4\"></span>d (i) (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect M1-<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>1 Ltd (iv) <span class=\"_ _2d\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Concession Connect M77/GSO Holdings<span class=\"_ _4\"></span> Ltd (ii) (iv)<span class=\"_ _3ab\"> </span>85<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect M<span class=\"_ _3\"></span>77/GSO p<span class=\"_ _3\"></span>lc (ii) (iv)<span class=\"_ _3ab\"> </span>85<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Connect Roads Cambridgeshir<span class=\"_ _4\"></span>e Ltd<span class=\"_ _bc\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Holdi<span class=\"_ _3\"></span>ngs Ltd<span class=\"_ _2\"></span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Intermed<span class=\"_ _3\"></span>iate Ltd 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads C<span class=\"_ _3\"></span>oventr<span class=\"_ _3\"></span>y Ltd<span class=\"_ _180\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Ltd (iv)<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Connect Roads Nor<span class=\"_ _3\"></span>thamp<span class=\"_ _4\"></span>tonshire<span class=\"_ _4\"></span> Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Connect Roads Nor<span class=\"_ _3\"></span>thamp<span class=\"_ _4\"></span>tonshire<span class=\"_ _4\"></span> Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3\"></span> 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads N<span class=\"_ _3\"></span>ort<span class=\"_ _3\"></span>hamptonshire Ltd <span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads S<span class=\"_ _3\"></span>outh T<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>neside Ltd<span class=\"_ _e\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Connect Roads Sunderland<span class=\"_ _4\"></span> Holdings Ltd<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nnect Ro<span class=\"_ _3\"></span>ads Sun<span class=\"_ _3\"></span>derla<span class=\"_ _3\"></span>nd Ltd<span class=\"_ _e3\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (Holdings) L<span class=\"_ _4\"></span>td (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 1<span class=\"_ _4\"></span>) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 2) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 3) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 4) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 5) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 7<span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (P<span class=\"_ _3\"></span>hase 7) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Financ<span class=\"_ _3\"></span>e (Holdings) L<span class=\"_ _4\"></span>td (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Eas<span class=\"_ _3\"></span>t Wick a<span class=\"_ _3\"></span>nd Sweetw<span class=\"_ _3\"></span>ater Projec<span class=\"_ _3\"></span>ts (Fi<span class=\"_ _3\"></span>nance) Ltd (iv)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO Hol<span class=\"_ _3\"></span>dings Ltd (ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t Ho<span class=\"_ _3\"></span>lding </span>Co<span class=\"_ _3\"></span>mpany Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO Interme<span class=\"_ _3\"></span>diate Ltd<span class=\"_ _3ab\"> </span>(ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gw<span class=\"_ _3\"></span>ynt y Mo<span class=\"_ _3\"></span>r OF<span class=\"_ _3\"></span>TO plc (ii) (iv)<span class=\"_ _3ab\"> </span>60<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Hold<span class=\"_ _3\"></span>ings Ltd<span class=\"_ _3ab\"> </span>(iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Intermed<span class=\"_ _3\"></span>iate Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Hum<span class=\"_ _3\"></span>ber Gateway O<span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>TO Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession South Cambridgeshir<span class=\"_ _4\"></span>e Projects LLP (v)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ho<span class=\"_ _3\"></span>ldco Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Interm<span class=\"_ _3\"></span>ediate Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Th<span class=\"_ _3\"></span>anet OF<span class=\"_ _3\"></span>TO Ltd (iv)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nne<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>t Plu<span class=\"_ _3\"></span>s Hou<span class=\"_ _3\"></span>se, S<span class=\"_ _3\"></span>t Alb<span class=\"_ _3\"></span>ans R<span class=\"_ _3\"></span>oad, S<span class=\"_ _3\"></span>out<span class=\"_ _3\"></span>h Mim<span class=\"_ _3\"></span>ms, Hert<span class=\"_ _3\"></span>fo<span class=\"_ _4\"></span>rd<span class=\"_ _3\"></span>sh<span class=\"_ _4\"></span>ire EN6<span class=\"_ _4\"></span> 3NP<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Hol<span class=\"_ _3\"></span>dings Ltd (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Interme<span class=\"_ _3\"></span>diate Ltd<span class=\"_ _3ab\"> </span>(iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Issuer p<span class=\"_ _3\"></span>lc (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>nnect P<span class=\"_ _3\"></span>lus (M25<span class=\"_ _3\"></span>) Ltd (iii) (iv)<span class=\"_ _3ab\"> </span>15<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>xi<span class=\"_ _3\"></span>m 7<span class=\"_ _5\"></span>, Ma<span class=\"_ _3\"></span>xim O<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ce Pa<span class=\"_ _3\"></span>rk, P<span class=\"_ _3\"></span>ark<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>ds Aven<span class=\"_ _3\"></span>ue, Eu<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span>l, Holy<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>own ML<span class=\"_ _5\"></span>1 4<span class=\"_ _4\"></span>WQ<span class=\"_ _3ab\"> </span>Holyrood Holdings Lt<span class=\"_ _4\"></span>d <span class=\"_ _1d0\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> Holdings Lt<span class=\"_ _4\"></span>d 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3\"></span> 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Holyrood Student Accommodation plc<span class=\"_ _2\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span></span>Concession<span class=\"_ _3ab\"> </span>Holyrood S<span class=\"_ _4\"></span>tudent<span class=\"_ _4\"></span> Accommodation<span class=\"_ _4\"></span> SP<span class=\"_ _3\"></span>V Ltd 20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Wes<span class=\"_ _3\"></span>tm<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r Hou<span class=\"_ _3\"></span>se, C<span class=\"_ _3\"></span>rom<span class=\"_ _3\"></span>pto<span class=\"_ _3\"></span>n Way<span class=\"_ _5\"></span>, S<span class=\"_ _3\"></span>ege<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>th We<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>, Fareham,<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>ampshire<span class=\"_ _4\"></span> PO15<span class=\"_ _4\"></span> 5SS<span class=\"_ _3ab\"> </span>Pevense<span class=\"_ _4\"></span>y C<span class=\"_ _3\"></span>oastal<span class=\"ls5 ws3\"> </span>Defenc<span class=\"_ _3\"></span>e Ltd 25<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span>Concession<span