<SEC-DOCUMENT>0001157523-23-000388.txt : 20230302
<SEC-HEADER>0001157523-23-000388.hdr.sgml : 20230302
<ACCEPTANCE-DATETIME>20230302160206
ACCESSION NUMBER:		0001157523-23-000388
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230302
FILED AS OF DATE:		20230302
DATE AS OF CHANGE:		20230302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VTEX
		CENTRAL INDEX KEY:			0001793663
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40626
		FILM NUMBER:		23698750

	BUSINESS ADDRESS:	
		STREET 1:		C/O CAMPBELLS CORPORATE SERVICES LIMITED
		STREET 2:		FLOOR 4, WILLOW HOUSE, CRICKET SQUARE
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9010
		BUSINESS PHONE:		0000000000

	MAIL ADDRESS:	
		STREET 1:		C/O CAMPBELLS CORPORATE SERVICES LIMITED
		STREET 2:		FLOOR 4, WILLOW HOUSE, CRICKET SQUARE
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9010
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a53346737.htm
<DESCRIPTION>VTEX 6-K
<TEXT>
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    <div style="text-align: center; margin-right: 32.299pt; margin-left: 32.95pt; font-weight: bold; font-size: 16pt;">UNITED STATES</div>
    <font style="font-size: 16pt;"> </font>
    <div style="text-align: center; margin-right: 32.299pt; margin-left: 33.1pt; font-weight: bold; font-size: 16pt;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; margin-right: 32.299pt; margin-left: 33.15pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div>&#160;</div>
    <div style="text-align: center; margin-right: 32.299pt; margin-left: 33.1pt; font-weight: bold; font-size: 16pt;">FORM 6-K</div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: 0.15pt; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
    <div style="text-align: center; text-indent: 0.15pt; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</div>
    <div style="text-align: center; text-indent: 0.15pt; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</div>
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    <div style="text-align: center; margin-right: 32.299pt; margin-left: 31.05pt;">For the month of March 2023.</div>
    <div>&#160;</div>
    <div style="text-align: center; margin-right: 32.299pt; margin-left: 33.05pt;">Commission File Number 001-40626</div>
    <div>&#160;</div>
    <div style="text-align: center; margin-right: 32.299pt; margin-left: 33.1pt; font-weight: bold; font-size: 16pt;">VTEX</div>
    <div style="text-align: center; margin-right: 32.299pt; margin-left: 33.25pt;">(Exact name of registrant as specified in its charter)</div>
    <div>&#160;</div>
    <div style="text-align: center; margin-right: 32.299pt; margin-left: 33.15pt; font-weight: bold;">N/A</div>
    <div style="text-align: center; margin-right: 32.299pt; margin-left: 33.1pt;">(Translation of registrant&#8217;s name into English)</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">125 Kingsway, WC2B 6NH</div>
    <div style="text-align: center; font-weight: bold;">&#160;London, United Kingdom</div>
    <div style="text-align: center; margin-right: 32.299pt; margin-left: 33.1pt;"><font style="font-weight: bold;">(</font>Address of principal executive office)</div>
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    <div><br>
      <br>
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    <div style="margin-left: 7.55pt;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</div>
    <div>&#160;</div>
    <div style="text-align: center; margin-left: 0.85pt;">Form 20-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Form







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    <div style="margin-left: 7.55pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div>&#160;</div>
    <div>
      <div><br>
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    </div>
    <div style="margin-left: 7.55pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
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    <div style="text-align: center; font-weight: bold;">Table of Contents</div>
    <div><br>
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    <div>&#160;</div>
    <div>
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          <tr>
            <td colspan="3" rowspan="1" style="width: 2%;">
              <div style="font-weight: bold;">PART I - FINANCIAL INFORMATION </div>
            </td>
            <td style="width: 10%; font-weight: bold;">3<br>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
          </tr>
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            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td colspan="2" rowspan="1" style="width: 2%; font-weight: bold;">Item 1 - Financial Statements</td>
            <td style="width: 10%; font-weight: bold;">3<br>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%; font-weight: bold;">Consolidated Balance Sheets</td>
            <td style="width: 10%; font-weight: bold;">4<br>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%; font-weight: bold;">Consolidated Statements of Profit or Loss</td>
            <td style="width: 10%; font-weight: bold;">6<br>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%; font-weight: bold;">Consolidated Statements of Changes in Shareholder&#8217;s Equity</td>
            <td style="width: 10%; font-weight: bold;">7<br>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%; font-weight: bold;">Consolidated Statements of Cash Flows</td>
            <td style="width: 10%; font-weight: bold;">8<br>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%; font-weight: bold;">Notes to Consolidated Financial Statements</td>
            <td style="width: 10%; font-weight: bold;">9<br>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
          </tr>
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            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td colspan="2" rowspan="1" style="width: 2%; font-weight: bold;">Item 2 &#8211; Management&#8217;s discussion and analysis of financial condition and results of operations</td>
            <td style="width: 10%; font-weight: bold;">31<br>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="3" rowspan="1" style="width: 2%; font-weight: bold;">PART II - OTHER INFORMATION</td>
            <td style="width: 10%; font-weight: bold;">43<br>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 86%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 10%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td colspan="2" rowspan="1" style="width: 2%; font-weight: bold;">Item 1 - Signatures</td>
            <td style="width: 10%; font-weight: bold;">43<br>
            </td>
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    <div><br>
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    <div style="text-align: center; font-weight: bold;">PART I - FINANCIAL INFORMATION</div>
    <div>&#160;</div>
    <div><br>
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    <div><font style="font-weight: bold;">Item 1 -</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Financial Statements</font></div>
    <div>&#160;</div>
    <div><br>
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    <div style="text-align: center; font-weight: bold;">Index to Financial Statements</div>
    <div style="text-align: center; font-weight: bold;">VTEX</div>
    <div>&#160;</div>
    <div><br>
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    <div>&#160;</div>
    <div style="font-weight: bold;">Consolidated Financial Statements</div>
    <div>&#160;</div>
    <div>Consolidated Balance Sheets</div>
    <div>&#160;</div>
    <div>Consolidated Statements of Profit or Loss</div>
    <div>&#160;</div>
    <div>Consolidated Statements of Changes in Shareholder&#8217;s Equity</div>
    <div>&#160;</div>
    <div>Consolidated Statements of Cash Flows</div>
    <div>&#160;</div>
    <div>Notes to the consolidated Financial Statements</div>
    <div>&#160;</div>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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      <div style="font-weight: bold;">VTEX&#160;</div>
      <div style="font-weight: bold;">Consolidated balance sheets</div>
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        <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div style="font-weight: bold;">Current&#160;assets</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Cash&#160;and&#160;cash&#160;equivalents</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Restricted&#160;cash</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>1,608</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>1,183</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Marketable&#160;securities&#160;and&#160;short-term&#160;investments</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>214,164</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div>177,191</div>
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          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>36,844</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>34,682</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Recoverable&#160;taxes</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>5,122</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>6,881</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Deferred&#160;commissions</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>663</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>263</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Prepaid&#160;expenses</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>4,152</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>7,911</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Derivative&#160;financial&#160;instruments</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>117</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Other&#160;current&#160;assets</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>93</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>399</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px;">
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          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">287,157</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">349,516</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 72%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
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          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Trade&#160;receivables</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>5,432</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>6,143</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Deferred&#160;tax&#160;assets</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>17,710</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>12,572</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Prepaid&#160;expenses</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>204</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>343</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Recoverable&#160;taxes</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>3,334</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>556</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Deferred&#160;commissions</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>1,790</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>1,246</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Other&#160;non-current&#160;assets</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>957</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>435</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Right-of-use&#160;assets</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>4,818</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>5,183</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Property&#160;and&#160;equipment,&#160;net</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>3,909</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div>4,711</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>31,210</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>33,644</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px;">
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          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1,152</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>621</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">70,516</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">65,454</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total&#160;assets</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">357,673</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">414,970</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

