Key figures and financial ratios – year

(DKK million)

	2021	2020	2019	2018	2017
Hearing Healthcare
Revenue	17,235	13,163	14,946	13,937	13,189
Growth in %	31	-13	4	7	9
Gross margin %	77.0	73.6	75.8	77.4	76.0
EBIT	3,508	1,211	2,085	2,428	2,295
EBIT margin %	20.4	9.2	14.0	17.4	17.4
Communications
Revenue	1,183	1,306	-	-	-
Growth in %	-9	-	-	-	-
Gross margin %	48.3	50.3	-	-	-
EBIT	-122	102	66	104	43
EBIT margin %	-10.3	7.8	-	-	-
Group
Total revenue for the Group
Revenue	18,418	14,469	14,946	13,937	13,189
Revenue	18,388	14,469	14,946	13,937	13,189
Growth in %	27	-13	4	7	9
Gross profit for the Group
Gross margin %	75.2	71.5	75.8	77.7	76.3
Gross margin %	74.8	70.4	75.8	77.4	76.0
EBIT	4,536	2,578	3,110	2,978	2,742
EBIT margin %	24.7	17.8	20.8	21.4	20.8
Operating profit for the Group
EBIT	3,386	1,313	2,151	2,652	2,504
EBIT margin %	18.4	9.1	14.4	19.0	19.0
Operating profit for the Group	3,445	1,530	2,151	2,532	2,338
EBIT margin %	18.7	10.6	14.4	18.2	17.7
Profit/(loss) after tax	-202	-194	-240	-164	-111
Profit for the year attributable to owners of the parent	2,528	1,134	1,467	1,830	1,759

	2021	2020	2019	2018	2017
(DKK million)

Statement of financial position
Assets
Property, plant and equipment	24,860	21,927	21,798	17,935	16,222
Intangible assets	9,150	7,135	8,185	5,835	4,030
Other assets	7,981	8,279	7,645	7,059	7,433
Non-current assets	42,000	37,341	37,628	30,829	27,685
Current assets
Inventory	3,275	2,710	2,149	1,765	2,023
Inventory	3,275	2,621	2,149	1,683	1,872
Trade receivables	542	493	561	409	292
Other receivables	2,525	2,023	1,338	1,185	1,387
Cash and cash equivalents	3,200	197	946	1,751	1,031
Total assets	51,542	42,774	42,622	35,774	33,418
Liabilities and equity
Equity
Total equity	18,418	14,469	14,946	13,937	13,189
Non-current liabilities
Long-term debt	3,386	1,313	2,151	2,652	2,504
Other non-current liabilities	3,445	1,530	2,151	2,532	2,338
Current liabilities
Short-term debt	-202	-194	-240	-164	-111
Trade payables	2,528	1,134	1,467	1,830	1,759
Total liabilities	33,124	28,305	27,676	21,837	20,229
Total liabilities and equity	51,542	42,774	42,622	35,774	33,418

	2021	2020	2019	2018	2017
(DKK million)
Statement of cash flows
Cash flow from operating activities	24,860	21,927	21,798	17,935	16,222
Cash flow from investing activities	-9,150	-7,135	-8,185	-5,835	-4,030
Depreciation, amortisation and impairment losses	7,981	8,279	7,645	7,059	7,433
Operating income
EBITDA	31,712	24,942	25,649	18,734	17,918
EBIT	3,275	2,710	2,149	1,765	2,023
EBITDA	3,275	2,621	2,149	1,683	1,872
Depreciation, amortisation and impairment losses	542	493	561	409	292
Changes in working capital	2,525	2,023	1,338	1,185	1,387
Cash flow from operations	3,200	197	946	1,751	1,031
Cash flow from investing activities
Acquisitions of property, plant and equipment	-30.7	-14.3	-19.5	-25.7	-24.0
Amortisation of intangible assets	-32.1	-37.8	-35.1	-39.4	-45.8
Interest coverage ratio	2.0	2.8	2.6	2.0	1.5
Profit margin	10.70	4.68	6.00	7.32	6.84
Net profit margin	10.75	8.44	5.49	4.76	5.41
Return on equity	31.3	51.4	35.0	25.3	25.4
Dividend per share	335.10	240.60	209.80	184.90	173.50
Employees
Full-time employees	77,117	57,718	50,470	45,308	43,864
Full-time employees	17,500	16,155	15,352	14,250	13,280

	2021	2020	2019	2018	2017
(DKK million)
Statement of financial position
Assets
Property, plant and equipment	24,860	23,579	21,927	22,067	21,798
Intangible assets	9,150	8,573	7,135	8,388	8,185
Other assets	7,981	7,796	8,279	7,449	7,645
Non-current assets	42,000	40,000	37,341	37,904	37,628
Current assets
Inventory	1,764	1,511	1,944	766	1,102
Inventory	1,764	1,511	1,892	729	1,102
Trade receivables	339	203	251	242	310
Other receivables	1,291	1,234	1,534	489	636
Cash and cash equivalents	1,387	1,813	-	197	682
Total assets	46,781	44,761	42,622	40,132	41,358
Liabilities and equity
Equity
Total equity	18,418	14,469	14,946	13,937	13,189
Non-current liabilities
Long-term debt	1,764	1,511	1,944	766	1,102
Other non-current liabilities	1,764	1,511	1,892	729	1,102
Current liabilities
Short-term debt	339	203	251	242	310
Trade payables	1,291	1,234	1,534	489	636
Total liabilities	28,363	30,292	27,676	21,837	20,229
Total liabilities and equity	46,781	44,761	42,622	40,132	41,358

	2021	2020	2019	2018	2017
(DKK million)
Statement of cash flows
Cash flow from operating activities	24,860	23,579	21,927	21,067	21,798
Cash flow from investing activities	-9,150	-8,573	-7,135	-8,388	-8,185
Depreciation, amortisation and impairment losses	7,981	7,796	8,279	7,449	7,645
Operating income
EBITDA	34,991	31,375	29,962	29,516	29,443
EBIT	1,764	1,511	1,944	766	1,102
EBITDA	1,764	1,511	1,892	729	1,102
Depreciation, amortisation and impairment losses	339	203	251	242	310
Changes in working capital	1,291	1,234	1,534	489	636
Cash flow from operations	1,387	1,813	-	197	682
Cash flow from investing activities
Acquisitions of property, plant and equipment	-31.3	-28.3	-25.7	-3.2	-18.0
Amortisation of intangible assets	-32.1	-33.1	-37.8	-33.8	-35.1
Interest coverage ratio	2.0	2.1	2.8	3.9	2.6
Profit margin	5.76	4.94	4.18	0.50	2.87
Net profit margin	5.56	5.19	6.40	2.04	2.62
Return on equity	58.8	71.5	57.6	349.8	73.1
Dividend per share	335.10	353.00	240.60	174.90	209.80
Employees
Full-time employees	77,117	82,569	57,718	41,917	50,470
Full-time employees	17,817	17,184	16,203	16,107	15,660

	2021	2020	2019	2018	2017
(DKK million)
Key figures and financial ratios – half-year

Hearing Healthcare
Revenue	8,844	8,391	7,631	5,532	7,596
Growth in %	14	55	2	-27	3
Gross margin %	77.5	76.5	74.5	72.3	74.0
EBIT	1,826	1,682	1,425	-214	1,000
EBIT margin %	20.6	20.0	18.7	-3.9	13.2
Communications
Revenue	562	621	760	546	-
Growth in %	-27	16	-	-	-
Gross margin %	48.2	48.3	52.9	46.7	-
EBIT	-78	-44	81	21	38
EBIT margin %	-13.9	-7.1	10.7	3.8	-
Group
Total revenue for the Group
Revenue	9,406	9,012	8,391	6,078	7,596
Revenue	9,376	9,012	8,391	6,078	7,596
Growth in %	10	51	2	-27	3
Gross profit for the Group
Gross margin %	75.8	74.5	72.5	70.0	74.0
Gross margin %	75.0	74.5	72.1	68.2	74.0
EBIT	2,374	2,162	1,949	629	1,528
EBIT margin %	25.3	24.0	23.2	10.3	20.1
Operating profit for the Group
EBIT	1,748	1,638	1,506	-193	1,038
EBIT margin %	18.6	18.2	17.9	-3.2	13.7
Operating profit for the Group	1,807	1,638	1,416	114	1,038
EBIT margin %	19.3	18.2	16.9	1.9	13.7
Profit/(loss) after tax	-100	-102	-106	-88	-121
Profit for the year attributable to owners of the parent	1,345	1,183	1,013	121	700

CEO letter

Interacting with the world enriches our life, and hearing is essential for our ability to share our thoughts, interact and connect with friends, family and colleagues. In short, to be actively engaged without constraints. In 2021, we once again saw that our purpose to create life-changing differences through hearing health is more meaningful than ever. The developments of the past year confirm our belief that the activities of this global hearing healthcare and audio technology Group are essential for people to be present and act in the world. Whether it is about helping people with hearing loss through diagnosis, care and cutting-edge technology or collaborating by means of audio and video solutions.

Despite high ambitions from the beginning of the year, we upgraded our expectations of operating profit for the year three times in 2021, ending with a record-high EBIT. We can look back on a year where the Demant Group has proven healthy and where we once again showed that when we pull together, we stand strong as a Group. Let me illustrate our progress through a few highlights from our business areas in 2021.

Providing the best care

Hearing Care

Our global network of clinics performed very well in 2021, as we continued to develop and train our staff, benefitted from the harmonisation of brands, exploited digital opportunities and expanded our clinic network. Our work to refine Audika Group, which comprises our well-reputed brands Audika, Hidden Hearing and HearingLife, and to disseminate personalised hearing care resulted in very strong performances in almost all countries. The good results in Hearing Care were firmly backed by the positive trends resulting from the French hearing healthcare reform, which offers a public/private treatment setting that has equal focus on quality by offering high-quality hearing aids and on quantity by helping more people. The success of the reform is a testament to the strong model of combining personalised care with state-of-the-art technology.

High standards for innovation

We have been able to grow considerably by our innovation power in Hearing Aids. For the benefit of our customers and users, we completed the roll-out of premium products, Oticon More, Philips HearLink, Bernafon Alpha and Sonic Radiant, all based on a new technology platform.# CEO letter

2021 was a great year for Demant. Our employees delivered an extraordinary effort to keep activities running at a high pace, leading to excellent results. We are in a very strong position and enter 2022 with great confidence in our new ambitious financial and sustainability targets.

Insights and highlights

Our business

Towards the end of the year, we had shipped more than one million premium hearing aids powered by an on-board Deep Neural Network that mimics the way the brain works – a major advancement in artificial intelligence in hearing aid technology, I am proud to say. We are now looking forward to expanding and completing the product families, enabling us to help even more people hear better and experience the joy of a rich soundscape.

Market leader in Diagnostics

Having performed well for many years, our Diagnostics business has seen very positive development in 2021. If we look at the different areas, particularly balance equipment, hearing aid fitting equipment as well as service and calibration stood out in 2021 and contributed to the further consolidation of our Diagnostics business area as market leader.

Committed to high quality

Up until the fourth quarter, Hearing Implants focused largely on product launches, most prominently the very successful introduction of Ponto 5 mini, the world’s smallest bone anchored sound processor, and on FDA approval of our cochlear implants system Neuro in the US. In the second half-year, however, we had to shift focus in our cochlear implants business, and for the first time ever, the Group performed a voluntary field corrective action in relation to performance issues in a small subset of cochlear implants. We recalled a number of non-implanted Neuro Zti cochlear implants and by doing so, we underline our commitment to only deliver products of the highest quality. We deeply regret the inconvenience this has caused our stakeholders and users, but we have done our utmost to handle the situation, and after having identified the root cause, we have initiated the implementation of a solution to the issue.

Expanding the business

Our plans for the Communications business area revolve around expanding the business in several markets by establishing the EPOS brand as a strong premium brand in audio and also by offering video collaboration solutions. Our ambitious plans for EPOS are intact in a long-term perspective, but in a short-term perspective, they have turned out to be more difficult to realise than anticipated, so, on the back of an exceptional 2020, we saw a decline in revenue in 2021, albeit with an increase in the number of orders towards the end of the year.

Sustainability progress

At Demant, sustainability is embedded in our solutions and culture: Our core commitment to society is to help people overcome hearing loss and improve their quality of life through care and innovative solutions. Our priority in 2021 has been to continue to implement our sustainability strategy and to further develop our two main priorities, diversity and climate action. Sustainability is becoming an increasingly integrated part of the way we work, which can be illustrated by the progress we have made with our two main priorities:

We aspire to have zero environmental impact by 2050, and in 2021, we committed to the Science Based Targets initiative. With this Annual Report, we disclose our ambitious targets to reduce greenhouse gas emissions: By 2030, we must reduce our carbon footprint from own direct and indirect emissions by a minimum of 50% from a 2019 baseline year. We have also taken ambitious steps to assess and disclose emissions from our entire value chain, which gives us a platform for submission of our targets and for validation of the targets against the Science Based Targets initiative in 2022.

The promotion of diversity was high on our agenda in 2021. The Demant Group employs a diverse group of people from all parts of the world and with many different backgrounds, and our ability to embrace the strengths that this diversity brings to the table is one of the pillars of our success. Our key achievement in 2021 was the development of a diversity, equity and inclusion programme, which will – along with an inclusion survey – form the basis of policy-making and target-setting in the area of diversity in 2022. An aspect of inclusion is to succeed in promoting a unique culture, and to that end, we have adopted new ways of organising and leading by introducing global guidelines on workplace flexibility in 2021. Developing and engaging employees is becoming increasingly important in relation to the recruitment and retention of talent, and also in this area, we keep increasing our focus and activities.

Positive outlook

We owe our customers, shareholders and employees a very special thank you for their tireless and impressive commitment and support in 2021. Having now entered a new financial year, we continue, despite continuous coronavirus dynamics, to see a resilient hearing healthcare market with intact fundamental market drivers. In 2022, and in the years to come, we expect to see strong growth and market share gains. With an ambition to become world-leading and a purpose to create life-changing differences through hearing health, we promise to keep delivering high-quality and individualised support to our users to enable them to get the maximum benefit of our solutions.

