ESG-database.dk - Version 0.0.9

Assets

Type	Time	Amount	Unit

Revenue

Type	Start date	End date	Amount	Unit

XML

See the xml submitted here:

XML: INVALID

Separator

The full data:

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   <ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx15" decimals="-3" id="fact1445" unitRef="vEUR">132417000</ifrs-full:ProfitLossFromOperatingActivities>
   <ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod contextRef="ctx15" decimals="-3" id="fact1446" unitRef="vEUR">174000</ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod>
   <ifrs-full:ComprehensiveIncome contextRef="ctx1" decimals="-3" id="fact1035" unitRef="vEUR">99397000</ifrs-full:ComprehensiveIncome>
   <ifrs-full:ComprehensiveIncome contextRef="ctx15" decimals="-3" id="fact1462" unitRef="vEUR">114030000</ifrs-full:ComprehensiveIncome>
   <ifrs-full:FinanceIncome contextRef="ctx1" decimals="-3" id="fact1020" unitRef="vEUR">3191000</ifrs-full:FinanceIncome>
   <ifrs-full:FinanceIncome contextRef="ctx15" decimals="-3" id="fact1447" unitRef="vEUR">5774000</ifrs-full:FinanceIncome>
   <ifrs-full:FinanceCosts contextRef="ctx1" decimals="-3" id="fact1021" unitRef="vEUR">1021000</ifrs-full:FinanceCosts>
   <ifrs-full:FinanceCosts contextRef="ctx15" decimals="-3" id="fact1448" unitRef="vEUR">947000</ifrs-full:FinanceCosts>
   <ifrs-full:ProfitLossBeforeTax contextRef="ctx1" decimals="-3" id="fact1022" unitRef="vEUR">128148000</ifrs-full:ProfitLossBeforeTax>
   <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx1" decimals="-3" id="fact1023" unitRef="vEUR">28894000</ifrs-full:IncomeTaxExpenseContinuingOperations>
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   <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx15" decimals="-3" id="fact1450" unitRef="vEUR">27426000</ifrs-full:IncomeTaxExpenseContinuingOperations>
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                                        decimals="2"
                                        id="fact1028"
                                        unitRef="EURPershare">2.52</ifrs-full:BasicEarningsLossPerShare>
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                                          decimals="2"
                                          id="fact1029"
                                          unitRef="EURPershare">2.5</ifrs-full:DilutedEarningsLossPerShare>
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                                        decimals="2"
                                        id="fact1455"
                                        unitRef="EURPershare">2.76</ifrs-full:BasicEarningsLossPerShare>
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                                          decimals="2"
                                          id="fact1456"
                                          unitRef="EURPershare">2.74</ifrs-full:DilutedEarningsLossPerShare>
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   <ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates contextRef="ctx1" decimals="-3" id="fact1038" unitRef="vEUR">122000</ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates>
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   <ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates contextRef="ctx15" decimals="-3" id="fact1465" unitRef="vEUR">174000</ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates>
   <ifrs-full:AdjustmentsForFinanceIncome contextRef="ctx1" decimals="-3" id="fact1039" unitRef="vEUR">3191000</ifrs-full:AdjustmentsForFinanceIncome>
   <ifrs-full:AdjustmentsForFinanceCosts contextRef="ctx1" decimals="-3" id="fact1040" unitRef="vEUR">1021000</ifrs-full:AdjustmentsForFinanceCosts>
   <ifrs-full:AdjustmentsForFinanceIncome contextRef="ctx15" decimals="-3" id="fact1466" unitRef="vEUR">5774000</ifrs-full:AdjustmentsForFinanceIncome>
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   <ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="ctx1" decimals="-3" id="fact1041" unitRef="vEUR">28894000</ifrs-full:AdjustmentsForIncomeTaxExpense>
   <ifrs-full:OtherAdjustmentsForNoncashItems contextRef="ctx1" decimals="-3" id="fact1042" unitRef="vEUR">3954000</ifrs-full:OtherAdjustmentsForNoncashItems>
   <ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="ctx15" decimals="-3" id="fact1468" unitRef="vEUR">27426000</ifrs-full:AdjustmentsForIncomeTaxExpense>
   <ifrs-full:OtherAdjustmentsForNoncashItems contextRef="ctx15" decimals="-3" id="fact1469" unitRef="vEUR">12904000</ifrs-full:OtherAdjustmentsForNoncashItems>
   <ifrs-full:AdjustmentsForSharebasedPayments contextRef="ctx15" decimals="-3" id="fact1470" unitRef="vEUR">11332000</ifrs-full:AdjustmentsForSharebasedPayments>
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   <ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets contextRef="ctx15" decimals="-3" id="fact1472" unitRef="vEUR">-44861000</ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets>
   <ifrs-full:IncreaseDecreaseInWorkingCapital contextRef="ctx15" decimals="-3" id="fact1473" unitRef="vEUR">11169000</ifrs-full:IncreaseDecreaseInWorkingCapital>
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   <ifrs-full:AdjustmentsForSharebasedPayments contextRef="ctx1" decimals="-3" id="fact1043" unitRef="vEUR">13527000</ifrs-full:AdjustmentsForSharebasedPayments>
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   <ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets contextRef="ctx1" decimals="-3" id="fact1045" unitRef="vEUR">-70576000</ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets>
   <ifrs-full:IncreaseDecreaseInWorkingCapital contextRef="ctx1" decimals="-3" id="fact1046" unitRef="vEUR">4756000</ifrs-full:IncreaseDecreaseInWorkingCapital>
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   <ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities contextRef="ctx1" decimals="-3" id="fact1048" unitRef="vEUR">345000</ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities>
   <ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities contextRef="ctx15" decimals="-3" id="fact1475" unitRef="vEUR">319000</ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities>
   <ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx1" decimals="-3" id="fact1049" unitRef="vEUR">22251000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
   <ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx1" decimals="-3" id="fact1050" unitRef="vEUR">60340000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
   <ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx1" decimals="-3" id="fact1051" unitRef="vEUR">1524000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
   <simcorp:SaleAndPurchaseOfFinancialAssetsNet contextRef="ctx1" decimals="-3" id="fact1052" unitRef="vEUR">-1377000</simcorp:SaleAndPurchaseOfFinancialAssetsNet>
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   <ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx15" decimals="-3" id="fact1476" unitRef="vEUR">23329000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
   <ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx15" decimals="-3" id="fact1477" unitRef="vEUR">90696000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
   <ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx15" decimals="-3" id="fact1478" unitRef="vEUR">1259000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
   <simcorp:SaleAndPurchaseOfFinancialAssetsNet contextRef="ctx15" decimals="-3" id="fact1479" unitRef="vEUR">-4507000</simcorp:SaleAndPurchaseOfFinancialAssetsNet>
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   <ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx1" decimals="-3" id="fact1054" unitRef="vEUR">-2767000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
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   <ifrs-full:PaymentsToAcquireOrRedeemEntitysShares contextRef="ctx1" decimals="-3" id="fact1056" unitRef="vEUR">20049000</ifrs-full:PaymentsToAcquireOrRedeemEntitysShares>
   <ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities contextRef="ctx1" decimals="-3" id="fact1057" unitRef="vEUR">11661000</ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities>
   <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="ctx1" decimals="-3" id="fact1058" unitRef="vEUR">26891000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
   <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="ctx1" decimals="-3" id="fact1059" unitRef="vEUR">20167000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
   <ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx1" decimals="-3" id="fact1060" unitRef="vEUR">-64822000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
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   <ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx15" decimals="-3" id="fact1481" unitRef="vEUR">-5675000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
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   <ifrs-full:PaymentsToAcquireOrRedeemEntitysShares contextRef="ctx15" decimals="-3" id="fact1483" unitRef="vEUR">40102000</ifrs-full:PaymentsToAcquireOrRedeemEntitysShares>
   <ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities contextRef="ctx15" decimals="-3" id="fact1484" unitRef="vEUR">10808000</ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities>
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   <ifrs-full:CashAndCashEquivalents contextRef="ctx17" decimals="-3" id="fact1494" unitRef="vEUR">53051000</ifrs-full:CashAndCashEquivalents>
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   <ifrs-full:CashAndCashEquivalents contextRef="ctx18" decimals="-3" id="fact1496" unitRef="vEUR">40546000</ifrs-full:CashAndCashEquivalents>
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   <ifrs-full:Goodwill contextRef="ctx18" decimals="-3" id="fact1498" unitRef="vEUR">61266000</ifrs-full:Goodwill>
   <ifrs-full:ComputerSoftware contextRef="ctx18" decimals="-3" id="fact1499" unitRef="vEUR">8132000</ifrs-full:ComputerSoftware>
   <ifrs-full:Goodwill contextRef="ctx19" decimals="-3" id="fact1540" unitRef="vEUR">61645000</ifrs-full:Goodwill>
   <ifrs-full:ComputerSoftware contextRef="ctx19" decimals="-3" id="fact1541" unitRef="vEUR">9801000</ifrs-full:ComputerSoftware>
   <ifrs-full:IssuedCapital contextRef="ctx18" decimals="-3" id="fact1518" unitRef="vEUR">5441000</ifrs-full:IssuedCapital>
   <ifrs-full:ReserveOfExchangeDifferencesOnTranslation contextRef="ctx18" decimals="-3" id="fact1519" unitRef="vEUR">-3075000</ifrs-full:ReserveOfExchangeDifferencesOnTranslation>
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   <ifrs-full:Equity contextRef="ctx18" decimals="-3" id="fact1522" unitRef="vEUR">375557000</ifrs-full:Equity>
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   <ifrs-full:DeferredTaxLiabilities contextRef="ctx18" decimals="-3" id="fact1525" unitRef="vEUR">46596000</ifrs-full:DeferredTaxLiabilities>
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   <ifrs-full:RetainedEarnings contextRef="ctx19" decimals="-3" id="fact1562" unitRef="vEUR">280003000</ifrs-full:RetainedEarnings>
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   <simcorp:ClientRelationsships contextRef="ctx18" decimals="-3" id="fact1500" unitRef="vEUR">19586000</simcorp:ClientRelationsships>
   <ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx18" decimals="-3" id="fact1501" unitRef="vEUR">88984000</ifrs-full:IntangibleAssetsAndGoodwill>
   <simcorp:LeaseholdBuildingsVehiclesAndEquipment contextRef="ctx18" decimals="-3" id="fact1502" unitRef="vEUR">38259000</simcorp:LeaseholdBuildingsVehiclesAndEquipment>
   <ifrs-full:Machinery contextRef="ctx18" decimals="-3" id="fact1503" unitRef="vEUR">851000</ifrs-full:Machinery>
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   <ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx19" decimals="-3" id="fact1543" unitRef="vEUR">92691000</ifrs-full:IntangibleAssetsAndGoodwill>
   <simcorp:LeaseholdBuildingsVehiclesAndEquipment contextRef="ctx19" decimals="-3" id="fact1544" unitRef="vEUR">40095000</simcorp:LeaseholdBuildingsVehiclesAndEquipment>
   <ifrs-full:Machinery contextRef="ctx19" decimals="-3" id="fact1545" unitRef="vEUR">860000</ifrs-full:Machinery>
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   <ifrs-full:FixturesAndFittings contextRef="ctx19" decimals="-3" id="fact1546" unitRef="vEUR">2737000</ifrs-full:FixturesAndFittings>
   <ifrs-full:PropertyPlantAndEquipment contextRef="ctx18" decimals="-3" id="fact1505" unitRef="vEUR">41459000</ifrs-full:PropertyPlantAndEquipment>
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   <ifrs-full:PropertyPlantAndEquipment contextRef="ctx19" decimals="-3" id="fact1547" unitRef="vEUR">43692000</ifrs-full:PropertyPlantAndEquipment>
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   <ifrs-full:NoncurrentLiabilities contextRef="ctx18" decimals="-3" id="fact1527" unitRef="vEUR">85165000</ifrs-full:NoncurrentLiabilities>
   <ifrs-full:ShorttermBorrowings contextRef="ctx18" decimals="-3" id="fact1528" unitRef="vEUR">6724000</ifrs-full:ShorttermBorrowings>
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   <simcorp:DepositForRent contextRef="ctx18" decimals="-3" id="fact1507" unitRef="vEUR">3517000</simcorp:DepositForRent>
   <simcorp:DepositForRent contextRef="ctx19" decimals="-3" id="fact1549" unitRef="vEUR">2123000</simcorp:DepositForRent>
   <ifrs-full:DeferredTaxAssets contextRef="ctx18" decimals="-3" id="fact1508" unitRef="vEUR">2755000</ifrs-full:DeferredTaxAssets>
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   <ifrs-full:CurrentLeaseLiabilities contextRef="ctx18" decimals="-3" id="fact1529" unitRef="vEUR">9401000</ifrs-full:CurrentLeaseLiabilities>
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   <ifrs-full:CurrentContractLiabilities contextRef="ctx18" decimals="-3" id="fact1530" unitRef="vEUR">35975000</ifrs-full:CurrentContractLiabilities>
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   <ifrs-full:NoncurrentAssets contextRef="ctx19" decimals="-3" id="fact1553" unitRef="vEUR">147349000</ifrs-full:NoncurrentAssets>
   <ifrs-full:TradeAndOtherCurrentReceivables contextRef="ctx19" decimals="-3" id="fact1554" unitRef="vEUR">96543000</ifrs-full:TradeAndOtherCurrentReceivables>
   <ifrs-full:CurrentContractAssets contextRef="ctx19" decimals="-3" id="fact1555" unitRef="vEUR">221000000</ifrs-full:CurrentContractAssets>
   <ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx19" decimals="-3" id="fact1556" unitRef="vEUR">2060000</ifrs-full:CurrentTaxAssetsCurrent>
   <ifrs-full:CurrentProvisions contextRef="ctx18" decimals="-3" id="fact1534" unitRef="vEUR">1011000</ifrs-full:CurrentProvisions>
   <ifrs-full:CurrentProvisions contextRef="ctx19" decimals="-3" id="fact1575" unitRef="vEUR">432000</ifrs-full:CurrentProvisions>
   <ifrs-full:CurrentLiabilities contextRef="ctx18" decimals="-3" id="fact1535" unitRef="vEUR">143606000</ifrs-full:CurrentLiabilities>
   <ifrs-full:Liabilities contextRef="ctx18" decimals="-3" id="fact1536" unitRef="vEUR">228771000</ifrs-full:Liabilities>
   <ifrs-full:EquityAndLiabilities contextRef="ctx18" decimals="-3" id="fact1537" unitRef="vEUR">604328000</ifrs-full:EquityAndLiabilities>
   <ifrs-full:CurrentLiabilities contextRef="ctx19" decimals="-3" id="fact1576" unitRef="vEUR">128253000</ifrs-full:CurrentLiabilities>
   <ifrs-full:Liabilities contextRef="ctx19" decimals="-3" id="fact1577" unitRef="vEUR">203205000</ifrs-full:Liabilities>
   <ifrs-full:EquityAndLiabilities contextRef="ctx19" decimals="-3" id="fact1578" unitRef="vEUR">526312000</ifrs-full:EquityAndLiabilities>
   <ifrs-full:CurrentPrepayments contextRef="ctx18" decimals="-3" id="fact1515" unitRef="vEUR">10636000</ifrs-full:CurrentPrepayments>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx18" decimals="-3" id="fact1497" unitRef="vEUR">40546000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:CurrentAssets contextRef="ctx18" decimals="-3" id="fact1516" unitRef="vEUR">461943000</ifrs-full:CurrentAssets>
   <ifrs-full:Assets contextRef="ctx18" decimals="-3" id="fact1517" unitRef="vEUR">604328000</ifrs-full:Assets>
   <ifrs-full:CurrentPrepayments contextRef="ctx19" decimals="-3" id="fact1557" unitRef="vEUR">11668000</ifrs-full:CurrentPrepayments>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx19" decimals="-3" id="fact1539" unitRef="vEUR">47692000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:CurrentAssets contextRef="ctx19" decimals="-3" id="fact1558" unitRef="vEUR">378963000</ifrs-full:CurrentAssets>
   <ifrs-full:Assets contextRef="ctx19" decimals="-3" id="fact1559" unitRef="vEUR">526312000</ifrs-full:Assets>
   <ifrs-full:Equity contextRef="ctx20" decimals="-3" id="fact1579" unitRef="vEUR">5441000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx21" decimals="-3" id="fact1580" unitRef="vEUR">-2225000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx22" decimals="-3" id="fact1581" unitRef="vEUR">280003000</ifrs-full:Equity>
   <ifrs-full:ProfitLoss contextRef="ctx24" decimals="-3" id="fact1583" unitRef="vEUR">99254000</ifrs-full:ProfitLoss>
   <ifrs-full:OtherComprehensiveIncome contextRef="ctx24" decimals="-3" id="fact1584" unitRef="vEUR">993000</ifrs-full:OtherComprehensiveIncome>
   <ifrs-full:Equity contextRef="ctx23" decimals="-3" id="fact1582" unitRef="vEUR">39888000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx16" decimals="-3" id="fact1493" unitRef="vEUR">323107000</ifrs-full:Equity>
   <ifrs-full:ProfitLoss contextRef="ctx1" decimals="-3" id="fact1027" unitRef="vEUR">99254000</ifrs-full:ProfitLoss>
   <ifrs-full:OtherComprehensiveIncome contextRef="ctx1" decimals="-3" id="fact1034" unitRef="vEUR">143000</ifrs-full:OtherComprehensiveIncome>
   <ifrs-full:OtherComprehensiveIncome contextRef="ctx25" decimals="-3" id="fact1591" unitRef="vEUR">-850000</ifrs-full:OtherComprehensiveIncome>
   <ifrs-full:ComprehensiveIncome contextRef="ctx25" decimals="-3" id="fact1592" unitRef="vEUR">-850000</ifrs-full:ComprehensiveIncome>
   <ifrs-full:ComprehensiveIncome contextRef="ctx24" decimals="-3" id="fact1585" unitRef="vEUR">100247000</ifrs-full:ComprehensiveIncome>
   <ifrs-full:ComprehensiveIncome contextRef="ctx1" decimals="-3" id="fact1036" unitRef="vEUR">99397000</ifrs-full:ComprehensiveIncome>
   <ifrs-full:DividendsPaid contextRef="ctx24" decimals="-3" id="fact1586" unitRef="vEUR">-52000</ifrs-full:DividendsPaid>
   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx24" decimals="-3" id="fact1587" unitRef="vEUR">13527000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
   <ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions contextRef="ctx24" decimals="-3" id="fact1588" unitRef="vEUR">589000</ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions>
   <ifrs-full:DividendsPaid contextRef="ctx26" decimals="-3" id="fact1593" unitRef="vEUR">39888000</ifrs-full:DividendsPaid>
   <ifrs-full:DividendsPaid contextRef="ctx1" decimals="-3" id="fact1063" unitRef="vEUR">39836000</ifrs-full:DividendsPaid>
   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx1" decimals="-3" id="fact1064" unitRef="vEUR">13527000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
   <ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions contextRef="ctx1" decimals="-3" id="fact1065" unitRef="vEUR">589000</ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions>
   <ifrs-full:PurchaseOfTreasuryShares contextRef="ctx24" decimals="-3" id="fact1589" unitRef="vEUR">20049000</ifrs-full:PurchaseOfTreasuryShares>
   <simcorp:ProposedDividendToShareholders contextRef="ctx24" decimals="-3" id="fact1590" unitRef="vEUR">39732000</simcorp:ProposedDividendToShareholders>
   <ifrs-full:Equity contextRef="ctx29" decimals="-3" id="fact1597" unitRef="vEUR">333459000</ifrs-full:Equity>
   <ifrs-full:PurchaseOfTreasuryShares contextRef="ctx1" decimals="-3" id="fact1066" unitRef="vEUR">20049000</ifrs-full:PurchaseOfTreasuryShares>
   <simcorp:ProposedDividendToShareholders contextRef="ctx26" decimals="-3" id="fact1594" unitRef="vEUR">-39732000</simcorp:ProposedDividendToShareholders>
   <ifrs-full:Equity contextRef="ctx30" decimals="-3" id="fact1598" unitRef="vEUR">39732000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx27" decimals="-3" id="fact1595" unitRef="vEUR">5441000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx28" decimals="-3" id="fact1596" unitRef="vEUR">-3075000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx18" decimals="-3" id="fact1523" unitRef="vEUR">375557000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx31" decimals="-3" id="fact1599" unitRef="vEUR">5441000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx32" decimals="-3" id="fact1600" unitRef="vEUR">-4725000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx33" decimals="-3" id="fact1601" unitRef="vEUR">237409000</ifrs-full:Equity>