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    <div><br>
    </div>
    <div>
      <div>The above consolidated balance sheets should be read in conjunction with the accompanying notes.</div>
      <div> <br>
      </div>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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    </div>
    <div><br>
    </div>
    <div>
      <div style="font-weight: bold;">VTEX&#160;</div>
      <div style="font-weight: bold;">Consolidated balance sheets</div>
      <div>
        <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated</div>
        <div style="font-weight: bold;">
          <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="font-weight: bold;"> <br>
        </div>
      </div>
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    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z33a23c9af65742d99df6d14f2e741742" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 72%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
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        <tr>
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            <div style="font-weight: bold;">LIABILITIES</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div style="font-weight: bold;">Current&#160;liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Accounts&#160;payable&#160;and&#160;accrued&#160;expenses</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>34,136</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>29,537</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Loans&#160;and&#160;financing</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>1,153</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>2,087</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Taxes&#160;payable</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>4,128</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>5,035</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Lease&#160;liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>1,898</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>1,105</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Deferred&#160;revenue</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>20,332</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>16,598</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Derivative&#160;financial&#160;instruments</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>133</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Accounts&#160;payable&#160;from&#160;acquisition&#160;of&#160;subsidiaries</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>299</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>4,260</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px;">
            <div>Other&#160;current&#160;liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>70</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>133</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total&#160;current&#160;liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">62,016</div>
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          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">58,888</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 72%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Non-current&#160;liabilities</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Accounts&#160;payable&#160;and&#160;accrued&#160;expenses</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>511</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>1,977</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Loans&#160;and&#160;financing</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>1,192</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Taxes&#160;payable</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>160</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>160</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Lease&#160;liabilities</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>3,737</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>4,886</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Accounts&#160;payable&#160;from&#160;acquisition&#160;of&#160;subsidiaries</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>2,163</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Deferred&#160;revenue</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>13,923</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>16,204</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Deferred&#160;tax&#160;liabilities</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>2,464</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>2,045</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Other&#160;non-current&#160;liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>185</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>266</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total&#160;non-current&#160;liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">20,980</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">28,893</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 72%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div style="font-weight: bold;">EQUITY</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Issued&#160;Capital</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>19</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>19</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%;">
            <div>Capital&#160;reserve</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>390,885</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div>390,466</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div>Other&#160;reserves</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>127</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div>652</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px;">
            <div>Accumulated&#160;losses</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(116,373</div>
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            <div>)</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(63,955</div>
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            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Equity&#160;attributable&#160;to&#160;VTEX&#8217;s&#160;shareholders</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">274,658</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">327,182</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px;">
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>19</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>7</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">274,677</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">327,189</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 72%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total&#160;liabilities&#160;and&#160;equity</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">357,673</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">414,970</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <div>The above consolidated balance sheets should be read in conjunction with the accompanying notes.</div>
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    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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    </div>
    <div><br>
    </div>
    <div>
      <div style="font-weight: bold;">VTEX&#160;</div>
      <div style="font-weight: bold;">Consolidated statements of profit or loss</div>
      <div>
        <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
          <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="zfd5fd27618554e8aa7ca5e1bb0aa2858" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;">Three months ended (unaudited)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;"> 31, 2021</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Subscription revenue</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>42,732</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>34,529</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>148,475</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>118,466</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
            <div>Services revenue</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>2,753</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>2,587</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>9,145</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>7,307</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total revenue</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">45,485</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">37,116</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">157,620</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">125,773</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(11,491</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(10,469</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(41,408</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(38,380</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div>Services cost</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(3,103</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(3,291</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(11,424</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(11,212</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
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        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total cost</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(14,594</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(13,760</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(49,592</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="font-weight: bold;">Gross profit&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">30,891</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">23,356</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">104,788</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">76,181</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="font-weight: bold;">Operating expenses</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>General and administrative</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(7,052</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(6,913</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(28,348</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(31,889</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div>Sales and marketing</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(12,404</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(17,459</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(67,798</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(63,521</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Research and development</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(14,059</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(11,915</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(57,205</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(45,186</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
            <div>Other losses</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(402</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(211</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(1,356</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(1,514</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Loss from operations</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(3,026</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(13,142</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(49,919</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(65,929</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Financial income</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>7,645</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>2,295</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>23,770</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>7,414</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
            <div>Financial expense</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(4,939</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(3,664</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(31,401</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(12,058</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Financial result, net</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2,706</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(1,369</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(7,631</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(4,644</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div>347</div>
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            <div>190</div>
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          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div>1,106</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div>587</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Income (loss) before income tax</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">27</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(14,321</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(56,444</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(69,986</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Income tax</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Current</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(136</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(35</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(877</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(1,646</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
            <div>Deferred</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(213</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>3,731</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>4,902</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>11,118</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total income tax</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(349</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">3,696</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">4,025</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">9,472</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Net loss for the period</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(322</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(10,625</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(52,419</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(60,514</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Attributable to controlling shareholders</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(323</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(10,625</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(52,418</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(60,511</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="font-weight: bold;">Non-controlling interest</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">(1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">(3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div>Loss per share</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Basic loss per share</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(0.002</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(0.056</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(0.275</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(0.333</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="font-weight: bold;">Diluted loss per share</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">(0.002</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">(0.056</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">(0.275</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">(0.333</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <div>The above consolidated statements of profit or loss should be read in conjunction with the accompanying notes.</div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="font-weight: bold;">VTEX&#160;</div>
      <div style="font-weight: bold;">Consolidated statements of changes in shareholders&#8217; equity</div>
      <div>
        <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
          <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
    </div>
    <div><br>
    </div>
    <div></div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zd69b26d6410a4f5eb4fbe3c0ba75d3c3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Issued capital</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Capital reserve</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Other<br>
              reserves</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Accumulated losses</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Equity<br>
              attributable to<br>
              VTEX&#8217;s<br>
              shareholders</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Non-controlling interests</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Total<br>
              shareholders&#8217;<br>
              equity</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">At January 1, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">17</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">78,945</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">104</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(3,444</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">75,622</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">126</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">75,748</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%;">
            <div>Net loss for the year</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>(60,511</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>(60,511</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>(3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>(60,514</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Other comprehensive income (loss)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>548</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>548</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>548</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px;">
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">548</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(60,511</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(59,963</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(3</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(59,966</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Transactions with owners of the Company</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%;">
            <div>Exercise of stock options</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>3,830</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>3,830</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>3,830</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
            <div>Issue of ordinary shares as consideration for a business combination</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>1,469</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>1,469</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>1,469</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%;">
            <div>Capital contribution</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>1,000</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>1,000</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>1,000</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
            <div>Issuance of common shares in initial public offering</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>317,807</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>317,809</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>317,809</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%;">
            <div>Share issuance costs</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>(21,491</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>(21,491</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>(21,491</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
            <div>Buyback of shares</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>(407</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>(407</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>(407</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%;">
            <div>Share-based compensation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>9,217</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>9,217</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>9,217</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
            <div>Transactions with non-controlling interests</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>7</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px;">
            <div>Acquisition of non-controlling interests</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>96</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>96</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(123</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(27</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total transactions with owners of the Company</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">311,521</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">311,523</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(116</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">311,407</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px;">
            <div style="font-weight: bold;">At December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">19</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">390,466</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">652</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(63,955</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">327,182</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">327,189</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px;">
            <div style="font-weight: bold;">At January 1, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">19</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">390,466</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">652</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(63,955</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">327,182</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">327,189</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
            <div>Net loss for the year</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>(52,418</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>(52,418</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>(1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>(52,419</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px;">
            <div>Other comprehensive income (loss)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(525</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(525</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(525</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total comprehensive loss for the year</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%;">
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          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
            <div>Exercise of stock options</div>
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          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>567</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>567</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>567</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%;">
            <div>Issue of ordinary shares as consideration for a business combination</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>3</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>3</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
            <div>Share repurchase program (note 14.2)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>(12,798</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>(12,798</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>(12,798</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%;">
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>12,647</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>12,647</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
            <div>12,647</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Transactions with non-controlling interests</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>13</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>13</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total transactions with owners of the Company</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">419</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">419</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">13</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">432</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">At December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">19</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">390,885</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">127</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(116,373</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">274,658</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">19</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">274,677</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div> <br>
      <div>The above consolidated statements of changes in shareholders&#8217; equity should be read in conjunction with the accompanying notes.</div>
      <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
      <div style="font-weight: bold;">VTEX&#160;</div>
      <div style="font-weight: bold;">Consolidated statements of cash flows</div>
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        <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
          <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
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            <div style="font-weight: bold; text-align: center;">December 31, 2022<br>
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            <div style="font-weight: bold;"> </div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
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            <div style="text-align: center; font-weight: bold;">December 31, 2021</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(60,514</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div style="font-weight: bold;">Adjustments for:</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Depreciation and amortization</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>4,616</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>4,072</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Deferred income tax</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(4,902</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(11,118</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Loss on disposal of rights of use, property, equipment, and intangible assets</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>54</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Expected credit losses from trade receivables</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>852</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>887</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Share-based compensation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>12,202</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>9,217</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Provision for payroll taxes (share-based compensation)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(1,125</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>7,611</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Adjustment of hyperinflation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>5,175</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>2,274</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Equity results</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(1,106</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(587</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Fair value (gains) losses</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>2,522</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(1,188</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Other and foreign exchange, net</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>534</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>666</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Change in operating assets and liabilities</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Trade receivables</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(3,579</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(16,749</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
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        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Recoverable taxes</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(671</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(2,692</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Prepaid expenses</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>3,947</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(2,741</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Other assets</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(583</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>186</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Accounts payable and accrued expenses</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>5,229</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>7,417</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Taxes payable</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(1,495</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>3,102</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Deferred revenue</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>1,157</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>12,330</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Other liabilities</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>745</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(364</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Cash used in operating activities</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(28,910</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(48,137</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Income tax paid</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(312</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(4,854</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Net cash used in operating activities</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(29,222</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(52,991</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Cash flows from investing activities</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Dividends received from joint venture</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>147</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Purchase of short-term investment</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(111,612</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(177,816</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Redemption of short-term investment</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>78,011</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>1,053</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Purchase of marketable securities</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(9,003</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Redemption of marketable securities</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>16,857</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Interest and dividend received from short-term investments</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>1,110</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>588</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Payment of business acquired</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(1,692</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(5,712</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Acquisitions of intangible assets</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(368</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">
            <div>Acquisitions of property and equipment</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(340</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(1,383</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Net cash used in investing activities</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(43,379</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(166,781</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div style="font-weight: bold;">Cash flows from financing activities</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Derivative financial instruments</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(746</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Changes in restricted cash</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(348</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>246</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Proceeds from the exercise of stock options</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>567</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>3,830</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Net-settlement of share-based payment</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(1,615</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(2,705</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Capital increase</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>1,000</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Capital increase - proceeds from initial public offering, net of transaction costs</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>296,318</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Buyback of shares</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(12,798</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(2,423</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Payment of loans and financing</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(2,651</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(10,886</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Interest paid</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(56</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(104</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Principal elements of lease payments</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(1,263</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(913</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Lease interest paid</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(670</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(680</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Net cash provided by (used in) financing activities</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(19,580</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">283,683</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Net increase (decrease) in cash and cash equivalents</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(92,181</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">63,911</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Cash and cash equivalents, beginning of the year</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">121,006</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">58,557</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Effect of exchange rate changes</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(4,431</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(1,462</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Cash and cash equivalents, end of the year</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">24,394</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">121,006</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div style="font-weight: bold;">Non-cash transactions:</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Lease liabilities arising from obtaining right-of-use assets</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>983</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>494</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">
            <div>Issue of ordinary shares as consideration for a business combination</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1,469</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Unpaid amount related to acquisition of non-controlling interest</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>27</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">
            <div>Unpaid amount related to business combinations</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>8,264</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Dividends from joint venture used to pay accounts from acquisition of subsidiaries</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>448</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">
            <div>Transactions with non-controlling interests</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>13</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify;">The above consolidated statements of cash flows should be read in conjunction with the accompanying notes.</div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <div style="font-weight: bold;">VTEX&#160;</div>
      <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
      <div>
        <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
          <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z5c52c7017cbd424b98c91b37a99b2148" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">General information</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">VTEX (&#8220;VTEX&#8221; or the &#8220;Company&#8221;) and its subsidiaries, or collectively referred to as the &#8220;Group&#8221;, provide a software-as-a-service digital commerce platform for enterprise brands and retailers. VTEX&#8217;s services enable our
      customers to execute their commerce strategy, including building online stores, integrating and managing orders across channels, and creating marketplaces to sell products from third-party vendors. The platform is also designed to be the operating
      system for the commerce ecosystem, enabling enterprise brands and retailers to orchestrate their network of consumers, business partners, suppliers, and fulfillment providers in one place with a complete Commerce, Marketplace, and OMS solution. VTEX
      assists global companies build, manage and deliver native and advanced business-to-business (B2B), business-to-consumer (B2C), and Marketplace commerce experiences with competitive time-to-market.</div>
    <div style="text-align: justify;">The Company's shares, under the symbol &#8220;VTEX&#8221;, are listed on the New York Stock Exchange (&#8220;NYSE&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following entities are part of the Group and are being consolidated in these unaudited condensed interim financial statements:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z1c9ba893fd8d441bb247fe6e5d875920" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36.32%; vertical-align: middle;" rowspan="2">
            <div style="font-weight: bold;">Company</div>
          </td>
          <td style="width: 22%; vertical-align: middle;" rowspan="2">
            <div style="font-weight: bold;">Place of business/</div>
            <div style="font-weight: bold;">country of incorporation</div>
          </td>
          <td style="width: 11.83%; vertical-align: middle;" rowspan="2">
            <div style="font-weight: bold;">Relationship</div>
          </td>
          <td style="width: 15.6%; vertical-align: middle;" rowspan="2">
            <div style="font-weight: bold;">Principal business activity</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div style="font-weight: bold;">% of Ownership</div>
            <div style="font-weight: bold;">as of December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7%; vertical-align: middle;">
            <div style="text-align: right; font-weight: bold;">2022</div>
          </td>
          <td style="width: 6.72%; vertical-align: middle;">
            <div style="text-align: right; font-weight: bold;">2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>VTEX (&#8220;VTEX&#8221;)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Cayman</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Holding</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 6.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom;">
            <div>VTEX Inform&#225;tica S.A. (&#8220;VTEX ARG&#8221;)&#160;</div>
          </td>
          <td style="width: 22%; vertical-align: bottom;">
            <div style="text-align: center;">Argentina</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom;">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom;">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>VTEX Brasil Tecnologia para Ecommerce LTDA. (&#8220;VTEX Brazil&#8221;)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Brazil</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom;">
            <div>VTEX Day Eventos Ltda. (&#8220;VTEX DAY&#8221;)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom;">
            <div style="text-align: center;">Brazil</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom;">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom;">
            <div style="text-align: center;">Production of events</div>
          </td>
          <td style="width: 7%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Loja Integrada Tecnologia para Softwares S.A. (&#8220;Loja Integrada&#8221;)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Brazil</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">99.58</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">99.87</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom;">
            <div>Suiteshare Tecnologia da Informa&#231;&#227;o S.A (&#8220;Suiteshare&#8221;) (i)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom;">
            <div style="text-align: center;">Brazil</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom;">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom;">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>VTEX Chile SPA (&#8220;VTEX CHI&#8221;)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Chile</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom;">
            <div>VTEX Colombia Tecnologia para Ecommerce S.A.S. (&#8220;VTEX COL&#8221;)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom;">
            <div style="text-align: center;">Colombia</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom;">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom;">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>VTEX Commerce Cloud Solutions LLC (&#8220;VTEX USA&#8221;)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">USA</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom;">
            <div>VTEX Ecommerce Platform Limited (&#8220;VTEX UK&#8221;)&#160;</div>
          </td>
          <td style="width: 22%; vertical-align: bottom;">
            <div style="text-align: center;">UK</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom;">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom;">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Soluciones Cloud En Ecommerce S. De R.L. De C.V. (&#8220;VTEX MEX&#8221;) (ii)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Mexico</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">99.99</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom;">
            <div>EI Education S.A.P.I de C.V. (&#8220;Escuela de Internet or &#8220;Escuela&#8221;)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom;">
            <div style="text-align: center;">Mexico</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom;">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom;">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Peru Tecnologia para ECOMMERCE S.A.C. (&#8220;VTEX PERU&#8221;) (iii)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Peru</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom;">
            <div>VTEX Platform Espa&#241;a, S.L. ("VTEX ESP") (iv)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom;">
            <div style="text-align: center;">Spain</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom;">
            <div style="text-align: center;">Subsidiary</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom;">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>VTEX Ecommerce Platform Limited - Sede Secondaria (&#8220;VTEX ITA&#8221;) (iii)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Italy</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Branch</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom;">
            <div>VTEX Ecommerce Platform Limited London - Sucursala Bucuresti (&#8220;VTEX ROM&#8221;) (iii)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom;">
            <div style="text-align: center;">Romania</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom;">
            <div style="text-align: center;">Branch</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom;">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom;">
            <div style="text-align: right;">100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>VTEX Ecommerce Platform Platform Limited &#8211; Sucursal em Portugal (&#8220;VTEX PORT&#8221;) (iii)</div>
          </td>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Portugal</div>
          </td>
          <td style="width: 11.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Branch</div>
          </td>
          <td style="width: 15.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Technology Services</div>
          </td>
          <td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 6.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
        </tr>

    </table>
    <div style="margin-right: 0.3pt;"><br>
    </div>
    <div style="margin-right: 0.3pt;">(i) Suiteshare was acquired in April 2021. March 2022 it was merged into VTEX Brazil.</div>
    <div style="margin-right: 0.3pt;">(ii) In May 2021, the Group acquired the non-controlling interest of VTEX MEX.</div>
    <div style="margin-right: 0.3pt;">(iii) VTEX PERU, VTEX ITA, VTEX ROM and VTEX PORT were created in 2021 to fulfill the Group&#8217;s operational needs.</div>
    <div style="margin-right: 0.3pt;">(iv) VTEX ESP was created in March/ 2022 to fulfill the Group&#8217;s operational needs.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <div style="text-align: justify;">The Group also holds VT Comercio, a joint venture (&#8220;JV&#8221;) established in July 2019 with a participation of 50%.</div>
        <div><br>
        </div>
      </div>
      <div><font style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>1.1</font>&#160; <font style="font-weight: bold;">Initial Public Offering &#8220;IPO&#8221;&#160;</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;">On July 21, 2021, the Company completed its IPO, offering 21,850,000 of its Class A common shares, of which 13,876,702 new shares offered by the Group and other 5,123,298 shares offered by the selling shareholders,
        and the entire exercise of the underwriter&#8217;s option to purchase 2,850,000 newly issued shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The initial offering price was US$19.00 per Class A common share, resulting in gross proceeds of US$317,809. The Company received net proceeds of US$296,318 after deducting US$19,863 in underwriting discounts and
        commissions and US$1,628 of other offering expenses. The Group also recognized in the Profit and loss the amount of US$1,253 related to shares offered by the selling shareholders and other expenses not directly related to the IPO.&#160;</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The shares offered and sold in the IPO were registered under the Securities Act of 1933, as amended, pursuant to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-257400), which was declared
        effective by the Securities and Exchange Commission on July 21, 2021. The common shares began trading on the New York Stock Exchange (&#8220;NYSE&#8221;) on July 21, 2021, under the symbol &#8220;VTEX.&#8221;</div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <div>
      <div>
        <div style="font-weight: bold;"> <br>
        </div>
        <div style="font-weight: bold;">VTEX&#160;</div>
        <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
        <div>
          <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
            <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">2<br>
                  </div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;"><font style="font-weight: bold;">Basis of presentation and consolidation</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The accounting policies described in detail below have been consistently applied to all periods presented in these consolidated financial statements, unless otherwise stated. The financial statements are applicable for
      the group consisting of VTEX and its subsidiaries. The accounting policies have been consistently applied by the Group.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z058881480e854ee09ea4fc5e07404414" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 0.15pt; vertical-align: top; align: right;">
              <div style="margin-left: 0.15pt; font-weight: bold;">a.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 35.85pt; font-weight: bold;">Basis for preparation of consolidated financial statements</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The consolidated financial statements of the VTEX Group have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The consolidated financial statements are presented in U.S. dollars (&#8220;US$&#8221;) which is the functional currency of VTEX (Group&#8217;s parent company) and presentation currency of the Group. All amounts have been rounded to the
      nearest thousands of US$, except when otherwise indicated.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z16680532edfe4f11aa1e6a2b9b265eeb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 0.15pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">b.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 35.85pt; font-weight: bold;">New standards, interpretations, and amendments adopted by the Group</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">In 2022 the Company has adopted the following new interpretation and amendments: (i) Amendments to IAS 16 - Property, Plant and Equipment; (ii) Amendments to IFRS 3 - Business Combinations; (iii) Annual Improvements to
      IFRS Standards 2018&#8211;2020&#160;and (iv) Onerous Contracts &#8211; Cost of Fulfilling a Contract &#8211; Amendments to IAS 37.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">These amendments had no impact on the consolidated financial statements of the Group.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z01fe5d1e209749b49b587ac9110f8907" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 0.15pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">c.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 35.85pt; font-weight: bold;">Critical estimates and accounting judgments</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Management has made judgments and estimates that affect the application of the Group&#8217;s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these
      estimates. Accounting estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are
      recognized prospectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In preparing these consolidated financial statements, the significant judgments and estimates made by management in applying the Group&#8217;s accounting policies and the key sources of estimation uncertainty were the same
      as those set at the consolidated financial statements for the year ended December 31, 2021. No retrospective adjustments were made.</div>
    <div style="text-align: justify;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <div>
        <div style="font-weight: bold;">VTEX&#160;</div>
        <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
        <div>
          <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
            <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
      </div>
      <div><br>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; align: right;">
                      <div style="font-weight: bold;">3<br>
                      </div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;"><font style="font-weight: bold;">Cash and cash equivalents</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div><br>
        </div>
      </div>
    </div>
    <div>The breakdown of cash and cash equivalents is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z9256f9f370044d4a83f7e9819c3d55b7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Cash&#160;and&#160;cash&#160;bank&#160;deposits</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>18,930</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>120,928</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Time&#160;deposits&#160;and&#160;other&#160;investments</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>2,271</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Investment&#160;funds</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>3,193</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>78</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">24,394</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">121,006</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 36pt; vertical-align: top; align: right;">
                    <div style="font-weight: bold;">4<br>
                    </div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;"><font style="font-weight: bold;">Marketable securities and short-term investments</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z0f6b3525cd4247619242032438c2ebb8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Marketable&#160;securities&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>10,119</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div>Short-term&#160;investments&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>204,045</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>177,191</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Marketable&#160;securities&#160;and&#160;short-term&#160;investments</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">214,164</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">177,191</div>
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        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>4.1&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Marketable securities</div>
    <div><br>
    </div>
    <div>The following table shows the changes in the balances:</div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="ze066e3e3d88441b4b75716acad78c98e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;"> 2022</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2021</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Opening&#160;balance&#160;on&#160;January&#160;1</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">16,969</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Additions</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>9,003</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Redemption</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(16,857</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Interest&#160;received</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>(324</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Accrued&#160;interest</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>1,141</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Fair&#160;value&#160;gains&#160;(losses)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>212</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Exchange&#160;differences</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(25</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Closing&#160;balance&#160;on&#160;December&#160;31</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">10,119</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>4.2&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Short-term investments</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following table shows the changes in the balances:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z6792f5cfaa2d4570905637b0e1c25e7e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;"> 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Opening&#160;balance&#160;on&#160;January&#160;1</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">177,191</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Additions</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>111,612</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>177,816</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Redemption</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(78,011</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(1,053</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Fair&#160;value&#160;gains&#160;(losses)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>(4,766</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>428</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Exchange&#160;differences</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(1,981</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Closing&#160;balance&#160;on&#160;December&#160;31</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">204,045</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">177,191</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <div>
        <div style="font-weight: bold;">VTEX&#160;</div>
        <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
        <div>
          <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
            <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
      </div>
    </div>
    <div><font style="font-weight: bold;"> </font><br>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 36pt; vertical-align: top; align: right;">
                    <div style="font-weight: bold;">5<br>
                    </div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;"><font style="font-weight: bold;">Trade receivables</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;">Trade receivables are as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z8ca79e6f6e654d1f8f6779d7a910370a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Trade&#160;receivables&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>43,084</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>41,972</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div>Expected&#160;credit&#160;losses&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(808</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(1,147</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total&#160;trade&#160;receivables</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">42,276</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">40,825</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Current</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>36,844</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>34,682</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Non-current</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>5,432</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>6,143</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The changes in expected credit losses for trade receivables are as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zaf26dc4baea943aa867f06991ca697c5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;"> 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Opening&#160;balance&#160;on&#160;January&#160;1</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(1,147</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(649</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Addition,&#160;net&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>(852</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>(887</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Addition&#160;from&#160;acquisition&#160;of&#160;subsidiaries&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(100</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Write-off&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>1,114</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>429</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Exchange&#160;differences&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>77</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>60</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Closing&#160;balance&#160;on&#160;December&#160;31</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(808</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(1,147</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
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        </tr>