Søren Nielsen

We owe our customers, shareholders and employees a very special thank you for their tireless and impressive commitment and support in 2021.

Corporate information

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This is Demant
Demant - Annual Report 2021
6

Demant is a global hearing healthcare and audio technology Group that offers people the possibility to be actively engaged without constraints. We operate in niche markets with a number of major players, intense competition and a high level of innovation. From this platform, we have added a growing business in premium audio and video solutions. As a Group, we have the scale necessary to compete effectively, and each of our business areas pursues its own strategy in such a way that we ensure a customer-centric approach, while leveraging synergies across the business. Demant thus has a unique position from which to grow and develop.

This is Demant
Insights and highlights
Our business
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This is Demant
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At every touchpoint, Demant is active and engaged

Hearing Care

Global network of more than 2,600 clinics, providing hearing care to people with hearing loss in more than 20 countries
Performing hearing tests and fitting hearing aids to help users get the right hearing aid for their specific hearing loss
Providing individualised counselling and service as well as care and aftercare to ensure that every user gets the best solution and every hearing aid provides maximum benefits for the user

Hearing Aids

Covering all ranges of hearing loss from mild to profound
The global centre of excellence for research in audiology and hearing loss and the development of hearing aids
Manufacturing and distributing hearing aids to hearing clinics, benefitting people in more than 100 countries
Providing local service, support and training of hearing care professionals

Hearing Implants

Providing implantable hearing solutions to patients facing the hardest hearing challenges
Helping people hear better by means of cochlear implants and bone anchored hearing systems that can bypass the challenged parts of the inner, outer or middle ear
Performing surgical procedures at hospitals or in outpatient settings

Diagnostics

Developing, manufacturing and marketing a wide range of solutions for hearing and balance assessment, including instruments, consumables, services and installation
Offering products that include audiometers, ABR equipment for hearing screening of new-borns, tympanometers, hearing aid fitting solutions, balance equipment, otoacoustic emission instruments and other solutions used by audiologists, ENT doctors and healthcare professionals

Communications

Designing, manufacturing and selling pioneering high-end audio and video solutions for business professionals and serious gamers, including headsets, speakerphones, video conferencing devices, software and accessories
Building audio expertise and operating under the EPOS brand in a global market with offices and partners in more than 60 countries

Demant - Annual Report 2021
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Insights and highlights
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Purpose and strategy

To create life-changing differences through hearing health

Demant is a global hearing healthcare and technology Group built on a heritage of care, health and innovation since 1904. The Group offers solutions and services to help people connect and communicate with the world around them. In the Demant Group, our roots are in hearing health, and our shared purpose is to create life-changing differences through hearing health. Our purpose is based on our past, present and future. It sums up why Demant exists and our legacy to the world. And it captures that what we deliver to individuals and society matters.# Demant - Annual Report 2021

Strategic ambition: Becoming the world’s leading hearing healthcare company

Our ambition is to further expand our position as a leading global hearing healthcare company with the broadest, deepest and most innovative product and service offerings in the industry. Historically and currently, our strategy is to operate multiple businesses that share important synergies in such areas as technology, distribution and global infrastructure. We build on four enablers: a strong organisation, focus on people & culture, commitment to sustainability and a well-founded operating model, all designed to serve our purpose and enable us to execute our strategy:

Organisation

All our business areas have dedicated organisations to enable them to service their individual markets, ensure a customer-centric approach and execute their specific strategic initiatives. Each business area is supported by a global shared service set-up to enable the business area to exploit the competitive advantages and economies of scale that derive from being part of a large Group.

People & culture

Our employees are our most valuable resource and key to executing our strategy. The people & culture agenda is based on a set of global focus areas and initiatives. We strive to drive strong employee engagement, and we believe that world-class leadership is key to attracting and retaining the brightest minds in the industry, including leaders that do their utmost to create engagement and an innovative work environment. Furthermore, diversity, equity and inclusion are important drivers for us, not only with a view to attracting talent broadly but also to remaining an open, fair and inclusive Group that nurtures diversity.

Sustainability

We are an impact business and contribute positively to society. By contributing directly and indirectly to the sustainable development goals, we take part in solving global challenges, while ensuring sustainability in our operational practices. Our strategy entails a range of sustainability efforts that we elaborate on in the Sustainability section.

Operating model

Our operating model is based on a strategy to ensure dedicated focus on excelling in the different business areas and equally important to harvest synergies across the Group in innovation, infrastructure and distribution. The operating model supports a strong collaboration culture across business areas. There is a clear technology overlap between hearing aids and hearing implants and also between hearing aids and headsets, and we exploit the synergies, but essentially, Hearing Healthcare and Communications address different markets in different ways and are run as two individual segments.

Innovation is the core driver of our operating model, and it is a key objective for Demant to become the leading global hearing healthcare company. Hence, Demant will continue to invest heavily in R&D and focus on harvesting synergies across our R&D functions. In the coming years, we will therefore keep a steady and high cadence when it comes to launching new and innovative products.