   <ifrs-full:ProfitLoss contextRef="ctx35" decimals="-3" id="fact1603" unitRef="vEUR">109992000</ifrs-full:ProfitLoss>
   <ifrs-full:OtherComprehensiveIncome contextRef="ctx35" decimals="-3" id="fact1604" unitRef="vEUR">1538000</ifrs-full:OtherComprehensiveIncome>
   <ifrs-full:Equity contextRef="ctx34" decimals="-3" id="fact1602" unitRef="vEUR">40125000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx17" decimals="-3" id="fact1495" unitRef="vEUR">278250000</ifrs-full:Equity>
   <ifrs-full:ProfitLoss contextRef="ctx15" decimals="-3" id="fact1454" unitRef="vEUR">109992000</ifrs-full:ProfitLoss>
   <ifrs-full:OtherComprehensiveIncome contextRef="ctx15" decimals="-3" id="fact1461" unitRef="vEUR">4038000</ifrs-full:OtherComprehensiveIncome>
   <ifrs-full:OtherComprehensiveIncome contextRef="ctx36" decimals="-3" id="fact1611" unitRef="vEUR">2500000</ifrs-full:OtherComprehensiveIncome>
   <ifrs-full:ComprehensiveIncome contextRef="ctx36" decimals="-3" id="fact1612" unitRef="vEUR">2500000</ifrs-full:ComprehensiveIncome>
   <ifrs-full:ComprehensiveIncome contextRef="ctx35" decimals="-3" id="fact1605" unitRef="vEUR">111530000</ifrs-full:ComprehensiveIncome>
   <ifrs-full:ComprehensiveIncome contextRef="ctx15" decimals="-3" id="fact1463" unitRef="vEUR">114030000</ifrs-full:ComprehensiveIncome>
   <ifrs-full:DividendsPaid contextRef="ctx35" decimals="-3" id="fact1606" unitRef="vEUR">-39000</ifrs-full:DividendsPaid>
   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx35" decimals="-3" id="fact1607" unitRef="vEUR">11332000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
   <ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions contextRef="ctx35" decimals="-3" id="fact1608" unitRef="vEUR">317000</ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions>
   <ifrs-full:DividendsPaid contextRef="ctx37" decimals="-3" id="fact1613" unitRef="vEUR">40125000</ifrs-full:DividendsPaid>
   <ifrs-full:DividendsPaid contextRef="ctx15" decimals="-3" id="fact1488" unitRef="vEUR">40086000</ifrs-full:DividendsPaid>
   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx15" decimals="-3" id="fact1489" unitRef="vEUR">11332000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
   <ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions contextRef="ctx15" decimals="-3" id="fact1490" unitRef="vEUR">317000</ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions>
   <ifrs-full:PurchaseOfTreasuryShares contextRef="ctx35" decimals="-3" id="fact1609" unitRef="vEUR">40102000</ifrs-full:PurchaseOfTreasuryShares>
   <simcorp:ProposedDividendToShareholders contextRef="ctx35" decimals="-3" id="fact1610" unitRef="vEUR">39888000</simcorp:ProposedDividendToShareholders>
   <ifrs-full:Equity contextRef="ctx40" decimals="-3" id="fact1617" unitRef="vEUR">280003000</ifrs-full:Equity>
   <ifrs-full:PurchaseOfTreasuryShares contextRef="ctx15" decimals="-3" id="fact1491" unitRef="vEUR">40102000</ifrs-full:PurchaseOfTreasuryShares>
   <simcorp:ProposedDividendToShareholders contextRef="ctx37" decimals="-3" id="fact1614" unitRef="vEUR">-39888000</simcorp:ProposedDividendToShareholders>
   <ifrs-full:Equity contextRef="ctx41" decimals="-3" id="fact1618" unitRef="vEUR">39888000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx38" decimals="-3" id="fact1615" unitRef="vEUR">5441000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx39" decimals="-3" id="fact1616" unitRef="vEUR">-2225000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx19" decimals="-3" id="fact1565" unitRef="vEUR">323107000</ifrs-full:Equity>
   <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="ctx1" id="fact1851" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:4.9622em;"&gt;&lt;span class="stl_553 stl_08 stl_218"&gt;1&lt;/span&gt;&lt;span class="stl_495 stl_08 stl_554"&gt;.&lt;/span&gt;&lt;span class="stl_553 stl_08 stl_09" style="word-spacing:0.084em;"&gt;1 &lt;/span&gt;&lt;span class="stl_495 stl_08 stl_249" style="word-spacing:0.0331em;"&gt;Accounting policies, estimates, and judgments  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_507"&gt;General  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_404" style="word-spacing:-0.0128em;"&gt;The annual report for the period January 1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_190" style="word-spacing:-0.0203em;"&gt;– December &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_235"&gt;3&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_322" style="word-spacing:0.022em;"&gt;1, &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_96"&gt;22&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0053em;"&gt;, includes the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0055em;"&gt;consolidated financial statements of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.0019em;"&gt;SimCorp A/S (the Parent) and its subsidiary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_94" style="word-spacing:0.0034em;"&gt;undertakings (the Group), as well as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_199" style="word-spacing:-0.0053em;"&gt;separate financial statements for SimCorp  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_422" style="word-spacing:-0.0027em;"&gt;A/S. Reference is made t&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_54" style="word-spacing:0.0012em;"&gt;o page 10&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.085em;"&gt;8 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_448" style="word-spacing:-0.005em;"&gt;for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_448" style="word-spacing:-0.0049em;"&gt;Parent’s specific accounting policies.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_199" style="word-spacing:-0.0051em;"&gt;SimCorp A/S is incorporated and domiciled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0045em;"&gt;in Denmark.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_368" style="word-spacing:-0.0137em;"&gt;Statement of compliance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.0061em;"&gt;The consolidated financial statements of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0054em;"&gt;the Group have been prepared in accor-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_270" style="word-spacing:-0.0029em;"&gt;dance with International Financial Reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_15" style="word-spacing:-0.0002em;"&gt;Standards (IFRS) as endorsed by the EU  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_126" style="word-spacing:-0.0019em;"&gt;and additional requirements in the Danish  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_399" style="word-spacing:-0.0043em;"&gt;Financial Statements Act.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.1214em;z-index:1533;"&gt;&lt;span class="stl_471 stl_08 stl_182" style="word-spacing:-0.02em;"&gt;On &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.055em;"&gt;9 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_114" style="word-spacing:-0.003em;"&gt;February, &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_254"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_81"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_122" style="word-spacing:0.091em;"&gt;23 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_200" style="word-spacing:-0.0075em;"&gt;the Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;and the Executive Management Board  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_560" style="word-spacing:-0.0098em;"&gt;considered and approved the annual report  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.004em;"&gt;for &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_561" style="word-spacing:0.059em;"&gt;22 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_47" style="word-spacing:-0.0011em;"&gt;of SimCorp A/S and the Group.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0085em;"&gt;The annual report will be presented to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0039em;"&gt;shareholders for approval at the Annual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0066em;"&gt;General Meeting to be held on March &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_448"&gt;23&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_448"&gt;,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5381em;"&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_487"&gt;23&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0055em;"&gt;. The directors have the power to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_341" style="word-spacing:-0.0065em;"&gt;amend and reissue the financial statements.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.2881em;"&gt;&lt;span class="stl_496 stl_08 stl_368" style="word-spacing:-0.0137em;"&gt;Presentation currency  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0054em;"&gt;The financial statements are presented in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_280" style="word-spacing:-0.0013em;"&gt;EUR, rounded to the nearest EUR 1,000. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_244" style="word-spacing:-0.0033em;"&gt;functional currency of the Parent is DKK.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:6.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_491" style="word-spacing:-0.0143em;"&gt;Basis of measurement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_86" style="word-spacing:-0.0126em;"&gt;The annual report has been prepared on a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_179" style="word-spacing:-0.0068em;"&gt;going concern basis and in accordance with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_195" style="word-spacing:-0.005em;"&gt;the historical cost convention, except where  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_382" style="word-spacing:-0.0001em;"&gt;IFRS explicitly requires use of other values.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:12.2881em;"&gt;&lt;span class="stl_496 stl_08 stl_491" style="word-spacing:-0.0141em;"&gt;Basis of consolidation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_559" style="word-spacing:-0.0058em;"&gt;The consolidated financial statements have  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_214" style="word-spacing:-0.0044em;"&gt;been prepared by including the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_125" style="word-spacing:-0.0045em;"&gt;statements of the Parent and the subsi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_125" style="word-spacing:-0.0046em;"&gt;diaries, which have all been prepared in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_201" style="word-spacing:-0.0024em;"&gt;accordance with the Group’s accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_275" style="word-spacing:-0.0042em;"&gt;policies. Subsidiaries are entities controlled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_191" style="word-spacing:-0.0057em;"&gt;by the Parent. Control is established when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_402" style="word-spacing:-0.0019em;"&gt;SimCorp A/S is exposed to, or has rights to,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_372" style="word-spacing:-0.0019em;"&gt;variable returns from its involvement with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_233" style="word-spacing:-0.0114em;"&gt;the entity and has the ability to affect those  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:22.3714em;z-index:2529;"&gt;&lt;span class="stl_471 stl_08 stl_171" style="word-spacing:-0.0012em;"&gt;returns through its power over the entity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0047em;"&gt;On consolidation, intra-group income and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0067em;"&gt;expenses, shareholdings, balances,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_47" style="word-spacing:-0.0012em;"&gt;dividends and realized and unrealized gains  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0047em;"&gt;and losses on intra-group transactions are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_169" style="word-spacing:-0.0009em;"&gt;eliminated. Unrealized gains and losses on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_16" style="word-spacing:-0.0036em;"&gt;transactions with associates are eliminated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.0019em;"&gt;in proportion to the Group’s shares in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_482"&gt;associates.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:32.4547em;"&gt;&lt;span class="stl_496 stl_08 stl_123" style="word-spacing:-0.0121em;"&gt;Foreign currency translation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_305" style="word-spacing:-0.0078em;"&gt;Income and expenses and operating cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_77" style="word-spacing:-0.0017em;"&gt;flows of foreign subsidiaries that use a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0039em;"&gt;functional currency other than the euro  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_15" style="word-spacing:-0.0001em;"&gt;are translated at average rates of foreign  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0042em;"&gt;exchange computed on a monthly basis.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0046em;"&gt;Exchange rate differences resulting from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:38.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_339" style="word-spacing:-0.0026em;"&gt;foreign currency transactions as well as from  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_412" style="word-spacing:0.0012em;"&gt;the translation at year-end exchange rates of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_112" style="word-spacing:-0.0079em;"&gt;monetary assets and liabilities denominated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_155" style="word-spacing:0.0004em;"&gt;in foreign currency, are recognized under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_154" style="word-spacing:-0.0057em;"&gt;financial income or financial expenses.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:11.3714em;"&gt;&lt;span class="stl_496 stl_08 stl_321" style="word-spacing:-0.0174em;"&gt;Other operating income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_272" style="word-spacing:-0.0089em;"&gt;Other operating income consists of income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_236" style="word-spacing:-0.0092em;"&gt;of a secondary nature relative to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_215" style="word-spacing:-0.0006em;"&gt;activities of the Group, including gains on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_36" style="word-spacing:-0.0062em;"&gt;sale of intangible assets and property, plant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_270" style="word-spacing:-0.0027em;"&gt;and equipment and government grants.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_127" style="word-spacing:-0.0041em;"&gt;Government grants relate to research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_171" style="word-spacing:-0.0011em;"&gt;development funding in the United Kingdom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_214" style="word-spacing:-0.0044em;"&gt;and job growth incentive in Singapore. As  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_223" style="word-spacing:-0.0069em;"&gt;the grant is compensation for costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_127" style="word-spacing:-0.0041em;"&gt;incurred, it is recognized as other operating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_36" style="word-spacing:-0.0062em;"&gt;income in the period in which it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_351"&gt;receivable.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:24.2047em;"&gt;&lt;span class="stl_496 stl_08 stl_545" style="word-spacing:-0.0207em;"&gt;Other operating costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_370" style="word-spacing:-0.0101em;"&gt;Other costs comprise all the non-operating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_472" style="word-spacing:-0.009em;"&gt;costs incurred for the supporting business  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_305"&gt;operations.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:28.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_491" style="word-spacing:-0.0142em;"&gt;Statement of comprehensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_560" style="word-spacing:-0.0097em;"&gt;Other comprehensive income consists of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_472" style="word-spacing:-0.009em;"&gt;income and costs not included in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_47" style="word-spacing:-0.0011em;"&gt;income statement, including exchange rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_15" style="word-spacing:-0.0002em;"&gt;adjustments arising from the translation of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_126" style="word-spacing:-0.0018em;"&gt;foreign subsidiaries’ financial statements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_38" style="word-spacing:-0.0005em;"&gt;into presentation currency, and actuarial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0085em;"&gt;gains or losses on defined benefit pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5432em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_367"&gt;plans.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:6.7881em;"&gt;&lt;span class="stl_518 stl_08 stl_519" style="word-spacing:-0.0148em;"&gt;Cash flow statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_564" style="word-spacing:-0.0083em;"&gt;The cash flow statement is presented  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_410" style="word-spacing:-0.0076em;"&gt;according to the indirect method commen-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_64" style="word-spacing:0.0021em;"&gt;cing with the profit for the year. The cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_352" style="word-spacing:-0.0044em;"&gt;flow statement shows how changes in items  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0046em;"&gt;in the statement of financial position and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_510" style="word-spacing:-0.0108em;"&gt;income affect cash and cash equivalents.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0063em;"&gt;Cash and cash equivalents consist of cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.0019em;"&gt;at bank and in hand. Cash flows in other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_40" style="word-spacing:0.0008em;"&gt;currencies are translated into EUR at the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_33" style="word-spacing:-0.0024em;"&gt;average exchange rate for the respective  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:17.7881em;z-index:2277;"&gt;&lt;span class="stl_471 stl_08 stl_565"&gt;year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0083em;"&gt;Cash from operating activities is assessed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0091em;"&gt;by converting income statement items from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_305" style="word-spacing:-0.0079em;"&gt;accrual to cash basis accounting. Starting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_275" style="word-spacing:-0.0083em;"&gt;with net profit, non-cash items are reversed,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0046em;"&gt;and actual payments included. In addition,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0034em;"&gt;the change in working capital and contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_244" style="word-spacing:-0.0033em;"&gt;assets is taken into consideration as it  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;represents cash withheld in the statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0041em;"&gt;of financial position.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0034em;"&gt;Cash from investing activities are related to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_244" style="word-spacing:-0.0032em;"&gt;the sale and purchase of long-term  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_77" style="word-spacing:-0.0015em;"&gt;investments, including subsidiaries, fixed,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0042em;"&gt;intangibles and financial assets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:33.3714em;"&gt;&lt;span class="stl_496 stl_08 stl_488"&gt;Materiality  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;The financial statements separately  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0056em;"&gt;present items considered individually  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_15" style="word-spacing:-0.0003em;"&gt;material. Individually immaterial items are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_174" style="word-spacing:0.0006em;"&gt;aꢀregated with other items of similar  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1419em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_399" style="word-spacing:-0.0045em;"&gt;nature in the statements or in the notes.