class=\"_ _3ab\"> </span>C/O Pari<span class=\"_ _3\"></span>o Ltd, 18 R<span class=\"_ _3\"></span>iver<span class=\"_ _3\"></span>sway B<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>ine<span class=\"_ _3\"></span>ss V<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span>age, N<span class=\"_ _3\"></span>avig<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on Way, Pr<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ton PR<span class=\"_ _3\"></span>2 2YP Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Funding plc<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investmen<span class=\"_ _4\"></span>t H<span class=\"_ _3\"></span>olding </span>Co<span class=\"_ _3\"></span>mpany Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Inte<span class=\"_ _3\"></span>rmed<span class=\"_ _3\"></span>iate Ltd<span class=\"_ _3ab\"> </span>40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>nsor<span class=\"_ _3\"></span>t Healt<span class=\"_ _3\"></span>hcare (B<span class=\"_ _3\"></span>irmingh<span class=\"_ _3\"></span>am) Ltd<span class=\"_ _44\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession 9 Am<span class=\"_ _3\"></span>ber<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>de Ho<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>e W<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>od L<span class=\"_ _3\"></span>ane, P<span class=\"_ _3\"></span>ara<span class=\"_ _3\"></span>dis<span class=\"_ _3\"></span>e In<span class=\"_ _3\"></span>dus<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ial E<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ate, Hemel Hempstead,<span class=\"_ _4\"></span> Her<span class=\"_ _3\"></span>tfordshire,<span class=\"_ _4\"></span> England HP2<span class=\"_ _4\"></span> 4TP<span class=\"_ _3ab\"> </span>Peb<span class=\"_ _3\"></span>blehall B<span class=\"_ _3\"></span>io Power Ltd <span class=\"_ _85\"> </span><span class=\"ls4f ws49\">29.2<span class=\"_ _1f4\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Urb<span class=\"_ _3\"></span>an Elec<span class=\"_ _3\"></span>tric Net<span class=\"_ _3\"></span>works Ltd<span class=\"_ _51\"> </span><span class=\"ls4a ws44\">25<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span></span>Concession<span class=\"_ _3ab\"> </span>Wellan<span class=\"_ _3\"></span>d Bio Power Ltd 29.<span class=\"_ _3\"></span>2<span class=\"_ _3f\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  He<span class=\"_ _3\"></span>ld dire<span class=\"_ _3\"></span>ctly b<span class=\"_ _3\"></span>y Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y plc<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>Due to t<span class=\"_ _3\"></span>he shar<span class=\"_ _3\"></span>ehol<span class=\"_ _3\"></span>ders\u2019 a<span class=\"_ _3\"></span>greem<span class=\"_ _3\"></span>ent bet<span class=\"_ _3\"></span>wee<span class=\"_ _3\"></span>n Balfo<span class=\"_ _3\"></span>ur Bea<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>y and th<span class=\"_ _3\"></span>e other s<span class=\"_ _3\"></span>hareh<span class=\"_ _3\"></span>olde<span class=\"_ _3\"></span>rs req<span class=\"_ _3\"></span>uirin<span class=\"_ _3\"></span>g unan<span class=\"_ _3\"></span>imit<span class=\"_ _3\"></span>y of agre<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t in resp<span class=\"_ _3\"></span>ect of si<span class=\"_ _3\"></span>gnif<span class=\"_ _3\"></span>ican<span class=\"_ _3\"></span>t mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to th<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncia<span class=\"_ _3\"></span>l and o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any, the D<span class=\"_ _3\"></span>irecto<span class=\"_ _3\"></span>rs co<span class=\"_ _3\"></span>nside<span class=\"_ _3\"></span>r that t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p doe<span class=\"_ _3\"></span>s not co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>pany an<span class=\"_ _3\"></span>d it has b<span class=\"_ _3\"></span>een ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted as a jo<span class=\"_ _3\"></span>int ventu<span class=\"_ _3\"></span>re. (ii<span class=\"_ _3\"></span>i) <span class=\"_ _6\"></span>T<span class=\"_ _3\"></span>he Gr<span class=\"_ _3\"></span>oup ow<span class=\"_ _3\"></span>ned a 37.5% par<span class=\"_ _3\"></span>tn<span class=\"_ _3\"></span>ershi<span class=\"_ _3\"></span>p interes<span class=\"_ _3\"></span>t in BB<span class=\"_ _3\"></span>DE Or<span class=\"_ _3\"></span>bita<span class=\"_ _3\"></span>l Hold<span class=\"_ _3\"></span>ings L<span class=\"_ _3\"></span>LP at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22. C<span class=\"_ _3\"></span>onne<span class=\"_ _3\"></span>ct Pl<span class=\"_ _3\"></span>us (M2<span class=\"_ _3\"></span>5) Ho<span class=\"_ _3\"></span>ldin<span class=\"_ _3\"></span>gs Ltd an<span class=\"_ _3\"></span>d its su<span class=\"_ _3\"></span>bsid<span class=\"_ _3\"></span>iarie<span class=\"_ _3\"></span>s are 4<span class=\"_ _3\"></span>0% owne<span class=\"_ _3\"></span>d by BB<span class=\"_ _3\"></span>DE O<span class=\"_ _3\"></span>rbit<span class=\"_ _3\"></span>al Ho<span class=\"_ _3\"></span>lding<span class=\"_ _3\"></span>s LL<span class=\"_ _3\"></span>P<span class=\"_ _5\"></span>.<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>v) <span class=\"_ _6\"></span>31 Ma<span class=\"_ _3\"></span>rch yea<span class=\"_ _3\"></span>r end. (v) Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terests held.<span class=\"_ _3ab\"> </span>Jo<span class=\"_ _3\"></span>int ve<span class=\"_ _3\"></span>ntu<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>s inc<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d out<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>de th<span class=\"_ _3\"></span>e Uni<span class=\"_ _3\"></span>ted K<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>gdo<span class=\"_ _3\"></span>m<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Bermuda<span class=\"_ _ae\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>nyer<span class=\"_ _3\"></span>s Dil<span class=\"_ _3\"></span>l &amp; Pear<span class=\"_ _3\"></span>man L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d, Cl<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>ndo<span class=\"_ _3\"></span>n Hou<span class=\"_ _3\"></span>se, 2 C<span class=\"_ _3\"></span>hur<span class=\"_ _3\"></span>ch St<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Hami<span class=\"_ _3\"></span>lto<span class=\"_ _3\"></span>n HM 1<span class=\"_ _4\"></span>1<span class=\"_ _3ab\"> </span>CP B<span class=\"_ _3\"></span>ay Car<span class=\"_ _3\"></span>ry A L<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>CP B<span class=\"_ _3\"></span>ay Car<span class=\"_ _3\"></span>ry B L<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession British Virgin Islands<span class=\"_ _28\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Vi<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ra C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te Se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>es Ce<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>re, W<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>kham<span class=\"_ _3\"></span>s Cay I<span class=\"_ _3\"></span>I Roa<span class=\"_ _3\"></span>d T<span class=\"_ _5\"></span>ow<span class=\"_ _3\"></span>n, To<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> V<span class=\"_ _3\"></span>G<span class=\"_ _3\"></span>1110<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Asi<span class=\"_ _3\"></span>a Ltd <span class=\"_ _3a1\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">M<span class=\"_ _3\"></span>anagement </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Gammon Construction Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Canada<span class=\"_ _100\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>T<span class=\"_ _4\"></span>ayl<span class=\"_ _3\"></span>or M<span class=\"_ _3\"></span>cCa<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>y LLP<span class=\"_ _5\"></span>, 9<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>40<span class=\"_ _3\"></span>0 St<span class=\"_ _3\"></span>. Mar<span class=\"_ _3\"></span>y Aven<span class=\"_ _3\"></span>ue, W<span class=\"_ _3\"></span>inni<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>g, MB, R3C 4K5<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>WH Fa<span class=\"_ _3\"></span>cilities  Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>,LP (iii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>WH FM G<span class=\"_ _3\"></span>P Inc<span class=\"_ _36a\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>WH De<span class=\"_ _3\"></span>sign \u2013 Build G<span class=\"_ _3\"></span>P (iii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Constru<span class=\"_ _3\"></span>ction Servic<span class=\"_ _3\"></span>es<span class=\"_ _4\"></span> </span>China<span class=\"_ _3ab\"> </span>Ho<span class=\"_ _3\"></span>ng Kong Ave<span class=\"_ _3\"></span>nid<span class=\"_ _3\"></span>a da Pr<span class=\"_ _3\"></span>aia G<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>de, n\u00b04<span class=\"_ _3\"></span>29, 25<span class=\"_ _3\"></span>\u00b0 and<span class=\"_ _3\"></span>ar D, em Ma<span class=\"_ _3\"></span>cau BBE<span class=\"_ _3\"></span>&amp;M (M<span class=\"_ _3\"></span>acau) Ltd<span class=\"_ _24\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Electric<span class=\"_ _3\"></span>al and </span></span>Mechanic<span class=\"_ _3\"></span>al Contracting<span class=\"_ _3ab\"> </span>Gammon Building C<span class=\"_ _3\"></span>onstruction (Maca<span class=\"_ _4\"></span>u) L<span class=\"_ _4\"></span>td<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Co<span class=\"_ _3\"></span>nstruction<span class=\"_ _3ab\"> </span></span>No. 4<span class=\"_ _3\"></span>57<span class=\"_ _5\"></span>, S<span class=\"_ _3\"></span>hat<span class=\"_ _3\"></span>ian S<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n, Ga<span class=\"_ _3\"></span>ngga<span class=\"_ _3\"></span>ng Aven<span class=\"_ _3\"></span>ue, Sh<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>an T<span class=\"_ _4\"></span>ow<span class=\"_ _3\"></span>n, Dongguan City,<span class=\"_ _4\"></span> Guangdong Province<span class=\"_ _3ab\"> </span>Don<span class=\"_ _3\"></span>gguan P<span class=\"_ _3\"></span>ristin<span class=\"_ _3\"></span>e Metal Wor<span class=\"_ _3\"></span>ks Ltd<span class=\"_ _1bf\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">M<span class=\"_ _3\"></span>anuf<span class=\"_ _4\"></span>ac<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>uring </span></span>Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>25<span class=\"_ _3\"></span>th Fl<span class=\"_ _3\"></span>oor, Jar<span class=\"_ _3\"></span>din<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>se, 1 C<span class=\"_ _3\"></span>onna<span class=\"_ _3\"></span>ugh<span class=\"_ _3\"></span>t Pla<span class=\"_ _3\"></span>ce, C<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>l, Hon<span class=\"_ _3\"></span>g Kong<span class=\"_ _3ab\"> </span>Sanfield<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>Gammon Constr<span class=\"_ _3\"></span>uction JV Co<span class=\"_ _3\"></span>mpany L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>25<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">C<span class=\"_ _3\"></span>onstruction Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>22<span class=\"_ _3\"></span>/F<span class=\"_ _5\"></span>, T<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>wer 1, The Q<span class=\"_ _3\"></span>uays<span class=\"_ _3\"></span>id<span class=\"_ _3\"></span>e, 77 Ho<span class=\"_ _3\"></span>i Bun R<span class=\"_ _3\"></span>oad<span class=\"_ _3\"></span>, K<span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>un T<span class=\"_ _4\"></span>on<span class=\"_ _3\"></span>g, Kowloon,<span class=\"_ _4\"></span> Hong Kong<span class=\"_ _3ab\"> </span>AsiaBuil<span class=\"_ _3\"></span>d<span class=\"_ _4\"></span> Ltd<span class=\"_ _1ae\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty E&amp;<span class=\"_ _3\"></span>M Ltd<span class=\"_ _84\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>Dig<span class=\"_ _3\"></span>ital G Ltd<span class=\"_ _8\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>T<span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>chnolo<span class=\"_ _3\"></span>gy and Innovation<span class=\"_ _3ab\"> </span>Entasis Ltd<span class=\"_ _1b3\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">General Contracto<span class=\"_ _4\"></span>r<span class=\"_ _3ab\"> </span></span></span>Gammon Building C<span class=\"_ _3\"></span>onstruction Ltd<span class=\"_ _e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>Building Constr<span class=\"_ _3\"></span>uction<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Ca<span class=\"_ _3\"></span>pital Ltd<span class=\"_ _7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>Gam<span class=\"_ _3\"></span>mon Ca<span class=\"_ _3\"></span>pital M<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>ement Ltd <span class=\"_ _e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gam<span class=\"_ _3\"></span>mon China Ltd <span class=\"_ _390\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></span>Co<span class=\"_ _3\"></span>mpany Gammon Con<span class=\"_ _3\"></span>cr<span class=\"_ _4\"></span>ete Ser<span class=\"_ _3\"></span>vices Lt<span class=\"_ _4\"></span>d<span class=\"_ _15\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Gammon Construction (China<span class=\"_ _4\"></span>) Ltd<span class=\"_ _e6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Constr<span class=\"_ _3\"></span>uction<span class=\"_ _3ab\"> </span></span></span>Gammon C<span class=\"_ _3\"></span>onstruction (<span class=\"_ _3\"></span>Vietnam) Holdings Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Constr<span class=\"_ _3\"></span>uction and </span>Project Manag<span class=\"_ _3\"></span>emen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span>Gammon C<span class=\"_ _3\"></span>onstruction Consultants (Shenzhen) Lt<span class=\"_ _4\"></span>d<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span>Gammon Construction Lt<span class=\"_ _4\"></span>d (ii)<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Engineering a<span class=\"_ _4\"></span>nd </span>Construction<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon E&amp;<span class=\"_ _3\"></span>M Ltd<span class=\"_ _263\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Engineering Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></span>Gammon Engineeri<span class=\"_ _4\"></span>ng &amp; Construction Co<span class=\"_ _3\"></span>mpany L<span class=\"_ _3\"></span>td<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Engineering a<span class=\"_ _4\"></span>nd </span>Construction<span class=\"_ _3ab\"> </span>Gammon Engineeri<span class=\"_ _4\"></span>ng Ltd<span class=\"_ _85\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Dor<span class=\"_ _3\"></span>mant<span class=\"_ _3ab\"> </span></span></span>Gam<span class=\"_ _3\"></span>mon Fina<span class=\"_ _3\"></span>nce Ltd <span class=\"_ _1cd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls73 ws80\">Finance and </span></span>Investment<span class=\"_ _4\"></span> Gam<span class=\"_ _3\"></span>mon Interio<span class=\"_ _3\"></span>rs Ltd <span class=\"_ _3c\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>Gammon Mana<span class=\"_ _3\"></span>gement<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Ltd<span class=\"_ _16\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"lsc ws8\">Construction </span></span>Managem<span class=\"_ _3\"></span>en<span class=\"_ _4\"></span>t Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Pla<span class=\"_ _3\"></span>nt Lt<span class=\"_ _4\"></span>d<span class=\"_ _3a1\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls73 ws80\">P<span class=\"_ _3\"></span>lan<span class=\"_ _4\"></span>t and Equipment<span class=\"_ _4\"></span> </span></span>Hire and M<span class=\"_ _3\"></span>aintenan<span class=\"_ _3\"></span>ce Gold T<span class=\"_ _4\"></span>actic<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span> Investment Ltd<span class=\"_ _81\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Into G Ltd<span class=\"_ _ae\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span></span>Inter<span class=\"_ _3\"></span>ior Fit-<span class=\"_ _3\"></span>O<span class=\"_ _3\"></span>ut and Contracting<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>ambeth A<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates Ltd <span class=\"_ _215\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span></span>Ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt and Consultanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Pr<span class=\"_ _3\"></span>istine Met<span class=\"_ _3\"></span>al Works Ltd <span class=\"_ _36\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls15 ws11\">Investment<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>olding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Ireland<span class=\"_ _355\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>3 Dublin<span class=\"_ _4\"></span> Land<span class=\"_ _3\"></span>in<span class=\"_ _4\"></span>g<span class=\"_ _3\"></span>s<span class=\"_ _4\"></span>, Nor<span class=\"_ _3\"></span>th<span class=\"_ _4\"></span> Wall<span class=\"_ _4\"></span> Q<span class=\"_ _3\"></span>ua<span class=\"_ _4\"></span>y<span class=\"_ _4\"></span>, Dublin 1<span class=\"_ _5\"></span>, D01<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>4E0<span class=\"_ _3ab\"> </span>Bal<span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ur Beat<span class=\"_ _3\"></span>ty C<span class=\"_ _3\"></span>LG Ltd <span class=\"_ _1d7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Supp<span class=\"_ _3\"></span>ort Ser<span class=\"_ _3\"></span>vices </span></span>C/O Pari<span class=\"_ _3\"></span>o SPV M<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt L<span class=\"_ _3\"></span>imi<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span>, Sui<span class=\"_ _3\"></span>te 5<span class=\"_ _3\"></span>4, Mor<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>son Ch<span class=\"_ _3\"></span>amb<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>s, 32 N<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sau S<span class=\"_ _3\"></span>t, Du<span class=\"_ _3\"></span>bli<span class=\"_ _3\"></span>n 2, D<span class=\"_ _3\"></span>02 AP<span class=\"_ _3\"></span>29 Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Hol<span class=\"_ _3\"></span>dings Ltd<span class=\"_ _44\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span></span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Hea<span class=\"_ _3\"></span>lthca<span class=\"_ _3\"></span>re Centres PP<span class=\"_ _3\"></span>P Ltd <span class=\"_ _7e\"> </span><span class=\"ls11f ws118\">40<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>Ma<span class=\"_ _3\"></span>lays<span class=\"_ _3\"></span>ia<span class=\"_ _3a2\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Uni<span class=\"_ _3\"></span>t B<span class=\"_ _3\"></span>-9<span class=\"_ _3\"></span>-<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>, Le<span class=\"_ _3\"></span>vel 9, Ca<span class=\"_ _3\"></span>pi<span class=\"_ _3\"></span>tal 2<span class=\"_ _3\"></span>, Oas<span class=\"_ _3\"></span>is S<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>re, N<span class=\"_ _3\"></span>o.2 Ja<span class=\"_ _3\"></span>lan PJU 1A/<span class=\"_ _3\"></span>7<span class=\"_ _4\"></span>A, A<span class=\"_ _3\"></span>ra Da<span class=\"_ _3\"></span>man<span class=\"_ _3\"></span>sar<span class=\"_ _3\"></span>a, 47301 Pe<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span>ing J<span class=\"_ _3\"></span>aya, Se<span class=\"_ _3\"></span>lan<span class=\"_ _3\"></span>gor, Mal<span class=\"_ _3\"></span>aysi<span class=\"_ _3\"></span>a<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Sdn B<span class=\"_ _3\"></span>hd <span class=\"_ _155\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>Pesaka Gammon<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>onstruction<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>dn<span class=\"_ _4\"></span> Bhd 15<span class=\"_ _2f\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span>Philippines<span class=\"_ _24d\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>G/F M<span class=\"_ _3\"></span>aka<span class=\"_ _3\"></span>ti St<span class=\"_ _3\"></span>ock E<span class=\"_ _3\"></span>xc<span class=\"_ _3\"></span>han<span class=\"_ _3\"></span>ge, Ayal<span class=\"_ _3\"></span>a A<span class=\"_ _4\"></span>ve<span class=\"_ _3\"></span>nu<span class=\"_ _3\"></span>e, Mak<span class=\"_ _3\"></span>ati C<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span>, M<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>ro Manila, P<span class=\"_ _4\"></span>hilippine<span class=\"_ _3\"></span>s<span class=\"_ _3ab\"> </span>Gammo<span class=\"_ _3\"></span>n Philippines, In<span class=\"_ _3\"></span>c.<span class=\"_ _85\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"lsc ws8\">General Construction<span class=\"_ _3ab\"> </span></span></span>MG C<span class=\"_ _3\"></span>onstr<span class=\"_ _3\"></span>uction Ventures  Holdings, Inc.