    </table>
    <div> <br>
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    <div>The trade receivables by maturity are distributed as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z5b407e157d6a45d0a5f562243b1713c0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
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          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>39,188</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>38,456</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div style="font-weight: bold;">Overdue:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>From&#160;1&#160;to&#160;30&#160;days&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>2,087</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>1,251</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>From&#160;31&#160;to&#160;60&#160;days&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>454</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>847</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>From&#160;61&#160;to&#160;90&#160;days&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>359</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>439</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>From&#160;91&#160;to&#160;120&#160;days&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>295</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>113</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>From&#160;121&#160;to&#160;300&#160;days&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>701</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>866</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">43,084</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">41,972</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
      <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zd183126bcce343ea8bd40a122e61c2fc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="vertical-align: top; width: 36pt;">
              <div style="font-weight: bold;">6</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Current and deferred tax</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-weight: bold;">6.1</font>&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font style="font-weight: bold;">Deferred tax assets</font>
    <div><br>
    </div>
    The balance comprises temporary differences attributable to:
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="za7a018f12294424bbdf3d78d12d48651" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Loss allowances for financial assets</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>270</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>75</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Bonus provision</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>1,712</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>750</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Lease</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>392</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>366</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Share-based compensation (i)</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>3,130</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>3,224</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>37</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>89</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>10,513</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>6,445</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1,656</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1,623</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px;">
            <div style="text-align: justify; font-weight: bold;">Total deferred tax assets&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">17,710</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">12,572</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
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    <div>
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          <tr>
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              <div>(i)</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Mainly related to RSU amounts that are treated as temporary differences until the instrument is vested.</div>
            </td>
          </tr>

      </table>
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    <div>
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          <tr>
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              <div style="text-align: justify;">Tax losses increase is driven mainly by the current investment position of the Brazilian operations. These amounts are expected to be offset in the foreseeable future. In Brazil, tax losses are not subject to
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            </td>
          </tr>

      </table>
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          <tr>
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              <div>(iii)</div>
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              <div style="text-align: justify;">Most of the amounts appointed as Others in the deferred tax assets reconciliation correspond to temporary differences arising from operations carried out in Brazil. It refers to provision for sales
                commission, unrealized exchange variation, adjustments for operations marked to market (MTM), and provision for payment of suppliers. The remainder portion refers to a miscellaneous of items scattered in concepts determined by local tax
                laws in Argentina, Brazil, Chile, and Colombia.</div>
            </td>
          </tr>

      </table>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
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    <div>
      <div>
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        <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notes to the consolidated financial statements</div>
        <div>
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
            <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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    <div><font style="font-weight: bold;">&#160;</font><br>
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    <div>The balance comprises temporary differences attributable to:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zb5a40ee37e4d460787fdb909b6746f04" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Acquisition of subsidiaries</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>1,409</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>1,687</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Temporary differences</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>827</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>283</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Others</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>228</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>75</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total deferred tax liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">2,464</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">2,045</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-weight: bold;">6.3</font>&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font style="font-weight: bold;">Income Tax expense </font>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="za3ea1a9a1a604ec58939c78ba3a5e933" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Three months ended (unaudited)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="font-weight: bold;">Current&#160;tax</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;"><br>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Current&#160;tax&#160;on&#160;profits&#160;for&#160;the&#160;year&#160;</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(136</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(35</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(877</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(1,646</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(136</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(35</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(877</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(1,646</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Deferred&#160;income&#160;tax</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
            <div>Decrease&#160;(increase)&#160;in&#160;deferred&#160;tax</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(213</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>3,731</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>4,902</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>11,118</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(213</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">3,731</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">4,902</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">11,118</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Income&#160;tax</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(349</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">3,696</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">4,025</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">9,472</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>
      <div>
        <div>
          <div style="font-weight: bold;">VTEX&#160;</div>
          <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
          <div>
            <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
              <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
          </div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze6b8fadbe3004a7496c53f4600304573" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="font-weight: bold;">7</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Leases</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>7.1&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Amounts recognized in the
      balance sheet</div>
    <div><br>
    </div>
    <div>The balance sheet shows the following amounts related to leases:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zd55203de8904493e8beca5712e987486" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div style="font-weight: bold;">Right-of-use&#160;assets</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Office&#160;buildings&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>4,818</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>5,183</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">4,818</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">5,183</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zab89f7821e244b57a541d746dcf1cf4a" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div style="font-weight: bold;">Lease&#160;liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Current</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>1,898</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>1,105</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px;">
            <div>Non-current</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>3,737</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>4,886</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5,635</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5,991</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div>The following table shows the changes in the right-of-use asset and lease liabilities:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zbf5530091fa34575bdfc7e0ac332503c" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;"> 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div style="font-weight: bold;">Right-of-use&#160;assets</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Opening&#160;balance&#160;on&#160;January&#160;1</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5,183</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5,076</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>New&#160;lease&#160;agreements</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>942</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>384</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Lease&#160;agreements&#160;from&#160;acquired&#160;subsidiaries</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>722</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Remeasurement</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>99</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>494</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Depreciation</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(1,347</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(1,069</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Write-off</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>(352</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
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          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div>(110</div>
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            <div>)</div>
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          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Hyperinflation&#160;adjustment</div>
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          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>5</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>1</div>
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          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px;">
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>288</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(315</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Closing&#160;balance&#160;on&#160;December&#160;31</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">4,818</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5,183</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2021</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div style="font-weight: bold;">Lease&#160;liabilities</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Opening&#160;balance&#160;on&#160;January&#160;1</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5,991</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">6,153</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>New&#160;lease&#160;agreements</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>942</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>384</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Lease&#160;agreements&#160;from&#160;acquired&#160;subsidiaries</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>446</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Remeasurement</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>41</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>494</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Interest&#160;added</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>671</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>696</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Principal&#160;elements&#160;of&#160;lease&#160;payments</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>(1,263</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>(913</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Interest&#160;payment</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(670</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(680</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Write-off</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>(423</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>(111</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Exchange&#160;differences</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>346</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(478</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Closing&#160;balance&#160;on&#160;December&#160;31</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">5,635</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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    </table>
    <div><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>
      <div>
        <div>
          <div>
            <div style="font-weight: bold;">VTEX&#160;</div>
            <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
            <div>
              <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
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          </div>
        </div>
      </div>
      <div><br>
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    <div style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>7.2&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Amounts recognized in the
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    <div><br>
    </div>
    <div>The statement of profit or loss presents the following amounts related to leases:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z4bc3d0e4438f4d08831fb3e3e1542f3a" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Three months ended (unaudited)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Depreciation&#160;charge&#160;of&#160;office&#160;buildings&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>371</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>287</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,347</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,069</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px;">
            <div>Interest&#160;expense&#160;(included&#160;in&#160;financial expense)&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>154</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>170</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>671</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>696</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">525</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">457</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2,018</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">1,765</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><font style="font-weight: bold;"> <br>
      </font></div>
    <font style="font-weight: bold;"> <br>
    </font>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

            <tr>
              <td style="width: 36pt; vertical-align: top;">
                <div style="font-weight: bold;">8<br>
                </div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;"><font style="font-weight: bold;">Property and equipment, net</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
    </div>
    <div>Details of the Group&#8217;s property and equipment balance are presented below:</div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z96dc4b1b2e0f43bf9d396d01e6eae712" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Leasehold improvements</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>2,811</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; width: 13%; background-color: rgb(204, 238, 255);">
            <div>
              <div style="text-align: right;">2,796</div>
            </div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Machinery and equipment</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>307</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>279</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Furniture and fixture</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>836</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>740</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Computers and peripherals</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>4,346</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>3,987</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Accumulated depreciation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(4,391</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(3,091</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Property and equipment, net</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">3,909</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">4,711</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><font style="font-weight: bold;"> <br>
      </font></div>
    <font style="font-weight: bold;"> <br>
    </font>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

            <tr>
              <td style="width: 36pt; vertical-align: top;">
                <div style="font-weight: bold;">9<br>
                </div>
              </td>
              <td style="width: auto; vertical-align: top;"> <font style="font-weight: bold;">Intangible assets, net</font> </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>Details of the Group&#8217;s intangible assets balance are presented below:</div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z82282a38ad214dfcb448465436a6f4fe" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Software</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>4,291</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>4,091</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Trademark</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>218</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>207</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Intellectual property</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>2,675</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>2,540</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Customer contracts</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>9,394</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>9,336</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Goodwill</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>20,965</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>21,598</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Others</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>519</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>493</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Accumulated amortization</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(6,852</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(4,621</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Intangible assets, net</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">31,210</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">33,644</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <div>
                <div style="font-weight: bold;">VTEX&#160;</div>
                <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
                <div>
                  <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                    <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
                </div>
              </div>
            </div>
          </div>
          <div><br>
          </div>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" id="zf85c56b07c8c4031adcf2f1dadd1b1c1" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="vertical-align: top; width: 36pt;">
              <div style="font-weight: bold;">10</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Accounts payable and accrued expenses</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>The breakdown of accounts payable and accrued expenses is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z38aacfb68aa4482781495de576e93c25" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Trade&#160;payables</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>14,064</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>12,668</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Accounts&#160;payable&#160;to&#160;related&#160;parties</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>27</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Social&#160;charges</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>5,537</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>7,048</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Profit-sharing</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>9,484</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>7,203</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Provision&#160;for&#160;vacation&#160;and&#160;benefits</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>5,506</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>4,333</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div>Others</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>56</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>235</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">34,647</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">31,514</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Current</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>34,136</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>29,537</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Non-current</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>511</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>1,977</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div> <br>
      <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z68beb89c3ebb411a91abe7be905577b4" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="vertical-align: top; width: 36pt;">
              <div style="font-weight: bold;">11</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Loans and financing</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>11.1&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Breakdown of loans and
      financing</div>
    <div><br>
    </div>
    <div>Loan and financing operations are summarized as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zbdec3e1f076849f38dc976d8821c668d" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.25%; vertical-align: bottom;">&#160;</td>
          <td style="width: 22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Interest&#160;rate</div>
          </td>
          <td style="width: 2.25%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Country</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Maturity</div>
          </td>
          <td style="width: 2.25%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"> <font style="font-weight: bold;">December&#160;31, 2022</font></td>
          <td style="width: 2.2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-weight: bold;">December&#160;31, 2021</font></td>
        </tr>
        <tr>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BNDES&#160;(i)</div>
          </td>
          <td style="width: 2.25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">6.5%&#160;p.a</div>
            <div style="text-align: center;">(Brazilian&#160;Reais)</div>
          </td>
          <td style="width: 2.25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Brazil</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Mar/23</div>
          </td>
          <td style="width: 2.25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">189</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">891</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18%; vertical-align: bottom;">
            <div>Ita&#250;&#160;(ii)</div>
          </td>
          <td style="width: 2.25%; vertical-align: bottom;">&#160;</td>
          <td style="width: 22%; vertical-align: bottom;">
            <div style="text-align: center;">100%&#160;CDI&#160;+&#160;2.5%&#160;p.a</div>
            <div style="text-align: center;">(Brazilian&#160;Reais)</div>
          </td>
          <td style="width: 2.25%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: center;">Brazil</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: center;">May/23</div>
          </td>
          <td style="width: 2.25%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">964</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">2,388</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 2.25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-weight: bold;">1,153</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-weight: bold;">3,279</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 22%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 2.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Current</div>
          </td>
          <td style="width: 2.25%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.25%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.25%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,153</div>
          </td>
          <td style="width: 2.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,087</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18%; vertical-align: middle;">
            <div>Non-current</div>
          </td>
          <td style="width: 2.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 22%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: right;">1,192</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-right: 0.3pt;">(i) In March 2017, the Group raised R$15,577 corresponding to US$5,014 from Brazilian National Bank for Economic and Social Development (BNDES) to finance the development of new ecommerce technologies.&#160;</div>
    <div style="margin-right: 0.3pt;">(ii) In June 2019, the Group raised &#8364;6,909, corresponding to US$7,782 for working capital purposes. On the same date, a swap was contracted to hedge the amount against foreign exchange rate, designating the financial
      instrument as a fair value hedge.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>11.2&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Changes in loans and
      financing</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z2ac4a6b7b66942b8a4292fccd33cda9e" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;"> 2022</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2021</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Opening&#160;balance&#160;on&#160;January&#160;1</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">3,279</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">6,359</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Loans&#160;from&#160;acquisition&#160;of&#160;subsidiaries</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>8,038</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Payment&#160;of&#160;loans&#160;(i)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(2,651</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(11,002</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Interest&#160;charged</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>62</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>94</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Interest&#160;paid</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(56</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(104</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Basis&#160;adjustment&#160;on&#160;the&#160;fair&#160;value&#160;hedge&#160;(ii)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>273</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>333</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Exchange&#160;differences</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>246</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(439</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Closing&#160;balance&#160;on&#160;December&#160;31</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">1,153</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">3,279</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z98772a56cdfb4f24a3e7bb7d83b1b4b4" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 14.2pt; vertical-align: top;">
            <div>(i)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify;">In 2021 the amount of US$7,919 was paid to a third party at the acquisition date to settle preexisting debts of WorkArea and US$119 was paid to a third party post-acquisition date, which VTEX assumed in the
              business combination.</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z089f318ebd4f4791bfccd6b63b003beb" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 14.2pt; vertical-align: top;">
              <div>(ii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">In June 2019, the subsidiary VTEX BRA designated the loan in euros with Ita&#250; bank as a fair value hedge. Losses on the financial instrument that are measured at fair value have been recognized as a financial
                expense. Refer to note 18.1(ii) for additional detail.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
      <div>
        <div>
          <div>
            <div>
              <div>
                <div>
                  <div style="font-weight: bold;">VTEX&#160;</div>
                  <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
                  <div>
                    <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                      <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
                  </div>
                </div>
              </div>
            </div>
            <div><br>
            </div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