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_33" style="word-spacing:-0.0024em;"&gt;Specific disclosures required by IFRS are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_16" style="word-spacing:-0.0036em;"&gt;presented, unless the information is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0064em;"&gt;considered immaterial to the economic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0055em;"&gt;decision making of the users.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:11.3714em;"&gt;&lt;span class="stl_496 stl_08 stl_190" style="word-spacing:-0.0202em;"&gt;Operating costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0071em;"&gt;Operating costs are allocated into cost of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0085em;"&gt;sales, research and development, sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_126" style="word-spacing:-0.0018em;"&gt;and marketing costs, and administrative  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_488"&gt;expenses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_560" style="word-spacing:-0.0098em;"&gt;Cost of sales cover costs incurred to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_126" style="word-spacing:-0.0017em;"&gt;achieve the year’s revenue, including costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_176" style="word-spacing:-0.0027em;"&gt;of delivering and implementing systems,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.004em;"&gt;hosting and infrastructure costs, third  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_117" style="word-spacing:-0.0201em;"&gt;party costs, courses, and support. These  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_564" style="word-spacing:-0.0081em;"&gt;primarily comprise salaries, share-based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0094em;"&gt;payments, other employee costs, external  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0064em;"&gt;implementation consultants, hosting costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_479" style="word-spacing:-0.0105em;"&gt;and other third-party costs, depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0086em;"&gt;and amortization, and indirect costs, such  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_399" style="word-spacing:-0.0044em;"&gt;as technological infrastructure.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0086em;"&gt;Research and development costs comprise  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_528" style="word-spacing:-0.0096em;"&gt;salaries, share-based payments, other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0086em;"&gt;employee related costs, depreciation and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_564" style="word-spacing:-0.0082em;"&gt;amortization, and other costs directly  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_185" style="word-spacing:-0.003em;"&gt;attributable to the Group’s research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_305" style="word-spacing:-0.0077em;"&gt;development activities. Research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0085em;"&gt;development costs are expensed in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_185" style="word-spacing:-0.0031em;"&gt;year in which they are incurred when they  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0061em;"&gt;do not qualify for capitalization. For  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_448" style="word-spacing:-0.005em;"&gt;capitalization criteria se&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;e note &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_437"&gt;5&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_567"&gt;.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_55"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_55"&gt;.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;Sales and marketing costs comprise  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0094em;"&gt;salaries, commissions, bonuses, share-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_528" style="word-spacing:-0.0095em;"&gt;based payments, and other sales employee  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_305" style="word-spacing:-0.0079em;"&gt;related costs, travel and meeting expenses,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0039em;"&gt;marketing expenses, withholding taxes,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0064em;"&gt;depreciation and amortization, and indirect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0064em;"&gt;costs such as technological infrastructure  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_199" style="word-spacing:-0.0053em;"&gt;directly or indirectly attributable to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_38" style="word-spacing:-0.0005em;"&gt;Group’s sales and marketing activities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0039em;"&gt;Administrative expenses comprise salaries,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_525" style="word-spacing:-0.0111em;"&gt;bonuses, share-based payments and other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_566" style="word-spacing:-0.0143em;"&gt;employee costs and expenses, office costs,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_345" style="word-spacing:-0.0092em;"&gt;depreciation and amortization, expected  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0067em;"&gt;loss allowance, and indirect costs such  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_399" style="word-spacing:-0.0044em;"&gt;as technological infrastructure directly or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_47" style="word-spacing:-0.0012em;"&gt;indirectly attributable to the Group’s  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0033em;"&gt;administrative activities.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:24.2047em;"&gt;&lt;span class="stl_496 stl_08 stl_369" style="word-spacing:-0.0134em;"&gt;Accounting estimates and judgments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_18" style="word-spacing:0.0014em;"&gt;While applying the Group’s accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0037em;"&gt;policies, in addition to estimations,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_126" style="word-spacing:-0.0018em;"&gt;management makes other judgments that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_16" style="word-spacing:-0.0036em;"&gt;may impact the application of accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_530" style="word-spacing:-0.0114em;"&gt;policies and reported amounts of assets,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;liabilities, costs, cash flows, and related  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.002em;"&gt;disclosures at the date of the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_398"&gt;statements.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0045em;"&gt;The estimates and judgments applied are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0049em;"&gt;based on assumptions which management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_209" style="word-spacing:-0.0073em;"&gt;believes to be reasonable, but which are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0066em;"&gt;inherently uncertain and unpredictable.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_154" style="word-spacing:-0.0058em;"&gt;Such assumptions may be incomplete or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0063em;"&gt;inaccurate, and unexpected events or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0055em;"&gt;circumstances may arise.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.002em;"&gt;In addition, the company is subject to risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_305" style="word-spacing:-0.0078em;"&gt;and uncertainties encountered in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_305" style="word-spacing:-0.0078em;"&gt;ordinary course of business that may  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0055em;"&gt;cause actual results to deviate from the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0049em;"&gt;estimates. The notes to the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_448" style="word-spacing:-0.005em;"&gt;statements contain information about the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_345" style="word-spacing:-0.0091em;"&gt;assumptions and the uncertainty of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0039em;"&gt;estimates at the statement of financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.002em;"&gt;position date involving the risk of changes  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0041em;"&gt;that could lead to adjustments to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0054em;"&gt;carrying amounts of assets or liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:24.2047em;z-index:1637;"&gt;&lt;span class="stl_471 stl_08 stl_58" style="word-spacing:0.0046em;"&gt;within the upcoming financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0041em;"&gt;Management considers the following to be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_422" style="word-spacing:-0.0027em;"&gt;key accounting estimates and assumptions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0034em;"&gt;used in the preparation of the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_248"&gt;statements:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:30.6214em;"&gt;&lt;span class="stl_568 stl_08 stl_09" style="word-spacing:0.357em;"&gt;• &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_86" style="word-spacing:0.0074em;"&gt;Revenue (&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;note &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_60"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_569"&gt;.1&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_569"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:31.5381em;"&gt;&lt;span class="stl_568 stl_08 stl_09" style="word-spacing:0.357em;"&gt;• &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_447"&gt;T&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_570"&gt;a&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_564" style="word-spacing:-0.0082em;"&gt;x and deferred tax (&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_541" style="word-spacing:-0.014em;"&gt;Section &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_147"&gt;4&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_147"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0047em;"&gt;Risk factors specific to the Group are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_398" style="word-spacing:-0.0105em;"&gt;described in the management report on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0055em;"&gt;pages &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_96"&gt;3&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_96"&gt;1-&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_370" style="word-spacing:0.075em;"&gt;35 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_18" style="word-spacing:0.0013em;"&gt;and i&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;n note &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_488"&gt;6&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_567"&gt;.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_64"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_64"&gt;.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:6.7881em;"&gt;&lt;span class="stl_518 stl_08 stl_519" style="word-spacing:-0.0148em;"&gt;New financial reporting standards  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_487" style="word-spacing:-0.007em;"&gt;SimCorp has adopted relevant new or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_111" style="word-spacing:-0.0009em;"&gt;amended standards (IFRS) and interpretation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_173" style="word-spacing:0.0042em;"&gt;(IFRIC) as adopted by the EU and which are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0094em;"&gt;effective for the financial year 1 January  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_09" style="word-spacing:-0.02em;"&gt;– &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_353"&gt;3&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_15" style="word-spacing:-0.0203em;"&gt;1 December &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_21"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_186"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_61"&gt;22&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_50" style="word-spacing:-0.0135em;"&gt;. SimCorp has assessed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0083em;"&gt;that the new or amended standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.002em;"&gt;interpretations have not had any material  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_244" style="word-spacing:-0.0031em;"&gt;impact on SimCorp’s annual report in &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_525"&gt;22&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_525"&gt;.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:15.9547em;"&gt;&lt;span class="stl_518 stl_08 stl_527" style="word-spacing:-0.0154em;"&gt;New financial reporting standards not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:16.8714em;"&gt;&lt;span class="stl_496 stl_08 stl_437" style="word-spacing:-0.016em;"&gt;yet adopted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0064em;"&gt;The IASB has issued a number of new  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0054em;"&gt;standards and amendments not yet in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0084em;"&gt;effect or adopted by the EU and therefore  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0035em;"&gt;not relevant for the preparation of the &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_561"&gt;22  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0066em;"&gt;consolidated financial statements. SimCorp  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0068em;"&gt;expects to implement the standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0093em;"&gt;amendments when they take effect.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0084em;"&gt;None of the new standards issued are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_16" style="word-spacing:-0.0036em;"&gt;currently expected to have signifcant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_65" style="word-spacing:-0.0007em;"&gt;impact on the Group’s financial statements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0066em;"&gt;when implemented amendments.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:29.7047em;"&gt;&lt;span class="stl_496 stl_08 stl_519" style="word-spacing:-0.0148em;"&gt;iXBRL reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_541" style="word-spacing:-0.014em;"&gt;The &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_561" style="word-spacing:0.059em;"&gt;22 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0085em;"&gt;Annual report is prepared in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_47" style="word-spacing:-0.0013em;"&gt;XHTML format which can be displayed in a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0038em;"&gt;standard browser in line with the new  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_43" style="word-spacing:0.0055em;"&gt;European Single Electronic Format (‘ESEF’).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_305" style="word-spacing:-0.0078em;"&gt;The primary statements are taꢀed using  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_09" style="word-spacing:0em;"&gt;inline eXtensible Business Reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_38" style="word-spacing:-0.0006em;"&gt;Language (iXBRL) and comply with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_223" style="word-spacing:0.0131em;"&gt;ESEF taxonomy.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_244" style="word-spacing:-0.0031em;"&gt;Where a line item is not defined in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_09" style="word-spacing:0.0001em;"&gt;ESEF taxonomy, an extension has been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0068em;"&gt;created and anchored to elements in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_70" style="word-spacing:0.0032em;"&gt;ESEF taxonomy, except for extensions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0064em;"&gt;which are subtotals. The annual report  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_244" style="word-spacing:-0.0033em;"&gt;submitted to the Danish Financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_526" style="word-spacing:-0.0151em;"&gt;Supervisory Authority consists of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0048em;"&gt;XHTML document together with certain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0055em;"&gt;technical files.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:15.9547em;"&gt;&lt;span class="stl_496 stl_08 stl_519" style="word-spacing:-0.0147em;"&gt;Non-IFRS measures  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0068em;"&gt;Certain measures disclosed regarding the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_422" style="word-spacing:-0.0028em;"&gt;Group’s financial performance, financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0063em;"&gt;position and cash flows are not defined in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_227"&gt;IFRS.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0048em;"&gt;These are defined under other non-IFRS  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_472" style="word-spacing:-0.009em;"&gt;measures and may not be defined and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0056em;"&gt;calculated by other companies in the same  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0068em;"&gt;manner and may therefore not be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7397em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_10"&gt;comparable.