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"-70000000.0", "decimals": -6, "dimensions": { "concept": "FLS:ProceedsFromBorrowingsAndRepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__6__31": { "value": "-749000000.0", "decimals": -6, "dimensions": { "concept": "FLS:ProceedsFromBorrowingsAndRepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__5__32": { "value": "-413000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__6__32": { "value": "-1066000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__5__35": { "value": "-281000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__6__35": { "value": "-700000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__5__36": { "value": "1352000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__6__36": { "value": "2130000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__5__37": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__6__37": { "value": "-78000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__5__38": { "value": "1070000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__6__38": { "value": "1352000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__5__42": { "value": "The cash flow statement is presented using the indirect method and shows the composition of cash flow divided into operating, investing and financing activities for both continued and discontinued activity and the changes in cash and cash equivalents during the year.Cash flow from operating activities consists of earn-ings before depreciation, amortisation and impairment (EBITDA) adjusted for changes in provisions and net working capital, other non-cash operating items, finan-cial items received and paid and taxes paid.Cash flow from investing activities comprises payments made and cash received in connection with the acquisi-tion and disposal of businesses and non-current assets including dividend from associates.Cash flow from financing activities comprises changes in the size or composition of equity and loans, repay-ment of interest-bearing debt including lease liabilities, acquisitions and disposal of non-controlling interests, movements in treasury shares and payment of dividend to shareholders.Cash and cash equivalents mainly consist of bank deposits.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s5__5__41-1": { "value": "The cash flow statement is presented using the indirect method and shows the composition of cash flow divided into operating, investing and financing activities for both continued and discontinued activity and the changes in cash and cash equivalents during the year.Cash flow from operating activities consists of earn-ings before depreciation, amortisation and impairment (EBITDA) adjusted for changes in provisions and net working capital, other non-cash operating items, finan-cial items received and paid and taxes paid.Cash flow from investing activities comprises payments made and cash received in connection with the acquisi-tion and disposal of businesses and non-current assets including dividend from associates.Cash flow from financing activities comprises changes in the size or composition of equity and loans, repay-ment of interest-bearing debt including lease liabilities, acquisitions and disposal of non-controlling interests, movements in treasury shares and payment of dividend to shareholders.Cash and cash equivalents mainly consist of bank deposits.Segment income and costs include transactions between the three segments, if any. Such transactions are carried out on market terms.Some administrative functions such as finance, HR, IT and legal are shared by the segments. Such shared costs are paid by the business segments based on assessment of consumption.Discontinued activities are not a separate reportable segment but presented as discontinued operations under IFRS5.Geographical information in note 1.3 is based on four regions. Revenue is presented in the region in which delivery takes place. Non-current assets and employees are presented in the region in which they belong.Revenue from contracts with customers is recognised when control of the goods or services are transferred to our customers at an amount that reflects the transaction price to which we expect to be entitled in exchange for these goods or services. Judgement is made to deter-mine if a contract for sale of products or services, or a combination hereof, involves one or more performance obligations. If a contract contains more than one perfor-mance obligation, the contract price is allocated to each performance obligation based on the relative stand-alone selling price for each performance obligation.Revenue from products and services is recognised over time, using the cost-to-cost method, when 1) we have no alternative use for the goods or services to be delivered and 2) we have an enforceable right to payment for work completed.If we do have an alternative use for the goods or services to be delivered, e.g. products with a low degree of custo-misation, revenue is recognised at the point in time when control transfers to the customer, usually upon delivery.Staff costs include wages and salaries, cash bonuses, share-based payments, pension costs, benefits and social security costs. In general, staff costs are expensed when the services are rendered by the employees. When long-term incentive programmes are provided, the costs are accrued over the period that makes the employees entitled to the payment. Termination benefits are expensed when an agreement has been reached between the Group and the employee and no future service is rendered by the employee in exchange for the termination payment.The Group\u2019s pension plans consist of both defined contri-bution plans and defined benefit plans (pension plans). The accounting policy for pension plans can be found in note 2.8.The accounting policy for share-based payments can be found in note 6.1.GoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units as defined by Management and being the segments Mining and Cement as no goodwill is related to the Non-Core Activities.Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.The Group uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase. Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the technical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reli-ably and it is probable that the future earnings or the net selling price will cover production, sales, and administra-tive costs plus development costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to development activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.The Group measures property, plant and equipment at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials and direct labour. Property, plant and equipment include lease assets, see further in note 2.5.Depreciation is charged on a straight-line basis over the estimated useful life of the assets until they reach the estimated residual value.Estimated useful life is as follows:\u2022 Buildings, 20-40 years\u2022 Plant and machinery, 3-15 years\u2022 Operating equipment and fixtures and fittings, 3-15 years\u2022 Leasehold improvements, mainly related to land and buildings, up to 5 years or following the corresponding lease agreement\u2022 Land is not depreciated.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.Provisions are recognised when we, due to an event occurring before or at the balance sheet date, have a legal or constructive obligation and outflow of resources is expected to settle the obligation.Provisions for warranty claims are estimated on a order-by-order basis based on historical realised costs to handle warranty claims. The provision covers also unset-tled claims from customers or subcontractors.Provisions for restructuring costs are made only if the restructuring has been decided at the balance sheet date in accordance with a specific plan, and only provided that the parties involved have been informed about the overall plan.Provisions for loss-making contracts (included in other provisions in the table) cover customer contracts expected to result in a loss as the expected cost to complete exceeds revenue. The expected cost overrun that is not covered by revenue is recognised as a provi-sion. The key accounting estimate is explained in note 3.4.Provisions regarding disputes and lawsuits (included in other provisions in the table) are based on Management\u2019s assessment of the likely outcome settling the cases based on the information at hand at the balance sheet date.Contributions to defined contribution plans are recog-nised in staff costs when the related service is provided. Any contributions outstanding are recognised in the balance sheet as other liabilities.For defined benefit plans, annual actuarial calculations are made of the present value of future benefits payable under the pension plan using the projected unit credit method. The Group uses external actuarial experts.The present value is calculated based on assumptions about future developments in variables such as salary levels, interest, inflation and mortality rates. The present value is only calculated for benefits earned by the employees through their employment with the Group to date. The actuarial calculation of present value less the fair value of any plan assets is recognised in the balance sheet as pension obligations.The pension costs (service costs) for the year, based on actuarial estimates and financial forecasts at the begin-ning of the year, are recognised in the income statement within staff costs. The interest on the net pension obligation is recognised in the income statement within financial costs. The difference between the forecast development in pension assets and liabilities and the realised values is called actuarial gains or losses and is recognised in other comprehensive income.If a pension plan constitutes a net asset, the asset is recognised only to the extent that it equals the value of future repayments under the plan or it leads to a reduc-tion of future contributions to the plan.Acquired businesses are included in the consolidated financial statements from the date when control (the acquisition date) of the business is transferred to FLSmidth.The purchase price includes consideration already paid/received, deferred consideration and expected contin-gent consideration. The purchase price is allocated to the identified assets, liabilities and contingent liabilities (net assets) based on their fair values at acquisition date and any excess of the purchase price over the net assets is recognised in the balance sheet as goodwill within intan-gible assets. In the event the purchase price is lower than the net assets, the difference is recognised in the income statement (a gain from a bargain purchase).If, on the acquisition date, there are any uncertainties with respect to identifying or measuring the acquired net assets, the initial recognition will be made on the basis of estimated fair values. The estimated fair values may be adjusted, or additional assets or liabilities may be recognised during the measurement period of up to 12 months to reflect new information that becomes avail-able about conditions prevailing on the acquisition date. Such adjustments are made to the initial purchase price allocation as a restatement of prior information, including to the amount of goodwill.Any subsequent adjustment of contingent consideration is recognised directly in the income statement, unless it relates to new information on conditions prevailing at acquisition date obtained during the measurement period and therefore impacting the purchase price allo-cation.Discontinued activities comprise disposal groups, which have been disposed of, ceased or are classified as held for sale and represents a separate major line of business or geographical area. Discontinued activities are presented in the income statement as profit/loss for the year, discontinued activities and consists of operating income after tax. Gains or losses from disposal of the assets related to the discontinued activities and adjustments hereto are like-wise presented as discontinued activities in the income statement.In the consolidated cash flow statement, cash flow from discontinued activities is included in cash flow from operating, investing and financing activities together with cash flow from continuing activities.Inventories are measured at cost based on weighted average cost prices.In the event that cost of inventories exceeds the expected selling price less cost of completion and selling costs, the inventories are impaired to the lower net realisable value. The net realisable value of inventories is measured as the expected sales price less costs of completion and costs to finalise the sale.Impairment assessment of the inventory is performed item by item including:\u2022 Test for slow moving stock\u2022 Test for aging of inventory\u2022 Assessment of expected market (pricing and market potential)\u2022 Assessment of strategic inventory itemsObsolete items are impaired to the value of zero. Management considers part of the inventories as stra-tegic. Strategic items are held in inventory, even if slow moving, because they are considered key equipment to the customers, that we need to be able to deliver with very short notice.Raw materials and consumables include purchase costs of materials and consumables, duties and freight. Work in progress, finished goods and goods for resale include cost of manufacturing including materials consumed and labour costs plus an allowance for production overheads. Production overheads include operating costs, mainte-nance of production facilities as well as administration and factory management directly related to manufac-turing.Trade receivables are initially measured at fair value and subsequently measured at amortised cost.A credit loss allowance is made upon initial recognition based on historical observed default rates adjusted for forward looking estimates. The cost of the credit loss allowances is included in administration costs. A loss is considered realised when it is certain that we will not recover the receivable, e.g. in case of bankruptcy or similar.Work in progress consists of contract assets and contract liabilities for contracts with customers where revenue is recognised over time.For contracts included as work in progress revenue reflecting the percentage of completion is recognised when the outcome of the contracts can be estimated reliably. The percentage of completion is calculated based on a cost-to-cost basis (input method) and is the ratio between the cost incurred and the total estimated cost.The contracts are measured at an amount equal to the selling price of the work performed (percentage of completion) less progress billings and expected losses.The selling price is the total expected income from the individual contracts. If variability is included in the selling price, we use the most likely amount method.An expected loss is recognised when it is deemed prob-able that the total contract costs will exceed the total revenue from individual contracts. The expected loss is recognised immediately as a cost and as a provision for a loss-making contract. Further information can be found in note 2.7.When the selling price of the work performed exceeds progress billings, work in progress is presented as an asset and relate to unbilled work in progress. Work in progress assets have substantially the same risk char-acteristics as the trade receivables for the same types of contracts. Expected credit loss on work in progress assets is included within the loss allowance for trade receivables as managed together.When progress billings exceed the selling price of the work performed, work in progress is presented as a liability.Prepayments from customers are recognised as a liability.Income tax for the year comprises current tax and changes in deferred tax including valuation of deferred tax assets, adjustments to previous years, foreign paid withholding taxes including available credit relief and changes in provisions for uncertain tax positions.Income tax for the year is recognised in the Income Statement, unless it is attributable to items recognised in other comprehensive income. Current tax is calculated using the applicable tax rates for the financial year on the expected taxable income for the year. The resulting tax is reduced by tax paid on account in the year. Current tax is recognised in the balance sheet as either a receivable or a liability for each tax jurisdiction and includes also previous years taxes.Deferred tax is calculated using the balance sheet liability method on all temporary differences between the carrying amounts for financial reporting purposes and the amounts used for taxation purposes, except differences relating to initial recognition of goodwill. No deferred tax i recognised related to Pillar II.Tax losses that are likely used against future taxable income in the same legal tax unit and jurisdiction in the next five years are included in the measurement of deferred tax. Deferred tax liabilities regarding invest-ments in subsidiaries are recognised if the shares are expected to be sold in the short-term.Deferred tax assets/liabilities and tax receivables/paya-bles are offset if the Group has a legal right to offset these and intends to settle these on a net basis or to realise the assets and settle the liabilities simultaneously.Uncertain tax positions are measured at the amount estimated to be required to settle such potential future obligations. We measure these uncertain tax positions on a yearly basis through interviews with key stakeholders in the main Group entities.We determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty will be followed. Management assesses for each uncertain tax positions whether the most likely outcome method or the expected value provide the best prediction of the resolu-tion of uncertainty.Financial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.Derivatives are initially recognised in the balance sheet at fair value and subsequently remeasured at fair value. Fair value of derivatives is included in other receivables or other liabilities respectively.Fair value changes of derivatives that are accounted for as cash flow hedging instruments are recognised in other comprehensive income. Any ineffective portions of the cash flow hedges are recognised in the income state-ment within financial item. When the hedged cash flows materialises, the fair value of the hedging instrument is transferred from other comprehensive income into the line item of the hedged item.Any changes in the fair value of derivatives not used for hedge accounting are recognised in the income state-ment within financial items.Certain contracts contain conditions that correspond to derivatives. In case the embedded derivatives deviate significantly from the overall contract, they are recog-nised and measured as separate instruments at fair value. That is unless the contract concerned as a whole is recognised and measured at fair value.Financial assets are classified based on the contractual cash flow characteristics of the financial asset as well as our intention with the financial asset according to our business model.If cash flows from a financial asset are solely payments of principal and interests the classification is either:\u2022 Amortised cost, for financial assets, where the objective is to hold the financial asset to collect the contractual cash flows.\u2022 Fair value through profit/loss, for other financial assetsHedging instruments designated as hedge accounting are classified separately and are measured at fair value.Based on this, all financial assets and liabilities, except for hedging instruments, securities and investments, are measured at amortised cost.The table on the next page shows the fair value of all financial instruments and compares it to the carrying amount. For the mortgage debt, the fair value is deter-mined as the quoted price of the underlying mortgage bonds funding the debt. The carrying amount for the other items is a reasonable approximation of fair value.The performance share and the restricted share programmes are classified as equity based, as the schemes settle in shares.The value of the services received in exchange for the granting of performance share units (PSUs) and restricted share units (RSUs), is measured as the fair value of the share units at grant date. The fair value of the PSUs and RSUs is determined based on the quoted share price and for the PSUs adjusted for the expected performance under the TSR KPI, both determined at grant date. The fair value is not adjusted for dividend as participants of the programme are compensated for divi-dend pay-outs during the performance period.The fair value is recognised in staff cost in the income statement and in equity over the vesting period which is three years.On initial recognition of the PSUs, the number of PSUs expected to vest are estimated. Subsequently, the estimate is revised so that the total cost recognised is based on the actual number of PSUs expected to vest, however, keeping the expectations related to the TSR KPI unchanged compared to grant date.7.3 Defining materialityThe annual report is based on the concept of materi-ality, to ensure that the content is material and relevant to the readers. The consolidated financial statements consist of many transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements and in the notes as required by IFRS. If items are individually immaterial, they are aggregated with other items of a similar nature in the consolidated financial statements or in the notes.The disclosure requirements throughout IFRS are substantial, and we provide the specific disclosures required by IFRS unless the information is considered immaterial to the economic decisionmaking of the readers of these consolidated financial statements.7.4 Alternative Performance measuresWe present financial measures which are not defined according to IFRS. We use these alternative performance measures (APM) as we believe that these financial meas-ures provide valuable information to our stakeholders and management. The financial measures should not be considered as a replacement for performance measures as defined under IFRS, but rather as supplementary information.The alternative performance measures may not be comparable to similarly titled measures presented by other companies, as the definitions and calculations may be different. Our definitions of the financial measures are included in note 7.8 Definition of terms.We use several alternative performance measures throughout the report. The most commonly used are:GrowthWe use different alternative performance measures related to growth, such as order intake, order backlog and growth. We use these measures in the daily manage-ment of our business, as order intake and order backlog are part of the main indicators of our future activity level.ProfitWe use different alternative performance measures related to profit, such as EBIT, EBITA and EBITDA. EBITA is a measure which is commonly used within the industry and included in our calculation of return of capital employed. To reflect the underlying performance, we have in 2023 and 2024 supplementary included adjusted EBITA and adjusted EBITA margin in the management report. The adjustments cover the transformation and separation costs of DKK 261m. 2023 was adjusted DKK 481m related to the integration of Mining Technologies. Cash flowWe use different alternative performance measures related to cash flow, such as free cash flow. We use free cash flow to measure how much cash we generate from our operations after maintaining our capital employed. Therefore, free cash flow is determined as cash flow from operating and investing activities.Financial positionWe use different alternative performance meas-ures related to the financial position, such as capital employed, net working capital and net interest-bearing debt. Capital employed and net working capital are included in our calculation of return of capital employed. Net working capital is also a measure we use in the daily management of our business, as it is closely related to the activity.7.5 Material Accounting policiesThe descriptions of material accounting policies in the notes form part of the overall description of accounting policies.ConsolidationThe consolidated financial statements comprise the financial statements of FLSmidth & Co. A/S (the parent company) and subsidiaries controlled by FLSmidth & Co. A/S, prepared in accordance with Group accounting poli-cies. The consolidated financial statements are prepared by combining items of a uniform nature and subse-quently eliminating intercompany transactions, internal shareholdings and balances and unrealised intercompany profits and losses.Foreign currenciesThe consolidated financial statements are presented in Danish Kroner (DKK) that is the functional currency of the parent company.Foreign currency transactions are translated into the functional currency defined for each company using the prevailing exchange rates at the transaction date. Monetary items denominated in foreign currencies are translated into the functional currency at the prevailing exchange rates at the reporting date.Financial statements of foreign subsidiaries are trans-lated into Danish Kroner at the prevailing exchange rates at the reporting date for assets and liabilities, and at average exchange rates for income statement items.All exchange rate differences are recognised as financial income or financial costs, except for the following, that are recognised in other comprehensive income, trans-lated at the prevailing exchange rates at the reporting date:\u2022 Translation of foreign subsidiaries\u2019 net assets at the beginning of the year\u2022 Translation of foreign subsidiaries\u2019 income statements from average exchange rates to the exchange rates prevailing at the reporting date\u2022 Translation of long-term intercompany balances, which are considered to form part of the net invest-ment in subsidiariesGoodwill arising from the acquisition of new companies is treated as an asset belonging to the new foreign subsid-iaries and translated into Danish Kroner at prevailing exchange rates at the reporting date.Unrealised gain/loss relating to hedging of future cash flow is recognised in other comprehensive income.7.7 New IFRS Accounting Standards not yet adoptedGenerally, we expect to implement all new or amended accounting standards and interpretations when they become mandatory and have been endorsed by the EU. IASB has issued new or amended accounting standards, which become effective after 31 December 2024.The following amendments are relevant for FLSmidth & Co. A/S. We are currently assessing the impact and foresee some changes to the presentation in the income and cash flow statements and to the disclosures in the notes to the financial statements but none of these are expected to have a significant impact on the consoli-dated financial statements:New IFRS not yet updatedIFRS Description Effective dateAmendments to IAS 21, The amendment adds provisions on how to assess whether a 01-Jan -25Lack of Exchangeabilitycurrency is exchangeable into another currency and, when it is not, how to estimate the exchange rate and disclosures to be provided (issued August 2023). .Amendments to IFRS 9 The post-implementation review of the classification and 01-Jan -2 6and IFRS 7measurement requirements in IFRS 9 led to limited amendments to what constitutes basic lending features (issued May 2024). Annual improvements, Include amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 01-Jan -2 6Volume 11(issued July 2024). .Amendments to IFRS 9 and Amendment to improve the accounting for contracts referencing 01-Jan -2 6IFRS 7 Contracts Referencing nature-dependent electricity, including allowing to apply hedge Nature-dependent Electricityaccounting when such contracts are used as hedging instruments (issued December 2024).IFRS 18, Presentation and The standard replaces IAS 1 and includes new structure and 01-Jan -27Disclosure in Financial required subtotals in the income statement, disclosures on Statementsmanagement-defined performance measures (MPMs) and enhanced guidance on grouping of information (aggregation and disaggregation) (issued April 2024). .7.8 Definition of termsAcquisition developmentDevelopment as a consequence of business acquisition, disregarding development from currency. In general, busi-ness acquisitions are included in the development from organic growth after 12 months, unless it earlier is impracti-cable to distinguish acquisition development from organic growth, e.g. due to integration into existing business.Alternative performance measureA financial measure of historical or future financial perfor-mance, financial position or cash flows, other than a financial measure defined or specified according to IFRS.Book-to-billOrder intake as a percentage of revenue.BVPS (Book value per share)FLSmidth & Co. A/S\u00b4 share of equity excluding minorities divided by year-end number of shares.Capital employed, averageIn 2023, the average capital employed was adjusted due to the acquisition of Mining Technologies by including the increase in capital employed coming from Mining Technolo-gies prorated to the period when FLSmidth was the owner.Capital employed, end of period Intangible assets (cost) + property, plant and equipment (carrying amount) + lease assets + net working capital.Capital expenditure (CAPEX)Investment in intangible assets as well as property, plant and equipment and leased assets. Excluding impact from acquisitions.CFFFCash flow from financing activities.CFFICash flow from investing activities.CFFOCash flow from operating activities.CFFO / RevenueCFFO as a percentage of last 12 months\u2019 revenue.CFPS (cash flow per share), (diluted) CFFO as a percentage of average number of shares (diluted).Currency developmentThe difference between the current figure reported and the same figure had the exchange rates towards DKK been the same as in the comparison period.DIFOTDelivery in full on time.Dividend yieldDividend as percent of share price end of year.EBITEarnings before interest and tax and impairments of investments in associated companies.EBIT marginEBIT as a percentage of revenue.EBITA and adj. EBITAEarnings before, interest, tax, amortisation and impair-ments of investments in associated companies. Adjusted EBITA equals EBITA plus integration and separation costs of DKK 261m (2023: DKK 481m).EBITA margin and adj. EBITA margin EBITA as a percentage of revenue. Adjusted EBITA margin calculated as Adjusted EBITA as a percentage of revenue.EBTEarnings before tax.EBT marginEBT as a percentage of revenue.Effective tax rateIncome tax expenses as a percentage of EBT.EPC projectsEngineering, procurement and construction.EPS projectsEngineering, procurement and supervision.EPS (earning per share)Net profit/(loss) divided by the average number of shares outstanding (adjusted for treasury shares).EPS (earnings per share), (diluted)Net profit/(loss) divided by the average number of shares outstanding (adjusted for treasury shares) less share options in-the-money.Equity ratioEquity as a percentage of total assets.Financial gearing (NIBD/EBITDA) Net interest-bearing debt (NIBD) divided by EBITDA.Free cash flowCFFO + CFFI.Free cash flow adjusted for acquisitions and disposals of enterprises and activitiesCFFO + CFFI + acquisitions of enterprises and activities - disposals of enterprises and activities.Gross marginGross profit as a percentage of revenue.Growth decompositionIncrease/decrease in percentage compared to last year. Currency effect is current year amount compared to current year amount at last year\u2019s foreign exchange rate. Organic effect is growth excluding currency effect, divestment and acquisition. In 2024 the impact from acquisition was immaterial.Market capitalisationThe share price multiplied by the number of shares issued end of year.Net interest-bearing debt (NIBD) Interest-bearing debt less interest-bearing assets and bank balances.Net working capital, average(Net working capital, end of year + net working capital, end of last year)/2.Net working capital, endInventories + trade receivables + work in progress for third parties, net + prepayments, net + financial instru-ments, net + other receivables \u2013 other liabilities \u2013 trade payables.Net working capital ratio, averageNet working capital, average as a percentage of last 12 months revenue.Net working capital ratio, endNet working capital as a percentage of last 12 months\u00b4 revenue.Number of shares outstandingThe total number of shares, excluding FLSmidth\u2019s holding of treasury shares.NIBD/EBITDANet interest-bearing debt (NIBD) divided by last 12 months\u2019 EBITDA.Operational expenditure (OPEX) External costs, personal cost and other income and costs.Order backlogThe value of outstanding performance obligations on current contracts at end of year.Order backlog / RevenueOrder backlog as a percentage of last 12 months\u00b4 revenue.Order intakeOrders are included as order intake when an order becomes effective, meaning when the contract becomes binding for both parties dependent on the specific condi-tions of the contract.Organic developmentDevelopment as a consequence of growth in already existing business, disregarding development from currency.Other comprehensive incomeAll items recognised in equity other than those related to transactions with owners of the company.Pay-out ratioThe total dividends for the year as a percentage of profit/(loss) for the year.Return on equityProfit/(loss) for the last 12 months\u00b4 as a percentage of equity ((Equity, end of year + equity, end of last year)/2).ROCE (return on capital employed) EBITA as a percentage of capital employed, average.Sales, General & Administrative costs (SG&A costs)Sales cost + Administrative cost \u00b1 other operating items.Total shareholder returnShare price increase and paid dividend.