-- | :---- | :---- | | **2.1 Exchange rate risk policy** | | | | Management aims to hedge the currency exposure related to significant foreign | | | | currency denominated cash flows and balance sheet items. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | # Accounting policies On initial recognition, transactions in foreign currencies are translated at the exchange rates prevailing at the date of the transaction. The functional currencies of the enterprises are determined by the economic environment in which the enterprises operate, usually the local currency. Receivables, payables and other monetary items in foreign currencies are translated into Danish kroner at the exchange rates prevailing at the balance sheet date. Realised and unrealised foreign currency translation adjustments are recognised in the income statement within gross profit or net financial items, depending on the purpose of the underlying transaction. Property, plant and equipment, intangible assets, inventories and other non-monetary assets purchased in foreign currencies and measured on the basis of historical cost are translated at the exchange rates prevailing at the transaction date. Non-monetary items, which are revalued at their fair values, are translated using the exchange rates at the revaluation date. On recognition in the consolidated financial statements of enterprises presenting their financial statements in a functional currency other than Danish kroner, the income statement is translated using average exchange rates for the months of the year in question, unless they deviate materially from actual exchange rates at the transaction dates. In case of the latter, actual exchange rates are applied. Balance sheet items are translated at the exchange rates prevailing at the balance sheet date. Goodwill is considered as belonging to the acquired enterprise in question and is translated at the exchange rate prevailing at the balance sheet date. All foreign currency translation adjustments are recognised in the income statement, except for the following, which are recognised in other comprehensive income: * The translation of net assets of foreign subsidiaries using exchange rates prevailing at the balance sheet date. * The translation of income statements of foreign subsidiaries using monthly average exchange rates for the respective months of the year, while the balance sheet items of such foreign subsidiaries are translated using exchange rates prevailing at the balance sheet date. * The translation of non-current, intra-Group receivables that are considered to be an addition to or deduction from net investments in foreign subsidiaries. * The translation of investments in associates and joint ventures. | | 2021 | 2020 | % | | :---------- | :--- | :--- | :-- | | EUR/DKK | 744 | 745 | -0.1% | | USD/DKK | 629 | 654 | -3.8% | | SEK/DKK | 472 | 451 | 4.7% | | NOK/DKK | 865 | 839 | 3.1% | | CHF/DKK | 502 | 488 | 2.9% | | CNH/DKK | 5.73 | 6.13 | -6.5% | | JPY/DKK | 163 | 168 | -3.0% | | | 2021 | 2020 | % | | :---------- | :--- | :--- | :-- | | EUR/DKK | 744 | 744 | 0.0% | | USD/DKK | 656 | 606 | 8.3% | | SEK/DKK | 477 | 464 | 2.8% | | NOK/DKK | 886 | 824 | 7.5% | | CHF/DKK | 514 | 474 | 8.4% | | CNH/DKK | 5.70 | 5.88 | -3.1% | | JPY/DKK | 162 | 163 | -0.6% | ## 2.4 Exchange rates ## Accounting policies On initial recognition, goodwill is recognised and measured as the difference between the acquisition cost (including the value of non-controlling interests in the acquired enterprise and the fair value of any existing investment in the acquired enterprise) and the fair values of the acquired assets, liabilities and contingent liabilities. Please refer to Accounting policies in Note 6.1. On recognition, goodwill is allocated to corporate activities that generate independent payments (cash-generating units). The definition of a cash-generating unit is based on the structure as well as the internal financial management reporting. ### 3.1 Intangible assets (DKK million) | | | | | | | | | | | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | **2021** | | | | **2020** | | | | | | | **Acquired intangible assets** | **Impairment losses** | **Amortisation** | **Carrying amount** | **Acquired intangible assets** | **Impairment losses** | **Amortisation** | **Carrying amount** | **Movement** | | | Goodwill | Other intangible assets | Goodwill | Other intangible assets | Goodwill | Other intangible assets | Goodwill | Other intangible assets | | | | | | | | | | | | | | **Opening balance** | **8,320** | **122** | **1,055** | **283** | **9,780** | **7,826** | **120** | **919** | **221** | **9,086** | | Additions – acquisitions | 338 | - | 14 | 5 | 357 | -373 | 1 | -15 | -5 | -392 | | Additions – internal development | - | 3 | 28 | 136 | 167 | - | - | 41 | 133 | 174 | | Additions – other | 813 | - | 12 | - | 825 | 867 | 1 | 22 | - | 890 | | Impairment losses recognised in profit or loss | - | -1 | - | -1 | - | - | - | - | - | - | | Impairment losses recognised in other comprehensive income | - | -17 | -44 | - | -17 | - | - | -11 | - | -11 | | Disposals | - | 12 | 138 | -150 | - | - | 99 | -66 | 33 | 33 | | **Closing balance** | **9,471** | **137** | **1,229** | **274** | **11,111** | **8,320** | **122** | **1,055** | **283** | **9,780** | | | | | | | | | | | | | Less: Impairment losses | -110 | -566 | - | -676 | - | -99 | -411 | - | -510 | | Additions – acquisitions | - | -10 | - | -10 | - | - | 11 | - | 11 | | Less: Impairment losses | -5 | -117 | - | -122 | - | -11 | -140 | - | -151 | | Disposals | -1 | -1 | - | -2 | - | - | -30 | - | -30 | | Impairment losses recognised in other comprehensive income | - | 16 | - | 16 | - | - | 4 | - | 4 | | Less: Impairment losses | -116 | -678 | - | -794 | - | -110 | -566 | - | -676 | | **Net carrying amount** | **9,471** | **21** | **551** | **274** | **10,317** | **8,320** | **12** | **489** | **283** | **9,104** | *Translation of net assets of foreign subsidiaries *Translation of income statements of foreign subsidiaries using monthly average exchange rates for the respective months of the year, while the balance sheet items of such foreign subsidiaries are translated using exchange rates prevailing at the balance sheet date. *Translation of non-current, intra-Group receivables that are considered to be an addition to or deduction from net investments in foreign subsidiaries. *Translation of investments in associates and joint ventures. Goodwill is not amortised but is tested for impairment at least once a year. If the recoverable amount of a cash-generating unit is lower than the carrying amounts of property, plant and equipment and intangible assets, including goodwill, attributable to the particular cash-generating unit, the particular assets will be written down. Patents and licences acquired from third parties are measured at cost less accumulated amortisation and impairment losses. Patents and licences are amortised on a straight-line basis over their estimated useful lives. Other intangible assets consist of software, other rights than patents and licences and other intangible assets acquired in connection with business combinations, primarily brand value, customer bases and non-compete agreements. Other intangible assets are measured at cost less accumulated amortisation and impairment losses. Other intangible assets are amortised on a straight-line basis over their estimated useful lives, except other rights, which are not amortised, as the residual value of other rights is considered to exceed the cost price and is instead tested for impairment annually. Please refer to Note 3.6. Assets under development include internally developed IT systems. Assets under development are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to the development of such assets. Assets under development are not amortised, as they are not available for use. ## Accounting estimates and judgements ### Reportable segments and cash-generating units (judgements) Impairment testing is carried out annually on preparation of the annual report or on indication of impairment in which discounted values of future cash flows are compared with carrying amounts. Group enterprises cooperate closely on R&D, purchasing, production, marketing and sale, as the use of resources in the individual markets is coordinated and monitored by Management in Denmark. Group enterprises are thus highly integrated. Regardless of this, the products and services within Hearing Healthcare and Communications address different customer demands and customer groups, which would not be comparable by nature. Management therefore considers it most appropriate to split the activities into two reportable segments, Hearing Healthcare and Communications. The two reportable segments are allocated to the respective cash-generating units. Individual impairment testing is performed for the smallest identifiable group of assets that are largely independent of other assets and cash flows, Hearing Healthcare and Communications. Please refer to Note 3.6. ### Product development (judgement) R&D expenditure represents product development undertaken by the Group today cannot meaningfully be allocated to either the development of new products or the further development of existing products. Moreover, as the products are subject to approval by various authorities, it is difficult to determine the final completion of new products. Patents and licences: 5-20 years Software: 3-10 years Brand value: 5-10 years Customer bases: 5-7 years ### 3.1 Intangible assets (continued) ### 3.2 Property, plant and equipment (DKK million) | | | | | | | | | | | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | **2021** | | | | **2020** | | | | | | | **Buildings** | **Plant and machinery** | **Other equipment** | **Total** | **Buildings** | **Plant and machinery** | **Other equipment** | **Total** | **Movement** | | | | | | | | | | | | | **Opening balance** | **1,254** | **742** | **1,341** | **973** | **181** | **4,491** | **1,147** | **712** | **1,368** | **950** | **181** | **4,312** | | Additions – acquisitions | 17 | 3 | 42 | 28 | 3 | 93 | -35 | -25 | -59 | -30 | -1 | -150 | | Additions – internal development | 6 | 36 | 204 | 153 | 80 | 479 | 60 | 49 | 100 | 110 | 150 | 469 | | Additions – other | 3 | - | 3 | 7 | - | 13 | 5 | 3 | 33 | 5 | 4 | 50 | | Impairment losses recognised in profit or loss | - | -3 | -13 | -1 | - | -17 | - | - | - | - | - | - | | Impairment losses recognised in other comprehensive income | - | -16 | -44 | -46 | -4 | -110 | - | -8 | -94 | -54 | -1 | -157 | | Disposals | 28 | 26 | 91 | 19 | -133 | 31 | 77 | 11 | -7 | -8 | -106 | -33 | | **Closing balance** | **1,308** | **788** | **1,624** | **1,133** | **127** | **4,980** | **1,254** | **742** | **1,341** | **973** | **181** | **4,491** | | | | | | | | | | | | | Less: Depreciation | -274 | -525 | -991 | | | | | | | *Translation of net assets of foreign subsidiaries *Translation of income statements of foreign subsidiaries using monthly average exchange rates for the respective months of the year, while the balance sheet items of such foreign subsidiaries are translated using exchange rates prevailing at the balance sheet date. *Translation of non-current, intra-Group receivables that are considered to be an addition to or deduction from net investments in foreign subsidiaries. *Translation of investments in associates and joint ventures.# 3.2 Property, plant and equipment (continued) ## Accounting policies Property, plant and equipment are recognised at cost less accumulated depreciation and impairment losses. Cost is defined as the acquisition price and costs directly relating to the acquisition until such time as the particular asset is ready for use. For assets produced by the Group, cost includes all costs directly attributable to the production of such assets, including materials, components, sub-supplies and payroll. If the acquisition or the use of an asset requires the Group to defray costs for the demolition or restoration of such asset, the calculated costs hereof are recognised as a provision and as part of the cost of the particular asset, respectively. The cost of a total asset is divided into various elements, which will be depreciated separately if their useful lives are not the same. Property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. Land is not depreciated. ## Accounting estimates and judgements ### Useful lives (estimate) The depreciation basis is cost less the estimated residual value of an asset after the end of its useful life. The residual value is the estimated amount, which could after deduction of costs to sell be obtained through the sale of the asset today, such asset already having the age and being in the state of repair expected after the end of its useful life. The residual value is determined at the time of acquisition and is reviewed annually. If the residual value exceeds the carrying amount, depreciation will be discontinued. | Asset Type | Useful Life | | :-------------------------- | :-------------- | | Buildings | 30-50 years | | Technical installations | 10 years | | Plant and machinery | 3-5 years | | Other plant, fixtures and operating equipment | 3-5 years | | IT hardware | 3-5 years | | Leasehold improvements | Up to 10 years | Depreciation methods, useful lives and residual values are reviewed annually. Property, plant and equipment are written down to their recoverable amounts, if these are lower than their carrying amounts. # 3.3 Leases The Group has entered into various lease agreements for property and other assets. The lease terms are of various length and may contain extension and termination options. Management exercises significant judgement in determining whether it is reasonably certain that these extension and termination options will be exercised. (DKK million) | 2021 | 2020 ---|---|--- **Right-of-use assets** | | | Property | 1,847 | 1,937 | Other leased assets | 43 | -59 | **Additions to right-of-use assets** | **673** | **391** | Depreciation of right-of-use assets | 99 | 122 | Impairment of right-of-use assets | -45 | -51 | **Depreciation of right-of-use assets** | **-538** | **-493** | **Right-of-use assets** | **2,079** | **1,847** | | | | **Lease liabilities** | | | Current lease liabilities | 1,893 | 1,964 | Non-current lease liabilities | 50 | -71 | **Additions to lease liabilities** | **660** | **388** | Lease payments related to short-term leases and leases of low-value assets | 99 | 119 | **Changes in lease liabilities** | **-2** | **-12** | **Depreciation of right-of-use assets** | **-46** | **-53** | **Other changes** | **-533** | **-442** | **Lease liabilities** | **2,121** | **1,893** | | | | **Analysis of lease liabilities maturity** | | | Current lease liabilities | 1,610 | 1,437 | Non-current lease liabilities | 511 | 456 ## Accounting policies ### Lease assets Lease assets and liabilities are recognised in the balance sheet at the commencement date of the contract, if it is or contains a lease. Lease assets are recognised at cost less accumulated depreciation and impairment. Cost is defined as the lease liability adjusted for any lease payments made at or before the commencement date. Lease assets are depreciated on a straight-line basis over the lease term. ### Lease liabilities Lease liabilities are measured at the present value of future payments, using the interest rate implicit in the lease agreement. Lease payments are discounted, using the interest rate implicit in the lease agreement or the Group’s incremental borrowing rate, if the interest rate implicit in the lease agreement cannot be determined. Lease payments contain fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate as well as payments of penalties for terminating the lease, if the terms of the lease warrants that the Group exercises that option. The lease liability is remeasured if or when the future payment or lease term changes. Any net remeasurement of the lease liability is recognised as an adjustment to the lease asset. If the carrying amount of the lease asset is reduced to zero, the adjustment will be recognised in the income statement. Additional information Short-term lease expenses, low-value assets and variable lease payments are classified as operating expenses in the income statement. Please refer to Note 4.4 for a maturity analysis of the lease liabilities. ## Accounting estimates and judgements ### Lease term (estimate) The lease term is the period during which the lease contract is enforceable. If the original expiry date of a lease contract has passed, typically in the case of property leases, but the contract continues without a determined expiry date, the lease term is set for an estimated period during which the lease contract is expected to be enforceable. This assessment is based on Management’s consideration the location of the lease, capitalised leasehold improvements and the experience with similar leases for the specific area. ### Extension and termination options (judgement) When determining the lease term for lease agreements containing extension and termination options, Management considers circumstances that create a financial incentive to exercise an extension option or not to exercise a termination option. Extension and termination options are only included in the lease term if it is reasonably certain that a lease will be extended/terminated. # 3.4 Other non-current assets (DKK million) | 2021 | 2020 | 2021 | 2020 ---|---|---|---|--- **Deferred tax assets** | | | | | Relating to tax loss carry-forwards | 799 | 247 | 446 | 86 | Other deferred tax assets | 946 | 182 | 531 | 94 | **Deferred tax assets** | **1,745** | **429** | **977** | **180** | | | | | | **Movements in deferred tax assets** | | | | | Balance at beginning of year | 803 | 271 | 493 | 76 | Recognition of new deferred tax assets | 34 | - | -9 | -20 | Utilisation of deferred tax assets | 1 | - | 1 | 2 | Other movements | 120 | - | - | - | Impairment of deferred tax assets | -106 | - | - | - | Deferred tax related to temporary differences | -2 | -1 | - | - | Deferred tax related to tax loss carry-forwards | - | 1 | -144 | -2 | **Balance at end of year** | **858** | **267** | **437** | **66** | | | | | | **Deferred tax liabilities** | | | | | Relating to taxable temporary differences | 34 | - | -9 | -20 | Other deferred tax liabilities | 1 | - | 1 | 2 | Other movements | 120 | - | - | - | Impairment of deferred tax liabilities | -106 | - | - | - | Deferred tax related to temporary differences | -2 | -1 | - | - | **Balance at end of year** | **55** | **-4** | **-9** | **-20** | **Deferred tax liabilities** | **858** | **267** | **437** | **66** ## Transactions with associates and joint ventures In 2021, the Group recognised revenue from associates and joint ventures of DKK 544 million (DKK 294 million in 2020), received royalties from and paid licence fees to associates and joint ventures, amounting to net income of DKK 0 million (DKK 1 million in 2020), and received dividends from associates and joint ventures in the amount of DKK 106 million (DKK 41 million in 2020). In 2021, the Group received interest income from associates and joint ventures in the amount of DKK 11 million (DKK 4 million in 2020). Under the provisions of contracts concluded with associates and joint ventures, the Group is not entitled to receive dividends from certain associates and joint ventures. This is reflected in the profit included in the income statement, as no profit is recognised if the Group is not entitled to receive dividends.