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:6.8069em;"&gt;&lt;span class="stl_499 stl_08 stl_549" style="word-spacing:-0.0177em;"&gt;Financial ratio definitions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:7.8318em;"&gt;&lt;span class="stl_465 stl_08 stl_573" style="word-spacing:-0.0173em;"&gt;Revenue growth  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:7.8318em;"&gt;&lt;span class="stl_465 stl_08 stl_492" style="word-spacing:-0.0124em;"&gt;revenue current year x &lt;/span&gt;&lt;span class="stl_498 stl_08 stl_99" style="word-spacing:0.111em;"&gt;100 &lt;/span&gt;&lt;span class="stl_465 stl_08 stl_574" style="word-spacing:-0.0158em;"&gt;/ revenue last year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:8.8567em;"&gt;&lt;span class="stl_465 stl_08 stl_191"&gt;EBITDA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:8.8567em;"&gt;&lt;span class="stl_465 stl_08 stl_437" style="word-spacing:-0.0159em;"&gt;earnings before interest, tax, depreciation, and amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:9.8816em;"&gt;&lt;span class="stl_465 stl_08 stl_107" style="word-spacing:0.0023em;"&gt;EBITDA margin (%)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:9.8816em;"&gt;&lt;span class="stl_465 stl_08 stl_166" style="word-spacing:-0.0015em;"&gt;EBITDA / revenue x &lt;/span&gt;&lt;span class="stl_498 stl_08 stl_99"&gt;100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:10.9065em;"&gt;&lt;span class="stl_465 stl_08 stl_38" style="word-spacing:-0.0006em;"&gt;EBIT margin (%)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:10.9065em;"&gt;&lt;span class="stl_465 stl_08 stl_510" style="word-spacing:-0.0109em;"&gt;operating profit (EBIT) / revenue x &lt;/span&gt;&lt;span class="stl_498 stl_08 stl_99"&gt;100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:11.9315em;"&gt;&lt;span class="stl_465 stl_08 stl_437" style="word-spacing:-0.016em;"&gt;Invested capital  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:11.9315em;"&gt;&lt;span class="stl_465 stl_08 stl_574" style="word-spacing:-0.0157em;"&gt;total assets – cash and cash equivalents – provisions – prepayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:12.6816em;"&gt;&lt;span class="stl_465 stl_08 stl_517" style="word-spacing:-0.0138em;"&gt;from clients – trade payables and other payables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:13.7065em;"&gt;&lt;span class="stl_465 stl_08 stl_345" style="word-spacing:-0.0093em;"&gt;ROIC (return on invested  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:13.7065em;"&gt;&lt;span class="stl_465 stl_08 stl_410" style="word-spacing:-0.0075em;"&gt;EBITDA / average invested capital x &lt;/span&gt;&lt;span class="stl_498 stl_08 stl_99"&gt;100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:14.4567em;"&gt;&lt;span class="stl_465 stl_08 stl_543"&gt;capital)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:15.4816em;"&gt;&lt;span class="stl_465 stl_08 stl_519" style="word-spacing:-0.0149em;"&gt;Receivables turnover ratio  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:15.4816em;"&gt;&lt;span class="stl_465 stl_08 stl_578" style="word-spacing:-0.0157em;"&gt;revenue / receivables at year-end  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:16.5065em;"&gt;&lt;span class="stl_465 stl_08 stl_492" style="word-spacing:-0.0124em;"&gt;Equity ratio (%)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:16.5065em;"&gt;&lt;span class="stl_465 stl_08 stl_526" style="word-spacing:-0.0149em;"&gt;equity at year-end / total assets at year-end x &lt;/span&gt;&lt;span class="stl_498 stl_08 stl_99"&gt;100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:17.5315em;"&gt;&lt;span class="stl_465 stl_08 stl_524" style="word-spacing:-0.0132em;"&gt;Return on equity (ROE) (%)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:17.5315em;"&gt;&lt;span class="stl_465 stl_08 stl_519" style="word-spacing:-0.0147em;"&gt;profit for the year / average equity x &lt;/span&gt;&lt;span class="stl_498 stl_08 stl_99"&gt;100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:19.2651em;"&gt;&lt;span class="stl_500 stl_08 stl_584" style="word-spacing:-0.0274em;"&gt;Share performance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:20.0153em;"&gt;&lt;span class="stl_499 stl_08 stl_316"&gt;definitions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:21.0402em;"&gt;&lt;span class="stl_465 stl_08 stl_229" style="word-spacing:-0.0073em;"&gt;Cash flow per share (CFPS)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:21.0402em;"&gt;&lt;span class="stl_465 stl_08 stl_369" style="word-spacing:-0.0133em;"&gt;cash flow from operating activities / average number of diluted shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:22.0651em;"&gt;&lt;span class="stl_465 stl_08 stl_585" style="word-spacing:-0.0119em;"&gt;Book value per share (BVPS)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:22.0651em;"&gt;&lt;span class="stl_465 stl_08 stl_517" style="word-spacing:-0.0138em;"&gt;equity at year-end / average number of shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:23.09em;"&gt;&lt;span class="stl_465 stl_08 stl_526" style="word-spacing:-0.015em;"&gt;Dividends per share (DPS)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:23.09em;"&gt;&lt;span class="stl_465 stl_08 stl_517" style="word-spacing:-0.0139em;"&gt;dividends paid / number of shares at year-end  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:24.115em;"&gt;&lt;span class="stl_465 stl_08 stl_527" style="word-spacing:-0.0155em;"&gt;Dividends payout ratio (%)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:24.115em;"&gt;&lt;span class="stl_465 stl_08 stl_519" style="word-spacing:-0.0147em;"&gt;dividends paid / profit for the year x &lt;/span&gt;&lt;span class="stl_498 stl_08 stl_99"&gt;100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:25.1399em;"&gt;&lt;span class="stl_465 stl_08 stl_47" style="word-spacing:-0.0012em;"&gt;Total payout ratio (%)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:25.1399em;"&gt;&lt;span class="stl_465 stl_08 stl_519" style="word-spacing:-0.0149em;"&gt;dividends paid plus value of share buybacks /  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:25.89em;"&gt;&lt;span class="stl_465 stl_08 stl_524" style="word-spacing:-0.0133em;"&gt;profit for the year x &lt;/span&gt;&lt;span class="stl_498 stl_08 stl_99"&gt;100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:26.915em;"&gt;&lt;span class="stl_465 stl_08 stl_345" style="word-spacing:-0.0092em;"&gt;Average number of shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:26.915em;"&gt;&lt;span class="stl_465 stl_08 stl_524" style="word-spacing:-0.0132em;"&gt;number of shares issued, excluding treasury shares, as an average for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:27.6651em;"&gt;&lt;span class="stl_465 stl_08 stl_503" style="word-spacing:-0.0152em;"&gt;the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:28.69em;"&gt;&lt;span class="stl_465 stl_08 stl_209" style="word-spacing:-0.0073em;"&gt;Average number of diluted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:28.69em;"&gt;&lt;span class="stl_465 stl_08 stl_524" style="word-spacing:-0.0132em;"&gt;number of shares issued, excluding treasury shares, as an average for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:29.4402em;"&gt;&lt;span class="stl_465 stl_08 stl_578"&gt;shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:29.4402em;"&gt;&lt;span class="stl_465 stl_08 stl_369" style="word-spacing:-0.0134em;"&gt;the year plus the average dilutive impact of outstanding restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:30.1904em;"&gt;&lt;span class="stl_465 stl_08 stl_509" style="word-spacing:-0.0145em;"&gt;stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:31.924em;"&gt;&lt;span class="stl_499 stl_08 stl_477" style="word-spacing:-0.0202em;"&gt;Market value ratio definitions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:32.949em;"&gt;&lt;span class="stl_465 stl_08 stl_112" style="word-spacing:-0.0079em;"&gt;Price / Book value per share (P/&lt;/span&gt;&lt;span class="stl_465 stl_08 stl_09" style="word-spacing:0.998em;"&gt; &lt;/span&gt;&lt;span class="stl_465 stl_08 stl_492" style="word-spacing:-0.0124em;"&gt;price / book value (BVPS)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:33.6991em;"&gt;&lt;span class="stl_465 stl_08 stl_142"&gt;BV)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:34.724em;"&gt;&lt;span class="stl_465 stl_08 stl_239" style="word-spacing:-0.0126em;"&gt;Price / Diluted price earnings  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:34.724em;"&gt;&lt;span class="stl_465 stl_08 stl_531" style="word-spacing:-0.0122em;"&gt;price / diluted earnings per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:35.4742em;"&gt;&lt;span class="stl_465 stl_08 stl_189" style="word-spacing:0.0118em;"&gt;(P/E Diluted)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:36.4991em;"&gt;&lt;span class="stl_465 stl_08 stl_60" style="word-spacing:0.004em;"&gt;Price / Cash flow (P/CF)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2206em;top:36.4991em;"&gt;&lt;span class="stl_465 stl_08 stl_510" style="word-spacing:-0.0109em;"&gt;price / cash flow per share (CFPS)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:6.797em;"&gt;&lt;span class="stl_499 stl_08 stl_571" style="word-spacing:-0.0235em;"&gt;Other non-IFRS measures definitions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:7.8072em;"&gt;&lt;span class="stl_572 stl_08 stl_197" style="word-spacing:-0.0264em;"&gt;License base  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:7.8072em;"&gt;&lt;span class="stl_572 stl_08 stl_516" style="word-spacing:-0.0193em;"&gt;accumulated order value for SimCorp Dimension clients  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:8.7518em;"&gt;&lt;span class="stl_572 stl_08 stl_527" style="word-spacing:-0.0153em;"&gt;Order intake  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:8.7518em;"&gt;&lt;span class="stl_572 stl_08 stl_575" style="word-spacing:-0.0212em;"&gt;value of initial and additional licenses contracts, subscription services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:9.502em;"&gt;&lt;span class="stl_572 stl_08 stl_563" style="word-spacing:-0.0181em;"&gt;agreements and client driven development agreements entered into during  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:10.2522em;"&gt;&lt;span class="stl_572 stl_08 stl_576" style="word-spacing:-0.0288em;"&gt;the reporting period  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:11.1969em;"&gt;&lt;span class="stl_572 stl_08 stl_533" style="word-spacing:-0.0314em;"&gt;Order book  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:11.1969em;"&gt;&lt;span class="stl_572 stl_08 stl_540" style="word-spacing:-0.0206em;"&gt;accumulated order intake value, where revenue could not be recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:11.9471em;"&gt;&lt;span class="stl_572 stl_08 stl_538" style="word-spacing:-0.0255em;"&gt;yet, but deferred to future periods because either the license has not been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:12.6973em;"&gt;&lt;span class="stl_572 stl_08 stl_577" style="word-spacing:-0.027em;"&gt;delivered, the software functionality has not been developed, released or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:13.4475em;"&gt;&lt;span class="stl_572 stl_08 stl_561" style="word-spacing:-0.0259em;"&gt;accepted by client yet, or certain conditions must be met before delivery  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:14.3922em;"&gt;&lt;span class="stl_572 stl_08 stl_544" style="word-spacing:-0.0195em;"&gt;Revenue signed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:14.3922em;"&gt;&lt;span class="stl_572 stl_08 stl_315" style="word-spacing:-0.0248em;"&gt;total revenue commitment for licenses, software updates and support fee,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:15.1424em;"&gt;&lt;span class="stl_572 stl_08 stl_576" style="word-spacing:-0.0289em;"&gt;professional services, as a service offering, etc.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:16.0871em;"&gt;&lt;span class="stl_572 stl_08 stl_190" style="word-spacing:-0.0201em;"&gt;Revenue, operating cost,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:16.0876em;"&gt;&lt;span class="stl_572 stl_08 stl_580" style="word-spacing:-0.0195em;"&gt;effect of exchange rate movements is excluded by restating the measure  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:16.8373em;"&gt;&lt;span class="stl_572 stl_08 stl_579" style="word-spacing:-0.0165em;"&gt;and EBIT growth and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:16.8378em;"&gt;&lt;span class="stl_572 stl_08 stl_549" style="word-spacing:-0.0178em;"&gt;for the current period at the previous year’s average rates when calculating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:17.5875em;"&gt;&lt;span class="stl_572 stl_08 stl_397" style="word-spacing:-0.0189em;"&gt;margin in local currencies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:17.588em;"&gt;&lt;span class="stl_572 stl_08 stl_197"&gt;growth  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:18.5327em;"&gt;&lt;span class="stl_572 stl_08 stl_512" style="word-spacing:-0.017em;"&gt;Organic revenue, operating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:18.5332em;"&gt;&lt;span class="stl_572 stl_08 stl_316" style="word-spacing:-0.0197em;"&gt;effect of acquisitions, and exchange rate movements are excluded when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:19.2829em;"&gt;&lt;span class="stl_572 stl_08 stl_581" style="word-spacing:-0.0204em;"&gt;cost, and EBIT growth and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:19.2835em;"&gt;&lt;span class="stl_572 stl_08 stl_529" style="word-spacing:-0.0167em;"&gt;calculating growth and EBIT margin by restating the measure for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:20.0331em;"&gt;&lt;span class="stl_572 stl_08 stl_397" style="word-spacing:-0.0189em;"&gt;margin in local currencies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:20.0337em;"&gt;&lt;span class="stl_572 stl_08 stl_477" style="word-spacing:-0.0162em;"&gt;current period at the previous year’s average rates and by excluding the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:20.7839em;"&gt;&lt;span class="stl_572 stl_08 stl_582" style="word-spacing:-0.0211em;"&gt;effect of acquisitions in the first year the acquired company is included in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:21.5341em;"&gt;&lt;span class="stl_572 stl_08 stl_583" style="word-spacing:-0.0297em;"&gt;the reported numbers  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:22.4787em;"&gt;&lt;span class="stl_572 stl_08 stl_410"&gt;CAPEX  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:22.4787em;"&gt;&lt;span class="stl_572 stl_08 stl_169" style="word-spacing:-0.0209em;"&gt;purchase of intangible fixed assets + purchase of property, plant, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:23.229em;"&gt;&lt;span class="stl_572 stl_08 stl_422" style="word-spacing:-0.0228em;"&gt;equipment – proceeds from sale of property, plant, and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:24.1736em;"&gt;&lt;span class="stl_572 stl_08 stl_198" style="word-spacing:-0.024em;"&gt;Net cash position  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:24.1736em;"&gt;&lt;span class="stl_572 stl_08 stl_549" style="word-spacing:-0.0179em;"&gt;cash and cash equivalents less bank loan/credit facility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:25.1183em;"&gt;&lt;span class="stl_572 stl_08 stl_516" style="word-spacing:-0.0192em;"&gt;Free cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:25.1183em;"&gt;&lt;span class="stl_572 stl_08 stl_575" style="word-spacing:-0.0211em;"&gt;net cash from operating activities less CAPEX less principal payment on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:25.8685em;"&gt;&lt;span class="stl_572 stl_08 stl_579" style="word-spacing:-0.0164em;"&gt;lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:26.8132em;"&gt;&lt;span class="stl_572 stl_08 stl_190" style="word-spacing:-0.0201em;"&gt;Cash conversion (%)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:26.8132em;"&gt;&lt;span class="stl_572 stl_08 stl_582" style="word-spacing:-0.0209em;"&gt;free cash flow / profit for the year x &lt;/span&gt;&lt;span class="stl_586 stl_08 stl_363"&gt;100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:27.7578em;"&gt;&lt;span class="stl_572 stl_08 stl_368" style="word-spacing:-0.0137em;"&gt;Total contract value (TCV)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:27.7578em;"&gt;&lt;span class="stl_572 stl_08 stl_247" style="word-spacing:-0.0219em;"&gt;total contact value subscription-based solutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:28.7025em;"&gt;&lt;span class="stl_572 stl_08 stl_512" style="word-spacing:-0.017em;"&gt;Annualized contract value (ACV)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:28.7025em;"&gt;&lt;span class="stl_572 stl_08 stl_117" style="word-spacing:-0.0199em;"&gt;total contract value dived by contract term  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:29.6472em;"&gt;&lt;span class="stl_572 stl_08 stl_437" style="word-spacing:-0.016em;"&gt;Annual recurring revenue (ARR)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:29.6472em;"&gt;&lt;span class="stl_572 stl_08 stl_587" style="word-spacing:-0.0223em;"&gt;total revenue – total license fee + subscription based license fee  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:30.3974em;"&gt;&lt;span class="stl_572 stl_08 stl_539"&gt;(backward-looking)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:30.3974em;"&gt;&lt;span class="stl_572 stl_08 stl_588" style="word-spacing:-0.0251em;"&gt;– implementation services – other non-recurring fees.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:31.1476em;"&gt;&lt;span class="stl_572 stl_08 stl_247" style="word-spacing:-0.0219em;"&gt;ARR is measured for last twelve months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:32.2027em;"&gt;&lt;span class="stl_572 stl_08 stl_437" style="word-spacing:-0.016em;"&gt;Annual recurring revenue (ARR)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:32.2027em;"&gt;&lt;span class="stl_572 stl_08 stl_477" style="word-spacing:-0.0163em;"&gt;Annual recurring revenue is the total of the average monthly revenue of all  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:32.953em;"&gt;&lt;span class="stl_572 stl_08 stl_523"&gt;(forward-looking)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:32.953em;"&gt;&lt;span class="stl_572 stl_08 stl_512" style="word-spacing:-0.017em;"&gt;contracts in force at a point in time multiplied by &lt;/span&gt;&lt;span class="stl_586 stl_08 stl_246"&gt;1&lt;/span&gt;&lt;span class="stl_572 stl_08 stl_246"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:33.8976em;"&gt;&lt;span class="stl_572 stl_08 stl_502" style="word-spacing:-0.0223em;"&gt;ARR (backward-looking) as share&lt;/span&gt;&lt;span class="stl_572 stl_08 stl_09" style="word-spacing:0.8028em;"&gt; &lt;/span&gt;&lt;span class="stl_572 stl_08 stl_534" style="word-spacing:-0.0219em;"&gt;ARR (backward-looking) / total revenue x &lt;/span&gt;&lt;span class="stl_586 stl_08 stl_363"&gt;100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:34.6478em;"&gt;&lt;span class="stl_572 stl_08 stl_505" style="word-spacing:-0.0177em;"&gt;of total revenue (%)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:35.5925em;"&gt;&lt;span class="stl_572 stl_08 stl_117" style="word-spacing:-0.0201em;"&gt;ARR (forward-looking) as share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:35.5925em;"&gt;&lt;span class="stl_572 stl_08 stl_117" style="word-spacing:-0.0199em;"&gt;ARR (forward-looking) / total revenue x &lt;/span&gt;&lt;span class="stl_586 stl_08 stl_363"&gt;100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:36.3427em;"&gt;&lt;span class="stl_572 stl_08 stl_505" style="word-spacing:-0.0177em;"&gt;of total revenue (%)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.0236em;top:37.2874em;"&gt;&lt;span class="stl_572 stl_08 stl_316" style="word-spacing:-0.0198em;"&gt;Ratable revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:37.2874em;"&gt;&lt;span class="stl_572 stl_08 stl_534" style="word-spacing:-0.0219em;"&gt;reported revenue adjusted for the change in Contract Assets (Contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4171em;top:38.0376em;"&gt;&lt;span class="stl_572 stl_08 stl_545" style="word-spacing:-0.0208em;"&gt;Assets Closing Balance – Contract Assets Opening Balance)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.9606em;top:20.5381em;"&gt;&lt;span class="stl_496 stl_08 stl_491" style="word-spacing:-0.0141em;"&gt;Accounting policies,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.9606em;top:21.4547em;"&gt;&lt;span class="stl_496 stl_08 stl_503" style="word-spacing:-0.0151em;"&gt;judgments and estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:23.2881em;"&gt;&lt;span class="stl_518 stl_08 stl_529" style="word-spacing:-0.0165em;"&gt;Contract Identification  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_305" style="word-spacing:-0.0077em;"&gt;Contracts can include several components,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_186"&gt;i&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_602"&gt;n&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_182"&gt;t&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_39"&gt;hi&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_602"&gt;s&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;s&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_176"&gt;ituation&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_602"&gt;,&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_182"&gt;t&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_247"&gt;h&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_602"&gt;e&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_104"&gt;t&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_96"&gt;ota&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_602"&gt;l&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_548"&gt;c&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_235"&gt;ontrac&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_602"&gt;t&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_548"&gt;c&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_309"&gt;onsidera-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_206" style="word-spacing:-0.0095em;"&gt;tion is allocated to the separate performance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0039em;"&gt;obligations for the purpose of revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_410"&gt;recognition.