                    <tr>
                      <td style="vertical-align: top; width: 36pt;">
                        <div style="font-weight: bold;">12</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-weight: bold;"><font style="font-weight: bold;">Taxes payable</font></div>
                      </td>
                    </tr>

                </table>
              </div>
              <div><br>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div>The breakdown of taxes payable is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zb705eaaab9584decb4076dade5da5404" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Income&#160;tax&#160;payable&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>673</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>524</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div>Other&#160;taxes&#160;payable&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>3,615</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>4,671</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">4,288</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5,195</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Current</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>4,128</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>5,035</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Non-current</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>160</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>160</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

            <tr>
              <td style="vertical-align: top; width: 36pt;">
                <div style="font-weight: bold;">13</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;"><font style="font-weight: bold;">Contingencies</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Group is party to civil and labor lawsuits involving loss risks. Provisions for losses resulting from lawsuits are estimated and updated by the Group, based on analysis from the Group&#8217;s legal advisors.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The breakdown of existing contingencies classified as probable by the Group, based on the evaluation of its legal advisors, which are recognized as a liability, is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z6c8b770d23fd4561981867c37ebbba6b" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Civil</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>17</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Labor</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>95</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>16</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Tax</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>84</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>53</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">185</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">86</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">The breakdown of existing contingencies classified as possible by the Group, based on the evaluation of its legal advisors, for which no provision was recognized, is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z9f6db1b881d94609b50bcc37336bb591" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Civil&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>118</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>123</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%;">
            <div>Labor&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>189</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Tax&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>878</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>10</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">996</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">322</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">On October 9, 2020, Mirakl, Incorporated, filed a complaint for unspecified damages and preliminary and permanent injunctive relief in the United States District Court for the District of Massachusetts against our
      subsidiary VTEX Commerce Cloud Solutions LLC, or VTEX U.S., and certain of its employees that were formerly employed by the plaintiff.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">
      <div> On April 14, 2021, the court denied the motion to dismiss. On October 4, 2021, the court granted VTEX's motion to appoint an independent expert to manage forensic discovery. On December 31, 2021, the court approved a forensic protocol to be
        employed by the independent expert. As of December 31, 2022, the parties are conducting discovery. Although VTEX plans to defend itself against such lawsuit, the Company is not able to predict the outcomes of such lawsuit at this current early
        stage. On December 31, 2022 and 2021, this contingency was classified as possible, however at the end of the reporting period it was not possible to estimate the future cash outflows at this stage of the lawsuit, and, therefore, it was not included
        in the table above.</div>
      <div><br>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: justify;">
      <div>
        <div>
          <div>
            <div style="text-align: left; font-weight: bold;">VTEX&#160;</div>
            <div style="text-align: left; font-weight: bold;">Notes to the consolidated financial statements</div>
            <div>
              <div style="text-align: left; font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="vertical-align: top; width: 36pt;">
                  <div style="font-weight: bold;">14</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;"><font style="font-weight: bold;">Shareholders&#8217; equity</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
    </div>
    <div style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>14.1&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Issued capital</div>
    <div><br>
    </div>
    <div>The total share capital is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z02e156675650427383200bd797b01225" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Number&#160;of&#160;ordinary&#160;nominative&#160;shares</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>188,992,529</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>191,028,642</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div>Par&#160;value</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>0.0001</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>0.0001</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total&#160;issued&#160;capital</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">19</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">19</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">In July 2021, within the completion of the IPO, each of the existing shares (common shares) were converted into Class A or Class B shares. Therefore, the Company now has two classes of common shares: Class A common
      shares and Class B common shares. The rights of Class A common shares and Class B common shares holders are identical, except to voting, conversion, and transfer restrictions applicable to the Class B common shares. Each Class A common share is
      entitled to one vote. Each Class B common share is entitled to 10 votes and convertible into one Class A common share as provided in the Articles of Association. Holders of Class A common shares and Class B common shares vote together as a single
      class on all matters unless otherwise required by law. Refer to note 1.1 for additional details.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>14.2&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Capital reserve</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Share repurchase program</div>
    <div><br>
    </div>
    <div style="text-align: justify;">On August 08, 2022 the Board of Directors authorized the repurchase of shares of the Company's Class A common shares for an aggregate consideration of up to US$30 million and it is scheduled to expire on August 08,
      2023. Repurchases under the Company's program may be made from time to time in open market or privately negotiated transactions in accordance with applicable laws, including the Securities and Exchange Commission Rule 10b-18. The timing of
      repurchases will depend on factors including market conditions and prices, the Company&#8217;s liquidity requirements and alternative uses of capital. Any repurchased shares may be canceled or remain available for use in connection with its equity
      incentive plans and for other corporate purposes.</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify;">In 2022, 3,287,960 Class A common shares were repurchased on the program for the amount of US$12,723, and during the last quarter of 2022 the Group canceled 3,206,936 Class A common shares also as part of the
        program. The Company has also incurred in US$ 75 with transaction costs related to repurchase of shares.</div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>
      <div>
        <div>
          <div>
            <div style="font-weight: bold;">VTEX&#160;</div>
            <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
            <div>
              <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
            </div>
          </div>
        </div>
      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;">On December 31, 2022, the Company holds 81,024 (December 31, 2021 &#8211; 0) Class A common shares in treasury.</div>
    <div style="text-align: justify;"> <br>
      <br>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

                <tr>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="font-weight: bold;">15</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;"><font style="font-weight: bold;">Revenue from services provided</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Group revenue derives mainly from the transfer of services rendered and fees charged as services are provided, therefore, mostly recognized over time. Disaggregation of revenue by major product lines are as
      follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="zc100a79efa5741ce8d27a9659185a8cb" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Three months ended (unaudited)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Subscriptions&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>46,712</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>37,668</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>162,132</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>129,292</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px;">
            <div>Taxes&#160;on&#160;subscriptions&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(3,980</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(3,139</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(13,657</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(10,826</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Revenue&#160;from&#160;subscriptions</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">42,732</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">34,529</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">148,475</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">118,466</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Services&#160;provided&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>2,919</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>2,894</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>9,799</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>8,154</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px;">
            <div>Taxes&#160;on&#160;services&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(166</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(307</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(654</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(847</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Services&#160;revenue</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2,753</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2,587</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">9,145</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">7,307</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total&#160;revenue</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">45,485</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">37,116</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">157,620</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">125,773</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
      <div style="text-align: justify;">
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

                  <tr>
                    <td style="vertical-align: top; width: 36pt;">
                      <div style="font-weight: bold;">16</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;"><font style="font-weight: bold;">Earnings (loss) per share</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Basic earnings (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding
      during the year.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Diluted earnings per share are computed by affecting all potential weighted average dilutive common stock, including options and restricted stock units.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify;">The following table contains the loss per share of the Group for the three and twelve-month period&#160;ended December 31, 2022 and 2021:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

          <tr>
            <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Three months ended (unaudited)</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">December</div>
              <div style="text-align: right; font-weight: bold;">31, 2022</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">December</div>
              <div style="text-align: right; font-weight: bold;">31, 2021</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">December</div>
              <div style="text-align: right; font-weight: bold;">31, 2022</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-weight: bold;">December</div>
              <div style="text-align: right; font-weight: bold;">31, 2021</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div>Loss attributable to the stockholders of the Group</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>(322</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>)</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>(10,625</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>)</div>
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            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>(52,419</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>)</div>
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            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>(60,514</div>
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            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>)</div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
              <div>Weighted average number of outstanding common shares (thousands)</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>190,167</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>190,983</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>190,695</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>181,554</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">Basic and diluted loss per share</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">(0.002</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">)</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">(0.056</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">)</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">(0.275</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">)</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">(0.333</div>
            </td>
            <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">)</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify;">In the three and twelve months period ended December 31, 2022 and 2021, the number of shares used to calculate diluted net loss per share of common stock attributable to common stockholders is the same as the number
        of shares used to calculate basic net loss per share of common stock attributable to common stockholders for the year presented because the potentially dilutive shares would have been anti-dilutive if included in the calculation. The number of the
        potentially dilutive shares that would have been anti-dilutive is disclosed in note 17.</div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <div style="font-weight: bold;">VTEX&#160;</div>
              <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
              <div>
                <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                  <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
              </div>
            </div>
          </div>
        </div>
        <div><br>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf766a8775c1943c0a7e844a80f838af1" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="font-weight: bold;">17</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Share-based compensation</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>17.1&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Share-based
      compensation: VTEX</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Prior to November 2021, certain members of management and employees received share-based compensation under a share option plan and a restricted share plan, or the Pre-IPO plans. Although grants made pursuant to the
      Pre-IPO plans prior to the adoption of the 2021 Share Plan (as defined below) remain valid, the outstanding pools of the Pre-IPO plans have been canceled and no additional grants may be made. VTEX has awarded 6,368,130 stock options and 1,441,305
      restricted share units under the Pre-IPO plans that are currently outstanding and not exercised or settled.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">On November 11, 2021, the Board of Directors approved the VTEX 2021 Share Plan, or the 2021 Share Plan, substituting the Pre-IPO plans.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Eligible participants of the 2021 Share Plan include certain members of management and employees. Beneficiaries under 2021 Share Plan may be granted stock options and/or restricted shares units on certain determined
      criteria. The final eligibility of any beneficiary to participate in the 2021 Share Plan is determined by the Board of Directors.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">On November 7, 2022, the Board of Directors amended and restated the 2021 Share Plan and authorized an increase of the number of shares that were available to be issued under the 2021 Share Plan (the &#8220;Plan Share
      Reserve&#8221;) to include (i) an additional 2,600,000 Class A common shares to be reserved for issuance to offset an aggregate of approximately 2,600,000 stock options and restricted stock units that were previously granted under Pre-IPO Plans and have
      been since forfeited or were expected to be forfeited by December 31, 2022.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">As of December 31, 2022, VTEX has awarded 3,345,616 stock options and 2,067,889 restricted share units under the 2021 Share Plan that are currently outstanding and not exercised. 515,177 Class A common shares remain
      available for issuance under the 2021 Share Plan, amended and restated. Pursuant to the terms of the 2021 Share Plan, the Plan Share Reserve automatically renews on the first day of each fiscal year, by a number of Class A common shares equal to (1)
      1.8% of the outstanding share capital on the last day of the immediately preceding fiscal year or (2) the number of Class A common shares as otherwise determined by the Board of Directors.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Both stock options and Restricted Stock Units instruments (&#8220;RSUs&#8221;) are exercisable as long as the director or employee fulfills the worked periods after the options are granted.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <div>
                <div style="font-weight: bold;">VTEX&#160;</div>
                <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
                <div>
                  <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                    <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
                </div>
              </div>
            </div>
          </div>
          <div><br>
          </div>
        </div>
      </div>
    </div>
    <div style="text-align: justify;">Set out below are summaries of options granted under the plans:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z113c5976ba3042c6a707897adba9dac1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Number of</div>
            <div style="text-align: right; font-weight: bold;">options</div>
            <div style="text-align: right; font-weight: bold;">(thousands) </div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Weighted</div>
            <div style="text-align: right; font-weight: bold;">average</div>
            <div style="text-align: right; font-weight: bold;">exercise price</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Remaining contractual</div>
            <div style="text-align: right; font-weight: bold;">terms in years</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Weighted</div>
            <div style="text-align: right; font-weight: bold;">average grant</div>
            <div style="text-align: right; font-weight: bold;">date fair value</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">At December 31, 2021</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">8,809</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">4.78</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5.37</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">1.58</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%;">
            <div>Granted during the period</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>3,910</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>4.39</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>1.98</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Forfeit during the period</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(2,508</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>7.22</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>3.19</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px;">
            <div>Exercised during the period (i)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(497</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1.14</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>0.46</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">At December 31, 2022</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">9,714</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">4.18</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">4.37</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">1.41</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Stock options exercisable as of December 31, 2022</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">3,270</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">3.82</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">3.95</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">1.07</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>(i) The number of Stock-options withheld for tax purposes was 79 thousand shares (25 thousand shares in 2021).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The fair value of the stock options granted was calculated based on the Binomial Options Pricing Model considering the average contract term. The model inputs for options included:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf133f09906d442a79a66c6e82b6cbba1" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Strike Price - Average price weighted by the quantity granted;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbbf82dae5ef44b93a42dc9e254fcce04" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Target Asset Price - The trading price closest to the granting date of the options or the trading price derived from an independent valuation report;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze51115b423b045aabfcf3727ba4a2f70" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Risk-Free Interest Rate - US Treasury interest rate, according to the contractual term;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z7e62a5ed82d24a4fa4acc5dedb343830" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Volatility - According to comparable peer entities listed on the stock exchange.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The weighted average inputs used in year ended December 31, 2022:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z60c050c8531840488e2b0e2d82332269" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Target Asset Price - US$4.40 per share (December 31, 2021 - US$10.72 per share)</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z6649db43a3dc4fc9a22f1856b0e56c11" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Risk-Free Interest Rate &#8211; 3.83% (December 31, 2021: 1.14%)</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc28726db86ca40a1ade4b7d466c6df6b" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Volatility &#8211; 55.68% (December 31, 2021: 51.89%)</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z51ad61edac734f13aa71f5d41f06baf7" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Expected dividend: None</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following table summarizes the RSU granted under the plan:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z8dad4a7dc681485b90e466c50f650260" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Number of</div>
            <div style="text-align: right; font-weight: bold;">RSUs</div>
            <div style="text-align: right; font-weight: bold;">(thousands)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Weighted</div>
            <div style="text-align: right; font-weight: bold;">average grant</div>
            <div style="text-align: right; font-weight: bold;">date fair value</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">At December 31, 2021</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">3,001</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">7.70</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>RSU granted</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>2,354</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>5.94</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Forfeit during the period</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(940</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>7.91</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px;">
            <div>Settled (i)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(906</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>5.86</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">At December 31, 2022</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">3,509</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">6.94</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>(i) The number of RSUs withheld for tax purposes was 234.1 thousand shares (125 thousand shares in 2021).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The fair value of the restricted stock units granted was calculated using the same Target Asset Price used in the Stock Options appraisal model.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: justify;">
      <div>
        <div>
          <div>
            <div>
              <div>
                <div>
                  <div style="text-align: left; font-weight: bold;">VTEX&#160;</div>
                  <div style="text-align: left; font-weight: bold;">Notes to the consolidated financial statements</div>
                  <div>
                    <div style="text-align: left; font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                      <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
                  </div>
                </div>
              </div>
            </div>
            <div><br>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="text-align: justify;">In November 2022, the Group modified some stock option instruments, changing the original vesting period and exercise price, and migrated some stock option instruments to RSU. Such modifications were carried out to
      reflect the recent fall in the company&#8217;s share price. The total incremental fair value of US$1,527 will be recognized as an expense over the period from the modification date to the end of the vesting period. The expense for the original option
      granted will continue to be recognized as if the terms had not been modified. The fair value of the modified options was determined using the same models and principles of the original contract.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">For the year ended December 31, 2022, there was US$16,538 (US$26,997 in 2021) of remaining unamortized compensation costs, including social charges, related to unvested stock options and RSUs granted to the Group&#8217;s
      employees. This cost will be recognized over an estimated weighted average remaining period of 1.84 years. Total unamortized compensation costs will be adjusted for future changes in estimated forfeitures.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The total expense, including taxes and social charges related to the share-based compensation plan for the year ended December 31, 2022, was US$12,390 (US$18,857 in 2021). For the year ended December 31, 2022, the
      Group recorded in the capital reserve the amount of US$12,066 (US$8,736 in 2021).</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>17.2&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Share-based
      compensation: Loja Integrada</div>
    <div>&#160;</div>
    <div style="text-align: justify;">On April 29, 2021, VTEX introduced a new share-based compensation plan to selected directors and employees as a stock-option and RSU plan in Loja Integrada, a subsidiary wholly owned. This share-based compensation plan
      also has RSU and Stock Options. Under both stock-option plan and RSUs, the options have a term of 7 years as of the grant date. They are exercisable as long as the director or employee fulfills the worked periods after the options are granted.</div>
    <div><br>
    </div>
    <div>Set out below are summaries of options granted under the plan:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z38fdc5adb8ab4667a6e2d3683d0a40d3" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Number of</div>
            <div style="text-align: right; font-weight: bold;">options</div>
            <div style="text-align: right; font-weight: bold;">(thousands) </div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Weighted</div>
            <div style="text-align: right; font-weight: bold;">average</div>
            <div style="text-align: right; font-weight: bold;">exercise price</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Remaining contractual</div>
            <div style="text-align: right; font-weight: bold;">terms in years</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Weighted</div>
            <div style="text-align: right; font-weight: bold;">average grant</div>
            <div style="text-align: right; font-weight: bold;">date fair value</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">At December 31, 2021</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">23.57</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">12.37</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">6.35</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5.47</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%;">
            <div>Granted during the period</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Forfeit during the period</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(15.15</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>12.78</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>5.82</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px;">
            <div>Exercised during the period</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">At December 31, 2022</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">8.42</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">13.48</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5.35</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5.66</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Stock options exercisable as of December 31, 2022</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">6.31</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">13.48</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5.35</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5.49</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">The fair value of the stock options granted was calculated based on the Binomial Options Pricing Model considering the average contract term. The model inputs for options included:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z625bc95e7e3643f78c1e95131377cd90" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Strike Price - Average price weighted by the quantity granted;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc31f43351ec9403b88b13dd8b5b32d44" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Target Asset Price - The trading price closest to the granting date of the options or the trading price derived from an independent valuation report;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z44e90e16ddd041d29391a22cbe129add" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Risk-Free Interest Rate - Future CDI, according to the contractual term;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z30eb8c981f64457685c33e8ad6e2f49c" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Volatility - According to comparable peer entities listed on the stock exchange.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <div>
                <div>
                  <div style="font-weight: bold;">VTEX&#160;</div>
                  <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
                  <div>
                    <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                      <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
                  </div>
                </div>
              </div>
            </div>
            <div><br>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="text-align: justify;">The weighted average inputs used in the year ended December 31, 2022:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z8d55ad243f4349888ce63168146b6f3a" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Target Asset Price - Not applicable for the period (December 31, 2021 - US$13.06 per share)</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zaaefda155f8c4ad8bec5f84e5d38b67c" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Risk-free interest rate in Brazilian Reais - Not applicable for the period (December 31, 2021: 8.81%)</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z91d3640b25ff4a07ab2771df53477157" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Volatility - Not applicable for the period (December 31, 2021: 47.69%)</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z73e933f1fc284ef9b9ccd43d794bc98a" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div>&#9679;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Expected dividend: None</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>The following table summarizes the RSU granted under the plan:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z65e5a7a37e4b43d5a58b97b96d69f154" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Number of</div>
            <div style="text-align: right; font-weight: bold;"> RSUs</div>
            <div style="text-align: right; font-weight: bold;">(thousands)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Weighted</div>
            <div style="text-align: right; font-weight: bold;"> average grant</div>
            <div style="text-align: right; font-weight: bold;">date fair value</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">At December 31, 2021</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">83.03</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">11.22</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>RSU granted</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>327.27</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>6.54</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Forfeit during the period</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(76.24</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>10.70</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px;">
            <div>Settled (i)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(48.78</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>9.69</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">At December 31, 2022</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">285.28</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">6.42</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>(i) The number of RSUs withheld for tax purposes was 8.3 thousand shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">For the year ended December 31, 2022, there was US$1,026 (2021 &#8211; US$942) of remaining unamortized compensation cost, including social charges, related to unvested stock options and RSUs granted to the Group&#8217;s
      employees. This cost will be recognized over an estimated weighted-average remaining period of 1.98 years. Total unamortized compensation costs will be adjusted for future changes in estimated forfeitures.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The total expense, including taxes and social charges related to the Loja Integrada share-based compensation plan for the year ended December 31, 2022, was US$363 (US$728 in 2021). For the year ended December 31, 2022,
      the Group recorded in the capital reserve the amount of US$581 (US$481 in 2021).</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="font-weight: 400; font-family: 'Times New Roman',Times,serif;">
      <div>
        <div>
          <div>
            <div>
              <div>
                <div>
                  <div>
                    <div>
                      <div style="font-weight: bold;">VTEX&#160;</div>
                      <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
                      <div>
                        <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                          <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
                      </div>
                    </div>
                  </div>
                </div>
                <div><br>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>17.3&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Amounts