# Accounting policies Investments in associates and joint ventures are recognised and measured using the equity method, i.e. investments are recognised in the balance sheet at the proportionate share of the equity value determined by the underlying net assets and liabilities, adjusted for the proportionate share of unrealised gains and losses on transactions between associates and joint ventures and the Group. Investments are recognised in the balance sheet at the proportionate share of the equity value determined by the underlying net assets and liabilities, adjusted for the proportionate share of unrealised gains and losses on transactions between associates and joint ventures and the Group. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint venturesAs regards financial assets and liabilities, their carrying amounts approximate their fair values. The following non-financial item is included in the balance sheet and represents the difference between the table above and the balance sheet: Other liabilities of DKK 429 million (DKK 351 million in 2020). Accounting policies Debt to credit institutions is recognised at the date of borrowing as the proceeds received less transaction costs. For subsequent periods, financial liabilities are measured at amortised cost in order for the difference between proceeds and the ## 4.2 Net financial items (DKK million) | | 2021 | 2020 | | :------------------------------------------------------------------------------------------------- | :---- | :---- | | Earnings of DKK 1,000 | 34 | 32 | | Other liabilities | 2 | 1 | | Other liabilities and deferred tax | 40 | 34 | | | | | | Profit from investment | 3 | 4 | | Other liabilities and deferred tax | 43 | 38 | | | | | | Earnings of DKK 1,000,000,000,000 | -68 | -72 | | Earnings of DKK 1,000,000,000,000, interest expenses | -41 | -45 | | Other liabilities and deferred tax, interest expenses relating to the acquisition of subsidiaries | -109 | -117 | | | | | | Profit from investment | - | -1 | | | -136 | -114 | | Other liabilities and deferred tax | -245 | -232 | | | | | | | -202 | -194 | ## 4.3 Categories of financial instruments (DKK million) | | 2021 | 2020 | | :------------------------------------------------------------------------------------------------------------------- | :---- | :---- | | Assets measured at fair value through other comprehensive income | 6 | 81 | | Other liabilities measured at fair value, other comprehensive income | 6 | 81 | | | | | | Other receivables and trade receivables | 414 | 358 | | Trade receivables | 690 | 610 | | Other receivables | 495 | 334 | | Other receivables | 3,203 | 2,808 | | Other | 1,172 | 952 | | Other liabilities measured at amortised cost | 5,974 | 5,062 | | | | | | Other receivables | 11 | 14 | | Other liabilities measured at amortised cost, other receivables | 11 | 14 | | | | | | Assets measured at fair value through other comprehensive income | -81 | -14 | | Other liabilities measured at fair value, other comprehensive income | -81 | -14 | | | | | | Cash and cash equivalents | -6,020| -5,930| | Other receivables, net | -3,197| -1,181| | Other liabilities, net | -2,121| -1,893| | Other receivables | -808 | -802 | | Other liabilities, net | -2,212| -1,763| | Other liabilities measured at amortised cost | -14,358| -11,569| nomimal value to be recognised as a financial expense over the term of the loan. On initial recognition, other financial liabilities are measured at fair value and subsequently at amortised cost using the effective interest method, and the difference between proceeds and the nominal value is recognised in the income statement as a financial expense over the term of the loan. ## 4.4 Net interest-bearing debt, liquidity and interest rate risks (DKK million) | | | | | | | | :--- | :--- | :--- | :--- | :--- | :--- | | | **2021** | **2020** | | | | | | **DKK 1,000,000,000,000** | **DKK 1,000,000,000,000** | | | | | | **EUR 1,000,000,000,000** | **EUR 1,000,000,000,000** | | | | | | **USD 1,000,000,000,000** | **USD 1,000,000,000,000** | | | | | | **DKK 1,000,000,000,000** | **DKK 1,000,000,000,000** | | | | | | | | | | | | **Bank loans** | 256 | 748 | 47 | 1,051 | 1,016 | | **Other** | 1,176 | - | - | 1,176 | 1,172 | | **Bank loans and other** | 1,432 | 748 | 47 | 2,227 | 2,188 | | | 1.8% | | | | | | **Cash and cash equivalents** | -3,240 | -2,806 | - | -6,046 | -6,020 | | **Other receivables, net** | -3,220 | - | - | -3,220 | -3,197 | | **Total net debt** | -6,460 | -2,806 | - | -9,266 | -9,217 | | | 0.5% | | | | | | **Other liabilities, net** | -520 | -1,336 | -488 | -2,344 | -2,121 | | **Total** | -5,548 | -3,394 | -441 | -9,383 | 9,150 | | | | | | | | | | **2020** | | | | | | | **DKK 1,000,000,000,000** | | | | | | | **EUR 1,000,000,000,000** | | | | | | | **USD 1,000,000,000,000** | | | | | | | **DKK 1,000,000,000,000** | | | | | | | | | | | | | **Bank loans** | 241 | 491 | 218 | 950 | 917 | | **Other** | 955 | - | - | 955 | 952 | | **Bank loans and other** | 1,196 | 491 | 218 | 1,905 | 1,869 | | | 1.6% | | | | | | **Cash and cash equivalents** | -2,441 | -3,525 | -1 | -5,967 | -5,930 | | **Other receivables, net** | -1,201 | - | - | -1,201 | -1,181 | | **Total net debt** | -3,642 | -3,525 | -1 | -7,168 | -7,111 | | | 0.6% | | | | | | **Other liabilities, net** | -436 | -1,255 | -411 | -2,102 | -1,893 | | **Total** | -2,882 | -4,289 | -194 | -7,365 | -7,135 | Trade payables and other liabilities have a contractual maturity of less than one year, with the exception of other liabilities of DKK 339 million (DKK 313 million in 2020), which have a contractual maturity of 1-10 years. The contractual cash flows approximate their carrying amounts. Borrowings broken down by currency: 14% in US dollars (29% in 2020), 66% in Danish kroner (55% in 2020), 19% in euros (16% in 2020) and 1% in other currencies (0% in 2020). Reconciliation of liabilities arising from financing activities The table below shows the changes in consolidated liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the consolidated cash flow statement as cash flows from financing activities. The fair value of the interest cap (a strip of call options) outstanding at the balance sheet date is DKK 0 million (DKK -2 million in 2020), and the contractual value of the interest cap is DKK 650 million (DKK 650 million in 2020). The cap will run until 2023. Sensitivity analysis in respect of interest rates Based on consolidated net debt at the end of the 2021 financial year, a rise of 1 percentage point in the general interest rate level will cause an increase in consolidated annual interest expenses before tax of approx. DKK 25 million (DKK 10 million in 2020). About 49% (59% in 2020) of consolidated net interest-bearing debt is subject to fixed or limited interest rates, partly due to a bought cap (a strip of call options), and partly due to loans being raised at fixed interest rates. The Group has limited the maximum interest rates on part of its non-current debt through an interest rate cap. ## 4.4 Net interest-bearing debt, liquidity and interest rate risks (continued) (DKK million) | | | | | | | | | | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | **2021** | | | | | **2020** | | **2020** | | | **Fixed rate** | **Floating rate** | **Other** | **Fixed rate** | **Floating rate** | **Fixed rate** | **Floating rate** | **Fixed rate** | | | **DKK 1,000,000,000,000** | **DKK 1,000,000,000,000** | **DKK 1,000,000,000,000** | **DKK 1,000,000,000,000** | **DKK 1,000,000,000,000** | **DKK 1,000,000,000,000** | **DKK 1,000,000,000,000** | **DKK 1,000,000,000,000** | | | | | | | | | | | | **Interest rate cap** | 650 | - | - | 650 | - | 650 | - | 2 | | | | | | | | | | | | **Other interest-bearing debt** | -1,964 | 442 | - | 12 | -119 | 71 | -388 | 53 | | **Cash and cash equivalents** | -4,687 | -1,364 | 154 | - | -40 | 7 | - | - | | **Other receivables, net** | -3,338 | 2,157 | -154 | - | - | 154 | - | - | | **Other interest-bearing debt, net** | -9,989 | 1,235 | - | 12 | -159 | 232 | -388 | 53 | | | | | | | | | | | | **Bank loans** | -1,964 | 442 | - | 12 | -119 | 71 | -388 | 53 | | **Other** | -4,687 | -1,364 | 154 | - | -40 | 7 | - | - | | **Bank loans and other** | -3,338 | 2,157 | -154 | - | - | 154 | - | - | | | | | | | | | | | | **Total net debt** | -9,989 | 1,235 | - | 12 | -159 | 232 | -388 | 53 | ## Methods and judgements for determining fair values ### Other investments Other investments are assessed on the basis of their equity value. ### Derivatives Forward exchange contracts are assessed using discounted cash flow valuation techniques. Future cash flows are based on forward exchange rates from observable forward exchange rates at the end of the reporting period and on contractual forward exchange rates discounted at a rate that reflects the credit risk related to various counterparties. Interest swaps are assessed using discounted cash flow valuation techniques. Future cash flows are based on observable forward yield curves at the end of the reporting period and on contractual interest rates discounted at a rate that reflects the credit risk related to various counterparties. The value of a cap is assessed using discounted cash flow valuation techniques. A cap consists of a series of interest rate options (IRGs) with the same strike rate. The individual interest rate options each cover an interest period. The key elements, when pricing interest rate options, are strike rate, forward rate, maturity and volatility. The value of an interest rate option is made up of the intrinsic value and the time value of such option. The value of a cap is the combined value of the individual IRGs. ### Contingent considerations Contingent considerations are measured at their fair values based on the contractual terms of the contingent considerations and on non-observable inputs (level 3), such as the financial performance and purchasing patterns of the acquired enterprise for a period of typically 1-5 years after the date of acquisition. ### Fair value hierarchy for assets and liabilities measured at fair value in the balance sheet Financial instruments measured at fair value are broken down according to the fair value hierarchy: * Listed prices in an active market for the same type of instrument (level 1). * Listed prices in an active market for similar assets or liabilities or other valuation methods, with all significant inputs being based on observable market data (level 2). * Valuation methods, with any significant inputs not being based on observable market data (level 3). ### Accounting policies On initial recognition, other investments are classified as assets available for sale, recognised at fair value and subsequently measured at fair value through profit and loss. Unrealised value adjustments are recognised in other comprehensive income.## Section 4 Capital structure and financial management On realisation, value adjustments are transferred to net financial items in the income statement. The determination of fair values is based on equity values. Contingent considerations arising from the acquisition of enterprises and activities are recognised at fair value at the time of acquisition. The obligations are re-evaluated on a recurring basis at fair value. ### 4.5 Fair value hierarchy Insights and highlights Our business Corporate information Financial report Back to content There have been no transfers between level 1 and 2 in the 2021 and 2020 financial years. Financial assets and contingent considerations are measured at fair value in the balance sheet based on valuation methods, with any significant inputs not being based on observable market data (level 3). (DKK million) | | | | |---|---|---|---| | | **Level 1** | **Level 2** | **Level 3** | | **Fair value hierarchy** | | | | | **Assets** | | | | | Tangible assets | - | - | 11 | 11 | | Intangible assets | - | - | -81 | -81 | | Financial receivables | - | - | -148 | -148 | | **Liabilities** | | | | | Fair value hierarchy | | | | | **Assets** | | | | | Tangible assets | - | 81 | 81 | | Intangible assets | - | - | 14 | 14 | | Financial receivables | - | - | -14 | -14 | | **Liabilities** | | | -121 | -121 | ### 4.5 Fair value hierarchy (continued) (DKK million) | **Fair value hierarchy** | **Level 3** | |---|---|---| | | | **Liabilities** | | | **Assets** | **Financial receivables** | | Fair value hierarchy | **Assets** | **Tangible assets** | 14 | 16 | -121 | -128 | | **Intangible assets** | 1 | -1 | -6 | 7 | | **Financial receivables** | - | - | -113 | -76 | | **Other** | -4 | -1 | 62 | 56 | | **Total Assets** | - | - | 30 | 20 | | Fair value hierarchy | **Liabilities** | **Financial receivables** | 11 | 14 | -148 | -121 | ## Section 5 Tax TAX ON PROFIT 715 DKK MILLION EFFECTIVE TAX RATE 22.1% DKK MILLION Demant - Annual Report 2021 103 ### Accounting policies Current tax and any changes in deferred tax. Current tax includes taxes payable determined on the basis of the estimated taxable income for the year and any prior-year tax adjustments. Tax on changes in equity and other comprehensive income is recognised directly in equity and in other comprehensive income, respectively. Foreign currency translation adjustments of deferred tax are recognised as part of profit, unless such deferred tax is attributable to items previously recognised directly in equity or in other comprehensive income. In the latter case, such changes will also be recognised directly in equity or in other comprehensive income. Current tax liabilities or tax receivables are recognised in the balance sheet and determined on the basis of the estimated taxable income for the period and any tax adjustments for prior periods. The tax rates prevailing at the balance sheet date are used for calculation of current tax. The tax value of deferred tax assets not recognised is DKK 120 million (DKK 111 million in 2020) and relates mainly to tax losses and tax credits for which there is considerable uncertainty about their future utilisation. The tax losses carried forward will not expire in the near future. #### 5.1 Tax on profit (DKK million) | **2021** | **2020** | |---|---|---| | Tax on profit, profit for the year | -611 | -224 | | Tax on changes in deferred tax, net of tax relief | -4 | 48 | | Changes in deferred tax on profit | -121 | 8 | | Tax on changes in deferred tax, net of tax relief | 21 | -32 | | Tax on items recognised directly in equity | - | -2 | | Tax on profit, net of tax relief | -715 | -202 | | **Reconciliation of effective tax rate** | **2021** | **2020** | |---|---|---| | Effective tax rate | 22.0% | 22.0% | | Adjustments to effective tax rate on profit | 1.7% | 1.3% | | Tax on items recognised directly in equity | 0.0% | 0.2% | | Tax on differences in tax rates of foreign subsidiaries etc. | 0.1% | 1.1% | | Effect of prior year tax adjustments | -3.0% | -11.6% | | Adjustments to current tax, tax relief | 1.3% | 2.1% | | **Effective tax rate** | **22.1%** | **15.1%** | #### 5.2 Deferred tax (DKK million) | **2021** | **2020** | |---|---|---| | Deferred tax liabilities on temporary differences between the carrying amounts and the tax bases of assets | 596 | 553 | | Deferred tax liabilities on intangible assets | -470 | -339 | | Deferred tax on temporary differences recognised in equity | 126 | 214 | | Deferred tax on temporary differences recognised in other comprehensive income | 214 | 237 | | Movement in deferred tax liabilities, net of tax relief | -5 | -2 | | Changes in deferred tax on profit | -121 | 8 | | Movement in deferred tax on acquisition of subsidiaries | - | -2 | | Tax on changes in deferred tax, net of tax relief | 21 | -32 | | Tax on items recognised directly in equity | - | -2 | | Deferred tax on temporary differences recognised in other comprehensive income | 7 | 17 | | Deferred tax liabilities | 126 | 214 | (DKK million) | **Movements in deferred tax liabilities** | **2021** | **2020** | |---|---|---|---| | | | **Tangible assets** | **Intangible assets** | **Financial receivables** | **Other** | **Total** | **Tangible