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0049em;"&gt;Separate contracts with the same client  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0045em;"&gt;are treated as one contract if entered into  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_224" style="word-spacing:-0.0079em;"&gt;at or near the same time and economically  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.0061em;"&gt;interrelated. Contracts closed more than &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_96" style="word-spacing:-0.0061em;"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_398" style="word-spacing:-0.0105em;"&gt;months apart are not considered to be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_399" style="word-spacing:-0.0044em;"&gt;entered at the same time.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_416" style="word-spacing:-0.0024em;"&gt;In determining whether the various contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_604" style="word-spacing:-0.0014em;"&gt;are interrelated judgment is required.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_25" style="word-spacing:-0.0047em;"&gt;Considerations include: whether the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:38.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_243" style="word-spacing:-0.0042em;"&gt;contracts were negotiated as a package with  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_284" style="word-spacing:-0.0055em;"&gt;a single commercial objective, whether the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_27" style="word-spacing:-0.0053em;"&gt;amount of consideration on one contract is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_205" style="word-spacing:-0.0116em;"&gt;dependent on the performance of another  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_349" style="word-spacing:-0.0047em;"&gt;contract, or if some or all offerings in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_22" style="word-spacing:-0.0064em;"&gt;contract are a single performance obligation.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_15" style="word-spacing:-0.0002em;"&gt;Additional agreements with existing clients  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0086em;"&gt;can be a new contract or a modification to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_169" style="word-spacing:-0.0011em;"&gt;existing contracts. Judgments making this  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0067em;"&gt;determination consider: the presence of a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_531" style="word-spacing:-0.0122em;"&gt;connection between the new agreement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_224" style="word-spacing:-0.0079em;"&gt;and pre-existing contracts, whether  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_601" style="word-spacing:-0.0116em;"&gt;subscription fees, license fees, software  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_573" style="word-spacing:-0.0171em;"&gt;updates and support fees or services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.004em;"&gt;under the new agreement are highly  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0042em;"&gt;interrelated with the subscription fees,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_492" style="word-spacing:-0.0123em;"&gt;license fees and software updates and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_529" style="word-spacing:-0.0166em;"&gt;support fees or services sold under prior  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0056em;"&gt;agreements, and how the subscription  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_369" style="word-spacing:-0.0135em;"&gt;fees, license fees and software updates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_512" style="word-spacing:-0.017em;"&gt;and support fees or services under the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0072em;"&gt;new agreement are priced. Conversion of a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_564" style="word-spacing:-0.0081em;"&gt;perpetual license agreement to a subscrip-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0093em;"&gt;tion-based license agreement is accounted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_399" style="word-spacing:-0.0044em;"&gt;for as a termination of the perpetual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0055em;"&gt;license agreement and a new subscription  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0068em;"&gt;license agreement.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:32.4547em;"&gt;&lt;span class="stl_518 stl_08 stl_369" style="word-spacing:-0.0149em;"&gt;Performance obligation identification  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_510" style="word-spacing:-0.0108em;"&gt;Contracts often include several compo-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_410" style="word-spacing:-0.0076em;"&gt;nents. License fees from new clients and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_154" style="word-spacing:-0.0059em;"&gt;to existing clients, software updates and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_519" style="word-spacing:-0.0148em;"&gt;support fees, fees from platform as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_530" style="word-spacing:-0.0114em;"&gt;service, and fees from Client Reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_173" style="word-spacing:-0.0157em;"&gt;Services, Digital Portal Services, Investment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1413em;top:38.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.0019em;"&gt;Accounting Services (IAS), Investment  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_224" style="word-spacing:-0.008em;"&gt;Operational Services (IOS), Data Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_492" style="word-spacing:-0.0124em;"&gt;ment Services, Regulatory Reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_118" style="word-spacing:-0.0132em;"&gt;Platform Services (RRP), and other services,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_503" style="word-spacing:-0.0153em;"&gt;and furthermore licenses and services fees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_404" style="word-spacing:-0.0128em;"&gt;from the partner ecosystem and fees from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0086em;"&gt;implementation and onboarding services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_304" style="word-spacing:-0.0217em;"&gt;constitute the main performance obligations.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_74" style="word-spacing:-0.0089em;"&gt;The fees allocated to the different perfor-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0042em;"&gt;mance obligations are recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_70"&gt;separately.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_564" style="word-spacing:-0.0081em;"&gt;The only performance obligation related to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_564" style="word-spacing:-0.0083em;"&gt;license agreements has been identified  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0068em;"&gt;as the right to use the software. The right  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_601" style="word-spacing:-0.0115em;"&gt;to use software license is considered a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_224" style="word-spacing:-0.008em;"&gt;separate performance obligation when it  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_399" style="word-spacing:-0.0044em;"&gt;satisfies the following conditions: can be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_482" style="word-spacing:-0.0111em;"&gt;delivered separately from other services,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_224" style="word-spacing:-0.0079em;"&gt;can be installed by a third party, can be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0069em;"&gt;used without upgrades, and is functional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0087em;"&gt;without upgrades or technical support.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_111" style="word-spacing:-0.001em;"&gt;Judgment is required in determining whether  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_142" style="word-spacing:-0.009em;"&gt;a component is considered a separate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:28.7881em;z-index:1749;"&gt;&lt;span class="stl_471 stl_08 stl_603" style="word-spacing:-0.0031em;"&gt;performance obligation, in particular,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_156" style="word-spacing:-0.0094em;"&gt;professional services for implementation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_227" style="word-spacing:-0.0055em;"&gt;and onboarding activities. Consideration is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_123" style="word-spacing:-0.0081em;"&gt;given as to whether the services significantly  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_258" style="word-spacing:-0.0084em;"&gt;integrate, customize, or modify the software  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_182" style="word-spacing:-0.0099em;"&gt;or platform as a service offering. In general,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_14" style="word-spacing:-0.0086em;"&gt;implementation services and onboarding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_14" style="word-spacing:-0.0086em;"&gt;activities go beyond setup and qualify as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_246" style="word-spacing:-0.008em;"&gt;separate performance obligation.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_448" style="word-spacing:-0.0051em;"&gt;Options to acquire additional components  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7399em;top:38.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_244" style="word-spacing:-0.0033em;"&gt;such as renewals or additional volumes  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_152" style="word-spacing:0.0002em;"&gt;require judgment in determining whether  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_33" style="word-spacing:-0.0024em;"&gt;such options provide a material right to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0034em;"&gt;client which the client would not receive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_09" style="word-spacing:0.0001em;"&gt;without entering into that contract. In this  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;judgment it is considered whether the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_244" style="word-spacing:-0.0031em;"&gt;options entitle the customer to a discount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0039em;"&gt;that exceeds the discount granted for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_118" style="word-spacing:-0.0102em;"&gt;respective subscription fees, license fees,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_437" style="word-spacing:-0.0159em;"&gt;software updates and support fees sold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0035em;"&gt;with the option.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:16.8714em;"&gt;&lt;span class="stl_496 stl_08 stl_116"&gt;T&lt;/span&gt;&lt;span class="stl_496 stl_08 stl_117"&gt;r&lt;/span&gt;&lt;span class="stl_496 stl_08 stl_578" style="word-spacing:-0.0157em;"&gt;ansaction price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_18" style="word-spacing:0.0014em;"&gt;Estimate is applied in determining the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0056em;"&gt;amount to which SimCorp expects to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_09" style="word-spacing:-0.0001em;"&gt;be entitled in exchange for transferring  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_488" style="word-spacing:-0.012em;"&gt;licenses, and software updates and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:21.4547em;z-index:528;"&gt;&lt;span class="stl_471 stl_08 stl_370" style="word-spacing:-0.0101em;"&gt;support and services to a customer.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_209" style="word-spacing:-0.0073em;"&gt;The consideration attributable to license  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0072em;"&gt;fees in subscription-based agreements are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_154" style="word-spacing:-0.0057em;"&gt;discounted to net present value when the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0048em;"&gt;value of the financing element is deemed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0095em;"&gt;significant. If the period between licenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_209" style="word-spacing:-0.0073em;"&gt;transfer, software updates and support  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0038em;"&gt;and payment from the clients is a year or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0068em;"&gt;less no financing component is recognized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_258" style="word-spacing:-0.0084em;"&gt;A hierarchy has been established to identify  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_209" style="word-spacing:-0.0073em;"&gt;the standalone selling prices used to allo-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0066em;"&gt;cate the transaction price of a customer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0066em;"&gt;contract to the performance obligations in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3386em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0072em;"&gt;the contract.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0062em;"&gt;Where standalone selling prices for a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_510" style="word-spacing:-0.0108em;"&gt;performance obligation are observable and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_472" style="word-spacing:-0.0089em;"&gt;reasonably consistent across customers,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_237" style="word-spacing:-0.0022em;"&gt;estimates are derived from SimCorp’s  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_15" style="word-spacing:-0.0003em;"&gt;pricing history. Using this approach,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_601" style="word-spacing:-0.0115em;"&gt;professional services stand-alone value is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_16" style="word-spacing:-0.0037em;"&gt;determined based on the hourly billing rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_422" style="word-spacing:-0.0027em;"&gt;for the relevant market unit. Platform as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_369" style="word-spacing:-0.0133em;"&gt;service is assumed to be quoted to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0038em;"&gt;client at their stand-alone value if it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_370" style="word-spacing:-0.01em;"&gt;equal to or above costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8268em;top:18.4114em;"&gt;&lt;span class="stl_496 stl_08 stl_512" style="word-spacing:-0.017em;"&gt;Apportionment applied  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.5756em;top:19.7558em;"&gt;&lt;span class="stl_465 stl_08 stl_166" style="word-spacing:0.9475em;"&gt;Dimension Coric  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.1743em;top:19.7558em;"&gt;&lt;span class="stl_513 stl_08 stl_57" style="word-spacing:0.9967em;"&gt;Gain &lt;/span&gt;&lt;span class="stl_465 stl_08 stl_43"&gt;Sofia  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8261em;top:20.7807em;"&gt;&lt;span class="stl_465 stl_08 stl_545"&gt;Licenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.6616em;top:20.7807em;"&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;5&lt;/span&gt;&lt;span class="stl_498 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.0235em;top:20.7807em;"&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;75%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.3854em;top:20.7807em;"&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;5&lt;/span&gt;&lt;span class="stl_498 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7473em;top:20.7807em;"&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;5&lt;/span&gt;&lt;span class="stl_498 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8255em;top:21.8056em;"&gt;&lt;span class="stl_465 stl_08 stl_533"&gt;Software  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8255em;top:22.5558em;"&gt;&lt;span class="stl_465 stl_08 stl_503" style="word-spacing:-0.0152em;"&gt;updates and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8255em;top:23.3059em;"&gt;&lt;span class="stl_465 stl_08 stl_605"&gt;support  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.661em;top:23.3059em;"&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;5&lt;/span&gt;&lt;span class="stl_498 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.0229em;top:23.3059em;"&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;25%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.3848em;top:23.3059em;"&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;5&lt;/span&gt;&lt;span class="stl_498 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7468em;top:23.3059em;"&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;5&lt;/span&gt;&lt;span class="stl_498 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8249em;top:24.3309em;"&gt;&lt;span class="stl_513 stl_08 stl_205"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.8249em;top:25.081em;"&gt;&lt;span class="stl_465 stl_08 stl_606"&gt;apportionment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.2538em;top:25.081em;"&gt;&lt;span class="stl_498 stl_08 stl_09"&gt;100&lt;/span&gt;&lt;span class="stl_465 stl_08 stl_09" style="word-spacing:0.926em;"&gt;% &lt;/span&gt;&lt;span class="stl_498 stl_08 stl_09"&gt;100&lt;/span&gt;&lt;span class="stl_465 stl_08 stl_09" style="word-spacing:0.926em;"&gt;% &lt;/span&gt;&lt;span class="stl_498 stl_08 stl_09"&gt;100&lt;/span&gt;&lt;span class="stl_465 stl_08 stl_09" style="word-spacing:0.926em;"&gt;% &lt;/span&gt;&lt;span class="stl_498 stl_08 stl_09"&gt;100&lt;/span&gt;&lt;span class="stl_465 stl_08 stl_09"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_233" style="word-spacing:-0.0113em;"&gt;Where sales prices are not directly observ&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_233" style="word-spacing:-0.0113em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_227" style="word-spacing:-0.0055em;"&gt;able or are highly variable across customers,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_127" style="word-spacing:-0.0039em;"&gt;estimation techniques are applied, such as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_270" style="word-spacing:-0.0028em;"&gt;a cost-plus-margin approach. This approach  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_178" style="word-spacing:-0.0118em;"&gt;is often applied to third party products.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.0021em;"&gt;If not renewable, with highly variable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0047em;"&gt;pricing, and no substantial direct costs to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_237" style="word-spacing:-0.0022em;"&gt;estimate based on a cost-plus margin  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;approach, allocation is achieved by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_33" style="word-spacing:-0.0024em;"&gt;applying a residual approach. We use this  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0056em;"&gt;technique in particular for license and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5431em;top:38.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_527" style="word-spacing:-0.0154em;"&gt;software updates and support.