Development of business in the Group

This section provides important additional information and explains recent changes in the significant events compared to those described in the 2022 combined management report (2022 Annual Report), and looks at the effects of these changes on the development of business in the Group. In the section “The economic environment,” we also focus on macroeconomic developments in the first three quarters of 2023. For more information on global economic developments and the associated business risks, please refer to the section “Risks and opportunities.”

For further information on significant events in the 2022 financial year, please refer to the sections “Group organization,” “Management of the Group,” and “Development of business in the Group” in the 2022 combined management report (2022 Annual Report).

Presentation of GD Towers according to the management approach. The GD Towers business entity had been recognized in the interim consolidated financial statements as a discontinued operation from the third quarter of 2022 until its sale on February 1, 2023. In the interim Group management report, we include the contributions by GD Towers in the results of operations according to the management approach for the period mentioned.

For further information on the sale and the presentation of GD Towers according to the management approach, including a reconciliation to the consolidated income statement, please refer to the section “Group organization, strategy, and management.”