      recognized in the statement of profit or loss</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following table illustrates the classification of stock-based compensation in the Consolidated Statements of profit and loss which includes both stock-based compensation of VTEX and Loja Integrada, which includes
      social charges and taxes:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z7c87423978d74f36a715c3f74d26e308" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 40%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Three months ended (unaudited)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 40%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">
              <div style="text-align: center; font-weight: bold;">December 31, 2022</div>
            </div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">December 31, 2021</font></td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">December 31, 2022</font></td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">December 31, 2021</font></td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Subscription cost</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(164</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(71</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(502</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(696</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%;">
            <div>Services cost</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(88</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(79</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(156</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(376</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div>General and administrative</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(1,476</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(1,008</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(4,366</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(7,087</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%;">
            <div>Sales and marketing</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(1,142</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(610</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(2,885</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div>(5,530</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Research and development</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(1,716</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>176</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(4,844</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(5,896</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(4,586</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(1,592</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(12,753</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(19,585</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z097e55b563004f22b5c80adca13ce845" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="font-weight: bold;">18</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Financial Instruments</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-weight: bold;">18.1</font>&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font style="font-weight: bold;">Financial instruments by category</font> </div>
    <div> </div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>(i)</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.06pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;">Financial instruments valued at amortized cost</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;">Financial instruments valued at amortized cost represent financial assets and liabilities whose Group&#8217;s business model maintained to receive contractual cash flows. The aforementioned comprise exclusively payments of
      principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in profit or loss when the
      asset is derecognized, modified, or impaired.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Group has the following financial instruments valued at amortized cost:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z24250eb42e984fd1ace35b6686fa8420" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div style="font-weight: bold;">Financial&#160;assets:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Cash&#160;and&#160;cash&#160;equivalents&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>24,394</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>121,006</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Restricted&#160;cash</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>1,608</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>1,183</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Marketable&#160;securities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>10,119</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px;">
            <div>Trade&#160;receivables</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>42,276</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>40,825</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">78,397</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">163,014</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Financial&#160;liabilities:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Trade&#160;payables</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>14,064</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>12,695</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Lease&#160;liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>5,635</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>5,991</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Loans&#160;and&#160;financing</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>1,153</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>3,279</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Accounts&#160;payable&#160;from&#160;acquisition&#160;of&#160;subsidiaries</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1,470</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">20,852</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">23,435</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <div>
                <div>
                  <div>
                    <div style="font-weight: bold;">VTEX&#160;</div>
                    <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
                    <div>
                      <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                        <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
                    </div>
                  </div>
                </div>
              </div>
              <div><br>
              </div>
              <div><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-weight: bold;">(ii)</font>&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font style="font-weight: bold;">&#160; Financial instruments valued at fair value through profit or loss</font> </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div> </div>
    <div>&#160;</div>
    <div style="text-align: justify;">Financial instruments are classified at fair value through profit or loss when this classification significantly reduces a possible measurement or recognition inconsistency (sometimes referred to as &#8220;accounting
      mismatch&#8221;) that would occur due to the measurement of assets or liabilities or the recognition of their gains and losses on different bases. Gains/losses on financial instruments that are measured at fair value through profit or loss are recognized
      as financial income or expense in the profit or loss for the period.</div>
    <div><br>
    </div>
    <div>The Group has the following financial instruments valued at fair value through profit or loss:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z0479544f88864f468134f62f6da9b710" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Carrying amount</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div style="font-weight: bold;">Financial&#160;assets:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Short-term&#160;investments&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>204,045</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>177,191</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px;">
            <div>Derivative&#160;financial&#160;instruments&#160;(i)&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>117</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">204,162</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">177,191</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z32f089a1aeec4339a8ae1250648edab3" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Carrying amount</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div style="font-weight: bold;">Financial&#160;liabilities:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Derivative&#160;financial&#160;instruments&#160;</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>133</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px;">
            <div>Accounts&#160;payable&#160;from&#160;acquisition&#160;of&#160;subsidiary&#160;("earn out")</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>299</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>4,953</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">299</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">5,086</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">(i) In 2022, VTEX ARG had positions in future derivative financial instruments raised through Matba Rofex designated as foreing exchange protection hedge for intercompany loans obtained with VTEX UK, with a total
      notional value of US$5,000 and last maturity date in March 2023.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Group uses derivative financial instruments to hedge against the risk of change in the foreign exchange rates. Therefore, they are not speculative. The derivative financial instruments designated in hedge
      operations are initially recognized at fair value on the date on which the derivative contract is executed and are subsequently re-measured to their fair value. Changes in the fair value of any of these derivative instruments are immediately
      recognized in the income statement under "financial results, net".</div>
    <div><br>
    </div>
    <div style="text-align: justify;">For the years ended December 31, 2022 and 2021, the Group had positions in Swap derivative financial instruments designated as a hedge of foreign currency debt, raised through Ita&#250; bank. The hedge contracts had
      maturity dates equal to those of the loan raised in foreign currency (note 11), which was also raised through Ita&#250; bank. The contract is due May 2023. Additionally, on December 31, 2022, the Group also had positions in future derivative financial
      instruments designed as a hedge of foreign currency risk related to loans obtained with intercompany transactions. The hedge contracts had maturity dates equal to those of the principal, which was raised through Matba Rofex. The last hedge contract
      is due March 2023.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>
      <div>
        <div>
          <div>
            <div style="font-weight: bold;">VTEX&#160;</div>
            <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
            <div>
              <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
            </div>
          </div>
        </div>
      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;">The following amounts were recognized in profit or loss in relation to financial instruments:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z391c04963f6e4d9aae6ed67f9829419c" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Three months ended </div>
            <div style="text-align: center; font-weight: bold;">(unaudited)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Net gain (loss) on financial instruments</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>548</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(73</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2,364</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(193</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following amounts were recognized in profit or loss in relation to marketable securities and short-term investments:</div>
    <div><br>
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    <table cellspacing="0" cellpadding="0" class="cfttable" id="z198521f90cb64adc82238ad571a52670" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Three months ended </div>
            <div style="text-align: center; font-weight: bold;">(unaudited)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Net gain (loss) on marketable securities and short-term investments</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>3,675</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>428</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(4,766</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>640</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

            <tr>
              <td style="width: 27pt; vertical-align: top;">
                <div style="font-weight: bold;">a.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;"><font style="font-weight: bold;">Fair value hierarchy</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;">This section provides details about the judgments and estimates made for determining the fair values of the financial instruments recognized and measured at fair value in the financial statements. The Group has
      classified its financial instruments into the three levels prescribed under the accounting standards to indicate the reliability of the inputs used in determining fair value. An explanation of each level follows underneath the table.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="ze45c7024d4a74ae381575036db12fef6" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="10" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">Level 1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">Level 2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">Level 3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle;">
            <div style="font-weight: bold;">Assets</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);">
            <div>Short-term&#160;investments</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>204,045</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%;">
            <div>Derivative&#160;financial&#160;instruments</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>117</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div>299</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 64%;">&#160;</td>
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          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="font-weight: bold;">Liabilities</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%;">
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>133</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <div>Accounts&#160;payable&#160;from&#160;acquisition&#160;of&#160;subsidiary&#160;("earn-out")</div>
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          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div>4,953</div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%;">&#160;</td>
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          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