assets** | **Intangible assets** | **Financial receivables** | **Other** | **Total** | | Opening balance | -401 | -24 | - | -75 | - | -500 | -365 | 21 | -1 | -56 | - | -401 | | Amortisation of goodwill, fair value adjustments | -43 | 1 | - | -23 | - | -65 | -29 | - | 2 | -16 | - | -43 | | Change in tangible assets | 11 | - | - | 1 | - | 12 | 6 | -1 | - | 6 | - | 11 | | Change in intangible assets | 253 | 3 | - | 21 | - | 277 | 241 | -2 | - | 14 | - | 253 | | Change in financial receivables | 66 | 3 | - | -15 | - | 54 | 58 | -5 | - | 13 | - | 66 | | Change in intangible assets | 94 | 2 | - | -11 | - | 85 | 79 | 17 | -1 | -1 | - | 94 | | Change in other temporary differences | 159 | 4 | - | -11 | - | 152 | 183 | -23 | - | -1 | - | 159 | | Deferred tax, change | 94 | 6 | - | -52 | - | 48 | 63 | -9 | - | 40 | - | 94 | | Closing balance | 214 | -19 | - | 65 | 17 | 63 | 237 | -2 | -2 | -26 | 7 | 214 | ## Section 5 Tax ### Accounting policies Deferred tax is recognised, using the balance sheet liability method on any temporary differences between the tax base of assets and liabilities and their carrying amounts, except for deferred tax on temporary differences arisen either on initial recognition of goodwill or on initial recognition of a transaction that is not a business combination, with the temporary difference ascertained on initial recognition affecting neither net profits nor taxable income. Deferred tax is determined on the basis of the tax rules and rates prevailing at the balance sheet date in a particular country. The effect of any changes in tax rates on deferred tax is recognised in the income statement, unless such deferred tax is attributable to items previously recognised directly in equity or in other comprehensive income. In the latter case, such changes will also be recognised directly in equity or in other comprehensive income. The tax base of a loss, if any, which may be set off against future taxable income, is carried forward and set off against deferred tax in the same legal tax entity and jurisdiction. #### Accounting estimates and judgements ##### Deferred tax assets (estimate) Deferred tax assets, including the tax value of any tax losses allowed for carryforward, are recognised in the balance sheet at the estimated realisable value of such assets, either by a set-off against a deferred tax liability or by a net asset to be set off against future positive taxable income. At the balance sheet date, an assessment is made as to whether it is probable that sufficient taxable income will be available in the future against which the deferred tax asset can be utilised. Deferred tax on temporary differences between the carrying amounts and the tax values of investments in subsidiaries, associates and joint ventures is recognised, unless the Parent is able to control the time of realisation of such deferred tax, and it is probable that such deferred tax will not be realised as current tax in the foreseeable future. Deferred tax is recognised in respect of eliminations of intra-Group profits and losses. #### 5.2 Deferred tax (continued) (DKK million) | **Opening balance** | **Tax impact on profit** | **Other movements** | **Tax impact on equity/OCI** | **Exchange differences** | **Closing balance** | |---|---|---|---|---|---|---| | **2021** | | | | | | | | Taxable temporary differences: | | | | | | | | Tangible assets | -401 | -24 | - | -75 | - | -500 | | Intangible assets | -43 | 1 | - | -23 | - | -65 | | Financial receivables | 11 | - | - | 1 | - | 12 | | Other temporary differences | 253 | 3 | - | 21 | - | 277 | | Deferred tax liabilities | 66 | 3 | - | -15 | - | 54 | | Deferred tax assets | 94 | 2 | - | -11 | - | 85 | | **Net deferred tax liabilities** | **159** | **4** | **-** | **-11** | **-** | **152** | | **Deferred tax liabilities** | 94 | 6 | - | -52 | 17 | 48 | | **Balance sheet deferred tax** | **214** | **-5** | **-** | **-100** | **17** | **126** | (DKK million) | **Opening balance** | **Tax impact on profit** | **Other movements** | **Tax impact on equity/OCI** | **Exchange differences** | **Closing balance** | |---|---|---|---|---|---|---| | **2020** | | | | | | | | Taxable temporary differences: | | | | | | | | Tangible assets | -365 | 21 | -1 | -56 | - | -401 | | Intangible assets | -29 | - | 2 | -16 | - | -43 | | Financial receivables | 6 | -1 | - | 6 | - | 11 | | Other temporary differences | 241 | -2 | - | 14 | - | 253 | | Deferred tax liabilities | 58 | -5 | - | 13 | - | 66 | | Deferred tax assets | 79 | 17 | -1 | -1 | - | 94 | | **Net deferred tax liabilities** | **183** | -23 | - | -1 | - | 159 | | **Deferred tax liabilities** | 63 | -9 | - | 40 | - | 94 | | **Balance sheet deferred tax** | **237** | -2 | -2 | -26 | 7 | 214 | ## Section 6 Acquisitions Sanibel EARturtle Demant - Annual Report 2021 106 The Group acquired a number of minor retail acquisitions in North America and Europe in 2021. In respect of these acquisitions, we paid acquisition costs exceeding the fair values of the acquired assets, liabilities and contingent liabilities. Such positive balances in value can be attributed to expected synergies between the activities of the acquired entities and our existing activities, to the future growth opportunities and to the value of staff competencies in the acquired entities. These synergies are not recognised separately from goodwill, as they are not separately identifiable. At the time of acquisition, non-controlling interests are measured at their proportionate shares of the total fair value of the acquired entities, including goodwill. On obtaining a controlling interest through step acquisitions, previously held non-controlling interests are at the time of obtaining control included at fair value with fair value adjustments in the income statement. In 2020, the Group obtained full control of the Gaming and Enterprise Solutions segments in Sennheiser Communications for a purchase price of DKK 477 million. Furthermore, the Group acquired an additional interest in Audilab SAS and is now the direct owner of 95% of the shares. The fair value of the shares on the acquisition date was DKK 381 million.# Section 6 Acquisitions ## 6.1 Acquisition of enterprises and activities (DKK million) | | | | :---------------------------------------------------------------------------------------------------- | :----------------------------------------------------------- | | | **2021** | | | **Intangible assets** | | | **Property, Plant and Equipment** | | | **Other Assets** | | | **Total identified net assets** | | | | | | **Goodwill** | | | **Net assets and goodwill acquired** | | | | | | **Consideration transferred** | | | **Fair value of previously held interests in the acquiree** | | | **Contingent consideration** | | | **Total consideration transferred** | | | | | | **Fair value adjustments of non-controlling interests in step acquisitions** | | | **Adjustments of contingent considerations recognised in profit/loss** | | | **Gain/loss from divestment of previously held interests** | | | **Total adjustments recognised in profit/loss** | | | | | | **Fair value of net assets acquired** | | | **Net cash acquired** | | | | | | **Acquired intangible assets** | | | **Acquired property, plant and equipment** | | | **Other acquired assets** | | | **Acquired liabilities** | | | **Acquired provisions** | | | **Acquired contingent liabilities** | | | **Total acquired intangible assets** | | | **Net acquired intangible assets** | | | **Net acquired assets and goodwill** | | | **DKK 78** | **DKK 235** | **DKK 869** | **DKK 1,232** | | **DKK 185** | **DKK 265** | **DKK 417** | **DKK 867** | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Acquisition of enterprises and activities** | | | | | | | | | | | **Purchase of enterprises and activities** | **6** | **8** | **6** | **20** | | **14** | **23** | **16** | **53** | | **Contingent consideration for acquisitions** | **-12** | **-30** | **-5** | **-47** | | **-5** | **-15** | **-5** | **-25** | | **Acquired amortisation of intangible assets** | **-78** | **-15** | **-98** | **-191** | | **-13** | **-50** | **-73** | **-136** | | **Identified intangible assets** | **-14** | **-16** | **-265** | **-295** | | **-7** | **-13** | **-91** | **-111** | | **Acquired property, plant and equipment** | **-10** | **-34** | **-69** | **-113** | | **-27** | **-34** | **-126** | **-187** | | **Negative goodwill on acquisition** | **-78** | **-101** | **-126** | **-305** | | **-101** | **-127** | **-186** | **-414** | | **Acquired goodwill** | **23** | **405** | **813** | **1,241** | | **265** | **417** | **867** | **1,549** | | **Net assets and goodwill acquired** | **426** | **472** | **477** | **1,375** | | **472** | **477** | **1,165** | **2,114** | | | | | | | | | | | | | **Consideration transferred** | | | | | | | | | | | **Cash paid** | **408** | **405** | **-** | **813** | | **185** | **265** | **417** | **867** | | **Contingent consideration** | **-14** | **-4** | **-** | **-18** | | **-7** | **-204** | **-24** | **-235** | | **Divestment of previously held interests** | **-35** | **-13** | **-** | **-48** | | **2** | **-3** | **-453** | **-454** | | **Total consideration transferred** | **359** | **388** | **-** | **747** | | **179** | **58** | **-60** | **278** | | | | | | | | | | | | | **Fair value adjustments of non-controlling interests in step acquisitions** | **-21** | **-92** | **-** | **-113** | | **-62** | **-14** | **-** | **-76** | | **Adjustments of contingent considerations recognised in profit/loss** | **-20** | **-10** | **-** | **-30** | | **-8** | **-27** | **-34** | **-69** | | **Total adjustments recognised in profit/loss** | **-41** | **-102** | **-** | **-143** | | **-70** | **-41** | **-34** | **-145** | | | | | | | | | | | | | **Fair value of net assets acquired** | **332** | **307** | **-** | **639** | | **141** | **224** | **-34** | **331** | | **Net cash acquired** | **422** | **426** | **-** | **848** | | **216** | **472** | **477** | **1,165** | Insights and highlights Our business Corporate information Financial report Back to content Section 6 Acquisitions Demant - Annual Report 2021 108 In 2021, a few adjustments were made to the preliminary recognition of acquisitions made in 2020. These adjustments were made in respect of payments made, contingent considerations provided as well as net assets and goodwill acquired. The impact of these adjustments on goodwill was DKK 8 million (DKK 1 million in 2020) and on contingent considerations DKK 8 million (DKK 0 million in 2020). In relation to acquisitions with final recognition in 2014-2020, adjustments were made in 2021 in respect of estimated contingent considerations. Such adjustments are recognised in the income statement. The total impact on the income statement of fair value adjustments of non-controlling interests in step acquisitions amounted to DKK 48 million (DKK 454 million in 2020), and adjustments of contingent considerations made via the income statement of DKK 30 million (DKK 16 million in 2020) are recognised as part of distribution costs for acquisitions and DKK 0 million (DKK 5 million in 2020) are recognised in share of profit after tax, associates and joint ventures. Of the total acquisition entries in 2021, the fair value of estimated contingent considerations in the form of earn-outs or deferred payments accounted for DKK 121 million (DKK 76 million in 2020). Such payments depend on the results of the acquired entities for a period of 1-5 years after takeover and can total a maximum of DKK 121 million (DKK 82 million in 2020) for acquisitions. The acquired assets include contractual receivables amounting to DKK 15 million (DKK 126 million in 2020) of which DKK 3 million (DKK 1 million in 2020) was thought to be uncollectible at the date of the acquisition. Of total goodwill in the amount of DKK 813 million (DKK 867 million in 2020), DKK 521 million (DKK 91 million in 2020) can be amortised for tax purposes. Transaction costs in connection with acquisitions made in 2021 amounted to DKK 5 million (DKK 2 million in 2020), which has been recognised under distribution costs. Revenue and profit generated by the acquired enterprises since our acquisition in 2021 amount to DKK 181 million (DKK 1,428 million in 2020) and DKK 9 million (DKK 217 million in 2020), respectively. Had such revenue and profit been consolidated on 1 January 2021, we estimate that consolidated pro forma revenue and profit would have been DKK 18,755 million (DKK 14,524 million in 2020) and DKK 2,542 million (DKK 1,136 million in 2020), respectively. Without taking synergies from our core business into account, we believe that these pro forma figures reflect the level of consolidated earnings after our acquisition of the enterprises. The above statements of the fair values of acquisitions are not considered final until 12 months after takeover. From the balance sheet date and until the date of financial reporting in 2022, we have acquired additional distribution enterprises. We are in the process of assessing their fair value. The acquisition cost is expected to relate primarily to goodwill. Accounting policies Newly acquired or newly established enterprises are recognised in the consolidated financial statements from the time of acquisition or formation. The time of acquisition is the date when control of the enterprise is transferred to the Group. For Group accounting policies on control, please refer to the consolidated financial statements in Note 9.1. In respect of newly acquired enterprises, comparative figures and key figures will not be restated. On acquiring new enterprises of which the Group obtains control, the purchase method is applied according to which their identified assets, liabilities and contingent liabilities are measured at their fair values on the acquisition date. Any non-current assets acquired for the purpose of resale are, however, measured at their fair values less expected cost of disposal. Restructuring costs are solely recognised in the pre-acquisition balance sheet if they are a liability for the acquired enterprise. Any tax effect of revaluations will be taken into account. The acquisition cost of an enterprise consists of the fair value of the consideration paid for the enterprise with addition of fair value of previously held interests in the acquiree. If the final consideration is conditional upon one or more future events, the consideration will be recognised at the fair value on acquisition. Any subsequent adjustment of contingent consideration is recognised directly in the income statement, unless the adjustment is the result of new information about conditions prevailing on the acquisition date, and this information becomes available up to 12 months after the acquisition date. Transaction costs are recognised directly in the income statement when incurred. If costs exceed the fair values of the assets, liabilities and contingent liabilities identified on acquisition, any remaining positive differences (goodwill) are recognised in the balance sheet under intangible assets and tested for impairment at least annually. If the carrying amount of an asset exceeds its recoverable amount, it is written down to such lower recoverable amount. If, on the acquisition date, there are any uncertainties with respect to identifying or measuring acquired assets, liabilities or contingent liabilities or uncertainty with respect to determining their cost, initial recognition is made on the basis of provisionally calculated values. Such provisionally calculated values may be adjusted, or additional assets or liabilities may be recognised up to 12 months after the acquisition date, if new information becomes 6.1 Acquisition of enterprises and activities (continued) Insights and highlights Our business Corporate information Financial report Back to content Section 6 Acquisitions Demant - Annual Report 2021 109 available about conditions prevailing on the acquisition date, which would have affected the calculation of values on that day, had such information been known. Accounting estimates and judgements Identification of assets and liabilities (judgement) On recognition of assets and liabilities from business combinations, Management judgements may be required for the following areas: • Intangible assets resulting from technology, customer relationships, client lists or brand names. • Contingent consideration arrangements. Contingent consideration (estimate) Business combinations may include provisions that additional payments of contingent considerations be paid to the previous owners when certain events occur or certain results are obtained. Management assesses on a regular basis the judgements made in respect of the particular acquisitions, taking sales run rates of the acquired entity into account. In 2021, the Group divested FrontRow Calypso LLC, a 75%-owned subsidiary focused specifically on audio systems for classrooms and schools. The divestment resulted in a gain, including recycling of cumulative exchange differences of DKK 99 million, which is recognised as other income in the income statement. | | **DKK million** | **2021** | **2020** | | **2021** | **2020** | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Divestment of enterprises and activities** | | | | | | | | **Gain on divestment of subsidiaries** | **1** | **-** | **-** | | **2** | **-** | | **Contingent consideration for divestments** | **2** | **-** | **-** | | **5** | **-** | | **Divested amortisation of intangible assets** | **5** | **-** | **-** | | **13** | **-** | | **Identified intangible assets** | **46** | **-** | **-** | | **45** | **-** | | **Divested property, plant and equipment** | **38** | **-** | **-** | | **-3** | **-** | | **Negative goodwill on divestment** | **-3** | **-** | **-** | | **-453** | **-454** | | **Divested goodwill** | **-7** | **-** | **-** | | **-454** | **-454** | | **Identified intangible assets** | **82** | **-** | **-** | | **-20** | **-** | | **Divested intangible assets** | **-20** | **-** | **-** | | **-24** | **-** | | **Divested assets and goodwill** | **102** | **-** | **-** | | **102** | **-** | | **Divested net assets and goodwill** | **161** | **-** | **-** | | **161** | **-** | | **Divestment of enterprises and activities (continued)** | | | | | | | | **Gain on divestment of previously held interests** | **62** | **-** | **-** | | **-** | **-** | | **Gain on divestment of previously held interests in associates and joint ventures** | **-3** | **-** | **-** | | **-** | **-** | | **Gain on divestment of enterprises and activities** | **102** | **-** | **-** | | **102** | **-** | 6.1 Acquisition of enterprises and activities (continued) 6.2 Divestment of enterprises and activities Insights and highlights Our business Corporate information Financial report Back to content Section 7 Provisions, other liabilities etc. Demant - Annual Report 2021 110 Provisions, other liabilities etc. PROVISIONS 349 DKK MILLION OTHER LIABILITIES 2,642 DKK MILLION Demant - Annual Report 2021 111 Miscellaneous provisions relate to provisions for disputes etc. and are essentially expected to be realised within the next five years.