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_50" style="word-spacing:-0.0133em;"&gt;Once the standalone price for other compo&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_50" style="word-spacing:-0.0133em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0071em;"&gt;nents are estimated, an apportionment is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_479" style="word-spacing:-0.0105em;"&gt;applied to allocate the price between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_368" style="word-spacing:-0.0135em;"&gt;license and software updates and support  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_182" style="word-spacing:-0.01em;"&gt;after deducting other performance obliga&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_182" style="word-spacing:-0.01em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_359" style="word-spacing:-0.0032em;"&gt;tions from the total consideration as follows:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:13.2047em;"&gt;&lt;span class="stl_496 stl_08 stl_560" style="word-spacing:-0.0099em;"&gt;Revenue recognition  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_399" style="word-spacing:-0.0043em;"&gt;Revenue recognition requires an agreement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_244" style="word-spacing:-0.0031em;"&gt;with the client which creates enforceable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_564" style="word-spacing:-0.0083em;"&gt;rights and obligations between the parties,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_487" style="word-spacing:-0.0071em;"&gt;has commercial substance, and identifies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0056em;"&gt;payment terms. In addition, it must be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0135em;"&gt;probable that the consideration determined  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0065em;"&gt;in the contract will be collected.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0039em;"&gt;Revenue is recognized when the client has  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_482" style="word-spacing:-0.0112em;"&gt;obtained control of the license or service  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.0059em;"&gt;and has the ability to use and obtain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0041em;"&gt;substantially all the benefits from the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_574" style="word-spacing:-0.0157em;"&gt;license or service.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_74" style="word-spacing:-0.0089em;"&gt;SimCorp has therefore assessed that the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0037em;"&gt;client obtains control of the license when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_40" style="word-spacing:0.0007em;"&gt;all the following criteria are met: a binding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_244" style="word-spacing:-0.0032em;"&gt;contract is entered into; the license is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_77" style="word-spacing:-0.0016em;"&gt;delivered; and the client has the right to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_154" style="word-spacing:-0.0058em;"&gt;use it. License revenue is therefore  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_18" style="word-spacing:0.0014em;"&gt;generally recognized at that point-in-time.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_209" style="word-spacing:-0.0074em;"&gt;When the contract contains functionality  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0064em;"&gt;gaps or requires client acceptance of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.0021em;"&gt;functionality, the revenue recognition will  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0066em;"&gt;be deferred until the time of delivery or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_512"&gt;acceptance.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.9606em;top:6.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_404" style="word-spacing:-0.0127em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_398" style="word-spacing:-0.0104em;"&gt;The accounting policies of the reported  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_106" style="word-spacing:-0.0004em;"&gt;segments are the same as the Group’s  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0085em;"&gt;described throughout the notes. Segment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0068em;"&gt;reporting shows revenue and operating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_185" style="word-spacing:-0.003em;"&gt;profit together with total assets that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_448" style="word-spacing:-0.0049em;"&gt;can be directly related to the individual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0144em;"&gt;segments. Unallocated assets are head&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_537" style="word-spacing:-0.0144em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0065em;"&gt;quarters’ assets, cash, and investments in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_398" style="word-spacing:-0.0103em;"&gt;associates. Segment reporting is prepared  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_09" style="word-spacing:-0.0001em;"&gt;in accordance with the Group’s internal  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_487" style="word-spacing:-0.007em;"&gt;management reporting structure for perfor&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_487" style="word-spacing:-0.007em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_23" style="word-spacing:-0.0074em;"&gt;mance management and resource allocation.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_118" style="word-spacing:-0.0102em;"&gt;Segment income and costs consist of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_528" style="word-spacing:-0.0095em;"&gt;transactions between the segments. Such  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0043em;"&gt;transactions are made on market terms.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_305" style="word-spacing:-0.0077em;"&gt;Research and development and Corporate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0055em;"&gt;functions are not operating segments, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_528" style="word-spacing:-0.0095em;"&gt;the disclosure forms part of the recon-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_152" style="word-spacing:0.0001em;"&gt;ciliation to Group totals rather than being  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0046em;"&gt;information about operating segments.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_47" style="word-spacing:-0.0012em;"&gt;Information about liabilities and additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0034em;"&gt;to assets by segment are not regularly  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;provided to the Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_367"&gt;Board.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.9606em;top:26.0381em;"&gt;&lt;span class="stl_496 stl_08 stl_491" style="word-spacing:-0.0141em;"&gt;Accounting policies,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.9606em;top:26.9547em;"&gt;&lt;span class="stl_496 stl_08 stl_503" style="word-spacing:-0.0151em;"&gt;judgments and estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_448" style="word-spacing:-0.0051em;"&gt;Amounts invoiced on account in excess  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;of work completed are included in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_237" style="word-spacing:-0.0022em;"&gt;prepayments under current liabilities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0072em;"&gt;Contract assets from contracts with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_510" style="word-spacing:-0.0108em;"&gt;customers are measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_531" style="word-spacing:-0.0121em;"&gt;less expected credit losses. Contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0047em;"&gt;assets are within the scope of impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_59" style="word-spacing:0.0048em;"&gt;requirements in IFRS &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_402"&gt;9&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_402"&gt;.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_154" style="word-spacing:-0.0058em;"&gt;For contract assets the simplified  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:38.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_479" style="word-spacing:-0.0106em;"&gt;approach is used, and the expected loss  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_399" style="word-spacing:-0.0044em;"&gt;provision is measured at the estimate of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0087em;"&gt;the lifetime expected credit losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_99" style="word-spacing:-0.0139em;"&gt;Expected loss rates between 0.0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_81" style="word-spacing:0.075em;"&gt;3% &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_480" style="word-spacing:0.028em;"&gt;- 1&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_186"&gt;3&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_438"&gt;.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_384"&gt;69%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:29.7047em;z-index:480;"&gt;&lt;span class="stl_471 stl_08 stl_446" style="word-spacing:-0.0036em;"&gt;are applied (&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_21"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_186"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_64"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_350" style="word-spacing:0.017em;"&gt;1: 0.0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_182" style="word-spacing:0.075em;"&gt;3% &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_335" style="word-spacing:0.024em;"&gt;- 1&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_402"&gt;4&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_475"&gt;.1&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_599"&gt;3%&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_214" style="word-spacing:-0.0043em;"&gt;), based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_299" style="word-spacing:-0.0053em;"&gt;average default rates by region as published  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_38" style="word-spacing:-0.0005em;"&gt;by Standard &amp;amp; Poor. For additional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_152" style="word-spacing:0.0001em;"&gt;information refer t&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;o note &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_541"&gt;6&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_567"&gt;.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.087em;"&gt;2 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_60"&gt;Risk.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_565" style="word-spacing:-0.001em;"&gt;Judgment is required in determining whether  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_422" style="word-spacing:-0.0027em;"&gt;a right to consideration is conditional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_199" style="word-spacing:-0.0052em;"&gt;and thus qualifies as contract assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0033em;"&gt;Estimates are made as to whether and to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_560" style="word-spacing:-0.0098em;"&gt;what extent subsequent concessions or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:38.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0067em;"&gt;payments may be granted to customers  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0085em;"&gt;and whether the customer is expected to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0034em;"&gt;pay the contractual fees. In this judgment,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0062em;"&gt;trading history is considered both with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0065em;"&gt;respective customer and more broadly.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:30.6214em;"&gt;&lt;span class="stl_496 stl_08 stl_574" style="word-spacing:-0.0159em;"&gt;Incremental costs of obtaining customer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:31.5381em;"&gt;&lt;span class="stl_496 stl_08 stl_611"&gt;contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_564" style="word-spacing:-0.0082em;"&gt;The Group expenses the incremental costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_356" style="word-spacing:-0.0038em;"&gt;of obtaining a customer contract as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_24" style="word-spacing:-0.0046em;"&gt;incurred. The incremental costs of obtaining  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0057em;"&gt;a customer contract primarily consist of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0084em;"&gt;sales commissions earned by the sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_305" style="word-spacing:-0.0078em;"&gt;force. Commissions are typically related to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0049em;"&gt;the license fee which is recognized upfront  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7406em;top:38.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_185" style="word-spacing:-0.0031em;"&gt;upon delivery, consequently, we expense  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3393em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0055em;"&gt;sales commissions concurrently with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3393em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0064em;"&gt;revenue recognition.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3393em;top:28.7881em;"&gt;&lt;span class="stl_518 stl_08 stl_508" style="word-spacing:-0.0182em;"&gt;Costs to fulfill customer contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3393em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_281" style="word-spacing:0.0035em;"&gt;The Group does not capitalize costs incurred  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3393em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_104" style="word-spacing:0.0079em;"&gt;to fulfil customer contracts. Direct costs for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3393em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_182" style="word-spacing:0.0101em;"&gt;custom development and standard plat&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_182" style="word-spacing:0.0101em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3393em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_17" style="word-spacing:0.0027em;"&gt;form are expensed as incurred.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1575em;top:6.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_404" style="word-spacing:-0.0127em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_209" style="word-spacing:-0.0074em;"&gt;Receivables are recognized when control  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_398" style="word-spacing:-0.0103em;"&gt;over licenses or services, etc. is transferred  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_38" style="word-spacing:-0.0006em;"&gt;to a client before the client pays consider&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_38" style="word-spacing:-0.0006em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_237" style="word-spacing:-0.0022em;"&gt;ation and the right to consideration is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_166" style="word-spacing:-0.0015em;"&gt;not conditional on SimCorp’s future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_505"&gt;performance.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.0381em;z-index:209;"&gt;&lt;span class="stl_471 stl_08 stl_165"&gt;T&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;r&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_479" style="word-spacing:-0.0107em;"&gt;ade receivables represent receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0042em;"&gt;which have been invoiced to clients and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0056em;"&gt;remain outstanding. Accrued revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_448" style="word-spacing:-0.005em;"&gt;consists mainly of revenue from the sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_515" style="word-spacing:-0.013em;"&gt;of perpetual software licenses and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_492" style="word-spacing:-0.0124em;"&gt;receivables from professional services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_199" style="word-spacing:-0.0052em;"&gt;contracts in progress which are yet to be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0072em;"&gt;invoiced. Other receivables are mainly  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_472" style="word-spacing:-0.0091em;"&gt;sales and payroll taxes.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.2047em;z-index:498;"&gt;&lt;span class="stl_471 stl_08 stl_165"&gt;T&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;r&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_585" style="word-spacing:-0.0117em;"&gt;ade receivables for performance obliga&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_585" style="word-spacing:-0.0117em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0043em;"&gt;tions satisfied over time are recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0034em;"&gt;steadily, as the performance obligation is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_16" style="word-spacing:-0.0036em;"&gt;satisfied and in full once the invoice is due.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0042em;"&gt;Receivables are initially recognized at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0046em;"&gt;fair value, and subsequently carried at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_404" style="word-spacing:-0.0129em;"&gt;amortized cost less expected loss allow&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_404" style="word-spacing:-0.0129em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_404" style="word-spacing:-0.0127em;"&gt;ance. Expected loss allowance is recorded  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_398" style="word-spacing:-0.0104em;"&gt;on a portfolio basis. The simplified  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_422" style="word-spacing:-0.0029em;"&gt;approach is applied and on initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0066em;"&gt;measurement of receivables, all credit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0055em;"&gt;losses expected during the lifetime of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_345" style="word-spacing:-0.0092em;"&gt;the receivables are considered.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_103" style="word-spacing:0.0018em;"&gt;Additionally, allowances for individual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_209" style="word-spacing:-0.0075em;"&gt;receivables are recognized if there is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.0061em;"&gt;objective evidence of credit impairment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_118" style="word-spacing:-0.0102em;"&gt;Account balances are written off either  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_185" style="word-spacing:-0.003em;"&gt;partially or in full if judged that the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_209" style="word-spacing:-0.0073em;"&gt;likelihood of recovery is remote.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_224" style="word-spacing:-0.0081em;"&gt;Expected loss allowance and impairments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0067em;"&gt;are recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0094em;"&gt;under operating expenses. No security has  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_515" style="word-spacing:-0.0131em;"&gt;been received with respect to trade  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_524"&gt;receivables.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0033em;"&gt;For information about how the default risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_345" style="word-spacing:-0.0091em;"&gt;for trade receivables is analysed and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0064em;"&gt;managed, how the loss rates for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.004em;"&gt;provision matrix are determined, how credit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_185" style="word-spacing:-0.0029em;"&gt;impairment is determined and what the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0093em;"&gt;criteria for write offs are, see the section  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_47" style="word-spacing:-0.0012em;"&gt;on credit risk i&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;n note &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_541"&gt;6&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_567"&gt;.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_55"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_55"&gt;.