<span class=\"_ _3ab\"> </span>16<span class=\"_ _3\"></span>.6<span class=\"_ _3\"></span>5<span class=\"_ _13e\"> </span><span class=\"ls15 ws11\">Proper<span class=\"_ _3\"></span>ty Investmen<span class=\"_ _4\"></span>t<span class=\"_ _3ab\"> </span></span>Singapore<span class=\"_ _3a3\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>239 Ale<span class=\"_ _4\"></span>xandra Ro<span class=\"_ _4\"></span>ad, 15<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>930<span class=\"_ _a8\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Dig<span class=\"_ _3\"></span>ital G (S<span class=\"_ _3\"></span>ingap<span class=\"_ _3\"></span>ore) Pte. Ltd<span class=\"_ _180\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Equipment Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span></span></span>Gammon C<span class=\"_ _3\"></span>onstruction and Engineering<span class=\"_ _4\"></span> P<span class=\"_ _3\"></span>te.<span class=\"_ _4\"></span> Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Constru<span class=\"_ _3\"></span>ction Servic<span class=\"_ _3\"></span>es<span class=\"_ _3ab\"> </span></span>Gammon Construction<span class=\"_ _4\"></span> H<span class=\"_ _3\"></span>oldi<span class=\"_ _4\"></span>ngs (S) P<span class=\"_ _3\"></span>te. Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls15 ws11\">Investment Holding </span>Co<span class=\"_ _3\"></span>mpany<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Gam<span class=\"_ _3\"></span>mon P<span class=\"_ _3\"></span>te. Ltd<span class=\"_ _181\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"lsc ws8\">Engineering<span class=\"_ _4\"></span> and </span></span>Construction<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>ambeth A<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iates Desi<span class=\"_ _3\"></span>gn &amp; Co<span class=\"_ _3\"></span>nsultan<span class=\"_ _3\"></span>cy P<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span>e Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">M<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent and </span>Consultanc<span class=\"_ _3\"></span>y<span class=\"_ _4\"></span> S<span class=\"_ _3\"></span>ervices Thailand <span class=\"_ _130\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>21<span class=\"_ _4\"></span>st Floor<span class=\"_ _4\"></span>, Times Square Build<span class=\"_ _3\"></span>ing,<span class=\"_ _4\"></span> 246 Sukhumvit Road, Klongtoey Sub-<span class=\"_ _3\"></span>District, Klongtoey District, Bangkok<span class=\"_ _4\"></span> 10<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>10<span class=\"_ _4\"></span>, Thailand<span class=\"_ _3ab\"> </span>Gammon (<span class=\"_ _3\"></span>Thailan<span class=\"_ _3\"></span>d) L<span class=\"_ _4\"></span>td<span class=\"_ _1af\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orma<span class=\"_ _3\"></span>nt<span class=\"_ _3ab\"> </span></span></span>23<span class=\"_ _3\"></span>rd Fl<span class=\"_ _3\"></span>oor, Tim<span class=\"_ _3\"></span>es S<span class=\"_ _3\"></span>qua<span class=\"_ _3\"></span>re Bu<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>ing<span class=\"_ _3\"></span>, 246 Sukhumvit Road, Klongtoey<span class=\"_ _4\"></span> Sub-Di<span class=\"_ _3\"></span>strict, Klongtoey<span class=\"_ _4\"></span> Distric<span class=\"_ _3\"></span>t, Bangkok<span class=\"_ _4\"></span> 10<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0, Thailand<span class=\"_ _3ab\"> </span>Gammon C<span class=\"_ _3\"></span>onstruction (<span class=\"_ _3\"></span>Thailand) Ltd<span class=\"_ _25d\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>Th<span class=\"_ _3\"></span>ai Gamm<span class=\"_ _3\"></span>on Ltd<span class=\"_ _396\"> </span><span class=\"ls109 ws87\">24.<span class=\"_ _3\"></span>5<span class=\"_ _1f4\"> </span><span class=\"ls3c ws37\">D<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>ant<span class=\"_ _3ab\"> </span></span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _1b7\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny 1201 Hays S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, T<span class=\"_ _4\"></span>al<span class=\"_ _3\"></span>lah<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>see F<span class=\"_ _3\"></span>L 32<span class=\"_ _3\"></span>301 C-<span class=\"_ _3\"></span>BB Management, LLC<span class=\"_ _1d6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>C-<span class=\"_ _3\"></span>BBC Devel<span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>pme<span class=\"_ _4\"></span>nt, LLC<span class=\"_ _119\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _3ab\"> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, d<span class=\"_ _3\"></span>/b/<span class=\"_ _4\"></span>a C<span class=\"_ _3\"></span>SC-<span class=\"_ _3\"></span>La<span class=\"_ _3\"></span>wye<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>, In<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e Co<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 21<span class=\"_ _4\"></span>1 E<span class=\"_ _3\"></span>. 7th S<span class=\"_ _3\"></span>tre<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>, Sui<span class=\"_ _3\"></span>te 6<span class=\"_ _3\"></span>20, Aus<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>n TX 7<span class=\"_ _3\"></span>8701-3<span class=\"_ _3\"></span>2<span class=\"_ _4\"></span>18<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s, LP (iii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 2,LP (iii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Investment<span class=\"_ _4\"></span> No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 3, LP (i)(iii)<span class=\"_ _3ab\"> </span>70<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">In<span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>astructure </span>Concession No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Par<span class=\"_ _3\"></span>tner<span class=\"_ _3\"></span>s 4, LP (i)(iii)<span class=\"_ _3ab\"> </span>65<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Nor<span class=\"_ _3\"></span>thside Campus General Par<span class=\"_ _3\"></span>tner<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, W<span class=\"_ _3\"></span>ilmi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>ton DE1<span class=\"_ _3\"></span>98<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>8 BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Caro<span class=\"_ _3\"></span>lina Cove, L<span class=\"_ _3\"></span>LC<span class=\"_ _be\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Chena<span class=\"_ _3\"></span>l Pointe, LLC<span class=\"_ _be\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Cit<span class=\"_ _3\"></span>y Lake, L<span class=\"_ _3\"></span>LC<span class=\"_ _d6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Lan<span class=\"_ _3\"></span>dings, L<span class=\"_ _3\"></span>LC<span class=\"_ _f6\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Lexing<span class=\"_ _3\"></span>ton, LLC<span class=\"_ _15\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Moret<span class=\"_ _3\"></span>ti, LLC<span class=\"_ _b2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Pace<span class=\"_ _3\"></span>s Brook<span class=\"_ _3\"></span>, LLC<span class=\"_ _f4\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Retreat<span class=\"_ _3\"></span>, LLC<span class=\"_ _b2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Investment<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Riverch<span class=\"_ _3\"></span>ase L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne San M<span class=\"_ _3\"></span>ateo, LLC<span class=\"_ _ba\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Sout<span class=\"_ _3\"></span>hwind, L<span class=\"_ _3\"></span>LC<span class=\"_ _b9\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC \u2013 A<span class=\"_ _3\"></span>pexO<span class=\"_ _3\"></span>ne Wolfcha<span class=\"_ _3\"></span>se, LLC<span class=\"_ _db\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> BBC A<span class=\"_ _3\"></span>rmy Integ<span class=\"_ _3\"></span>rated, L<span class=\"_ _3\"></span>LC<span class=\"_ _1f6\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> C<span class=\"_ _3\"></span>arolina C<span class=\"_ _3\"></span>ove (W<span class=\"_ _3\"></span>ilmin<span class=\"_ _3\"></span>gton) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Chen<span class=\"_ _3\"></span>al Pointe (L<span class=\"_ _3\"></span>ittle R<span class=\"_ _3\"></span>ock<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Cit<span class=\"_ _3\"></span>y L<span class=\"_ _3\"></span>ak<span class=\"_ _4\"></span>e (<span class=\"_ _3\"></span>Houston) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _57\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Inte<span class=\"_ _3\"></span>grated E<span class=\"_ _3\"></span>xpress S<span class=\"_ _3\"></span>olutio<span class=\"_ _3\"></span>ns Holdco, LLC<span class=\"_ _3ab\"> </span>27<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span>Concession L<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>X Int<span class=\"_ _4\"></span>egrated Express Solutions,<span class=\"_ _4\"></span> LLC<span class=\"_ _3ab\"> </span>27<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span>Concession L<span class=\"_ _3\"></span>anding<span class=\"_ _3\"></span>s (Jac<span class=\"_ _3\"></span>ksonville) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _172\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture </span></span>Investment<span class=\"_ _4\"></span> Lexin<span class=\"_ _3\"></span>gton (Rid<span class=\"_ _3\"></span>gelan<span class=\"_ _3\"></span>d) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _1a7\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> Mo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>et<span class=\"_ _3\"></span>ti (H<span class=\"_ _3\"></span>omewoo<span class=\"_ _3\"></span>d) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _11f\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> No<span class=\"_ _3\"></span>rthsi<span class=\"_ _3\"></span>de Ca<span class=\"_ _3\"></span>mpus Lim<span class=\"_ _3\"></span>ited Par<span class=\"_ _3\"></span>tner, LLC<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession Pac<span class=\"_ _3\"></span>es Brook (<span class=\"_ _3\"></span>Colum<span class=\"_ _3\"></span>bia) Ow<span class=\"_ _3\"></span>ner<span class=\"_ _4\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _bd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Retreat at Schilling<span class=\"_ _3\"></span>er (Mobil<span class=\"_ _3\"></span>e)<span class=\"_ _4\"></span> O<span class=\"_ _3\"></span>wner<span class=\"_ _4\"></span>, LLC<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Riverc<span class=\"_ _3\"></span>hase L<span class=\"_ _3\"></span>anding (<span class=\"_ _3\"></span>Hoover<span class=\"_ _3\"></span>) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, LLC<span class=\"_ _3ab\"> </span>7.<span class=\"_ _2\"></span>5<span class=\"_ _d5\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _4\"></span> Sa<span class=\"_ _3\"></span>n Mateo (K<span class=\"_ _3\"></span>issimm<span class=\"_ _3\"></span>ee) Own<span class=\"_ _3\"></span>er<span class=\"_ _4\"></span>, LLC<span class=\"_ _bd\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> So<span class=\"_ _3\"></span>uthwind (<span class=\"_ _3\"></span>Memphi<span class=\"_ _3\"></span>s) Owne<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>, L<span class=\"_ _3\"></span>LC<span class=\"_ _4c\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Investment<span class=\"_ _4\"></span> Southwind<span class=\"_ _4\"></span> (<span class=\"_ _3\"></span>Memphi<span class=\"_ _4\"></span>s) Holdings, LLC<span class=\"_ _1c4\"> </span><span class=\"ls5f ws57\">20<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Swif<span class=\"_ _3\"></span>tsure H<span class=\"_ _3\"></span>ousing Pa<span class=\"_ _3\"></span>rtne<span class=\"_ _3\"></span>rs, LLC<span class=\"_ _cf\"> </span><span class=\"lsa9 wsa0\">23<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>T-BBA Riverchas<span class=\"_ _4\"></span>e Holdings, LLC<span class=\"_ _db\"> </span><span class=\"ls147 ws13c\">7.<span class=\"_ _3\"></span>5<span class=\"_ _f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>V<span class=\"_ _3\"></span>iew SA Ho<span class=\"_ _3\"></span>lding C<span class=\"_ _3\"></span>ompany L<span class=\"_ _3\"></span>P (i)(iii)<span class=\"_ _3ab\"> </span>87<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _3ab\"> </span>V<span class=\"_ _3\"></span>iew SA LLC (i)<span class=\"_ _3ab\"> </span>87<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Investment<span class=\"_ _3ab\"> </span>Wolfch<span class=\"_ _3\"></span>ase (Ba<span class=\"_ _3\"></span>rtlet<span class=\"_ _3\"></span>t) O<span class=\"_ _3\"></span>wner, LLC<span class=\"_ _db\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _4\"></span> Corporation Ser<span class=\"_ _3\"></span>vice Company<span class=\"_ _5\"></span>, 1900 W<span class=\"_ _4\"></span> Li<span class=\"_ _3\"></span>ttleton Blvd.,<span class=\"_ _4\"></span> Li<span class=\"_ _3\"></span>ttleton, CO 8<span class=\"_ _3\"></span>0120 Denver<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransit Constructors<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _ce\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">D<span class=\"_ _3\"></span>esign an<span class=\"_ _3\"></span>d </span></span>Construction<span class=\"_ _3ab\"> </span>Denver<span class=\"_ _4\"></span> T<span class=\"_ _4\"></span>ransit Operators<span class=\"_ _4\"></span> L<span class=\"_ _3\"></span>L<span class=\"_ _4\"></span>C<span class=\"_ _128\"> </span><span class=\"lsaa ws69\">3<span class=\"_ _3\"></span>3.3<span class=\"_ _3f\"> </span><span class=\"ls5 ws3\">Op<span class=\"_ _3\"></span>erations a<span class=\"_ _3\"></span>nd </span></span>Maintanence<span class=\"_ _3ab\"> </span>Denver T<span class=\"_ _5\"></span>ransit Systems LLC<span class=\"_ _7e\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c3\"> </span><span class=\"ls5 ws3\">D<span class=\"_ _3\"></span>esign an<span class=\"_ _3\"></span>d </span></span>Construction<span class=\"_ _3ab\"> </span> Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>Re<span class=\"_ _3\"></span>gis<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>d Agen<span class=\"_ _3\"></span>t Sol<span class=\"_ _3\"></span>uti<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>, Inc<span class=\"_ _3\"></span>. 