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    <div style="text-align: justify;">There were no transfers between levels 1, 2, and 3 for recurring fair value measurements during the third quarter of 2022.</div>
    <div><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <div style="font-weight: bold;">VTEX&#160;</div>
              <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
              <div>
                <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                  <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
              </div>
            </div>
          </div>
        </div>
        <div><br>
        </div>
      </div>
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    <div style="text-align: justify;">The Group&#8217;s policy is to recognize transfers into and out of fair value hierarchy levels as at the end of the reporting period.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
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          <tr>
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              <div><font style="font-family: Times New Roman;">&#9679;</font></div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-weight: bold;">Level 1:</font> The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices
                at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z9f2bb4b8dcd04c949ce716829fd04692" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 61.65pt; vertical-align: top;">
              <div><font style="font-family: Times New Roman;">&#9679;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-weight: bold;">Level 2:</font> The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation
                techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.&#160;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z6fec9031679a449bbdb51bcf09c3da5f" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 61.65pt; vertical-align: top;">
              <div><font style="font-family: Times New Roman;">&#9679;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-weight: bold;">Level 3:</font> If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity
                securities.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Specific valuation techniques used to value financial instruments could include the use of quoted market prices or dealer quotes for similar instruments:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z9b62e63ed8df4be59cfdc6fcaf79b70c" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 61.65pt; vertical-align: top;">
              <div><font style="font-family: Times New Roman;">&#9679;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">the use of quoted market prices or dealer quotes for similar instruments</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z3399dc1d340e47b0894cf70f49526d70" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 61.65pt; vertical-align: top;">
              <div><font style="font-family: Times New Roman;">&#9679;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">for interest rate swaps &#8211; the present value of the estimated future cash flows based on observable yield curves;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z4f06b338b3c14d5b8dc8a55f73506f32" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 61.65pt; vertical-align: top;">
              <div><font style="font-family: Times New Roman;">&#9679;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">for foreign currency forwards - the present value of future cash flows based on the forward exchange rates at the balance sheet date;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The majority of the resulting fair value estimates are included in level 2, except for a contingent consideration payable (&#8220;earn-out&#8221;), where the fair values have been determined based on present values and the
      discount rates used were adjusted for counterparty or own credit risk.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Fair value measurements using significant unobservable inputs (level 3)</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The fair value of the earn-out classified as level 3 is calculated based on the judgment of the Group and the probability of meeting the goals of each acquisition made during the year. The sale and purchase agreement
      of each acquisition is established if the clients of the acquired entities migrate to the Groups platform and reach an agreed amount, the seller will be entitled to an earn-out. As at December 31, 2022, the fair value of the earn-out amounts US$299
      (December 31, 2021 - US$4,953).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following table presents the changes in level 3 items for the year ended on December 31, 2022:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z0d27996502ea41d99b268cef66d73f66" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;"> 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Opening&#160;balance&#160;on&#160;January&#160;1</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">4,953</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">542</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Acquisitions&#160;of&#160;subsidiaries</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>-</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>6,483</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">
            <div>Payments&#160;of&#160;principal/finance&#160;charges&#160;-&#160;earn-out</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(916</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">
            <div>(1,378</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div>Earn-out&#160;adjustment</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>(3,740</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>(785</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Exchange&#160;differences</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>91</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Closing&#160;balance&#160;on&#160;December&#160;31</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">299</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">4,953</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <div style="font-weight: bold;">VTEX&#160;</div>
              <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
              <div>
                <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                  <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
              </div>
            </div>
          </div>
        </div>
        <div><br>
        </div>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z418dcaa1b6de4f4287de7dad8e934078" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 27pt; vertical-align: top;">
              <div style="font-weight: bold;">b.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Fair values of other financial instruments (unrecognized)</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Group also has several financial instruments which are not measured at fair value in the balance sheet. As at December 31, 2022, these instruments&#8217; fair values are not different from their carrying amounts since
      the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Differences were identified for the following instruments at December 31, 2022:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z5079f04629c14aa58dd884e1a86661ca" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Carrying amount</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Fair value</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div style="font-weight: bold;">Financial&#160;assets:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Marketable&#160;securities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>10,119</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>9,948</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">10,119</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">9,948</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%;">
            <div style="font-weight: bold;">Financial&#160;liabilities:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Loans&#160;and&#160;financing</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1,153</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>990</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">1,153</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">990</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>18.2&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Financial risk
      management</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The risk management of the Group is predominantly controlled by a central treasury department (Group treasury) under policies approved by the board of directors. Group treasury identifies, evaluates, and hedges
      financial risks in close co-operation with the Group&#8217;s operating units. The board provides written principles for overall risk management and policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, the use of
      derivatives and non-derivative financial instruments, and investment of excess liquidity.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">When all relevant criteria have been met, hedge accounting will be applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognizing interest
      expense at a fixed interest rate for the hedged floating rate loans and inventory at the fixed foreign currency rate for the hedged purchases.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group&#8217;s annual
      financial statements for the year ended December 31, 2022, available in the 20-F filing.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <div>
                <div style="font-weight: bold;">VTEX&#160;</div>
                <div style="font-weight: bold;">Notes to the consolidated financial statements</div>
                <div>
                  <div style="font-weight: bold;">In thousands of U.S. dollars, unless otherwise indicated
                    <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-right: auto; border: medium none;"></div>
                </div>
              </div>
            </div>
          </div>
          <div><br>
          </div>
        </div>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze83ee4922451468ea2e35e7cbefa36ec" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="font-weight: bold;">19</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">COVID-19 impact</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The COVID-19 pandemic spread rapidly in 2020, with many cases. Measures taken by various governments to contain the virus have affected economic activity. Throughout 2021 commerce has experienced growth, with
      increasing vaccination and a perspective of return to normalcy. In November 2022, a new wave of COVID-19 hit China, which is evaluating social and sanitary mechanisms to reduce the impact on its economy. The Group has taken several measures to
      monitor and mitigate the effects of COVID-19, such as safety and health measures for its directors and employees (such as social distancing and working from home).&#160;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">At this stage, the impact on the Group&#8217;s business and results has been positive. As the Group operates in an online environment, we have found increased demand for the products and services.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Group has not accessed any revolving line of credit or loans nor modified the periods of payments of other financial liabilities. Also, the terms and conditions with customers have remained the same, and because of
      the business model, there is no expected delay in the collection of trade receivables.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The financial statements are prepared on an ongoing basis, and there is no doubt regarding the Group&#8217;s ability to continue it for further periods.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Group will continue to follow the various government policies in each country in which the Group operates. In parallel, we will do our utmost to continue operations in the best and safest way possible without
      jeopardizing the health of the Company&#8217;s employees.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc3fab8aebf984d83839b1307741efee8" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="font-weight: bold;">20</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Russian invasion of Ukraine</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">In late February 2022, Russian military forces launched significant military action against Ukraine and continued sustained conflict and disruption in the region are likely. In response to Russia&#8217;s invasion of Ukraine,
      the United States, the European Union, the United Kingdom and several other countries have imposed far-reaching sanctions and export control restrictions on Russian entities and individuals.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">As the Group does not have financial exposure in Russia and Ukraine, the Company has not been impacted by the conflict so far. The Company will continue to monitor this situation to further evaluate possible future
      impacts on our operations.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb49f8c98215b48f2bb52a9b74e5dc898" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="font-weight: bold;">21</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Subsequent events</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div style="text-align: left;">During January and February of 2023, the Company has canceled 815,065 Class A common shares, of which 81,024 shares were held in treasury as of December 31,
        2022, and 734,041 were repurchased after December 31, 2022, under the repurchase share program.</div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Item 2 &#8211; Management&#8217;s discussion and analysis of financial condition and results of operations</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;">This Management's Discussion and Analysis of Financial Condition and Results of Operations section may contain certain forward-looking statements that involve risks and uncertainties. Our actual
      results and the timing of events may differ significantly from those expressed or implied in such forward-looking statements for several reasons, including those described in our prior filings with the U.S. Securities and Exchange Commission.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;">The following analysis and discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements as of December 31, 2022 and 2021
      included elsewhere in this document.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Overview</div>
    <div>&#160;</div>
    <div style="text-align: justify;">VTEX is the enterprise digital commerce platform where global brands and retailers run their world of commerce. Our platform is designed to be the operating system for the commerce ecosystem, enabling enterprise brands
      and retailers to orchestrate their complex network of consumers, business partners, suppliers, and fulfillment providers in one place. VTEX puts its customers&#8217; business on a fast path to growth with a complete Commerce, Marketplace, and OMS solution.
      We help global companies build, manage and deliver native and advanced B2B, B2C, and Marketplace commerce experiences with competitive time-to-market and without complexity so they can stay relevant for the modern, convenience driven consumer.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Our platform enables our customers to execute their commerce strategy, including building online stores, integrating and managing orders across channels, and creating marketplaces to sell products from third-party
      vendors. VTEX has been a leader in accelerating the digital commerce transformation in Latin America and is expanding globally. Our platform is engineered to enterprise-level standards and functionality with approximately 84% of our GMV coming from
      large, blue-chip companies (i.e. customers with more than US$10 million of GMV per year). We are trusted by more than 2,600 customers with over 3,400 active online stores across 38 countries to connect with their consumers in a meaningful way.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">VTEX benefits from the acceleration of digitalization globally, and in particular in Latin America, where ecommerce is still underpenetrated. Accelerating ecommerce growth, evolving consumer expectations and the
      proliferation of digital shopping alternatives are raising the bar for brands and retailers to stay relevant. Legacy structures developed over years force enterprises to choose between deep customization and speed to market. Our technology combined
      with our ecosystem of partners solves this problem. We deliver flexibility and simplicity to complex, mission critical commerce operations. VTEX was named a leader in the IDC MarketScape: Worldwide B2C Digital Commerce Platforms 2020 Vendor
      Assessment, and a &#8220;Strong Performer&#8221; in the Gartner Peer Insights &#8216;Voice of the Customer&#8217;: Digital Commerce, January 2022 report. We were also recognized as Visionary in the Gartner&#174; Magic Quadrant&#8482; for Digital Commerce, August 2022 report.
      Additionally, we were named a &#8220;Contender&#8221; in The Forrester Wave&#8482;: B2C Commerce Solutions and VTEX was awarded medals in each one of the 12 categories evaluated in the &#8220;Paradigm B2B Combine 2022 Digital Commerce Solutions for B2B, Midmarket edition.&#8221;</div>
    <div>&#160;</div>
    <div style="text-align: justify;">We offer access to our platform on a subscription basis, which accounted for 93.9% of our revenue for the three months ended December 31, 2022, compared to 93.0% of our revenue for the three months ended December 31,
      2021. Our subscription revenue is based on a fixed subscription fee and a transaction-based fee. The transaction-based fee accounts for most of our subscription revenues and is primarily structured as a take rate or percentage of the total value of
      the orders processed through our platform, including value added taxes and shipping, which we refer to as our GMV. Our transaction-based fee model aligns our success with our customers&#8217; success and our revenue grows as our customers&#8217; GMV grows. In
      the three months ended December 31, 2022, our GMV increased to US$3.9 billion from US$2.9 billion in the three months ended December 31, 2021 representing an increase of 34.4% in USD and 29.2% on an FX neutral basis. In the same period, our revenue
      increased to US$45.5 million from US$37.1 million, representing an increase of 22.5% in USD and 19.6% on an FX neutral basis.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Key metric&#8212; Gross merchandise value</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The key metric we use to measure our performance, identify trends affecting our business, formulate our business plan projections and support our strategic decisions is GMV. Due to the seasonality of ecommerce and the
      foreign exchange effects resulting from the volatility of the currencies of the jurisdictions where we operate (particularly Latin America countries) vis-&#224;-vis the U.S. Dollar (which is our functional currency), our management compares GMV on a
      year-over-year and foreign exchange neutral basis. The foreign exchange neutral measures are calculated by using the average monthly exchange rates for each month during the previous year, adjusted by inflation in countries with hyper-inflation, and
      applying them to the corresponding months of the current year, so as to calculate what our results would have been had exchange rates remained stable from one year to the next.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">GMV is the total value of customer orders processed through our platform, including value added taxes and shipping. Our GMV does not include the value of orders processed by our SMB customers or B2B transactions. Due
      to our transaction-based subscription model, we believe that GMV growth is linked with our revenue growth and we track GMV as an indicator of the success of our customers, the performance of the platform and our market share.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z9ebb2538d9024d558a1668e1603bc36c" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Three months ended</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="14" style="vertical-align: middle;">
            <div style="text-align: center; font-style: italic;">(in millions of U.S. Dollars, unless otherwise indicated)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 52%; background-color: rgb(204, 238, 255);">
            <div>GMV</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>3,903.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>2,905.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>12,687.7</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>9,665.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: middle; width: 52%;">
            <div>GMV growth FX neutral (%)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>29.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>%</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>16.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>%</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>26.8</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>%</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>31.1</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>%</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; font-weight: bold;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: justify; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Seasonality and quarterly operations results&#160;</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Due to our transaction-based subscription model, similar to most retail businesses, we experience seasonal fluctuations in our net sales and operating results. Historically, we have generated higher net sales in the
      fourth quarter, which includes the &#8220;Black November&#8221; period in Brazil (a commercial sales season, a month-long, introduced by Brazilian ecommerce websites in 2010 and equivalent to Black Friday in the United States) and other ecommerce events in Latin
      American countries. The first quarter of the year is our slowest period, as the months of January, February and March correspond to vacation time in Brazil and other Latin American countries, and the first quarter is impacted by Carnival in Brazil.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The following table sets forth our unaudited quarterly consolidated statement of profit or loss data for each of the last eight quarters of the period ended December 31, 2022. The unaudited consolidated statement of
      profit or loss data below has been prepared on the same basis as the audited consolidated financial statements included elsewhere in this annual report on Form 20-F and, in our opinion, reflects all necessary adjustments, consisting only of ordinary
      course recurring adjustments, necessary to fairly and accurately state this information. These historical unaudited quarterly results of operations are not necessarily indicative of the results of operations for a full year or any future period. In
      particular, our quarterly results of operations have been positively affected by a significant growth in ecommerce sales in the markets in which we operate due to the widespread closure of brick-and-mortar stores and behavioral changes associated
      with social distancing as a result of the COVID-19 pandemic. This increase in sales has bolstered our total revenue, driven predominantly by increases in our customer sales and revenue. We believe that the expansion of ecommerce may normalize once
      the COVID-19 pandemic is sufficiently controlled, which may adversely affect our financial performance and operating metrics in the future. See below &#8220;&#8212;Impacts of the COVID-19 Pandemic.&#8221;</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z536dad84a49349e2b8e5b04f19895c84" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="30" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">For the three months ended (unaudited) </div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: center; font-style: italic;">(in US$ millions)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">March<br>
              31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">June<br>
              30, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">September<br>
              30, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December<br>
              31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">March<br>
              31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">June</div>
            <div style="text-align: center; font-weight: bold;"> 30, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">September</div>
            <div style="text-align: center; font-weight: bold;">30, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December<br>
              31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 20%; background-color: rgb(204, 238, 255);">
            <div>Subscription revenue</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>24.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>29.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>29.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>34.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>32.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>36.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>36.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>42.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 20%; padding-bottom: 2px;">
            <div>Services revenue</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>2.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>2.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>2.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>2.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>2.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>2.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total revenue&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">25.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">30.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">31.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">37.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">34.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">38.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">38.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">45.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%;">
            <div>Subscription cost&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(8.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(9.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(9.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(10.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(10.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(10.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(9.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(11.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Services cost&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(2.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(2.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(3.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(3.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(2.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(2.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(2.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(3.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total cost&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(10.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(12.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(12.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(13.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(12.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(13.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(12.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(14.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Gross profit&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">15.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">18.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">19.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">23.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">22.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">25.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">26.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">30.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%;">
            <div style="font-weight: bold;">Operating expenses</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
            <div>General and administrative&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(7.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(7.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(9.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(6.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(6.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(7.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(6.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(7.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%;">
            <div>Sales and marketing&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(11.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(15.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(19.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(17.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(17.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(21.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(16.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(12.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
            <div>Research and development&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(8.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(10.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(14.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(11.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(13.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(15.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(13.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(14.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%;">
            <div>Other income (losses)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(0.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(0.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>0.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(0.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>0.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(0.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(0.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(0.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Loss from operation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(12.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(16.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(24.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(13.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(16.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(18.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(11.3</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(3.0</div>
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            <div style="font-weight: bold;">)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%;">
            <div style="font-weight: bold;">Financial result, net&#160;</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div style="font-weight: bold;">(1.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div style="font-weight: bold;">(1.4</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div style="font-weight: bold;">(0.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div style="font-weight: bold;">(1.4</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div style="font-weight: bold;">(4.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div style="font-weight: bold;">(5.4</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div style="font-weight: bold;">(0.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div style="font-weight: bold;">2.7</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Equity results&#160;</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.1</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.1</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.2</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.2</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.2</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Income (loss) before income tax</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(13.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(17.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(24.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(14.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(21.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(24.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(11.2</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">0.0</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Income tax&#160;</div>
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2.1</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>3.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2.1</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Net loss for the period</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(12.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(15.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(22.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(10.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(19.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(21.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(11.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(0.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Earnings (loss) per share</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px;">
            <div>Basic and diluted earnings</div>
            <div> (loss) per share (US$)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(0.07</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(0.09</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(0.12</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(0.06</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(0.10</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(0.11</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(0.06</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">(0.00</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">)</div>
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    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
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    <div><br>
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    <div>The following table sets forth selected consolidated profit (loss) statements data for each of the periods indicated as a percentage of total revenue.</div>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">March<br>
              31, 2021</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              30, 2021</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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              30, 2021</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December<br>
              31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">March<br>
              31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">June<br>
              30, 2022</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">September</div>
            <div style="text-align: center; font-weight: bold;">30, 2022</div>
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          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December<br>
              31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total revenue&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>100.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>100.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>100.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>100.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>100.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>100.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>100.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>100.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%;">
            <div>Subscription cost&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(33.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(30.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(30.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(28.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(28.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>&#160;(26.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(25.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(25.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Services cost&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(8.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(8.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(9.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(8.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(7.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(7.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(7.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(6.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Total cost&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(41.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(39.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(40.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(37.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(36.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(33.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(32.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(32.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Gross profit&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>58.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>60.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>59.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>62.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>63.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>66.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>67.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>67.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%;">
            <div style="font-weight: bold;">Operating expenses</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
            <div>General and administrative&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(27.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(25.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(31.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(18.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(19.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(19.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(17.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(15.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%;">
            <div>Sales and marketing&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(42.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(50.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(60.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(47.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(51.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(55.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(41.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(27.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
            <div>Research and development&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(32.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(34.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(44.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(32.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(40.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(39.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(35.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(30.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%;">
            <div>Other income (losses)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(1.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(2.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>0.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(0.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>0.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(1.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(1.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
            <div>(0.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Loss from operation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(46.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(53.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(76.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(35.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(48.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(48.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(29.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>(6.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Financial result, net&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(5.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(4.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(1.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(3.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(13.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(14.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(0.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>5.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
            <div>Equity results&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>0.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>0.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>0.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>0.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>0.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>0.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>0.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
            <div>0.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Income (loss) before income tax</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(51.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(57.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(77.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(38.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(61.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(62.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(28.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>0.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Income tax&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>3.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>6.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>8.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>10.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>6.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>6.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px;">
            <div style="font-weight: bold;">Net loss for the period</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(48.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(50.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(68.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(28.6</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(55.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(55.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(29.8</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(0.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The following table sets forth our Non-GAAP income (loss) from operations for each of the periods indicated:</div>
    <div>&#160;</div>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: middle; padding-bottom: 2px;" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">March<br>
              31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">June<br>
              30, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">September<br>
              30, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December<br>
              31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">March<br>
              31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">June<br>
              30, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">September<br>
              30, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December<br>
              31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="31">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Loss from operation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(12.0</div>
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            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(16.4</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(24.4</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(13.1</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(16.7</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(18.9</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(11.3</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <div>(3.0</div>
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            <div>)</div>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 20%;">
            <div>Share-based compensation expense</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">
            <div>3.2</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">
            <div>5.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">
            <div>9.3</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">
            <div>1.6</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">
            <div>2.5</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">
            <div>0.9</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">
            <div>4.8</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">
            <div>4.6</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 20%; background-color: rgb(204, 238, 255);">
            <div>Amortization of intangibles related to acquisitions</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>0.3</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>0.5</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>0.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>0.8</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>0.5</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>0.6</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>0.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>0.5</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 20%; padding-bottom: 2px;">
            <div>Offering expenses ("IPO") (i)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div>1.3</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Non-GAAP Income (Loss) from Operation</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <div style="font-weight: bold;">(10.4</div>
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            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <div style="font-weight: bold;">(13.3</div>
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            <div style="font-weight: bold;">)</div>
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            <div style="font-weight: bold;">(10.9</div>
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            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(13.7</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <div style="font-weight: bold;">)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">2.1</div>
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        </tr>