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s5__5__40-1": { "value": "The cash flow statement is presented using the indirect method and shows the composition of cash flow divided into operating, investing and financing activities for both continued and discontinued activity and the changes in cash and cash equivalents during the year.Cash flow from operating activities consists of earn-ings before depreciation, amortisation and impairment (EBITDA) adjusted for changes in provisions and net working capital, other non-cash operating items, finan-cial items received and paid and taxes paid.Cash flow from investing activities comprises payments made and cash received in connection with the acquisi-tion and disposal of businesses and non-current assets including dividend from associates.Cash flow from financing activities comprises changes in the size or composition of equity and loans, repay-ment of interest-bearing debt including lease liabilities, acquisitions and disposal of non-controlling interests, movements in treasury shares and payment of dividend to shareholders.Cash and cash equivalents mainly consist of bank deposits.3.1 Net working capitalNet working capital represents the assets and liabilities necessary to support FLSmidth\u2019s daily operations.The impact on FLSmidth\u2019s cash flows from net working capital is also showed in the table to the right.Net working capital increased by DKK 725m compared to 31 December 2023, driven primarily by increase in projects related work in progress balances and by payments to suppliers leading to a reduction in trade payables and offset by a decrease in trade receivables.Currency impacts decreased net working capital at 31 December 2024 by DKK23m (2023: a decrease of DKK 14m).Utilisation of supply chain financing increased slightly-during 2024 by DKK 515m (2023: DKK 504m).Net working capitalDKKm 2024 2023Inventories 3,572 3,450Trade receivables 4,073 4,516Work in progress, asset 3,009 2,769Prepayments 351 423Other receivables 781 855Derivative financial instruments 53 37Prepayments from customers (1,783) (1,933)Trade payables (3,538) (4,024)Work in progress, liability (2,791) (3,025)Other liabilities (1,587) (1,637)Derivative financial instruments (33) (49)Net working capital of the Group 2,107 1,382Cash flow effect from change in NWCDKKm 2024 2023Inventories (149) 310Trade receivables 409 431Trade payables (475) (208)Work in progress (658) (230)Prepayments from customers (61) (810)Prepayments 66 439Other receivables and other liabilities 118 479of which relate to foreign exchange gain/(loss) (24) (113)(774) 298Change in net working capital (725) 511Acquisitions/disposal of activities, financial instruments and foreign exchange effect on cash flow (49) (213)Cash flow effect from change in net working capital (774) 298", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s5__5__45": { "value": "132000000.0", "decimals": -6, "dimensions": { "concept": "FLS:CashFlowsFromUsedInOperatingAndInvestingActivities", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__6__45": { "value": "366000000.0", "decimals": -6, "dimensions": { "concept": "FLS:CashFlowsFromUsedInOperatingAndInvestingActivities", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s5__5__46": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": 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These affect the carrying amounts of balance sheet items and income and expenses for the financial year. This note includes the areas that involve a higher degree of judgement or complexity and where changes in assumptions and estimates will likely have a signifi-cant impact on the consolidated financial statements. These areas are categorised as key accounting estimates and judgements. The significance of the impact on the consolidated financial statements of those estimates and judgements is categorised into three levels: low, medium and high, where only the two last levels result in classification as key accounting estimates/judgements.The key areas are unchanged from 2023, except that there has been no significant business acquisitions in 2024 and the impact from the estimate of expected credit losses from trade receivables is assessed to be low by the end of 2024.Key accounting estimateThe determination of the carrying amount of some assets and liabilities requires the estimation of the effect of uncertain future events on those assets and liabilities and actual results may differ from the estimates made. Making the estimates involve developing expectations of the future based on assumptions, that we to the extent possible support by historical trends or reasonable expectations. We believe that our estimates are the most likely outcome of future events.Impact significanceKey accounting Lowestimates and Medium judgementsHigh Key accounting judgementsKey accounting judgements are made when applying accounting policies. Key accounting judgements are the judgements made, that can have a significant impact on the amounts recognised in the consolidated financial statements.The areas that are categorised as key accounting esti-mates and judgements are unchanged compared to last year.The description of the key accounting estimates and judgements are included in the individual notes as shown below.As a global business, FLSmidth is exposed to risks asso-ciated with climate change comprising both transitional and physical risks.In general, climate-related changes have not imposed significant uncertainty on the consolidated finan-cial statement but poses potential opportunities to FLSmidth for delivering solutions to our current and future customers to succeed on the green transition. This is in line with our double materiality assessment to the ESRS 1 in relation to sustainability matters. Where the double materiality assessment covers risks pre-miti-gation activities, it is management\u2019s assessment that the processes and policies that we have in place ensures that no material financial risks remain. Providing specialist technologies to enable our customers to decarbonise their operations and reduce water consumption will have a positive impact on our business. Investments in developing such solutions have been factored into the future expected cash flows in e.g. the impairment test of intangible assets.Further, in preparing the consolidated financial state-ments 2024, management has considered the impact of climate change, particularly in the context of our sustain-ability performance, to the extent possible. This includes that our 2030 SBTi targets to reduce emissions across the value chain are considered in our financial forecasts. The potential consequences on the value and useful life of property, plant and equipment were assessed as having no material financial impact.The geopolitical situation from various ongoing conflicts and increasing unrest in many regions along with anti-globalisation sentiments are impacting global structures and relationships. Potential risk-scenarios are continuously reviewed, and supply chain initiatives are ongoing.Key accounting estimates and judgementsNote Key accounting estimates and judgements Nature of accounting impact Impact of estimates and judgements1.4 Revenue Determine recognition method Judgement2.7 Provisions Estimate warranty provision Estimate 3.2 Inventories Estimate valuation of inventories Estimate 3.4 Work in progress Estimate total cost to complete Estimate 4.3 Deferred tax Estimate the value of deferred tax assets EstimateJudgement regarding recognition methodJudgements are made when determining if revenue on product or service is recognised over time or at a point in time. The judgements relate to if we have an alternative use of the assets being produced and if we have an enforceable right to payment throughout the contractual term.When assessing if an asset being produced has no alternative use to FLSmidth, we estimate the alter-native use cost amount. We have limited historical data as we rarely redirect our assets. The estimate is based on the specifics of each contract.When assessing if we are entitled to payment throughout the contract term, a judgement is made based on the contract wording, legal entitlement and profit estimates.Estimated warranty provisionWhen estimating the warranty provision we take into consideration several years of warranty cost information, any specific risk related to customer contracts, knowledge about defects and functional errors in the product portfolio, risks associated with newly launched products as well as customer losses in connection with suspension of operation. We include all of these factors as relevant, to esti-mate a warranty provision that to the best of our knowledge reflects our responsibility towards our customers in the future.Estimated valuation of inventoriesWhen assessing the net realisable value of invento-ries we take marketability, obsolescence and devel-opment in expected selling prices into account. Also inventory turnover, quantities and the nature and condition of the inventory items including the classification as strategic inventory are considered in the assessment. We include all of these factors as relevant, to ensure that our inventory is reflected at the expected selling price, if lower than cost.Estimated costs to completeWe estimate the total expected costs for our contracts. The estimates primarily relate to the level of contingencies to cover unforeseen costs, such as cost changes due to changes in future supplies of raw materials, subcontractor products and services as well as unforeseen costs related to execution and hand-over.The estimates are based on the specifics for each contract while taking historical data into account. For contracts sold to customers in politically and economically unstable countries, the estimates include additional risk coverage due to a higher level of uncertainty.We reassess our project financials, including update of expected project costs on an ongoing basis, to ensure that expected cost increases are appropriately reflected in the estimated cost to complete.Estimated value of deferred tax assetsThe value of deferred tax assets is recognised to the extent that it is deemed likely that taxable income in the future can utilise the tax losses. For this purpose, the income from the coming five years is estimated, based on forecasts.In assessing the probability of the future realisa-tion of deferred tax assets, we have considered the economic outlook in our forecasts of taxable income and reversals of taxable temporary differ-ences. The uncertainty of forecasts is related to macroeconomic developments, including the demand for environmental investments by our customers, not least within the Cement industry.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__34-1": { "value": "1.1 Income statement by functionIt is our policy to prepare the income statement based on an adjusted classification of the cost by function in order to show the earnings before depreciation, amorti-sation and impairment. Depreciation, amortisation, and impairment are therefore separated from the individual functions and presented in separate lines.The income statement prepared on the basis of cost by function is shown below: Income statement by functionDKKm 2024 2023*Revenue 20,187 24,106Production costs, including depreciation and amortisation (14,003) (18,475)Gross profit 6,184 5,631Sales costs, including depreciation and amortisation (1,721) (1,703)Administrative costs, including depreciation and amortisation (2,756) (2,854)Other operating net income 31 126EBIT 1,738 1,200Depreciation, amortisation and impairment consist of:Depreciation and impairment of property, plant and equipment and lease assets (288) (323)Amortisation and impairment of intangible assets (231) (238)(519) (561)Depreciation, amortisation and impairment are divided into:Production costs (281) (329)Sales costs (25) (24)Administrative costs (213) (208)(519) (561)* The comparative information has been restated to reflect a reclassification of costs from Administrative costs to Production costs. More information can be found in note 7.1.1.5 Staff costsStaff costs consist of direct wages and salaries, remu-neration, pension costs, share-based payments, training etc. related to the continuing activities. There is a negative effect from foreign currency rates of DKK 89m (2023: positive impact of DKK 145m).Composition of staff costsDKKm 2024 2023Wages, salaries and other remu-neration 3,473 4,469Contribution plans and other social security costs, etc. 486 631Defined benefit plans 25 30Share-based payment 59 54Other staff costs 532 546Total 4,575 5,730The amounts are included in the items:Production costs 2,343 3,437Sales costs 1,226 1,120Administrative costs 1,006 1,173Total 4,575 5,730Average number of employees in continuing activities 8,235 10,197Year-end number of employees 7, 7 3 9 9,377The remuneration of the Board of Directors and Group Executive Management of FLSmidth Group is shown in the tables below: Remuneration Board of DirectorsDKKm 2024 2023Board of Directors fees 7. 0 6.8Total 7.0 6.8Remuneration Group Executive ManagementDKKm 2024 2023Wages and salaries 37 32Bonus 24 18Benefits 3 2Severance package 24 6Share-based payment 23 15Other incentives 6 4Total 117 77Two members of the Group Executive Management are registered with The Danish Business Authority. During 2024, the registered members of the Group Executive Management earned remuneration as follows:Remuneration registered executivesDKKm 2024 2023Wages and salaries 14 14Bonus 10 8Benefits 1 1Share-based payment 11 8Other incentives 2 1Total 38 32Each member of the Group Executive Management is, other than the base salary, entitled to customary benefits. Additionally, the members of Group Executive Management participate in short-term and long-term incentive programmes. The short-term and the long-term incentive programmes are capped at 75% and 100%, respectively, of the annual base salary. In addition to this each executive may, at the Board of Directors\u2019 discretion, receive an additional incentive of up to 150% of the annual base salary, which can be cash and/or share-based. The individual maximum and target levels are fixed as part of the ongoing remuneration adjustment cycle.To realise FLSmidth\u2019s transformation journey over the next three years, selected key employees including the registered executives were granted a long-term share-based programme ('restricted share units\u2019). Further infor-mation can be found in note 6.1. The CEO was granted a cash-based long-term bonus vesting over three years based on different key milestones related to the trans-formation of the Group.The members of the Group Executive Management have up to 18 months\u2019 notice in the event of termination of employment and severance payment may correspond to a maximum of 6 months\u2019 base salary.For details related to the remuneration of the Board of Directors and Group Executive Management, refer to the Remuneration Report 2024: https://fls.com/en/company/governance/remuneration.\u00a7 Accounting policyStaff costs include wages and salaries, cash bonuses, share-based payments, pension costs, benefits and social security costs. In general, staff costs are expensed when the services are rendered by the employees. When long-term incentive programmes are provided, the costs are accrued over the period that makes the employees entitled to the payment. Termination benefits are expensed when an agreement has been reached between the Group and the employee and no future service is rendered by the employee in exchange for the termination payment.The Group\u2019s pension plans consist of both defined contri-bution plans and defined benefit plans (pension plans). The accounting policy for pension plans can be found in note 2.8.The accounting policy for share-based payments can be found in note 6.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__33-1": { "value": "1.1 Income statement by functionIt is our policy to prepare the income statement based on an adjusted classification of the cost by function in order to show the earnings before depreciation, amorti-sation and impairment. Depreciation, amortisation, and impairment are therefore separated from the individual functions and presented in separate lines.The income statement prepared on the basis of cost by function is shown below: Income statement by functionDKKm 2024 2023*Revenue 20,187 24,106Production costs, including depreciation and amortisation (14,003) (18,475)Gross profit 6,184 5,631Sales costs, including depreciation and amortisation (1,721) (1,703)Administrative costs, including depreciation and amortisation (2,756) (2,854)Other operating net income 31 126EBIT 1,738 1,200Depreciation, amortisation and impairment consist of:Depreciation and impairment of property, plant and equipment and lease assets (288) (323)Amortisation and impairment of intangible assets (231) (238)(519) (561)Depreciation, amortisation and impairment are divided into:Production costs (281) (329)Sales costs (25) (24)Administrative costs (213) (208)(519) (561)* The comparative information has been restated to reflect a reclassification of costs from Administrative costs to Production costs. More information can be found in note 7.1.2.2 Intangible assetsGoodwill arising from business acquisitions is recognised in the consolidated financial statements. The carrying amount of goodwill per segment is shown in note 2.3. Patents and rights acquired are recognised in the consol-idated financial statements. The patents and rights include patents, trademarks, technology, and other rights.Our intangible assets under development consist of research and development (R&D) projects and soft-ware. Much of the R&D are conducted in connection with customer activities. incurred costs are expensed or capitalised depending on the nature of the activity. In 2024, R&D costs expensed totalled DKK 148m (2023: DKK 155m). The expense is included in production costs. The addition of intangible assets under development amounts to DKK 314m (2023: DKK 322m) where capi-talised R&D cost amounts to DKK 212m (2023: DKK 193m) and the remaining capitalised relates to IT related projects. Of those capitalised costs, DKK 92m (2023: DKK138m) are internally generated.In the table on the next page, intangible assets are shown by type. Other intangible assets consist of software and completed software implementation projects, whereas completed development projects primarily consist of R&D costs (developments in relation to production techniques, processes, and similar). Until completed, internally developed assets are presented in a separate column.\u00a7 Accounting policyGoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units as defined by Management and being the segments Mining and Cement as no goodwill is related to the Non-Core Activities.Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.The Group uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase. Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the technical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reli-ably and it is probable that the future earnings or the net selling price will cover production, sales, and administra-tive costs plus development costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to development activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.Other Completed Intangible Patents and Customer intangible development assets under DKKm Goodwillrightsrelationsassetsprojectsdevelopment Total2024Cost at 1 January 6,449 2,182 1,932 934 1,335 653 13,485Foreign exchange adjustments 71 10 42 7 3 0 133Acquisition of enterprises 111 0 0 0 0 0 111Disposals of enterprises (72) (17) (10) (33) 0 0 (132)Additions 0 0 0 0 0 314 314Disposals 0 0 0 0 (12) 0 (12)Transferred between categories 0 0 0 4 137 (141) 0Cost at 31 December 6,559 2,175 1,964 912 1,463 826 13,899Amortisation and impairment at 1 January (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Foreign exchange adjustment 1 (7) (37) (7) (3) 0 (53)Disposals of enterprises 0 9 10 33 0 0 52Disposals 0 0 0 0 7 0 7Amortisation and impairment 0 (60) (49) (57) (65) 0 (231)Amortisation and impairment at 31 December 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Carrying amount at 31 December 6,559 623 287 90 241 826 8,6262023Cost at 1 January 6,434 2,204 2,015 929 1,304 422 13,308Foreign exchange adjustments (84) (7) (64) (5) 0 0 (160)Acquisition of enterprises 108 0 0 0 0 0 108Disposals of enterprises (9) (15) 0 (1) 0 0 (25)Additions 0 0 0 1 0 322 323Disposals 0 0 (19) (46) 0 (4) (69)Transferred between categories 0 0 0 56 31 (87) 0Cost at 31 December 6,449 2,182 1,932 934 1,335 653 13,485Amortisation and impairment at 1 January (1) (1,438) (1,623) (781) (1,100) 0 (4,943)Foreign exchange adjustment 0 6 54 5 1 0 66Disposals of enterprises 0 1 0 1 0 0 2Disposals 0 0 19 46 0 0 65Amortisation and impairment 0 (63) (51) (62) (62) 0 (238)Amortisation and impairment at 31 December (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Carrying amount at 31 December 6,448 688 331 143 174 653 8,4372.4 Property, plant and equipmentLand and buildings with a cost price net of depreciation of DKK 48m (2023: DKK 48m) are pledged against mort-gage debt of DKK 204m (2023: DKK 215m). The fair value of land and buildings pledged exceeds the value of the mortgage debt.\u00a7 Accounting policyThe Group measures property, plant and equipment at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials and direct labour. Property, plant and equipment include lease assets, see further in note 2.5.Depreciation is charged on a straight-line basis over the estimated useful life of the assets until they reach the estimated residual value.Estimated useful life is as follows:\u2022 Buildings, 20-40 years\u2022 Plant and machinery, 3-15 years\u2022 Operating equipment and fixtures and fittings, 3-15 years\u2022 Leasehold improvements, mainly related to land and buildings, up to 5 years or following the corresponding lease agreement\u2022 Land is not depreciated.Carrying amount of property, plant and equipment 2024 2023Property, Property, Operating plant and Operating plant and equipment, equipment equipment, equipment Land and Plant and fixtures and under Land and Plant and fixtures and under DKKmbuildingsmachineryfittingsconstruction Totalbuildingsmachineryfittingsconstruction TotalCost at 1 January 2,469 1,623 717 104 4,913 2,595 1,787 786 40 5,208Foreign exchange adjustments 35 40 0 (2) 73 (73) (48) (9) (5) (135)Acquisitions of enterprises (17) 18 0 0 1 31 (40) 0 0 (9)Disposals of enterprises (34) (254) (50) (1) (339) (31) (38) (18) 0 (87)Additions 15 52 21 296 384 5 26 24 121 176Disposals (68) (26) (28) 0 (122) (77) (91) (72) 0 (240)Transferred between categories 15 30 0 (45) 0 19 27 6 (52) 0Cost at 31 December 2,415 1,483 660 352 4,910 2,469 1,623 717 104 4,913Depreciation and impairment at 1 January (872) (1,249) (627) 0 (2,748) (872) (1,305) (681) 0 (2,858)Foreign exchange adjustment (10) (35) (3) 0 (48) 22 35 8 0 65Disposals of enterprises 19 216 41 0 276 1 23 14 0 38Disposals 16 24 23 0 63 51 86 70 0 207Depreciation (75) (95) (24) 0 (194) (74) (87) (39) 0 (200)Transferred between categories 0 0 0 0 0 0 (1) 1 0 0Depreciation and impairment at 31 December (922) (1,139) (590) 0 (2,651) (872) (1,249) (627) 0 (2,748)Carrying amount at 31 December, owned assets 1,493 344 70 352 2,259 1,597 374 90 104 2,165Carrying amount at 31 December, leased assets, note 2.5 161 13 38 0 212 180 17 27 0 224Carrying amount at 31 December, property, plant and equipment 1,654 357 108 352 2,471 1,777 391 117 104 2,3892.5 LeasesWe are party to several lease contracts as lessee, by which we lease offices, warehouses, manufacturing facilities and vehicles. We enter into lease contracts due to the flexibility it provides as it may ease the scala-bility to always adapt the asset base to the operational activity.The majority of the lease assets relate to land and build-ings and the lease contracts are typically made for fixed periods of 1 to 10 years, with a weighted average lease term of 2 years. The average discount rate applied for land and buildings is 5.29% at the end of 2024 (2023: 3.59%).The amounts included in the income statement related to expensed leases are presented in the table.During 2024 cash outflows for capitalised leases were DKK 102m (2023: DKK 145m). Interest related to leases was DKK 9m (2023: DKK 12m) and impacted CFFO nega-tively, and the remaining DKK 93m (2023: DKK 133m) was repayment of lease debt included in CFFF. Refer to note 5.8 Financial assets and liabilities for maturity analysis of lease liabilities.Further to the above cash outflow, DKK 14m (2023: DKK 13m) was included in CFFO for costs relating to short term, low-value and variable lease payments not recorded on the balance sheet.In September 2022, FLSmidth signed a lease of a new headquarter at Havneholmen in Copenhagen, Denmark. The new headquarter is still in the construction phase. It is expected that the lease will be effective in 2026. During 2024, the size of the lease has been renegotiated reducing the minimum lease payments over the term of the lease from DKK 0.2bn to DKK 0.1bn.We are not party to any significant lease contracts as lessor.Expensed leasesDKKm 2024 2023Cost relating to short-term leases 9 7Cost relating to leases of low-value assets that are not shown above as short-term leases 3 4Cost relating to variable lease payments not included in lease liabilities 2 2Expensed lease costs in the income statement 14 13The lease costs are included in the following lines:Production cost 8 6Sales cost 2 1Administrative cost 4 6Expensed lease costs in the income statement 14 13Carrying amount of leases2024Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 180 17 27 224Foreign exchange adjustments 2 (2) 1 1Disposals of enterprises (46) (4) 0 (50)Remeasurement 7 0 (1) 6Additions 99 8 26 133Disposals (9) 0 1 (8)Depreciation (72) (6) (16) (94)Carrying amount at 31 December 161 13 38 2122023Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 260 11 26 297Foreign exchange adjustments (2) 0 (1) (3)Disposals of enterprises (44) 0 0 (44)Remeasurement 9 0 (1) 8Additions 71 13 21 105Disposals (14) 0 (2) (16)Depreciation (100) (7) (16) (123)Carrying amount at 31 December 180 17 27 224\u00a7 Accounting policyAssets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__32": { "value": "1.1 Income statement by functionIt is our policy to prepare the income statement based on an adjusted classification of the cost by function in order to show the earnings before depreciation, amorti-sation and impairment. Depreciation, amortisation, and impairment are therefore separated from the individual functions and presented in separate lines.The income statement prepared on the basis of cost by function is shown below: Income statement by functionDKKm 2024 2023*Revenue 20,187 24,106Production costs, including depreciation and amortisation (14,003) (18,475)Gross profit 6,184 5,631Sales costs, including depreciation and amortisation (1,721) (1,703)Administrative costs, including depreciation and amortisation (2,756) (2,854)Other operating net income 31 126EBIT 1,738 1,200Depreciation, amortisation and impairment consist of:Depreciation and impairment of property, plant and equipment and lease assets (288) (323)Amortisation and impairment of intangible assets (231) (238)(519) (561)Depreciation, amortisation and impairment are divided into:Production costs (281) (329)Sales costs (25) (24)Administrative costs (213) (208)(519) (561)* The comparative information has been restated to reflect a reclassification of costs from Administrative costs to Production costs. More information can be found in note 7.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__35-1": { "value": "1.2 Segment informationFLSmidth has three operating and reporting segments \u2013 Mining, Cement and Non-Core Activities. The Mining and Cement segments are dedicated to provide customers full flowsheet technologies and service solutions to enhance their productivity and support the sustainability agenda. This includes offering single services or products as well as product bundles with related performance guarantees in accordance with the Group Risk Management approach.The Non-Core Activities, were separated effective from 1 October 2022 and include Mining activities and product types that either offer limited or no aftermarket poten-tial, are characterised by high execution risks, are highly engineered and/or lack standardisation, and we see no viable commercial model for FLSmidth to turn these around. Furthermore, these products are not aligned with or important to FLSmidth\u2019s sustainability agenda. A designated organisational structure oversees the segment.The segments have technology ownership and develop and drive the life cycle offering and product portfolio. Four regions support sales and service within Mining and Non-Core Activities while activities in Cement are supported by seven clusters. The structure helps create a productivity-driven organ-isation with a strong, unified digital approach and fewer touchpoints strengthening our local presence, customer focus, and life cycle offering in order to capture growth.The segmentation reflects the internal reporting and management structure by the end of 2024. \u00a7 Accounting policySegment income and costs include transactions between the three segments, if any. Such transactions are carried out on market terms.Some administrative functions such as finance, HR, IT and legal are shared by the segments. Such shared costs are paid by the business segments based on assessment of consumption.Discontinued activities are not a separate reportable segment but presented as discontinued operations under IFRS5.Geographical information in note 1.3 is based on four regions. Revenue is presented in the region in which delivery takes place. Non-current assets and employees are presented in the region in which they belong.2024 2023FLSmidth GroupNon-Core FLSmidth Non-Core Continuing Discontinued 11CementactivitiesactivitiesDKKm Mining CementactivitiesGroup MiningactivitiesIncome statementRevenue 15,548 4,447 192 20,187 17, 107 6,048 951 24,106 0Production costs (10,492) (2,988) (242) (13,722) (12,545) (4,546) (1,055) (18,146) (14)Gross profit 5,056 1,459 (50) 6,465 4,562 1,502 (104) 5,960 (14)SG&A costs (3,016) (1,076) (147) (4,239) (2,977) (1,123) (225) (4,325) (157)Other operating net income 50 (16) (3) 31 13 113 0 126 0EBITDA 2,090 367 (200) 2,257 1,598 492 (329) 1,761 (171)Depreciation and impairment of property, plant and equipment (251) (34) (3) (288) (223) (84) (16) (323) 0EBITA 1,839 333 (203) 1,969 1,375 408 (345) 1,438 (171)Amortisation of intangible assets (202) (29) 0 (231) (204) (34) 0 (238) 0EBIT 1,637 304 (203) 1,738 1,171 374 (345) 1,200 (171)Order intake 15,275 3,800 58 19,133 16,280 4,888 208 21,376 0Order backlog 11,147 3,856 211 15,214 12,267 4,795 531 1 7, 5 9 3 0Gross margin 32.5% 32.8% -26.0% 32.0% 26.7% 24.8% -1 0.9% 24.7%EBITDA margin 13.4% 8.3% -104.2% 11.2% 9.3% 8.1% -34.6% 7. 3 %EBITA margin 11.8% 7. 5 % -1 05.7% 9.8% 8.0% 6.7% -36.3% 6.0%EBIT margin 10.5% 6.8% -105.7% 8.6% 6.8% 6.2% -36.3% 5.0%Number of employees at 31 December 5,737 1,994 8 7, 739 6,581 2,669 127 9,377Reconciliation of profit/(loss) for the yearEBIT 1,738 1,200 (171)Financial income 950 1,371 4Financial costs (1,130) (1,517) (17)EBT 1,558 1,054 (184)Tax for the year (528) (382) 3Profit/(loss) for the year 1,030 672 (181)1 The comparative information has been restated to reflect a reclassification of DKK 127m (DKK 110m for Mining and 17m for Cement) from SG&A costs to Production costs. More information can be found in note 7.1.1.3 Geographical informationRevenue, non-current assets (intangible assets and Property, plant and equipment) and number of employees in continued activities are disclosed for all Regions.Revenue, non-current assets (intangible assets and Property, plant and equipment) are disclosed for home country of our Headquarter and countries that account for more than 5% of Group revenue.North America NAMERDKK 5,301mRevenue (DKK 5,536m)DKK 4,168mNon-current assets (DKK 3,816m)1,761Employees (1,759)USADKK 2,990mRevenue (DKK 3,300m)DKK 3,177mNon-current assets (DKK 2,889m)CanadaDKK 1,477mRevenue (DKK 1,295m)DKK 975mNon-current assets (DKK 908m)Note: Numbers in brackets are comparative 2023 figures.South America SAMERDKK 5,278mRevenue (DKK 6,094m)DKK 869mNon-current assets (DKK 813m)1,335Employees (1,852)ChileBrazilDKK 2,421mDKK 1,131mRevenue (DKK 2,347m)Revenue (DKK 1,670m)DKK 583mDKK 66mNon-current assets Non-current assets (DKK 516m)(DKK 87m)PeruDKK 1,415mRevenue (DKK 1,502m)DKK 220mNon-current assets (DKK 210m)Europe, Middle East & AfricaEMEADKK 4,011mRevenue (DKK 4,702m)DKK 4,342mNon-current assets (DKK4,491 m)1,990Employees (2,853)DenmarkDKK 47mRevenue (DKK 59m)DKK 892mNon-current assets (DKK 744m)Asia & AustraliaAPACDKK 5,597mRevenue (DKK 7,774m)DKK 1,718mNon-current assets (DKK 1,706m)2,653Employees (2,913)AustraliaDKK 2,051mRevenue (DKK 2,156m)DKK 1,326mNon-current assets (DKK 1,434m)", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__36": { "value": "Segment income and costs include transactions between the three segments, if any. Such transactions are carried out on market terms.Some administrative functions such as finance, HR, IT and legal are shared by the segments. Such shared costs are paid by the business segments based on assessment of consumption.Discontinued activities are not a separate reportable segment but presented as discontinued operations under IFRS5.Geographical information in note 1.3 is based on four regions. Revenue is presented in the region in which delivery takes place. Non-current assets and employees are presented in the region in which they belong.