9 E Lo<span class=\"_ _3\"></span>ocke<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>n St<span class=\"_ _3\"></span>ree<span class=\"_ _3\"></span>t, S<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>e 31<span class=\"_ _5\"></span>1 D<span class=\"_ _3\"></span>over DE 19<span class=\"_ _3\"></span>901<span class=\"_ _3ab\"> </span>United C<span class=\"_ _3\"></span>ampu<span class=\"_ _3\"></span>s Par<span class=\"_ _3\"></span>tners, L<span class=\"_ _3\"></span>LC<span class=\"_ _f2\"> </span><span class=\"lsb4 wsad\">50<span class=\"_ _c6\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Investment<span class=\"_ _3ab\"> </span>Vietnam<span class=\"_ _2fe\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>5t<span class=\"_ _3\"></span>h Floo<span class=\"_ _3\"></span>r<span class=\"_ _4\"></span>, Ge<span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>dep<span class=\"_ _3\"></span>t T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>wer, 2Bi<span class=\"_ _3\"></span>s\u2013<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>\u2013<span class=\"_ _3\"></span>6 L<span class=\"_ _3\"></span>e Than<span class=\"_ _3\"></span>h T<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>n Str<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>t, B<span class=\"_ _3\"></span>en Ng<span class=\"_ _3\"></span>he War<span class=\"_ _3\"></span>d, Di<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>t 1, Ho Ch<span class=\"_ _3\"></span>i Min<span class=\"_ _3\"></span>h Ci<span class=\"_ _3\"></span>ty, Vie<span class=\"_ _3\"></span>tn<span class=\"_ _3\"></span>am<span class=\"_ _3ab\"> </span>Gam<span class=\"_ _3\"></span>mon Co<span class=\"_ _3\"></span>nstruc<span class=\"_ _3\"></span>tion V<span class=\"_ _3\"></span>ietnam C<span class=\"_ _3\"></span>o. Ltd<span class=\"_ _3ab\"> </span>50<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Building Co<span class=\"_ _3\"></span>nstruction </span>and M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>ment Ser<span class=\"_ _3\"></span>vices<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Du<span class=\"_ _3\"></span>e to the sh<span class=\"_ _3\"></span>areho<span class=\"_ _3\"></span>lder<span class=\"_ _3\"></span>s\u2019 agre<span class=\"_ _3\"></span>ement b<span class=\"_ _3\"></span>etwe<span class=\"_ _3\"></span>en Bal<span class=\"_ _3\"></span>four Be<span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he othe<span class=\"_ _3\"></span>r share<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>ers req<span class=\"_ _3\"></span>uirin<span class=\"_ _3\"></span>g unan<span class=\"_ _3\"></span>imit<span class=\"_ _3\"></span>y of agre<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t in resp<span class=\"_ _3\"></span>ect of si<span class=\"_ _3\"></span>gnif<span class=\"_ _3\"></span>ican<span class=\"_ _3\"></span>t mat<span class=\"_ _3\"></span>ters rel<span class=\"_ _3\"></span>ated to th<span class=\"_ _3\"></span>e fina<span class=\"_ _3\"></span>ncia<span class=\"_ _3\"></span>l and o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating p<span class=\"_ _3\"></span>olic<span class=\"_ _3\"></span>ies of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any, the D<span class=\"_ _3\"></span>irecto<span class=\"_ _3\"></span>rs co<span class=\"_ _3\"></span>nside<span class=\"_ _3\"></span>r that t<span class=\"_ _3\"></span>he Grou<span class=\"_ _3\"></span>p doe<span class=\"_ _3\"></span>s not co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>pany an<span class=\"_ _3\"></span>d it has b<span class=\"_ _3\"></span>een ac<span class=\"_ _3\"></span>coun<span class=\"_ _3\"></span>ted for as a j<span class=\"_ _3\"></span>oint ve<span class=\"_ _3\"></span>nture. (ii<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span> Prefe<span class=\"_ _3\"></span>rence s<span class=\"_ _3\"></span>hares a<span class=\"_ _3\"></span>nd/o<span class=\"_ _3\"></span>r defer<span class=\"_ _3\"></span>red sh<span class=\"_ _3\"></span>ares als<span class=\"_ _3\"></span>o held<span class=\"_ _3\"></span>.<span class=\"_ _3ab\"> </span>(iii) <span class=\"_ _6\"></span> Par<span class=\"_ _3\"></span>tnership in<span class=\"_ _4\"></span>terest held.<span class=\"_ _3ab\"> </span>Entity<span class=\"_ _3ab\"> </span>% he<span class=\"_ _3\"></span>ld by the Group<span class=\"_ _b\"> </span><span class=\"lsd1 wsc5\">Princi<span class=\"_ _3\"></span>pal<span class=\"_ _4\"></span> acti<span class=\"_ _3\"></span>vity<span class=\"_ _3ab\"> </span></span>United Kingdom<span class=\"_ _396\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>As<span class=\"_ _3\"></span>hfo<span class=\"_ _3\"></span>rd Ho<span class=\"_ _3\"></span>use<span class=\"_ _3\"></span>, Gre<span class=\"_ _3\"></span>nad<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>r Road<span class=\"_ _3\"></span>, Exe<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r EX1 3LH<span class=\"_ _3ab\"> </span>UBB W<span class=\"_ _3\"></span>aste (Ess<span class=\"_ _3\"></span>e<span class=\"_ _4\"></span>x<span class=\"_ _3\"></span>) Ltd<span class=\"_ _41\"> </span><span class=\"ls105 wsc2\">30<span class=\"_ _c3\"> </span><span class=\"ls3c ws37\">Do<span class=\"_ _3\"></span>rmant<span class=\"_ _3ab\"> </span></span></span>United Sta<span class=\"_ _3\"></span>tes<span class=\"_ _1b7\"> </span><span class=\"ls5 ws3\"> <span class=\"_ _128\"> </span> </span>Co<span class=\"_ _3\"></span>rpo<span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ion S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce C<span class=\"_ _3\"></span>ompa<span class=\"_ _3\"></span>ny<span class=\"_ _4\"></span>, 2<span class=\"_ _3\"></span>5<span class=\"_ _4\"></span>1 L<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>tl<span class=\"_ _3\"></span>e Fall<span class=\"_ _3\"></span>s Dri<span class=\"_ _3\"></span>ve, Wi<span class=\"_ _3\"></span>lmi<span class=\"_ _3\"></span>ngt<span class=\"_ _3\"></span>on DE 19<span class=\"_ _3\"></span>808<span class=\"_ _3ab\"> </span>ACC G<span class=\"_ _3\"></span>roup Hou<span class=\"_ _3\"></span>sing, L<span class=\"_ _3\"></span>LC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>AE<span class=\"_ _3\"></span>TC H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>80<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>A<span class=\"_ _3\"></span>MC West H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>C<span class=\"_ _3\"></span>arlisle<span class=\"_ _3\"></span>/P<span class=\"_ _3\"></span>icatinny F<span class=\"_ _3\"></span>amily Ho<span class=\"_ _3\"></span>using LP (ii) 10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>FDWR Pare<span class=\"_ _4\"></span>nt LLC<span class=\"_ _30\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Blis<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>hite S<span class=\"_ _3\"></span>ands Mis<span class=\"_ _3\"></span>sile Rang<span class=\"_ _3\"></span>e Hou<span class=\"_ _3\"></span>sing LP (ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>arson Fa<span class=\"_ _3\"></span>mily Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _57\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Detr<span class=\"_ _3\"></span>ick<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>Wa<span class=\"_ _3\"></span>lter Reed A<span class=\"_ _3\"></span>rmy Me<span class=\"_ _3\"></span>dical C<span class=\"_ _3\"></span>enter Hous<span class=\"_ _3\"></span>ing LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Eustis<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>For<span class=\"_ _3\"></span>t Stor<span class=\"_ _3\"></span>y Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _55\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Gordon