    </table>
    <div> <br>
    </div>
    <div>(i) Offering expenses ("IPO") are related to shares offered by the selling shareholders and other one-off IPO expenses.</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Impacts of the COVID-19 pandemic</div>
    <div>&#160;</div>
    <div style="text-align: justify;">As a result of the COVID-19 pandemic, which was declared a global pandemic by the World Health Organization in March 2020, the ecommerce market experienced a surge in growth. Governments encouraged consumers to stay at
      home for extended periods of time, and retail purchases shifted from offline and brick-and-mortar purchases to online ecommerce, as companies accelerated the digitalization of their businesses. Consequently, ecommerce sales in our major markets have
      increased significantly. Our business responded to the shifting commerce dynamics and enabled our customers to rapidly scale and digitally transform their businesses during the COVID-19 pandemic. This increase in GMV of our customers has resulted in
      significant revenue growth for us, driven predominantly by increases in our transaction-based fees.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Even though the online purchasing trend demonstrated to have staying power through 2021 and 2022, we started to see a mean reversion towards the pre-pandemic ecommerce levels of growth. Our customer&#8217;s online channels
      experienced a decrease in growth rates, which affected our business growth, financial condition, and operating results. As the COVID-19 pandemic is increasingly controlled, we expect that the decrease in such growth rates will continue. While we
      believe that the structural shifts that favor ecommerce will continue as the world recovers from COVID-19, we do not expect to experience the same growth in our business going forward. For example, in the year ended December 31, 2022, our revenue
      increased 25.3% in U.S. dollars compared to 2021 (22.3% on an FX neutral basis), while revenues increased 27.5% in U.S. dollars (29.8% on an FX neutral basis) in December 31, 2021 compared to 2020. We expect that our total revenue may be subject to
      increased fluctuations in the near-term as a result. See note 19 for more details.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Components of our results of operations</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The following is a summary of the principal line items comprising consolidated statements of profit or loss.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Total revenue</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Our total revenue consists of (1) subscription and support revenue, arising from a multichannel cloud and SaaS-based platform focused on ecommerce; and (2) revenue from professional services and other, arising
      substantially from consulting services.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; font-style: italic;"><u>Subscription revenue</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">Subscription revenue consists of revenue derived from (1) a mix of transaction-based fees and fixed subscription fees, in each case derived from customers using our platform; (2) our SMB business; and (3)&#160;other
      business units that generate recurring revenue to us.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Transaction-based fees comprise (a) subscription fees charged to customers based on a percentage of the GMV or a fee per order processed on our platform; and (b) subscription fees charged to marketplace partners,
      payment providers, and any other services provided through our app store.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Fixed subscription fees comprise (a) yearly or multi-year upfront fees paid by merchants to reduce future variable fees. In case of early termination of the annual upfront fees, we refund merchants for the remaining
      term of the contract; and (b) fixed monthly fee for using our platform in any given month. Fixed fees are paid to us at the beginning of the applicable subscription period, regardless of the length of the subscription period. As subscription fees are
      received in advance of providing the related services, we record deferred revenue on our consolidated balance sheet for the unearned revenue and recognize revenue ratably over the related subscription period.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;"><u>Services revenue</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">Services revenue consists primarily of revenue derived from consulting services which are recognized over time during the period that services are performed. Services revenue accounted for 6.1% of our revenue for the
      three months ended December 31, 2022, compared to 7.0% for the three months ended December 31, 2021. For the twelve months ended on December 31, 2022, the consulting services revenue accounted for&#160;5.8% of our revenue, compared to 5.8% for the twelve
      months ended December 31, 2021.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Cost of revenue</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Our total cost consists of (1) subscription cost; and (2) services cost.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;"><u>Subscription cost of revenue</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">Subscription cost consists mainly of costs related to hosting related and customer support costs. The hosting related costs include third-party providers, software related platform operating costs, and compensation for
      our infrastructure team. Support costs are mostly driven by personnel cost, and represent expenses related to the support we provide to our customers.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;"><u>Services cost of revenue</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">Services cost consist mainly of personnel costs and/or third-party expenses to provide the professional services advisory for a specific project of a customer project.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Operating expenses</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Our operating expenses consist of general and administrative expenses, sales and marketing expenses, and research and development expenses.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">General and administrative expenses consist primarily of (1) personnel-related expenses (including stock-based compensation) for our finance, support operation departments, legal and compliance teams; (2)&#160;corporate
      expenses; and (3) corporate overhead allocation. General and administrative expenses also include costs related to business acquisitions, legal and other professional services fees and depreciation and amortization. We expect administrative expenses
      to increase as a result of becoming a publicly traded company and compliance requirements derived from the Sarbanes-Oxley Act. Public company costs include expenses associated with annual and quarterly reporting, investor relations, register and
      transfer agent fees, incremental insurance costs, accounting and legal services, and other investments to strengthen corporate governance and internal controls.&#160;</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify;">Sales and marketing expenses consist primarily of (1) personnel-related expenses (including stock-based compensation) and commissions paid to the direct sales team, the success team, partnership sales team and sales
      enablement team; (2) travel-related expenses; (3) marketing and events expenses; (4) finder fee commissions; and (5) the allocation of corporate overhead. We plan to continue to incur sales and marketing expenses in the regions that we currently have
      a presence as well as in new regions over time in order to continue to enhance our brand awareness to attract new customers.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Research and development expenses consist primarily of (1) personnel-related expenses (including stock-based compensation) for product development, product management and product design; (2) software subscription costs
      related to the product; and (3) the allocation of corporate overhead. We expect to increase the research and development expenses to continue investing in product innovation, and in the development of new products.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Financial result, net</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Financial result, net consists of financial income and financial expenses. Financial income consists of interest earned on financial instruments, foreign exchange gains, gains from fair value of financial instruments
      and other financial income. Finance expense consists mostly of foreign exchange losses, financial losses from fair value of derivative and financial instruments, interest on lease liabilities and adjustment of hyperinflation in Argentina.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Income tax</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Provision for income taxes consists primarily of income taxes, current and deferred, in certain foreign jurisdictions in which we conduct business. The current and deferred income taxes are calculated based on the tax
      laws enacted or substantively enacted at the end of the reporting period in the countries in which we operate and generate taxable income. Our effective tax rate is mostly impacted by permanent book-to-tax differences and the lack of recognition of a
      deferred tax asset at the level of certain legal entities.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Historical consolidated results of operations</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Comparison of results of operations for the three and twelve months ended December 31, 2022 and 2021&#160;</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The following table sets forth our consolidated income statements for the three and twelve months ended December 31, 2022 and 2021. The period-to-period comparison of financial results is not necessarily indicative of
      future results.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="zfb9671a043204d3e96bdcc887d1044e3" class="cfttable">

        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
            <div style="text-align: center; font-weight: bold;">Three months ended (unaudited) </div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="font-style: italic;">(in US$ thousands)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">December<br>
              31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Subscription revenue</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>42,732</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>34,529</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>148,475</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>118,466</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div>Services revenue</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>2,753</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>2,587</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>9,145</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>7,307</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total revenue</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">45,485</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">37,116</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">157,620</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">125,773</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div>Subscription cost (1)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(11,491</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(10,469</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(41,408</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(38,380</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Services cost (1)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(3,103</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(3,291</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(11,424</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(11,212</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="font-weight: bold;">Total cost</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(14,594</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(13,760</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(52,832</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(49,592</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Gross profit&#160;</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">30,891</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">23,356</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">104,788</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">76,181</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="font-weight: bold;">Operating expenses</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>General and administrative (1)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(7,052</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(6,913</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(28,348</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(31,889</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div>Sales and marketing (1)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(12,404</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(17,459</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(67,798</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(63,521</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Research and development (1)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(14,059</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(11,915</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(57,205</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(45,186</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div>Other losses</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(402</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(211</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(1,356</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(1,514</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Loss from operation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(3,026</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(13,142</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(49,919</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(65,929</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="font-weight: bold;">Financial result, net</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">2,706</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(1,369</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(7,631</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(4,644</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Equity results</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>347</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>190</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>1,106</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>587</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="font-weight: bold;">Income (loss) before income tax</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">27</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(14,321</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(56,444</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(69,986</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Income tax</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(349</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>3,696</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>4,025</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>9,472</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="font-weight: bold;">Net loss for the period</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(322</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(10,625</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(52,419</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(60,514</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>(1) Includes stock-based compensation expenses as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="zc5e6d8af8811446bad5ff687122c07e2" class="cfttable">

        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
            <div style="text-align: center; font-weight: bold;">Three months ended (unaudited) </div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="font-style: italic;">(in US$ thousands)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Subscription cost</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(165</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(71</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(502</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(696</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div>Services cost</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(88</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(79</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(156</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(377</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>General and administrative</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(1,476</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(1,008</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(4,366</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(7,087</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div>Sales and marketing</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(1,142</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(610</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(2,885</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(5,529</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Research and development</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(1,715</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>176</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(4,844</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(5,896</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(4,586</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(1,592</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(12,753</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(19,585</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Total revenue</div>
    <div>&#160;</div>
    <div>The components of our total revenue during the three and twelve-months period ended on December 31, 2022 and 2021 were as follows:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="z651129e5d3d246f6b189a7af0e6b2a29" class="cfttable">

        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10">
            <div style="text-align: center; font-weight: bold;">Three months ended (unaudited) </div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1">
            <div style="font-style: italic;">(in US$ thousands, except percentages)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">
            <div style="text-align: right; font-weight: bold;">Variation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">
            <div style="text-align: right; font-weight: bold;">Variation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
            <div>Subscription revenue</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>42,732</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>34,529</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>23.8</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>%</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>148,475</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>118,466</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>25.3</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28%;">
            <div>Services revenue</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>2,753</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>2,587</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>6.4</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>%</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>9,145</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>7,307</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>25.2</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>%</div>
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        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total revenue</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">45,485</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">37,116</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">22.5</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">%</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">157,620</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">125,773</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">25.3</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">%</div>
          </td>
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    </table>
    <div><br>
      <br>
    </div>
    <div style="text-align: justify;">Total revenue for the three months ended December 31, 2022 was US$45.5 million, an increase of US$8.4 million, or 22.5% in US$ or 19.6% on an FX neutral basis, from US$37.1 million in the same period of 2021. The
      increase in total revenue was primarily driven by: an increase in GMV of 34.4% in US$ or 29.2% on an FX neutral basis to US$3.9 billion for the three months ended December 31, 2022, from US$2.9 billion in the same period of 2021, which also led to
      higher revenues from transaction-based fees as percentage of total subscription revenues and the expansion of our operations outside of Brazil.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Total revenue for the twelve months ended December 31, 2022 was US$157.6 million, an increase of US$31.8 million, or 25.3% in US$ or 22.3% on an FX neutral basis, from US$125.8 million in the same period of 2021. The
      increase in total revenue was primarily driven by: an increase in GMV of 31.3% in US$ or 26.8% on an FX neutral basis to US$12.7 billion for the twelve months ended December 31, 2022, from US$9.7 billion in the same period of 2021, which also led to
      higher revenues from transaction-based fees as percentage of total subscription revenues; (2) an increase of 6.0% in the number of active online stores using our platform during the year which we believe is mainly attributable to the impacts of the
      increased penetration of ecommerce accelerating the digitalization plan of enterprises as a result of changing end-consumer purchase behavior (to favor online purchases); and (3) the expansion of our operations outside of Brazil.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Total cost</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The components of our total cost during the three and twelve-months periods ended on December 31, 2022 and 2021 were as follows:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="zdc60fcfff29745699a10236bbc9fac42" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10">
            <div style="text-align: center; font-weight: bold;">Three months ended (unaudited)</div>
            <div style="text-align: center; font-weight: bold;"> </div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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            <div style="font-style: italic;">(in&#160;US$&#160;thousands, except&#160;percentages)</div>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
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          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Variation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
            <div>Subscription&#160;cost</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(11,491</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(10,469</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>9.8</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(41,408</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(38,380</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>7.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%;">
            <div>Services&#160;cost</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(3,103</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(3,291</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(5.7</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(11,424</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(11,212</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>1.9</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>%</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total&#160;cost</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(14,594</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(13,760</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">6.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(52,832</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(49,592</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">6.5</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Total cost for the three months ended December 31, 2022 increased by US$0.8 million, or 6.1%, to US$14.6 million for the three months ended December 31, 2022 from US$13.8 million in the same period of 2021, principally
      due to an increase in IT &amp; hosting expenses given the increased number of online stores and GMV processed on our platform.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Total cost for the twelve months ended December 31, 2022 increased by US$3.2 million, or 6.5%, to US$52.8 million for the twelve months ended December 31, 2022 from US$49.6 million in the same period of 2021,
      principally due to an increase in IT and hosting expenses, which increased by US$1.9 million, or 6.8%, to US$29.2 million in 2022 from US$27.4 million in 2021 given the increased number of online stores and GMV processed on our platform and an
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    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Gross profit</div>
    <div>&#160;</div>
    <div style="text-align: justify;">As a result of the above, our gross profit increased by US$7.5 million, or 32.3% to US$30.9 million for the three months ended December 31, 2022 from US$23.4 million in the same period of 2021. As a percentage of our
      total revenue, our gross profit increased to 67.9% in the three months ended December 31, 2022 from 62.9% in the three months ended December 31, 2021, mainly due to operational hosting cost efficiencies.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Our gross profit increased by US$28.6 million, or 37.6% to US$104.8 million for the twelve months ended December 31, 2022 from US$76.2 million in the same period of 2021. As a percentage of our total revenue, our gross
      profit increased to 66.5% in the twelve months ended December 31, 2022 from 60.6% in the twelve months ended December 31, 2021, mainly due to operational hosting cost efficiencies.</div>
    <div>&#160;</div>
    <div style="font-style: italic; font-weight: bold;">Operating expenses</div>
    <div>&#160;</div>
    <div style="font-style: italic;"><u>General and administrative</u></div>
    <div>&#160;</div>
    <div>General and administrative expenses during the three and twelve-month period ended on December 31, 2022 and 2021 were as follows:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="z06f82034568448d9bf16aa9558c4c2d4" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10">
            <div style="text-align: center; font-weight: bold;">Three months ended (unaudited)</div>
            <div style="text-align: center; font-weight: bold;"> </div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="font-style: italic;">(in&#160;US$&#160;thousands,except&#160;percentages)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Variation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Variation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
            <div>General&#160;and&#160;administrative</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(7,052</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(6,913</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>2.0</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(28,348</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(31,889</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(11.1</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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    <div style="text-align: justify;">Our general and administrative expenses increased by US$0.1 million, or 2.0%, to US$7.1 million for the three months ended December 31, 2022 from US$6.9 million in the same period of 2021. Primarily due to an increase
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    <div style="text-align: justify;">For the twelve months ended December 31, 2022, our general and administrative expenses decreased by US$3.5 million, or 11.1%, to US$28.3 million from US$31.9 million in the same period of 2021, primarily due to the
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    <div>&#160;</div>
    <div>Sales and marketing expenses during the three and twelve-month ended on December 31, 2022 and 2021 were as follows:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="z77dbd372cc544948b04a3736df06dfb4" class="cfttable">