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__40-1": { "value": "1.4 RevenueRevenue arises from sale of life cycle offerings to our customers. ProductsProducts range from standardised and customised equip-ment to plants, plant extensions, process systems and process system extensions. The latter has usually signifi-cant contract price, a long lead time affecting the consoli-dated financial statements in more than one financial year, a high degree of project management and involve more than one FLSmidth entity in the delivery to the customer.Revenue from products that are standardised or custom-ised to a low degree are recognised at the point in time when control of the products transfers to the customers, usually upon delivery.Revenue from the sale of products that are custom-ised to a larger extend is usually recognised over time, applying the percentage of completion cost-to-cost method.Highly customised product sales will often entitle us to receive a down payment from the customer, followed by several progress payments linked to our performance progress. Upon completion or delivery, we will usually be entitled to the final payment. To the extent possible we obtain payment guarantees to minimise the credit risk during execution. Most of the products are sold as fixed price contracts.ServicesServices comprise various service elements to support the life cycle offerings portfolio. The sale can consist of spare parts, wear parts, service hours, long-term mainte-nance contracts and sale of upgrades and rebuilds. The sale of service hours includes amongst others sale of supervision, electronic or mechanical service of equip-ment or plants.The performance obligation for service sales and main-tenance contracts is either each service hour or the full contract, depending on the contract wording. Most service contracts are fixed price contracts, if not for the full service, then for the hourly rate. Service sales are recognised over time as the services are provided to the customer based on the cost-to-cost method. We are normally entitled to payment once the service has been provided or on a monthly basis.Revenue split on industry and category2024 2023Non-Core Non-Core DKKm Mining Cementactivities Group Mining Cementactivities GroupProducts business 5,263 1,762 165 7, 19 0 6,426 2,802 642 9,870Service business 10,285 2,685 27 12,997 10,681 3,246 309 14,236Total revenue 15,548 4,447 192 20,187 17, 107 6,048 951 24,106Revenue split on timing of revenue recognition principle2024 2023Non-Core Non-Core DKKm Mining Cementactivities Group Mining Cementactivities GroupPoint in time 9,225 2,175 27 11,427 9,442 2,610 55 12,107Percentage of completion: Service, single machines and product bundles 5,324 2,088 0 7,41 2 6,050 3,102 0 9,152 Product bundles with engineering under enhanced risk governance 999 184 165 1,348 1,615 336 896 2,847Total revenue 15,548 4,447 192 20,187 17, 107 6,048 951 24,106Revenue splitby Regions100 NAMER 23%26%80 SAMER 25%6026% EMEA APAC4020%20%2032%28%02023 2024Revenueby Revenue stream100 Service 80 Products59%64%60402041%36%02023 2024Upgrades and rebuilds are defined as one performance obli-gation. Revenue is typically recognised over time using the cost-to-cost method. The payment pattern for upgrades and rebuilds are very similar to the pattern for products.Revenue recognition principlesThe table on prior page disaggregates revenue by segments into revenue recognition principles, i.e. either at the point in time or over time to reflect the percentage of completion of the performance obligations in the contracts. Percentage of completion covers a wide range of different types of contracts, from contracts where the customer consumes the services over time, such as fixed price service contracts, to more complex product bundles with engineering subject to the enhanced risk governance structure under the Risk Management Board and to risk quotas. To reflect the wide range of contracts that are accounted for using percentage of completion, the cate-gory is disaggregated into two subcategories.BacklogThe order backlog on 31 December 2024 amounted to DKK 15,214m (2023: DKK 17,593m) and represents the value of outstanding performance obligations on effective contracts, where we will transfer control at a future point in time and the remaining performance obligations on contracts where we transfer control over time. A contract is effective when it becomes binding for both parties depending on the specific conditions of the contract. This usually means that the contract has been signed and the prepayment (if any) has been received.Information on the split of the order backlog between the segments can be found in note 1.2.Based on the order backlog maturity profile, the majority, 59% (2023: 67%) of the order backlog is expected to be converted into revenue in 2025, while 41% (2023: 33%) is expected to be converted to revenue in subsequent years.Besides the key accounting judgments described in the box, revenue is impacted by key accounting estimate related to the estimate of the percentage of completion (estimate of total cost to complete). The key accounting estimates are further explained in note 3.4.If we do not have an enforceable right to payment for work completed throughout the contract term, revenue is recognised at the point in time when the control trans-fers to the customer, usually upon customer acceptance. In the case of significant uncertainties with the collect-ability of contract consideration, revenue is recognised upon cash receipt.In determining the transaction price revenue is reduced by probable penalties, payment of liquidated damages and any other claims that are payments to our customers. The transaction price is also adjusted for any variable elements, where we estimate the amount of the variable transaction price.The variable amount is estimated at contract inception and re-estimated periodically throughout the contract term. The variable amount is recognised as revenue when it is highly probable that reversal will not occur.Warranties are granted in connection with the sale of equipment and systems and are classified as assur-ance-type warranties that are not accounted for as sepa-rate performance obligations. Refer to note 2.7 Provi-sions, for accounting policy on warranties provisions.Revenue is recognised less rebates, cash discounts and value added tax and duties.\u00a7 Accounting policyRevenue from contracts with customers is recognised when control of the goods or services are transferred to our customers at an amount that reflects the transaction price to which we expect to be entitled in exchange for these goods or services. Judgement is made to deter-mine if a contract for sale of products or services, or a combination hereof, involves one or more performance obligations. If a contract contains more than one perfor-mance obligation, the contract price is allocated to each performance obligation based on the relative stand-alone selling price for each performance obligation.Revenue from products and services is recognised over time, using the cost-to-cost method, when 1) we have no alternative use for the goods or services to be delivered and 2) we have an enforceable right to payment for work completed.If we do have an alternative use for the goods or services to be delivered, e.g. products with a low degree of custo-misation, revenue is recognised at the point in time when control transfers to the customer, usually upon delivery.! Key accounting judgementsJudgement regarding recognition methodJudgements are made when determining if revenue on product or service is recognised over time or at a point in time. The judgements relate to if we have an alternative use of the assets being produced and if we have an enforceable right to payment throughout the contractual term.When assessing if an asset being produced has no alternative use to FLSmidth, we estimate the alter-native use cost amount. We have limited historical data as we rarely redirect our assets. The estimate is based on the specifics of each contract.When assessing if we are entitled to payment throughout the contract term, a judgement is made based on the contract wording, legal entitlement and profit estimates.Revenue split%1004%1% NCA 22%25%80 Cement 60 Mining 4077%71%2002023 2024Backlog maturityDKKm20,000 Within 3 years and beyond16,0001,9201,099 Within 2 years3,91212,000 5,122 Within 1 year8,00011,7614,000 8,993 02023 20243.4 Work in progressWork in progress relates to contracts with customers where revenue is recognised over time. As the costs to produce the output under a contract are incurred, revenue is calculated reflecting the share of costs incurred compared to total expected costs to fulfil the contract (percentage of completion). The revenue is recognised as work in progress (gross work in progress) and consists of cost incurred including margin. Balances on a specific contract is removed from work in progress once the work is completed and accepted by the customer. Especially for more complex product bundles with engineering, the work typically extends over several financial years. The total amount of work in progress therefore includes accumulated revenue for several years for contracts where the work has not been final-ised and/or accepted by the customer.During the execution, invoices are issued according to the invoice structure for each transaction. The invoiced amounts reduce the balance on work in progress (Net work in progress in the table). Depending on the invoice structure, the work in progress balance on a specific contract can change from being presented as an asset (a contract asset) in one period to being presented as a liability (a contract liability) in the next period. In the balance sheet and as shown in the table, net work in progress on contracts where work performed exceeds the invoiced amount are presented as assets while contracts where the invoiced amount exceeds the work performed are presented as liabilities.In general, the invoicing structure reflects the progress on the work to be performed and work in progress liabil-ities are, therefore, usually converted into revenue in the next year. The decrease in gross work in progress reflects our de-risking strategy.Composition of work in progressDKKm 2024 2023Gross work in progress 38,088 40,853Invoicing on account to customers ( 3 7, 8 7 0 ) (41,109)Net work in progress 218 (256)Of which is recognised as work in progress:Under assets 3,009 2,769Under liabilities (2,791) (3,025)Net work in progress 218 (256)Work in progress is impacted by the divestments and acquisitions. This has led to a decrease in net work in progress by DKK 169m. Note 1.4 include information on the order backlog reflecting effective contracts with customers where we will transfer control at future point in time and the remaining performance obligations on contracts where we transfer control over time.In addition to net work in progress, contract liabilities include prepayments received from customers of DKK 1,783m (2023: DKK 1,933m). The prepayments are recog-nised separately in the balance sheet as current and non-current liabilities. Prepayments presented as current reflect amounts that are expected to be recognised as revenue during the following year.When assessing impairment on the work in progress net balances we evaluate on a contract-by-contract basis. If an impairment on a contract is probable, we recognise the expected loss and a related provision.\u00a7 Accounting policyWork in progress consists of contract assets and contract liabilities for contracts with customers where revenue is recognised over time.For contracts included as work in progress revenue reflecting the percentage of completion is recognised when the outcome of the contracts can be estimated reliably. The percentage of completion is calculated based on a cost-to-cost basis (input method) and is the ratio between the cost incurred and the total estimated cost.The contracts are measured at an amount equal to the selling price of the work performed (percentage of completion) less progress billings and expected losses.The selling price is the total expected income from the individual contracts. If variability is included in the selling price, we use the most likely amount method.An expected loss is recognised when it is deemed prob-able that the total contract costs will exceed the total revenue from individual contracts. The expected loss is recognised immediately as a cost and as a provision for a loss-making contract. Further information can be found in note 2.7.When the selling price of the work performed exceeds progress billings, work in progress is presented as an asset and relate to unbilled work in progress. Work in progress assets have substantially the same risk char-acteristics as the trade receivables for the same types of contracts. Expected credit loss on work in progress assets is included within the loss allowance for trade receivables as managed together.When progress billings exceed the selling price of the work performed, work in progress is presented as a liability.Prepayments from customers are recognised as a liability.! Key accounting estimateEstimated costs to completeWe estimate the total expected costs for our contracts. The estimates primarily relate to the level of contingencies to cover unforeseen costs, such as cost changes due to changes in future supplies of raw materials, subcontractor products and services as well as unforeseen costs related to execution and hand-over.The estimates are based on the specifics for each contract while taking historical data into account. For contracts sold to customers in politically and economically unstable countries, the estimates include additional risk coverage due to a higher level of uncertainty.We reassess our project financials, including update of expected project costs on an ongoing basis, to ensure that expected cost increases are appropriately reflected in the estimated cost to complete.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__39-1": { "value": "1.4 RevenueRevenue arises from sale of life cycle offerings to our customers. ProductsProducts range from standardised and customised equip-ment to plants, plant extensions, process systems and process system extensions. The latter has usually signifi-cant contract price, a long lead time affecting the consoli-dated financial statements in more than one financial year, a high degree of project management and involve more than one FLSmidth entity in the delivery to the customer.Revenue from products that are standardised or custom-ised to a low degree are recognised at the point in time when control of the products transfers to the customers, usually upon delivery.Revenue from the sale of products that are custom-ised to a larger extend is usually recognised over time, applying the percentage of completion cost-to-cost method.Highly customised product sales will often entitle us to receive a down payment from the customer, followed by several progress payments linked to our performance progress. Upon completion or delivery, we will usually be entitled to the final payment. To the extent possible we obtain payment guarantees to minimise the credit risk during execution. Most of the products are sold as fixed price contracts.ServicesServices comprise various service elements to support the life cycle offerings portfolio. The sale can consist of spare parts, wear parts, service hours, long-term mainte-nance contracts and sale of upgrades and rebuilds. The sale of service hours includes amongst others sale of supervision, electronic or mechanical service of equip-ment or plants.The performance obligation for service sales and main-tenance contracts is either each service hour or the full contract, depending on the contract wording. Most service contracts are fixed price contracts, if not for the full service, then for the hourly rate. Service sales are recognised over time as the services are provided to the customer based on the cost-to-cost method. We are normally entitled to payment once the service has been provided or on a monthly basis.Revenue split on industry and category2024 2023Non-Core Non-Core DKKm Mining Cementactivities Group Mining Cementactivities GroupProducts business 5,263 1,762 165 7, 19 0 6,426 2,802 642 9,870Service business 10,285 2,685 27 12,997 10,681 3,246 309 14,236Total revenue 15,548 4,447 192 20,187 17, 107 6,048 951 24,106Revenue split on timing of revenue recognition principle2024 2023Non-Core Non-Core DKKm Mining Cementactivities Group Mining Cementactivities GroupPoint in time 9,225 2,175 27 11,427 9,442 2,610 55 12,107Percentage of completion: Service, single machines and product bundles 5,324 2,088 0 7,41 2 6,050 3,102 0 9,152 Product bundles with engineering under enhanced risk governance 999 184 165 1,348 1,615 336 896 2,847Total revenue 15,548 4,447 192 20,187 17, 107 6,048 951 24,106Revenue splitby Regions100 NAMER 23%26%80 SAMER 25%6026% EMEA APAC4020%20%2032%28%02023 2024Revenueby Revenue stream100 Service 80 Products59%64%60402041%36%02023 2024Upgrades and rebuilds are defined as one performance obli-gation. Revenue is typically recognised over time using the cost-to-cost method. The payment pattern for upgrades and rebuilds are very similar to the pattern for products.Revenue recognition principlesThe table on prior page disaggregates revenue by segments into revenue recognition principles, i.e. either at the point in time or over time to reflect the percentage of completion of the performance obligations in the contracts. Percentage of completion covers a wide range of different types of contracts, from contracts where the customer consumes the services over time, such as fixed price service contracts, to more complex product bundles with engineering subject to the enhanced risk governance structure under the Risk Management Board and to risk quotas. To reflect the wide range of contracts that are accounted for using percentage of completion, the cate-gory is disaggregated into two subcategories.BacklogThe order backlog on 31 December 2024 amounted to DKK 15,214m (2023: DKK 17,593m) and represents the value of outstanding performance obligations on effective contracts, where we will transfer control at a future point in time and the remaining performance obligations on contracts where we transfer control over time. A contract is effective when it becomes binding for both parties depending on the specific conditions of the contract. This usually means that the contract has been signed and the prepayment (if any) has been received.Information on the split of the order backlog between the segments can be found in note 1.2.Based on the order backlog maturity profile, the majority, 59% (2023: 67%) of the order backlog is expected to be converted into revenue in 2025, while 41% (2023: 33%) is expected to be converted to revenue in subsequent years.Besides the key accounting judgments described in the box, revenue is impacted by key accounting estimate related to the estimate of the percentage of completion (estimate of total cost to complete). The key accounting estimates are further explained in note 3.4.If we do not have an enforceable right to payment for work completed throughout the contract term, revenue is recognised at the point in time when the control trans-fers to the customer, usually upon customer acceptance. In the case of significant uncertainties with the collect-ability of contract consideration, revenue is recognised upon cash receipt.In determining the transaction price revenue is reduced by probable penalties, payment of liquidated damages and any other claims that are payments to our customers. The transaction price is also adjusted for any variable elements, where we estimate the amount of the variable transaction price.The variable amount is estimated at contract inception and re-estimated periodically throughout the contract term. The variable amount is recognised as revenue when it is highly probable that reversal will not occur.Warranties are granted in connection with the sale of equipment and systems and are classified as assur-ance-type warranties that are not accounted for as sepa-rate performance obligations. Refer to note 2.7 Provi-sions, for accounting policy on warranties provisions.Revenue is recognised less rebates, cash discounts and value added tax and duties.\u00a7 Accounting policyRevenue from contracts with customers is recognised when control of the goods or services are transferred to our customers at an amount that reflects the transaction price to which we expect to be entitled in exchange for these goods or services. Judgement is made to deter-mine if a contract for sale of products or services, or a combination hereof, involves one or more performance obligations. If a contract contains more than one perfor-mance obligation, the contract price is allocated to each performance obligation based on the relative stand-alone selling price for each performance obligation.Revenue from products and services is recognised over time, using the cost-to-cost method, when 1) we have no alternative use for the goods or services to be delivered and 2) we have an enforceable right to payment for work completed.If we do have an alternative use for the goods or services to be delivered, e.g. products with a low degree of custo-misation, revenue is recognised at the point in time when control transfers to the customer, usually upon delivery.! Key accounting judgementsJudgement regarding recognition methodJudgements are made when determining if revenue on product or service is recognised over time or at a point in time. The judgements relate to if we have an alternative use of the assets being produced and if we have an enforceable right to payment throughout the contractual term.When assessing if an asset being produced has no alternative use to FLSmidth, we estimate the alter-native use cost amount. We have limited historical data as we rarely redirect our assets. The estimate is based on the specifics of each contract.When assessing if we are entitled to payment throughout the contract term, a judgement is made based on the contract wording, legal entitlement and profit estimates.Revenue split%1004%1% NCA 22%25%80 Cement 60 Mining 4077%71%2002023 2024Backlog maturityDKKm20,000 Within 3 years and beyond16,0001,9201,099 Within 2 years3,91212,000 5,122 Within 1 year8,00011,7614,000 8,993 02023 20243.4 Work in progressWork in progress relates to contracts with customers where revenue is recognised over time. As the costs to produce the output under a contract are incurred, revenue is calculated reflecting the share of costs incurred compared to total expected costs to fulfil the contract (percentage of completion). The revenue is recognised as work in progress (gross work in progress) and consists of cost incurred including margin. Balances on a specific contract is removed from work in progress once the work is completed and accepted by the customer. Especially for more complex product bundles with engineering, the work typically extends over several financial years. The total amount of work in progress therefore includes accumulated revenue for several years for contracts where the work has not been final-ised and/or accepted by the customer.During the execution, invoices are issued according to the invoice structure for each transaction. The invoiced amounts reduce the balance on work in progress (Net work in progress in the table). Depending on the invoice structure, the work in progress balance on a specific contract can change from being presented as an asset (a contract asset) in one period to being presented as a liability (a contract liability) in the next period. In the balance sheet and as shown in the table, net work in progress on contracts where work performed exceeds the invoiced amount are presented as assets while contracts where the invoiced amount exceeds the work performed are presented as liabilities.In general, the invoicing structure reflects the progress on the work to be performed and work in progress liabil-ities are, therefore, usually converted into revenue in the next year. The decrease in gross work in progress reflects our de-risking strategy.Composition of work in progressDKKm 2024 2023Gross work in progress 38,088 40,853Invoicing on account to customers ( 3 7, 8 7 0 ) (41,109)Net work in progress 218 (256)Of which is recognised as work in progress:Under assets 3,009 2,769Under liabilities (2,791) (3,025)Net work in progress 218 (256)Work in progress is impacted by the divestments and acquisitions. This has led to a decrease in net work in progress by DKK 169m. Note 1.4 include information on the order backlog reflecting effective contracts with customers where we will transfer control at future point in time and the remaining performance obligations on contracts where we transfer control over time.In addition to net work in progress, contract liabilities include prepayments received from customers of DKK 1,783m (2023: DKK 1,933m). The prepayments are recog-nised separately in the balance sheet as current and non-current liabilities. Prepayments presented as current reflect amounts that are expected to be recognised as revenue during the following year.When assessing impairment on the work in progress net balances we evaluate on a contract-by-contract basis. If an impairment on a contract is probable, we recognise the expected loss and a related provision.\u00a7 Accounting policyWork in progress consists of contract assets and contract liabilities for contracts with customers where revenue is recognised over time.For contracts included as work in progress revenue reflecting the percentage of completion is recognised when the outcome of the contracts can be estimated reliably. The percentage of completion is calculated based on a cost-to-cost basis (input method) and is the ratio between the cost incurred and the total estimated cost.The contracts are measured at an amount equal to the selling price of the work performed (percentage of completion) less progress billings and expected losses.The selling price is the total expected income from the individual contracts. If variability is included in the selling price, we use the most likely amount method.An expected loss is recognised when it is deemed prob-able that the total contract costs will exceed the total revenue from individual contracts. The expected loss is recognised immediately as a cost and as a provision for a loss-making contract. Further information can be found in note 2.7.When the selling price of the work performed exceeds progress billings, work in progress is presented as an asset and relate to unbilled work in progress. Work in progress assets have substantially the same risk char-acteristics as the trade receivables for the same types of contracts. Expected credit loss on work in progress assets is included within the loss allowance for trade receivables as managed together.When progress billings exceed the selling price of the work performed, work in progress is presented as a liability.Prepayments from customers are recognised as a liability.! Key accounting estimateEstimated costs to completeWe estimate the total expected costs for our contracts. The estimates primarily relate to the level of contingencies to cover unforeseen costs, such as cost changes due to changes in future supplies of raw materials, subcontractor products and services as well as unforeseen costs related to execution and hand-over.The estimates are based on the specifics for each contract while taking historical data into account. For contracts sold to customers in politically and economically unstable countries, the estimates include additional risk coverage due to a higher level of uncertainty.We reassess our project financials, including update of expected project costs on an ongoing basis, to ensure that expected cost increases are appropriately reflected in the estimated cost to complete.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__41-1": { "value": "Revenue from contracts with customers is recognised when control of the goods or services are transferred to our customers at an amount that reflects the transaction price to which we expect to be entitled in exchange for these goods or services. Judgement is made to deter-mine if a contract for sale of products or services, or a combination hereof, involves one or more performance obligations. If a contract contains more than one perfor-mance obligation, the contract price is allocated to each performance obligation based on the relative stand-alone selling price for each performance obligation.Revenue from products and services is recognised over time, using the cost-to-cost method, when 1) we have no alternative use for the goods or services to be delivered and 2) we have an enforceable right to payment for work completed.If we do have an alternative use for the goods or services to be delivered, e.g. products with a low degree of custo-misation, revenue is recognised at the point in time when control transfers to the customer, usually upon delivery.Work in progress consists of contract assets and contract liabilities for contracts with customers where revenue is recognised over time.For contracts included as work in progress revenue reflecting the percentage of completion is recognised when the outcome of the contracts can be estimated reliably. The percentage of completion is calculated based on a cost-to-cost basis (input method) and is the ratio between the cost incurred and the total estimated cost.The contracts are measured at an amount equal to the selling price of the work performed (percentage of completion) less progress billings and expected losses.The selling price is the total expected income from the individual contracts. If variability is included in the selling price, we use the most likely amount method.An expected loss is recognised when it is deemed prob-able that the total contract costs will exceed the total revenue from individual contracts. The expected loss is recognised immediately as a cost and as a provision for a loss-making contract. Further information can be found in note 2.7.When the selling price of the work performed exceeds progress billings, work in progress is presented as an asset and relate to unbilled work in progress. Work in progress assets have substantially the same risk char-acteristics as the trade receivables for the same types of contracts. Expected credit loss on work in progress assets is included within the loss allowance for trade receivables as managed together.When progress billings exceed the selling price of the work performed, work in progress is presented as a liability.Prepayments from customers are recognised as a liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__43-1": { "value": "1.5 Staff costsStaff costs consist of direct wages and salaries, remu-neration, pension costs, share-based payments, training etc. related to the continuing activities. There is a negative effect from foreign currency rates of DKK 89m (2023: positive impact of DKK 145m).Composition of staff costsDKKm 2024 2023Wages, salaries and other remu-neration 3,473 4,469Contribution plans and other social security costs, etc. 486 631Defined benefit plans 25 30Share-based payment 59 54Other staff costs 532 546Total 4,575 5,730The amounts are included in the items:Production costs 2,343 3,437Sales costs 1,226 1,120Administrative costs 1,006 1,173Total 4,575 5,730Average number of employees in continuing activities 8,235 10,197Year-end number of employees 7, 7 3 9 9,377The remuneration of the Board of Directors and Group Executive Management of FLSmidth Group is shown in the tables below: Remuneration Board of DirectorsDKKm 2024 2023Board of Directors fees 7. 0 6.8Total 7.0 6.8Remuneration Group Executive ManagementDKKm 2024 2023Wages and salaries 37 32Bonus 24 18Benefits 3 2Severance package 24 6Share-based payment 23 15Other incentives 6 4Total 117 77Two members of the Group Executive Management are registered with The Danish Business Authority. During 2024, the registered members of the Group Executive Management earned remuneration as follows:Remuneration registered executivesDKKm 2024 2023Wages and salaries 14 14Bonus 10 8Benefits 1 1Share-based payment 11 8Other incentives 2 1Total 38 32Each member of the Group Executive Management is, other than the base salary, entitled to customary benefits. Additionally, the members of Group Executive Management participate in short-term and long-term incentive programmes. The short-term and the long-term incentive programmes are capped at 75% and 100%, respectively, of the annual base salary. In addition to this each executive may, at the Board of Directors\u2019 discretion, receive an additional incentive of up to 150% of the annual base salary, which can be cash and/or share-based. The individual maximum and target levels are fixed as part of the ongoing remuneration adjustment cycle.To realise FLSmidth\u2019s transformation journey over the next three years, selected key employees including the registered executives were granted a long-term share-based programme ('restricted share units\u2019). Further infor-mation can be found in note 6.1. The CEO was granted a cash-based long-term bonus vesting over three years based on different key milestones related to the trans-formation of the Group.The members of the Group Executive Management have up to 18 months\u2019 notice in the event of termination of employment and severance payment may correspond to a maximum of 6 months\u2019 base salary.For details related to the remuneration of the Board of Directors and Group Executive Management, refer to the Remuneration Report 2024: https://fls.com/en/company/governance/remuneration.