Housing LLC<span class=\"_ _85\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastruc<span class=\"_ _3\"></span>tur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t Ha<span class=\"_ _3\"></span>milton Hou<span class=\"_ _3\"></span>sing LLC<span class=\"_ _ad\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>For<span class=\"_ _3\"></span>t<span class=\"_ _4\"></span> Jackson Housing LLC<span class=\"_ _9a\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>L<span class=\"_ _3\"></span>acklan<span class=\"_ _3\"></span>d Family H<span class=\"_ _3\"></span>ousing<span class=\"_ _3\"></span>, LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Leo<span class=\"_ _3\"></span>nard Woo<span class=\"_ _3\"></span>d Family C<span class=\"_ _3\"></span>ommunit<span class=\"_ _3\"></span>ies, LLC<span class=\"_ _3ab\"> </span>10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">I<span class=\"_ _3\"></span>n<span class=\"_ _4\"></span>frastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span>Concession<span class=\"_ _3ab\"> </span>Nor<span class=\"_ _3\"></span>theast Housing LLC<span class=\"_ _fd\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastr<span class=\"_ _3\"></span>ucture<span class=\"_ _4\"></span> </span></span>Concession<span class=\"_ _3ab\"> </span>No<span class=\"_ _3\"></span>rthe<span class=\"_ _3\"></span>rn Group H<span class=\"_ _3\"></span>ousing<span class=\"_ _3\"></span>, LLC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>So<span class=\"_ _3\"></span>utheast H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC (i)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Stewar<span class=\"_ _3\"></span>t Hunter H<span class=\"_ _3\"></span>ousing L<span class=\"_ _3\"></span>LC<span class=\"_ _180\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _2f\"> </span><span class=\"ls14 ws10\">Infrastructure </span></span>Concession<span class=\"_ _3ab\"> </span>Vanden<span class=\"_ _3\"></span>berg Ho<span class=\"_ _3\"></span>using LP (i)(ii)<span class=\"_ _3ab\"> </span>90<span class=\"_ _c3\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>Wester<span class=\"_ _3\"></span>n Group Ho<span class=\"_ _3\"></span>using, L<span class=\"_ _3\"></span>P (i)(ii)<span class=\"_ _3ab\"> </span>10<span class=\"_ _3\"></span>0<span class=\"_ _db\"> </span><span class=\"ls14 ws10\">Infrastructure </span>Concession<span class=\"_ _3ab\"> </span>West Po<span class=\"_ _3\"></span>int Housin<span class=\"_ _3\"></span>g LLC<span class=\"_ _13f\"> </span><span class=\"ls89 ws88\">10<span class=\"_ _d6\"> </span><span class=\"ls14 ws10\">Infrastru<span class=\"_ _3\"></span>ctur<span class=\"_ _4\"></span>e </span></span>Concession<span class=\"_ _3ab\"> </span>Notes<span class=\"_ _3ab\"> </span>(i<span class=\"_ _3\"></span>)  Th<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p evalu<span class=\"_ _3\"></span>ated ea<span class=\"_ _3\"></span>ch of it<span class=\"_ _3\"></span>s interes<span class=\"_ _3\"></span>ts in th<span class=\"_ _3\"></span>e milit<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y housi<span class=\"_ _3\"></span>ng proj<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>s to deter<span class=\"_ _3\"></span>mine if the a<span class=\"_ _3\"></span>ssoc<span class=\"_ _3\"></span>iate<span class=\"_ _3\"></span>d entit<span class=\"_ _3\"></span>ies sho<span class=\"_ _3\"></span>uld be c<span class=\"_ _3\"></span>onso<span class=\"_ _3\"></span>lida<span class=\"_ _3\"></span>ted. T<span class=\"_ _3\"></span>his an<span class=\"_ _3\"></span>alysi<span class=\"_ _3\"></span>s incl<span class=\"_ _3\"></span>uded<span class=\"_ _3\"></span>, but wa<span class=\"_ _3\"></span>s not lim<span class=\"_ _3\"></span>ited to, i<span class=\"_ _3\"></span>denti<span class=\"_ _3\"></span>fyi<span class=\"_ _3\"></span>ng the a<span class=\"_ _3\"></span>ctiv<span class=\"_ _3\"></span>itie<span class=\"_ _3\"></span>s that m<span class=\"_ _3\"></span>ost sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cantl<span class=\"_ _3\"></span>y imp<span class=\"_ _3\"></span>act an e<span class=\"_ _3\"></span>ntit<span class=\"_ _3\"></span>y\u2019s eco<span class=\"_ _3\"></span>nomi<span class=\"_ _3\"></span>c pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>manc<span class=\"_ _3\"></span>e, whi<span class=\"_ _3\"></span>ch par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or par<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s cont<span class=\"_ _3\"></span>rol tho<span class=\"_ _3\"></span>se act<span class=\"_ _3\"></span>ivit<span class=\"_ _3\"></span>ies and t<span class=\"_ _3\"></span>he ris<span class=\"_ _3\"></span>ks asso<span class=\"_ _3\"></span>ciat<span class=\"_ _3\"></span>ed wit<span class=\"_ _3\"></span>h the<span class=\"_ _3\"></span>se enti<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span>. Deci<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>maki<span class=\"_ _3\"></span>ng powe<span class=\"_ _3\"></span>r over key fa<span class=\"_ _3\"></span>cets of t<span class=\"_ _3\"></span>he cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts were ev<span class=\"_ _3\"></span>aluate<span class=\"_ _3\"></span>d wh<span class=\"_ _3\"></span>en deter<span class=\"_ _3\"></span>minin<span class=\"_ _3\"></span>g whic<span class=\"_ _3\"></span>h par<span class=\"_ _3\"></span>ty o<span class=\"_ _3\"></span>r par<span class=\"_ _3\"></span>ties h<span class=\"_ _3\"></span>ad co<span class=\"_ _3\"></span>ntrol ove<span class=\"_ _3\"></span>r the ac<span class=\"_ _3\"></span>tivi<span class=\"_ _3\"></span>ties t<span class=\"_ _3\"></span>hat mos<span class=\"_ _3\"></span>t sign<span class=\"_ _3\"></span>ific<span class=\"_ _3\"></span>antly<span class=\"_ _3\"></span> imp<span class=\"_ _3\"></span>act a p<span class=\"_ _3\"></span>rojec<span class=\"_ _3\"></span>t\u2019s ec<span class=\"_ _3\"></span>onomi<span class=\"_ _3\"></span>cs. B<span class=\"_ _3\"></span>ased o<span class=\"_ _3\"></span>n this rev<span class=\"_ _3\"></span>iew, the Di<span class=\"_ _3\"></span>recto<span class=\"_ _3\"></span>rs con<span class=\"_ _3\"></span>side<span class=\"_ _3\"></span>r that th<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up doe<span class=\"_ _3\"></span>s not hav<span class=\"_ _3\"></span>e the po<span class=\"_ _3\"></span>wer to dire<span class=\"_ _3\"></span>ct the<span class=\"_ _3\"></span>se ac<span class=\"_ _3\"></span>tivi<span class=\"_ _3\"></span>ties an<span class=\"_ _3\"></span>d does n<span class=\"_ _3\"></span>ot cont<span class=\"_ _3\"></span>rol or j<span class=\"_ _3\"></span>ointl<span class=\"_ _3\"></span>y co<span class=\"_ _3\"></span>ntrol th<span class=\"_ _3\"></span>em and t<span class=\"_ _3\"></span>herefor<span class=\"_ _3\"></span>e the ent<span class=\"_ _3\"></span>ities h<span class=\"_ _3\"></span>ave bee<span class=\"_ _3\"></span>n acc<span class=\"_ _3\"></span>ounted f<span class=\"_ _3\"></span>or as ass<span class=\"_ _3\"></span>oci<span class=\"_ _3\"></span>ated un<span class=\"_ _3\"></span>der<span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>ngs.<span class=\"_ _3\"></span> (ii) <span class=\"_ _3\"></span>Partnership interests<span class=\"_ _4\"></span> held.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  }
 }
}