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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
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            <div style="font-style: italic;">(in US$ thousands, except percentages)</div>
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            <div style="text-align: right; font-weight: bold;">31, 2022</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <div style="text-align: right; font-weight: bold;">31, 2021</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <div style="text-align: right; font-weight: bold;">Variation</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <div>(29.0</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)%</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <div>(63,521</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <div>6.7</div>
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            <div>%</div>
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        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28%;" colspan="1">
            <div>Percentage of total revenue</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <div>(27.3</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(47.0</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>-</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)%</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <div>(50.5</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div>)%</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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    <div><br>
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    <div style="text-align: justify;">Our sales and marketing expenses decreased by US$5.1 million, or 29.0%, to US$12.4 million for the three months ended December 31, 2022 from US$17.5 million for the three months ended December 31, 2021, primarily due
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    <div>&#160;</div>
    <div style="text-align: justify;">For the twelve months ended December 31, 2022, our sales and marketing expenses increased by US$4.3 million, or 6.7%, to US$67.8 million from US$63.5 million for the same period of 2021, primarily due to the
      investments we made in the first half of the 2022, partially offset by the reduction of our Sales and Marketing headcount, made on the second half of 2022. Although our Sales and Marketing workforce decreased, we will continue to invest in new
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    <div style="text-align: justify;">Research and development expenses during the three and twelve-month period ended on December 31, 2022 and 2021 were as follows:</div>
    <div>&#160;</div>
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          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10">
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10">
            <div style="text-align: center; font-weight: bold;">Twelve months ended</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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            <div style="font-style: italic;">(in&#160;US$&#160;thousands, except&#160;percentages)</div>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2022</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2021</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Variation</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2022</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">December</div>
            <div style="text-align: center; font-weight: bold;">31, 2021</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
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          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
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    <div style="text-align: justify;">Our research and development expenses increased by US$2.1 million, or 18.0% to US$14.1 million for the three months ended December 31, 2022 from US$11.9 million for the three months ended December 31, 2021, primarily
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          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <div>233.1</div>
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            <div>%</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>23,770</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>7,414</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>220.6</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(4,939</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div>(3,664</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(7,631</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">(4,644</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="font-weight: bold;">64.3</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="font-weight: bold;">%</div>
          </td>
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    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify;">Our financial result amounted to an revenue of US$2.7 million for the three months ended December 31, 2022, compared to an expense of US$1.4 million for the three months ended December 31, 2021.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Our financial result amounted to an expense of US$7.6 million for the twelve months ended December 31, 2022, compared to an expense of US$4.6 million for the twelve months ended December 31, 2021.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;"><u>Explanations for the variations in the above referred period are set forth below:&#160;</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;"><u>Financial income</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">Financial income increased by US$5.4 million, or 233.1%, to US$7.6 million for the three months ended December 31, 2022 from US$2.3 million for the three months ended December 31, 2021, mainly due to (1) an increase in
      marketable securities and short term investments gains to US$3.8 million in December 31, 2022 from US$1.4 million in December 31, 2021 and; (2) an increase in interest earned on bank deposits of US$2.0 million in December 31, 2022.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Financial income increased by US$16.4 million, or 221.0%, to US$23.8 million in 2022 from US$7.4 million in 2021, mainly due to (1) an increase in marketable securities and short term investments gains to US$9.1
      million in December 31, 2022 from &#160;US$1.6 million in December 31, 2021; (2) gains from fair value of financial instruments to US$4.8 million in December 31, 2022 from &#160;US$2.3 million in December 31, 2021 and; (3) an increase in foreign exchange gains
      to US$7.3 million in December 31, 2022 from US$3.0 million in December 31, 2021.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;"><u>Financial expense</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">Financial expense increased by US$1.3 million, or 34.8%, to US$4.9 million for the three months ended December 31, 2022 from US$3.7 million for the three months ended December 31, 2021, mainly due to (1) mark-to-market
      losses given rising interest rates affected our cash, marketable securities and short-term investments; (2) an increase in foreign exchange losses to US$2.9 million in December 31, 2022 from US$1.1 million in December 31, 2021.</div>
    <div> <br>
    </div>
    <div>Financial expense increased by US$19.3 million, or 160.4%, to US$31.4 million in 2022 from US$12.0 million in 2021, mainly due to (1) mark-to-market losses given rising interest rates affected our cash, marketable securities and short-term
      investments; (2) an increase in foreign exchange losses to US$8.5 million in December 31, 2022 from US$4.2 million in December 31, 2021, and; (3) an increase in adjustment of hyperinflation to US$5.2 million in December 31, 2022 from US$2.3 million
      in December 31, 2021.</div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">38</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify;">The following tables show the unrealized gain and loss position recorded in our Balance Sheet as at December 31, 2022 and December 31, 2021:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="zcd9045dcd52047af932cfa6c7aa32416" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="14">
            <div style="text-align: center; font-weight: bold;">As at December 31, 2022 (unaudited)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="14">
            <div style="text-align: center; font-weight: bold;"><br>
            </div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Amortized cost</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Gross</div>
            <div style="text-align: center; font-weight: bold;">unrealized gain</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Gross</div>
            <div style="text-align: center; font-weight: bold;">unrealized loss</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Fair value</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Short-term&#160;investments</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>208,177</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>1,013</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(5,145</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>204,045</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="z78f1076733a1444aa7ce4093c89e9bec" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="14">
            <div style="text-align: center; font-weight: bold;">As at December 31, 2021 (unaudited)</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="14">
            <div style="text-align: center; font-weight: bold;"><br>
            </div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Amortized cost</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Gross</div>
            <div style="text-align: center; font-weight: bold;">unrealized gain</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Gross</div>
            <div style="text-align: center; font-weight: bold;">unrealized loss</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Fair value</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Short-term&#160;investments</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>176,775</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>540</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>(124</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div>177,191</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Net loss for the period</div>
    <div>&#160;</div>
    <div style="text-align: justify;">As a result of the above, our net loss amounted to US$0.3 million for the three months ended December 31, 2022, compared to US$10.6 million for the three months ended December 31, 2021.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">As a result of the above, our net loss amounted to US$52.4 million for the twelve months ended December 31, 2022, compared to US$60.5 million for the twelve months ended December 31, 2021.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Consolidated statements of cash flows</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The following table sets forth certain consolidated cash flow information for the periods indicated:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="zc24f372dddda4ba585f64ea2cdd5b616" class="cfttable">

        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
            <div style="text-align: center; font-weight: bold;">For the twelve months ended</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: middle;">
            <div style="font-style: italic;">(in US$ thousands, except percentages)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2022</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">
            <div style="text-align: right; font-weight: bold;">December</div>
            <div style="text-align: right; font-weight: bold;">31, 2021</div>
          </td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
            <div>Net cash used in operating activities</div>
          </td>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <div>(52,991</div>
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            <div>(43,379</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <div>(166,781</div>
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            <div>Net cash provided by (used in) financing activities</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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            <div>(19,580</div>
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            <div>)</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <div>(92,181</div>
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          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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    <div style="text-align: justify;">For the year ended December 31, 2022, net cash used in investing activities decreased by US$123.4 million of net cash used to US$43.4 million in the year ended December 31, 2022, from US$166.8 million in the year ended
      December 31, 2021, primarily as a result of (1) a decrease in the purchase of short term investment to US$111.6 million for the year ended December 31, 2022, from US$177.8 for the year ended December 31, 2021; and (2) an increase in the redemption of
      short-term investments to US$78.0 million for the year ended December 31, 2022, from US$17.9 for the year ended December 31, 2021.</div>
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    <div style="text-align: justify;">Net cash used in financing activities amounted to US$19.6 million for the year ended December 31, 2022 from a net cash provided by financing activities of US$283.7 million for the year ended December 31, 2021. The
      change in net cash from financing activities is primarily attributable to (1) decrease in equity raises, which decreased to nil for the year ended December 31, 2022 from US$296.3 million for the year ended December 31, 2021 as a result of the
      consummation of our initial public offering; and (2) increase in cash used to buy back shares,&#160; to US$12.8 million for the year ended on December 31, 2022 from US$2.4 million for the year ended on December 31, 2021, as part of our repurchase of
      shares program, partially offset by a decrease in payment of loans and financing to US$2.7 million for the year ended December 31, 2022, from US$10.9 million for the year ended December 31, 2021.</div>
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    <div style="text-align: justify;">Our capital expenditures, consisting of purchase of property and equipment and intangible assets, for the twelve months ended December 31, 2022 and 2021, amounted to US$0.3 million and US$1.8 million, respectively,
      representing 0.2% and 1.4% of our total revenue for the twelve months ended December 31, 2022 and 2021, respectively.</div>
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    <div style="text-align: justify;">For 2023, we expect to maintain the capital expenditures as a percentage of our total revenue in line with the ratios we delivered in 2022. We expect to meet our capital expenditure needs for at least the next 12
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    <div style="text-align: justify; font-weight: bold;">Off-balance sheet arrangements</div>
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    <div style="text-align: justify;">As of&#160; December 31, 2022, we did not have any off-balance sheet arrangements.</div>
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    <div style="text-align: justify;">We are exposed to market risks in the ordinary course of our business, including the effects of foreign currency fluctuations, derivative financial instruments, credit risk and liquidity risk. Information relating to
      quantitative and qualitative disclosures about these market risks is described below:</div>
    <div>&#160;</div>
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    <div>&#160;</div>
    <div style="text-align: justify;">The interest risk arises from the possibility of us incurring losses due to fluctuations in interest rates in respect of fair value of future cash flows of a financial instrument.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Our exposure to market risk for changes in interest rates relates primarily to our cash, cash equivalents, restricted cash, marketable securities and short-term investments. Our investments are made for capital
      preservation purposes, and we do not enter into investments for trading or speculative purposes. Our trade receivables account payable, and other liabilities do not bear interest.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Our cash, cash equivalents, restricted cash, marketable securities and short-term investments consist primarily of interest-bearing accounts held by our parent company in USD. Such interest-earning instruments carry a
      degree of interest rate risk. To minimize interest rate risk, we intend to maintain our portfolio of cash equivalents in a variety of investment-grade securities, which may include commercial papers, money market funds, and government and
      non-government debt securities. Because of the short-term maturities of our cash, cash equivalents, restricted cash, and marketable securities, as of December 31, 2022, we are not materially exposed to the risk of changes in market interest rates.</div>
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    <div style="text-align: justify; font-style: italic; font-weight: bold;">Foreign currency exchange risk</div>
    <div>&#160;</div>
    <div style="text-align: justify;">We have significant operations internationally that are denominated in foreign currencies. Our exposure to foreign exchange risk is primarily related to fluctuations between the U.S. Dollar and the Latin American
      countries in which we operate (primarily the Brazilian <font style="font-style: italic;">real</font>, Argentine <font style="font-style: italic;">peso</font>, Colombian <font style="font-style: italic;">peso</font> and Chilean <font style="font-style: italic;">peso</font>). We transact business in various foreign currencies and have significant international revenues and costs. Our cash flows, results of operations and certain of our intercompany balances are exposed to
      foreign exchange rate fluctuations that may differ materially from expectations. We may record significant gains or losses due to foreign currency fluctuations and related hedging activities.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Our subsidiaries generate revenues and incur most of their expenses in the respective local currencies of the countries in which they operate. As a result, our subsidiaries use their local currency as their functional
      currency. In the years ended December 31, 2022 and December 31, 2021, 15.6% and 17.3% of our revenues were denominated in, or linked to, U.S. dollars, respectively. As of December 31, 2022 and December 31, 2021, our assets were represented by 66.1%
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      currencies.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">We are exposed to foreign exchange fluctuations on the revaluation of foreign currency assets and liabilities. We use foreign exchange derivative products to hedge intercompany loans, and debt for operational purposes.
      By their nature, derivative financial instruments involve risk, including the credit risk of non-performance by counterparties. We use derivatives for hedging purposes and not as speculative investments.</div>
    <div>&#160;</div>
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    <div style="text-align: center;">SIGNATURES</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.</div>
    <div>&#160;</div>
    <div>Date: March 02, 2023</div>
    <div>&#160;</div>
    <div>&#160;
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          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="font-style: italic;" rowspan="1" colspan="2">VTEX&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
            </td>
            <td style="width: 46%;" colspan="1">&#160;</td>
          </tr>
          <tr>
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              <div>&#160;</div>
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            <td style="width: 4%;">By:<br>
            </td>
            <td style="width: 46%;" colspan="1">/s/ Ricardo Camatta Sodre </td>
          </tr>

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      <div><br>
      </div>
      <div>
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      <div> <br>
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          <tr>
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              <div>&#160;</div>
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            <td style="width: 4%;">Name:<br>
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            <td style="width: 46%;" colspan="1">Ricardo Camatta Sodre</td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
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            <td style="width: 4%;">Title:<br>
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            <td style="width: 46%;" colspan="1">Chief Financial Officer</td>
          </tr>

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    </div>
    <div style="font-style: italic;"><br>
    </div>
    <div>&#160;</div>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">42</font></div>
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