\u00a7 Accounting policyStaff costs include wages and salaries, cash bonuses, share-based payments, pension costs, benefits and social security costs. In general, staff costs are expensed when the services are rendered by the employees. When long-term incentive programmes are provided, the costs are accrued over the period that makes the employees entitled to the payment. Termination benefits are expensed when an agreement has been reached between the Group and the employee and no future service is rendered by the employee in exchange for the termination payment.The Group\u2019s pension plans consist of both defined contri-bution plans and defined benefit plans (pension plans). The accounting policy for pension plans can be found in note 2.8.The accounting policy for share-based payments can be found in note 6.1.2.8 Pension ObligationsDefined contribution plansThe majority of our pension plans are defined contribu-tion plans and we have no further payment obligations once the contributions are paid. Under these pension plans, we recognise regular payments, e.g. a fixed amount or a fixed percentage of the salary. Pension costs related to defined contribution plans are recognised in staff costs (note 1.5) and amounted to DKK 486m (2023: DKK 631m).Defined benefit plansWe also have defined benefit plans where the responsi-bility for the pension obligation towards the employees rests with us. Under a defined benefit plan, we have an obligation to pay a specific benefit, e.g. retirement pension in the form of a fixed proportion of the salary at the time of retirement.Under these plans, we carry the risk in relation to future developments in interest rates, inflation, mortality, etc. A change in the assumptions upon which the calculation is based results in a change in the present value of the pension obligation.Such actuarial gains and losses are recognised in other comprehensive income and amounted to net gains of DKK 23m in 2024 (2023: net gain of DKK 17m).The majority of the total pension obligations are partially funded with quoted debt and equity instruments placed in pension funds and through insurance. In 2025 we expect to make a contribution to the defined benefit plans of DKK 8m (2024: DKK 14m). The weighted average duration of the obligations is 11 years (2023: 14 years).Pension obligations2024 2023Present value Present value of pension Fair value of Net of pension Fair value of Net DKKmobligationsplan assetsobligationsobligationsplan assetsobligationsValue at 1 January (930) 565 (365) (1,081) 665 (416)Interest on obligation/asset (31) 18 (13) (36) 22 (14)Service costs (25) 0 (25) (30) 0 (30)Recognised in the income statement (56) 18 (38) (66) 22 (44)Actuarial gains and losses* 15 8 23 (7) 24 17Recognised in other comprehensive income 15 8 23 (7) 24 17Disposal of activities 181 (175) 6 8 0 8Foreign exchange adjustments (30) 33 3 4 (2) 2Settlements 2 0 2 5 0 5Employer contributions 0 0 0 0 33 33Benefits paid to employees 82 (38) 44 207 (177) 30Other changes 235 (180) 55 224 (146) 78Value at 31 December (736) 411 (325) (930) 565 (365)* Actuarial gains and losses relate primarily to changes in financial assumptionsPension contributions by plan types%100% Defined benefit 80%plans60% Defined contribution 40%plans20%0%2023 2024Pension obligations by country%100% Other80% India60% Chile40% Germany20% Mexico0%2023 2024Fair value of plan assetsby Instruments100% Other assets80% Debt instruments60% Equity 40%instruments20%0%2023 2024Actuarial assumptions2024 2023Average discounting rate applied 3.7% 3.3%Expected future pay increase rate 3.4% 2.9%Sensitivity analysisBelow shows a sensitivity analysis based on changes in the discount rate, all other things being equal.A change in the discount rate will result in the following changes in the net pension obligation:SensitivityDKKm 2024 2023Discount rate - 1%, increase 27 128Discount rate + 1%, decrease (27) (83)\u00a7 Accounting policyContributions to defined contribution plans are recog-nised in staff costs when the related service is provided. Any contributions outstanding are recognised in the balance sheet as other liabilities.For defined benefit plans, annual actuarial calculations are made of the present value of future benefits payable under the pension plan using the projected unit credit method. The Group uses external actuarial experts.The present value is calculated based on assumptions about future developments in variables such as salary levels, interest, inflation and mortality rates. The present value is only calculated for benefits earned by the employees through their employment with the Group to date. The actuarial calculation of present value less the fair value of any plan assets is recognised in the balance sheet as pension obligations.The pension costs (service costs) for the year, based on actuarial estimates and financial forecasts at the begin-ning of the year, are recognised in the income statement within staff costs. The interest on the net pension obligation is recognised in the income statement within financial costs. The difference between the forecast development in pension assets and liabilities and the realised values is called actuarial gains or losses and is recognised in other comprehensive income.If a pension plan constitutes a net asset, the asset is recognised only to the extent that it equals the value of future repayments under the plan or it leads to a reduc-tion of future contributions to the plan.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__44-1": { "value": "Staff costs include wages and salaries, cash bonuses, share-based payments, pension costs, benefits and social security costs. In general, staff costs are expensed when the services are rendered by the employees. When long-term incentive programmes are provided, the costs are accrued over the period that makes the employees entitled to the payment. Termination benefits are expensed when an agreement has been reached between the Group and the employee and no future service is rendered by the employee in exchange for the termination payment.The Group\u2019s pension plans consist of both defined contri-bution plans and defined benefit plans (pension plans). The accounting policy for pension plans can be found in note 2.8.The accounting policy for share-based payments can be found in note 6.1.Contributions to defined contribution plans are recog-nised in staff costs when the related service is provided. Any contributions outstanding are recognised in the balance sheet as other liabilities.For defined benefit plans, annual actuarial calculations are made of the present value of future benefits payable under the pension plan using the projected unit credit method. The Group uses external actuarial experts.The present value is calculated based on assumptions about future developments in variables such as salary levels, interest, inflation and mortality rates. The present value is only calculated for benefits earned by the employees through their employment with the Group to date. The actuarial calculation of present value less the fair value of any plan assets is recognised in the balance sheet as pension obligations.The pension costs (service costs) for the year, based on actuarial estimates and financial forecasts at the begin-ning of the year, are recognised in the income statement within staff costs. The interest on the net pension obligation is recognised in the income statement within financial costs. The difference between the forecast development in pension assets and liabilities and the realised values is called actuarial gains or losses and is recognised in other comprehensive income.If a pension plan constitutes a net asset, the asset is recognised only to the extent that it equals the value of future repayments under the plan or it leads to a reduc-tion of future contributions to the plan.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__47": { "value": "2.1 Return on capital employed Capital employed is determined as the sum of fixed assets and net working capital. Capital employed is used for determining the key performance indicator Return on capital employed (ROCE). The table below shows the decomposition of capital employed.Capital employedDKKm 2024 2023Intangible assets at cost value, note 2.2 13,899 13,485Property, plant and equipment at carrying amount, note 2.4 2,471 2,389Net working capital, note 3.1 2,107 1,382Capital employed, total 18,477 17, 256ROCEDKKm 2024 2023EBITA, continued activities 1,969 1,438Capital employed, average 17, 8 6 7 1 7, 5 5 2ROCE, average 11.0% 8.2%ROCE is calculated based on average capital employed to reflect the annual development. ROCE increased during the year, driven by an increased EBITA that was partly offset by an increase in average capital employed.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__51": { "value": "2.2 Intangible assetsGoodwill arising from business acquisitions is recognised in the consolidated financial statements. The carrying amount of goodwill per segment is shown in note 2.3. Patents and rights acquired are recognised in the consol-idated financial statements. The patents and rights include patents, trademarks, technology, and other rights.Our intangible assets under development consist of research and development (R&D) projects and soft-ware. Much of the R&D are conducted in connection with customer activities. incurred costs are expensed or capitalised depending on the nature of the activity. In 2024, R&D costs expensed totalled DKK 148m (2023: DKK 155m). The expense is included in production costs. The addition of intangible assets under development amounts to DKK 314m (2023: DKK 322m) where capi-talised R&D cost amounts to DKK 212m (2023: DKK 193m) and the remaining capitalised relates to IT related projects. Of those capitalised costs, DKK 92m (2023: DKK138m) are internally generated.In the table on the next page, intangible assets are shown by type. Other intangible assets consist of software and completed software implementation projects, whereas completed development projects primarily consist of R&D costs (developments in relation to production techniques, processes, and similar). Until completed, internally developed assets are presented in a separate column.\u00a7 Accounting policyGoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units as defined by Management and being the segments Mining and Cement as no goodwill is related to the Non-Core Activities.Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.The Group uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase. Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the technical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reli-ably and it is probable that the future earnings or the net selling price will cover production, sales, and administra-tive costs plus development costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to development activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.Other Completed Intangible Patents and Customer intangible development assets under DKKm Goodwillrightsrelationsassetsprojectsdevelopment Total2024Cost at 1 January 6,449 2,182 1,932 934 1,335 653 13,485Foreign exchange adjustments 71 10 42 7 3 0 133Acquisition of enterprises 111 0 0 0 0 0 111Disposals of enterprises (72) (17) (10) (33) 0 0 (132)Additions 0 0 0 0 0 314 314Disposals 0 0 0 0 (12) 0 (12)Transferred between categories 0 0 0 4 137 (141) 0Cost at 31 December 6,559 2,175 1,964 912 1,463 826 13,899Amortisation and impairment at 1 January (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Foreign exchange adjustment 1 (7) (37) (7) (3) 0 (53)Disposals of enterprises 0 9 10 33 0 0 52Disposals 0 0 0 0 7 0 7Amortisation and impairment 0 (60) (49) (57) (65) 0 (231)Amortisation and impairment at 31 December 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Carrying amount at 31 December 6,559 623 287 90 241 826 8,6262023Cost at 1 January 6,434 2,204 2,015 929 1,304 422 13,308Foreign exchange adjustments (84) (7) (64) (5) 0 0 (160)Acquisition of enterprises 108 0 0 0 0 0 108Disposals of enterprises (9) (15) 0 (1) 0 0 (25)Additions 0 0 0 1 0 322 323Disposals 0 0 (19) (46) 0 (4) (69)Transferred between categories 0 0 0 56 31 (87) 0Cost at 31 December 6,449 2,182 1,932 934 1,335 653 13,485Amortisation and impairment at 1 January (1) (1,438) (1,623) (781) (1,100) 0 (4,943)Foreign exchange adjustment 0 6 54 5 1 0 66Disposals of enterprises 0 1 0 1 0 0 2Disposals 0 0 19 46 0 0 65Amortisation and impairment 0 (63) (51) (62) (62) 0 (238)Amortisation and impairment at 31 December (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Carrying amount at 31 December 6,448 688 331 143 174 653 8,437", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__50": { "value": "2.2 Intangible assetsGoodwill arising from business acquisitions is recognised in the consolidated financial statements. The carrying amount of goodwill per segment is shown in note 2.3. Patents and rights acquired are recognised in the consol-idated financial statements. The patents and rights include patents, trademarks, technology, and other rights.Our intangible assets under development consist of research and development (R&D) projects and soft-ware. Much of the R&D are conducted in connection with customer activities. incurred costs are expensed or capitalised depending on the nature of the activity. In 2024, R&D costs expensed totalled DKK 148m (2023: DKK 155m). The expense is included in production costs. The addition of intangible assets under development amounts to DKK 314m (2023: DKK 322m) where capi-talised R&D cost amounts to DKK 212m (2023: DKK 193m) and the remaining capitalised relates to IT related projects. Of those capitalised costs, DKK 92m (2023: DKK138m) are internally generated.In the table on the next page, intangible assets are shown by type. Other intangible assets consist of software and completed software implementation projects, whereas completed development projects primarily consist of R&D costs (developments in relation to production techniques, processes, and similar). Until completed, internally developed assets are presented in a separate column.\u00a7 Accounting policyGoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units as defined by Management and being the segments Mining and Cement as no goodwill is related to the Non-Core Activities.Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.The Group uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase. Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the technical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reli-ably and it is probable that the future earnings or the net selling price will cover production, sales, and administra-tive costs plus development costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to development activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.Other Completed Intangible Patents and Customer intangible development assets under DKKm Goodwillrightsrelationsassetsprojectsdevelopment Total2024Cost at 1 January 6,449 2,182 1,932 934 1,335 653 13,485Foreign exchange adjustments 71 10 42 7 3 0 133Acquisition of enterprises 111 0 0 0 0 0 111Disposals of enterprises (72) (17) (10) (33) 0 0 (132)Additions 0 0 0 0 0 314 314Disposals 0 0 0 0 (12) 0 (12)Transferred between categories 0 0 0 4 137 (141) 0Cost at 31 December 6,559 2,175 1,964 912 1,463 826 13,899Amortisation and impairment at 1 January (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Foreign exchange adjustment 1 (7) (37) (7) (3) 0 (53)Disposals of enterprises 0 9 10 33 0 0 52Disposals 0 0 0 0 7 0 7Amortisation and impairment 0 (60) (49) (57) (65) 0 (231)Amortisation and impairment at 31 December 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Carrying amount at 31 December 6,559 623 287 90 241 826 8,6262023Cost at 1 January 6,434 2,204 2,015 929 1,304 422 13,308Foreign exchange adjustments (84) (7) (64) (5) 0 0 (160)Acquisition of enterprises 108 0 0 0 0 0 108Disposals of enterprises (9) (15) 0 (1) 0 0 (25)Additions 0 0 0 1 0 322 323Disposals 0 0 (19) (46) 0 (4) (69)Transferred between categories 0 0 0 56 31 (87) 0Cost at 31 December 6,449 2,182 1,932 934 1,335 653 13,485Amortisation and impairment at 1 January (1) (1,438) (1,623) (781) (1,100) 0 (4,943)Foreign exchange adjustment 0 6 54 5 1 0 66Disposals of enterprises 0 1 0 1 0 0 2Disposals 0 0 19 46 0 0 65Amortisation and impairment 0 (63) (51) (62) (62) 0 (238)Amortisation and impairment at 31 December (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Carrying amount at 31 December 6,448 688 331 143 174 653 8,437", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__49": { "value": "2.2 Intangible assetsGoodwill arising from business acquisitions is recognised in the consolidated financial statements. The carrying amount of goodwill per segment is shown in note 2.3. Patents and rights acquired are recognised in the consol-idated financial statements. The patents and rights include patents, trademarks, technology, and other rights.Our intangible assets under development consist of research and development (R&D) projects and soft-ware. Much of the R&D are conducted in connection with customer activities. incurred costs are expensed or capitalised depending on the nature of the activity. In 2024, R&D costs expensed totalled DKK 148m (2023: DKK 155m). The expense is included in production costs. The addition of intangible assets under development amounts to DKK 314m (2023: DKK 322m) where capi-talised R&D cost amounts to DKK 212m (2023: DKK 193m) and the remaining capitalised relates to IT related projects. Of those capitalised costs, DKK 92m (2023: DKK138m) are internally generated.In the table on the next page, intangible assets are shown by type. Other intangible assets consist of software and completed software implementation projects, whereas completed development projects primarily consist of R&D costs (developments in relation to production techniques, processes, and similar). Until completed, internally developed assets are presented in a separate column.\u00a7 Accounting policyGoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units as defined by Management and being the segments Mining and Cement as no goodwill is related to the Non-Core Activities.Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.The Group uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase. Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the technical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reli-ably and it is probable that the future earnings or the net selling price will cover production, sales, and administra-tive costs plus development costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to development activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.Other Completed Intangible Patents and Customer intangible development assets under DKKm Goodwillrightsrelationsassetsprojectsdevelopment Total2024Cost at 1 January 6,449 2,182 1,932 934 1,335 653 13,485Foreign exchange adjustments 71 10 42 7 3 0 133Acquisition of enterprises 111 0 0 0 0 0 111Disposals of enterprises (72) (17) (10) (33) 0 0 (132)Additions 0 0 0 0 0 314 314Disposals 0 0 0 0 (12) 0 (12)Transferred between categories 0 0 0 4 137 (141) 0Cost at 31 December 6,559 2,175 1,964 912 1,463 826 13,899Amortisation and impairment at 1 January (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Foreign exchange adjustment 1 (7) (37) (7) (3) 0 (53)Disposals of enterprises 0 9 10 33 0 0 52Disposals 0 0 0 0 7 0 7Amortisation and impairment 0 (60) (49) (57) (65) 0 (231)Amortisation and impairment at 31 December 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Carrying amount at 31 December 6,559 623 287 90 241 826 8,6262023Cost at 1 January 6,434 2,204 2,015 929 1,304 422 13,308Foreign exchange adjustments (84) (7) (64) (5) 0 0 (160)Acquisition of enterprises 108 0 0 0 0 0 108Disposals of enterprises (9) (15) 0 (1) 0 0 (25)Additions 0 0 0 1 0 322 323Disposals 0 0 (19) (46) 0 (4) (69)Transferred between categories 0 0 0 56 31 (87) 0Cost at 31 December 6,449 2,182 1,932 934 1,335 653 13,485Amortisation and impairment at 1 January (1) (1,438) (1,623) (781) (1,100) 0 (4,943)Foreign exchange adjustment 0 6 54 5 1 0 66Disposals of enterprises 0 1 0 1 0 0 2Disposals 0 0 19 46 0 0 65Amortisation and impairment 0 (63) (51) (62) (62) 0 (238)Amortisation and impairment at 31 December (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Carrying amount at 31 December 6,448 688 331 143 174 653 8,437", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__53": { "value": "GoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units as defined by Management and being the segments Mining and Cement as no goodwill is related to the Non-Core Activities.Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__52": { "value": "GoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units as defined by Management and being the segments Mining and Cement as no goodwill is related to the Non-Core Activities.Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.The Group uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase. Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the technical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reli-ably and it is probable that the future earnings or the net selling price will cover production, sales, and administra-tive costs plus development costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to development activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__54": { "value": "Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.The Group uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase. Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the technical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reli-ably and it is probable that the future earnings or the net selling price will cover production, sales, and administra-tive costs plus development costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to development activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__55": { "value": "2.3 Impairment of assetsResult of annual impairment testWe perform an annual impairment test of goodwill and intangible assets under development. Neither in 2024 nor in 2023 did the test reveal an impairment need. Intangible assets relate primarily to business combinations, soft-ware and development projects. The annual impairment test is an assessment of whether a cash generating unit will be able to generate sufficient positive net cash flow in the future to support the carrying amount of the assets related to the unit. Management believes that no reasonable changes in the key assumptions are likely to reduce the excess value in any of the cash generating units to zero or less.Carrying amounts of intangible assets included in the impairment test are specified in the table below. Cash generating unitsThe cash generating units equal our operating and reportable segments Mining, Cement and Non-Core Activities, these being the smallest group of assets which together generate incoming cash flow from Carrying amounts of intangible assets2024 2023DKKm Mining Cement Group Mining Cement GroupGoodwill 6,527 32 6,559 6,323 125 6,448Patents and rights 614 9 623 672 16 688Customer relations 287 0 287 331 0 331Other intangible assets 85 5 90 133 10 143Completed development projects 94 147 241 115 59 174Intangible assets under development 724 102 826 475 178 653Total 8,331 295 8,626 8,049 388 8,437continued use of the assets and which are independent of cash flow from other assets or groups of assets. The cash generating units are unchanged compared to last year. As no non-current assets (including goodwill and other intangible assets) relate to Non-Core Activities, the impairment test only covers Mining and Cement.Key assumptionsThe recoverable amount determined in the impairment test is based on a value-in-use calculation. To determine the value-in-use, management is required to estimate the present value of the future free net cash flow based on budgets and strategy for the coming five years as well as projections for the terminal period. Significant param-eters in the estimate of the present value are discount rate, revenue growth, EBITA margin, expected invest-ments and growth expectations for the terminal period.The discount rate is determined separately for Mining and Cement to reflect the risks specific to each CGU. The discount rate applied is the weighted average cost of capital (WACC) and reflects the latest market assump-tions for the cost of equity and the cost of debt.The cost of equity is determined assuming that investors are holding a global equity exposure, with the risk-free rate determined as a 10-year US treasury rate and the equity premium determined on the US market. The weighting of the cost of debt and cost of equity is based on the capital structure for relevant peer groups for the two industries.The expected annual growth rate and the expected margins in the budget period are based on historical experience and the assumptions about expected market developments. The long-term growth rate for the terminal period is based on the expected growth in the world economy, specifically for the industries. The long-term growth rate in the terminal period is set to 3.0% for Mining and 2.0% for Cement and is unchanged from 2023. Investments reflect both maintenance and expectations of organic growth.MiningThroughout 2024, the mining service market has remained stable and active, underpinned by steady production volumes and metal prices comfortably above cost of production for most mines. Customers are continuously looking to service providers for ways of extending equipment life through upgrades & retrofits and show interest in services to lower cost of operation and enhancing efficiency. There has been softness in the products market with hesitation by some customers to allocate capital expenditures for larger brownfield and greenfield projects. However, customers show strong interest in smaller product solutions.Looking into 2025, we expect a continued stable and active service market and persistent hesitation in the mining products market, except for a brighter outlook for smaller gold projects which could materialise in 2025. Optimism on longer-term demand outlook persists, with metals prices, such as copper and gold, remaining relatively high and indications from engineering, procure-ment and construction managers that larger projects may progress over the next couple of years, albeit with uncertain timing. Over the next five years, the EBITA margin is expected to increase due to a combination of our de-risking strategy where service orders represent an increased part of the activities, growth in the service business, simplification of our operating model and focus on SG&A costs.CementIn 2024, demand indicators deteriorated in key Western European markets as high interest rates and national debt ratios squeezed construction and infrastructure investment. In contrast, India remained a bright spot, driven by residential and commercial construction and government infrastructure spending. Poland, Turkey, Mexico, and Nigeria also showed positive developments.Looking ahead, emerging markets will most likely drive clinker capacity expansion to 2030, most notably India, alongside solid growth in parts of Africa, and Central Asia, and moderate growth in Southeast Asia and Latin America. In contrasts, carbon regulations constrain capacity expansion in mature markets where the CAPEX focus will be on import terminals, grinding stations, and an increased use of supplementary cementitious mate-rials (SCMs). Tight competition and high input prices is expected to spur investment in optimisation, efficiency, and costs reduction efforts. In the longer term, we expect increased investment in decarbonisation solu-tions and services, and we are already seeing signs of this trend.Over the next five years, the EBITA margin in the cement activities is expected to increase as result of the improved mix of service orders compared to products orders and from reductions on SG&A costs.Sensitivity analysisBased on current assumptions we see no impairment indications, and our key assumptions are not sensitive to reasonable changes to an extent that will result in an impairment loss neither individually or in combination. For example, a lowering of perpetual growth to zero and increasing the discount rate by two percentages points will not lead to impairment. Similarly, a decrease in EBITA by 20% in combination with an increase in investments as a percentage of revenue by 1 percentage points will not lead to impairment. Key assumptions2024 2023Mining Cement Mining CementInvestments % of revenue 3.8% 1.3% 2.5% 1.0%Growth rate in the terminal period 3.0% 2.0% 3.0% 2.0%Discount rate after tax (WACC) 10.0% 10.5% 10.0% 10.5%Discount rate before tax 13.0% 13.6% 13.5% 14.2%EBITA margin 13-15% 7-10% 11-14% 3-8%", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__57-1": { "value": "2.4 Property, plant and equipmentLand and buildings with a cost price net of depreciation of DKK 48m (2023: DKK 48m) are pledged against mort-gage debt of DKK 204m (2023: DKK 215m). The fair value of land and buildings pledged exceeds the value of the mortgage debt.\u00a7 Accounting policyThe Group measures property, plant and equipment at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials and direct labour. Property, plant and equipment include lease assets, see further in note 2.5.Depreciation is charged on a straight-line basis over the estimated useful life of the assets until they reach the estimated residual value.Estimated useful life is as follows:\u2022 Buildings, 20-40 years\u2022 Plant and machinery, 3-15 years\u2022 Operating equipment and fixtures and fittings, 3-15 years\u2022 Leasehold improvements, mainly related to land and buildings, up to 5 years or following the corresponding lease agreement\u2022 Land is not depreciated.Carrying amount of property, plant and equipment 2024 2023Property, Property, Operating plant and Operating plant and equipment, equipment equipment, equipment Land and Plant and fixtures and under Land and Plant and fixtures and under DKKmbuildingsmachineryfittingsconstruction Totalbuildingsmachineryfittingsconstruction TotalCost at 1 January 2,469 1,623 717 104 4,913 2,595 1,787 786 40 5,208Foreign exchange adjustments 35 40 0 (2) 73 (73) (48) (9) (5) (135)Acquisitions of enterprises (17) 18 0 0 1 31 (40) 0 0 (9)Disposals of enterprises (34) (254) (50) (1) (339) (31) (38) (18) 0 (87)Additions 15 52 21 296 384 5 26 24 121 176Disposals (68) (26) (28) 0 (122) (77) (91) (72) 0 (240)Transferred between categories 15 30 0 (45) 0 19 27 6 (52) 0Cost at 31 December 2,415 1,483 660 352 4,910 2,469 1,623 717 104 4,913Depreciation and impairment at 1 January (872) (1,249) (627) 0 (2,748) (872) (1,305) (681) 0 (2,858)Foreign exchange adjustment (10) (35) (3) 0 (48) 22 35 8 0 65Disposals of enterprises 19 216 41 0 276 1 23 14 0 38Disposals 16 24 23 0 63 51 86 70 0 207Depreciation (75) (95) (24) 0 (194) (74) (87) (39) 0 (200)Transferred between categories 0 0 0 0 0 0 (1) 1 0 0Depreciation and impairment at 31 December (922) (1,139) (590) 0 (2,651) (872) (1,249) (627) 0 (2,748)Carrying amount at 31 December, owned assets 1,493 344 70 352 2,259 1,597 374 90 104 2,165Carrying amount at 31 December, leased assets, note 2.5 161 13 38 0 212 180 17 27 0 224Carrying amount at 31 December, property, plant and equipment 1,654 357 108 352 2,471 1,777 391 117 104 2,3892.5 LeasesWe are party to several lease contracts as lessee, by which we lease offices, warehouses, manufacturing facilities and vehicles. We enter into lease contracts due to the flexibility it provides as it may ease the scala-bility to always adapt the asset base to the operational activity.The majority of the lease assets relate to land and build-ings and the lease contracts are typically made for fixed periods of 1 to 10 years, with a weighted average lease term of 2 years. The average discount rate applied for land and buildings is 5.29% at the end of 2024 (2023: 3.59%).The amounts included in the income statement related to expensed leases are presented in the table.During 2024 cash outflows for capitalised leases were DKK 102m (2023: DKK 145m). Interest related to leases was DKK 9m (2023: DKK 12m) and impacted CFFO nega-tively, and the remaining DKK 93m (2023: DKK 133m) was repayment of lease debt included in CFFF. Refer to note 5.8 Financial assets and liabilities for maturity analysis of lease liabilities.Further to the above cash outflow, DKK 14m (2023: DKK 13m) was included in CFFO for costs relating to short term, low-value and variable lease payments not recorded on the balance sheet.In September 2022, FLSmidth signed a lease of a new headquarter at Havneholmen in Copenhagen, Denmark. The new headquarter is still in the construction phase. It is expected that the lease will be effective in 2026. During 2024, the size of the lease has been renegotiated reducing the minimum lease payments over the term of the lease from DKK 0.2bn to DKK 0.1bn.We are not party to any significant lease contracts as lessor.Expensed leasesDKKm 2024 2023Cost relating to short-term leases 9 7Cost relating to leases of low-value assets that are not shown above as short-term leases 3 4Cost relating to variable lease payments not included in lease liabilities 2 2Expensed lease costs in the income statement 14 13The lease costs are included in the following lines:Production cost 8 6Sales cost 2 1Administrative cost 4 6Expensed lease costs in the income statement 14 13Carrying amount of leases2024Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 180 17 27 224Foreign exchange adjustments 2 (2) 1 1Disposals of enterprises (46) (4) 0 (50)Remeasurement 7 0 (1) 6Additions 99 8 26 133Disposals (9) 0 1 (8)Depreciation (72) (6) (16) (94)Carrying amount at 31 December 161 13 38 2122023Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 260 11 26 297Foreign exchange adjustments (2) 0 (1) (3)Disposals of enterprises (44) 0 0 (44)Remeasurement 9 0 (1) 8Additions 71 13 21 105Disposals (14) 0 (2) (16)Depreciation (100) (7) (16) (123)Carrying amount at 31 December 180 17 27 224\u00a7 Accounting policyAssets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__58-1": { "value": "The Group measures property, plant and equipment at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials and direct labour. Property, plant and equipment include lease assets, see further in note 2.5.Depreciation is charged on a straight-line basis over the estimated useful life of the assets until they reach the estimated residual value.Estimated useful life is as follows:\u2022 Buildings, 20-40 years\u2022 Plant and machinery, 3-15 years\u2022 Operating equipment and fixtures and fittings, 3-15 years\u2022 Leasehold improvements, mainly related to land and buildings, up to 5 years or following the corresponding lease agreement\u2022 Land is not depreciated.