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_244" style="word-spacing:-0.0032em;"&gt;No impairment was recognized for trade  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_472" style="word-spacing:-0.0089em;"&gt;receivables in &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_561" style="word-spacing:0.059em;"&gt;22 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_60"&gt;(&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_563"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_352" style="word-spacing:0.0196em;"&gt;1: 0.0 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_15" style="word-spacing:-0.0002em;"&gt;The Group’s exposure to currency and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0072em;"&gt;credit risk for trade receivables is disclosed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:30.6214em;"&gt;&lt;span class="stl_568 stl_08 stl_186"&gt;i&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;n note &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_541"&gt;6&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_567"&gt;.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.086em;"&gt;2 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_60"&gt;Risk.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1575em;top:12.2881em;"&gt;&lt;span class="stl_496 stl_08 stl_404" style="word-spacing:-0.0127em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_370" style="word-spacing:-0.01em;"&gt;Salaries, bonuses, pensions and social  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_530" style="word-spacing:-0.0114em;"&gt;costs, share-based payments, vacation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.002em;"&gt;pay, and other benefits are recognized in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_601" style="word-spacing:-0.0115em;"&gt;the year in which the associated services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_472" style="word-spacing:-0.009em;"&gt;are rendered by the employees.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0056em;"&gt;Management expects commissions paid to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.0019em;"&gt;employees as a result of signing new client  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_239" style="word-spacing:-0.0085em;"&gt;contracts to be recoverable. Such commis&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_239" style="word-spacing:-0.0085em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_74" style="word-spacing:-0.0085em;"&gt;sions are deferred and expensed when the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0072em;"&gt;related revenues are recognized. Deferred  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0061em;"&gt;commissions are presented under prepay&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_308" style="word-spacing:-0.0061em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_330" style="word-spacing:-0.0048em;"&gt;ments in the statement of financial position.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_154" style="word-spacing:-0.0058em;"&gt;Where SimCorp provides long-term incen-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_488" style="word-spacing:-0.012em;"&gt;tives and benefits, costs are accrued to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_528" style="word-spacing:-0.0095em;"&gt;match the rendering of services by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_258" style="word-spacing:-0.0084em;"&gt;employees. The accounting policy for share-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_241" style="word-spacing:-0.0076em;"&gt;based remuneration is described in vw.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1575em;top:15.0381em;"&gt;&lt;span class="stl_496 stl_08 stl_404" style="word-spacing:-0.0127em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_585" style="word-spacing:-0.0119em;"&gt;Share-based payments comprise equity-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0065em;"&gt;settled restricted stock units (RSUs) issued  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_237" style="word-spacing:-0.0022em;"&gt;to employees. The fair value of RSUs is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0037em;"&gt;measured at the grant date, adjusted for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.0061em;"&gt;estimated dividends and recognized in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0094em;"&gt;income statement as employee cost over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_398" style="word-spacing:-0.0104em;"&gt;the vesting period. Expenses are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_345" style="word-spacing:-0.0091em;"&gt;nized as employee share-based payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_209" style="word-spacing:-0.0073em;"&gt;and classified in the consolidated income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0061em;"&gt;statements according to the activities that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_492" style="word-spacing:-0.0123em;"&gt;the employees perform. The counter entry  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_422" style="word-spacing:-0.0028em;"&gt;is recognized directly in equity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0064em;"&gt;Most of these awards are described in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_74" style="word-spacing:-0.0088em;"&gt;detail below. Other share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0041em;"&gt;plans not described below, are, individually  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_64" style="word-spacing:0.0021em;"&gt;and in aꢀregate, immaterial to our  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0063em;"&gt;consolidated financial statements.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_166" style="word-spacing:-0.0013em;"&gt;Assumptions are made in estimating the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_410" style="word-spacing:-0.0076em;"&gt;fair values for share-based payments,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0037em;"&gt;including number of RSUs expected to vest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0063em;"&gt;and number of employees estimated to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_564" style="word-spacing:-0.0082em;"&gt;become entitled to RSUs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0034em;"&gt;Upon resignation employees forgo all  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_560" style="word-spacing:-0.0098em;"&gt;unvested RSUs, these are reported as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_309" style="word-spacing:-0.0065em;"&gt;canceled. The number of the RSUs is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_560" style="word-spacing:-0.0097em;"&gt;adjusted when performance conditions are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_209" style="word-spacing:-0.0075em;"&gt;only partly met, such adjustments are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_515" style="word-spacing:-0.0129em;"&gt;reported under performance adjustments.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_33" style="word-spacing:-0.0024em;"&gt;All adjustments are recognized in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_370" style="word-spacing:-0.0101em;"&gt;income statement as employee cost.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_60" style="word-spacing:0.004em;"&gt;In the &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_561" style="word-spacing:0.059em;"&gt;22 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_279" style="word-spacing:0.0175em;"&gt;financial year, EUR 10.1 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_448" style="word-spacing:-0.005em;"&gt;was charged to the income statement in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_487" style="word-spacing:-0.0069em;"&gt;respect of share-based remuneration: EUR  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:17.7881em;"&gt;&lt;span class="stl_474 stl_08 stl_55"&gt;4&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_548"&gt;.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.085em;"&gt;8 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_54" style="word-spacing:0.0016em;"&gt;million related to issued RSUs, EUR &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_541"&gt;5&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_567"&gt;.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_567"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0039em;"&gt;million related to corporate bonus &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_561"&gt;22  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_65" style="word-spacing:-0.0008em;"&gt;provision, and EUR 0.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.085em;"&gt;2 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_103" style="word-spacing:0.0019em;"&gt;million related to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.0059em;"&gt;shares to the Board of Directors (&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_563"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_29" style="word-spacing:0.0307em;"&gt;1: EUR  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_157" style="word-spacing:-0.0096em;"&gt;10.0 million charged to the income statement,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_210" style="word-spacing:0.0091em;"&gt;of which EUR &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_541"&gt;5&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_437"&gt;.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.085em;"&gt;3 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_56" style="word-spacing:0.0076em;"&gt;million from RSUs, EUR  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:23.2881em;"&gt;&lt;span class="stl_474 stl_08 stl_55"&gt;4&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_541"&gt;.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.085em;"&gt;5 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.004em;"&gt;million from corporate bonus &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_563"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_563"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_15" style="word-spacing:-0.0003em;"&gt;provision and EUR 0.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.085em;"&gt;2 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_174" style="word-spacing:0.0006em;"&gt;million from shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_152" style="word-spacing:0.0002em;"&gt;to the Board of Directors).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_354" style="word-spacing:-0.0171em;"&gt;As a result of the equity-settled share-based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_143" style="word-spacing:-0.0094em;"&gt;payments transactions, a commitment exists  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0054em;"&gt;to grant SimCorp shares to employees.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0068em;"&gt;SimCorp meets these commitments using  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3008em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0047em;"&gt;treasury shares to fulfil these obligations.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5591em;top:6.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_491" style="word-spacing:-0.0141em;"&gt;Accounting policies,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5591em;top:7.7047em;"&gt;&lt;span class="stl_496 stl_08 stl_503" style="word-spacing:-0.0151em;"&gt;judgments and estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_154" style="word-spacing:-0.0059em;"&gt;For defined-benefit plans, annual actuarial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0055em;"&gt;calculations are made of the net present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0062em;"&gt;value of future benefits to be paid under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;the plan. The net present value is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0062em;"&gt;calculated based on assumptions of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0035em;"&gt;future developments of salary, interest,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_345" style="word-spacing:-0.0091em;"&gt;inflation, and mortality rates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_345" style="word-spacing:-0.0092em;"&gt;Assumptions are assessed at reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_185" style="word-spacing:-0.003em;"&gt;date and changes in these assumptions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_16" style="word-spacing:-0.0036em;"&gt;may significantly affect the liabilities and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_370" style="word-spacing:-0.01em;"&gt;pension cost under defined benefit plans.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_176" style="word-spacing:-0.0026em;"&gt;The pension obligations of the Parent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_169" style="word-spacing:-0.0011em;"&gt;company and most foreign subsidiaries (all  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0043em;"&gt;those with defined-contribution plans) are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0039em;"&gt;covered by insurance. For a few foreign  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_399" style="word-spacing:-0.0043em;"&gt;subsidiaries (those with defined benefit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_54" style="word-spacing:0.0013em;"&gt;plans), the pension obligations are not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_156" style="word-spacing:-0.0094em;"&gt;covered or only partly covered by insurance.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0073em;"&gt;Under defined-benefit plans, the employer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_176" style="word-spacing:-0.0026em;"&gt;is obliged to pay a defined benefit (for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0047em;"&gt;example a fixed percentage of an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.002em;"&gt;employee’s final salary) to the employee  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_224" style="word-spacing:-0.0079em;"&gt;after retirement. Under a defined-benefit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_487" style="word-spacing:-0.0069em;"&gt;plan, the Group carries the risk in respect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0041em;"&gt;of future developments in interest rates,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_38" style="word-spacing:-0.0006em;"&gt;inflation, mortality, or disability.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.9606em;top:6.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_491" style="word-spacing:-0.0141em;"&gt;Accounting policies,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.9606em;top:7.7047em;"&gt;&lt;span class="stl_496 stl_08 stl_503" style="word-spacing:-0.0151em;"&gt;judgments and estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_199" style="word-spacing:-0.0053em;"&gt;A provision is recognized when the Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0039em;"&gt;has a legal or constructive obligation as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0056em;"&gt;result of a past event and it is probable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_185" style="word-spacing:-0.0031em;"&gt;that an outflow of the Group’s resources  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0043em;"&gt;will be required to settle the obligation, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.0059em;"&gt;a reliable estimate can be made of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_106" style="word-spacing:-0.0003em;"&gt;amount of the obligation.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0034em;"&gt;In valuing provisions, the costs estimated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0061em;"&gt;to settle the liability are discounted if such  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_230" style="word-spacing:-0.0049em;"&gt;discounting would have a material effect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_169" style="word-spacing:-0.001em;"&gt;on the measurement of the liability. A  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_410" style="word-spacing:-0.0075em;"&gt;pre-tax discount rate is used that reflects  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_106" style="word-spacing:-0.0003em;"&gt;the level of interest rates with the liability.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_38" style="word-spacing:-0.0006em;"&gt;Changes in the discount element during  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0053em;"&gt;the year are recognized as financial expen-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0094em;"&gt;ses. The present value of defined-benefit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0068em;"&gt;obligations and the related current service  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_477" style="word-spacing:-0.0161em;"&gt;cost and past service cost were measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0055em;"&gt;using the projected unit credit method.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1575em;top:6.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_404" style="word-spacing:-0.0127em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_510" style="word-spacing:-0.0108em;"&gt;The income tax for the year comprises  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_169" style="word-spacing:-0.001em;"&gt;current and deferred tax, including adjust&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_169" style="word-spacing:-0.001em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0071em;"&gt;ments to prior years. &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_447"&gt;T&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_570"&gt;a&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0038em;"&gt;x is recognized in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0061em;"&gt;the income statement, except to the extent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_154" style="word-spacing:-0.0057em;"&gt;it relates to items recognized in other com-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0046em;"&gt;prehensive income or directly in equity.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_524" style="word-spacing:-0.0132em;"&gt;The tax deduction on share-based remu&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_524" style="word-spacing:-0.0132em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_199" style="word-spacing:-0.0052em;"&gt;neration for the year is recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_537" style="word-spacing:-0.0094em;"&gt;taxable income in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_410" style="word-spacing:-0.0076em;"&gt;to the extent that the tax deduction is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_370" style="word-spacing:-0.01em;"&gt;attributable to the share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_370" style="word-spacing:-0.0099em;"&gt;expenses recognized in the income state&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_370" style="word-spacing:-0.0099em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_472" style="word-spacing:-0.009em;"&gt;ment. The value of the excess tax reduc&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_472" style="word-spacing:-0.009em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_18" style="word-spacing:0.0014em;"&gt;tion, if any, is recognized directly in equity.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.9606em;top:6.