# Section 7 Provisions, other liabilities etc. ## 7.1 Provisions (DKK million) | | | | | | | :--- | :--- | :--- | :--- | :--- | :--- | | | **2021** | **2020** | **2021** | **2020** | **2021** | | **Opening balance of provisions** | 50 | 29 | 79 | 46 | 47 | 93 | | Provisions for warranties and product defects | - | - | - | -2 | -2 | | **Changes in provisions** | 1 | 4 | 5 | - | 1 | 1 | | Provisions for restructuring etc. | - | 73 | 73 | - | 19 | 19 | | Provisions for environmental obligations | - | -4 | -4 | - | -10 | -10 | | **Reversals of provisions** | 6 | -3 | 3 | 4 | -26 | -22 | | **Closing balance of provisions** | 57 | 99 | 156 | 50 | 29 | 79 | *Reconciliation of provisions* **Unwinding of provisions** | **57** | **18** | **75** | **50** | **12** | **62** | **Changes in provisions** | - | 81 | 81 | - | 17 | 17 | **Closing balance of provisions** | **57** | **99** | **156** | **50** | **29** | **79** | (DKK million) | | | :--------------------------------------- | :--------------------------------------- | | | **2021** | **2020** | | **Opening balance of provisions** | 57 | 50 | | **Provisions for warranties and product defects** | 99 | 29 | | **Closing balance of provisions** | 156 | 79 | | **Total provisions, other liabilities etc.** | 193 | 243 | | **Provisions, year-end** | 349 | 322 | *Reconciliation of provisions* **Unwinding of provisions** | 268 | 305 | **Changes in provisions** | 81 | 17 | **Provisions, year-end** | **349** | **322** | Generally, the Group does not offer defined benefit plans, but it has such plans in Switzerland, France and Germany where they are required by law. Defined benefit plan costs recognised in the income statement amount to DKK 19 million (DKK 28 million in 2020), and the accumulated actuarial loss recognised in the statement of comprehensive income amounts to DKK 73 million (DKK 129 million in 2020). In 2022, the Group expects to pay approx. DKK 18 million (DKK 23 million in 2021) into defined benefit plans. Defined benefit obligations in the amount of DKK 137 million (DKK 117 million in 2020) will mature within 1-5 years and obligations in the amount of DKK 401 million (DKK 447 million in 2020) after five years. If the discount rate is 0.5% higher (lower), the defined benefit obligation would decrease by 7% (increase by 10%). If the expected salary growth rate is 0.5% higher (lower), the defined benefit obligation would increase by 1% (decrease by 1%). **Accounting policies** Provisions are recognised if, as a result of an earlier event, the Group has a legal or constructive obligation, and if the settlement of such an obligation is expected to draw on corporate financial resources, but there is uncertainty about the timing or amount of the obligation. Provisions are measured on a discounted basis using a discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a financial expense. Present value techniques are used to estimate the amount at which a particular liability may be settled. The discount effect of any changes in the present value of provisions is recognised as a financial expense. The Group has defined benefit plans and similar agreements with some of its employees. As regards defined contribution plans, the Group pays regular, fixed contributions to independent pension companies. Contributions are recognised in the income statement for the period in which employees have performed work entitling them to such pension contributions. Contributions due are recognised in the balance sheet as a liability. As regards defined benefit plans, the Group is obliged to pay a certain contribution when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the final salary. An actuarial calculation is made periodically of the accrued present value of future benefits to which employees through their past employment with the Group are entitled and which are payable under the defined benefit plan. This defined benefit obligation is calculated annually, using the projected unit credit method on the basis of judgements in respect of the future development in for instance wage levels, interest rates and inflation rates. 7.1 Provisions (continued) (DKK million) | | | :--------------------------------------- | :--------------------------------------- | | | **2021** | **2020** | | **Opening balance of provisions** | 564 | 519 | | Provisions for warranties and product defects | 21 | -2 | | **Changes in provisions** | 19 | 28 | | **Changes in deferred tax related to provisions** | - | 1 | | **Effect of currency translation** | -53 | 11 | | **Utilisation of provisions** | -19 | -1 | | **Other movements** | 9 | 8 | | **Closing balance of provisions** | **541** | **564** | | **Movements in provisions for deferred income** | | | :--------------------------------------- | :--------------------------------------- | | **Opening balance of provisions** | 321 | 291 | | Provisions for warranties and product defects | 15 | - | | **Utilisation of provisions** | -1 | - | | **Effect of currency translation** | 9 | 9 | | **Other movements** | -19 | -1 | | **Closing balance of provisions** | **348** | **321** | | **Provisions for defined benefit obligations** | | | :--------------------------------------- | :--------------------------------------- | | **Closing balance of provisions** | 193 | 243 | | **Movements in provisions for defined benefit obligations** | | | :--------------------------------------- | :--------------------------------------- | | **Effect of currency translation** | 8 | 9 | | **Utilisation of provisions** | -1 | - | | **Effect of currency translation** | 9 | 9 | | **Reconciliations** | | | :--------------------------------------- | :--------------------------------------- | | **Exchange rate, for the year** | 0.3% | 0.1% | | **Utilisation of provisions, for the year** | 0.0% | 0.0% | | **Effective interest rate, for the year** | 1.2% | 1.2% | The defined benefit obligation less the fair value of any assets relating to the defined benefit plan is recognised in the balance sheet under provisions. Defined benefit costs are categorised as follows: * Service costs, including current service costs, past-service costs as well as gains and losses on curtailments and settlements * Net interest expense or income * Remeasurements Remeasurements, comprising actuarial gains and losses, any effects of changes to the asset ceiling as well as return on defined benefit assets, excluding interest, are reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which it occurs. Remeasurements recognised in other comprehensive income are reflected immediately in retained earnings and are not reclassified to the income statement. Service costs and net interest expenses or income are included in the income statement as staff costs. Other non-current employee benefits are recognised using actuarial calculation. Actuarial gains or losses on such benefits are recognised directly in the income statement. **Accounting estimates and judgements** **Assessment of provisions (estimate)** Management assesses, on an ongoing basis, provisions for restructuring costs and the likely outcome of pending and probable lawsuits etc. (other provisions). When assessing the likely outcome of lawsuits, Management bases its assessment on internal and external legal advice and established precedent. Provisions for restructuring costs are based on the estimated costs of implementing restructuring initiatives and thus on a number of assumptions about future costs and events. For all provisions, the outcome and final expense depend on future events, which are by nature uncertain. Product-related liabilities include standard warranties and returned products etc. Staff-related liabilities include holiday pay and payroll costs due. The carrying amounts of other liabilities approximate the fair values of such liabilities. **Accounting policies** Other non-financial liabilities are recognised if, as a result of an earlier event, the Group has a legal or constructive obligation, and if the settlement of such obligation is expected to draw on corporate financial resources. Other non-financial liabilities are measured on a discounted basis, and the discount effect of any changes in the present value of the liabilities is recognised as a financial expense. On the sale of products with a right of return, a refund liability and a right to the returned products are recognised as a refund liability and a current asset (included in prepaid expenses), respectively. The refund liability is deducted from revenue and the right to the returned products is offset in cost of sales. Warranty commitments include an obligation to remedy faulty or defective products during the warranty period. **Accounting estimates and judgements** **Warranty and return liabilities (estimates)** Liabilities in respect of service packages and warranties are calculated on the basis of information on products sold, related service and warranty periods and past experience of costs incurred by the Group to fulfil its service and warranty liabilities. Liabilities in respect of returns are calculated based on information on products sold, related rights concerning returns and past experience of products being returned in the various markets. Consolidated product-related liabilities are the sum of a large number of small items, the sum changing constantly due to a large number of transactions. ## 7.2 Other liabilities (DKK million) | | | :--------------------------------------- | :--------------------------------------- | | | **2021** | **2020** | | **Deferred revenue** | 430 | 351 | | **Other financial liabilities** | 816 | 738 | | **Trade and other payables** | 424 | 374 | | **Other non-financial liabilities** | 148 | 121 | | **Other current liabilities** | 824 | 530 | | **Total other liabilities** | **2,642** | **2,114** | | Of which: Short-term | 2,302 | 1,801 | | Of which: Long-term | 340 | 313 | 7.1 Provisions (continued) Free products, service and some of the warranty-related services mentioned are provided free of charge to the customer. Certain other services and warranty-related services are paid by the customer in connection with delivery of the related goods, but delivery of the service takes place 1-4 years after delivery of the goods. Please refer to Note 1.2 for a description of the nature of the deferred income. **Accounting policies** Deferred income includes income received or future performance obligations relating to subsequent financial years and is recognised as revenue when the Group performs its obligations by transferring the goods or services. ## 7.4 Contingent liabilities The Demant Group is involved in a few disputes, lawsuits etc. Management is of the opinion that such disputes do not or will not have a material impact on the Group's financial position.The Group seeks to make adequate provisions for legal proceedings. As part of our business activities, the Group has entered into normal agreements with customers and suppliers etc. as well as agreements for the purchase of shareholdings. ## 7.3 Deferred income | | 2021 | | | 2020 | |---|---|---|---|---| | (DKK million) | | | | | | **Accrued income related to non-current assets** | 72 | - | - | 72 | | **Accrued income related to current assets** | 253 | 179 | 77 | 4 | 513 | | **Accrued income related to intangible assets** | 81 | 46 | 10 | 1 | 138 | | **Accrued income related to other assets** | 95 | 67 | 36 | 3 | 201 | | **Total** | 501 | 292 | 123 | 8 | 924 | | | 2021 | 2020 | |---|---|---| | **Accrued income related to non-current assets** | 88 | 5 | - | 93 | | **Accrued income related to current assets** | 262 | 160 | 69 | 3 | 494 | | **Accrued income related to intangible assets** | 99 | 44 | 7 | 1 | 151 | | **Accrued income related to other assets** | 87 | 64 | 27 | 1 | 179 | | **Total** | 536 | 273 | 103 | 5 | 917 | (DKK million) | 2021 | 2020 ---|---|--- **Accrued income related to non-current assets** | 72 | 93 **Other income recognized upon transfer of control** | 513 | 494 **Other income recognized upon intangible asset transfer** | 138 | 151 **Other income recognized upon other asset transfer** | 201 | 179 **Total** | 924 | 917 ### Section 8 Other disclosure requirements Demant - Annual Report 2021 115 ### 8.1 Related parties William Demant Foundation, Kongebakken 9, 2765 Smørum, Denmark, is the only related party with a controlling interest. Controlling interest is achieved through its own shareholding and the shareholding of William Demant Invest A/S for which William Demant Foundation exercises the voting rights. Subsidiaries and associated enterprises of William Demant Invest A/S are related parties to the Demant Group. #### Related parties with significant influence In addition to the William Demant Foundation and its related parties, related parties also include members of the Executive Board and the Board of Directors and their related parties. Furthermore, related parties are companies in which the above persons have significant interests. #### Subsidiaries, associates and joint ventures Information on subsidiaries, associates and joint ventures in Section 11 and financial information on transactions with associates and joint ventures can be found in Note 3.4. In 2021, William Demant Foundation paid administration fees to the Group of DKK 1 million (DKK 1 million in 2020). The Group paid administration fees to William Demant Invest A/S of DKK 2 million (DKK 1 million in 2020). In 2021, the Group paid service fees to Össur hf., a subsidiary of William Demant Invest A/S, of DKK 32 million (DKK 52 million in 2020) and received service fees of DKK 22 million (DKK 20 million in 2020) from Össur hf. In 2021, the Group received service fees from Vision RT, a subsidiary of William Demant Invest A/S, in the amount of DKK 2 million (DKK 7 million in 2020). At year-end 2021, the Group had receivables of DKK 6 million for services provided to Vision RT and Össur hf. (DKK 6 million in 2020). In 2021, William Demant Foundation donated DKK 1 million to Eriksholm Research Centre and DKK 2 million to an industrial PhD project in Oticon A/S. Further, William Demant Foundation acquired diagnostic equipment worth DKK 0.1 million (DKK 0.5 million in 2020) from the Group. Since 2011, the Group has settled Danish tax on account and residual tax with William Demant Invest A/S, which is the administration company for the joint taxation. There have been no transactions with the Executive Board and the Board of Directors apart from normal remuneration. Please refer to Note 1.3. A few Group enterprises are not audited due to their immateriality or because they are managed by the parent company in the Group. The fee for non-audit services delivered by Deloitte Statsautoriseret Revisionspartnerselskab to the Group amounts to DKK 2 million (DKK 3 million in 2020) and consists of VAT and tax services, tax advisory services related to transfer pricing, issuance of various assurance reports as well as consulting services. ### 8.2 Fees to statutory auditors | (DKK million) | 2021 | 2020 | |---|---|---| | **Audit fees** | 14 | 14 | | **Other non-audit services** | 2 | 2 | | **Tax related services** | 3 | 2 | | **Total** | 19 | 18 | Demant - Annual Report 2021 117 ### 8.3 Government grants In 2021, the Demant Group received government grants in the amount of DKK 48 million (DKK 346 million in 2020) of which DKK 28 million (DKK 326 million in 2020) are Covid-19-related publicly funded compensation schemes. Non-Covid-19 grants are offset against R&D costs. #### Accounting policies Government grants are recognised when there is reasonable certainty that the conditions for such grants are satisfied and that they will be awarded. Grants received as compensation for costs incurred are recognised proportionately in the income statement over the periods in which the related costs are recognised in the income statement and are offset against costs incurred. Government grants relating to the acquisition of non-current assets are deducted from the cost of such assets. | | 2021 | 2020 | |---|---|---| | (DKK million) | | | | **Government grants related to R&D** | 5 | 42 | | **Covid-19 compensation schemes** | 22 | 52 | | **Other government grants** | 19 | 227 | | **Related to acquisition of assets** | 2 | 25 | | **Total** | 48 | 346 | ### 8.4 Events after the balance sheet date No events have occurred after the reporting date that might affect the consolidated financial statements. Demant - Annual Report 2021 118 ### Section 9 Basis for preparation Demant - Annual Report 2021 119 The accounting policies are described below. In addition to this, specific accounting policies are described in each of the individual notes to the consolidated financial statements as outlined here: * 1.1 Segment disclosures * 1.2 Revenue from contracts with customers * 1.3 Employees * 1.6 Inventories * 1.7 Receivables * 2.3 Hedging and forward exchange contracts * 2.4 Exchange rates * 3.1 Intangible assets * 3.2 Property, plant and equipment * 3.3 Leases * 3.4 Other non-current assets * 3.6 Impairment testing * 4.2 Net financial items * 4.3 Categories of financial instruments * 4.5 Fair value hierarchy * 5.1 Tax on profit * 5.2 Deferred tax * 6.1 Acquisition of enterprises and activities * 7.1 Provisions * 7.2 Other liabilities * 7.3 Deferred income * 8.3 Government grants #### General The consolidated financial statements are presented in compliance with International Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for annual reports published by reporting class D (listed) companies, cf. the Danish executive order on IFRS issued in compliance with the Danish Financial Statements Act. The registered office of Demant A/S is in Denmark. The consolidated financial statements are presented in Danish kroner (DKK), which is the functional currency for the Parent. The consolidated financial statements are presented based on historical costs, except for obligations for contingent consideration in connection with business combinations, share-based remuneration, derivatives and financial assets classified as assets available for sale, which are measured at fair value. The financial statements for the Parent are presented separately from the consolidated financial statements and are shown on the last pages of this Annual Report 2021. #### Effect of new accounting standards The Group has adopted all new, amended and revised accounting standards and interpretations as published by the IASB and adopted by the EU effective for the accounting period beginning 1 January 2021. None of these new, updated and amended standards and interpretations resulted in any changes to the accounting policies for the Group or had any significant impact on the consolidated financial statements for 2021. IASB has issued new accounting standards and amendments effective for accounting periods beginning after 1 January 2021, which have not been adopted by the EU yet. The changes to these standards are not expected to have any significant impact on the Group. Except for the implementation of new and amended standards as well as insignificant reclassifications of the comparative figures for 2020, the accounting policies remain unchanged compared to last year. #### Consolidated financial statements The consolidated financial statements comprise Demant A/S (the Parent) and the enterprises in which the Parent can or does exercise control by either directly or indirectly holding more than 50% of the voting rights, or in which the Parent exercises control in some other manner. Enterprises in which the Group holds 20-50% of the voting rights and/or in some other manner can or does exercise significant influence are considered associates or joint ventures and are incorporated proportionately into the consolidated financial statements using the equity method. #### Consolidation principles The consolidated financial statements are prepared based on the financial statements of the Parent and its subsidiaries by aggregating uniform items. Enterprises that, by agreement, are managed jointly with one or more other enterprises are recognised using the equity method. The consolidated financial statements are prepared using the Group’s accounting policies. Intra-Group income, expenses, shareholdings, balances and dividends as well as unrealised intra-Group profits on inventories are eliminated.# Section 9 Basis for preparation ## 9.1 Group accounting policies The accounting items of subsidiaries are recognised 100% in the consolidated financial statements. On initial recognition, non-controlling interests are measured either at fair value or at their proportionate share of the fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary. The method is chosen for each individual transaction. Non-controlling interests are subsequently adjusted according to their proportionate share of changes in equity of the subsidiary. Comprehensive income is allocated to non-controlling interests whether or not, as a result hereof, the value of such interests is negative. The purchase or sale of non-controlling interests in a subsidiary, which does not result in obtaining or discontinuing control of such subsidiary, is treated as an equity transaction in the consolidated financial statements, and any difference between the consideration and the carrying amount is allocated to the equity attributable to owners of the parent. ### Income statement Income and costs are recognised on an accruals basis. The income statement is broken down by function, and all costs, including depreciation, amortisation and impairment losses, are therefore charged to production, distribution, administration and R&D. #### Production costs Production costs are costs incurred to generate revenue. Distribution companies recognise cost of goods sold under production costs. Production companies recognise cost of raw materials, consumables, production staff as well as maintenance of and depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets used in the production process under production costs. #### R&D costs Research costs are always recognised in the income statement as such costs incur. Development costs include all costs not satisfying capitalisation criteria but incurred in connection with the development, prototype construction, development of new business concepts and amortisation of capitalised development costs. #### Distribution costs Distribution costs include costs relating to training, sales, marketing, promotion materials, distribution, bad debts as well as depreciation and amortisation of and impairment losses on assets used for distribution purposes. #### Administrative expenses Administrative expenses include administrative staff costs, office expenses as well as depreciation and amortisation of and impairment losses on assets used for administrative purposes. #### Prepaid expenses Prepaid expenses recognised under assets include costs relating to the subsequent financial years. Prepaid expenses are measured at cost. #### Other operating income Other operating income includes income from all activities not related to the core business activities of the Group. ### Equity Foreign currency translation reserves include foreign currency translation adjustments on the translation of financial statements of foreign subsidiaries, associates and joint ventures from their respective functional currencies into Danish kroner. Foreign currency translation adjustments are recognised in the income statement on realisation of the net investment. Hedging reserves include fair value adjustments of derivatives and loans satisfying the criteria for hedging of future transactions. The amounts are recognised in the income statement or the balance sheet at the same time as hedged transactions are recognised. #### Treasury shares and dividend On the buy-back of shares or sale of treasury shares, the purchase price or selling price, respectively, is recognised directly in equity under other reserves (retained earnings). A capital reduction through the cancellation of treasury shares will reduce the share capital by an amount corresponding to the nominal value of such shares. Proposed dividends are recognised as a liability at the time of adoption at the annual general meeting. ### Cash flow statement The cash flow statement is prepared according to the indirect method and reflects the consolidated net cash flow broken down into operating, investing and financing activities. Cash flow from operating activities includes net profit adjusted for non-cash operating items, changes in working capital, financial income received, financial expenses paid, realised foreign currency translation gains and losses and income tax paid. Cash flow from operating activities also includes short-term lease payments, lease payments of low-value assets and variable lease payments. Cash flow from investing activities includes payments in respect of the acquisition or divestment of enterprises and financial assets as well as the purchase, development, improvement or sale of intangible assets and property, plant and equipment. In addition to this, cash flow from investing activities also includes movement in receivables from associates and joint ventures as well as customer loans. Cash flow from financing activities includes payments to and from shareholders and the raising and repayment of non-current and current debt and lease liabilities. Cash flow in currencies other than the functional currency is recognised at average exchange rates for the months of the year unless they deviate significantly from actual exchange rates on the transaction dates. Repayments of lease liabilities are included as well. Cash and cash equivalents are cash less overdrafts, which consist of uncommitted bank facilities that often fluctuate from positive to overdrawn. Any short-term bank facilities that are consistently overdrawn are considered cash flow from financing activities. ### Key figures and financial ratios Financial ratios are calculated in accordance with CFA Society Denmark. The free cash flow is calculated as the sum of cash flow from operating activities (CFFO) and investing activities (CFFI) before acquisitions and disposals of enterprises, participating interests and activities. Financial ratios per share are calculated per share of nominally DKK 0.20. On computation of the return on equity, average equity is calculated, duly considering share buy-backs. The gearing multiple is calculated as net interest-bearing debt relative to EBITDA. Net working capital is the net amount of current assets (excluding tax, financial contracts and cash) less trade payables, the current part of other liabilities and deferred income. The CEO pay ratio is calculated as the CEO total compensation/the average Demant employee total compensation. Scope 1 emissions entail tonnes of CO2e emissions from natural gas, gasoline, diesel and fuel oil consumed in Demant. Scope 2 emissions entail tonnes of CO2e emissions from purchased electric power and district heating at Demant production sites, offices and clinics. Every year, the data quality and the scope of reporting are improved. The 2021 data covers more than 90% of our total sites including estimates. Gender diversity, all employees shows the gender distribution between women and men in percent of the employees in countries enrolled in our global HR data management system. In 2021, 90% of all our employees were registered in the system. Gender diversity, management shows the gender distribution between women and men in percent among all people managers with one or more reports. The data is extracted from our HR data management system that held 90% of our employees in 2021. Gender diversity, Board of directors shows the gender distribution between women and men among the shareholder-elected members of the Board of Directors. ### iXBRL tagging The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The combination of XHTML format and iXBRL tags makes it possible for annual financial reports to be read by both humans and machines, thus enhancing accessibility, analysis and comparability of the information included in the annual financial reports. The annual report has been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. The line items in the consolidated financial statements are tagged to elements in the ESEF taxonomy. For financial line items that are not directly defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions that are subtotals. The annual report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DEMANT-2021-12-31-en.zip. #### Key definitions * **XHTML (eXtensible HyperText Markup Language)** is a text-based language used to structure and mark up content such as text, images and hyperlinks in documents that are displayed in a web browser. * **iXBRL tags (or Inline XBRL tags)** are hidden metainformation embedded in the source code of an XHTML document that enables the conversion of XHTML-formatted information into a machine-readable XBRL data record using appropriate software. * **A financial reporting taxonomy** is an electronic dictionary of business reporting elements used to report business data.# Section 9 Basis for preparation ## Demant - Annual Report 2021 122 On the preparation of the consolidated financial statements, Management makes a number of accounting estimates and judgements. These relate to the recognition, measurement and classification of assets and liabilities. Many items can only be estimated rather than accurately measured. Such estimates are based on the most recent information available on preparation of the financial statements. Estimates and assumptions are therefore reassessed on an ongoing basis. Actual figures may, however, deviate from these estimates. Any changes in accounting estimates will be recognised in the reporting period in which such changes are made. Significant accounting estimates and judgements are described below: 1.6 Inventories 1.7 Receivables 3.3 Leases 3.5 Impairment (identification of CGUs) 5.2 Deferred tax 6.1 Acquisition of enterprises and activities Specific accounting estimates and judgements are described in each of the individual notes to the consolidated financial statements as outlined below: 1.2 Revenue from contracts with customers 1.3 Employees 1.6 Inventories 1.7 Receivables 3.1 Intangible assets 3.2 Property, plant and equipment 3.3 Leases 5.2 Deferred tax 6.1 Acquisition of enterprises and activities 7.1 Provisions 7.2 Other liabilities ## 9.2 Accounting estimates and judgements ## Demant - Annual Report 2021 123 ### Parent financial statements ## Demant - Annual Report 2021 123 ### Parent income statement (DKK million) | | | | | :--- | :--- | --: | | | | | | | 2021 | 2020 | | | DKK million | DKK million | | | | | | Other income | -114 | -119 | | Other finance expenses | 28 | 34 | | Finance expenses, net | -86 | -85 | | | | | | Profit from sale of property, plant and equipment | 2,140 | 379 | | Loss on sale of intangible assets | - | -459 | | Gain on disposal of subsidiaries | 24 | 82 | | Loss on disposal of subsidiaries | -95 | -59 | | Profit for the year | 1,983 | 776 | | | | | | Profit carried forward | 32 | 13 | | Profit for the year | 2,015 | 789 | ## Demant - Annual Report 2021 125 ### Parent balance sheet 31 December (DKK million) | | | 2021 | 2020 | | :--- | :--- | :--- | :--- | | | | DKK million | DKK million | | **Assets** | | | | | Property, plant and equipment | | 26 | 30 | | Intangible assets | | 24 | 24 | | Investments in subsidiaries | | 12,826 | 10,932 | | Other receivables | | 1,429 | 944 | | Other intangible assets | | 36 | 42 | | Other receivables | | - | -1 | | Other receivables | | 10 | 10 | | Other receivables | | 14,302 | 11,930 | | | | | | | **Total assets** | | 14,352 | 11,984 | | | | | | | **Equity and Liabilities** | | | | | **Equity** | | | | | Share capital | | 33 | 12 | | Other paid-in capital | | 5 | 6 | | Treasury shares | | 9 | 12 | | **Total equity** | | 47 | 30 | | | | | | | **Liabilities** | | | | | **Non-current liabilities** | | | | | Financial liabilities | | 48 | 48 | | Other payables | | 1,859 | 425 | | Other financial liabilities | | 2,799 | 5,295 | | Borrowings | | 4,706 | 5,768 | | | | | | | Interest-bearing liabilities | | 7 | 10 | | Other liabilities | | 7 | 10 | | | | | | | **Current liabilities** | | | | | Borrowings | | 2,762 | 3,473 | | Other payables | | 1 | 1 | | Other liabilities | | 29 | 25 | | **Total current liabilities** | | 2,792 | 3,499 | | | | | | | **Total liabilities** | | 7,585 | 9,278 | | | | | | | **Total equity and liabilities** | | 14,399 | 12,014 | (DKK million) | | | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Liabilities** | | | | | **Non-current liabilities** | | | | | Financial liabilities | | 48 | 48 | | Other payables | | 1,859 | 425 | | Other financial liabilities | | 2,799 | 5,295 | | Borrowings | | 4,706 | 5,768 | | | | | | | Interest-bearing liabilities | | 7 | 10 | | Other liabilities | | 7 | 10 | | | | | | | **Current liabilities** | | | | | Borrowings | | 2,762 | 3,473 | | Other payables | | 1 | 1 | | Other liabilities | | 29 | 25 | | **Total current liabilities** | | 2,792 | 3,499 | | | | | | | **Total liabilities** | | 7,585 | 9,278 | | | | | | | **Total equity and liabilities** | | 14,399 | 12,014 | | | | | | | **Equity** | | | | | Share capital | | 33 | 12 | | Other paid-in capital | | 5 | 6 | | Treasury shares | | 9 | 12 | | **Total equity** | | 47 | 30 | | | | | | | **Liabilities** | | | | | **Non-current liabilities** | | | | | Financial liabilities | | 48 | 48 | | Other payables | | 1,859 | 425 | | Other financial liabilities | | 2,799 | 5,295 | | Borrowings | | 4,706 | 5,768 | | | | | | | Interest-bearing liabilities | | 7 | 10 | | Other liabilities | | 7 | 10 | | | | | | | **Current liabilities** | | | | | Borrowings | | 2,762 | 3,473 | | Other payables | | 1 | 1 | | Other liabilities | | 29 | 25 | | **Total current liabilities** | | 2,792 | 3,499 | | | | | | | **Total liabilities** | | 7,585 | 9,278 | | | | | | | **Total equity and liabilities** | | 14,399 | 12,014 | (DKK million) | | | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Equity** | | | | | **Opening balance** | | | | | Share capital | | 48 | 48 | | Share premium | | 11 | 9 | | Other