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__62": { "value": "2.5 LeasesWe are party to several lease contracts as lessee, by which we lease offices, warehouses, manufacturing facilities and vehicles. We enter into lease contracts due to the flexibility it provides as it may ease the scala-bility to always adapt the asset base to the operational activity.The majority of the lease assets relate to land and build-ings and the lease contracts are typically made for fixed periods of 1 to 10 years, with a weighted average lease term of 2 years. The average discount rate applied for land and buildings is 5.29% at the end of 2024 (2023: 3.59%).The amounts included in the income statement related to expensed leases are presented in the table.During 2024 cash outflows for capitalised leases were DKK 102m (2023: DKK 145m). Interest related to leases was DKK 9m (2023: DKK 12m) and impacted CFFO nega-tively, and the remaining DKK 93m (2023: DKK 133m) was repayment of lease debt included in CFFF. Refer to note 5.8 Financial assets and liabilities for maturity analysis of lease liabilities.Further to the above cash outflow, DKK 14m (2023: DKK 13m) was included in CFFO for costs relating to short term, low-value and variable lease payments not recorded on the balance sheet.In September 2022, FLSmidth signed a lease of a new headquarter at Havneholmen in Copenhagen, Denmark. The new headquarter is still in the construction phase. It is expected that the lease will be effective in 2026. During 2024, the size of the lease has been renegotiated reducing the minimum lease payments over the term of the lease from DKK 0.2bn to DKK 0.1bn.We are not party to any significant lease contracts as lessor.Expensed leasesDKKm 2024 2023Cost relating to short-term leases 9 7Cost relating to leases of low-value assets that are not shown above as short-term leases 3 4Cost relating to variable lease payments not included in lease liabilities 2 2Expensed lease costs in the income statement 14 13The lease costs are included in the following lines:Production cost 8 6Sales cost 2 1Administrative cost 4 6Expensed lease costs in the income statement 14 13Carrying amount of leases2024Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 180 17 27 224Foreign exchange adjustments 2 (2) 1 1Disposals of enterprises (46) (4) 0 (50)Remeasurement 7 0 (1) 6Additions 99 8 26 133Disposals (9) 0 1 (8)Depreciation (72) (6) (16) (94)Carrying amount at 31 December 161 13 38 2122023Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 260 11 26 297Foreign exchange adjustments (2) 0 (1) (3)Disposals of enterprises (44) 0 0 (44)Remeasurement 9 0 (1) 8Additions 71 13 21 105Disposals (14) 0 (2) (16)Depreciation (100) (7) (16) (123)Carrying amount at 31 December 180 17 27 224\u00a7 Accounting policyAssets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__65-1": { "value": "2.6 Investments in associatesInvestments in associates includes an investment in Intertek Robotic Laboratories Pty Ltd, Australia, with a 50% share.Although we hold 50% of the shares and voting rights, we do not share the control, hence the investment is not a joint venture. As we do have significant influence the investment is treated as an investment in associates and accounted for using the equity method.Date of Owner-Name of acqui-ship Voting associate CountrysitioninterestshareIntertek Robotic Australia 31- May 50% 50%Laboratories 2019Pty LtdThe primary activity of the company is to provide automated and robotic sample preparation, fusion and analytical testing services, including the procurement, construction and commissioning of laboratories.In Q2 2024, an impairment loss of DKK 39m on the investment was recognised leading to a net loss from associates of DKK 43m in the income statement for 2024. The impairment loss reflects a downward revision of expected future performance.Carrying value of investments in associates, FLSmidth shareDKKm 2024 2023Beginning value 1 January 81 157Foreign exchange adjustments (2) (5)Impairment loss (39) (61)Loss from associates (4) (1)Dividend paid 0 (9)Carrying value at 31 December 36 81Financial information of 100% of Intertek Robotic Labo-ratories Pty Ltd, prepared in accordance with FLSmidth accounting policies, is as follows (not only FLSmidth\u2019s share):Intertek Robotic Laboratories Pty LtdDKKm 2024 2023Revenue 125 131Loss for the period (8) (2)Total comprehensive income 0 0Dividend paid 0 (18)Current assets 81 60Customer relations 0 77Non-current assets 11 11Current liabilities (20) (16)Equity 72 132The financial information reflects the adjustments made in relation to the acquisition.Investments in associates, FLSmidth shareDKKm 2024 2023FLSmidth's share of equity, 50% 36 66Goodwill 0 15Carrying value at 31 December 36 816.5 List of Group CompaniesDuring 2024, the group structure has been changed to finalise the Cement activities for sale. Direct Group Company name Countryholding (pct.)FLSmidth & Co. A/S Denmark FLSmidth Real Estate A/S Denmark 100 FLSmidth S.A.C. Peru 100 FLSmidth Mining Technology (Beijing) Co. Ltd. China 100 FLSmidth Finans A/S Denmark 100 Matr. nr. 2055 A/S Denmark 100 SLF Romer XV ApS Denmark 100 Gemena Sp. Z.o.o. Poland 100FLSmidth A/S Denmark 100 FLS Maroc Morocco 100 FLSmidth Kenya Limited Kenya 100 FLSmidth Panama Inc. Panama 100 FLSmidth Paraguay S.A. Paraguay 100 Cement Knowledge Center Kingdom of Saudi Arabia 51 FLSmidth S.A. Spain 100 FLSmidth S.A.S. EN LIQUIDACION Colombia 100 FLSmidth Mongolia Mongolia 100 FLSmidth (UK) Limited United Kingdom 100 FLSmidth Caucasus Limited Liability Company (LLC) Armenia 100 NHI-Fuller (Shenyang) Mining Co. Ltd. China 50 FLSmidth Limited Ghana 100 FLSmidth Argentina S.A. Argentina 100 PT FLSmidth Indonesia Indonesia 100 FLSmidth GmbH Austria 100 FLSmidth Co. Ltd. Vietnam 100 FLSmidth LLP Kazakhstan 100 TOO FLSmidth Plant Construction Kazakhstan Kazakhstan 100 TOO FLSmidth Plant Engineering Kazakhstan Kazakhstan 100 FLSmidth Shanghai Ltd. China 100 FLSmidth Qingdao Ltd. China 100Direct Group Company name Countryholding (pct.) Saudi FLSmidth Co. Kingdom of Saudi Arabia 100 FLSmidth Nepal Private Limited Nepal 100 FLSmidth SAS France 100 FLSmidth Rusland Holding A/S Denmark 100 FLSmidth Rus OOO ** Russia 100 FLSmidth Industrial Solutions Ltda. Brazil 100 FLSmidth Industrial Solutions Makine Sanayi Ve Ticaret A.\u015e. Turkey 100 FLSmidth Services Foreign Enterprise LLC Uzbekistan 100 TIPCO Tudeshki Industrial Process Control GmbH Germany 100 FLSmidth Support Services (Philippines) Inc. Phillippines 100 FLS Global Business Centre Romania S.R.L. Romania 100 NL Supervision Company Tunisia Tunisia 100FLS US Holdings, Inc. USA 100 FLSmidth Inc. USA 100 Phillips Kiln Services (India) Pvt. Ltd.* India 50 Fuller Company USA 100 FLSmidth Dorr-Oliver Eimco SLC Inc. USA 100 FLSmidth Dorr-Oliver Inc. USA 100 \u203a FLSmidth Dorr-Oliver International Inc. USA 100 B & R Warehousing, L.L.C. USA 100FLSmidth Germany GmbH *** Germany 100 FLSmidth Wadgassen Ltd. ** Russia 100 thyssenkrupp Industrial Solutions Maroc SARL (in Members voluntary liquidation) Morocco 100 FLSmidth Cement (Beijing) Ltd. China 100 PT. FLSmidth Industries Southeast Asia Indonesia 100 KH Mineral S.A.S. France 100 OOO FLSmidth Mining Technologies (RUS) ** Russia 100 FLSmidth Mining Technologies (Thailand) Ltd. (in Members voluntary liquidation) Thailand 100Direct Group Company name Countryholding (pct.)FLSmidth Minerals Holding ApS Denmark 100 FLSmidth Private Limited India 100 FLSmidth S.A. Chile 100 FLSmidth Ltd. Canada 100 Farnell-Thompson Applied Technologies Inc. Canada 100 FLSmidth S.A. de C.V. Mexico 100 FLSmidth (Pty.) Ltd. South Africa 100 FLSMIDTH-SOCIEDADE UNIPESSOAL, LDA Angola 100 FLSmidth Mozambique Limitada Mozambique 100 FLSmidth (Pty) Ltd. Botswana 85 FLSmidth South Africa (Pty.) Ltd. South Africa 74 FLSmidth Industrial Solutions Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions South Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions (Botswana) (Proprietary) Limited Botswana 100 \u203a FLSmidth Industrial Solutions Mozambique Limitada Mozambique 100 FLSmidth Pty. Ltd. Australia 100 FLSmidth ABON Pty. Ltd. Australia 100 Intertek Robotic Laboratories Pty Ltd * Australia 50 FLSmidth Industrial Solutions (Australia) Pty. Ltd Australia 100 Ludowici Pty. Limited (in Members voluntary liquidation) Australia 100Direct Group Company name Countryholding (pct.)FLSmidth Cement A/S Denmark 100 FLSmidth Denmark Cement Holding ApS Denmark 100 FLSmidth Cement India LLP India 100 NLSupervision Company Angola, LDA. Angola 100 ISIRNEL S.A. Uruguay 100 FLSmidth Cement Brazil Ltda. Brazil 100 FLSmidth Cement Mexico S.A. de C.V. Mexico 100 FLSmidth Mekanik Sistemler Satis Bakim Ltd. Sti Turkey 100 FLSmidth Spol. s.r.o. Czech Republic 100 FLSmidth Ventomatic S.p.A. Italy 100 FLSmidth (Private) Ltd. Pakistan 100 FLSmidth Philippines, Inc. Philippines 100 FLSmidth (Thailand) Co. Ltd. Thailand 100 FLSmidth Cement USA Inc. USA 100 FLSmidth Cement (FZE) United Arab Emirates 100 Nordics Cement technology and services (Beijing) Ltd China 100 FLSmidth Pfister GmbH Germany 100* Associate** There are no activities in the Russian companies*** FLSmidth Germany GmbH makes use of the exemption provisons according to section 264 (3) of the German Commercial Code (HGB)All other enterprises are Group enterprises. The activity level in Group companies in hyperinflation countries is insignificant. Therefore, IAS29 Financial Reporting in Hyperinflationary Economies has not been used.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__64": { "value": "2.6 Investments in associatesInvestments in associates includes an investment in Intertek Robotic Laboratories Pty Ltd, Australia, with a 50% share.Although we hold 50% of the shares and voting rights, we do not share the control, hence the investment is not a joint venture. As we do have significant influence the investment is treated as an investment in associates and accounted for using the equity method.Date of Owner-Name of acqui-ship Voting associate CountrysitioninterestshareIntertek Robotic Australia 31- May 50% 50%Laboratories 2019Pty LtdThe primary activity of the company is to provide automated and robotic sample preparation, fusion and analytical testing services, including the procurement, construction and commissioning of laboratories.In Q2 2024, an impairment loss of DKK 39m on the investment was recognised leading to a net loss from associates of DKK 43m in the income statement for 2024. The impairment loss reflects a downward revision of expected future performance.Carrying value of investments in associates, FLSmidth shareDKKm 2024 2023Beginning value 1 January 81 157Foreign exchange adjustments (2) (5)Impairment loss (39) (61)Loss from associates (4) (1)Dividend paid 0 (9)Carrying value at 31 December 36 81Financial information of 100% of Intertek Robotic Labo-ratories Pty Ltd, prepared in accordance with FLSmidth accounting policies, is as follows (not only FLSmidth\u2019s share):Intertek Robotic Laboratories Pty LtdDKKm 2024 2023Revenue 125 131Loss for the period (8) (2)Total comprehensive income 0 0Dividend paid 0 (18)Current assets 81 60Customer relations 0 77Non-current assets 11 11Current liabilities (20) (16)Equity 72 132The financial information reflects the adjustments made in relation to the acquisition.Investments in associates, FLSmidth shareDKKm 2024 2023FLSmidth's share of equity, 50% 36 66Goodwill 0 15Carrying value at 31 December 36 81", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__63": { "value": "Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__66": { "value": "2.7 ProvisionsProvisions are liabilities of uncertain timing or amount. Our provisions consist of:\u2022 Provisions for warranty claims in respect of goods or services already delivered\u2022 Provisions for cost related to restructuring\u2022 Provisions for loss-making contracts (included in other provisions)\u2022 Provisions for losses resulting from disputes and lawsuits (included in other provisions)\u2022 Provisions for indirect tax risks (included in other provi-sions)Total provisions amount to DKK 2,375 (2023: 2,295). The net increase of DKK 80m compared to last year, mainly relates to increase in other provisions and restructuring.Warranty provisions cover expected costs to remedy warranty claims during the warranty period. The warranty provision is recognised during the production phase. The warranty period starts once the performance obligation in the contract has been finalised and runs seldomly for more than two years and often only up to one year. Restructuring provisions relate to costs expected to be incurred when executing restructurings decided and communicated by management. In most cases, the restructuring will occur in the near future. The provision shows a net increase of DKK 30m due to new provisions during 2024 partly offset by execution of restructurings from prior years. The increase in other provisions is mainly related to loss-making contracts partly offset by provisions for ongoing legal disputes.In our cash flow statement, the changes in provisions are combined with the changes in pensions and employee benefits. The impact on cash flows from changes in provisions, pensions and employee benefits (adjustment to the amounts recognised in the income statement) is shown in the table below.Cash flow effect from change in provisions, pension and employee benefitsDKKm 2024 2023Pensions and employee benefits 31 (35)Provisions 95 (226)Of which relate to foreign exchange adjustments (15) 25Cash flow effect 111 (236)\u00a7 Accounting policyProvisions are recognised when we, due to an event occurring before or at the balance sheet date, have a legal or constructive obligation and outflow of resources is expected to settle the obligation.Provisions for warranty claims are estimated on a order-by-order basis based on historical realised costs to handle warranty claims. The provision covers also unset-tled claims from customers or subcontractors.Provisions for restructuring costs are made only if the restructuring has been decided at the balance sheet date in accordance with a specific plan, and only provided that the parties involved have been informed about the overall plan.Provisions for loss-making contracts (included in other provisions in the table) cover customer contracts expected to result in a loss as the expected cost to complete exceeds revenue. The expected cost overrun that is not covered by revenue is recognised as a provi-sion. The key accounting estimate is explained in note 3.4.Provisions regarding disputes and lawsuits (included in other provisions in the table) are based on Management\u2019s assessment of the likely outcome settling the cases based on the information at hand at the balance sheet date.! Key accounting estimateEstimated warranty provisionWhen estimating the warranty provision we take into consideration several years of warranty cost information, any specific risk related to customer contracts, knowledge about defects and functional errors in the product portfolio, risks associated with newly launched products as well as customer losses in connection with suspension of operation. We include all of these factors as relevant, to esti-mate a warranty provision that to the best of our knowledge reflects our responsibility towards our customers in the future.Provisions2024 2023DKKm Warranties Restructuring Other Total Warranties Restructuring Other TotalProvisions at 1 January 883 360 1,052 2,295 980 404 1,123 2,507Foreign exchange adjustments 14 (1) 4 17 (17) (1) (1) (19)Disposal of Group enterprises (11) 0 (1) (12) 0 0 0 0Acquisition of Group enterprises 0 0 0 0 (91) 0 105 14Additions 458 280 738 1,476 346 312 940 1,598Used (231) (251) (484) (966) (128) (288) (983) (1,399)Reversals (263) (63) (141) (467) (207) (67) (132) (406)Reclassification from other liabilities 0 32 0 32 0 0 0 0Transfer between categories 0 33 (33) 0 0 0 0 0Provisions at 31 December 850 390 1,135 2,375 883 360 1,052 2,295", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__67": { "value": "Provisions are recognised when we, due to an event occurring before or at the balance sheet date, have a legal or constructive obligation and outflow of resources is expected to settle the obligation.Provisions for warranty claims are estimated on a order-by-order basis based on historical realised costs to handle warranty claims. The provision covers also unset-tled claims from customers or subcontractors.Provisions for restructuring costs are made only if the restructuring has been decided at the balance sheet date in accordance with a specific plan, and only provided that the parties involved have been informed about the overall plan.Provisions for loss-making contracts (included in other provisions in the table) cover customer contracts expected to result in a loss as the expected cost to complete exceeds revenue. The expected cost overrun that is not covered by revenue is recognised as a provi-sion. The key accounting estimate is explained in note 3.4.Provisions regarding disputes and lawsuits (included in other provisions in the table) are based on Management\u2019s assessment of the likely outcome settling the cases based on the information at hand at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__72": { "value": "2.9 Contractual Commitments and contingent liabilitiesContractual commitmentsAs part of our digital strategy, FLSmidth made in 2019 a fund investment in Chrysalix, a venture capital firm that specialises in transformational industrial innovation.We have made a capital commitment of USD 10m. The capital commitment can be called up until 2029, with the investment period being the first 5 years. The timing and amounts of each capital call are uncertain. The undrawn part of the capital commitment at 31 December 2024 amounted to DKK 26m (2023: DKK: 30m).Contingent liabilitiesContingent liabilities cover guarantees and other contin-gent liabilities related to legal disputes etc. At the end of 2024, contingent liabilities amounted to DKK 2,230m (2023: DKK 2,638m).GuaranteesGuarantees consist of customary performance and payment guarantees. The volume of the guarantees amounted to DKK 1,947m (2023: DKK 2,272m). It is customary market practice to issue guarantees to customers, which serve as a security that we will deliver as promised in terms of performance, quality, and timing. The volume of the guarantees varies with the activity level and reflects the outstanding order backlog, finalised projects and deliveries that are covered by warranties etc. Only a minor share of such guarantees is expected to materialise into losses. In the event a guar-antee is expected to materialise, a provision is recog-nised to cover the risk. Such provisions are covered by note 2.7 and included either within warranty provisions or other provisions.Other contingent liabilitiesWe are involved in legal disputes, certain of which are already pending with courts or other authorities and other disputes which may or may not lead to formal legal proceedings being instigated against us. Other contin-gent liabilities amount to DKK 283m (2023: DKK 366m). The outcome of such proceedings and disputes is by nature unknown but is not expected to have significant impact on our financial position. The decrease during 2024 is related to the settlement of a case where a customer in 2021 initiated arbitration against FLSmidth and certain partners for alleged contractual breaches ('the Tunesia contract').", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__71": { "value": "2.9 Contractual Commitments and contingent liabilitiesContractual commitmentsAs part of our digital strategy, FLSmidth made in 2019 a fund investment in Chrysalix, a venture capital firm that specialises in transformational industrial innovation.We have made a capital commitment of USD 10m. The capital commitment can be called up until 2029, with the investment period being the first 5 years. The timing and amounts of each capital call are uncertain. The undrawn part of the capital commitment at 31 December 2024 amounted to DKK 26m (2023: DKK: 30m).Contingent liabilitiesContingent liabilities cover guarantees and other contin-gent liabilities related to legal disputes etc. At the end of 2024, contingent liabilities amounted to DKK 2,230m (2023: DKK 2,638m).GuaranteesGuarantees consist of customary performance and payment guarantees. The volume of the guarantees amounted to DKK 1,947m (2023: DKK 2,272m). It is customary market practice to issue guarantees to customers, which serve as a security that we will deliver as promised in terms of performance, quality, and timing. The volume of the guarantees varies with the activity level and reflects the outstanding order backlog, finalised projects and deliveries that are covered by warranties etc. Only a minor share of such guarantees is expected to materialise into losses. In the event a guar-antee is expected to materialise, a provision is recog-nised to cover the risk. Such provisions are covered by note 2.7 and included either within warranty provisions or other provisions.Other contingent liabilitiesWe are involved in legal disputes, certain of which are already pending with courts or other authorities and other disputes which may or may not lead to formal legal proceedings being instigated against us. Other contin-gent liabilities amount to DKK 283m (2023: DKK 366m). The outcome of such proceedings and disputes is by nature unknown but is not expected to have significant impact on our financial position. The decrease during 2024 is related to the settlement of a case where a customer in 2021 initiated arbitration against FLSmidth and certain partners for alleged contractual breaches ('the Tunesia contract').", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__70": { "value": "2.9 Contractual Commitments and contingent liabilitiesContractual commitmentsAs part of our digital strategy, FLSmidth made in 2019 a fund investment in Chrysalix, a venture capital firm that specialises in transformational industrial innovation.We have made a capital commitment of USD 10m. The capital commitment can be called up until 2029, with the investment period being the first 5 years. The timing and amounts of each capital call are uncertain. The undrawn part of the capital commitment at 31 December 2024 amounted to DKK 26m (2023: DKK: 30m).Contingent liabilitiesContingent liabilities cover guarantees and other contin-gent liabilities related to legal disputes etc. At the end of 2024, contingent liabilities amounted to DKK 2,230m (2023: DKK 2,638m).GuaranteesGuarantees consist of customary performance and payment guarantees. The volume of the guarantees amounted to DKK 1,947m (2023: DKK 2,272m). It is customary market practice to issue guarantees to customers, which serve as a security that we will deliver as promised in terms of performance, quality, and timing. The volume of the guarantees varies with the activity level and reflects the outstanding order backlog, finalised projects and deliveries that are covered by warranties etc. Only a minor share of such guarantees is expected to materialise into losses. In the event a guar-antee is expected to materialise, a provision is recog-nised to cover the risk. Such provisions are covered by note 2.7 and included either within warranty provisions or other provisions.Other contingent liabilitiesWe are involved in legal disputes, certain of which are already pending with courts or other authorities and other disputes which may or may not lead to formal legal proceedings being instigated against us. Other contin-gent liabilities amount to DKK 283m (2023: DKK 366m). The outcome of such proceedings and disputes is by nature unknown but is not expected to have significant impact on our financial position. The decrease during 2024 is related to the settlement of a case where a customer in 2021 initiated arbitration against FLSmidth and certain partners for alleged contractual breaches ('the Tunesia contract').", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__73-1": { "value": "2.10 Business acquisitionAcquisitions in 2024On 4 March 2024, FLSmidth acquired the Canadian mill engineering, supply and services provider, Farnell-Thompson Applied Technologies Inc. Its offerings are integrated into FLSmidth\u2019s core Mining business. The acquisition is aligned with our Mining CORE\u201926 strategy, which includes targeting service growth through stra-tegic investments and prioritisation. Farnell-Thompson is a global supplier of engineering services, parts and mills to the mining industry. Prior to the acquisition Farnell-Thompson has been a consulting partner providing these services to FLSmidth for many years. Consequently, a seamless integration of the new business and staff is anticipated.On 8 October 2024, the transaction to acquire TIPCO Tudeshki Industrial Process Control GmbH (Tipco) closed. Tipco is the developer of sensor technology that can measure the particle size distribution of different mass flows, which offers strong applications across FLSmidth\u2019s Mining portfolio. The aggregated purchase price net of cash acquired for the two acquisitions is DKK 116m with DKK 9m falling due over the next three years. The acquisitions increased working capital assets and liabiities by DKK 23m and DKK 17m, respectively. The acquisitions led to the recognition of goodwill of DKK 111m. Goodwill represents primarily the value of the assembled workforce and is not deduct-ible for tax purposes. No significant adjustments are expected in the final accounting for the two acquisitions within 12 months after the acquisition dates.The acquisitions are incorporated into the cash gener-ating unit Mining. The acquisitions did not have a signifi-cant impact on revenue and net profit in 2024.Acquisitions in 2023Effective from 1 June 2023, FLSmidth acquired the American company Morse Rubber. The acquisition supports FLSmidth Mining\u2019s CORE\u201926 strategy and will be adding advanced moulding capabilities for rubber and composite mill liners, as well as screen media and various rubber and rubber ceramic wear components to our existing offerings. The purchase price of DKK 42m equals net assets acquired. The acquisition increased property, plant and equipment by DKK 36m, working capital assets and liabilities by DKK 12m and DKK 6m, respectively. The impact on net profit was insignificant.The finalisation of the purchace price allocation in 2024 led to a reallocation of DKK 17m between categories within property, plant and equipment.\u00a7 Accounting policyAcquired businesses are included in the consolidated financial statements from the date when control (the acquisition date) of the business is transferred to FLSmidth.The purchase price includes consideration already paid/received, deferred consideration and expected contin-gent consideration. The purchase price is allocated to the identified assets, liabilities and contingent liabilities (net assets) based on their fair values at acquisition date and any excess of the purchase price over the net assets is recognised in the balance sheet as goodwill within intan-gible assets. In the event the purchase price is lower than the net assets, the difference is recognised in the income statement (a gain from a bargain purchase).If, on the acquisition date, there are any uncertainties with respect to identifying or measuring the acquired net assets, the initial recognition will be made on the basis of estimated fair values. The estimated fair values may be adjusted, or additional assets or liabilities may be recognised during the measurement period of up to 12 months to reflect new information that becomes avail-able about conditions prevailing on the acquisition date. Such adjustments are made to the initial purchase price allocation as a restatement of prior information, including to the amount of goodwill.Any subsequent adjustment of contingent consideration is recognised directly in the income statement, unless it relates to new information on conditions prevailing at acquisition date obtained during the measurement period and therefore impacting the purchase price allo-cation.2.11 Disposal of activities Disposal 2024On 22 January 2024, FLSmidth Cement entered into an agreement to sell the MAAG gears and drives business to Solix Group AB. The transaction was completed on 1 March 2024 and includes all related assets including intel-lectual property, technology, employees and customer contracts.Net assets derecognised are decomposed in the table to the right. The backlog in Cement was reduced by DKK 336m. The transaction led to a gain of DKK 28m.Disposal 2023On 14 June 2023, FLSmidth and KOCH Solutions signed an asset purchase & transfer agreement involving mate-rial handling technology that is part of the Non-Core Activities segment. The transaction was completed on 1 September 2023. The transaction had no material impact on EBITA for 2023. The final price adjustments are currently being determined and the expected loss of DKK 20m has been recognised in 2024. On 14 July 2023, FLSmidth sold its Advance Filtration Technologies (AFT) business to Micronics, a leading global provider of industrial filtration solutions. The sale included all related assets, including intellectual prop-erty, technology, employees and customer contracts. The divestment of the AFT business is part of FLSmidth Cement\u2019s pure-play strategy, which includes focusing the cement Products portfolio on the core technologies required for the green transition in the cement industry. The transaction led to a gain of DKK 102m.Net assets derecognised in 2023 are decomposed in the table to the right. The backlog in Cement was reduced by DKK 101m and in Non-Core Activities by around DKK 400m.Total assets and liabilities in activities sold are shown in the table below. Gains and losses from disposal of activities are included in the line item \u2018Other operating net income\u2019. DKKm 2024 2023Intangible assets 80 25Other non-current assets 118 93Current assets 265 189Total assets 463 307Pension 6 8Lease liabilities 55 49Working capital liabilities 150 49Provisions 11 0Current liabilities 15 0Total liabilities 237 106", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__74": { "value": "Acquired businesses are included in the consolidated financial statements from the date when control (the acquisition date) of the business is transferred to FLSmidth.The purchase price includes consideration already paid/received, deferred consideration and expected contin-gent consideration. The purchase price is allocated to the identified assets, liabilities and contingent liabilities (net assets) based on their fair values at acquisition date and any excess of the purchase price over the net assets is recognised in the balance sheet as goodwill within intan-gible assets. In the event the purchase price is lower than the net assets, the difference is recognised in the income statement (a gain from a bargain purchase).If, on the acquisition date, there are any uncertainties with respect to identifying or measuring the acquired net assets, the initial recognition will be made on the basis of estimated fair values. The estimated fair values may be adjusted, or additional assets or liabilities may be recognised during the measurement period of up to 12 months to reflect new information that becomes avail-able about conditions prevailing on the acquisition date. Such adjustments are made to the initial purchase price allocation as a restatement of prior information, including to the amount of goodwill.Any subsequent adjustment of contingent consideration is recognised directly in the income statement, unless it relates to new information on conditions prevailing at acquisition date obtained during the measurement period and therefore impacting the purchase price allo-cation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__76": { "value": "2.12 Discontinued activitiesIn 2023, discontinued activities related to the remaining responsibilities to finalise legacy projects, handling of claims, etc. retained on the sale of the non-mining bulk material handling business in 2019. In Q4 2023, we made a write down of DKK 149m as we foresee a high risk of not being able to collect amounts due from a customer that made an unsubstantiated cash withdrawal on a perfor-mance bond in 2021. From 1 January 2024, the activities are included within the Non-Core Activities segment for full wind-down. This includes the remaining net asset of DKK 67m consisting of net working capital of DKK 132m and provisions of DKK 65m. We do not expect any material future financial impact from the full wind-down of the activities.