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_491" style="word-spacing:-0.0141em;"&gt;Accounting policies,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.9606em;top:7.7047em;"&gt;&lt;span class="stl_496 stl_08 stl_503" style="word-spacing:-0.0151em;"&gt;judgments and estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_308" style="word-spacing:-0.0062em;"&gt;Deferred tax is calculated using the liability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_515" style="word-spacing:-0.0129em;"&gt;method on all temporary differences  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_601" style="word-spacing:-0.0115em;"&gt;between the accounting and taxable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0067em;"&gt;values of assets and liabilities. Deferred tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_479" style="word-spacing:-0.0107em;"&gt;assets are assessed yearly and recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_55" style="word-spacing:-0.0021em;"&gt;only to the extent that it is more likely than  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_422" style="word-spacing:-0.0027em;"&gt;not that they can be utilized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0083em;"&gt;Deferred tax assets, including the tax value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_585" style="word-spacing:-0.0118em;"&gt;of tax losses carried forward, are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0086em;"&gt;recognized as other non-current assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0046em;"&gt;and measured at the amount at which they  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0083em;"&gt;are expected to be realized. These are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0084em;"&gt;either offset against deferred tax liability or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_15" style="word-spacing:-0.0002em;"&gt;against tax on future earnings within the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_199" style="word-spacing:-0.0051em;"&gt;same legal entity or a jointly taxed entity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_541" style="word-spacing:-0.014em;"&gt;Deferred tax is measured based on the tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_224" style="word-spacing:-0.008em;"&gt;legislation and statutory tax rates in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_154" style="word-spacing:-0.0058em;"&gt;respective countries that will apply under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0041em;"&gt;the legislation in force on the statement of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0055em;"&gt;financial position date when the deferred  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_530" style="word-spacing:-0.0113em;"&gt;tax asset is expected to crystallize as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:30.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_410" style="word-spacing:-0.0075em;"&gt;current tax. Changes in deferred tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_176" style="word-spacing:-0.0025em;"&gt;resulting from changes in tax rates are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_229" style="word-spacing:-0.0072em;"&gt;recognized in the income statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_107" style="word-spacing:0.0025em;"&gt;For jurisdictions where IFRS 1&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.085em;"&gt;5 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0047em;"&gt;is not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:35.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_74" style="word-spacing:-0.0088em;"&gt;applicable for tax purposes, the revenue is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_472" style="word-spacing:-0.009em;"&gt;deferred, and the related income tax is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_525" style="word-spacing:-0.0109em;"&gt;recognized as deferred tax.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_525" style="word-spacing:-0.0111em;"&gt;Deferred tax reflects assessment of future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_248" style="word-spacing:-0.0064em;"&gt;taxable income across all legal entities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.0061em;"&gt;Actual future taxes may deviate from these  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_154"&gt;estimates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0043em;"&gt;In some jurisdictions the tax treatment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_54" style="word-spacing:0.0012em;"&gt;related to the adoption of IFRS 1&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.085em;"&gt;5 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_175" style="word-spacing:0.001em;"&gt;is yet to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_476" style="word-spacing:-0.0084em;"&gt;be determined, management assesses the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_33" style="word-spacing:-0.0024em;"&gt;tax treatment for those legal entities yearly.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_224" style="word-spacing:-0.0079em;"&gt;Management assessed that, for those  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_235" style="word-spacing:-0.0039em;"&gt;jurisdictions, the most likely outcome is a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0085em;"&gt;deferred income of subscription-based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_128" style="word-spacing:-0.0119em;"&gt;license fees for tax purposes, related income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_370" style="word-spacing:-0.01em;"&gt;tax is thus recognized as deferred tax.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_482" style="word-spacing:-0.0112em;"&gt;The uncertainty of the tax treatment of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_99" style="word-spacing:0.026em;"&gt;IFRS 1&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_224"&gt;5&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_601" style="word-spacing:-0.0115em;"&gt;, to be classified as deferred tax,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_103" style="word-spacing:0.0018em;"&gt;amounts to approximately EUR &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_98"&gt;4&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_92" style="word-spacing:0.0093em;"&gt;0 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_60"&gt;(&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_563"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_81" style="word-spacing:0.03em;"&gt;1: EUR &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_182" style="word-spacing:0.095em;"&gt;28 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_50" style="word-spacing:0.0067em;"&gt;million), related to Parent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_172"&gt;company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_156" style="word-spacing:-0.0094em;"&gt;The Group recognizes deferred tax assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_223" style="word-spacing:-0.007em;"&gt;relating to losses carried forward, if  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:27.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_182" style="word-spacing:-0.0101em;"&gt;management assesses that these can be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_210" style="word-spacing:-0.0108em;"&gt;offset against taxable income in the fore&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_210" style="word-spacing:-0.0108em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_142" style="word-spacing:-0.009em;"&gt;seeable future.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:31.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_303"&gt;T&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_437"&gt;a&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_124" style="word-spacing:-0.0075em;"&gt;x value of the capitalized tax losses are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:32.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_272" style="word-spacing:-0.0089em;"&gt;expected to be realized within the foresee&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_272" style="word-spacing:-0.0089em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:33.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_124" style="word-spacing:-0.0077em;"&gt;able future, as the affected subsidiaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:34.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_351" style="word-spacing:-0.0098em;"&gt;expect a sufficient future taxable income. In  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:35.2047em;"&gt;&lt;span class="stl_474 stl_08 stl_21"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_186"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_603"&gt;23&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_651" style="word-spacing:0.037em;"&gt;, EUR 0.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.065em;"&gt;7 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_371" style="word-spacing:0.0083em;"&gt;million (&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_21"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_186"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_223"&gt;22&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_339" style="word-spacing:0.0175em;"&gt;: EUR 0.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.065em;"&gt;3 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_148"&gt;million)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:36.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_210" style="word-spacing:-0.0108em;"&gt;of the deferred tax assets are expected to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:37.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_164" style="word-spacing:-0.0015em;"&gt;be utilized within the next 1&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.065em;"&gt;2 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_45" style="word-spacing:-0.0077em;"&gt;months. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:37.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_285" style="word-spacing:-0.0096em;"&gt;tax value of tax losses not capitalized is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.142em;top:38.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_375" style="word-spacing:0.0255em;"&gt;EUR 0.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.065em;"&gt;6 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_80" style="word-spacing:0.0051em;"&gt;million (&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_563"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_359" style="word-spacing:0.0168em;"&gt;1: EUR 0.&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.085em;"&gt;8 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_164"&gt;million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1575em;top:6.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_491" style="word-spacing:-0.0141em;"&gt;Accounting policies,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1575em;top:7.7047em;"&gt;&lt;span class="stl_496 stl_08 stl_503" style="word-spacing:-0.0151em;"&gt;judgments and estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:9.5381em;"&gt;&lt;span class="stl_496 stl_08 stl_509" style="word-spacing:-0.0147em;"&gt;Business combinations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_240" style="word-spacing:-0.0085em;"&gt;Newly acquired or newly established  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_410" style="word-spacing:-0.0077em;"&gt;enterprises are recognized in the conso-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0041em;"&gt;lidated financial statements from the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_564" style="word-spacing:-0.0082em;"&gt;effective dates of acquisition.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_410" style="word-spacing:-0.0076em;"&gt;The takeover method is applied for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_169" style="word-spacing:-0.001em;"&gt;acquisitions if the Parent company gains  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_169" style="word-spacing:-0.0009em;"&gt;control of the entity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_126" style="word-spacing:-0.0018em;"&gt;The net aꢀregate value of identifiable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0033em;"&gt;assets and liabilities is measured in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_185" style="word-spacing:-0.0029em;"&gt;accordance with IFRS &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.085em;"&gt;3 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_308"&gt;Business  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_199"&gt;Combinations.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2881em;z-index:377;"&gt;&lt;span class="stl_471 stl_08 stl_387"&gt;T&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_186"&gt;r&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_271" style="word-spacing:-0.0063em;"&gt;ansaction costs related to acquisitions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_361" style="word-spacing:-0.0063em;"&gt;are charged to the income statement as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_166" style="word-spacing:-0.0015em;"&gt;administration expenses at the time of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_235"&gt;acquisition.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:6.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_16" style="word-spacing:-0.0037em;"&gt;Provisional values are used for initial recog&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_16" style="word-spacing:-0.0037em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0056em;"&gt;nition where there is uncertainty regarding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:8.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0043em;"&gt;the identification and measurement of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:9.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_422" style="word-spacing:-0.0029em;"&gt;acquired assets, liabilities, and contingent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_169" style="word-spacing:-0.001em;"&gt;liabilities at the date of acquisition. Such  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.006em;"&gt;provisional values can be adjusted or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_156" style="word-spacing:0.0027em;"&gt;additional assets or liabilities included until  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_136"&gt;1&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_09" style="word-spacing:0.045em;"&gt;2 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_284" style="word-spacing:-0.0023em;"&gt;months after the acquisition date if new  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:14.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_25" style="word-spacing:0em;"&gt;information is available regarding circum&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_25" style="word-spacing:0em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_367" style="word-spacing:-0.0057em;"&gt;stances that existed at the time of acquisi&lt;/span&gt;&lt;span class="stl_568 stl_08 stl_367" style="word-spacing:-0.0057em;"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_96" style="word-spacing:-0.0061em;"&gt;tion and which would have affected the fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_422" style="word-spacing:-0.0028em;"&gt;value at the time of acquisition, had the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_449" style="word-spacing:-0.0038em;"&gt;information been known. Thereafter, no  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:18.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_57" style="word-spacing:-0.0033em;"&gt;adjustments are made to goodwill, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:19.6214em;"&gt;&lt;span class="stl_471 stl_08 stl_237" style="word-spacing:-0.0023em;"&gt;changes in estimates of contingent con-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_279" style="word-spacing:-0.0025em;"&gt;sideration relating to business combinations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_10" style="word-spacing:-0.0067em;"&gt;are recognized in the income statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_169" style="word-spacing:-0.001em;"&gt;SimCorp did not enter into acquisitions in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3388em;top:24.2047em;"&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_561" style="word-spacing:0.059em;"&gt;22 &lt;/span&gt;&lt;span class="stl_471 stl_08 stl_224" style="word-spacing:-0.008em;"&gt;or &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_474 stl_08 stl_563"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_186"&gt;1.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.9606em;top:6.7881em;"&gt;&lt;span class="stl_496 stl_08 stl_491" style="word-spacing:-0.0141em;"&gt;Accounting policies,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.9606em;top:7.7047em;"&gt;&lt;span class="stl_496 stl_08 stl_503" style="word-spacing:-0.0151em;"&gt;judgments and estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:9.5381em;"&gt;&lt;span class="stl_518 stl_08 stl_509"&gt;Goodwill  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:10.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_15" style="word-spacing:-0.0003em;"&gt;Initially, goodwill is recognized at cost.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:11.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_376" style="word-spacing:-0.0042em;"&gt;Subsequently, goodwill is measured at cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:12.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_231" style="word-spacing:-0.0054em;"&gt;less accumulated impairment. Goodwill is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:13.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_510" style="word-spacing:-0.0107em;"&gt;not amortized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:15.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_14" style="word-spacing:-0.0085em;"&gt;The carrying amount of goodwill is tested  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:15.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_322" style="word-spacing:0.002em;"&gt;for impairment at least annually. Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:16.8714em;"&gt;&lt;span class="stl_471 stl_08 stl_191" style="word-spacing:-0.0056em;"&gt;losses are recognized directly in profit for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:17.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_105" style="word-spacing:-0.0073em;"&gt;the year and are not subsequently reversed.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:19.6214em;"&gt;&lt;span class="stl_496 stl_08 stl_512" style="word-spacing:-0.017em;"&gt;Other intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:20.5381em;"&gt;&lt;span class="stl_471 stl_08 stl_127" style="word-spacing:-0.0079em;"&gt;Intangible assets with limited economic lives  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:21.4547em;"&gt;&lt;span class="stl_471 stl_08 stl_142" style="word-spacing:-0.0091em;"&gt;are measured at cost less accumulated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:22.3714em;"&gt;&lt;span class="stl_471 stl_08 stl_124" style="word-spacing:-0.0076em;"&gt;amortization and impairment losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:23.2881em;"&gt;&lt;span class="stl_471 stl_08 stl_129" style="word-spacing:-0.0073em;"&gt;Intangible assets include proprietary and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:24.2047em;"&gt;&lt;span class="stl_471 stl_08 stl_45" style="word-spacing:-0.0077em;"&gt;acquired software as well as client rela-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:25.1214em;"&gt;&lt;span class="stl_471 stl_08 stl_179" style="word-spacing:-0.0069em;"&gt;tionships. Amortization is provided on a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:26.0381em;"&gt;&lt;span class="stl_471 stl_08 stl_288" style="word-spacing:0.0008em;"&gt;straight-line basis over the estimated useful  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:26.9547em;"&gt;&lt;span class="stl_471 stl_08 stl_127" style="word-spacing:-0.0041em;"&gt;lives of the assets, which are as follows:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.488em;top:28.7881em;"&gt;&lt;span class="stl_471 stl_08 stl_479" style="word-spacing:-0.0106em;"&gt;Software up to 10 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.5433em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_09"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.488em;top:29.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_168" style="word-spacing:0.0017em;"&gt;Client relationships up to &lt;/span&gt;&lt;span class="stl_474 stl_08 stl_246"&gt;2&lt;/span&gt;&lt;span class="stl_471 stl_08 stl_472" style="word-spacing:-0.009em;"&gt;0 years  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:6.7881em;"&gt;&lt;span class="stl_635 stl_08 stl_549" style="word-spacing:-0.0178em;"&gt;Proprietary software for resale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1417em;top:7.7047em;"&gt;&lt;span class="stl_471 stl_08 stl_488" style="word-spacing:-0.0121em;"&gt;Costs of development projects for software  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/x