reserves | | 68 | 65 | | **Closing balance** | | 12.9 | 3.7 | | | | | | | **Retained earnings** | | 29 | 29 | | **Profit for the year** | | 29 | 29 | | | | | | | **Statement of changes in equity** | | | | | **Opening balance** | | | | | Share capital | | 49 | -78 | | Share premium | | -3 | 2,119 | | Retained earnings | | 3,482 | 5,569 | | **Total equity** | | 5,569 | | | | | | | | Adjustments for accounting principles | | | | | Share capital | | - | -100 | | | | | | | **Balance 1 January 2021** | | 49 | -78 | | | | | | | Dividend distributed | | - | - | | Profit for the year | | 2,019 | 3,482 | | | | | | | Other comprehensive income | | | | | Exchange adjustments | | - | 375 | | Tax on equity adjustments | | - | 414 | | | | | | | Share buy-back programme | | -1,594 | 1,594 | | Share-based payments for employees | | - | - | | Other equity adjustments | | -413 | - | | | | | | | Other equity adjustments | | -33 | 33 | | | | | | | Other equity adjustments | | 83 | -83 | | | | | | | Other comprehensive income adjustments | | - | - | | Share-based payments for employees | | 68 | - | | Other comprehensive income adjustments | | - | - | | | | | | | Other comprehensive income adjustments | | 4 | - | | | | | | | Other comprehensive income adjustments | | - | - | | | | | | | Other comprehensive income adjustments | | -147 | - | | | | | | | Other comprehensive income adjustments | | - | - | | Other comprehensive income adjustments | | 2 | 2 | | Other comprehensive income adjustments | | -4 | - | | | | | | | **Balance 31 December 2021** | | 48 | -75 | | | | | | | Other equity adjustments | | 1,932 | 2,799 | | | | | | | **Balance 31 December 2021** | | 4,706 | | At year-end 2021, the share capital was nominally DKK 48 million (DKK 48 million in 2020) divided into the corresponding number of shares of DKK 0.20. There are no restrictions on the negotiability or voting rights of the shares. At year-end 2021, the number of outstanding shares was 230,130,144 (239,893,471 in 2020). As part of the share-back programme, the company acquired 9,763,327 treasury shares in 2021 (667,702 shares in 2020) amounting to a total of DKK 3,143 million (DKK 147 million in 2020). | 2021 | 2020 | | :------------- | :------------- | | DKK million | DKK million | | Treasury | Treasury | | shares | shares | | | | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | 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shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | | | | Treasury | Treasury | | shares | shares | | # Section 10 Basis for preparation Demant - Annual Report 2021 131 ## 10.7 Property, plant and equipment (DKK million) | | 2021 | 2020 | | :----------------------------------------------------------------------------------- | :--- | :--- | | **Opening balance** | | | | Property, plant and equipment | 31 | 31 | | **Additions** | | | | Property, plant and equipment | -7 | -7 | | **Depreciation** | | | | Property, plant and equipment | 24 | | | **Opening balance** | 31 | 31 | | Property, plant and equipment | 31 | 31 | | **Additions** | | | | Property, plant and equipment | -6 | | | Property, plant and equipment | -1 | | | **Depreciation** | | | | Property, plant and equipment | 24 | | | **Opening balance** | 30 | | The carrying amount of investment in subsidiaries includes capitalised goodwill in the amount of DKK 6,768 million (DKK 5,784 million in 2020). Amortisation of capitalised goodwill for the year is DKK 493 million (DKK 439 million in 2020). Loans to subsidiaries of DKK 1,429 million (DKK 944 million in 2020) are considered additions to the total investments in the particular enterprises and are therefore considered non-current. Please refer to Section 11 Subsidiaries and associates for further information on subsidiaries, joint ventures and associates. ## 10.8 Financial assets (DKK million) | | **2021** | **2020** | | :--- | :--- | :--- | | | **Carrying amount** | **Carrying amount** | | | **Trade and other receivables** | **Trade and other receivables** | | | **Other financial assets** | **Other financial assets** | | | **Trade and other receivables** | **Trade and other receivables** | | | **Other financial assets** | **Other financial assets** | | | **Trade and other receivables** | **Trade and other receivables** | | | **Other financial assets** | **Other financial assets** | | | **Trade and other receivables** | **Trade and other receivables** | | | **Other financial assets** | **Other financial assets** | | **Additions** | 10,418 | 944 | | | 54 | 1 | | | 8,275 | 751 | | | 330 | 97 | | Impairment of receivables, net of reversals | - | - | | | -5 | - | | | - | - | | | - | - | | **Changes in fair value through profit or loss** | 167 | 563 | | | - | - | | | 2,143 | 276 | | | - | - | | **Impairment of receivables, net of reversals** | - | -83 | | | -4 | -1 | | | - | -78 | | | -193 | -96 | | **Reversals of impairment losses** | - | - | | | - | -83 | | **Closing balance** | **10,585** | **1,429** | | | **50** | - | | | **10,418** | **944** | | | **54** | 1 | | **Additions to sales of receivables** | 514 | | | | - | | | | -12 | | | | - | | | **Additions to sales of receivables** | 514 | | | | - | | | | -12 | | | | - | | | **Impairment of receivables, net of reversals** | 404 | | | | - | | | | -1 | | | | - | | | **Sales of receivables** | 2,140 | 379 | | | - | -4 | | | - | - | | **Impairment losses recognised in other comprehensive income** | -767 | - | | | -1 | - | | | - | -1,594 | | | - | - | | **Impairment of receivables, net of reversals** | - | -33 | | | - | - | | **Reversals of impairment losses** | -50 | - | | | - | 83 | | | - | - | | **Closing balance** | **2,241** | - | | | -14 | | | | - | | | **Closing balance** | **12,826** | **1,429** | | | **36** | - | | | **10,932** | **944** | | | **42** | 1 | | **Total financial assets** | **12,826** | **10,932** | | | **1,429** | **944** | | | **36** | **42** | | | - | 1 | A part of other debt of DKK 47 million (DKK 32 million in 2020) has a contractual maturity of less than one year, and a part of other debt of DKK 29 million (DKK 25 million in 2020) has a contractual maturity of 1-5 years. The contractual cash flows approximate their carrying amounts. Interest-bearing debt broken down by currency: 72% in Danish kroner (63% in 2020), 21% in euros (27% in 2020) and 7% in US dollars (10% in 2020). The maximum interest rates on part of Demant's non-current debt are limited through an interest rate cap. ### Sensitivity analysis in respect of interest rates Based on the bank debt facilities at the end of the 2021 financial year, a rise of 1 percentage point in the general interest rate level will cause an increase in the P&L account and the financial net costs of approx. DKK 37 million (DKK 19 million in 2020). About 55% of the interest-bearing debt is subject to fixed or limited interest rates, partly due to a bought cap (a strip of call options), and partly due to loans being raised at fixed interest rates. ## 10.9 Interest-bearing debt (DKK million) | | **2021** | **2020** | | :--- | :--- | :--- | | | **Bank loans** | **Bank loans** | | | **Short-term** | **Short-term** | | | **Long-term** | **Long-term** | | | **Total bank loans** | **Total bank loans** | | | **Other debt** | **Other debt** | | | **Short-term** | **Short-term** | | | **Long-term** | **Long-term** | | | **Total other debt** | **Total other debt** | | **Debt maturity** | | | | **Within 1 year** | 3,226 | 2,774 | | **1-5 years** | - | 6,000 | | **More than 5 years** | 5,973 | | | **Total** | **8,275** | **8,275** | | **Average interest rate** | **0.5%** | | | | | | | | **2021** | **2020** | | | **Bank loans** | **Bank loans** | | | **Short-term** | **Short-term** | | | **Long-term** | **Long-term** | | | **Total bank loans** | **Total bank loans** | | | **Other debt** | **Other debt** | | | **Short-term** | **Short-term** | | | **Long-term** | **Long-term** | | | **Total other debt** | **Total other debt** | | **Debt maturity** | | | | **Within 1 year** | 2,041 | 3,498 | | **1-5 years** | - | 5,539 | | **More than 5 years** | 6,130 | | | **Total** | **6,180** | **6,130** | | **Average interest rate** | **0.6%** | | Demant A/S has provided security in respect of credit facilities established by Danish subsidiaries. These credit facilities totalled DKK 2,472 million in 2021 (DKK 3,144 million in 2020) of which DKK 514 million was drawn (DKK 453 million in 2020). Moreover, Demant A/S has established a mutual guarantee with Oticon A/S in the amount of DKK 650 million (DKK 650 million in 2020), which is being drawn upon on a current basis. Demant A/S has provided security in respect of rent as well as guarantees concerning the continuous operation and payment of liabilities in 2021 for some of our subsidiaries. The Parent is jointly taxed with William Demant Invest A/S, which is the administration company, and all Danish subsidiaries of both. Under the Danish Corporation Tax Act, the Parent is first of all fully liable for corporate tax payments and for withholding tax at source in respect of interest, royalties and dividends in relation to its own subsidiaries and is secondly liable for tax payments due for William Demant Invest A/S and its partly owned subsidiaries. For the purposes of section 357 of the Republic of Ireland Companies Act 2014, Demant A/S has undertaken to indemnify the creditors of its subsidiaries incorporated in the Republic of Ireland in respect of all losses and liabilities for the financial year ending on 31 December 2021 or any amended financial period incorporating said financial year. No material loss is expected to arise from this guarantee. For the purpose of section 78a, subsection 5 of the Danish Financial Statements Act, Demant A/S has undertaken to guarantee liabilities of the subsidiary EPOS Group A/S. No material loss is expected to arise from this guarantee. ## 10.11 Related parties William Demant Foundation, Kongebakken 9, 2765 Smørum, Denmark, is the only related party with a controlling interest. Controlling interest is achieved through a combination of the Foundation's own shareholding and the shareholding of William Demant Invest A/S for which William Demant Foundation exercises the voting rights. Subsidiaries and associated enterprises of William Demant Invest A/S are related parties to Demant A/S. ### Related parties with significant influence Onerous contract liabilities of Demant A/S and their related parties. Furthermore, related parties are companies in which the above persons have significant interests. ## 10.12 Events after the balance sheet date Please refer to Note 8.4 in the consolidated financial statements. ## 10.10 Contingent liabilities ## Section 10 Basis for preparation Demant - Annual Report 2021 135 The financial statements of the Parent, Demant A/S, are presented in accordance with the provisions of the Danish Financial Statements Act for class D entities. The Parent financial statements are presented in Danish kroner (DKK), which is also the functional currency for the Parent. The accounting policies are the same as last year. In respect of recognition and measurement, Demant's investments in subsidiaries and associated companies are recognised at cost in accordance with the Danish Financial Statements Act. The instances in which the Parent applies accounting policies different from those of the Group are described below. The Parent has decided to apply the recognition and measurement in accordance with IFRS 15 and 16. The standards affect Demant's financial statement, if any, relating to revenue, other income and lease liabilities. ### Changes in accounting policies The comparative figures for 2020 for investments in subsidiaries and equity have been restated because of a change in accounting policies, arising from the implementation of the changes in the Danish Financial Statements Act. The changes entail that accumulated actuarial gains/losses related to defined benefit plans are recognised as part of investments in subsidiaries. The effect of the changes to the comparative figures for 2020: * **Opening balance for investments in subsidiaries:** DKK -100 million * **Opening balance for subsidiaries:** DKK 8 million * **Opening balance for investments in subsidiaries:** DKK -100 million * **Opening balance for other receivables:** DKK 0 ## Tax The Parent is jointly taxed with its Danish subsidiaries and its parent, William Demant Invest A/S. Current income tax is allocated to the jointly taxed Danish companies in proportion to their taxable income.## Balance sheet ### Goodwill Goodwill is amortised on a straight-line basis over 20 years, which is the useful life experience in respect of the individual business activities. Goodwill is written down to its recoverable amount, if lower than its carrying amount. ### Rights Rights acquired are amortised on a straight-line basis over their estimated useful lives and measured at cost less accumulated amortisation and impairment losses. The amortisation period is five years. Rights acquired are written down to their recoverable value, if lower than their carrying value. ### Investments in subsidiaries and associates Investments in subsidiaries and associates are recognised and measured using the equity method, i.e. interests are measured at the proportionate share of the equity values of such subsidiaries and associates with the addition or deduction of the carrying amount of goodwill and with the addition or deduction of unrealised intra-Group profits or losses, respectively. Profits or losses in subsidiaries and associates are recognised in the income statement after elimination of unrealised intra-Group profits or losses less any amortisation and impairment of goodwill. Subsidiaries and associates with negative equity values are measured at DKK 0, and any receivables from such companies are written down to their recoverable amount. If the negative equity value exceeds the value of receivables, if any, such residual amount is recognised under provisions to the extent that the Parent has a legal or constructive obligation to cover liabilities incurred by the particular subsidiary or associate. On distribution of profit or loss, net revaluation and net impairment losses on investments in subsidiaries and associates are transferred to reserves for net revaluation according to the equity method. ### Other investments On initial recognition, other investments are measured at cost. Subsequently, they are measured at fair value on the balance sheet date, and any changes in fair values are recognised in the income statement under net financial items. ### Provisions Provisions include liabilities, which are uncertain in respect of the amount or the timing of their settlement. Provisions may include different types of liabilities, such as deferred tax liabilities, onerous contracts, pension obligations as well as provisions for disputes etc. ### Statement of changes in equity In compliance with the format requirements of the Danish Financial Statements Act, any items included under comprehensive income in the consolidated financial statements are recognised directly in equity in the Parent financial statements. ### Cash flow statement In compliance with section 86(4) of the Danish Financial Statements Act, a cash flow statement is not drawn up for the Parent, such statement being included in the consolidated cash flow statement. ## 10.13 Parent accounting policies ### Subsidiaries, associates and Joint ventures | | | | :------------------------------------------------------------------------------------------------- | --: | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | 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Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | 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Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed | 100% | | Forudsigelighed # Demant A/S ## Consolidated Financial Statements ### Auditor's report on audited financial statements **Deloitte Statsautoriseret Revisionspartnerselskab** Weidekampsgade 6 2300 Copenhagen S 33963556 **Niels Bjørn Christiansen** **Reporting class D** **Kongebakken 9** **2765 Smørum** **Egedal** **Denmark** **1983-04-22** **www.demant.com** **[email protected]** **Oticon Holding A/S** **William Demant Holding A/S** **www.demant.com/about/sustainability/** **www.demant.com/about/responsibility** **www.demant.com/about/management/** | | **2021-12-31** | **2020-12-31** | | :--------------------------------------------- | :------------- | :------------- | | **Equity Attributable To Owners Of Parent** | | | | Retained Earnings | | | | Equity Attributable To Owners Of Parent | | | | Noncontrolling Interests | | | | | **2021-01-01** | **2021-12-31** | | Equity Attributable To Owners Of Parent | | | | Noncontrolling Interests | | | | | **2020-12-31** | **2019-12-31** | | Issued Capital | | | | Reserve Of Exchange Differences On Translation | | | | Reserve Of Cash Flow Hedges | | | | Retained Earnings | | | | Equity Attributable To Owners Of Parent | | | | Noncontrolling Interests | | | | | **2020-01-01** | **2020-12-31** | | Issued Capital | | | | Reserve Of Exchange Differences On Translation | | | | Reserve Of Cash Flow Hedges | | | | Retained Earnings | | | | Equity Attributable To Owners Of Parent | | | | Noncontrolling Interests | | | **Consolidated** **DKK** **DKK** **shares** **shares** **Annual report** **ParsePort XBRL Converter** **2021-01-01** **2021-12-31** **2020-01-01** **2020-12-31** **213800RM6L9LN78BVA56** **Demant A/S** **Kongebakken 9** **2765 Smørum** **Egedal** **Opinion** **Basis for Opinion** **Weidekampsgade 6** **2300 Copenhagen S** **33963556** **DELOITTE STATSAUTORISERET REVISIONSPARTNERSELSKAB** **Weidekampsgade 6** **2300 Copenhagen S**

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