\u00a7 Accounting policyDiscontinued activities comprise disposal groups, which have been disposed of, ceased or are classified as held for sale and represents a separate major line of business or geographical area. Discontinued activities are presented in the income statement as profit/loss for the year, discontinued activities and consists of operating income after tax. Gains or losses from disposal of the assets related to the discontinued activities and adjustments hereto are like-wise presented as discontinued activities in the income statement.In the consolidated cash flow statement, cash flow from discontinued activities is included in cash flow from operating, investing and financing activities together with cash flow from continuing activities. Discontinued activities share of CFFODKKm 2024 2023EBITDA, see segment note 1.2 - (171)Change in provisions - (53)Change in net working capital - 250Cash flow from operating activities before financial items and tax - 26Financial items received and paid - (7)Cash flow from operating activities - 19", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__77": { "value": "Discontinued activities comprise disposal groups, which have been disposed of, ceased or are classified as held for sale and represents a separate major line of business or geographical area. Discontinued activities are presented in the income statement as profit/loss for the year, discontinued activities and consists of operating income after tax. Gains or losses from disposal of the assets related to the discontinued activities and adjustments hereto are like-wise presented as discontinued activities in the income statement.In the consolidated cash flow statement, cash flow from discontinued activities is included in cash flow from operating, investing and financing activities together with cash flow from continuing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__80": { "value": "Inventories are measured at cost based on weighted average cost prices.In the event that cost of inventories exceeds the expected selling price less cost of completion and selling costs, the inventories are impaired to the lower net realisable value. The net realisable value of inventories is measured as the expected sales price less costs of completion and costs to finalise the sale.Impairment assessment of the inventory is performed item by item including:\u2022 Test for slow moving stock\u2022 Test for aging of inventory\u2022 Assessment of expected market (pricing and market potential)\u2022 Assessment of strategic inventory itemsObsolete items are impaired to the value of zero. Management considers part of the inventories as stra-tegic. Strategic items are held in inventory, even if slow moving, because they are considered key equipment to the customers, that we need to be able to deliver with very short notice.Raw materials and consumables include purchase costs of materials and consumables, duties and freight. Work in progress, finished goods and goods for resale include cost of manufacturing including materials consumed and labour costs plus an allowance for production overheads. Production overheads include operating costs, mainte-nance of production facilities as well as administration and factory management directly related to manufac-turing.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__79": { "value": "3.2 InventoriesInventories net of impairmentDKKm 2024 2023Raw materials and consumables 370 454Goods in progress 756 831Finished goods and goods for resale 2,446 2,165Inventories 3,572 3,450The net inventory has slightly increased by 3.5% compared to 2023. Similar to 2023, the write-downs include write-downs on strategic aging inventories. Impairment of inventoriesDKKm 2024 2023Impairment at 1 January 74 4 379Foreign exchange adjustments (7) (32)Additions 351 709Realised (199) (260)Reversals (51) (52)Impairment at 31 December 838 744\u00a7 Accounting policyInventories are measured at cost based on weighted average cost prices.In the event that cost of inventories exceeds the expected selling price less cost of completion and selling costs, the inventories are impaired to the lower net realisable value. The net realisable value of inventories is measured as the expected sales price less costs of completion and costs to finalise the sale.Impairment assessment of the inventory is performed item by item including:\u2022 Test for slow moving stock\u2022 Test for aging of inventory\u2022 Assessment of expected market (pricing and market potential)\u2022 Assessment of strategic inventory itemsObsolete items are impaired to the value of zero. Management considers part of the inventories as stra-tegic. Strategic items are held in inventory, even if slow moving, because they are considered key equipment to the customers, that we need to be able to deliver with very short notice.Raw materials and consumables include purchase costs of materials and consumables, duties and freight. Work in progress, finished goods and goods for resale include cost of manufacturing including materials consumed and labour costs plus an allowance for production overheads. Production overheads include operating costs, mainte-nance of production facilities as well as administration and factory management directly related to manufac-turing.! Key accounting estimateEstimated valuation of inventoriesWhen assessing the net realisable value of invento-ries we take marketability, obsolescence and devel-opment in expected selling prices into account. Also inventory turnover, quantities and the nature and condition of the inventory items including the classification as strategic inventory are considered in the assessment. We include all of these factors as relevant, to ensure that our inventory is reflected at the expected selling price, if lower than cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__81-1": { "value": "3.3 Trade receivablesTrade receivables relate to both our Service and Prod-ucts businesses. Trade receivables decreased in 2024 primarily due to our cash colletion efforts. Further, the impairment on specific trade receivables past due by more than 90 days increased during 2024.Trade receivables net of impairment specified according to agingDKKm 2024 2023Not due for payment 2,763 3,245Overdue < one month 540 680Overdue one two months 233 216Overdue two three months 56 62Overdue > three months 481 313Trade receivables 4,073 4,516Trade receivables not due for payment with retentions oncontractual terms 260 420Impairment of trade receivables specified according to aging is shown to the right.The increase in impairments in 2024 is based on historical observed default rate adjusted for up to date estimates of uncertainties in specific project related activities and current market conditions.Impairment of trade receivablesDKKm 2024 2023Impairment at 1 January 691 415Foreign exchange adjustments 2 (8)Additions 463 471Reversals (223) (96)Realised (25) (91)Impairment at 31 December 908 691\u00a7 Accounting policyTrade receivables are initially measured at fair value and subsequently measured at amortised cost.A credit loss allowance is made upon initial recognition based on historical observed default rates adjusted for forward looking estimates. The cost of the credit loss allowances is included in administration costs. A loss is considered realised when it is certain that we will not recover the receivable, e.g. in case of bankruptcy or similar.Impairment of trade receivables specified according to aging2024 2023Gross Gross Expected carrying Expected carrying DKKmloss rateamount Impairmentloss rateamount ImpairmentNot due for payment 1.1% 2,794 31 1.1% 3,281 36Overdue < one month 6.3% 576 36 5.4% 719 39Overdue one two months 14.3% 272 39 12.6% 247 31Overdue two three months 27.3% 77 21 21.5% 79 17Overdue > three months 61.9% 1,262 781 64.5% 881 568Total 4,981 908 5,207 6913.5 Other receivablesSpecification of other receivablesDKKm 2024 2023Indirect taxes receivables 500 522Deposits 51 56Derivatives 53 37Other 230 276Included in NWC 834 891Other receivables, included in NIBD 56 104Total 890 995Other receivables of DKK 834m, including the derivatives, are included within net working capital. The remaining DKK 56m is included in net interest bearing debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__82": { "value": "Trade receivables are initially measured at fair value and subsequently measured at amortised cost.A credit loss allowance is made upon initial recognition based on historical observed default rates adjusted for forward looking estimates. The cost of the credit loss allowances is included in administration costs. A loss is considered realised when it is certain that we will not recover the receivable, e.g. in case of bankruptcy or similar.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__83": { "value": "3.4 Work in progressWork in progress relates to contracts with customers where revenue is recognised over time. As the costs to produce the output under a contract are incurred, revenue is calculated reflecting the share of costs incurred compared to total expected costs to fulfil the contract (percentage of completion). The revenue is recognised as work in progress (gross work in progress) and consists of cost incurred including margin. Balances on a specific contract is removed from work in progress once the work is completed and accepted by the customer. Especially for more complex product bundles with engineering, the work typically extends over several financial years. The total amount of work in progress therefore includes accumulated revenue for several years for contracts where the work has not been final-ised and/or accepted by the customer.During the execution, invoices are issued according to the invoice structure for each transaction. The invoiced amounts reduce the balance on work in progress (Net work in progress in the table). Depending on the invoice structure, the work in progress balance on a specific contract can change from being presented as an asset (a contract asset) in one period to being presented as a liability (a contract liability) in the next period. In the balance sheet and as shown in the table, net work in progress on contracts where work performed exceeds the invoiced amount are presented as assets while contracts where the invoiced amount exceeds the work performed are presented as liabilities.In general, the invoicing structure reflects the progress on the work to be performed and work in progress liabil-ities are, therefore, usually converted into revenue in the next year. The decrease in gross work in progress reflects our de-risking strategy.Composition of work in progressDKKm 2024 2023Gross work in progress 38,088 40,853Invoicing on account to customers ( 3 7, 8 7 0 ) (41,109)Net work in progress 218 (256)Of which is recognised as work in progress:Under assets 3,009 2,769Under liabilities (2,791) (3,025)Net work in progress 218 (256)Work in progress is impacted by the divestments and acquisitions. This has led to a decrease in net work in progress by DKK 169m. Note 1.4 include information on the order backlog reflecting effective contracts with customers where we will transfer control at future point in time and the remaining performance obligations on contracts where we transfer control over time.In addition to net work in progress, contract liabilities include prepayments received from customers of DKK 1,783m (2023: DKK 1,933m). The prepayments are recog-nised separately in the balance sheet as current and non-current liabilities. Prepayments presented as current reflect amounts that are expected to be recognised as revenue during the following year.When assessing impairment on the work in progress net balances we evaluate on a contract-by-contract basis. If an impairment on a contract is probable, we recognise the expected loss and a related provision.\u00a7 Accounting policyWork in progress consists of contract assets and contract liabilities for contracts with customers where revenue is recognised over time.For contracts included as work in progress revenue reflecting the percentage of completion is recognised when the outcome of the contracts can be estimated reliably. The percentage of completion is calculated based on a cost-to-cost basis (input method) and is the ratio between the cost incurred and the total estimated cost.The contracts are measured at an amount equal to the selling price of the work performed (percentage of completion) less progress billings and expected losses.The selling price is the total expected income from the individual contracts. If variability is included in the selling price, we use the most likely amount method.An expected loss is recognised when it is deemed prob-able that the total contract costs will exceed the total revenue from individual contracts. The expected loss is recognised immediately as a cost and as a provision for a loss-making contract. Further information can be found in note 2.7.When the selling price of the work performed exceeds progress billings, work in progress is presented as an asset and relate to unbilled work in progress. Work in progress assets have substantially the same risk char-acteristics as the trade receivables for the same types of contracts. Expected credit loss on work in progress assets is included within the loss allowance for trade receivables as managed together.When progress billings exceed the selling price of the work performed, work in progress is presented as a liability.Prepayments from customers are recognised as a liability.! Key accounting estimateEstimated costs to completeWe estimate the total expected costs for our contracts. The estimates primarily relate to the level of contingencies to cover unforeseen costs, such as cost changes due to changes in future supplies of raw materials, subcontractor products and services as well as unforeseen costs related to execution and hand-over.The estimates are based on the specifics for each contract while taking historical data into account. For contracts sold to customers in politically and economically unstable countries, the estimates include additional risk coverage due to a higher level of uncertainty.We reassess our project financials, including update of expected project costs on an ongoing basis, to ensure that expected cost increases are appropriately reflected in the estimated cost to complete.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__88": { "value": "3.6 Trade payablesTo improve the relationship with our suppliers and mini-mise the finance cost in the value chain, FLSmidth faci-litates a supply chain financing programme funded by a credit institute to our key suppliers. At the end of 2024 trade payables covered by the programme amounted to DKK 515m (2023: 504m) of which suppliers have received DKK 476m in payment from the credit institute. When participating in this programme, the supplier has the option to receive early payment from the credit insti-tution against a discount based on the invoices approved by FLSmidth through a factoring arrangement between the supplier and the credit institution, where the invoices are transferred to the credit institution without recourse. The payment due dates on trade payables part of the programme are as a standard 180 days after invoice date compared to typically 90-120 days on comparable trade payables that are not part of the programme. Except for a parent company guarantee to the credit institution for all obligations related to other FLSmidth entities, there is no security or guarantees provided to the credit insti-tution.The amounts payable under the programme is classified as trade payables in the balance sheet as well as in the cash flow statement (working capital within cash flow from operations). The trade payables covered by the supply chain financing programme arises in the ordinary course of business from supply of goods and services and the payment terms are not significantly extended compared to trade payables not part of the supply chain financing programme.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__91": { "value": "3.7 Other liabilitiesSpecification of other liabilitiesDKKm 2024 2023Indirect taxes payables 241 213Accrued employee items 675 751Derivatives 33 49Other accruals and payables 671 672Included in NWC 1,620 1,685Other liabilities, included in NIBD 210 178Employee benefits 206 164Total 2,036 2,027DKK 48m (2023: DKK 53m) is included in non-current liabilities and DKK 1,988m (2023: DKK 1,974m) in current liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__90": { "value": "3.7 Other liabilitiesSpecification of other liabilitiesDKKm 2024 2023Indirect taxes payables 241 213Accrued employee items 675 751Derivatives 33 49Other accruals and payables 671 672Included in NWC 1,620 1,685Other liabilities, included in NIBD 210 178Employee benefits 206 164Total 2,036 2,027DKK 48m (2023: DKK 53m) is included in non-current liabilities and DKK 1,988m (2023: DKK 1,974m) in current liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__89": { "value": "3.7 Other liabilitiesSpecification of other liabilitiesDKKm 2024 2023Indirect taxes payables 241 213Accrued employee items 675 751Derivatives 33 49Other accruals and payables 671 672Included in NWC 1,620 1,685Other liabilities, included in NIBD 210 178Employee benefits 206 164Total 2,036 2,027DKK 48m (2023: DKK 53m) is included in non-current liabilities and DKK 1,988m (2023: DKK 1,974m) in current liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__92-1": { "value": "4.1 Income TaxThe income tax expense for the year amounted to DKK 528m (2023: DKK 382m), corresponding to an effective tax rate of 33.9% (2023: 36.2%). The effective tax rate was negatively affected by withholding taxes not subject to credit relief and write-downs of tax losses mainly in Germany. The effective tax rate was positively affected by adjustments to previous years.Uncertain tax positions reflect managements assess-ment of the risk of a position taken by the Group being disputed by a tax authority. The assessment considers the inherent risk and uncertainty of undertaking complex projects and operating in a variety of developed and developing countries. The assessment includes the most likely outcome of both ongoing and potential future tax audits but also an assessment of whether the most likely outcome differs significantly for other possible outcomes. The provision for uncertain tax position is slightly increased in 2024.\u00a7 Accounting policyIncome tax for the year comprises current tax and changes in deferred tax including valuation of deferred tax assets, adjustments to previous years, foreign paid withholding taxes including available credit relief and changes in provisions for uncertain tax positions.Income tax for the year is recognised in the Income Statement, unless it is attributable to items recognised in other comprehensive income. Current tax is calculated using the applicable tax rates for the financial year on the expected taxable income for the year. The resulting tax is reduced by tax paid on account in the year. Current tax is recognised in the balance sheet as either a receivable or a liability for each tax jurisdiction and includes also previous years taxes.Deferred tax is calculated using the balance sheet liability method on all temporary differences between the carrying amounts for financial reporting purposes and the amounts used for taxation purposes, except differences relating to initial recognition of goodwill. No deferred tax i recognised related to Pillar II.Tax losses that are likely used against future taxable income in the same legal tax unit and jurisdiction in the next five years are included in the measurement of deferred tax. Deferred tax liabilities regarding invest-ments in subsidiaries are recognised if the shares are expected to be sold in the short-term.Deferred tax assets/liabilities and tax receivables/paya-bles are offset if the Group has a legal right to offset these and intends to settle these on a net basis or to realise the assets and settle the liabilities simultaneously.Uncertain tax positions are measured at the amount estimated to be required to settle such potential future obligations. We measure these uncertain tax positions on a yearly basis through interviews with key stakeholders in the main Group entities.We determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty will be followed. Management assesses for each uncertain tax positions whether the most likely outcome method or the expected value provide the best prediction of the resolu-tion of uncertainty.Composition of tax for the year and effective tax rates2024 2023Effective Effective DKKm Taxtax rate Taxtax rateTax according to Danish tax rate (343) 22.0% (232) 22.0%Differences in the tax rates in foreign subsidiaries relative to 22%(27) 1.7%(24) 2.2%Non-taxable income and non-deductible costs(34) 2.2%50 -4.8%Net change in valuation of tax assets(156) 10.0%(140) 13.3%Change in deferred tax due to adjustment of tax rates0 0.0%0 0.0%Adjustments regarding previous years, deferred tax 71 -4.6% (27) 2.6%Adjustments regarding previous years, current tax 77 -4.9% 140 -13.3%Withholding tax (118) 7.6% (141) 13.4%Uncertain tax positions 2 -0.1% (8) 0.8%Total tax for the year and effective tax rate (528) 33.9% (382) 36.2%Composition of tax for the yearDKKm 2024 2023Current tax on net profit for the year(549)(844)Withholding tax (118) (141)Change in deferred tax (11) 498Change in tax rate on deferred tax 0 0Adjustments regarding previous years, deferred tax 71 (27)Adjustments regarding previous years, current tax 77 140Uncertain tax positions 2 (8)Tax on profit for the year, continuing activities(528)(382)Earnings before tax on continuing activities 1,558 1,054Earnings before tax on discontinued activities 0 (184)Total earnings before tax 1,558 8704.2 Paid income taxIncome tax paid in 2024 amounted to DKK 876m (2023: DKK 850m). There is a slight increase in taxes paid compared to 2023. The increase is a net of deviation in several countries, mainly US, Denmark, Peru, Brazil and Chile where payment both in 2024 and 2023 related to prior year impacts the tax paid.Besides income tax, Group activities generate sales taxes, customs duties, personal income taxes paid by the employees, etc. which are excluded from income tax paid.A Pillar II computation for 2024 has been made to assess any potential tax exposure. This includes a safe harbor analysis as well as calculation of the GloBE ETR and Top-up tax including allocations. The conclusion is that safe harbor can be applied in all jurisdictions and no material tax is expected to be paid under Pillar II.Income tax paidDKKm300250200150100500 2023 2024Significant deferred tax assets, netDKKm1,2001,0008006004002000 2023 2024 Share of assets and tax losses valued at nil4.4 Tax on other comprehensive income Tax recognised in other comprehensive income by the components of other comprehensive income to which it relates is shown in the table below.Composition of tax for the year and effective tax rates2024 2023Tax Tax Deferred Current income/Deferred Current income/DKKmtaxtaxcosttaxtaxcostValue adjustments of hedging instruments (1) 0 (1) (18) 8 (10)Actuarial gains/losses on defined benefit plans (5) 0 (5) (5) 0 (5)Tax on other comprehensive income (6) 0 (6) (23) 8 (15)", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__93-1": { "value": "Income tax for the year comprises current tax and changes in deferred tax including valuation of deferred tax assets, adjustments to previous years, foreign paid withholding taxes including available credit relief and changes in provisions for uncertain tax positions.Income tax for the year is recognised in the Income Statement, unless it is attributable to items recognised in other comprehensive income. Current tax is calculated using the applicable tax rates for the financial year on the expected taxable income for the year. The resulting tax is reduced by tax paid on account in the year. Current tax is recognised in the balance sheet as either a receivable or a liability for each tax jurisdiction and includes also previous years taxes.Deferred tax is calculated using the balance sheet liability method on all temporary differences between the carrying amounts for financial reporting purposes and the amounts used for taxation purposes, except differences relating to initial recognition of goodwill. No deferred tax i recognised related to Pillar II.Tax losses that are likely used against future taxable income in the same legal tax unit and jurisdiction in the next five years are included in the measurement of deferred tax. Deferred tax liabilities regarding invest-ments in subsidiaries are recognised if the shares are expected to be sold in the short-term.Deferred tax assets/liabilities and tax receivables/paya-bles are offset if the Group has a legal right to offset these and intends to settle these on a net basis or to realise the assets and settle the liabilities simultaneously.Uncertain tax positions are measured at the amount estimated to be required to settle such potential future obligations. We measure these uncertain tax positions on a yearly basis through interviews with key stakeholders in the main Group entities.We determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty will be followed. Management assesses for each uncertain tax positions whether the most likely outcome method or the expected value provide the best prediction of the resolu-tion of uncertainty.4.5 Our approach to tax and tax riskBeing a responsible taxpayer is important to us, and this means that we will pay the correct amount of taxes at the right time in all countries where we do business. We strive to accomplish this through a strong governance framework focused on compliance with applicable laws as well as generally agreed principles of interna-tional taxation and standards for responsible business conduct. We are a global company engaging and oper-ating in a variety of developed and developing econo-mies. Inherent risk and uncertainty regarding compliance requirements and double taxation of income are there-fore common issues faced by our business. We actively mitigate tax risk and uncertainties from business oper-ations. Our objective is to be transparent regarding our tax affairs by communicating openly and in a clear, timely and transparent manner.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__95": { "value": "4.3 Deferred TaxDeferred tax assets at the end of 2024 amount to DKK 2,358m (2023: DKK 2,314m) and deferred tax liabilities amount to DKK 220m (2023: DKK 207m). The net deferred tax assets amount to DKK 2,138m (2023: DKK 2,107m).Recognition of net deferred tax assets is based on forecasted taxable income considering the business simplification, and forecasted growth and margins for the coming years.Deferred tax assets valued at nil amounting to DKK 448m (2023: DKK 285m) relate to tax losses and tax assets mainly in Germany and entities under dissolvement. The increase relates primarily to Germany, where the tax assets are not likely to be fully utilised within a foresee-able future.As of 31 December 2024, the non-recognised part of the tax assets in Germany amounts to DKK 338m (2023: DKK 199m) and there is no expiry date for the tax losses. Recognising tax assets is a key accounting estimate and is based on management\u2019s forecast of earnings, incor-porated cost savings, and succesfull implementation of business simplification and the recovery of the market.Temporary differences regarding future repatriation of profit from entities in foreign countries are unchanged from last year and estimated at DKK 375m-425m in 2024 (2023: DKK 375m-425m). These liabilities are not recog-nised because the Group is able to control when the liability is released, and it is considered probable that the liability will not be triggered in the foreseeable future.Net deferred taxDKKm 2024 2023Deferred tax assets 2,358 2,314Deferred tax liabilities (220) (207)2,138 2,107Maturity profile of tax assets valued at nilDKKm 2024 2023Within one year 34 4Between one and five years 184 111After five years 1,370 864Base value of tax assets valued at nil 1,588 979Tax value 438 285Deferred tax assets valued at nil consist of:Temporary differences 51 51Tax losses 1,537 9281,588 979Composition of deferred tax 2024Included in Income StatementIncluded Adjustment in Other Balance sheet Acquisition Currency to previous Changed Change in compreh. Balance sheet DKKm1 Januaryof enterprisesadjustmentyearstax ratedeferred taxincome31 DecemberIntangible assets 233 0 3 21 0 (140) 0 117Property, plant and equipment 263 0 (1) 4 0 (19) 0 247Current assets 316 (1) (3) (108) 0 92 (1) 295Liabilities 710 0 2 200 0 (85) (5) 822Tax loss carry-forwards, etc. 870 0 (19) (53) 0 297 0 1,095Share of tax assets valued at nil (285) 0 (4) 7 0 (156) 0 (438)Net deferred tax assets/(liabilities) 2,107 (1) (22) 71 0 (11) (6) 2,1382023Included in Income StatementIncluded Adjustment in Other Balance sheet Acquisition Currency to previous Changed Change in compreh. Balance sheet DKKm1 Januaryof enterprisesadjustmentyearstax ratedeferred taxincome31 DecemberIntangible assets 86 0 2 (14) (1) 160 0 233Property, plant and equipment 244 0 (2) (18) 0 39 0 263Current assets 128 0 (13) (4) 1 222 (18) 316Liabilities 662 27 (15) 3 0 38 (5) 710Tax loss carry-forwards, etc. 643 16 (7) 34 0 184 0 870Share of tax assets valued at nil (136) 0 10 (19) 0 (140) 0 (285)Net deferred tax assets/(liabilities) 1,627 43 (25) (18) 0 503 (23) 2,107of which related to discontinued activities 9 5 14! Key accounting estimateEstimated value of deferred tax assetsThe value of deferred tax assets is recognised to the extent that it is deemed likely that taxable income in the future can utilise the tax losses. For this purpose, the income from the coming five years is estimated, based on forecasts.In assessing the probability of the future realisa-tion of deferred tax assets, we have considered the economic outlook in our forecasts of taxable income and reversals of taxable temporary differ-ences. The uncertainty of forecasts is related to macroeconomic developments, including the demand for environmental investments by our customers, not least within the Cement industry.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__98": { "value": "5.1 Shares and capital structureSharesShare capital is DKK 1,153m and the total number of authorised and issued shares is 57,650,000. Each share entitles the holder to 20 votes and no shares have special rights attached to it.ShareholdersAt 20 February 2025, FLSmidth had two major share-holders. Altor Invest 7 AS and Lundbeckfond Invest A/S have both disclosed holdings of voting rights exceeding 10% of total outstanding voting rights. No other share-holders have reported a participating interest above 5%.Capital structureFLSmidth takes a conservative approach to capital struc-ture with an emphasis on relatively low debt, gearing and financial risk. The Board of Directors\u2019 priority for capital structure is as follows:\u2022 Leverage (NIBD/EBITDA < 2)\u2022 Dividend pay-out ratio (30-50% of net profit)The priority for capital allocation is to ensure a strong balance sheet while allowing for growth investments and value-adding M&A. Excess cash can be distributed either via extraordinary dividends or share buy-back programmes.Shareholders\u2019 equity includes the following reserves:\u2022 Share capital (nominal value of shares issued)\u2022 Foreign exchange adjustments (accumulated currency adjustments regarding translation of foreign entities)\u2022 Cash flow hedging (fair value of derivatives that hedge the currency risks on expected future cash flows and meet the criteria for cash flow hedging)\u2022 Retained earnings (all other components of share-holders\u2019 equity including share premium)Treasury sharesOur holding of treasury shares at the end of 2024 accounted for 1.4% of the share capital (2023: 1.6%).The Board of Directors is authorised until the next Annual General Meeting to let the Company acquire treasury shares up to a total nominal value of 10% of the Compa-ny\u2019s share Products in accordance with Section 12 of the Danish Companies Act.The treasury shares are used to hedge sharebased incen-tive programmes and are recognised directly in equity in retained earnings (zero value in the balance sheet). Refer to note 6.1 for further information.Dividend per shareThe Board of Directors will propose at the Annual General Meeting that a dividend of DKK 8.00 per share corre-sponding to a dividend yield of 2.2% and a pay-out ratio of 45%, will be distributed for 2024. The total dividend proposed amounts to DKK 461m.Outstanding shares net of Treasury shares1,000 2024 2023Treasury shares at 1 January 914 914Acquisitions of treasury shares 55 0Used for share based payments (156) 0Treasury shares at 31 December 813 914Outstanding shares net of Treasury shares:Outstanding shares net of Treasury shares 1 January 56,736 56,736Movement, treasury shares 101 0Outstanding shares net of Treasury shares at 31 December 56,837 56,736", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__99-1": { "value": "Treasury sharesOur holding of treasury shares at the end of 2024 accounted for 1.4% of the share capital (2023: 1.6%).The Board of Directors is authorised until the next Annual General Meeting to let the Company acquire treasury shares up to a total nominal value of 10% of the Compa-ny\u2019s share Products in accordance with Section 12 of the Danish Companies Act.The treasury shares are used to hedge sharebased incen-tive programmes and are recognised directly in equity in retained earnings (zero value in the balance sheet). Refer to note 6.1 for further information.Outstanding shares net of Treasury shares1,000 2024 2023Treasury shares at 1 January 914 914Acquisitions of treasury shares 55 0Used for share based payments (156) 0Treasury shares at 31 December 813 914Outstanding shares net of Treasury shares:Outstanding shares net of Treasury shares 1 January 56,736 56,736Movement, treasury shares 101 0Outstanding shares net of Treasury shares at 31 December 56,837 56,736", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__100": { "value": "Dividend per shareThe Board of Directors will propose at the Annual General Meeting that a dividend of DKK 8.00 per share corre-sponding to a dividend yield of 2.2% and a pay-out ratio of 45%, will be distributed for 2024. The total dividend proposed amounts to DKK 461m.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__102": { "value": "8.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "s9__7__103": { "value": "461000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s9__7__104": { "value": "5.2 Earnings per share Earnings per share from continuing activities increased to DKK 17.9 in 2024 (2023: DKK 12.0). Earnings per share from discontinued activities equalled DKK 0.0 in 2024 (2023: DKK -3.2).The number of dilutive shares from share-based payment (see note 6.1) is determined as the number of shares that are expected to vest under share-based payments to employees, reduced by the numbers of shares that represents the fair value of service during the remaining vesting period.Earnings per share from continuing and discontinuing activitiesDKKm 2024 2023Profit for the year, continuing activities 1,030 672Minority interests (12) 6FLSmidth's share of profit, continuing activities 1,018 678Loss for the year, discontinued activities 0 (181)FLSmidth's share of loss, discontinuing activities 0 (181)FLSmidth's share of profit 1,018 497Number of shares (1,000) 2024 2023Issued shares 1 January 5 7, 6 5 0 5 7, 6 5 0Treasury shares, weighted 824 914Average number of outstanding shares 56,826 56,736Dilutive effect of share based payment 508 401Average diluted number of outstanding shares 57,334 5 7, 1 37DKK per share 2024 2023Earnings per share from continuing activities 17.9 12.0Earnings per share from discontinued activities 0,0 (3.2)Earnings per share from continuing and discontinued activities 17.9 8.8Diluted earnings per share from continuing activities 17. 8 11.9Diluted earnings per share from discontinued activities 0,0 (3.2)Diluted earnings per share from continuing and discontinued activities 17.8 8.7", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__105": { "value": "5.3 Financial risksDue to the international activities and the industry char-acteristics, risks are an embedded part of doing busi-ness. We are exposed to financial risks, that can have a material impact to the consolidated financial statements of the Group.The financial risks are to the extent possible managed centrally for the Group and are governed by the Treasury Policy, which is approved by the Board of Directors. The Treasury Policy is updated on an annual basis to address any changes in the risk picture.The main financial risks that we are exposed to are inter-ests, currency, credit and liquidity risks.Interest rate riskInterest rate risks arise from interest-bearing assets and liabilities. Interest-bearing items consist primarily of cash and cash equivalents, bank loans and mortgage debt.According to the Treasury Policy, hedging of interest rates is governed by a duration range and is managed by using derivatives such as interest rate swaps. No interest derivatives have been used during 2024 or 2023.As of 31 December 2024, the majority of our interest- bearing debt is carrying a floating rate.All other things being equal, a 1%-point increase in the interest rate will increase our interest cost by DKK 8m (2023: DKK 6m), calculated as 1% of the net interest bearing debt as of 31 December 2024. The sensitivity to changes in the interest rate has increased in 2024 due to the increase in net debt.Currency riskThe Treasury Policy aims to reduce the most signifi-cant currency risks to better predict the impact on the income statement as well as the cash flows to be paid or received and to protect the EBITDA of the individual entities from changes in exchange rates. The risks are managed through hedging activities by entering commonly used derivatives such as forward contracts. The currency risks, which is transaction risk, arise primarily from purchase and sale in foreign currencies compared to the functional currency of each of the Group entities.The Treasury Policy sets forth thresholds and require-ments for the hedging strategy to be applied. Hedge accounting is applied for the largest project transac-tions. For other project transactions, the currency risk is either not hedged or economically hedged, dependent on the significance of the risk.We are, to a large extent, carrying out transactions in EUR and USD as these currencies are preferred in the Mining and Cement industries. EUR against DKK is currently not considered an exposure due to the Danish Kroner being pegged to the Euro.The table \u2018Transaction impact\u2019 is a sensitivity analysis showing the gain/loss on EBITDA of a 5% percent appre-ciation of the largest currency exposure towards DKK (a 5% decrease will have similar opposite effect). The analysis assumes that all other variables, exposures and interest rates in particular, remain constant. The analysis includes the offsetting impact from monetary items and derivatives used to hedge the currency risk.Transaction impact2024 2023DKKm Change EBITDA EBITDACurrencyUSD 5.0% 40 26CLP 5.0% 18 14ZAR 5.0% 12 2INR 5.0% 7 6BRL 5.0% 6 14IDR 5.0% 5 3In addition to the transactional effects, in the event of currency developments, we will also be impacted by translation effects from the Group entities with net assets in functional currencies other than Danish Kroner and Euro. In 2024 translation effects of DKK 113m (2023: DKK-359m) have been recognised in Other Comprehen-sive income. A 5% appreciation on the currencies with largest exposure towards Danish Kroner will have the following effect on other comprehensive income (a 5% depreciation will have a similar negative effect).Translation impactDKKm Change 2024 2023USD 5.0% 134 114CLP 5.0% 61 58CAD 5.0% 35 49AUD 5.0% 21 22GBP 5.0% 16 15MXN 5.0% 16 20Credit riskWe are exposed to credit risks arising from cash and cash equivalents, derivatives and receivables including work in progress.At 31 December 2024, total credit risk was DKK 9,082m (2023: DKK 9,664m) as shown in the table below. The credit risk is governed by the Group\u2019s Credit Risk Policy.Total exposure to credit riskDKKm 2024 2023Non-financial counterparties:Trade receivables, note 3.3 4,073 4,516Work in progress, assets, note 3.4 3,009 2,769Other receivables, note 3.5 890 995of which derivatives (53) (37)Other securities and investments 56 56Total non-financial counterparties 7,9 75 8,299Financial counterparties:Derivatives, netted amount 37 13Cash and cash equivalent 1,070 1,352Total financial counterparties 1,107 1,365Total exposure to credit risk 9,082 9,664For receivables the credit risk is managed by continuous risk assessments and credit evaluations of customers and trading partners; having country specific risk factors in mind. To the extent possible, the credit risks are miti-gated through use of payment securities, such as letters of credit and guarantees issued by first class rated banks, or by securing positive cash flow throughout the execution under customer contract. At the end of 2024, 3% (2023: 10%) of our work in progress asset and 4% (2023: 6%) of our trade receivables balance were covered by payment securities.Our customers and trading partners mainly consist of companies within the Mining and Cement industry. Credit risk is among other things dependent on the develop-ment in these industries.The Treasury Policy sets forth authority limits for the credit risk exposure related to cash and cash equivalents as well as derivatives. The limits are based on the coun-terparty credit rating.We have entered into netting agreements with the coun-terparties used for trading of derivatives, which means that the credit risk for derivatives is limited to the net assets per counterparty.We aim at using banks of high quality in the countries we operate in. However, due to the nature of our business and operations in emerging markets, we are sometimes exposed to banks where the credit rating and quality can be lower than what we typically see in developed countries.We consider the maximum credit risk to financial coun-terparties to be DKK 1,107m (2023: DKK 1,365m).Liquidity riskThe Treasury Policy includes requirements for FLSmidth's financial reserve to ensure that the Group always has sufficient and flexible financial resources available to ensure continuous operations and to honour liabilities when they become due.The financial reserve must exceed DKK 3,000m and is defined as unrestricted cash together with undrawn commited facilities less the impact from supply chain financing programme.Committed facilities includes a Revolving Credit Facility with a group of international banks, a green term loan with Nordic Investment Bank and a Danish mortgage loan. The weighted average maturity of these loans is 2.4 years at the end of 2024 (2023: 3.4), and no facilities matures before 2027. The committed facilities contain standard clauses such as pari passu, negative pledge, change of control and a leverage financial covenant. The risk of breaching the financial covenant is highly unlikely.By the end of 2024, total committed credit facilities were DKK 6,324m (2023: DKK 6,322m) of which DKK 4,801m (2023: DKK 4,689m) was unutilised. Together with non-re-stricted cash less impact from supply chain finance, the financial reserve amounts to DKK 4,777m and shows comfortable headroom to the DKK 3,000m threshold.Short-term liquidity is managed through international cash-pools and by having overdraft facilities in place with various financial institutions.Restricted cashRestricted cash is bank balances in countries with currency restrictions or other restrictions preventing the funds to be readily available for the wider group. The definition of restricted cash is unchanged from last year.Restricted cash amounted to DKK 517m (2023: DKK 852m). Focused repatriation efforts during 2024 have reduced restricted cash significantly. Credit risk ratings per financial institution%100% Not rated80% B60% BB40% BBB20% A AA0%2023 2024Maturity profile of Group funding facilitiesDKKm6,000 20234,800 20243,6002,4001,2000> 5 year1-5 years< 1 yearGroup restricted cashDKKm300240180120600 2023 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__106": { "value": "Interest rate riskInterest rate risks arise from interest-bearing assets and liabilities. Interest-bearing items consist primarily of cash and cash equivalents, bank loans and mortgage debt.According to the Treasury Policy, hedging of interest rates is governed by a duration range and is managed by using derivatives such as interest rate swaps. No interest derivatives have been used during 2024 or 2023.As of 31 December 2024, the majority of our interest- bearing debt is carrying a floating rate.All other things being equal, a 1%-point increase in the interest rate will increase our interest cost by DKK 8m (2023: DKK 6m), calculated as 1% of the net interest bearing debt as of 31 December 2024. The sensitivity to changes in the interest rate has increased in 2024 due to the increase in net debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__107": { "value": "Currency riskThe Treasury Policy aims to reduce the most signifi-cant currency risks to better predict the impact on the income statement as well as the cash flows to be paid or received and to protect the EBITDA of the individual entities from changes in exchange rates. The risks are managed through hedging activities by entering commonly used derivatives such as forward contracts. The currency risks, which is transaction risk, arise primarily from purchase and sale in foreign currencies compared to the functional currency of each of the Group entities.The Treasury Policy sets forth thresholds and require-ments for the hedging strategy to be applied. Hedge accounting is applied for the largest project transac-tions. For other project transactions, the currency risk is either not hedged or economically hedged, dependent on the significance of the risk.We are, to a large extent, carrying out transactions in EUR and USD as these currencies are preferred in the Mining and Cement industries. EUR against DKK is currently not considered an exposure due to the Danish Kroner being pegged to the Euro.The table \u2018Transaction impact\u2019 is a sensitivity analysis showing the gain/loss on EBITDA of a 5% percent appre-ciation of the largest currency exposure towards DKK (a 5% decrease will have similar opposite effect). The analysis assumes that all other variables, exposures and interest rates in particular, remain constant. The analysis includes the offsetting impact from monetary items and derivatives used to hedge the currency risk.Transaction impact2024 2023DKKm Change EBITDA EBITDACurrencyUSD 5.0% 40 26CLP 5.0% 18 14ZAR 5.0% 12 2INR 5.0% 7 6BRL 5.0% 6 14IDR 5.0% 5 3In addition to the transactional effects, in the event of currency developments, we will also be impacted by translation effects from the Group entities with net assets in functional currencies other than Danish Kroner and Euro. In 2024 translation effects of DKK 113m (2023: DKK-359m) have been recognised in Other Comprehen-sive income. A 5% appreciation on the currencies with largest exposure towards Danish Kroner will have the following effect on other comprehensive income (a 5% depreciation will have a similar negative effect).Translation impactDKKm Change 2024 2023USD 5.0% 134 114CLP 5.0% 61 58CAD 5.0% 35 49AUD 5.0% 21 22GBP 5.0% 16 15MXN 5.0% 16 20", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__108": { "value": "Credit riskWe are exposed to credit risks arising from cash and cash equivalents, derivatives and receivables including work in progress.At 31 December 2024, total credit risk was DKK 9,082m (2023: DKK 9,664m) as shown in the table below. The credit risk is governed by the Group\u2019s Credit Risk Policy.Total exposure to credit riskDKKm 2024 2023Non-financial counterparties:Trade receivables, note 3.3 4,073 4,516Work in progress, assets, note 3.4 3,009 2,769Other receivables, note 3.5 890 995of which derivatives (53) (37)Other securities and investments 56 56Total non-financial counterparties 7,9 75 8,299Financial counterparties:Derivatives, netted amount 37 13Cash and cash equivalent 1,070 1,352Total financial counterparties 1,107 1,365Total exposure to credit risk 9,082 9,664For receivables the credit risk is managed by continuous risk assessments and credit evaluations of customers and trading partners; having country specific risk factors in mind. To the extent possible, the credit risks are miti-gated through use of payment securities, such as letters of credit and guarantees issued by first class rated banks, or by securing positive cash flow throughout the execution under customer contract. At the end of 2024, 3% (2023: 10%) of our work in progress asset and 4% (2023: 6%) of our trade receivables balance were covered by payment securities.Our customers and trading partners mainly consist of companies within the Mining and Cement industry. Credit risk is among other things dependent on the develop-ment in these industries.The Treasury Policy sets forth authority limits for the credit risk exposure related to cash and cash equivalents as well as derivatives. The limits are based on the coun-terparty credit rating.We have entered into netting agreements with the coun-terparties used for trading of derivatives, which means that the credit risk for derivatives is limited to the net assets per counterparty.We aim at using banks of high quality in the countries we operate in. However, due to the nature of our business and operations in emerging markets, we are sometimes exposed to banks where the credit rating and quality can be lower than what we typically see in developed countries.We consider the maximum credit risk to financial coun-terparties to be DKK 1,107m (2023: DKK 1,365m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__109": { "value": "Liquidity riskThe Treasury Policy includes requirements for FLSmidth's financial reserve to ensure that the Group always has sufficient and flexible financial resources available to ensure continuous operations and to honour liabilities when they become due.The financial reserve must exceed DKK 3,000m and is defined as unrestricted cash together with undrawn commited facilities less the impact from supply chain financing programme.Committed facilities includes a Revolving Credit Facility with a group of international banks, a green term loan with Nordic Investment Bank and a Danish mortgage loan. The weighted average maturity of these loans is 2.4 years at the end of 2024 (2023: 3.4), and no facilities matures before 2027. The committed facilities contain standard clauses such as pari passu, negative pledge, change of control and a leverage financial covenant. The risk of breaching the financial covenant is highly unlikely.By the end of 2024, total committed credit facilities were DKK 6,324m (2023: DKK 6,322m) of which DKK 4,801m (2023: DKK 4,689m) was unutilised. Together with non-re-stricted cash less impact from supply chain finance, the financial reserve amounts to DKK 4,777m and shows comfortable headroom to the DKK 3,000m threshold.Short-term liquidity is managed through international cash-pools and by having overdraft facilities in place with various financial institutions.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__117": { "value": "5.4 Financial income and costs Net financial costsDKKm 2024 2023Interest income 43 69Fair value adjustment of derivatives 369 582Foreign exchange gains 534 717Fair value adjustment of shares 4 3Total financial income 950 1,371Interest cost (152) (149)Loss from associates (43) (62)Lease interest cost (9) (12)Fair value adjustment of derivatives (245) (524)Foreign exchange losses (676) (764)Fair value adjustment of shares (5) (6)Total financial costs (1,130) (1,517)Net financial costs (180) (146)Cash flow effect from financial income and costsDKKm 2024 2023Interest received 35 70Interest paid (164) (164)Cash flow effect (129) (94)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to DKK -19m (2023: DKK 11m) primarily related to the cost of hedging the loan portfolio to the functional currency of the borrowing entity (forward points) and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 109m (2023: DKK 80m) related to loans and deposits.Fair value adjustment of shares of net DKK -1m (2023: DKK -3m) relates to shareholdings in Cement companies.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__116": { "value": "5.4 Financial income and costs Net financial costsDKKm 2024 2023Interest income 43 69Fair value adjustment of derivatives 369 582Foreign exchange gains 534 717Fair value adjustment of shares 4 3Total financial income 950 1,371Interest cost (152) (149)Loss from associates (43) (62)Lease interest cost (9) (12)Fair value adjustment of derivatives (245) (524)Foreign exchange losses (676) (764)Fair value adjustment of shares (5) (6)Total financial costs (1,130) (1,517)Net financial costs (180) (146)Cash flow effect from financial income and costsDKKm 2024 2023Interest received 35 70Interest paid (164) (164)Cash flow effect (129) (94)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to DKK -19m (2023: DKK 11m) primarily related to the cost of hedging the loan portfolio to the functional currency of the borrowing entity (forward points) and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 109m (2023: DKK 80m) related to loans and deposits.Fair value adjustment of shares of net DKK -1m (2023: DKK -3m) relates to shareholdings in Cement companies.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__115": { "value": "5.4 Financial income and costs Net financial costsDKKm 2024 2023Interest income 43 69Fair value adjustment of derivatives 369 582Foreign exchange gains 534 717Fair value adjustment of shares 4 3Total financial income 950 1,371Interest cost (152) (149)Loss from associates (43) (62)Lease interest cost (9) (12)Fair value adjustment of derivatives (245) (524)Foreign exchange losses (676) (764)Fair value adjustment of shares (5) (6)Total financial costs (1,130) (1,517)Net financial costs (180) (146)Cash flow effect from financial income and costsDKKm 2024 2023Interest received 35 70Interest paid (164) (164)Cash flow effect (129) (94)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to DKK -19m (2023: DKK 11m) primarily related to the cost of hedging the loan portfolio to the functional currency of the borrowing entity (forward points) and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 109m (2023: DKK 80m) related to loans and deposits.Fair value adjustment of shares of net DKK -1m (2023: DKK -3m) relates to shareholdings in Cement companies.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__112": { "value": "5.4 Financial income and costs Net financial costsDKKm 2024 2023Interest income 43 69Fair value adjustment of derivatives 369 582Foreign exchange gains 534 717Fair value adjustment of shares 4 3Total financial income 950 1,371Interest cost (152) (149)Loss from associates (43) (62)Lease interest cost (9) (12)Fair value adjustment of derivatives (245) (524)Foreign exchange losses (676) (764)Fair value adjustment of shares (5) (6)Total financial costs (1,130) (1,517)Net financial costs (180) (146)Cash flow effect from financial income and costsDKKm 2024 2023Interest received 35 70Interest paid (164) (164)Cash flow effect (129) (94)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to DKK -19m (2023: DKK 11m) primarily related to the cost of hedging the loan portfolio to the functional currency of the borrowing entity (forward points) and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 109m (2023: DKK 80m) related to loans and deposits.Fair value adjustment of shares of net DKK -1m (2023: DKK -3m) relates to shareholdings in Cement companies.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__111": { "value": "5.4 Financial income and costs Net financial costsDKKm 2024 2023Interest income 43 69Fair value adjustment of derivatives 369 582Foreign exchange gains 534 717Fair value adjustment of shares 4 3Total financial income 950 1,371Interest cost (152) (149)Loss from associates (43) (62)Lease interest cost (9) (12)Fair value adjustment of derivatives (245) (524)Foreign exchange losses (676) (764)Fair value adjustment of shares (5) (6)Total financial costs (1,130) (1,517)Net financial costs (180) (146)Cash flow effect from financial income and costsDKKm 2024 2023Interest received 35 70Interest paid (164) (164)Cash flow effect (129) (94)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to DKK -19m (2023: DKK 11m) primarily related to the cost of hedging the loan portfolio to the functional currency of the borrowing entity (forward points) and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 109m (2023: DKK 80m) related to loans and deposits.Fair value adjustment of shares of net DKK -1m (2023: DKK -3m) relates to shareholdings in Cement companies.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__110": { "value": "5.4 Financial income and costs Net financial costsDKKm 2024 2023Interest income 43 69Fair value adjustment of derivatives 369 582Foreign exchange gains 534 717Fair value adjustment of shares 4 3Total financial income 950 1,371Interest cost (152) (149)Loss from associates (43) (62)Lease interest cost (9) (12)Fair value adjustment of derivatives (245) (524)Foreign exchange losses (676) (764)Fair value adjustment of shares (5) (6)Total financial costs (1,130) (1,517)Net financial costs (180) (146)Cash flow effect from financial income and costsDKKm 2024 2023Interest received 35 70Interest paid (164) (164)Cash flow effect (129) (94)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to DKK -19m (2023: DKK 11m) primarily related to the cost of hedging the loan portfolio to the functional currency of the borrowing entity (forward points) and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 109m (2023: DKK 80m) related to loans and deposits.Fair value adjustment of shares of net DKK -1m (2023: DKK -3m) relates to shareholdings in Cement companies.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__119": { "value": "5.5 DerivativesThe Group\u2019s derivatives are entered into to the hedge currency risk and accounted for as hedge accounting or economic hedges.We use derivatives to hedge currency risks arising from monetary items recognised in the balance sheet. Fair value adjustments recognised in financial items in the income statement amounted to DKK 124m (2023: DKK 58m).Economic hedgeAt 31 December 2024 the fair value of our hedge agree-ments that are not recognised as hedge accounting amounted to DKK 25m (2023: DKK -9m). The breakdown of the economic hedges by most important currencies for each of the years 2024 and 2023 is shown in the table below.Carrying amount, net fair value2024 2023Economic Cash flow Total Economic Cash flow Total DKKmhedgehedgehedgehedgehedgehedgeFinancial instruments asset 49 4 53 26 11 37Financial instruments liability (24) (9) (33) (35) (14) (49)Total 25 (5) 20 (9) (3) (12)Economic Hedge2024 2023Notional Net fair Notional Net fair DKKmamountvalueamountvalueCurrencyAUD (381) 19 AUD (1,075) (2)USD 1,200 11 USD 751 (26)CAD 74 (8) CAD 509 11GBP 495 2 GBP 374 1MXN 200 3 MXN 276 3Other (2) Other 4Total 25 Total (9)A negative notional amount represents a sale of the currencyCash flow hedgeWe use forward exchange contracts to hedge currency risks regarding expected future cash flows that meet the criteria for cash flow hedging.The fair value reserve of the derivatives is recognised in other comprehensive income until the hedged items affect the income statement through work in progress. The fair value of derivatives is recognised in other receiv-ables and other liabilities. The majority of the cash flow hedge instruments are expected to settle and affect the income statement within one year.Ineffectiveness is recognised in the income statement within financial items. Ineffectiveness was immaterial in 2024 and 2023.At 31 December 2024, the fair value of our cash flow hedge instruments amounted to DKK -5m (2023: DKK -3m). The breakdown of the cashflow hedges by most important currencies for each of the years 2024 and 2023 is shown in the table below.Changes in the cash flow hedging reserveDKKm 2024 2023Change in cash flow hedge reserve (11) 34Reclassified from other compre-hensive income to work in progress 15 4Cash flow hedge2024 2023Notional Net fair Notional Net fair DKKmamountvalueamountvalueCurrencyAUD (133) 1 USD (296) 5USD 53 (6) EUR 241 (7)CAD (13) (1)Total (5) Total (3)A negative notional amount represents a sale of the currency\u00a7 Accounting policyDerivatives are initially recognised in the balance sheet at fair value and subsequently remeasured at fair value. Fair value of derivatives is included in other receivables or other liabilities respectively.Fair value changes of derivatives that are accounted for as cash flow hedging instruments are recognised in other comprehensive income. Any ineffective portions of the cash flow hedges are recognised in the income state-ment within financial item. When the hedged cash flows materialises, the fair value of the hedging instrument is transferred from other comprehensive income into the line item of the hedged item.Any changes in the fair value of derivatives not used for hedge accounting are recognised in the income state-ment within financial items.Certain contracts contain conditions that correspond to derivatives. In case the embedded derivatives deviate significantly from the overall contract, they are recog-nised and measured as separate instruments at fair value. That is unless the contract concerned as a whole is recognised and measured at fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__118": { "value": "Financial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__114": { "value": "Financial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__113": { "value": "Financial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__120": { "value": "Derivatives are initially recognised in the balance sheet at fair value and subsequently remeasured at fair value. Fair value of derivatives is included in other receivables or other liabilities respectively.Fair value changes of derivatives that are accounted for as cash flow hedging instruments are recognised in other comprehensive income. Any ineffective portions of the cash flow hedges are recognised in the income state-ment within financial item. When the hedged cash flows materialises, the fair value of the hedging instrument is transferred from other comprehensive income into the line item of the hedged item.Any changes in the fair value of derivatives not used for hedge accounting are recognised in the income state-ment within financial items.Certain contracts contain conditions that correspond to derivatives. In case the embedded derivatives deviate significantly from the overall contract, they are recog-nised and measured as separate instruments at fair value. That is unless the contract concerned as a whole is recognised and measured at fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__121": { "value": "5.6 Fair value measurementFinancial instruments measured at fair value on a recur-ring basis and with changes to fair value recognised in the Income statement are Securities and investments and Derivatives (included within Other receivables and Other liabilities), see note 5.8. Securities and investments consist primarily of invest-ments in cement companies. The fair value of invest-ments is determined using a valuation technique that is in level 3 of the fair value hierarchy (primarily based on non-observable input) as there were no quoted invest-ments by the end of 2024. The fair value is based on available data which include valuation based on multiple of earnings or equity from the latest available financial statements.The derivatives are used for hedging of foreign currency exposure and are forward exchange contracts not traded in an active market. The fair value of derivatives is deter-mined using a valuation technique that is in level 2 of the fair value hierarchy (primarily based on observable prices or traded prices for comparable instruments). The observable market data used in the valuation include exchange rates, interest rates, credit risk and volatility.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__122": { "value": "5.7 Net interest bearing debt2024Carrying Additional Carrying amount lease liability Foreign amount 1 January Disposal of during exchange 31 December DKKm2024 Cash flowsenterprisesthe year effect2024Lease liabilities 233 (93) (55) 130 3 218Bank loans and mortgage debt, committed 1,633 (125) 0 0 1 1,509Bank loans and mortgage debt, uncommitted 54 (8) 0 0 0 46Other liability 175 44 0 0 (19) 200Interest bearing debt 2,095 (182) (55) 130 (15) 1,973Cash and cash equivalents 1,352 (281) 0 0 (1) 1.070Other receivables 104 (19) 0 0 (29) 56Interest bearing assets 1,456 (300) 0 0 (30) 1,126Net interest bearing debt / (assets) 639 118 (55) 130 15 8472023Carrying Additional Carrying amount lease liability Foreign amount 1 January Disposal of during exchange 31 December DKKm2023 Cash flowsenterprisesthe year effect2023Lease liabilities 323 (133) (49) 96 (4) 233Bank loans and mortgage debt, committed 1,929 (296) 0 0 0 1,633Bank loans and mortgage debt, uncommitted 615 (561) 0 0 0 54Other liability 0 168 0 0 7 175Interest bearing debt 2,867 (822) (49) 96 3 2,095Cash and cash equivalents 2,130 (700) 0 0 (78) 1,352Other receivables 11 60 0 0 33 104Interest bearing assets 2,141 (640) 0 0 (45) 1,456Net interest bearing debt / (assets) 726 (182) (49) 96 48 639", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__124": { "value": "5.8 Financial assets and liabilities\u00a7 Accounting policyFinancial assets are classified based on the contractual cash flow characteristics of the financial asset as well as our intention with the financial asset according to our business model.If cash flows from a financial asset are solely payments of principal and interests the classification is either:\u2022 Amortised cost, for financial assets, where the objective is to hold the financial asset to collect the contractual cash flows.\u2022 Fair value through profit/loss, for other financial assetsHedging instruments designated as hedge accounting are classified separately and are measured at fair value.Based on this, all financial assets and liabilities, except for hedging instruments, securities and investments, are measured at amortised cost.The table on the next page shows the fair value of all financial instruments and compares it to the carrying amount. For the mortgage debt, the fair value is deter-mined as the quoted price of the underlying mortgage bonds funding the debt. The carrying amount for the other items is a reasonable approximation of fair value.Assets 2024 2023Maturity of cash flowsMaturity of cash flowsTotal cash Carrying Total cash Carrying flows Fair valueamountflows Fair valueamountDKKm < 1 year 1-5 years > 5 year < 1 year 1-5 years > 5 yearHedging instruments (hedge accounting) 4 0 0 4 4 4 8 0 0 8 11 11Hedging instruments (economic hedging) 49 0 0 49 49 49 26 0 0 26 26 26Securities and investments 0 0 56 56 56 56 0 0 56 56 56 56Fair value through profit and loss 49 0 56 105 105 105 26 0 56 82 82 82Trade receivables 4,073 0 0 4,073 4,073 4,073 4,516 0 0 4,516 4,516 4,516Work in progress 3,009 0 0 3,009 3,009 3,009 2,769 0 0 2,769 2,769 2,769Other receivables 337 0 0 337 337 337 436 0 0 436 436 436Cash and cash equivalents 1,070 0 0 1,070 1,070 1,070 1,352 0 0 1,352 1,352 1,352Amortised cost 8,489 0 0 8,489 8,489 8,489 9,073 0 0 9,073 9,073 9,073Total financial assets 8,542 0 56 8,598 8,598 8,598 9,107 0 56 9,163 9,166 9,166Liabilities 2024 2023Maturity of cash flowsMaturity of cash flowsTotal cash Carrying Total cash Carrying flows Fair valueamountflows Fair valueamountDKKm < 1 year 1-5 years > 5 year < 1 year 1-5 years > 5 yearHedging instruments (hedge accounting) (9) 0 0 (9) (9) (9) (12) (1) 0 (13) (14) (14)Hedging instruments (economic hedging) (24) 0 0 (24) (24) (24) (35) 0 0 (35) (35) (35)Fair value through profit and loss (24) 0 0 (24) (24) (24) (35) 0 0 (35) (35) (35)Lease liabilities (93) (149) (1) (243) (218) (218) (109) (188) (1) (298) (233) (233)Mortgage debt (19) (77) (150) (246) (204) (204) (21) (84) (185) (290) (215) (215)Bank debt (102) (1,297) (142) (1,541) (1,351) (1,351) (97) (1,178) (431) (1,706) (1,472) (1,472)Trade payables (3,538) 0 0 (3,538) (3,538) (3,538) (4,024) 0 0 (4,024) (4,024) (4,024)Other liabilities (1,722) (49) 0 (1,771) (1,771) (1,771) (1,714) (51) 0 (1,765) (1,765) (1,765)Amortised cost (5,474) (1,572) (293) (7,339) (7,08 2) ( 7, 082) (5,965) (1,501) (617) (8,083) (7,7 09) ( 7,70 9)Total financial liabilities (5,507) (1,572) (293) (7,372) ( 7, 11 5) ( 7, 11 5) (6,012) (1,502) (617) (8,131) (7,758) ( 7, 758)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__123": { "value": "5.8 Financial assets and liabilities\u00a7 Accounting policyFinancial assets are classified based on the contractual cash flow characteristics of the financial asset as well as our intention with the financial asset according to our business model.If cash flows from a financial asset are solely payments of principal and interests the classification is either:\u2022 Amortised cost, for financial assets, where the objective is to hold the financial asset to collect the contractual cash flows.\u2022 Fair value through profit/loss, for other financial assetsHedging instruments designated as hedge accounting are classified separately and are measured at fair value.Based on this, all financial assets and liabilities, except for hedging instruments, securities and investments, are measured at amortised cost.The table on the next page shows the fair value of all financial instruments and compares it to the carrying amount. For the mortgage debt, the fair value is deter-mined as the quoted price of the underlying mortgage bonds funding the debt. The carrying amount for the other items is a reasonable approximation of fair value.Assets 2024 2023Maturity of cash flowsMaturity of cash flowsTotal cash Carrying Total cash Carrying flows Fair valueamountflows Fair valueamountDKKm < 1 year 1-5 years > 5 year < 1 year 1-5 years > 5 yearHedging instruments (hedge accounting) 4 0 0 4 4 4 8 0 0 8 11 11Hedging instruments (economic hedging) 49 0 0 49 49 49 26 0 0 26 26 26Securities and investments 0 0 56 56 56 56 0 0 56 56 56 56Fair value through profit and loss 49 0 56 105 105 105 26 0 56 82 82 82Trade receivables 4,073 0 0 4,073 4,073 4,073 4,516 0 0 4,516 4,516 4,516Work in progress 3,009 0 0 3,009 3,009 3,009 2,769 0 0 2,769 2,769 2,769Other receivables 337 0 0 337 337 337 436 0 0 436 436 436Cash and cash equivalents 1,070 0 0 1,070 1,070 1,070 1,352 0 0 1,352 1,352 1,352Amortised cost 8,489 0 0 8,489 8,489 8,489 9,073 0 0 9,073 9,073 9,073Total financial assets 8,542 0 56 8,598 8,598 8,598 9,107 0 56 9,163 9,166 9,166Liabilities 2024 2023Maturity of cash flowsMaturity of cash flowsTotal cash Carrying Total cash Carrying flows Fair valueamountflows Fair valueamountDKKm < 1 year 1-5 years > 5 year < 1 year 1-5 years > 5 yearHedging instruments (hedge accounting) (9) 0 0 (9) (9) (9) (12) (1) 0 (13) (14) (14)Hedging instruments (economic hedging) (24) 0 0 (24) (24) (24) (35) 0 0 (35) (35) (35)Fair value through profit and loss (24) 0 0 (24) (24) (24) (35) 0 0 (35) (35) (35)Lease liabilities (93) (149) (1) (243) (218) (218) (109) (188) (1) (298) (233) (233)Mortgage debt (19) (77) (150) (246) (204) (204) (21) (84) (185) (290) (215) (215)Bank debt (102) (1,297) (142) (1,541) (1,351) (1,351) (97) (1,178) (431) (1,706) (1,472) (1,472)Trade payables (3,538) 0 0 (3,538) (3,538) (3,538) (4,024) 0 0 (4,024) (4,024) (4,024)Other liabilities (1,722) (49) 0 (1,771) (1,771) (1,771) (1,714) (51) 0 (1,765) (1,765) (1,765)Amortised cost (5,474) (1,572) (293) (7,339) (7,08 2) ( 7, 082) (5,965) (1,501) (617) (8,083) (7,7 09) ( 7,70 9)Total financial liabilities (5,507) (1,572) (293) (7,372) ( 7, 11 5) ( 7, 11 5) (6,012) (1,502) (617) (8,131) (7,758) ( 7, 758)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__126": { "value": "Financial assets are classified based on the contractual cash flow characteristics of the financial asset as well as our intention with the financial asset according to our business model.If cash flows from a financial asset are solely payments of principal and interests the classification is either:\u2022 Amortised cost, for financial assets, where the objective is to hold the financial asset to collect the contractual cash flows.\u2022 Fair value through profit/loss, for other financial assetsHedging instruments designated as hedge accounting are classified separately and are measured at fair value.Based on this, all financial assets and liabilities, except for hedging instruments, securities and investments, are measured at amortised cost.The table on the next page shows the fair value of all financial instruments and compares it to the carrying amount. For the mortgage debt, the fair value is deter-mined as the quoted price of the underlying mortgage bonds funding the debt. The carrying amount for the other items is a reasonable approximation of fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__125": { "value": "Financial assets are classified based on the contractual cash flow characteristics of the financial asset as well as our intention with the financial asset according to our business model.If cash flows from a financial asset are solely payments of principal and interests the classification is either:\u2022 Amortised cost, for financial assets, where the objective is to hold the financial asset to collect the contractual cash flows.\u2022 Fair value through profit/loss, for other financial assetsHedging instruments designated as hedge accounting are classified separately and are measured at fair value.Based on this, all financial assets and liabilities, except for hedging instruments, securities and investments, are measured at amortised cost.The table on the next page shows the fair value of all financial instruments and compares it to the carrying amount. For the mortgage debt, the fair value is deter-mined as the quoted price of the underlying mortgage bonds funding the debt. The carrying amount for the other items is a reasonable approximation of fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__127": { "value": "6.1 Share-based paymentShare-based payment programmes outstanding by the end of 2024 consist of the performance share programme (the recurring long-term incentive programme) and a restricted share programme that was granted in 2023.Performance sharesThe performance shares units (PSU) are based on a three year performance period and the performance measure-ment is based on key financial performance indicators as well as continued employment. For the outstanding programmes the key performance indicators are EBITA margin, total shareholder return (TSR) and a sustainability indicator (MZ). Under the programmes, the number of PSUs (shares) that will eventually vest depends on the level of achievement of the key performance indicators. The purpose of the performance share programme is to ensure common goals for Group Executive Management, key employees and shareholders.The value of the PSUs at grant date is measured at fair value (market price) of the shares adjusted for the expected performance under the TSR KPI.The programme granted in March 2021 expired during 2024 with a payout of 149,117 shares (total fair value of DKK 48m). For the 2024 plan, a maximum of 286,175 shares were granted with 72,353 shares (2023: 74,216 shares on the 2023 plan) to Executive Management at grant date. The fair value at grant date was DKK 67m.The total number of outstanding performance shares at the end of 2024 was 669,731 (2023: 655,083,) of which 618,255 are expected to vest (2023: 563,957). This includes the expected vesting of 177,973 performance shares in 2025 under the programme granted in March 2022.Conditional grant March-24 March-23 March-22Performance period Jan 2024 - Dec 2026 Jan 2023 - Dec 2025 Jan 2022 - Dec 2024Vesting period Mar 2024 - Feb 2027 Mar 2023 - Feb 2026 Mar 2022 - Feb 2025Vesting conditions, other than service conditions EBITA, TSR, MZ EBITA, TSR, MZ EBITA, TSR, MZShare-based payments measured at fair valueDKK/DKKm 2024 2023Market price per share, end of year 356.00 2 8 7. 20Total fair value of performance shares expected to vest at the end of the vesting period, end of year 220 162Outstanding performance shares2024 2023Group Group Executive Executive Manage-Key Total Manage-Key Total DKKmmentemployeesnumbermentemployeesnumberOutstanding performance shares 1 January 161,436 493,647 655,083 132,625 465,057 5 9 7, 6 8 2Awards 72,353 213,822 286,175 74, 216 249,041 323,257Vested ( 2 7, 9 3 5 ) (121,182) (149,117) 0 0 0Lapsed (1,068) (4,672) (5,740) (31,454) (162,843) (194,297)Forfeited (13,917) (102,753) (116,670) (5,967) (65,592) (71,559)Change in positions (26,509) 26,509 0 ( 7,9 8 4 ) 7, 9 8 4 0Outstanding performance shares 31 December 164,360 505,371 669,731 161,436 493,647 655,083Expected to vest 152,571 465,684 618,255 138,032 425,925 563,957Restricted sharesTo realise the Group\u2019s transformation journey over the next three years, selected key employees were granted a three-year share programme in 2023, see table below. The programme will vest in two tranches, being 1/3 after two years and the remaining shares after three years and subject to the participant being actively employed. It is expected that 33,553 restricted shares will vest in 2025.\u00a7 Accounting policyThe performance share and the restricted share programmes are classified as equity based, as the schemes settle in shares.The value of the services received in exchange for the granting of performance share units (PSUs) and restricted share units (RSUs), is measured as the fair value of the share units at grant date. The fair value of the PSUs and RSUs is determined based on the quoted share price and for the PSUs adjusted for the expected performance under the TSR KPI, both determined at grant date. The fair value is not adjusted for dividend as participants of the programme are compensated for divi-dend pay-outs during the performance period.The fair value is recognised in staff cost in the income statement and in equity over the vesting period which is three years.On initial recognition of the PSUs, the number of PSUs expected to vest are estimated. Subsequently, the estimate is revised so that the total cost recognised is based on the actual number of PSUs expected to vest, however, keeping the expectations related to the TSR KPI unchanged compared to grant date.Restricted sharesConditional grant March-23 March-23Performance and vesting period Mar 2023-Mar 2026 Mar 2023-Mar 2026Vesting conditions, other than service conditions None NoneFair value, end of year (DKKm) 33 30Outstanding restricted shares 2024 2023Group Executive Group Executive DKKmManagement Key employees Total numberManagement Key employees Total numberOutstanding restricted shares 1 January 45,912 57,458 103,370 0 0 0Awards 0 0 0 49,468 58,671 108,139Forfeited (238) (11,041) (11,279) (2,716) (2,053) (4,769)Change in positions (9,128) 9,128 0 (840) 840 0Outstanding restricted shares 31 December 36,546 55,545 92,091 45,912 57,458 103,370", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__129": { "value": "6.2 Related party transactionsRelated parties to FLSmidth are determined as members of the Board of Directors and Group Executive Management, their close family members, or companies in which these persons have significant influence and the associated entities over which FLSmidth has significant influence.During 2024, FLSmidth has had ordinary sales trans-actions of DKK 12m (2023: DKK 10m) with its associate Intertek Robotic Laboratories Pty Ltd. Other than that, there were no significant transactions between FLSmidth and any of its related parties, other than ordi-nary remuneration of the Board of Directors and Group Executive Management in 2023 and 2024. Refer to note 1.5 Staff cost and the Remuneration report 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__128": { "value": "The performance share and the restricted share programmes are classified as equity based, as the schemes settle in shares.The value of the services received in exchange for the granting of performance share units (PSUs) and restricted share units (RSUs), is measured as the fair value of the share units at grant date. The fair value of the PSUs and RSUs is determined based on the quoted share price and for the PSUs adjusted for the expected performance under the TSR KPI, both determined at grant date. The fair value is not adjusted for dividend as participants of the programme are compensated for divi-dend pay-outs during the performance period.The fair value is recognised in staff cost in the income statement and in equity over the vesting period which is three years.On initial recognition of the PSUs, the number of PSUs expected to vest are estimated. Subsequently, the estimate is revised so that the total cost recognised is based on the actual number of PSUs expected to vest, however, keeping the expectations related to the TSR KPI unchanged compared to grant date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__130": { "value": "6.3 Audit feeFees to independent auditorDKKm 2024 2023Statutory audit 21 22Other assurance engagement 2 1Total audit related services 23 23Tax and indirect taxes consul-tancy 0 0Other services 0 2Total non-audit services 0 2Total feesto independent auditor 23 25In addition to statutory audit, EY Godkendt Revisionspar-tnerselskab, the Group auditors appointed at the Annual General Meeting, provided other assurance engage-ments, primarily consisting of limited assurance on the Sustainability statement and reasonable assurance on the Remuneration Report for FLSmidth & Co. A/S. Other services for 2023 primeraly relates to the integration of Mining Technologies. All non-audit services have been approved by the Audit Committee.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__131": { "value": "6.4 Events after the balance sheet dateWe are not aware of any subsequent matters, that could be of material importance to FLSmidth\u2019s financial posi-tion.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__134": { "value": "6.5 List of Group CompaniesDuring 2024, the group structure has been changed to finalise the Cement activities for sale. Direct Group Company name Countryholding (pct.)FLSmidth & Co. A/S Denmark FLSmidth Real Estate A/S Denmark 100 FLSmidth S.A.C. Peru 100 FLSmidth Mining Technology (Beijing) Co. Ltd. China 100 FLSmidth Finans A/S Denmark 100 Matr. nr. 2055 A/S Denmark 100 SLF Romer XV ApS Denmark 100 Gemena Sp. Z.o.o. Poland 100FLSmidth A/S Denmark 100 FLS Maroc Morocco 100 FLSmidth Kenya Limited Kenya 100 FLSmidth Panama Inc. Panama 100 FLSmidth Paraguay S.A. Paraguay 100 Cement Knowledge Center Kingdom of Saudi Arabia 51 FLSmidth S.A. Spain 100 FLSmidth S.A.S. EN LIQUIDACION Colombia 100 FLSmidth Mongolia Mongolia 100 FLSmidth (UK) Limited United Kingdom 100 FLSmidth Caucasus Limited Liability Company (LLC) Armenia 100 NHI-Fuller (Shenyang) Mining Co. Ltd. China 50 FLSmidth Limited Ghana 100 FLSmidth Argentina S.A. Argentina 100 PT FLSmidth Indonesia Indonesia 100 FLSmidth GmbH Austria 100 FLSmidth Co. Ltd. Vietnam 100 FLSmidth LLP Kazakhstan 100 TOO FLSmidth Plant Construction Kazakhstan Kazakhstan 100 TOO FLSmidth Plant Engineering Kazakhstan Kazakhstan 100 FLSmidth Shanghai Ltd. China 100 FLSmidth Qingdao Ltd. China 100Direct Group Company name Countryholding (pct.) Saudi FLSmidth Co. Kingdom of Saudi Arabia 100 FLSmidth Nepal Private Limited Nepal 100 FLSmidth SAS France 100 FLSmidth Rusland Holding A/S Denmark 100 FLSmidth Rus OOO ** Russia 100 FLSmidth Industrial Solutions Ltda. Brazil 100 FLSmidth Industrial Solutions Makine Sanayi Ve Ticaret A.\u015e. Turkey 100 FLSmidth Services Foreign Enterprise LLC Uzbekistan 100 TIPCO Tudeshki Industrial Process Control GmbH Germany 100 FLSmidth Support Services (Philippines) Inc. Phillippines 100 FLS Global Business Centre Romania S.R.L. Romania 100 NL Supervision Company Tunisia Tunisia 100FLS US Holdings, Inc. USA 100 FLSmidth Inc. USA 100 Phillips Kiln Services (India) Pvt. Ltd.* India 50 Fuller Company USA 100 FLSmidth Dorr-Oliver Eimco SLC Inc. USA 100 FLSmidth Dorr-Oliver Inc. USA 100 \u203a FLSmidth Dorr-Oliver International Inc. USA 100 B & R Warehousing, L.L.C. USA 100FLSmidth Germany GmbH *** Germany 100 FLSmidth Wadgassen Ltd. ** Russia 100 thyssenkrupp Industrial Solutions Maroc SARL (in Members voluntary liquidation) Morocco 100 FLSmidth Cement (Beijing) Ltd. China 100 PT. FLSmidth Industries Southeast Asia Indonesia 100 KH Mineral S.A.S. France 100 OOO FLSmidth Mining Technologies (RUS) ** Russia 100 FLSmidth Mining Technologies (Thailand) Ltd. (in Members voluntary liquidation) Thailand 100Direct Group Company name Countryholding (pct.)FLSmidth Minerals Holding ApS Denmark 100 FLSmidth Private Limited India 100 FLSmidth S.A. Chile 100 FLSmidth Ltd. Canada 100 Farnell-Thompson Applied Technologies Inc. Canada 100 FLSmidth S.A. de C.V. Mexico 100 FLSmidth (Pty.) Ltd. South Africa 100 FLSMIDTH-SOCIEDADE UNIPESSOAL, LDA Angola 100 FLSmidth Mozambique Limitada Mozambique 100 FLSmidth (Pty) Ltd. Botswana 85 FLSmidth South Africa (Pty.) Ltd. South Africa 74 FLSmidth Industrial Solutions Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions South Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions (Botswana) (Proprietary) Limited Botswana 100 \u203a FLSmidth Industrial Solutions Mozambique Limitada Mozambique 100 FLSmidth Pty. Ltd. Australia 100 FLSmidth ABON Pty. Ltd. Australia 100 Intertek Robotic Laboratories Pty Ltd * Australia 50 FLSmidth Industrial Solutions (Australia) Pty. Ltd Australia 100 Ludowici Pty. Limited (in Members voluntary liquidation) Australia 100Direct Group Company name Countryholding (pct.)FLSmidth Cement A/S Denmark 100 FLSmidth Denmark Cement Holding ApS Denmark 100 FLSmidth Cement India LLP India 100 NLSupervision Company Angola, LDA. Angola 100 ISIRNEL S.A. Uruguay 100 FLSmidth Cement Brazil Ltda. Brazil 100 FLSmidth Cement Mexico S.A. de C.V. Mexico 100 FLSmidth Mekanik Sistemler Satis Bakim Ltd. Sti Turkey 100 FLSmidth Spol. s.r.o. Czech Republic 100 FLSmidth Ventomatic S.p.A. Italy 100 FLSmidth (Private) Ltd. Pakistan 100 FLSmidth Philippines, Inc. Philippines 100 FLSmidth (Thailand) Co. Ltd. Thailand 100 FLSmidth Cement USA Inc. USA 100 FLSmidth Cement (FZE) United Arab Emirates 100 Nordics Cement technology and services (Beijing) Ltd China 100 FLSmidth Pfister GmbH Germany 100* Associate** There are no activities in the Russian companies*** FLSmidth Germany GmbH makes use of the exemption provisons according to section 264 (3) of the German Commercial Code (HGB)All other enterprises are Group enterprises. The activity level in Group companies in hyperinflation countries is insignificant. Therefore, IAS29 Financial Reporting in Hyperinflationary Economies has not been used.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__132": { "value": "6.5 List of Group CompaniesDuring 2024, the group structure has been changed to finalise the Cement activities for sale. Direct Group Company name Countryholding (pct.)FLSmidth & Co. A/S Denmark FLSmidth Real Estate A/S Denmark 100 FLSmidth S.A.C. Peru 100 FLSmidth Mining Technology (Beijing) Co. Ltd. China 100 FLSmidth Finans A/S Denmark 100 Matr. nr. 2055 A/S Denmark 100 SLF Romer XV ApS Denmark 100 Gemena Sp. Z.o.o. Poland 100FLSmidth A/S Denmark 100 FLS Maroc Morocco 100 FLSmidth Kenya Limited Kenya 100 FLSmidth Panama Inc. Panama 100 FLSmidth Paraguay S.A. Paraguay 100 Cement Knowledge Center Kingdom of Saudi Arabia 51 FLSmidth S.A. Spain 100 FLSmidth S.A.S. EN LIQUIDACION Colombia 100 FLSmidth Mongolia Mongolia 100 FLSmidth (UK) Limited United Kingdom 100 FLSmidth Caucasus Limited Liability Company (LLC) Armenia 100 NHI-Fuller (Shenyang) Mining Co. Ltd. China 50 FLSmidth Limited Ghana 100 FLSmidth Argentina S.A. Argentina 100 PT FLSmidth Indonesia Indonesia 100 FLSmidth GmbH Austria 100 FLSmidth Co. Ltd. Vietnam 100 FLSmidth LLP Kazakhstan 100 TOO FLSmidth Plant Construction Kazakhstan Kazakhstan 100 TOO FLSmidth Plant Engineering Kazakhstan Kazakhstan 100 FLSmidth Shanghai Ltd. China 100 FLSmidth Qingdao Ltd. China 100Direct Group Company name Countryholding (pct.) Saudi FLSmidth Co. Kingdom of Saudi Arabia 100 FLSmidth Nepal Private Limited Nepal 100 FLSmidth SAS France 100 FLSmidth Rusland Holding A/S Denmark 100 FLSmidth Rus OOO ** Russia 100 FLSmidth Industrial Solutions Ltda. Brazil 100 FLSmidth Industrial Solutions Makine Sanayi Ve Ticaret A.\u015e. Turkey 100 FLSmidth Services Foreign Enterprise LLC Uzbekistan 100 TIPCO Tudeshki Industrial Process Control GmbH Germany 100 FLSmidth Support Services (Philippines) Inc. Phillippines 100 FLS Global Business Centre Romania S.R.L. Romania 100 NL Supervision Company Tunisia Tunisia 100FLS US Holdings, Inc. USA 100 FLSmidth Inc. USA 100 Phillips Kiln Services (India) Pvt. Ltd.* India 50 Fuller Company USA 100 FLSmidth Dorr-Oliver Eimco SLC Inc. USA 100 FLSmidth Dorr-Oliver Inc. USA 100 \u203a FLSmidth Dorr-Oliver International Inc. USA 100 B & R Warehousing, L.L.C. USA 100FLSmidth Germany GmbH *** Germany 100 FLSmidth Wadgassen Ltd. ** Russia 100 thyssenkrupp Industrial Solutions Maroc SARL (in Members voluntary liquidation) Morocco 100 FLSmidth Cement (Beijing) Ltd. China 100 PT. FLSmidth Industries Southeast Asia Indonesia 100 KH Mineral S.A.S. France 100 OOO FLSmidth Mining Technologies (RUS) ** Russia 100 FLSmidth Mining Technologies (Thailand) Ltd. (in Members voluntary liquidation) Thailand 100Direct Group Company name Countryholding (pct.)FLSmidth Minerals Holding ApS Denmark 100 FLSmidth Private Limited India 100 FLSmidth S.A. Chile 100 FLSmidth Ltd. Canada 100 Farnell-Thompson Applied Technologies Inc. Canada 100 FLSmidth S.A. de C.V. Mexico 100 FLSmidth (Pty.) Ltd. South Africa 100 FLSMIDTH-SOCIEDADE UNIPESSOAL, LDA Angola 100 FLSmidth Mozambique Limitada Mozambique 100 FLSmidth (Pty) Ltd. Botswana 85 FLSmidth South Africa (Pty.) Ltd. South Africa 74 FLSmidth Industrial Solutions Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions South Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions (Botswana) (Proprietary) Limited Botswana 100 \u203a FLSmidth Industrial Solutions Mozambique Limitada Mozambique 100 FLSmidth Pty. Ltd. Australia 100 FLSmidth ABON Pty. Ltd. Australia 100 Intertek Robotic Laboratories Pty Ltd * Australia 50 FLSmidth Industrial Solutions (Australia) Pty. Ltd Australia 100 Ludowici Pty. Limited (in Members voluntary liquidation) Australia 100Direct Group Company name Countryholding (pct.)FLSmidth Cement A/S Denmark 100 FLSmidth Denmark Cement Holding ApS Denmark 100 FLSmidth Cement India LLP India 100 NLSupervision Company Angola, LDA. Angola 100 ISIRNEL S.A. Uruguay 100 FLSmidth Cement Brazil Ltda. Brazil 100 FLSmidth Cement Mexico S.A. de C.V. Mexico 100 FLSmidth Mekanik Sistemler Satis Bakim Ltd. Sti Turkey 100 FLSmidth Spol. s.r.o. Czech Republic 100 FLSmidth Ventomatic S.p.A. Italy 100 FLSmidth (Private) Ltd. Pakistan 100 FLSmidth Philippines, Inc. Philippines 100 FLSmidth (Thailand) Co. Ltd. Thailand 100 FLSmidth Cement USA Inc. USA 100 FLSmidth Cement (FZE) United Arab Emirates 100 Nordics Cement technology and services (Beijing) Ltd China 100 FLSmidth Pfister GmbH Germany 100* Associate** There are no activities in the Russian companies*** FLSmidth Germany GmbH makes use of the exemption provisons according to section 264 (3) of the German Commercial Code (HGB)All other enterprises are Group enterprises. The activity level in Group companies in hyperinflation countries is insignificant. Therefore, IAS29 Financial Reporting in Hyperinflationary Economies has not been used.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__135-1": { "value": "7.1 IntroductionThis section provides an overview of our principal accounting policies and judgements as well as new and amended IFRS standards and interpretations.The following sections provide an overall description of the accounting policies applied to the consolidated financial statements. We provide a more detailed description of the accounting policies and key esti-mates and judgements in the notes. An overview of key accounting estimates and judgements are provided in a separate section after the primary financial statements.The descriptions of accounting policies in the state-ments and notes form part of the overall description of accounting policies.Certain underlying cost allocations principles have been updated in order to better reflect the nature of Production- and Administrative cost. In 2024 impact is a reclassification of DKK 127m from Administrative cost to Production cost. Comparative figures for 2023 have been adjusted accordingly, reallocating DKK 127m.The annual report has been approved by the Board of Directors at its meeting 20 February 2025. The annual report will be presented to the shareholders of FLSmidth & Co. A/S for approval at the Annual General Meeting on 2 April 2025.The consolidated financial statements of FLSmidth Group have been prepared in accordance with IFRS Accounting Standards\u00ae as adopted by the EU and further requirements in the Danish Financial Statements Act for listed companies in class D. We have prepared the consolidated financial statements in accordance with all the IFRS Accounting Standards\u00ae effective at 31 December 2024. The financial year for the Group is January 1 \u2013 December 31.7.3 Defining materialityThe annual report is based on the concept of materi-ality, to ensure that the content is material and relevant to the readers. The consolidated financial statements consist of many transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements and in the notes as required by IFRS. If items are individually immaterial, they are aggregated with other items of a similar nature in the consolidated financial statements or in the notes.The disclosure requirements throughout IFRS are substantial, and we provide the specific disclosures required by IFRS unless the information is considered immaterial to the economic decisionmaking of the readers of these consolidated financial statements.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__136": { "value": "7.2 Basis of preparationThe consolidated financial statements of FLSmidth Group have been prepared in accordance with IFRS Accounting Standards\u00ae as adopted by the EU and further requirements in the Danish Financial Statements Act for listed companies in class D. We have prepared the consolidated financial statements in accordance with all the IFRS Accounting Standards\u00ae effective at 31 December 2024. The financial year for the Group is January 1 \u2013 December 31.The consolidated financial statements have been prepared on a going concern basis and under the histor-ical cost convention, except for derivatives and secu-rities, which are measured at fair value. The accounting policies are unchanged from last year except from changes included in note 7.6.As required under the Commission\u2019s Delegated Regula-tion (EU) 2019/815 (ESEF Regulation), FLSmidth & Co. A/S\u2019 annual report is filed in the European Single Electronic Format (ESEF). The consolidated financial statements and notes are tagged using inline eXtensible Business Reporting Language (iXBRL). FLSmidth Group\u2019s iXBRL tagging complies with the ESEF taxonomy included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy has been created, except for elements corresponding to subtotals. The annual report submitted to the Danish Financial Supervisory Authority consists of a zip-file (213800MXXDGQ3ITPXI41-2024-12-31-en.zip) that includes an XHTML file, that can be opened in standard web browsers and a number of technical XBRL files that make automated extracts of the incorporated XBRL data possible.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__142": { "value": "ConsolidationThe consolidated financial statements comprise the financial statements of FLSmidth & Co. A/S (the parent company) and subsidiaries controlled by FLSmidth & Co. A/S, prepared in accordance with Group accounting poli-cies. The consolidated financial statements are prepared by combining items of a uniform nature and subse-quently eliminating intercompany transactions, internal shareholdings and balances and unrealised intercompany profits and losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__143": { "value": "Foreign currenciesThe consolidated financial statements are presented in Danish Kroner (DKK) that is the functional currency of the parent company.Foreign currency transactions are translated into the functional currency defined for each company using the prevailing exchange rates at the transaction date. Monetary items denominated in foreign currencies are translated into the functional currency at the prevailing exchange rates at the reporting date.Financial statements of foreign subsidiaries are trans-lated into Danish Kroner at the prevailing exchange rates at the reporting date for assets and liabilities, and at average exchange rates for income statement items.All exchange rate differences are recognised as financial income or financial costs, except for the following, that are recognised in other comprehensive income, trans-lated at the prevailing exchange rates at the reporting date:\u2022 Translation of foreign subsidiaries\u2019 net assets at the beginning of the year\u2022 Translation of foreign subsidiaries\u2019 income statements from average exchange rates to the exchange rates prevailing at the reporting date\u2022 Translation of long-term intercompany balances, which are considered to form part of the net invest-ment in subsidiariesGoodwill arising from the acquisition of new companies is treated as an asset belonging to the new foreign subsid-iaries and translated into Danish Kroner at prevailing exchange rates at the reporting date.Unrealised gain/loss relating to hedging of future cash flow is recognised in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__145": { "value": "7.6 Impact from new IFRS Accounting StandardsWe have implemented all changes to IFRS Accounting Standards as adopted by the EU and applicable for the 2024 financial year, including:\u2022 Amendments to IAS 1, Classification of Liabilities as Current or Non-Current (issued January 2020 and October 2022). The amendment clarifies that only covenants that shall be meet before the end of the reporting period affect the classification. Further, if a right to defer the settlement of a liability for more than 12 month it is classified as non-current irrespec-tively of management\u2019s intention to defer or not. The amendment also adds disclosure requirements on covenants, the potential risk that an entity will not be able to meet covenants and if an entity has repaid non-current liabilities after the reporting period. The additional disclosure is provided in note 5.3, under liquidity risk.\u2022 Amendments to IFRS 16, Lease liability in a sale and leaseback (issued September 2022). The amendment introduces measurement requirements for sale and lease back transactions that satisfy the requirements in IFRS 15 for being accounted for as a sale. This implies that no gain or loss related to the right of use retained is recognised. \u2022 Amendments to IAS 7 and IFRS 7, Supplier Finance Arrangements (issued May 2023). The amendments have added disclosure on our supply chain financing programme in notes 3.6 and 5.3 under liquidity risk. The implementation of the above amendments has not had and is not expected to have a significant impact on the consolidated financial statements but added disclo-sures in the notes.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s9__7__144": { "value": "7.6 Impact from new IFRS Accounting StandardsWe have implemented all changes to IFRS Accounting Standards as adopted by the EU and applicable for the 2024 financial year, including:\u2022 Amendments to IAS 1, Classification of Liabilities as Current or Non-Current (issued January 2020 and October 2022). The amendment clarifies that only covenants that shall be meet before the end of the reporting period affect the classification. Further, if a right to defer the settlement of a liability for more than 12 month it is classified as non-current irrespec-tively of management\u2019s intention to defer or not. The amendment also adds disclosure requirements on covenants, the potential risk that an entity will not be able to meet covenants and if an entity has repaid non-current liabilities after the reporting period. The additional disclosure is provided in note 5.3, under liquidity risk.\u2022 Amendments to IFRS 16, Lease liability in a sale and leaseback (issued September 2022). The amendment introduces measurement requirements for sale and lease back transactions that satisfy the requirements in IFRS 15 for being accounted for as a sale. This implies that no gain or loss related to the right of use retained is recognised. \u2022 Amendments to IAS 7 and IFRS 7, Supplier Finance Arrangements (issued May 2023). The amendments have added disclosure on our supply chain financing programme in notes 3.6 and 5.3 under liquidity risk. The implementation of the above amendments has not had and is not expected to have a significant impact on the consolidated financial statements but added disclo-sures in the notes.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800MXXDGQ3ITPXI41", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }