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"scheme:213800QRC7LNX935OZ09", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f23491": { "value": "3428000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "s8_notesesefdkgaap__7__17": { "value": "Cash flow statementAccounting policiesThe consolidated cash flow statement is compiled using the indirect method on the basis of EBIT. The cash flow statement shows flows from operating, investing and financing activities for the year, as well as cash and cash equivalents at the beginning and at the end of the year. Cash flows from operating activities comprises operating profit before financial items adjusted for non-cash items and changes in working capital. Cash flows from investing activities comprise payments relating to acquisition and sale of companies, intangible and tangible assets and other asset investments. Cash flows from financing activities comprise proceeds from borrowings, repayment of lease liabilities and debt, payment of dividends, sale and purchase of own shares, transactions with non-controlling interests and increases of the share capital.Cash available includes cash less short-term bank debt.CommentsIndividual items in the cash flow statement cannot be directly deduced from the consolidated balance sheet.Statement of changes in equityAccounting policiesDividend is included as a liability at the time of adoption by the Annual General Meeting. Dividend that is expected to be paid for the year is shown separately in the equity. Sale and purchase of, as well as dividends on own shares are recognised under retained earnings in the equity. The reserve for currency translation adjustments consists of exchange rate differences that occur when translating the subsidiaries\u2019 financial statements from their functional currency into EUR. Hedging adjustments comprise changes in the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transaction has not yet been realised.1.2 Material accounting policy informationThe Annual Report for ROCKWOOL A/S has been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. The financial year for the Group is 1 January \u2013 31 December 2023.Group AccountsThe consolidated financial statements comprise ROCKWOOL A/S and the entities in which the company and its subsidiaries hold the majority of the voting rights.The consolidated financial statements have been prepared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, determined according to the Group\u2019s accounting policies, and with elimination of dividends, internal revenue and expenditure items, internal profits as well as intercompany balances and intercompany shareholdings.Besides shares, capital investments in subsidiaries include long-term loans to subsidiaries if such loans constitute an addition to the shareholding.Translation of foreign currencyThe Annual Report has been presented in Euro (EUR) which is the Group\u2019s presentation currency. Each company in the Group determines its own functional currency. The functional currency of the parent company is Danish kroner (DKK), however the parent financial statements are presented in Euro (EUR).Transactions in foreign currency are translated using the exchange rate at the transaction date or a hedged rate. Monetary items in foreign currency are translated using the exchange rates at the balance sheet date. Accounts of foreign subsidiaries are translated using the exchange rates at the balance sheet date for balance sheet items, and the periodic average exchange rates for items of the income statement.Transactions in Russian rubles were since March 2022 translated using exchange rates published by the Russian National bank. Transactions in rubles were translated using the exchange rates at the balance sheet date for balance sheet items, and the periodic average exchange rates for items of the income statement.All exchange rate adjustments are recognised in the income statement under financial items, apart from the exchange rate differences arising on:\u2013 Conversion of equity in subsidiaries at the beginning of the financial year using the exchange rates at the balance sheet date;\u2013 Conversion of the profit for the year from average exchange rates to exchange rates at the balance sheet date; \u2013 Conversion of long-term intercompany balances that constitute an addition to the holding of shares in subsidiaries;\u2013 Conversion of the forward hedging of capital investments in subsidiaries;\u2013 Conversion of capital investments in associated and other companies; and,\u2013 Profit and loss on effective derivative financial instruments used to hedge expected future transactions.These value adjustments are recognised directly under other comprehensive income.1.3 New and amended standards and interpretationsImplementation of new standards, amendments and interpretationsEffective from 1 January 2023, the Group has implemented the following amendments to standards (IAS and IFRS):\u2013 IAS 1, IAS 8, IAS12, IFRS 17.The adoption of the new or amended standards has not impacted our consolidated financial accounts for 2023 and is not anticipated to have a significant impact on future periods.New standards, amendments and interpretations adopted but not yet effectiveIASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not been implemented in the consolidated financial statements for 2023. The Group expects to adopt the accounting standards and interpretations when they become mandatory.None of the new or amended standards or interpretations are expected to have a significant impact on the consolidated financial statements.1.4 Reporting under the ESEF RegulationThe Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets.The ESEF Regulation sets out the annual financial reports shall be disclosed using the XHTML format and that the statements and notes in the consolidated financial statements shall be tagged using inline eXtensible Business Reporting Language (iXBRL).IXBRL tags shall comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published in the IFRS Foundation.As part of the tagging process financial statement line items and notes are marked up to elements in the ESEF taxonomy. If a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy is created. Extensions have to be anchored in the ESEF taxonomy, except for extensions which are subtotals.The Annual Report submitted to the Danish Financial Supervisory Authority (The Officially Appointed Mechanisms) consists of the XHTML document together with some technical files all included in a ZIP file named ROCK-2023-12-31-en.zip.Accounting policiesNet salesThe Group produces and sells a range of non-combustible stone wool insulation products, including solutions for ceiling systems, ventilated facades, friction and water management and stone wool substrate solutions for the professional horticultural.Sales are recognised when control of the products has transferred to the customer, being when the products are delivered to the customer and the risk has been transferred. The products are often sold with retrospective volume discounts based on aggregate sales over a 12-month period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method.The sales include no element of financing as the sales are made with credit terms of normally 30-60 days consistent with market practice.A receivable is recognised when the products are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.Segmented accountsGroup Management has determined the business segments for the purpose of assessing business performance and allocating resources. Primarily segments are based on products and thermal performance, as Systems segment is primarily defined as non-thermal insulation products. Nearly all external sales consist of sales of products.Segmental data is stated for business areas and geographical areas. The split by business areas is in accordance with the Group\u2019s internal reporting. The segmental data is presented according to the same principle as the consolidated financial statements. The segmental EBIT includes net sales and expenditure including non-recurring expenditure operationally related to the segment.Accounting policiesTwo different share-based incentive programmes have been established: A stock option programme and a restricted share programme (RSUs). Both programmes are classified as equity based, as they are settled in shares. Due to local rules, a minor part of both programmes is given as phantom shares and is classified as cash-based, as they are settled in cash. The programmes are offered to Group Management and other senior executives. The incentive programmes are part of the variable part of the remuneration and follows the Group\u2019s remuneration policy. Participation in the programmes are at the Remuneration Committees discretion and no individual has a contractual right to participate or receive any guaranteed benefit.Restricted Share Units (RSUs)When RSUs are issued, the value of the RSUs at grant date is recognised in personnel cost in the income statement and in equity over the three-year vesting period. On initial recognition of the RSUs, the number of RSUs expected to vest is estimated. Subsequently, the estimate is revised so the total cost recognised is based on the actual number of RSUs vested. The fair value of RSUs is determined based on the quoted share price at grant adjusted for expected dividend payout (based on historic dividend payout ratio). The participants are compensated for any dividend payment by receiving additional RSUs.A minor part of the RSUs are given as phantom shares (cash-based programme) and are after initial recognition adjusted to fair value through financial expenses in the income statement against a related provision.Accounting policiesThe costs of research activities are carried as expenditure in the year in which they are incurred. The costs of development projects which are clearly defined and identifiable, and of which the potential technical and commercial exploitation is demonstrated, are capitalised to the extent that they are expected to generate future revenue. Other development costs are recognised on an ongoing basis in the income statement under operating costs.Intangible assets, apart from goodwill, are stated at cost less accumulated amortisation and impairment.Amortisation of the following intangible assets is made on a straight-line basis over the expected future lifetime of the assets, which is:Development projects: 2-10 years Patents: 5-20 years Software: 2-4 years Trademarks: 10-20 years Customer relationships: 10-15 yearsGoodwill arisen from acquisition of enterprises and activities is stated at cost. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of independent cash-generating units is based on business structure and level of internal control of cash flow. Goodwill is tested annually for impairment and the carrying amount of other assets is reviewed on indications of impairment. When testing for impairment, the value is impaired to the estimated net sales price or the value in use, if greater. Software in progress is also tested for impairment annually.Accounting policiesTangible assets are stated at cost less accumulated depreciation and impairment losses. The cost of technical plant and machinery manufactured by the Group comprises the acquisition cost, expenditure directly related to the acquisition, engineering hours, including indirect production costs and borrowing costs.Depreciation is carried out on a straight-line basis, based on current assessment of their useful lives and scrap value. The expected lifetimes are: Buildings: 20-40 years Plant and machinery: 5-15 years Other operating equipment: 3-10 yearsOn sale or scrapping of assets, any losses or gains are included under other operating income for the year.Investment grants are deducted in the cost of the equivalent tangible assets.Accounting policiesWhether a contract contains a lease is assessed at contract inception. For identified leases, a right-of-use (RoU) asset and corresponding liability are recognised on the lease commencement date. 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 payments dependent on an index or a rate. When adjustments to lease payments based on an index or a rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability except from those relating to cars.To measure the lease liability at an amount equal to the net present value of the lease payments, a discount rate is used. For this purpose, the Group generally uses its incremental borrowing rate (IBR). The IBR is calculated per main country/region per asset type considering different length of the lease terms. The lease payments have been split into an interest cost and a repayment of the lease liability. RoU assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments or directly related costs, including restoration costs.RoU assets are depreciated on a straight-line basis over the shorter of the expected lease term and the asset\u2019s useful life. RoU assets are tested for impairment whenever there is an indication that the assets may be impaired. Leases in the balance sheetMEUR2023 2022Right-of-use assets:Offices, other buildings and sites 22 14Warehouses 30 48Forklifts, cars and other assets 20 26Carrying amount of right-of-use assets 31/12 72 88Contractual maturity of lease liabilities:< 1 year 29 301-5 years 44 60> 5 years 14 15Total undiscounted lease liabilities 87 105Current/non-current lease liabilities classification (discounted):Non-current 48 61Current 29 24In 2023, additions to right-of-use assets were 18 MEUR (2022: 37 MEUR).Accounting policies (continued)Extension and termination options are included in a number of property and equipment leases across the Group. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. If the lease contract contains an extension or purchase option that the Group considers reasonably certain to be exercised, these are included in the measurement of the liability.Short-term leases and leases of low value are recognised on a straight-line basis as cost in the income statement.The Group\u2019s portfolio of leases covers leases of office buildings, warehouses and other equipment such as cars and forklifts. Leases for offices and other buildings have lease terms between 2-22 years, warehouses between 3-10 years while car and forklift leases generally have lease terms between 3-5 years. The Group also has a few long-term site leases with lease terms up to 99 years.Accounting policiesWhen there is an indication of a reduction in the profitability of an asset, an impairment test is performed for the assets in question and impairments are made, if necessary. For goodwill, annual impairment tests are made. The recoverable amounts of the assets and cash-generating units (CGUs) have been determined based on value-in-use calculations. When testing for impairment, the value is written down to the estimated recoverable amount, if lower than the carrying amount. The carrying amount of other non-current assets is tested for impairment once a year. The carrying amount of property, plant and equipment is tested for impairment when there is indication of change in the structural profitability.Accounting policiesPension payments concerning defined contribution plans are recognised on an ongoing basis in the income statement. Defined benefit plans are stated at the net present value at the balance sheet date and included in the consolidated financial statements. Adjustments of the plans are carried out on a regular basis in accordance with underlying actuarial assessments. Actuarial gains or losses for defined benefit plans are recognised in full in the period in which they occur in other comprehensive income. The actuarial assessment is carried out every year.Funded benefit plans have assets placed in trustee-administered pension funds, which are governed by local regulations and practice in each country.If a benefit plan constitutes a net asset, the net asset is recognised only to the extent that it equals the value of future repayments or will lead to reduced future payments.The payments to the pension funds are based on the usual actuarial assessments and are recognised in the income statement after maturity. Provided that the actuarial assessments of pension obligations show noticeable excess solvency or insolvency in relation to the pension fund\u2019s assets, the difference is entered to the balance sheet and the future payments are adjusted accordingly. With regard to these schemes, the actuarial assessment is also carried out every year.Accounting policiesProvisions are recognised where a legal or constructive obligation has been incurred as a result of past events and if it is probable it will lead to an outflow of financial resources and if the size of the liability can be measured on a reliable basis. The provision is calculated as the amount expected to be paid to settle the obligation.Accounting policiesInventories are valued at the lowest value of historical cost calculated as a weighted average or the net realisation value. The cost of finished goods and work in progress include the direct costs of production materials and wages, as well as indirect production costs such as personnel costs, maintenance costs and depreciation of plant and machinery.Accounting policiesTrade receivables are measured at amortised cost less allowance for bad debt based on the expected credit loss model.The Group applies the simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.The expected loss rates are based on the payment profiles of sales over a period of 60 months before 1 January 2023 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.The costs of allowance for bad debts and realised losses during the year are included in other external costs.Accounting policiesFinancial income and expenses comprise interest income and interest costs, interest costs compiled from lease liabilities, realised and unrealised foreign exchange gains and losses, as well as fair value adjustments of cash-settled share-based incentive programmes which are offset against other liabilities.Further, they include adjustments to fair value hedges, and income and costs relating to cash flow hedges transferred from other comprehensive income on realisation of the hedged items.Accounting policiesDerivative financial instruments are initially recognised in the balance sheet at cost price and are subsequently measured at fair value. Derivative financial instruments are recognised in other receivables and other payables. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging the fair value of a recognised asset or liability, are recognised in the income statement together with any changes in the fair value of the hedged asset or liability. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging future cash flow, are recognised in other comprehensive income provided the hedge has been effective. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The accumulated value adjustment related to these hedge transactions is transferred from other comprehensive income when the position is realised, and is included in the value of the hedged position e.g. the adjustment follows the cash flow.For derivative financial instruments, which do not qualify as hedging instruments, changes to the fair value are recognised on an ongoing basis in the income statement as financial income or financial expenses.Accounting policiesROCKWOOL A/S has a reserve of own shares recognised in retained earnings. The shares are bought back to meet obligations under the Group's equity-basedrestricted share unit programme and as part of the Group's share buy-back programme.Accounting policiesThe parent company is taxed jointly with all Danish subsidiaries. Income subject to joint taxation is fully distributed. Tax on profit for the year, which includes current tax on profit for the year and changes to deferred tax, is recognised in the income statement. Tax on changes in other comprehensive income is recognised directly under other comprehensive income.Provisions for deferred tax are calculated on all temporary differences between accounting and taxable values, calculated using the balance-sheet liability method.Deferred tax provisions are also made to cover the re-taxation of losses in jointly taxed foreign companies previously included in the Danish joint taxation.Companies within the Group may be entitled to claim special tax deductions for investments in qualifying assets or in relation to qualifying expenditure. The Group accounts for such allowances as tax credits. Consequently, the allowance reduces income tax payables and current tax expense. A deferred tax asset is recognised for unclaimed tax credits that are carried forward.Deferred tax assets are recognised when it is probable that the assets will reduce tax payments in coming years and they are assessed at the expected net realisable value. Deferred tax is stated according to current tax regulations. Changes in deferred tax as a consequence of changes in tax rates are recognised in the income statement.Accounting policiesProvisions for legal proceedings are recognised if they are certain or probable at the balance sheet date, and if the size of the liability can be measured on a reliable basis. Legal proceedings for which no reliable estimate can be made are disclosed as contingent liabilities.Definition of key figures and ratiosPart of management reviewEBITDAEarnings before amortisation, depreciation, impairment, financial items and taxEBITEarnings before financial items and taxNet working capital (NWC)Trade receivables, other receivables and other current operating assets less trade payables, other payables and other current operational liabilities adjusted for investment payablesInvested capitalNWC + intangible assets, tangible assets and right-of-use assets less non-interest bearing liabilities and investment payablesNet interest bearing debtCash less bank loans and other loans less bank debt less lease liabilitiesEBITDA margin (%)EBITDAx 100%Net salesEBIT margin (%)EBITx 100%Net salesEarnings per share of DKK 10 (EUR 1.3)Profit for the year excl. non-controlling interests Average number of outstanding sharesDiluted earnings per share of DKK 10 (EUR 1.3)Profit for the year excl. non-controlling interests Diluted average number of outstanding sharesCash flow per share of DKK 10 (EUR 1.3)Cash flows from operating activities Average number of outstanding sharesDividend per share of DKK 10 (EUR 1.3)Proposed dividend for the year Number of shares at the end of the yearBook value per share of DKK 10 (EUR 1.3)Equity end of the year excl. non-controlling interests Number of shares at the end of the yearROICEBITx 100%Average invested capital including goodwillReturn on equity (%)Profit for the year excl. non-controlling interestsx 100%Average equity excl. non-controlling interestsEquity ratio (%)Equity end of the year excl. non-controlling interestsx 100%Total equity and liabilities at the end of the yearPayout ratio (%)Proposed dividend for the yearx 100%Profit for the year excl. non-controlling interestsLeverage ratioNet interest-bearing debt EBITDA Financial gearingNet interest-bearing debt Equity end of the year Market capNumber of outstanding shares x share priceGrowth in local currencyGrowth rates excluding currency impact, as both periods are using the same exchange rates.Sustainability investmentsInvestments that support the Group's sustainability goals or in another way reduce the environmental footprint or increase health and safety. CO2 intensity (Scope 1+2) per tonne stone woolDefined according to the Greenhouse Gas Protocol. Scope 1 emissions are direct emissions from the stone wool factories. It includes emissions from all combustion sources and process emissions. Scope 2 emissions are indirect emissions from purchased electricity, heat or steam.Energy efficiency in own buildingsEnergy efficiency improvement in own buildings calculated in metrics of kWh/m2/year.Water use intensity from stone wool productionAll water (surface water, groundwater, public water, and water from other external sources) used in stone wool production and not returned to its original source.Number of countries with recycling serviceNumber of countries where ROCKWOOL can take back \u00aeused stone wool from the market through Rockcycle.Landfill waste from our stone wool productionTotal quantity of production waste sent to landfill by the stone wool factories.Lost time incident frequency rateNumber of recorded lost time injuries resulting in more than one day of absence per million working hours for the year.Absolute greenhouse gas (GHG) emissions (Scope 1+2)Defined according to the Greenhouse Gas Protocol. Scope 1+2 GHG emissions are the sum of CO2emissions and other GHG emissions measured as CO2-equivalents. Scope 2 emissions include indirect emissions from electricity, heat and steam.Absolute greenhouse gas (GHG) emissions (Scope 3)Defined according to the Greenhouse Gas Protocol and includes other indirect emissions from our activities that result from sources we do not own or control.RATIOSThe ratios have been calculated in accordance with www.keyratios.org/ issued by CFA Society Denmark. The ratios mentioned in the five-year summary are calculated as described in the definitions above.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__10": { "value": "Cash flow statementAccounting policiesThe consolidated cash flow statement is compiled using the indirect method on the basis of EBIT. The cash flow statement shows flows from operating, investing and financing activities for the year, as well as cash and cash equivalents at the beginning and at the end of the year. Cash flows from operating activities comprises operating profit before financial items adjusted for non-cash items and changes in working capital. Cash flows from investing activities comprise payments relating to acquisition and sale of companies, intangible and tangible assets and other asset investments. Cash flows from financing activities comprise proceeds from borrowings, repayment of lease liabilities and debt, payment of dividends, sale and purchase of own shares, transactions with non-controlling interests and increases of the share capital.Cash available includes cash less short-term bank debt.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__11-1": { "value": "Individual items in the cash flow statement cannot be directly deduced from the consolidated balance sheet.4.3 Other cash flow notesAdjustments of non-cash operating itemsMEUR 2023 2022Provisions - 2Expensed value of RSUs issued 2 3Gain/loss on sale of intangible and tangible assets -4 -1Adjustments of non-cash operating items -2 4Changes in net working capitalMEUR 2023 2022Change in inventories 49 -113Change in trade receivables 18 -48Change in other receivables 24 10Change in trade payables -26 -8Change in other payables 6 11Change in net working capital 71 -148", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23605": { "value": "518000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f23608": { "value": "402000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f23614": { "value": "261000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f23617": { "value": "236000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f23623": { "value": "-2000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f23626": { "value": "4000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:213800QRC7LNX935OZ09", "period": 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"scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ROC:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember", "unit": "iso4217:EUR" } }, "f24386": { "value": "2567000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f24389": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f24393": { "value": "2580000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "s8_notesesefdkgaap__7__19": { "value": "Note 1Basis of preparation1.1 Critical accounting estimates and judgementsThe preparation of the consolidated financial statements requires Management to make accounting estimates and assumptions that have a significant effect on the application of policies and reported amounts of assets, liabilities, income, expenses, and related disclosures. The most significant accounting estimates and judgements are presented below.The application of the Group\u2019s accounting policies may require Management to make judgments that can have a significant effect on the amounts recognised in the consolidated financial statements. When determining the carrying amount of some assets and liabilities it requires Management to make judgments, estimates and assumptions concerning future events.The estimates and underlying assumptions are based on professional experience, historical experience and various other factors that Management considers appropriate under the given circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in estimates may be necessary if there are changes in the circumstances on which the estimate was based, or if more detailed information becomes available. Such changes are recognised in the period in which the estimate in question is revised.Below are the accounting estimates and judgements, which Management considers significant to the preparation of the consolidated financial statements:Accounting estimates\u2013 Impairment testing (note 3.5)\u2013 Valuation of inventories (note 4.1)\u2013 Deferred tax assets and uncertain tax positions (note 6.1)Judgements\u2013 Expected lifetime for tangible assets (note 3.2)The accounting policies are described in each of the specific notes to the financial statements, which also include additional description of the most significant accounting estimates and judgements. 1.2 Material accounting policy informationThe Annual Report for ROCKWOOL A/S has been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. The financial year for the Group is 1 January \u2013 31 December 2023.Group AccountsThe consolidated financial statements comprise ROCKWOOL A/S and the entities in which the company and its subsidiaries hold the majority of the voting rights.The consolidated financial statements have been prepared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, determined according to the Group\u2019s accounting policies, and with elimination of dividends, internal revenue and expenditure items, internal profits as well as intercompany balances and intercompany shareholdings.Besides shares, capital investments in subsidiaries include long-term loans to subsidiaries if such loans constitute an addition to the shareholding.Translation of foreign currencyThe Annual Report has been presented in Euro (EUR) which is the Group\u2019s presentation currency. Each company in the Group determines its own functional currency. The functional currency of the parent company is Danish kroner (DKK), however the parent financial statements are presented in Euro (EUR).Transactions in foreign currency are translated using the exchange rate at the transaction date or a hedged rate. Monetary items in foreign currency are translated using the exchange rates at the balance sheet date. Accounts of foreign subsidiaries are translated using the exchange rates at the balance sheet date for balance sheet items, and the periodic average exchange rates for items of the income statement.Transactions in Russian rubles were since March 2022 translated using exchange rates published by the Russian National bank. Transactions in rubles were translated using the exchange rates at the balance sheet date for balance sheet items, and the periodic average exchange rates for items of the income statement.All exchange rate adjustments are recognised in the income statement under financial items, apart from the exchange rate differences arising on:\u2013 Conversion of equity in subsidiaries at the beginning of the financial year using the exchange rates at the balance sheet date;\u2013 Conversion of the profit for the year from average exchange rates to exchange rates at the balance sheet date; \u2013 Conversion of long-term intercompany balances that constitute an addition to the holding of shares in subsidiaries;\u2013 Conversion of the forward hedging of capital investments in subsidiaries;\u2013 Conversion of capital investments in associated and other companies; and,\u2013 Profit and loss on effective derivative financial instruments used to hedge expected future transactions.These value adjustments are recognised directly under other comprehensive income. 1.3 New and amended standards and interpretationsImplementation of new standards, amendments and interpretationsEffective from 1 January 2023, the Group has implemented the following amendments to standards (IAS and IFRS):\u2013 IAS 1, IAS 8, IAS12, IFRS 17.The adoption of the new or amended standards has not impacted our consolidated financial accounts for 2023 and is not anticipated to have a significant impact on future periods.New standards, amendments and interpretations adopted but not yet effectiveIASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not been implemented in the consolidated financial statements for 2023. The Group expects to adopt the accounting standards and interpretations when they become mandatory.None of the new or amended standards or interpretations are expected to have a significant impact on the consolidated financial statements.1.4 Reporting under the ESEF RegulationThe Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets.The ESEF Regulation sets out the annual financial reports shall be disclosed using the XHTML format and that the statements and notes in the consolidated financial statements shall be tagged using inline eXtensible Business Reporting Language (iXBRL).IXBRL tags shall comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published in the IFRS Foundation.As part of the tagging process financial statement line items and notes are marked up to elements in the ESEF taxonomy. If a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy is created. Extensions have to be anchored in the ESEF taxonomy, except for extensions which are subtotals.The Annual Report submitted to the Danish Financial Supervisory Authority (The Officially Appointed Mechanisms) consists of the XHTML document together with some technical files all included in a ZIP file named ROCK-2023-12-31-en.zip.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__21": { "value": "1.2 Material accounting policy informationThe Annual Report for ROCKWOOL A/S has been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. The financial year for the Group is 1 January \u2013 31 December 2023.Group AccountsThe consolidated financial statements comprise ROCKWOOL A/S and the entities in which the company and its subsidiaries hold the majority of the voting rights.The consolidated financial statements have been prepared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, determined according to the Group\u2019s accounting policies, and with elimination of dividends, internal revenue and expenditure items, internal profits as well as intercompany balances and intercompany shareholdings.Besides shares, capital investments in subsidiaries include long-term loans to subsidiaries if such loans constitute an addition to the shareholding.Translation of foreign currencyThe Annual Report has been presented in Euro (EUR) which is the Group\u2019s presentation currency. Each company in the Group determines its own functional currency. The functional currency of the parent company is Danish kroner (DKK), however the parent financial statements are presented in Euro (EUR).Transactions in foreign currency are translated using the exchange rate at the transaction date or a hedged rate. Monetary items in foreign currency are translated using the exchange rates at the balance sheet date. Accounts of foreign subsidiaries are translated using the exchange rates at the balance sheet date for balance sheet items, and the periodic average exchange rates for items of the income statement.Transactions in Russian rubles were since March 2022 translated using exchange rates published by the Russian National bank. Transactions in rubles were translated using the exchange rates at the balance sheet date for balance sheet items, and the periodic average exchange rates for items of the income statement.All exchange rate adjustments are recognised in the income statement under financial items, apart from the exchange rate differences arising on:\u2013 Conversion of equity in subsidiaries at the beginning of the financial year using the exchange rates at the balance sheet date;\u2013 Conversion of the profit for the year from average exchange rates to exchange rates at the balance sheet date; \u2013 Conversion of long-term intercompany balances that constitute an addition to the holding of shares in subsidiaries;\u2013 Conversion of the forward hedging of capital investments in subsidiaries;\u2013 Conversion of capital investments in associated and other companies; and,\u2013 Profit and loss on effective derivative financial instruments used to hedge expected future transactions.These value adjustments are recognised directly under other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__22": { "value": "Group AccountsThe consolidated financial statements comprise ROCKWOOL A/S and the entities in which the company and its subsidiaries hold the majority of the voting rights.The consolidated financial statements have been prepared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, determined according to the Group\u2019s accounting policies, and with elimination of dividends, internal revenue and expenditure items, internal profits as well as intercompany balances and intercompany shareholdings.Besides shares, capital investments in subsidiaries include long-term loans to subsidiaries if such loans constitute an addition to the shareholding.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__24": { "value": "Translation of foreign currencyThe Annual Report has been presented in Euro (EUR) which is the Group\u2019s presentation currency. Each company in the Group determines its own functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__23": { "value": "Translation of foreign currencyThe Annual Report has been presented in Euro (EUR) which is the Group\u2019s presentation currency. Each company in the Group determines its own functional currency. The functional currency of the parent company is Danish kroner (DKK), however the parent financial statements are presented in Euro (EUR).Transactions in foreign currency are translated using the exchange rate at the transaction date or a hedged rate. Monetary items in foreign currency are translated using the exchange rates at the balance sheet date. Accounts of foreign subsidiaries are translated using the exchange rates at the balance sheet date for balance sheet items, and the periodic average exchange rates for items of the income statement.Transactions in Russian rubles were since March 2022 translated using exchange rates published by the Russian National bank. Transactions in rubles were translated using the exchange rates at the balance sheet date for balance sheet items, and the periodic average exchange rates for items of the income statement.All exchange rate adjustments are recognised in the income statement under financial items, apart from the exchange rate differences arising on:\u2013 Conversion of equity in subsidiaries at the beginning of the financial year using the exchange rates at the balance sheet date;\u2013 Conversion of the profit for the year from average exchange rates to exchange rates at the balance sheet date; \u2013 Conversion of long-term intercompany balances that constitute an addition to the holding of shares in subsidiaries;\u2013 Conversion of the forward hedging of capital investments in subsidiaries;\u2013 Conversion of capital investments in associated and other companies; and,\u2013 Profit and loss on effective derivative financial instruments used to hedge expected future transactions.These value adjustments are recognised directly under other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__26": { "value": "1.3 New and amended standards and interpretationsImplementation of new standards, amendments and interpretationsEffective from 1 January 2023, the Group has implemented the following amendments to standards (IAS and IFRS):\u2013 IAS 1, IAS 8, IAS12, IFRS 17.The adoption of the new or amended standards has not impacted our consolidated financial accounts for 2023 and is not anticipated to have a significant impact on future periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__25": { "value": "1.3 New and amended standards and interpretationsImplementation of new standards, amendments and interpretationsEffective from 1 January 2023, the Group has implemented the following amendments to standards (IAS and IFRS):\u2013 IAS 1, IAS 8, IAS12, IFRS 17.The adoption of the new or amended standards has not impacted our consolidated financial accounts for 2023 and is not anticipated to have a significant impact on future periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__27": { "value": "New standards, amendments and interpretations adopted but not yet effectiveIASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not been implemented in the consolidated financial statements for 2023. The Group expects to adopt the accounting standards and interpretations when they become mandatory.None of the new or amended standards or interpretations are expected to have a significant impact on the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__33": { "value": "The Group produces and sells a range of non-combustible stone wool insulation products, including solutions for ceiling systems, ventilated facades, friction and water management and stone wool substrate solutions for the professional horticultural.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__30": { "value": "The Group produces and sells a range of non-combustible stone wool insulation products, including solutions for ceiling systems, ventilated facades, friction and water management and stone wool substrate solutions for the professional horticultural.Sales are recognised when control of the products has transferred to the customer, being when the products are delivered to the customer and the risk has been transferred. The products are often sold with retrospective volume discounts based on aggregate sales over a 12-month period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method.The sales include no element of financing as the sales are made with credit terms of normally 30-60 days consistent with market practice.A receivable is recognised when the products are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__32": { "value": "The products are often sold with retrospective volume discounts based on aggregate sales over a 12-month period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__34": { "value": "Segmented accountsGroup Management has determined the business segments for the purpose of assessing business performance and allocating resources. Primarily segments are based on products and thermal performance, as Systems segment is primarily defined as non-thermal insulation products. Nearly all external sales consist of sales of products.Segmental data is stated for business areas and geographical areas. The split by business areas is in accordance with the Group\u2019s internal reporting. The segmental data is presented according to the same principle as the consolidated financial statements. The segmental EBIT includes net sales and expenditure including non-recurring expenditure operationally related to the segment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__31": { "value": "2.1 Net sales and segmented accountsAccounting policiesNet salesThe Group produces and sells a range of non-combustible stone wool insulation products, including solutions for ceiling systems, ventilated facades, friction and water management and stone wool substrate solutions for the professional horticultural.Sales are recognised when control of the products has transferred to the customer, being when the products are delivered to the customer and the risk has been transferred. The products are often sold with retrospective volume discounts based on aggregate sales over a 12-month period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method.The sales include no element of financing as the sales are made with credit terms of normally 30-60 days consistent with market practice.A receivable is recognised when the products are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.Segmented accountsGroup Management has determined the business segments for the purpose of assessing business performance and allocating resources. Primarily segments are based on products and thermal performance, as Systems segment is primarily defined as non-thermal insulation products. Nearly all external sales consist of sales of products.Segmental data is stated for business areas and geographical areas. The split by business areas is in accordance with the Group\u2019s internal reporting. The segmental data is presented according to the same principle as the consolidated financial statements. The segmental EBIT includes net sales and expenditure including non-recurring expenditure operationally related to the segment. CommentsROCKWOOL Group operates in two business segments based on products: Insulation segment and Systems segment. The information is based on the management structure and internal management reporting to Group Management and constitutes the reportable segments.Headquarters costs are allocated to the business segments based on allocation keys used in the internal management reporting. These allocation keys are reassessed annually based on planned activity in the segments. Intangible and tangible assets and related amortisation/depreciation are not fully allocated to business segments as all stone wool production is done in the Insulation segment. Financial income and expenses, and income taxes are managed at Group level and are not allocated to business segments.Business segments and sales reportingInsulation Systems ROCKWOOL segmentsegment EliminationsGroupMEUR 2023 2022 2023 2022 2023 2022 2023 2022External net sales 2 792 3 034 828 873 - - 3 620 3 907Internal net sales 389 437 - - -389 -437 - -EBIT 431 312 87 90 - - 518 402EBIT margin 13.6% 9.0% 10.5% 10.3% - - 14.3% 10.3%Financial items and income - - - - - - 4 -44from associated companiesTax on profit for the year - - - - - - -133 -85Profit for the year - - - - - - 389 273Goods transferred at a point in time 2 7923 034 828 873 - - 3 620 3 907Non-current asset additions 273 289 71 83 - - 344 372Geographical segmentsIntangible and Net salestangible assetsMEUR 2023 2022 2023 2022Western Europe 2 125 2 290 1 050 972Eastern Europe and Russia 679 813 433 427North America, Asia and others 816 804 741 753Total 3 620 3 907 2 224 2 152CommentsInternal net sales from the Insulation segment to the Systems segment are at arms\u2019 length prices. The Insulation segment includes among others interior building insulation, fa\u00e7ade insulation, roof insulation and industrial and technical insulation. The Systems segment includes acoustic ceilings and walls, cladding boards, engineered fibres, noise and vibration control, and horticultural substrates.The geographical net sales information is based on the location of the customers, while the information regarding the geographical assets distribution is based on the physical placement of the assets. The domestic sales in Denmark were three percent of the Group\u2019s net sales in both 2023 and 2022. The domestic intangible and tangible assets in Denmark amount to 179 MEUR (2022: 196 MEUR).No customers exceed 10 percent of the Group\u2019s net sales neither this year nor last year. In Germany and France net sales amount to between 10-15 percent of the Group\u2019s total net sales in both 2023 and 2022. In the United States net sales amount to between 10-15 percent of the Group\u2019s total net sales in 2023. In no other country does net sales exceed 10 percent of the Group\u2019s total net sales. In 2023 and 2022, intangible and tangible assets in the United States and Germany amount to between 10-20 percent of the Group's total intangible and tangible assets. In 2023, intangible and tangible assets in Canada amount to between 10-20 percent of the Group's total intangible and tangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__29": { "value": "2.1 Net sales and segmented accountsAccounting policiesNet salesThe Group produces and sells a range of non-combustible stone wool insulation products, including solutions for ceiling systems, ventilated facades, friction and water management and stone wool substrate solutions for the professional horticultural.Sales are recognised when control of the products has transferred to the customer, being when the products are delivered to the customer and the risk has been transferred. The products are often sold with retrospective volume discounts based on aggregate sales over a 12-month period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method.The sales include no element of financing as the sales are made with credit terms of normally 30-60 days consistent with market practice.A receivable is recognised when the products are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.Segmented accountsGroup Management has determined the business segments for the purpose of assessing business performance and allocating resources. Primarily segments are based on products and thermal performance, as Systems segment is primarily defined as non-thermal insulation products. Nearly all external sales consist of sales of products.Segmental data is stated for business areas and geographical areas. The split by business areas is in accordance with the Group\u2019s internal reporting. The segmental data is presented according to the same principle as the consolidated financial statements. The segmental EBIT includes net sales and expenditure including non-recurring expenditure operationally related to the segment. CommentsROCKWOOL Group operates in two business segments based on products: Insulation segment and Systems segment. The information is based on the management structure and internal management reporting to Group Management and constitutes the reportable segments.Headquarters costs are allocated to the business segments based on allocation keys used in the internal management reporting. These allocation keys are reassessed annually based on planned activity in the segments. Intangible and tangible assets and related amortisation/depreciation are not fully allocated to business segments as all stone wool production is done in the Insulation segment. Financial income and expenses, and income taxes are managed at Group level and are not allocated to business segments.Business segments and sales reportingInsulation Systems ROCKWOOL segmentsegment EliminationsGroupMEUR 2023 2022 2023 2022 2023 2022 2023 2022External net sales 2 792 3 034 828 873 - - 3 620 3 907Internal net sales 389 437 - - -389 -437 - -EBIT 431 312 87 90 - - 518 402EBIT margin 13.6% 9.0% 10.5% 10.3% - - 14.3% 10.3%Financial items and income - - - - - - 4 -44from associated companiesTax on profit for the year - - - - - - -133 -85Profit for the year - - - - - - 389 273Goods transferred at a point in time 2 7923 034 828 873 - - 3 620 3 907Non-current asset additions 273 289 71 83 - - 344 372Geographical segmentsIntangible and Net salestangible assetsMEUR 2023 2022 2023 2022Western Europe 2 125 2 290 1 050 972Eastern Europe and Russia 679 813 433 427North America, Asia and others 816 804 741 753Total 3 620 3 907 2 224 2 152CommentsInternal net sales from the Insulation segment to the Systems segment are at arms\u2019 length prices. The Insulation segment includes among others interior building insulation, fa\u00e7ade insulation, roof insulation and industrial and technical insulation. The Systems segment includes acoustic ceilings and walls, cladding boards, engineered fibres, noise and vibration control, and horticultural substrates.The geographical net sales information is based on the location of the customers, while the information regarding the geographical assets distribution is based on the physical placement of the assets. The domestic sales in Denmark were three percent of the Group\u2019s net sales in both 2023 and 2022. The domestic intangible and tangible assets in Denmark amount to 179 MEUR (2022: 196 MEUR).No customers exceed 10 percent of the Group\u2019s net sales neither this year nor last year. In Germany and France net sales amount to between 10-15 percent of the Group\u2019s total net sales in both 2023 and 2022. In the United States net sales amount to between 10-15 percent of the Group\u2019s total net sales in 2023. In no other country does net sales exceed 10 percent of the Group\u2019s total net sales. In 2023 and 2022, intangible and tangible assets in the United States and Germany amount to between 10-20 percent of the Group's total intangible and tangible assets. In 2023, intangible and tangible assets in Canada amount to between 10-20 percent of the Group's total intangible and tangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__28": { "value": "2.1 Net sales and segmented accountsAccounting policiesNet salesThe Group produces and sells a range of non-combustible stone wool insulation products, including solutions for ceiling systems, ventilated facades, friction and water management and stone wool substrate solutions for the professional horticultural.Sales are recognised when control of the products has transferred to the customer, being when the products are delivered to the customer and the risk has been transferred. The products are often sold with retrospective volume discounts based on aggregate sales over a 12-month period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method.The sales include no element of financing as the sales are made with credit terms of normally 30-60 days consistent with market practice.A receivable is recognised when the products are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.Segmented accountsGroup Management has determined the business segments for the purpose of assessing business performance and allocating resources. Primarily segments are based on products and thermal performance, as Systems segment is primarily defined as non-thermal insulation products. Nearly all external sales consist of sales of products.Segmental data is stated for business areas and geographical areas. The split by business areas is in accordance with the Group\u2019s internal reporting. The segmental data is presented according to the same principle as the consolidated financial statements. The segmental EBIT includes net sales and expenditure including non-recurring expenditure operationally related to the segment. CommentsROCKWOOL Group operates in two business segments based on products: Insulation segment and Systems segment. The information is based on the management structure and internal management reporting to Group Management and constitutes the reportable segments.Headquarters costs are allocated to the business segments based on allocation keys used in the internal management reporting. These allocation keys are reassessed annually based on planned activity in the segments. Intangible and tangible assets and related amortisation/depreciation are not fully allocated to business segments as all stone wool production is done in the Insulation segment. Financial income and expenses, and income taxes are managed at Group level and are not allocated to business segments.Business segments and sales reportingInsulation Systems ROCKWOOL segmentsegment EliminationsGroupMEUR 2023 2022 2023 2022 2023 2022 2023 2022External net sales 2 792 3 034 828 873 - - 3 620 3 907Internal net sales 389 437 - - -389 -437 - -EBIT 431 312 87 90 - - 518 402EBIT margin 13.6% 9.0% 10.5% 10.3% - - 14.3% 10.3%Financial items and income - - - - - - 4 -44from associated companiesTax on profit for the year - - - - - - -133 -85Profit for the year - - - - - - 389 273Goods transferred at a point in time 2 7923 034 828 873 - - 3 620 3 907Non-current asset additions 273 289 71 83 - - 344 372Geographical segmentsIntangible and Net salestangible assetsMEUR 2023 2022 2023 2022Western Europe 2 125 2 290 1 050 972Eastern Europe and Russia 679 813 433 427North America, Asia and others 816 804 741 753Total 3 620 3 907 2 224 2 152CommentsInternal net sales from the Insulation segment to the Systems segment are at arms\u2019 length prices. The Insulation segment includes among others interior building insulation, fa\u00e7ade insulation, roof insulation and industrial and technical insulation. The Systems segment includes acoustic ceilings and walls, cladding boards, engineered fibres, noise and vibration control, and horticultural substrates.The geographical net sales information is based on the location of the customers, while the information regarding the geographical assets distribution is based on the physical placement of the assets. The domestic sales in Denmark were three percent of the Group\u2019s net sales in both 2023 and 2022. The domestic intangible and tangible assets in Denmark amount to 179 MEUR (2022: 196 MEUR).No customers exceed 10 percent of the Group\u2019s net sales neither this year nor last year. In Germany and France net sales amount to between 10-15 percent of the Group\u2019s total net sales in both 2023 and 2022. In the United States net sales amount to between 10-15 percent of the Group\u2019s total net sales in 2023. In no other country does net sales exceed 10 percent of the Group\u2019s total net sales. In 2023 and 2022, intangible and tangible assets in the United States and Germany amount to between 10-20 percent of the Group's total intangible and tangible assets. In 2023, intangible and tangible assets in Canada amount to between 10-20 percent of the Group's total intangible and tangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__38": { "value": "2.2 Personnel costsCommentsRemuneration of Group Management (key management personnel) complies with the principles of the Group's Remuneration Policy. The variable part of the total remuneration, measured as short-term incentive maximum and annual long-term incentive grant, can be maximum 50 percent of the total remuneration. The short-term incentive (bonus) is dependent on achievement of individual targets and targets for the Group's financial performance, which are annually approved by the Remuneration Committee. In addition, pension and other benefits are offered in line with market practice with a total value not exceeding 20 percent of base salary.The individual remuneration elements of each Registered Director are disclosed in the annual Remuneration Report.No termination costs are included in neither 2023 nor 2022.Personnel costsMEUR 2023 2022Wages and salaries 681 684Expended value of RSUs issued 3 2Pension Cost 36 34Other social security cost 97 91Personnel costs 817 811Average number of employees 11 996 12 302", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__37": { "value": "2.2 Personnel costsCommentsRemuneration of Group Management (key management personnel) complies with the principles of the Group's Remuneration Policy. The variable part of the total remuneration, measured as short-term incentive maximum and annual long-term incentive grant, can be maximum 50 percent of the total remuneration. The short-term incentive (bonus) is dependent on achievement of individual targets and targets for the Group's financial performance, which are annually approved by the Remuneration Committee. In addition, pension and other benefits are offered in line with market practice with a total value not exceeding 20 percent of base salary.The individual remuneration elements of each Registered Director are disclosed in the annual Remuneration Report.No termination costs are included in neither 2023 nor 2022.Personnel costsMEUR 2023 2022Wages and salaries 681 684Expended value of RSUs issued 3 2Pension Cost 36 34Other social security cost 97 91Personnel costs 817 811Average number of employees 11 996 12 302Remuneration to Group Management, Registered Directors and Board of DirectorsPersonnel costs include the following to Group Management, Registered directors and Board of Directors:MEUR 2023 2022Group ManagementSalaries and other benefits to Group Management 7 7Value of expensed RSU costs or fair value adjustments to Group Management 1 1Pension cost to Group Management 1 1Total to Group Management 9 9Hereof Registered DirectorsHereof remuneration to Registered Directors 3 3Hereof value of expensed RSU cost or fair value adjustments to Registered Directors 1 1Hereof pension cost to Registered Directors - -Total to Registered Directors 4 4Board of DirectorsRemuneration to Board of Directors 1 1Total remuneration to Registered Directors and Board of Directors 5 5", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__36-1": { "value": "2.2 Personnel costsCommentsRemuneration of Group Management (key management personnel) complies with the principles of the Group's Remuneration Policy. The variable part of the total remuneration, measured as short-term incentive maximum and annual long-term incentive grant, can be maximum 50 percent of the total remuneration. The short-term incentive (bonus) is dependent on achievement of individual targets and targets for the Group's financial performance, which are annually approved by the Remuneration Committee. In addition, pension and other benefits are offered in line with market practice with a total value not exceeding 20 percent of base salary.The individual remuneration elements of each Registered Director are disclosed in the annual Remuneration Report.No termination costs are included in neither 2023 nor 2022.Personnel costsMEUR 2023 2022Wages and salaries 681 684Expended value of RSUs issued 3 2Pension Cost 36 34Other social security cost 97 91Personnel costs 817 811Average number of employees 11 996 12 302Remuneration to Group Management, Registered Directors and Board of DirectorsPersonnel costs include the following to Group Management, Registered directors and Board of Directors:MEUR 2023 2022Group ManagementSalaries and other benefits to Group Management 7 7Value of expensed RSU costs or fair value adjustments to Group Management 1 1Pension cost to Group Management 1 1Total to Group Management 9 9Hereof Registered DirectorsHereof remuneration to Registered Directors 3 3Hereof value of expensed RSU cost or fair value adjustments to Registered Directors 1 1Hereof pension cost to Registered Directors - -Total to Registered Directors 4 4Board of DirectorsRemuneration to Board of Directors 1 1Total remuneration to Registered Directors and Board of Directors 5 53.6 Pension obligationsAccounting policiesPension payments concerning defined contribution plans are recognised on an ongoing basis in the income statement. Defined benefit plans are stated at the net present value at the balance sheet date and included in the consolidated financial statements. Adjustments of the plans are carried out on a regular basis in accordance with underlying actuarial assessments. Actuarial gains or losses for defined benefit plans are recognised in full in the period in which they occur in other comprehensive income. The actuarial assessment is carried out every year.Funded benefit plans have assets placed in trustee-administered pension funds, which are governed by local regulations and practice in each country.If a benefit plan constitutes a net asset, the net asset is recognised only to the extent that it equals the value of future repayments or will lead to reduced future payments.The payments to the pension funds are based on the usual actuarial assessments and are recognised in the income statement after maturity. Provided that the actuarial assessments of pension obligations show noticeable excess solvency or insolvency in relation to the pension fund\u2019s assets, the difference is entered to the balance sheet and the future payments are adjusted accordingly. With regard to these schemes, the actuarial assessment is also carried out every year.CommentsA number of the Group\u2019s employees and former employees participate in pension schemes. The pension schemes are primarily defined contribution plans. However, defined benefit plans are also used, mainly in Switzerland, the United Kingdom and Germany. The benefit plans in the United Kingdom and Germany are closed for new entries.Under a defined benefit plan the Group carries the risk associated with the future development in e.g. interest rates, inflation, salaries, mortality and disability.Defined benefit plans typically guarantee the employees a retirement benefit based on the final salary at retirement.The pension benefit plans in the United Kingdom and Switzerland have assets placed in independent pension funds. The remaining plans are unfunded, where the main part relates to Germany. For these plans the retirement benefit obligations amount to approximately 24 percent (2022: 24 percent) of the total gross liability.Except for the Swiss and UK plans, the mentioned defined benefit plans are not subject to regulatory requirements regarding minimum funding. The granted pension payments of the mentioned defined benefit plans are based upon the salary of the participating employees during the period of employment. The Group\u2019s contributions are derived from the split of the pension premium between the employee and employer.The actuarial assessment of the pension obligation is based on assumptions specific to each country. The latest actuarial calculation is prepared by authorised experts. The valuation of the assets is based on the composition and the expectations to the economic development. The assumptions used are weighted averages. Pension costsMEUR 2023 2022Defined contribution plans:Total pension costs recognised 32 30Defined benefit plans:Pension costs 3 3Interest costs 7 3Interest income -6 -2Total pension costs recognised 4 4In 2024, the Group expects to pay contributions of 8 MEUR to defined benefit plans.Defined benefit pension plansMEUR 2023 2022 2021 2020 2019Present value of pension liabilities 198 177 239 250 247Fair value of plan assets -189 -179 -214 -184 -185Asset ceiling limitation 30 34 10 - -Pension obligation, net 31/12 39 32 35 66 62Key assumptionsWeighted average 2023 2022Increase in salaries and wages 1.7% 1.7%Discount rate 2.8% 3.3%Remaining life expectancy at the time of retirement (years) 22 24Defined benefit pension obligationsMEUR 2023 2022Obligations 1/1 177 239Exchange rate adjustments 6 -Pension costs 4 4Interest costs 6 3Actuarial gains/losses from changes in demographic assumptions -1 -Actuarial gains/losses from changes in financial assumptions 13 -67Actuarial gains/losses from changes in experience 3 5Benefits paid -10 -7Obligations 31/12 198 177The weighted average expected duration of the defined benefit obligations is 14 years (2022: 14 years).Sensitivity analysisAssumptions Discount rate Salary increase Life expectancy-1.0% +1.0% -1.0% +1.0% -1 year +1 yearMEUR2023 - Impact on obligations 24 -21 -2 2 -5 52022 - Impact on obligations 21 -20 -1 1 -4 4The sensitivity analysis above has been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions.CommentsThe present value of defined benefit pension obligations The discount rate and other key assumptions are based in depends on a number of factors that are determined on part on the current market conditions.an actuarial basis using a number of assumptions. Any changes to these assumptions will impact the carrying amount of pension obligations. Pension plan assetsMEUR 2023 2022Pension plan assets 1/1 179 214Exchange rate adjustments 8 1Interest income 6 2Return on plan assets -2 -38Employer\u2019s contribution 5 4Participant\u2019s contribution 1 1Benefits paid -8 -5Pension plan assets 31/12 189 179Composition of pension plan assetsMEUR 2023 2022Assets quoted in active markets:Equities in European markets 25% 36%Bonds in European markets 37% 27%Assets unquoted:Cash 10% 9%Other 28% 28%", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__40-1": { "value": "Remuneration to Group Management, Registered Directors and Board of DirectorsPersonnel costs include the following to Group Management, Registered directors and Board of Directors:MEUR 2023 2022Group ManagementSalaries and other benefits to Group Management 7 7Value of expensed RSU costs or fair value adjustments to Group Management 1 1Pension cost to Group Management 1 1Total to Group Management 9 9Hereof Registered DirectorsHereof remuneration to Registered Directors 3 3Hereof value of expensed RSU cost or fair value adjustments to Registered Directors 1 1Hereof pension cost to Registered Directors - -Total to Registered Directors 4 4Board of DirectorsRemuneration to Board of Directors 1 1Total remuneration to Registered Directors and Board of Directors 5 52.3 Long-term incentive programmesAccounting policiesTwo different share-based incentive programmes have been established: A stock option programme and a restricted share programme (RSUs). Both programmes are classified as equity based, as they are settled in shares. Due to local rules, a minor part of both programmes is given as phantom shares and is classified as cash-based, as they are settled in cash. The programmes are offered to Group Management and other senior executives. The incentive programmes are part of the variable part of the remuneration and follows the Group\u2019s remuneration policy. Participation in the programmes are at the Remuneration Committees discretion and no individual has a contractual right to participate or receive any guaranteed benefit.Restricted Share Units (RSUs)When RSUs are issued, the value of the RSUs at grant date is recognised in personnel cost in the income statement and in equity over the three-year vesting period. On initial recognition of the RSUs, the number of RSUs expected to vest is estimated. Subsequently, the estimate is revised so the total cost recognised is based on the actual number of RSUs vested. The fair value of RSUs is determined based on the quoted share price at grant adjusted for expected dividend payout (based on historic dividend payout ratio). The participants are compensated for any dividend payment by receiving additional RSUs.A minor part of the RSUs are given as phantom shares (cash-based programme) and are after initial recognition adjusted to fair value through financial expenses in the income statement against a related provision.CommentsRestricted Share UnitsRestricted Share Units (RSUs) will be subject to a vesting period of three years. After the vesting period the shares are transferred to the participants without payment, subject to continued employment with ROCKWOOL Group in the vesting period.The RSUs represent the employee's right to shares but do not carry voting rights nor have any tangible value before the RSUs are exercised and become actual B shares of ROCKWOOL A/S. The terms of the share incentive may provide that shares may be settled in cash in which case, the related provision equals the share price at the time of vesting.The estimated fair value of RSUs granted in 2023 was 3 MEUR (2022: 3 MEUR) at grant date. In 2023, 3 MEUR was expensed related to the RSUs (2022: 2 MEUR), of which 3 MEUR (2022: 2 MEUR) was recognised in personnel costs. In 2023, the fair value adjustment under finance expenses was close to zero (2022: close to zero).Cash-settled programmesThe cash-settled programmes consist of phantom shares granted during the years 2020-2023.The employees granted the phantom shares participate on terms and conditions similar to those applying to the RSUs. The outstanding RSUs from 2020-2023 include 2792 phantom shares (2022: 3117).The total intrinsic value of the phantom RSUs at year-end amounts to less than 1 MEUR (2022: less than 1 MEUR), which is recognised as a liability.Restricted share units (RSUs)RSUs outstanding at year-end have the following vesting dates:Vesting Number of Number of Time of grantdateRSUs 2023RSUs 20222020 23.05.2023 - 14 1902020, one-time award 26.05.2025 9 272 9 2722021 22.05.2024 7 192 7 2372022 21.05.2025 9 303 9 3532023 20.05.2026 12 900 -38 667 40 052Weighted average remaining contractual life of the outstanding RSUs at year-end (Year) 1.6 1.5Of the number of RSUs 15 858 belong to Registered Directors and 22 809 to other senior executives. In 2022, 15 972 belonged to Registered Directors and 24 080 to other senior executives.Development in number of outstanding RSUs2023 2022Outstanding RSUs 1/1 40 052 41 060 Granted 13 718 9 908Vested 15 008 10 849Forfeited 95 67Outstanding RSUs 31/12 38 667 40 052The average share price at vesting date was 234 EUR.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__39-1": { "value": "Remuneration to Group Management, Registered Directors and Board of DirectorsPersonnel costs include the following to Group Management, Registered directors and Board of Directors:MEUR 2023 2022Group ManagementSalaries and other benefits to Group Management 7 7Value of expensed RSU costs or fair value adjustments to Group Management 1 1Pension cost to Group Management 1 1Total to Group Management 9 9Hereof Registered DirectorsHereof remuneration to Registered Directors 3 3Hereof value of expensed RSU cost or fair value adjustments to Registered Directors 1 1Hereof pension cost to Registered Directors - -Total to Registered Directors 4 4Board of DirectorsRemuneration to Board of Directors 1 1Total remuneration to Registered Directors and Board of Directors 5 52.3 Long-term incentive programmesAccounting policiesTwo different share-based incentive programmes have been established: A stock option programme and a restricted share programme (RSUs). Both programmes are classified as equity based, as they are settled in shares. Due to local rules, a minor part of both programmes is given as phantom shares and is classified as cash-based, as they are settled in cash. The programmes are offered to Group Management and other senior executives. The incentive programmes are part of the variable part of the remuneration and follows the Group\u2019s remuneration policy. Participation in the programmes are at the Remuneration Committees discretion and no individual has a contractual right to participate or receive any guaranteed benefit.Restricted Share Units (RSUs)When RSUs are issued, the value of the RSUs at grant date is recognised in personnel cost in the income statement and in equity over the three-year vesting period. On initial recognition of the RSUs, the number of RSUs expected to vest is estimated. Subsequently, the estimate is revised so the total cost recognised is based on the actual number of RSUs vested. The fair value of RSUs is determined based on the quoted share price at grant adjusted for expected dividend payout (based on historic dividend payout ratio). The participants are compensated for any dividend payment by receiving additional RSUs.A minor part of the RSUs are given as phantom shares (cash-based programme) and are after initial recognition adjusted to fair value through financial expenses in the income statement against a related provision.CommentsRestricted Share UnitsRestricted Share Units (RSUs) will be subject to a vesting period of three years. After the vesting period the shares are transferred to the participants without payment, subject to continued employment with ROCKWOOL Group in the vesting period.The RSUs represent the employee's right to shares but do not carry voting rights nor have any tangible value before the RSUs are exercised and become actual B shares of ROCKWOOL A/S. The terms of the share incentive may provide that shares may be settled in cash in which case, the related provision equals the share price at the time of vesting.The estimated fair value of RSUs granted in 2023 was 3 MEUR (2022: 3 MEUR) at grant date. In 2023, 3 MEUR was expensed related to the RSUs (2022: 2 MEUR), of which 3 MEUR (2022: 2 MEUR) was recognised in personnel costs. In 2023, the fair value adjustment under finance expenses was close to zero (2022: close to zero).Cash-settled programmesThe cash-settled programmes consist of phantom shares granted during the years 2020-2023.The employees granted the phantom shares participate on terms and conditions similar to those applying to the RSUs. The outstanding RSUs from 2020-2023 include 2792 phantom shares (2022: 3117).The total intrinsic value of the phantom RSUs at year-end amounts to less than 1 MEUR (2022: less than 1 MEUR), which is recognised as a liability.Restricted share units (RSUs)RSUs outstanding at year-end have the following vesting dates:Vesting Number of Number of Time of grantdateRSUs 2023RSUs 20222020 23.05.2023 - 14 1902020, one-time award 26.05.2025 9 272 9 2722021 22.05.2024 7 192 7 2372022 21.05.2025 9 303 9 3532023 20.05.2026 12 900 -38 667 40 052Weighted average remaining contractual life of the outstanding RSUs at year-end (Year) 1.6 1.5Of the number of RSUs 15 858 belong to Registered Directors and 22 809 to other senior executives. In 2022, 15 972 belonged to Registered Directors and 24 080 to other senior executives.Development in number of outstanding RSUs2023 2022Outstanding RSUs 1/1 40 052 41 060 Granted 13 718 9 908Vested 15 008 10 849Forfeited 95 67Outstanding RSUs 31/12 38 667 40 052The average share price at vesting date was 234 EUR.6.3 Related partiesCommentsAt 31 December 2023, own shares accounted for 0.2 percent (2022: 0.2 percent) of the share capital, see note 5.6.The Group\u2019s related parties comprise the Company\u2019s shareholder; the ROCKWOOL Foundation, the Company\u2019s Board of Directors and Management and associated companies.In 2023, as well as in 2022, no shares were purchased from major shareholders.Apart from dividends and purchase of own shares, no transactions were carried out with the shareholders during the year. For transactions with the Board of Directors and Group Management please refer to note 2.2 and note 2.3.Transactions with related partiesMEUR 2023 2022Transactions with associated companies:Net sales to associated companies 26 24Loan to associated companies 1 -", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__42": { "value": "2.3 Long-term incentive programmesAccounting policiesTwo different share-based incentive programmes have been established: A stock option programme and a restricted share programme (RSUs). Both programmes are classified as equity based, as they are settled in shares. Due to local rules, a minor part of both programmes is given as phantom shares and is classified as cash-based, as they are settled in cash. The programmes are offered to Group Management and other senior executives. The incentive programmes are part of the variable part of the remuneration and follows the Group\u2019s remuneration policy. Participation in the programmes are at the Remuneration Committees discretion and no individual has a contractual right to participate or receive any guaranteed benefit.Restricted Share Units (RSUs)When RSUs are issued, the value of the RSUs at grant date is recognised in personnel cost in the income statement and in equity over the three-year vesting period. On initial recognition of the RSUs, the number of RSUs expected to vest is estimated. Subsequently, the estimate is revised so the total cost recognised is based on the actual number of RSUs vested. The fair value of RSUs is determined based on the quoted share price at grant adjusted for expected dividend payout (based on historic dividend payout ratio). The participants are compensated for any dividend payment by receiving additional RSUs.A minor part of the RSUs are given as phantom shares (cash-based programme) and are after initial recognition adjusted to fair value through financial expenses in the income statement against a related provision.CommentsRestricted Share UnitsRestricted Share Units (RSUs) will be subject to a vesting period of three years. After the vesting period the shares are transferred to the participants without payment, subject to continued employment with ROCKWOOL Group in the vesting period.The RSUs represent the employee's right to shares but do not carry voting rights nor have any tangible value before the RSUs are exercised and become actual B shares of ROCKWOOL A/S. The terms of the share incentive may provide that shares may be settled in cash in which case, the related provision equals the share price at the time of vesting.The estimated fair value of RSUs granted in 2023 was 3 MEUR (2022: 3 MEUR) at grant date. In 2023, 3 MEUR was expensed related to the RSUs (2022: 2 MEUR), of which 3 MEUR (2022: 2 MEUR) was recognised in personnel costs. In 2023, the fair value adjustment under finance expenses was close to zero (2022: close to zero).Cash-settled programmesThe cash-settled programmes consist of phantom shares granted during the years 2020-2023.The employees granted the phantom shares participate on terms and conditions similar to those applying to the RSUs. The outstanding RSUs from 2020-2023 include 2792 phantom shares (2022: 3117).The total intrinsic value of the phantom RSUs at year-end amounts to less than 1 MEUR (2022: less than 1 MEUR), which is recognised as a liability.Restricted share units (RSUs)RSUs outstanding at year-end have the following vesting dates:Vesting Number of Number of Time of grantdateRSUs 2023RSUs 20222020 23.05.2023 - 14 1902020, one-time award 26.05.2025 9 272 9 2722021 22.05.2024 7 192 7 2372022 21.05.2025 9 303 9 3532023 20.05.2026 12 900 -38 667 40 052Weighted average remaining contractual life of the outstanding RSUs at year-end (Year) 1.6 1.5Of the number of RSUs 15 858 belong to Registered Directors and 22 809 to other senior executives. In 2022, 15 972 belonged to Registered Directors and 24 080 to other senior executives.Development in number of outstanding RSUs2023 2022Outstanding RSUs 1/1 40 052 41 060 Granted 13 718 9 908Vested 15 008 10 849Forfeited 95 67Outstanding RSUs 31/12 38 667 40 052The average share price at vesting date was 234 EUR.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__46": { "value": "Accounting policiesTwo different share-based incentive programmes have been established: A stock option programme and a restricted share programme (RSUs). Both programmes are classified as equity based, as they are settled in shares. Due to local rules, a minor part of both programmes is given as phantom shares and is classified as cash-based, as they are settled in cash. The programmes are offered to Group Management and other senior executives. The incentive programmes are part of the variable part of the remuneration and follows the Group\u2019s remuneration policy. Participation in the programmes are at the Remuneration Committees discretion and no individual has a contractual right to participate or receive any guaranteed benefit.Restricted Share Units (RSUs)When RSUs are issued, the value of the RSUs at grant date is recognised in personnel cost in the income statement and in equity over the three-year vesting period. On initial recognition of the RSUs, the number of RSUs expected to vest is estimated. Subsequently, the estimate is revised so the total cost recognised is based on the actual number of RSUs vested. The fair value of RSUs is determined based on the quoted share price at grant adjusted for expected dividend payout (based on historic dividend payout ratio). The participants are compensated for any dividend payment by receiving additional RSUs.A minor part of the RSUs are given as phantom shares (cash-based programme) and are after initial recognition adjusted to fair value through financial expenses in the income statement against a related provision.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__43-1": { "value": "The estimated fair value of RSUs granted in 2023 was 3 MEUR (2022: 3 MEUR) at grant date. In 2023, 3 MEUR was expensed related to the RSUs (2022: 2 MEUR), of which 3 MEUR (2022: 2 MEUR) was recognised in personnel costs. In 2023, the fair value adjustment under finance expenses was close to zero (2022: close to zero).Categories of financial assets and liabilitiesMEUR 2023 2022Financial assets: Financial instruments for hedging of future cash flows- 1Financial assets at fair value through other comprehensive income - 1Trade receivables 337 347Other receivables and receivables from associated companies 53 80Cash 354 209Financial assets at amortised costs 744 636Financial instruments for hedging of future cash flows 6 3Financial liabilities at fair value through other comprehensive income 6 3Bank loans and other loans including short-term portion 37 141Bank debt 1 7Trade payables 241 270Other payables 205 196Financial liabilities at amortised costs 484 614The carrying value of the Group\u2019s financial assets and liabilities measured at amortised cost are assessed to be a reasonable approximation of fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__53": { "value": "Accounting policiesThe costs of research activities are carried as expenditure in the year in which they are incurred. The costs of development projects which are clearly defined and identifiable, and of which the potential technical and commercial exploitation is demonstrated, are capitalised to the extent that they are expected to generate future revenue. Other development costs are recognised on an ongoing basis in the income statement under operating costs.Intangible assets, apart from goodwill, are stated at cost less accumulated amortisation and impairment.Amortisation of the following intangible assets is made on a straight-line basis over the expected future lifetime of the assets, which is:Development projects: 2-10 years Patents: 5-20 years Software: 2-4 years Trademarks: 10-20 years Customer relationships: 10-15 yearsGoodwill arisen from acquisition of enterprises and activities is stated at cost. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of independent cash-generating units is based on business structure and level of internal control of cash flow. Goodwill is tested annually for impairment and the carrying amount of other assets is reviewed on indications of impairment. When testing for impairment, the value is impaired to the estimated net sales price or the value in use, if greater. Software in progress is also tested for impairment annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__52": { "value": "Accounting policiesThe costs of research activities are carried as expenditure in the year in which they are incurred. The costs of development projects which are clearly defined and identifiable, and of which the potential technical and commercial exploitation is demonstrated, are capitalised to the extent that they are expected to generate future revenue. Other development costs are recognised on an ongoing basis in the income statement under operating costs.Intangible assets, apart from goodwill, are stated at cost less accumulated amortisation and impairment.Amortisation of the following intangible assets is made on a straight-line basis over the expected future lifetime of the assets, which is:Development projects: 2-10 years Patents: 5-20 years Software: 2-4 years Trademarks: 10-20 years Customer relationships: 10-15 yearsGoodwill arisen from acquisition of enterprises and activities is stated at cost. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of independent cash-generating units is based on business structure and level of internal control of cash flow. Goodwill is tested annually for impairment and the carrying amount of other assets is reviewed on indications of impairment. When testing for impairment, the value is impaired to the estimated net sales price or the value in use, if greater. Software in progress is also tested for impairment annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__51": { "value": "Accounting policiesThe costs of research activities are carried as expenditure in the year in which they are incurred. The costs of development projects which are clearly defined and identifiable, and of which the potential technical and commercial exploitation is demonstrated, are capitalised to the extent that they are expected to generate future revenue. Other development costs are recognised on an ongoing basis in the income statement under operating costs.Intangible assets, apart from goodwill, are stated at cost less accumulated amortisation and impairment.Amortisation of the following intangible assets is made on a straight-line basis over the expected future lifetime of the assets, which is:Development projects: 2-10 years Patents: 5-20 years Software: 2-4 years Trademarks: 10-20 years Customer relationships: 10-15 yearsGoodwill arisen from acquisition of enterprises and activities is stated at cost. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of independent cash-generating units is based on business structure and level of internal control of cash flow. Goodwill is tested annually for impairment and the carrying amount of other assets is reviewed on indications of impairment. When testing for impairment, the value is impaired to the estimated net sales price or the value in use, if greater. Software in progress is also tested for impairment annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__54-1": { "value": "Goodwill is tested annually for impairment and the carrying amount of other assets is reviewed on indications of impairment. When testing for impairment, the value is impaired to the estimated net sales price or the value in use, if greater. Software in progress is also tested for impairment annually.When there is an indication of a reduction in the profitability of an asset, an impairment test is performed for the assets in question and impairments are made, if necessary.RoU assets are tested for impairment whenever there is an indication that the assets may be impaired.Accounting policiesWhen there is an indication of a reduction in the profitability of an asset, an impairment test is performed for the assets in question and impairments are made, if necessary. For goodwill, annual impairment tests are made. The recoverable amounts of the assets and cash-generating units (CGUs) have been determined based on value-in-use calculations. When testing for impairment, the value is written down to the estimated recoverable amount, if lower than the carrying amount. The carrying amount of other non-current assets is tested for impairment once a year. The carrying amount of property, plant and equipment is tested for impairment when there is indication of change in the structural profitability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__49": { "value": "3.1 Intangible assetsAccounting policiesThe costs of research activities are carried as expenditure in the year in which they are incurred. The costs of development projects which are clearly defined and identifiable, and of which the potential technical and commercial exploitation is demonstrated, are capitalised to the extent that they are expected to generate future revenue. Other development costs are recognised on an ongoing basis in the income statement under operating costs.Intangible assets, apart from goodwill, are stated at cost less accumulated amortisation and impairment.Amortisation of the following intangible assets is made on a straight-line basis over the expected future lifetime of the assets, which is:Development projects: 2-10 years Patents: 5-20 years Software: 2-4 years Trademarks: 10-20 years Customer relationships: 10-15 yearsGoodwill arisen from acquisition of enterprises and activities is stated at cost. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of independent cash-generating units is based on business structure and level of internal control of cash flow. Goodwill is tested annually for impairment and the carrying amount of other assets is reviewed on indications of impairment. When testing for impairment, the value is impaired to the estimated net sales price or the value in use, if greater. Software in progress is also tested for impairment annually.Intangible assets2023 2022Customer Other Software Customer Other Software MEUR Goodwill Softwarerelationshipsintangible assetsin progress Total Goodwill Softwarerelationshipsintangible assetsin progress TotalCost 1/1 138 97 91 31 3 360 133 93 89 34 17 366Exchange rate adjustments -1 - 1 - - - 5 - 2 - - 7Additions for the year - - - - 5 5 - 3 - - 4 7Transfer of assets in progress - 2 - - -2 - - 18 - - -18 -Disposals for the year - -1 - - - -1 - -17 - -3 - -20Cost 31/12 137 98 92 31 6 364 138 97 91 31 3 360Amortisation and impairment 1/1 31 83 62 19 - 195 31 84 55 20 - 190Exchange rate adjustments - - - - - - - - 1 - - 1Amortisation for the year - 6 7 3 - 16 - 7 6 2 - 15Impairment for the year 8 - - 1 - 9 - - - - - -Transfers - - - - - - - - - - - -Disposals for the year - -1 - - - -1 - -8 - -3 - -11Amortisation and impairment 31/12 39 88 69 23 - 219 31 83 62 19 - 195Carrying amount 31/12 98 10 23 8 6 145 107 14 29 12 3 165During the year R&D costs amounting to 64 MEUR (2022: 55 MEUR) have been expensed. CommentsGoodwill is allocated to cash generating units (CGUs) in Insulation segment at an amount of 37 MEUR (2022: 45 MEUR) and to CGUs in Systems segment at an amount of 61 MEUR (2022: 62 MEUR).Goodwill has been impairment tested for the identified CGUs, which for 2023 lead to impairments of 8 MEUR (2022: 0 MEUR), related to Wall Systems in the Insulation segment.The impairment test of goodwill is based on current and future results for the CGUs to where the results are allocated. Most of the goodwill in the Group is related to the acquisition of Flumroc in 2017, Chicago Metallic in 2013 and CSR in 2010 and they are performing according to plan.Please refer to note 3.5 for further details.The carrying amount of other intangible assets includes brands amounting to 5 MEUR (2022: 8 MEUR) and patents amounting to 3 MEUR (2022: 4 MEUR).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__48": { "value": "3.1 Intangible assetsAccounting policiesThe costs of research activities are carried as expenditure in the year in which they are incurred. The costs of development projects which are clearly defined and identifiable, and of which the potential technical and commercial exploitation is demonstrated, are capitalised to the extent that they are expected to generate future revenue. Other development costs are recognised on an ongoing basis in the income statement under operating costs.Intangible assets, apart from goodwill, are stated at cost less accumulated amortisation and impairment.Amortisation of the following intangible assets is made on a straight-line basis over the expected future lifetime of the assets, which is:Development projects: 2-10 years Patents: 5-20 years Software: 2-4 years Trademarks: 10-20 years Customer relationships: 10-15 yearsGoodwill arisen from acquisition of enterprises and activities is stated at cost. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of independent cash-generating units is based on business structure and level of internal control of cash flow. Goodwill is tested annually for impairment and the carrying amount of other assets is reviewed on indications of impairment. When testing for impairment, the value is impaired to the estimated net sales price or the value in use, if greater. Software in progress is also tested for impairment annually.Intangible assets2023 2022Customer Other Software Customer Other Software MEUR Goodwill Softwarerelationshipsintangible assetsin progress Total Goodwill Softwarerelationshipsintangible assetsin progress TotalCost 1/1 138 97 91 31 3 360 133 93 89 34 17 366Exchange rate adjustments -1 - 1 - - - 5 - 2 - - 7Additions for the year - - - - 5 5 - 3 - - 4 7Transfer of assets in progress - 2 - - -2 - - 18 - - -18 -Disposals for the year - -1 - - - -1 - -17 - -3 - -20Cost 31/12 137 98 92 31 6 364 138 97 91 31 3 360Amortisation and impairment 1/1 31 83 62 19 - 195 31 84 55 20 - 190Exchange rate adjustments - - - - - - - - 1 - - 1Amortisation for the year - 6 7 3 - 16 - 7 6 2 - 15Impairment for the year 8 - - 1 - 9 - - - - - -Transfers - - - - - - - - - - - -Disposals for the year - -1 - - - -1 - -8 - -3 - -11Amortisation and impairment 31/12 39 88 69 23 - 219 31 83 62 19 - 195Carrying amount 31/12 98 10 23 8 6 145 107 14 29 12 3 165During the year R&D costs amounting to 64 MEUR (2022: 55 MEUR) have been expensed. CommentsGoodwill is allocated to cash generating units (CGUs) in Insulation segment at an amount of 37 MEUR (2022: 45 MEUR) and to CGUs in Systems segment at an amount of 61 MEUR (2022: 62 MEUR).Goodwill has been impairment tested for the identified CGUs, which for 2023 lead to impairments of 8 MEUR (2022: 0 MEUR), related to Wall Systems in the Insulation segment.The impairment test of goodwill is based on current and future results for the CGUs to where the results are allocated. Most of the goodwill in the Group is related to the acquisition of Flumroc in 2017, Chicago Metallic in 2013 and CSR in 2010 and they are performing according to plan.Please refer to note 3.5 for further details.The carrying amount of other intangible assets includes brands amounting to 5 MEUR (2022: 8 MEUR) and patents amounting to 3 MEUR (2022: 4 MEUR).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__47": { "value": "3.1 Intangible assetsAccounting policiesThe costs of research activities are carried as expenditure in the year in which they are incurred. The costs of development projects which are clearly defined and identifiable, and of which the potential technical and commercial exploitation is demonstrated, are capitalised to the extent that they are expected to generate future revenue. Other development costs are recognised on an ongoing basis in the income statement under operating costs.Intangible assets, apart from goodwill, are stated at cost less accumulated amortisation and impairment.Amortisation of the following intangible assets is made on a straight-line basis over the expected future lifetime of the assets, which is:Development projects: 2-10 years Patents: 5-20 years Software: 2-4 years Trademarks: 10-20 years Customer relationships: 10-15 yearsGoodwill arisen from acquisition of enterprises and activities is stated at cost. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of independent cash-generating units is based on business structure and level of internal control of cash flow. Goodwill is tested annually for impairment and the carrying amount of other assets is reviewed on indications of impairment. When testing for impairment, the value is impaired to the estimated net sales price or the value in use, if greater. Software in progress is also tested for impairment annually.Intangible assets2023 2022Customer Other Software Customer Other Software MEUR Goodwill Softwarerelationshipsintangible assetsin progress Total Goodwill Softwarerelationshipsintangible assetsin progress TotalCost 1/1 138 97 91 31 3 360 133 93 89 34 17 366Exchange rate adjustments -1 - 1 - - - 5 - 2 - - 7Additions for the year - - - - 5 5 - 3 - - 4 7Transfer of assets in progress - 2 - - -2 - - 18 - - -18 -Disposals for the year - -1 - - - -1 - -17 - -3 - -20Cost 31/12 137 98 92 31 6 364 138 97 91 31 3 360Amortisation and impairment 1/1 31 83 62 19 - 195 31 84 55 20 - 190Exchange rate adjustments - - - - - - - - 1 - - 1Amortisation for the year - 6 7 3 - 16 - 7 6 2 - 15Impairment for the year 8 - - 1 - 9 - - - - - -Transfers - - - - - - - - - - - -Disposals for the year - -1 - - - -1 - -8 - -3 - -11Amortisation and impairment 31/12 39 88 69 23 - 219 31 83 62 19 - 195Carrying amount 31/12 98 10 23 8 6 145 107 14 29 12 3 165During the year R&D costs amounting to 64 MEUR (2022: 55 MEUR) have been expensed. CommentsGoodwill is allocated to cash generating units (CGUs) in Insulation segment at an amount of 37 MEUR (2022: 45 MEUR) and to CGUs in Systems segment at an amount of 61 MEUR (2022: 62 MEUR).Goodwill has been impairment tested for the identified CGUs, which for 2023 lead to impairments of 8 MEUR (2022: 0 MEUR), related to Wall Systems in the Insulation segment.The impairment test of goodwill is based on current and future results for the CGUs to where the results are allocated. Most of the goodwill in the Group is related to the acquisition of Flumroc in 2017, Chicago Metallic in 2013 and CSR in 2010 and they are performing according to plan.Please refer to note 3.5 for further details.The carrying amount of other intangible assets includes brands amounting to 5 MEUR (2022: 8 MEUR) and patents amounting to 3 MEUR (2022: 4 MEUR).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__50-1": { "value": "The impairment test of goodwill is based on current and future results for the CGUs to where the results are allocated. Most of the goodwill in the Group is related to the acquisition of Flumroc in 2017, Chicago Metallic in 2013 and CSR in 2010 and they are performing according to plan.Please refer to note 3.5 for further details.Tangible assets have been impairment tested, which for 2023 has lead to impairment of 4 MEUR (2022: 0 MEUR), of which 4 MEUR relate to operational restructuring in Rockfon in the Systems segment.RoU assets have been impairment tested, which for 2023 has lead to impairment of 6 MEUR (2022: 0 MEUR), of which 6 MEUR relate to operational restructuring in Rockfon in the Systems segment.Leases in the income statementMEUR 2023 2022Depreciation and impairment of right-of-use assets:Offices, other buildings and sites 7 5Warehouses 19 10Forklifts, cars and other assets 10 11Total depreciation and impairment of right-of-use assets 36 26Interest expense (included in financial expenses) 3 3Expense relating to short-term leases (included in operating costs) 13 11Expense relating to low-value leases (included in operating costs) 1 1Variable lease payments not included in the lease liabilities (included in operating costs) 2 2The total cash outflow for leases in 2023 was 48 MEUR (2022: 43 MEUR), of which 29 MEUR (2022: 26 MEUR) is classified as cash flow from financing activities and 19 MEUR (2022: 17 MEUR) is classified as cash flow from operating activities.3.4 Amortisation, depreciation and impairmentAmortisation, depreciation and impairmentMEUR 2023 2022Amortisation and impairment of intangible assets 25 15Depreciation and impairment of tangible assets 200 195Depreciation and impairment of right-of-use assets 36 26Amortisation, depreciation and impairment 261 236CommentsPlease refer to notes 3.1, 3.2 and 3.3 for further details regarding impairment.3.5 Impairment testsAccounting policiesWhen there is an indication of a reduction in the profitability of an asset, an impairment test is performed for the assets in question and impairments are made, if necessary. For goodwill, annual impairment tests are made. The recoverable amounts of the assets and cash-generating units (CGUs) have been determined based on value-in-use calculations. When testing for impairment, the value is written down to the estimated recoverable amount, if lower than the carrying amount. The carrying amount of other non-current assets is tested for impairment once a year. The carrying amount of property, plant and equipment is tested for impairment when there is indication of change in the structural profitability.Critical estimates and judgementsWhen preparing impairment tests, estimates are used to calculate the future value. Significant estimates are made when assessing long-term growth rates and profitability. In addition, an assessment is made of the reasonable discount rate. Changes in the growth rate in the budget period or discount rate may result in significantly different values. The assessments are made based on budgets, business plans and projections for five years and take into account previous experience and represent Management\u2019s best estimate of future developments. Key parameters are growth in sales, margins, discount rate and future growth expectations.CommentsManagement has performed the yearly impairment test of the carrying amount of goodwill and other non-current intangible assets. In addition, impairment test of property, plant and equipment has also been made, where indication of reduction of value was found. In the impairment test, the carrying amount of the assets is compared to the discounted value of the future cash flows. The assessment of future cash flows is typically based on five-year management reviewed budgets and business plans, where the last year is used as a normalised terminal year. Net sales, raw material prices, discount rate and future growth assumptions constitute the most material parameters in the calculation.The average growth rate in the terminal period is set to two percent. The average growth rate in the budget period is estimated to be between 2-9 percent depending on the businesses. The high growth rates are used in countries where we historically have seen steep increases after a slow period. Gross margins are based on average values the last three years and adjusted over the budget period for efficiency improvements and expected raw material inflation based on past actual price movements and future market conditions. Future investment is derived from the historic investment level to secure a smooth operation of the factories and the capacity utilisation is based on the current situation including investment plans. The post-tax discount rate is based on the specific circumstances of the Group and the operating segments and is derived from the weighted average cost of capital (WACC).2023During 2023, most markets have recovered from high inflation in the second half of 2022 and profitability is again at a normal level. However, that has not been the case for the Wall Systems business. Wall Systems is a non-stonewool producing unit within the Insulation segment. The business unit produces and sell dry mortar, pasty render and paints. Challenging market conditions in Germany and Poland have significantly impacted the business. Wall Systems has not performed as expected and has recorded low earnings. Impairment tests based on market outlooks have resulted in impairment of goodwill related to Wall Systems of 8 MEUR. The net present value of Wall Systems amounts to 23 MEUR. The key assumptions used is growth depending on the market conditions. All other cash generating units are showing a solid headroom to the carrying amount. Due to difficult market conditions sales in China remained sluggish, which was expected. The Chinese Insulation business is followed closely to ensure that the expected future outcome of the investment in a new factory in Fogang in 2022 is realised. We expect sales growth to come back within the Chinese Insulation business with improved profitability.2022The impairment tests for 2022 have not shown a need for impairment or reversals of impairment recognised previous years. The cash generating units of CSR and KEWO have been merged as revenue from these business combinations no longer can be separated. All cash generating units are showing a solid headroom to the carrying amount. The Chinese Insulation business is followed closely to ensure that the expected future outcome of the investment in the new factory in Fogang is realised. HECK Wall Systems continues to be closely monitored due to difficult market situations. Despite a decrease in the net present value of the business, the headroom is still considered to be large.Sensitivity analysisAs part of the preparation of impairment tests, sensitivity analyses are prepared on the basis of relevant risk factors and scenarios that management can determine within reasonable reliability. Sensitivity analyses are prepared by altering the estimates with a range of probable outcomes. 2023The sensitivities have been assessed as follows, all other things being equal; an increase in the discount rate of one percent, a decrease in the growth rate of one percent p.a. and an increase of input costs of one percent p.a. We consider the chosen scenarios as the most realistic. The impairment related to Wall Systems would have been 2-12 MEUR higher if the discount rate was to increase one percent, the growth was one percent lower or input costs one percent higher.2022The sensitivities have been assessed as follows, all other things being equal; an increase in the discount rate of one percent, a decrease in the growth rate of one percent p.a. and an increase of input costs of one percent p.a. None of the scenarios resulted in identification of impairment. We consider the chosen scenarios as the most realistic, which is why none of the impairment tests have given rise to adjustment of the value.Impairment test of goodwillMEUR 2023Average Carrying growth rate in amount, Discount the budget CGUsGoodwillrateperiod Headroom Chicago Metallic Corporation (Rockfon) 61 8.9% 3% LargeHECK Wall Systems - 8.2% 2% -CSR including KEWO 14 8.7% 8% LargeFlumroc 17 7.2% 3% LargeOther 6 11-18% 4-6% LargeTotal 98Impairment test of goodwillMEUR 2022Average Carrying growth rate inamount, Discount the budget CGUsGoodwillrateperiod Headroom Chicago Metallic Corporation (Rockfon) 62 8.1% 3% LargeHECK Wall Systems 6 8.0% 2% LargeCSR 15 8.5% 10% LargeFlumroc 16 6.9% 5% LargeOther 8 12-16% 0-6% LargeTotal 107", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__55": { "value": "3.2 Tangible assetsAccounting policiesTangible assets are stated at cost less accumulated depreciation and impairment losses. The cost of technical plant and machinery manufactured by the Group comprises the acquisition cost, expenditure directly related to the acquisition, engineering hours, including indirect production costs and borrowing costs.Depreciation is carried out on a straight-line basis, based on current assessment of their useful lives and scrap value. The expected lifetimes are: Buildings: 20-40 years Plant and machinery: 5-15 years Other operating equipment: 3-10 yearsOn sale or scrapping of assets, any losses or gains are included under other operating income for the year.Investment grants are deducted in the cost of the equivalent tangible assets.Critical estimates and judgementsThe expected lifetime for tangible assets is determined based on past experience and expectations for future use of the assets. Especially the estimated lifetime of plant and machinery is linked to uncertainty due to varying utilisation and the significant amount of maintenance costs. The expected future lifetime for the assets is evaluated annually. When there is an indication of a reduction in the profitability of an asset, an impairment test is performed for the assets in question and impairments are made, if necessary.The recoverable amounts of the assets and cash-generating units are determined based on value-in-use calculations and fair value less cost to sell. These calculations require the use of estimates as they are based on budgets, business plans and projections for five years and take into account previous experience and represent Management\u2019s best estimate of future developments.CommentsOf the carrying amount of buildings and land, 121 MEUR (2022: 121 MEUR) represent sites not subject to depreciation. Accumulated capitalised interests amounting to 6 MEUR (2022: 7 MEUR) are included in the cost of tangible assets. The interest rate used for capitialisation was between 1-9 percent. For the recognised investment grants the conditions are fulfilled or are reasonably assured to be fulfilled. Some of the received investment grants are subject to repayment obligations provided that the attached conditions are not fulfilled within a number of years. Tangible assets have been impairment tested, which for 2023 has lead to impairment of 4 MEUR (2022: 0 MEUR), of which 4 MEUR relate to operational restructuring in Rockfon in the Systems segment.The Group\u2019s investment grants are for the main part received in China, Poland, Spain, Germany, Norway and the United States. The investment grants received in 2023 amount to 5 MEUR (2022: 4 MEUR). The grants are in most cases linked to expansion of the Group including the amount of investment in tangible assets and the creation of jobs - and is given as cash or loans. Only limited contingent liabilities exist.Contractual obligations for the purchase of tangible assets at 31 December 2023 amount to 121 MEUR (2022: 152 MEUR).Tangible assets2023 2022Buildings Plant and Other operating Tangible assets Buildings Plant and Other operating Tangible assets MEURand sitesmachineryequipmentin progress Totaland sitesmachineryequipmentin progress TotalCost 1/1 1 443 2 565 153 359 4 520 1 358 2 460 140 273 4 231Exchange rate adjustments -25 -27 - -1 -53 8 11 - 13 32Additions for the year 7 27 2 285 321 25 60 6 237 328Transfer of assets in progress 34 151 26 -211 - 65 87 12 -164 -Disposals for the year -18 -19 -8 - -45 -13 -53 -5 - -71Cost 31/12 1 441 2 697 173 432 4 743 1 443 2 565 153 359 4 520Depreciation and impairment 1/1 535 1 863 135 - 2 533 498 1 780 124 - 2 402Exchange rate adjustments -8 -22 -2 - -32 - 1 - - 1Depreciation for the year 45 134 17 - 196 50 129 16 - 195Impairment for the year - - 4 - 4 - - - - -Disposals for the year -12 -18 -7 - -37 -13 -47 -5 - -65Depreciation and impairment 31/12 560 1 957 147 - 2 664 535 1 863 135 - 2 533Carrying amount 31/12 881 740 26 432 2 079 908 702 18 359 1 987Hereof investment grants -17 -26 - - -43 -17 -27 - - -44", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__59": { "value": "Accounting policiesTangible assets are stated at cost less accumulated depreciation and impairment losses. The cost of technical plant and machinery manufactured by the Group comprises the acquisition cost, expenditure directly related to the acquisition, engineering hours, including indirect production costs and borrowing costs.Depreciation is carried out on a straight-line basis, based on current assessment of their useful lives and scrap value. The expected lifetimes are: Buildings: 20-40 years Plant and machinery: 5-15 years Other operating equipment: 3-10 yearsOn sale or scrapping of assets, any losses or gains are included under other operating income for the year.Investment grants are deducted in the cost of the equivalent tangible assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__56": { "value": "Accounting policiesTangible assets are stated at cost less accumulated depreciation and impairment losses. The cost of technical plant and machinery manufactured by the Group comprises the acquisition cost, expenditure directly related to the acquisition, engineering hours, including indirect production costs and borrowing costs.Depreciation is carried out on a straight-line basis, based on current assessment of their useful lives and scrap value. The expected lifetimes are: Buildings: 20-40 years Plant and machinery: 5-15 years Other operating equipment: 3-10 yearsOn sale or scrapping of assets, any losses or gains are included under other operating income for the year.Investment grants are deducted in the cost of the equivalent tangible assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__60-1": { "value": "Depreciation is carried out on a straight-line basis, based on current assessment of their useful lives and scrap value. The expected lifetimes are: Buildings: 20-40 years Plant and machinery: 5-15 years Other operating equipment: 3-10 yearsRoU assets are depreciated on a straight-line basis over the shorter of the expected lease term and the asset\u2019s useful life.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__58": { "value": "Investment grants are deducted in the cost of the equivalent tangible assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__18-1": { "value": "Critical estimates and judgementsThe expected lifetime for tangible assets is determined based on past experience and expectations for future use of the assets. Especially the estimated lifetime of plant and machinery is linked to uncertainty due to varying utilisation and the significant amount of maintenance costs. The expected future lifetime for the assets is evaluated annually. When there is an indication of a reduction in the profitability of an asset, an impairment test is performed for the assets in question and impairments are made, if necessary.The recoverable amounts of the assets and cash-generating units are determined based on value-in-use calculations and fair value less cost to sell. These calculations require the use of estimates as they are based on budgets, business plans and projections for five years and take into account previous experience and represent Management\u2019s best estimate of future developments.Critical estimates and judgementsWhen preparing impairment tests, estimates are used to calculate the future value. Significant estimates are made when assessing long-term growth rates and profitability. In addition, an assessment is made of the reasonable discount rate. Changes in the growth rate in the budget period or discount rate may result in significantly different values. The assessments are made based on budgets, business plans and projections for five years and take into account previous experience and represent Management\u2019s best estimate of future developments. Key parameters are growth in sales, margins, discount rate and future growth expectations.Critical estimates and judgementsAt least once a year, management assesses whether the standard cost of inventories approximates actual cost. During the year, standard cost is revised if it deviates significantly from actual cost. Indirect production costs are assessed on an ongoing basis to ensure reliable measurement of capacity utilisation, production hours, product applications and other factors.Calculation of the net realisable value of inventories is relevant mainly for finished goods and spare parts. The estimate of inventory write-downs is considering excess quantities, condition of the inventory and lower selling prices.InventoriesMEUR 2023 2022Raw materials and consumables 184 212Work in progress 15 20Finished goods 176 201Inventories 31/12 375 433Inventory before write-downs 462 512Write-downs 1/1 -79 -81Change in the year -8 2Write-downs 31/12 -87 -79Inventories 31/12 375 433Critical estimates and judgementsWhile conducting business globally, transfer pricing disputes, etc. with tax authorities may occur, and Management judgement is applied to assess the possible outcome of such disputes. The most probable outcome is used as the measurement method, and Management believes that the provision made for uncertain tax positions not yet settled with local tax authorities is adequate. However, the actual obligation may deviate and is dependent on the result of litigations and settlements with the relevant tax authorities.The Group is subject to income taxes in numerous jurisdictions. Significant estimates is required in determining provision for uncertain tax positions or the recognition of a deferred tax asset.A tax asset is recognised if it is assessed that the asset can be utilised in a foreseeable future based on strong indications that sufficient future profits are available to absorb the temporary differences including the Group's future tax planning. The valuation of tax assets related to losses carried forward is done on a yearly basis and is based on expected positive taxable income within the next 3-5 years.Minimum TaxationROCKWOOL is within the scope of the OECD Pillar Two minimum taxation rules. Pillar Two legislation was enacted in Denmark where the parent entity is incorporated, and will come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the group has no related current tax exposure. The group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the group is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate.Management has performed a preliminary assessment of the impact of this new regulation based on historical data and concluded that the impact on the ROCKWOOL Group's effective tax rate is immaterial, although a small impact is expected in a few of the smaller jurisdictions that ROCKWOOL is operating in.CommentsTax assets not recognised amount to 20 MEUR (2022: 16 MEUR). The tax assets have not been recognised as they have arisen in subsidiaries that have been loss-making for some time and there is no evidence of recoverability in the near future.Deferred tax assets and liabilities are offset in the consolidated balance sheet if the Group has a legally enforceable right to set off and the deferred tax assets and liabilities relate to the same legal tax entity consolidation. Of the total deferred tax assets recognised, 17 MEUR (2022: 20 MEUR) relate to tax loss carry forwards.Deferred taxMEUR 2023 2022Deferred tax, net 1/1 7 -1Exchange rate adjustments 1 3Change in deferred tax recognised in profit and loss 16 4Adjustment to valuation of tax assets - -3Deferred tax for the year recognised in other comprehensive income for the year -4 4Deferred tax, net 31/12 20 7Deferred tax is recognised in the balance sheet as follows:Deferred tax assets 46 48Deferred tax liabilities 66 55Deferred tax, net 31/12 20 7Deferred tax relates to:Non-current assets 60 44Current assets 6 -Non-current liabilities -18 -7Current liabilities -15 -14Tax loss carried forward -17 -20Re-taxable amounts 4 4Deferred tax, net 31/12 20 7Unrecognised tax assets expire as followsMEUR 2023 2022< 1 year - -1-5 years 3 4> 5 years 13 12Do not expire 4 -Unrecognised tax assets 20 161.1 Critical accounting estimates and judgementsThe preparation of the consolidated financial statements requires Management to make accounting estimates and assumptions that have a significant effect on the application of policies and reported amounts of assets, liabilities, income, expenses, and related disclosures. The most significant accounting estimates and judgements are presented below.The application of the Group\u2019s accounting policies may require Management to make judgments that can have a significant effect on the amounts recognised in the consolidated financial statements. When determining the carrying amount of some assets and liabilities it requires Management to make judgments, estimates and assumptions concerning future events.The estimates and underlying assumptions are based on professional experience, historical experience and various other factors that Management considers appropriate under the given circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in estimates may be necessary if there are changes in the circumstances on which the estimate was based, or if more detailed information becomes available. Such changes are recognised in the period in which the estimate in question is revised.Below are the accounting estimates and judgements, which Management considers significant to the preparation of the consolidated financial statements:Accounting estimates\u2013 Impairment testing (note 3.5)\u2013 Valuation of inventories (note 4.1)\u2013 Deferred tax assets and uncertain tax positions (note 6.1)Judgements\u2013 Expected lifetime for tangible assets (note 3.2)The accounting policies are described in each of the specific notes to the financial statements, which also include additional description of the most significant accounting estimates and judgements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__57-1": { "value": "The Group\u2019s investment grants are for the main part received in China, Poland, Spain, Germany, Norway and the United States. The investment grants received in 2023 amount to 5 MEUR (2022: 4 MEUR). The grants are in most cases linked to expansion of the Group including the amount of investment in tangible assets and the creation of jobs - and is given as cash or loans. Only limited contingent liabilities exist.CommentsOf the carrying amount of buildings and land, 121 MEUR (2022: 121 MEUR) represent sites not subject to depreciation. Accumulated capitalised interests amounting to 6 MEUR (2022: 7 MEUR) are included in the cost of tangible assets. The interest rate used for capitialisation was between 1-9 percent. For the recognised investment grants the conditions are fulfilled or are reasonably assured to be fulfilled. Some of the received investment grants are subject to repayment obligations provided that the attached conditions are not fulfilled within a number of years. Tangible assets have been impairment tested, which for 2023 has lead to impairment of 4 MEUR (2022: 0 MEUR), of which 4 MEUR relate to operational restructuring in Rockfon in the Systems segment.Contractual obligations for the purchase of tangible assets at 31 December 2023 amount to 121 MEUR (2022: 152 MEUR).Tangible assetsAccounting policiesTangible assets are stated at cost less accumulated depreciation and impairment losses. The cost of technical plant and machinery manufactured by the Group comprises the acquisition cost, expenditure directly related to the acquisition, engineering hours, including indirect production costs and borrowing costs.Depreciation is carried out on a straight-line basis, based on current assessment of their useful lives and scrap value. The expected lifetimes are: Buildings: 20-40 years Plant and machinery: 5-15 years Other operating equipment: 3-10 yearsOn sale or scrapping of assets, any losses or gains are included under other operating income for the year.Investment grants are deducted in the cost of the equivalent tangible assets.Critical estimates and judgementsThe expected lifetime for tangible assets is determined based on past experience and expectations for future use of the assets. Especially the estimated lifetime of plant and machinery is linked to uncertainty due to varying utilisation and the significant amount of maintenance costs. The expected future lifetime for the assets is evaluated annually. When there is an indication of a reduction in the profitability of an asset, an impairment test is performed for the assets in question and impairments are made, if necessary.The recoverable amounts of the assets and cash-generating units are determined based on value-in-use calculations and fair value less cost to sell. These calculations require the use of estimates as they are based on budgets, business plans and projections for five years and take into account previous experience and represent Management\u2019s best estimate of future developments.Tangible assets2023 2022Buildings Plant and Other operating Tangible assets Buildings Plant and Other operating Tangible assets MEURand sitesmachineryequipmentin progress Totaland sitesmachineryequipmentin progress TotalCost 1/1 1 443 2 565 153 359 4 520 1 358 2 460 140 273 4 231Exchange rate adjustments -25 -27 - -1 -53 8 11 - 13 32Additions for the year 7 27 2 285 321 25 60 6 237 328Transfer of assets in progress 34 151 26 -211 - 65 87 12 -164 -Disposals for the year -18 -19 -8 - -45 -13 -53 -5 - -71Cost 31/12 1 441 2 697 173 432 4 743 1 443 2 565 153 359 4 520Depreciation and impairment 1/1 535 1 863 135 - 2 533 498 1 780 124 - 2 402Exchange rate adjustments -8 -22 -2 - -32 - 1 - - 1Depreciation for the year 45 134 17 - 196 50 129 16 - 195Impairment for the year - - 4 - 4 - - - - -Disposals for the year -12 -18 -7 - -37 -13 -47 -5 - -65Depreciation and impairment 31/12 560 1 957 147 - 2 664 535 1 863 135 - 2 533Carrying amount 31/12 881 740 26 432 2 079 908 702 18 359 1 987Hereof investment grants -17 -26 - - -43 -17 -27 - - -44", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__65": { "value": "3.3 LeasesAccounting policiesWhether a contract contains a lease is assessed at contract inception. For identified leases, a right-of-use (RoU) asset and corresponding liability are recognised on the lease commencement date. 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 payments dependent on an index or a rate. When adjustments to lease payments based on an index or a rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability except from those relating to cars.To measure the lease liability at an amount equal to the net present value of the lease payments, a discount rate is used. For this purpose, the Group generally uses its incremental borrowing rate (IBR). The IBR is calculated per main country/region per asset type considering different length of the lease terms. The lease payments have been split into an interest cost and a repayment of the lease liability. RoU assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments or directly related costs, including restoration costs.RoU assets are depreciated on a straight-line basis over the shorter of the expected lease term and the asset\u2019s useful life. RoU assets are tested for impairment whenever there is an indication that the assets may be impaired. Leases in the balance sheetMEUR2023 2022Right-of-use assets:Offices, other buildings and sites 22 14Warehouses 30 48Forklifts, cars and other assets 20 26Carrying amount of right-of-use assets 31/12 72 88Contractual maturity of lease liabilities:< 1 year 29 301-5 years 44 60> 5 years 14 15Total undiscounted lease liabilities 87 105Current/non-current lease liabilities classification (discounted):Non-current 48 61Current 29 24In 2023, additions to right-of-use assets were 18 MEUR (2022: 37 MEUR).Accounting policies (continued)Extension and termination options are included in a number of property and equipment leases across the Group. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. If the lease contract contains an extension or purchase option that the Group considers reasonably certain to be exercised, these are included in the measurement of the liability.Short-term leases and leases of low value are recognised on a straight-line basis as cost in the income statement.The Group\u2019s portfolio of leases covers leases of office buildings, warehouses and other equipment such as cars and forklifts. Leases for offices and other buildings have lease terms between 2-22 years, warehouses between 3-10 years while car and forklift leases generally have lease terms between 3-5 years. The Group also has a few long-term site leases with lease terms up to 99 years.CommentsRoU assets have been impairment tested, which for 2023 has lead to impairment of 6 MEUR (2022: 0 MEUR), of which 6 MEUR relate to operational restructuring in Rockfon in the Systems segment.Leases in the income statementMEUR 2023 2022Depreciation and impairment of right-of-use assets:Offices, other buildings and sites 7 5Warehouses 19 10Forklifts, cars and other assets 10 11Total depreciation and impairment of right-of-use assets 36 26Interest expense (included in financial expenses) 3 3Expense relating to short-term leases (included in operating costs) 13 11Expense relating to low-value leases (included in operating costs) 1 1Variable lease payments not included in the lease liabilities (included in operating costs) 2 2The total cash outflow for leases in 2023 was 48 MEUR (2022: 43 MEUR), of which 29 MEUR (2022: 26 MEUR) is classified as cash flow from financing activities and 19 MEUR (2022: 17 MEUR) is classified as cash flow from operating activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__66-1": { "value": "Accounting policiesWhether a contract contains a lease is assessed at contract inception. For identified leases, a right-of-use (RoU) asset and corresponding liability are recognised on the lease commencement date. 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 payments dependent on an index or a rate. When adjustments to lease payments based on an index or a rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability except from those relating to cars.To measure the lease liability at an amount equal to the net present value of the lease payments, a discount rate is used. For this purpose, the Group generally uses its incremental borrowing rate (IBR). The IBR is calculated per main country/region per asset type considering different length of the lease terms. The lease payments have been split into an interest cost and a repayment of the lease liability. RoU assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments or directly related costs, including restoration costs.RoU assets are depreciated on a straight-line basis over the shorter of the expected lease term and the asset\u2019s useful life. RoU assets are tested for impairment whenever there is an indication that the assets may be impaired. Extension and termination options are included in a number of property and equipment leases across the Group. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. If the lease contract contains an extension or purchase option that the Group considers reasonably certain to be exercised, these are included in the measurement of the liability.Short-term leases and leases of low value are recognised on a straight-line basis as cost in the income statement.The Group\u2019s portfolio of leases covers leases of office buildings, warehouses and other equipment such as cars and forklifts. Leases for offices and other buildings have lease terms between 2-22 years, warehouses between 3-10 years while car and forklift leases generally have lease terms between 3-5 years. The Group also has a few long-term site leases with lease terms up to 99 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__71": { "value": "3.4 Amortisation, depreciation and impairmentAmortisation, depreciation and impairmentMEUR 2023 2022Amortisation and impairment of intangible assets 25 15Depreciation and impairment of tangible assets 200 195Depreciation and impairment of right-of-use assets 36 26Amortisation, depreciation and impairment 261 236CommentsPlease refer to notes 3.1, 3.2 and 3.3 for further details regarding impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__76": { "value": "3.6 Pension obligationsAccounting policiesPension payments concerning defined contribution plans are recognised on an ongoing basis in the income statement. Defined benefit plans are stated at the net present value at the balance sheet date and included in the consolidated financial statements. Adjustments of the plans are carried out on a regular basis in accordance with underlying actuarial assessments. Actuarial gains or losses for defined benefit plans are recognised in full in the period in which they occur in other comprehensive income. The actuarial assessment is carried out every year.Funded benefit plans have assets placed in trustee-administered pension funds, which are governed by local regulations and practice in each country.If a benefit plan constitutes a net asset, the net asset is recognised only to the extent that it equals the value of future repayments or will lead to reduced future payments.The payments to the pension funds are based on the usual actuarial assessments and are recognised in the income statement after maturity. Provided that the actuarial assessments of pension obligations show noticeable excess solvency or insolvency in relation to the pension fund\u2019s assets, the difference is entered to the balance sheet and the future payments are adjusted accordingly. With regard to these schemes, the actuarial assessment is also carried out every year.CommentsA number of the Group\u2019s employees and former employees participate in pension schemes. The pension schemes are primarily defined contribution plans. However, defined benefit plans are also used, mainly in Switzerland, the United Kingdom and Germany. The benefit plans in the United Kingdom and Germany are closed for new entries.Under a defined benefit plan the Group carries the risk associated with the future development in e.g. interest rates, inflation, salaries, mortality and disability.Defined benefit plans typically guarantee the employees a retirement benefit based on the final salary at retirement.The pension benefit plans in the United Kingdom and Switzerland have assets placed in independent pension funds. The remaining plans are unfunded, where the main part relates to Germany. For these plans the retirement benefit obligations amount to approximately 24 percent (2022: 24 percent) of the total gross liability.Except for the Swiss and UK plans, the mentioned defined benefit plans are not subject to regulatory requirements regarding minimum funding. The granted pension payments of the mentioned defined benefit plans are based upon the salary of the participating employees during the period of employment. The Group\u2019s contributions are derived from the split of the pension premium between the employee and employer.The actuarial assessment of the pension obligation is based on assumptions specific to each country. The latest actuarial calculation is prepared by authorised experts. The valuation of the assets is based on the composition and the expectations to the economic development. The assumptions used are weighted averages. Pension costsMEUR 2023 2022Defined contribution plans:Total pension costs recognised 32 30Defined benefit plans:Pension costs 3 3Interest costs 7 3Interest income -6 -2Total pension costs recognised 4 4In 2024, the Group expects to pay contributions of 8 MEUR to defined benefit plans.Defined benefit pension plansMEUR 2023 2022 2021 2020 2019Present value of pension liabilities 198 177 239 250 247Fair value of plan assets -189 -179 -214 -184 -185Asset ceiling limitation 30 34 10 - -Pension obligation, net 31/12 39 32 35 66 62Key assumptionsWeighted average 2023 2022Increase in salaries and wages 1.7% 1.7%Discount rate 2.8% 3.3%Remaining life expectancy at the time of retirement (years) 22 24Defined benefit pension obligationsMEUR 2023 2022Obligations 1/1 177 239Exchange rate adjustments 6 -Pension costs 4 4Interest costs 6 3Actuarial gains/losses from changes in demographic assumptions -1 -Actuarial gains/losses from changes in financial assumptions 13 -67Actuarial gains/losses from changes in experience 3 5Benefits paid -10 -7Obligations 31/12 198 177The weighted average expected duration of the defined benefit obligations is 14 years (2022: 14 years).Sensitivity analysisAssumptions Discount rate Salary increase Life expectancy-1.0% +1.0% -1.0% +1.0% -1 year +1 yearMEUR2023 - Impact on obligations 24 -21 -2 2 -5 52022 - Impact on obligations 21 -20 -1 1 -4 4The sensitivity analysis above has been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions.CommentsThe present value of defined benefit pension obligations The discount rate and other key assumptions are based in depends on a number of factors that are determined on part on the current market conditions.an actuarial basis using a number of assumptions. Any changes to these assumptions will impact the carrying amount of pension obligations. Pension plan assetsMEUR 2023 2022Pension plan assets 1/1 179 214Exchange rate adjustments 8 1Interest income 6 2Return on plan assets -2 -38Employer\u2019s contribution 5 4Participant\u2019s contribution 1 1Benefits paid -8 -5Pension plan assets 31/12 189 179Composition of pension plan assetsMEUR 2023 2022Assets quoted in active markets:Equities in European markets 25% 36%Bonds in European markets 37% 27%Assets unquoted:Cash 10% 9%Other 28% 28%", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__77": { "value": "3.7 ProvisionsAccounting policiesProvisions are recognised where a legal or constructive obligation has been incurred as a result of past events and if it is probable it will lead to an outflow of financial resources and if the size of the liability can be measured on a reliable basis. The provision is calculated as the amount expected to be paid to settle the obligation.Provisions2023 2022Claims Claims and legal and legal MEUR Employeesactions Other Total Employeesactions Other TotalProvisions 1/1 13 2 21 36 13 4 7 24Additions for the year 5 8 6 19 3 3 16 22Used during the year -3 -1 -10 -14 -1 -2 -1 -4Reversed during the year - -2 -2 -4 -2 -3 -1 -6Provisions 31/12 15 7 15 37 13 2 21 36Current/non-current classification:Non-current liabilities 11 1 10 22 10 - 9 19Current liabilities 4 6 5 15 3 2 12 17Provisions 31/12 15 7 15 37 13 2 21 36CommentsProvisions relate primarily to jubilee obligations and retirement benefits, reconstruction and relief aid activities in Ukraine, refurbishment obligation, warranties, fair value provision for phantom share, restructuring and ongoing disputes.As at 31 December 2023 other provisions include a provision of 3 MEUR (2022: 1 MEUR) for restructuring measures. This provision is expected to be utilised within one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__78": { "value": "Accounting policiesProvisions are recognised where a legal or constructive obligation has been incurred as a result of past events and if it is probable it will lead to an outflow of financial resources and if the size of the liability can be measured on a reliable basis. The provision is calculated as the amount expected to be paid to settle the obligation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__79": { "value": "4.1 InventoriesAccounting policiesInventories are valued at the lowest value of historical cost calculated as a weighted average or the net realisation value. The cost of finished goods and work in progress include the direct costs of production materials and wages, as well as indirect production costs such as personnel costs, maintenance costs and depreciation of plant and machinery.CommentsThe main part of the write-down of inventory relates to write-down of spare parts inventory.Critical estimates and judgementsAt least once a year, management assesses whether the standard cost of inventories approximates actual cost. During the year, standard cost is revised if it deviates significantly from actual cost. Indirect production costs are assessed on an ongoing basis to ensure reliable measurement of capacity utilisation, production hours, product applications and other factors.Calculation of the net realisable value of inventories is relevant mainly for finished goods and spare parts. The estimate of inventory write-downs is considering excess quantities, condition of the inventory and lower selling prices.InventoriesMEUR 2023 2022Raw materials and consumables 184 212Work in progress 15 20Finished goods 176 201Inventories 31/12 375 433Inventory before write-downs 462 512Write-downs 1/1 -79 -81Change in the year -8 2Write-downs 31/12 -87 -79Inventories 31/12 375 433", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__83-1": { "value": "4.2 Trade receivablesAccounting policiesTrade receivables are measured at amortised cost less allowance for bad debt based on the expected credit loss model.The Group applies the simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.The expected loss rates are based on the payment profiles of sales over a period of 60 months before 1 January 2023 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.The costs of allowance for bad debts and realised losses during the year are included in other external costs. Trade receivablesMEUR 2023 2022Trade receivables before allowance for bad debts (maximum credit risk) 347 360Allowance for bad debts 1/1 -13 -11Movements during the year 2 -3Realised losses during the year 1 1Allowance for bad debts 31/12 -10 -13Trade receivables 31/12 337 347Allowance for bad debts based on the expected credit loss model2023Gross Allowance Expected carrying for bad MEURloss rateamountdebt TotalCurrent 0.1% 331 - 331More than 30 days past due 2% 5 - 5More than 60 days past due 40% 2 -1 1More than 90 days past due 100% 9 -9 -Total 31/12 347 -10 3372022Gross Allowance Expected carrying for bad MEURloss rateamountdebt TotalCurrent 0.1% 340 - 340More than 30 days past due 2% 6 - 6More than 60 days past due 40% 2 -1 1More than 90 days past due 100% 12 -12 -Total 31/12 360 -13 347Due to the considerable customer spread in terms of geographical location and numbers, the credit risk is fundamentally limited. To a minor degree, when considered necessary, insurance or bank guarantees are used to hedge outstanding receivables.As a consequence of the international diversification of the Group\u2019s activities there are business relations with a number of different banks in Europe, North America and Asia. To minimise the credit risk on placement of funds and on entering into agreements on derived financial instruments, only major, financially sound institutions are used.Customer credit risks are assessed considering the financial position, past experience and other factors. Individual risk limits are set based on internal and external ratings. For write-down of trade receivables please refer to note 4.2.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__82": { "value": "4.2 Trade receivablesAccounting policiesTrade receivables are measured at amortised cost less allowance for bad debt based on the expected credit loss model.The Group applies the simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.The expected loss rates are based on the payment profiles of sales over a period of 60 months before 1 January 2023 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.The costs of allowance for bad debts and realised losses during the year are included in other external costs. Trade receivablesMEUR 2023 2022Trade receivables before allowance for bad debts (maximum credit risk) 347 360Allowance for bad debts 1/1 -13 -11Movements during the year 2 -3Realised losses during the year 1 1Allowance for bad debts 31/12 -10 -13Trade receivables 31/12 337 347Allowance for bad debts based on the expected credit loss model2023Gross Allowance Expected carrying for bad MEURloss rateamountdebt TotalCurrent 0.1% 331 - 331More than 30 days past due 2% 5 - 5More than 60 days past due 40% 2 -1 1More than 90 days past due 100% 9 -9 -Total 31/12 347 -10 3372022Gross Allowance Expected carrying for bad MEURloss rateamountdebt TotalCurrent 0.1% 340 - 340More than 30 days past due 2% 6 - 6More than 60 days past due 40% 2 -1 1More than 90 days past due 100% 12 -12 -Total 31/12 360 -13 347", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__81": { "value": "4.2 Trade receivablesAccounting policiesTrade receivables are measured at amortised cost less allowance for bad debt based on the expected credit loss model.The Group applies the simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.The expected loss rates are based on the payment profiles of sales over a period of 60 months before 1 January 2023 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.The costs of allowance for bad debts and realised losses during the year are included in other external costs. Trade receivablesMEUR 2023 2022Trade receivables before allowance for bad debts (maximum credit risk) 347 360Allowance for bad debts 1/1 -13 -11Movements during the year 2 -3Realised losses during the year 1 1Allowance for bad debts 31/12 -10 -13Trade receivables 31/12 337 347Allowance for bad debts based on the expected credit loss model2023Gross Allowance Expected carrying for bad MEURloss rateamountdebt TotalCurrent 0.1% 331 - 331More than 30 days past due 2% 5 - 5More than 60 days past due 40% 2 -1 1More than 90 days past due 100% 9 -9 -Total 31/12 347 -10 3372022Gross Allowance Expected carrying for bad MEURloss rateamountdebt TotalCurrent 0.1% 340 - 340More than 30 days past due 2% 6 - 6More than 60 days past due 40% 2 -1 1More than 90 days past due 100% 12 -12 -Total 31/12 360 -13 347", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__80": { "value": "Accounting policiesInventories are valued at the lowest value of historical cost calculated as a weighted average or the net realisation value. The cost of finished goods and work in progress include the direct costs of production materials and wages, as well as indirect production costs such as personnel costs, maintenance costs and depreciation of plant and machinery.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__84": { "value": "Accounting policiesTrade receivables are measured at amortised cost less allowance for bad debt based on the expected credit loss model.The Group applies the simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.The expected loss rates are based on the payment profiles of sales over a period of 60 months before 1 January 2023 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.The costs of allowance for bad debts and realised losses during the year are included in other external costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__94": { "value": "Accounting policiesFinancial income and expenses comprise interest income and interest costs, interest costs compiled from lease liabilities, realised and unrealised foreign exchange gains and losses, as well as fair value adjustments of cash-settled share-based incentive programmes which are offset against other liabilities.Further, they include adjustments to fair value hedges, and income and costs relating to cash flow hedges transferred from other comprehensive income on realisation of the hedged items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__93": { "value": "Accounting policiesFinancial income and expenses comprise interest income and interest costs, interest costs compiled from lease liabilities, realised and unrealised foreign exchange gains and losses, as well as fair value adjustments of cash-settled share-based incentive programmes which are offset against other liabilities.Further, they include adjustments to fair value hedges, and income and costs relating to cash flow hedges transferred from other comprehensive income on realisation of the hedged items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__92": { "value": "Accounting policiesFinancial income and expenses comprise interest income and interest costs, interest costs compiled from lease liabilities, realised and unrealised foreign exchange gains and losses, as well as fair value adjustments of cash-settled share-based incentive programmes which are offset against other liabilities.Further, they include adjustments to fair value hedges, and income and costs relating to cash flow hedges transferred from other comprehensive income on realisation of the hedged items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__112": { "value": "Accounting policiesDerivative financial instruments are initially recognised in the balance sheet at cost price and are subsequently measured at fair value. Derivative financial instruments are recognised in other receivables and other payables. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging the fair value of a recognised asset or liability, are recognised in the income statement together with any changes in the fair value of the hedged asset or liability. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging future cash flow, are recognised in other comprehensive income provided the hedge has been effective. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The accumulated value adjustment related to these hedge transactions is transferred from other comprehensive income when the position is realised, and is included in the value of the hedged position e.g. the adjustment follows the cash flow.For derivative financial instruments, which do not qualify as hedging instruments, changes to the fair value are recognised on an ongoing basis in the income statement as financial income or financial expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__111": { "value": "Accounting policiesDerivative financial instruments are initially recognised in the balance sheet at cost price and are subsequently measured at fair value. Derivative financial instruments are recognised in other receivables and other payables. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging the fair value of a recognised asset or liability, are recognised in the income statement together with any changes in the fair value of the hedged asset or liability. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging future cash flow, are recognised in other comprehensive income provided the hedge has been effective. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The accumulated value adjustment related to these hedge transactions is transferred from other comprehensive income when the position is realised, and is included in the value of the hedged position e.g. the adjustment follows the cash flow.For derivative financial instruments, which do not qualify as hedging instruments, changes to the fair value are recognised on an ongoing basis in the income statement as financial income or financial expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__109": { "value": "Accounting policiesDerivative financial instruments are initially recognised in the balance sheet at cost price and are subsequently measured at fair value. Derivative financial instruments are recognised in other receivables and other payables. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging the fair value of a recognised asset or liability, are recognised in the income statement together with any changes in the fair value of the hedged asset or liability. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging future cash flow, are recognised in other comprehensive income provided the hedge has been effective. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The accumulated value adjustment related to these hedge transactions is transferred from other comprehensive income when the position is realised, and is included in the value of the hedged position e.g. the adjustment follows the cash flow.For derivative financial instruments, which do not qualify as hedging instruments, changes to the fair value are recognised on an ongoing basis in the income statement as financial income or financial expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__108": { "value": "Accounting policiesDerivative financial instruments are initially recognised in the balance sheet at cost price and are subsequently measured at fair value. Derivative financial instruments are recognised in other receivables and other payables. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging the fair value of a recognised asset or liability, are recognised in the income statement together with any changes in the fair value of the hedged asset or liability. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging future cash flow, are recognised in other comprehensive income provided the hedge has been effective. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The accumulated value adjustment related to these hedge transactions is transferred from other comprehensive income when the position is realised, and is included in the value of the hedged position e.g. the adjustment follows the cash flow.For derivative financial instruments, which do not qualify as hedging instruments, changes to the fair value are recognised on an ongoing basis in the income statement as financial income or financial expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__100-1": { "value": "Accounting policiesDerivative financial instruments are initially recognised in the balance sheet at cost price and are subsequently measured at fair value. Derivative financial instruments are recognised in other receivables and other payables. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging the fair value of a recognised asset or liability, are recognised in the income statement together with any changes in the fair value of the hedged asset or liability. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging future cash flow, are recognised in other comprehensive income provided the hedge has been effective. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The accumulated value adjustment related to these hedge transactions is transferred from other comprehensive income when the position is realised, and is included in the value of the hedged position e.g. the adjustment follows the cash flow.For derivative financial instruments, which do not qualify as hedging instruments, changes to the fair value are recognised on an ongoing basis in the income statement as financial income or financial expenses.Categories of financial assets and liabilitiesMEUR 2023 2022Financial assets: Financial instruments for hedging of future cash flows- 1Financial assets at fair value through other comprehensive income - 1Trade receivables 337 347Other receivables and receivables from associated companies 53 80Cash 354 209Financial assets at amortised costs 744 636Financial instruments for hedging of future cash flows 6 3Financial liabilities at fair value through other comprehensive income 6 3Bank loans and other loans including short-term portion 37 141Bank debt 1 7Trade payables 241 270Other payables 205 196Financial liabilities at amortised costs 484 614The carrying value of the Group\u2019s financial assets and liabilities measured at amortised cost are assessed to be a reasonable approximation of fair value.Other receivables and receivables from associated companiesOther receivables and receivables from associated companies fall due within one year in both 2023 and 2022, and amount to 53 MEUR (2022: 80 MEUR).CommentsThe Group\u2019s net sales and expenditures will be subject to exchange rate fluctuations on translation into EUR. A sensitivity analysis is made for the Group\u2019s result and equity based on the underlying currency transactions. The financial instruments included in the sensitivity analysis are cash, receivables, payables, current liabilities and financial investments without taking hedging into consideration.The impact on the net sales of the difference between average rate and year-end rate amounts to 12 MEUR (2022: 50 MEUR) for the five most exposed currencies (USD, RUB, CAD, PLN, and GBP), which is a change of -0.3 percent (2022: -1.3 percent).The Group\u2019s policy is not to hedge exchange rate risks in long-term investments in subsidiaries. When relevant, external investment loans and Group loans are, as a general rule, established in the local currency of the company involved, while cash at bank and in hand are placed in local currency.The Group is currently exposed to foreign currency risk on the intercompany balance between ROCKWOOL A/S and one of the subsidiaries in Russia. Due to the economic environment, it has not been possible to hedge this position since March 2022, which has resulted in an unrealised exchange rate gain of 18 MEUR in 2023 partly off-setting an unrealised loss of 34 MEUR recognised in 2022.In the few countries with ineffective financial markets loans can be raised and surplus liquidity placed in DKK or EUR, subject to the approval of the Group\u2019s finance function. Most Group loans that are not established in DKK or EUR, are hedged via forward agreements, currency loans and cash pools or via the SWAP market.Interest rate riskCurrently the Group does not have any significant non-current interest-bearing debt or assets. The Group\u2019s policy is that necessary financing of investments should primarily be affected by raising five to seven year loans at fixed or variable interest rates.Drawings on credit facilities at variable interest rates generally match the funds, and all Group loans are symmetrical in terms of interest rates. Consequently, changes in interest rates will not have a significant effect on the result of the Group.Financial instrumentsFinancial assets and liabilities at fair value are related to foreign exchange rate forward contracts, foreign exchange rate swaps or interest rate swaps all of which have been valued using a valuation technique with market observable inputs (level 2). The Group is using no other valuation technique. The Group enters into derivative financial instruments with financial institutions. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and foreign exchange spot rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__110": { "value": "Changes to the fair value of derivative financial instruments, which meet the conditions for hedging future cash flow, are recognised in other comprehensive income provided the hedge has been effective. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The accumulated value adjustment related to these hedge transactions is transferred from other comprehensive income when the position is realised, and is included in the value of the hedged position e.g. the adjustment follows the cash flow.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__98-1": { "value": "CommentsAs a consequence of ROCKWOOL Group\u2019s extensive international activities, the Group\u2019s income statement and equity are subject to a number of financial risks. The Group manages these risks in the following categories:\u2013 Exchange rate risk \u2013 Interest rate risk \u2013 Liquidity risk \u2013 Credit riskThe Group\u2019s policy is to identify and hedge significant financial risks on an ongoing basis. This is the responsibility of the individual companies in which financial risks might arise and overall supported by the Group\u2019s treasury department. The parent company continuously monitors the Group\u2019s financial risks in accordance with a framework determined by Group Management and/or the Board of Directors.Exchange rate riskAs a consequence of the Group\u2019s structure, net sales and expenditure in foreign currency are to a significant degree set off against each other, so that the Group is not exposed to major exchange rate risks.Commercial exchange rate risks in the companies, which cannot be set off are hedged on a continuous basis, to the extent that they may significantly affect the results of the individual company in a negative direction, using currency loans, currency deposits and/or financial derivatives. Exchange rate risks are hedged in the individual companies. The Group\u2019s hedging reserve is disclosed under \u201cStatement of changes in equity\u201d with an insignificant amount.The Group\u2019s net sales and expenditures will be subject to exchange rate fluctuations on translation into EUR. A sensitivity analysis is made for the Group\u2019s result and equity based on the underlying currency transactions. The financial instruments included in the sensitivity analysis are cash, receivables, payables, current liabilities and financial investments without taking hedging into consideration.The impact on the net sales of the difference between average rate and year-end rate amounts to 12 MEUR (2022: 50 MEUR) for the five most exposed currencies (USD, RUB, CAD, PLN, and GBP), which is a change of -0.3 percent (2022: -1.3 percent).The Group\u2019s policy is not to hedge exchange rate risks in long-term investments in subsidiaries. When relevant, external investment loans and Group loans are, as a general rule, established in the local currency of the company involved, while cash at bank and in hand are placed in local currency.The Group is currently exposed to foreign currency risk on the intercompany balance between ROCKWOOL A/S and one of the subsidiaries in Russia. Due to the economic environment, it has not been possible to hedge this position since March 2022, which has resulted in an unrealised exchange rate gain of 18 MEUR in 2023 partly off-setting an unrealised loss of 34 MEUR recognised in 2022.In the few countries with ineffective financial markets loans can be raised and surplus liquidity placed in DKK or EUR, subject to the approval of the Group\u2019s finance function. Most Group loans that are not established in DKK or EUR, are hedged via forward agreements, currency loans and cash pools or via the SWAP market.Interest rate riskCurrently the Group does not have any significant non-current interest-bearing debt or assets. The Group\u2019s policy is that necessary financing of investments should primarily be affected by raising five to seven year loans at fixed or variable interest rates.Drawings on credit facilities at variable interest rates generally match the funds, and all Group loans are symmetrical in terms of interest rates. Consequently, changes in interest rates will not have a significant effect on the result of the Group.Sensitivity analysisEffect in MEUR EBITDAChange in exchange rate % 2023 2022USD (+/-) 5% 12 10RUB (+/-) 10% 9 11CAD (+/-) 5% 5 4PLN (+/-) 5% 2 1GBP (+/-) 5% 9 8EquityChange in exchange rate % 2023 2022USD (+/-) 5% 14 14RUB (+/-) 10% 31 35CAD (+/-) 5% 14 12PLN (+/-) 5% 15 13GBP (+/-) 5% 8 11Liquidity riskThe current surplus and deficit liquidity in the Group\u2019s companies is set off, to the extent that this is profitable, via the parent company acting as intra-Group bank and via cash pool systems. When considered appropriate, underlying cash pool systems are established in foreign companies. To the extent that the financial reserves are of an appropriate size, the parent company also acts as lender to the companies in the Group.To ensure adequate financial reserves as defined by the Board of Directors, investment loans can be raised on a continuous basis to partly cover new investments and to refinance existing loans. The parent company has made guarantees for some credit facilities and loans. The parent company has issued ownership clauses and/or deed of postponements in connection with intercompany loans.The parent company ensures on an ongoing basis that flexible, unutilised committed credit facilities of an adequate size are established with Investment Grade credit-rated banks. The Group\u2019s financial reserves also consist of cash at bank and in hand, and unused overdraft facilities.Credit riskDue to the considerable customer spread in terms of geographical location and numbers, the credit risk is fundamentally limited. To a minor degree, when considered necessary, insurance or bank guarantees are used to hedge outstanding receivables.As a consequence of the international diversification of the Group\u2019s activities there are business relations with a number of different banks in Europe, North America and Asia. To minimise the credit risk on placement of funds and on entering into agreements on derived financial instruments, only major, financially sound institutions are used.Customer credit risks are assessed considering the financial position, past experience and other factors. Individual risk limits are set based on internal and external ratings. For write-down of trade receivables please refer to note 4.2.Financial instrumentsFinancial assets and liabilities at fair value are related to foreign exchange rate forward contracts, foreign exchange rate swaps or interest rate swaps all of which have been valued using a valuation technique with market observable inputs (level 2). The Group is using no other valuation technique. The Group enters into derivative financial instruments with financial institutions. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and foreign exchange spot rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__106-1": { "value": "Exchange rate riskAs a consequence of the Group\u2019s structure, net sales and expenditure in foreign currency are to a significant degree set off against each other, so that the Group is not exposed to major exchange rate risks.Commercial exchange rate risks in the companies, which cannot be set off are hedged on a continuous basis, to the extent that they may significantly affect the results of the individual company in a negative direction, using currency loans, currency deposits and/or financial derivatives. Exchange rate risks are hedged in the individual companies. The Group\u2019s hedging reserve is disclosed under \u201cStatement of changes in equity\u201d with an insignificant amount.The Group\u2019s net sales and expenditures will be subject to exchange rate fluctuations on translation into EUR. A sensitivity analysis is made for the Group\u2019s result and equity based on the underlying currency transactions. The financial instruments included in the sensitivity analysis are cash, receivables, payables, current liabilities and financial investments without taking hedging into consideration.The impact on the net sales of the difference between average rate and year-end rate amounts to 12 MEUR (2022: 50 MEUR) for the five most exposed currencies (USD, RUB, CAD, PLN, and GBP), which is a change of -0.3 percent (2022: -1.3 percent).The Group\u2019s policy is not to hedge exchange rate risks in long-term investments in subsidiaries. When relevant, external investment loans and Group loans are, as a general rule, established in the local currency of the company involved, while cash at bank and in hand are placed in local currency.The Group is currently exposed to foreign currency risk on the intercompany balance between ROCKWOOL A/S and one of the subsidiaries in Russia. Due to the economic environment, it has not been possible to hedge this position since March 2022, which has resulted in an unrealised exchange rate gain of 18 MEUR in 2023 partly off-setting an unrealised loss of 34 MEUR recognised in 2022.In the few countries with ineffective financial markets loans can be raised and surplus liquidity placed in DKK or EUR, subject to the approval of the Group\u2019s finance function. Most Group loans that are not established in DKK or EUR, are hedged via forward agreements, currency loans and cash pools or via the SWAP market.Interest rate riskCurrently the Group does not have any significant non-current interest-bearing debt or assets. The Group\u2019s policy is that necessary financing of investments should primarily be affected by raising five to seven year loans at fixed or variable interest rates.Drawings on credit facilities at variable interest rates generally match the funds, and all Group loans are symmetrical in terms of interest rates. Consequently, changes in interest rates will not have a significant effect on the result of the Group.Sensitivity analysisEffect in MEUR EBITDAChange in exchange rate % 2023 2022USD (+/-) 5% 12 10RUB (+/-) 10% 9 11CAD (+/-) 5% 5 4PLN (+/-) 5% 2 1GBP (+/-) 5% 9 8EquityChange in exchange rate % 2023 2022USD (+/-) 5% 14 14RUB (+/-) 10% 31 35CAD (+/-) 5% 14 12PLN (+/-) 5% 15 13GBP (+/-) 5% 8 11", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__89": { "value": "5.1 Financial income and Financial expenses Accounting policiesFinancial income and expenses comprise interest income and interest costs, interest costs compiled from lease liabilities, realised and unrealised foreign exchange gains and losses, as well as fair value adjustments of cash-settled share-based incentive programmes which are offset against other liabilities.Further, they include adjustments to fair value hedges, and income and costs relating to cash flow hedges transferred from other comprehensive income on realisation of the hedged items.Financial incomeMEUR 2023 2022Interest income 13 5Fair value adjustment Phantom shares - 1Foreign exchange gains 25 10Financial income 38 16Hereof financial income on financial assets at amortised cost 13 4Financial expensesMEUR 2023 2022Interest expenses and similar 19 8Interest expenses lease liabilities 3 3Foreign exchange losses 14 50Financial expenses 36 61Hereof financial expenses on financial liabilities at amortised cost 17 6", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__86": { "value": "5.1 Financial income and Financial expenses Accounting policiesFinancial income and expenses comprise interest income and interest costs, interest costs compiled from lease liabilities, realised and unrealised foreign exchange gains and losses, as well as fair value adjustments of cash-settled share-based incentive programmes which are offset against other liabilities.Further, they include adjustments to fair value hedges, and income and costs relating to cash flow hedges transferred from other comprehensive income on realisation of the hedged items.Financial incomeMEUR 2023 2022Interest income 13 5Fair value adjustment Phantom shares - 1Foreign exchange gains 25 10Financial income 38 16Hereof financial income on financial assets at amortised cost 13 4Financial expensesMEUR 2023 2022Interest expenses and similar 19 8Interest expenses lease liabilities 3 3Foreign exchange losses 14 50Financial expenses 36 61Hereof financial expenses on financial liabilities at amortised cost 17 6", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__90": { "value": "Financial income and Financial expensesAccounting policiesFinancial income and expenses comprise interest income and interest costs, interest costs compiled from lease liabilities, realised and unrealised foreign exchange gains and losses, as well as fair value adjustments of cash-settled share-based incentive programmes which are offset against other liabilities.Further, they include adjustments to fair value hedges, and income and costs relating to cash flow hedges transferred from other comprehensive income on realisation of the hedged items.Financial incomeMEUR 2023 2022Interest income 13 5Fair value adjustment Phantom shares - 1Foreign exchange gains 25 10Financial income 38 16Hereof financial income on financial assets at amortised cost 13 4Financial expensesMEUR 2023 2022Interest expenses and similar 19 8Interest expenses lease liabilities 3 3Foreign exchange losses 14 50Financial expenses 36 61Hereof financial expenses on financial liabilities at amortised cost 17 6", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__87": { "value": "Financial income and Financial expensesAccounting policiesFinancial income and expenses comprise interest income and interest costs, interest costs compiled from lease liabilities, realised and unrealised foreign exchange gains and losses, as well as fair value adjustments of cash-settled share-based incentive programmes which are offset against other liabilities.Further, they include adjustments to fair value hedges, and income and costs relating to cash flow hedges transferred from other comprehensive income on realisation of the hedged items.Financial incomeMEUR 2023 2022Interest income 13 5Fair value adjustment Phantom shares - 1Foreign exchange gains 25 10Financial income 38 16Hereof financial income on financial assets at amortised cost 13 4Financial expensesMEUR 2023 2022Interest expenses and similar 19 8Interest expenses lease liabilities 3 3Foreign exchange losses 14 50Financial expenses 36 61Hereof financial expenses on financial liabilities at amortised cost 17 6", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__91": { "value": "Financial expensesAccounting policiesFinancial income and expenses comprise interest income and interest costs, interest costs compiled from lease liabilities, realised and unrealised foreign exchange gains and losses, as well as fair value adjustments of cash-settled share-based incentive programmes which are offset against other liabilities.Further, they include adjustments to fair value hedges, and income and costs relating to cash flow hedges transferred from other comprehensive income on realisation of the hedged items.Financial incomeMEUR 2023 2022Interest income 13 5Fair value adjustment Phantom shares - 1Foreign exchange gains 25 10Financial income 38 16Hereof financial income on financial assets at amortised cost 13 4Financial expensesMEUR 2023 2022Interest expenses and similar 19 8Interest expenses lease liabilities 3 3Foreign exchange losses 14 50Financial expenses 36 61Hereof financial expenses on financial liabilities at amortised cost 17 6", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__88": { "value": "Financial expensesAccounting policiesFinancial income and expenses comprise interest income and interest costs, interest costs compiled from lease liabilities, realised and unrealised foreign exchange gains and losses, as well as fair value adjustments of cash-settled share-based incentive programmes which are offset against other liabilities.Further, they include adjustments to fair value hedges, and income and costs relating to cash flow hedges transferred from other comprehensive income on realisation of the hedged items.Financial incomeMEUR 2023 2022Interest income 13 5Fair value adjustment Phantom shares - 1Foreign exchange gains 25 10Financial income 38 16Hereof financial income on financial assets at amortised cost 13 4Financial expensesMEUR 2023 2022Interest expenses and similar 19 8Interest expenses lease liabilities 3 3Foreign exchange losses 14 50Financial expenses 36 61Hereof financial expenses on financial liabilities at amortised cost 17 6", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__104": { "value": "5.2 Financial risks and instrumentsAccounting policiesDerivative financial instruments are initially recognised in the balance sheet at cost price and are subsequently measured at fair value. Derivative financial instruments are recognised in other receivables and other payables. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging the fair value of a recognised asset or liability, are recognised in the income statement together with any changes in the fair value of the hedged asset or liability. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging future cash flow, are recognised in other comprehensive income provided the hedge has been effective. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The accumulated value adjustment related to these hedge transactions is transferred from other comprehensive income when the position is realised, and is included in the value of the hedged position e.g. the adjustment follows the cash flow.For derivative financial instruments, which do not qualify as hedging instruments, changes to the fair value are recognised on an ongoing basis in the income statement as financial income or financial expenses.CommentsAs a consequence of ROCKWOOL Group\u2019s extensive international activities, the Group\u2019s income statement and equity are subject to a number of financial risks. The Group manages these risks in the following categories:\u2013 Exchange rate risk \u2013 Interest rate risk \u2013 Liquidity risk \u2013 Credit riskThe Group\u2019s policy is to identify and hedge significant financial risks on an ongoing basis. This is the responsibility of the individual companies in which financial risks might arise and overall supported by the Group\u2019s treasury department. The parent company continuously monitors the Group\u2019s financial risks in accordance with a framework determined by Group Management and/or the Board of Directors.Exchange rate riskAs a consequence of the Group\u2019s structure, net sales and expenditure in foreign currency are to a significant degree set off against each other, so that the Group is not exposed to major exchange rate risks.Commercial exchange rate risks in the companies, which cannot be set off are hedged on a continuous basis, to the extent that they may significantly affect the results of the individual company in a negative direction, using currency loans, currency deposits and/or financial derivatives. Exchange rate risks are hedged in the individual companies. The Group\u2019s hedging reserve is disclosed under \u201cStatement of changes in equity\u201d with an insignificant amount.Categories of financial assets and liabilitiesMEUR 2023 2022Financial assets: Financial instruments for hedging of future cash flows- 1Financial assets at fair value through other comprehensive income - 1Trade receivables 337 347Other receivables and receivables from associated companies 53 80Cash 354 209Financial assets at amortised costs 744 636Financial instruments for hedging of future cash flows 6 3Financial liabilities at fair value through other comprehensive income 6 3Bank loans and other loans including short-term portion 37 141Bank debt 1 7Trade payables 241 270Other payables 205 196Financial liabilities at amortised costs 484 614The carrying value of the Group\u2019s financial assets and liabilities measured at amortised cost are assessed to be a reasonable approximation of fair value.Other receivables and receivables from associated companiesOther receivables and receivables from associated companies fall due within one year in both 2023 and 2022, and amount to 53 MEUR (2022: 80 MEUR).CommentsThe Group\u2019s net sales and expenditures will be subject to exchange rate fluctuations on translation into EUR. A sensitivity analysis is made for the Group\u2019s result and equity based on the underlying currency transactions. The financial instruments included in the sensitivity analysis are cash, receivables, payables, current liabilities and financial investments without taking hedging into consideration.The impact on the net sales of the difference between average rate and year-end rate amounts to 12 MEUR (2022: 50 MEUR) for the five most exposed currencies (USD, RUB, CAD, PLN, and GBP), which is a change of -0.3 percent (2022: -1.3 percent).The Group\u2019s policy is not to hedge exchange rate risks in long-term investments in subsidiaries. When relevant, external investment loans and Group loans are, as a general rule, established in the local currency of the company involved, while cash at bank and in hand are placed in local currency.The Group is currently exposed to foreign currency risk on the intercompany balance between ROCKWOOL A/S and one of the subsidiaries in Russia. Due to the economic environment, it has not been possible to hedge this position since March 2022, which has resulted in an unrealised exchange rate gain of 18 MEUR in 2023 partly off-setting an unrealised loss of 34 MEUR recognised in 2022.In the few countries with ineffective financial markets loans can be raised and surplus liquidity placed in DKK or EUR, subject to the approval of the Group\u2019s finance function. Most Group loans that are not established in DKK or EUR, are hedged via forward agreements, currency loans and cash pools or via the SWAP market.Interest rate riskCurrently the Group does not have any significant non-current interest-bearing debt or assets. The Group\u2019s policy is that necessary financing of investments should primarily be affected by raising five to seven year loans at fixed or variable interest rates.Drawings on credit facilities at variable interest rates generally match the funds, and all Group loans are symmetrical in terms of interest rates. Consequently, changes in interest rates will not have a significant effect on the result of the Group.Sensitivity analysisEffect in MEUR EBITDAChange in exchange rate % 2023 2022USD (+/-) 5% 12 10RUB (+/-) 10% 9 11CAD (+/-) 5% 5 4PLN (+/-) 5% 2 1GBP (+/-) 5% 9 8EquityChange in exchange rate % 2023 2022USD (+/-) 5% 14 14RUB (+/-) 10% 31 35CAD (+/-) 5% 14 12PLN (+/-) 5% 15 13GBP (+/-) 5% 8 11Liquidity riskThe current surplus and deficit liquidity in the Group\u2019s companies is set off, to the extent that this is profitable, via the parent company acting as intra-Group bank and via cash pool systems. When considered appropriate, underlying cash pool systems are established in foreign companies. To the extent that the financial reserves are of an appropriate size, the parent company also acts as lender to the companies in the Group.To ensure adequate financial reserves as defined by the Board of Directors, investment loans can be raised on a continuous basis to partly cover new investments and to refinance existing loans. The parent company has made guarantees for some credit facilities and loans. The parent company has issued ownership clauses and/or deed of postponements in connection with intercompany loans.The parent company ensures on an ongoing basis that flexible, unutilised committed credit facilities of an adequate size are established with Investment Grade credit-rated banks. The Group\u2019s financial reserves also consist of cash at bank and in hand, and unused overdraft facilities.Credit riskDue to the considerable customer spread in terms of geographical location and numbers, the credit risk is fundamentally limited. To a minor degree, when considered necessary, insurance or bank guarantees are used to hedge outstanding receivables.As a consequence of the international diversification of the Group\u2019s activities there are business relations with a number of different banks in Europe, North America and Asia. To minimise the credit risk on placement of funds and on entering into agreements on derived financial instruments, only major, financially sound institutions are used.Customer credit risks are assessed considering the financial position, past experience and other factors. Individual risk limits are set based on internal and external ratings. For write-down of trade receivables please refer to note 4.2.Financial instrumentsFinancial assets and liabilities at fair value are related to foreign exchange rate forward contracts, foreign exchange rate swaps or interest rate swaps all of which have been valued using a valuation technique with market observable inputs (level 2). The Group is using no other valuation technique. The Group enters into derivative financial instruments with financial institutions. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and foreign exchange spot rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__97": { "value": "5.2 Financial risks and instrumentsAccounting policiesDerivative financial instruments are initially recognised in the balance sheet at cost price and are subsequently measured at fair value. Derivative financial instruments are recognised in other receivables and other payables. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging the fair value of a recognised asset or liability, are recognised in the income statement together with any changes in the fair value of the hedged asset or liability. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging future cash flow, are recognised in other comprehensive income provided the hedge has been effective. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The accumulated value adjustment related to these hedge transactions is transferred from other comprehensive income when the position is realised, and is included in the value of the hedged position e.g. the adjustment follows the cash flow.For derivative financial instruments, which do not qualify as hedging instruments, changes to the fair value are recognised on an ongoing basis in the income statement as financial income or financial expenses.CommentsAs a consequence of ROCKWOOL Group\u2019s extensive international activities, the Group\u2019s income statement and equity are subject to a number of financial risks. The Group manages these risks in the following categories:\u2013 Exchange rate risk \u2013 Interest rate risk \u2013 Liquidity risk \u2013 Credit riskThe Group\u2019s policy is to identify and hedge significant financial risks on an ongoing basis. This is the responsibility of the individual companies in which financial risks might arise and overall supported by the Group\u2019s treasury department. The parent company continuously monitors the Group\u2019s financial risks in accordance with a framework determined by Group Management and/or the Board of Directors.Exchange rate riskAs a consequence of the Group\u2019s structure, net sales and expenditure in foreign currency are to a significant degree set off against each other, so that the Group is not exposed to major exchange rate risks.Commercial exchange rate risks in the companies, which cannot be set off are hedged on a continuous basis, to the extent that they may significantly affect the results of the individual company in a negative direction, using currency loans, currency deposits and/or financial derivatives. Exchange rate risks are hedged in the individual companies. The Group\u2019s hedging reserve is disclosed under \u201cStatement of changes in equity\u201d with an insignificant amount.Categories of financial assets and liabilitiesMEUR 2023 2022Financial assets: Financial instruments for hedging of future cash flows- 1Financial assets at fair value through other comprehensive income - 1Trade receivables 337 347Other receivables and receivables from associated companies 53 80Cash 354 209Financial assets at amortised costs 744 636Financial instruments for hedging of future cash flows 6 3Financial liabilities at fair value through other comprehensive income 6 3Bank loans and other loans including short-term portion 37 141Bank debt 1 7Trade payables 241 270Other payables 205 196Financial liabilities at amortised costs 484 614The carrying value of the Group\u2019s financial assets and liabilities measured at amortised cost are assessed to be a reasonable approximation of fair value.Other receivables and receivables from associated companiesOther receivables and receivables from associated companies fall due within one year in both 2023 and 2022, and amount to 53 MEUR (2022: 80 MEUR).CommentsThe Group\u2019s net sales and expenditures will be subject to exchange rate fluctuations on translation into EUR. A sensitivity analysis is made for the Group\u2019s result and equity based on the underlying currency transactions. The financial instruments included in the sensitivity analysis are cash, receivables, payables, current liabilities and financial investments without taking hedging into consideration.The impact on the net sales of the difference between average rate and year-end rate amounts to 12 MEUR (2022: 50 MEUR) for the five most exposed currencies (USD, RUB, CAD, PLN, and GBP), which is a change of -0.3 percent (2022: -1.3 percent).The Group\u2019s policy is not to hedge exchange rate risks in long-term investments in subsidiaries. When relevant, external investment loans and Group loans are, as a general rule, established in the local currency of the company involved, while cash at bank and in hand are placed in local currency.The Group is currently exposed to foreign currency risk on the intercompany balance between ROCKWOOL A/S and one of the subsidiaries in Russia. Due to the economic environment, it has not been possible to hedge this position since March 2022, which has resulted in an unrealised exchange rate gain of 18 MEUR in 2023 partly off-setting an unrealised loss of 34 MEUR recognised in 2022.In the few countries with ineffective financial markets loans can be raised and surplus liquidity placed in DKK or EUR, subject to the approval of the Group\u2019s finance function. Most Group loans that are not established in DKK or EUR, are hedged via forward agreements, currency loans and cash pools or via the SWAP market.Interest rate riskCurrently the Group does not have any significant non-current interest-bearing debt or assets. The Group\u2019s policy is that necessary financing of investments should primarily be affected by raising five to seven year loans at fixed or variable interest rates.Drawings on credit facilities at variable interest rates generally match the funds, and all Group loans are symmetrical in terms of interest rates. Consequently, changes in interest rates will not have a significant effect on the result of the Group.Sensitivity analysisEffect in MEUR EBITDAChange in exchange rate % 2023 2022USD (+/-) 5% 12 10RUB (+/-) 10% 9 11CAD (+/-) 5% 5 4PLN (+/-) 5% 2 1GBP (+/-) 5% 9 8EquityChange in exchange rate % 2023 2022USD (+/-) 5% 14 14RUB (+/-) 10% 31 35CAD (+/-) 5% 14 12PLN (+/-) 5% 15 13GBP (+/-) 5% 8 11Liquidity riskThe current surplus and deficit liquidity in the Group\u2019s companies is set off, to the extent that this is profitable, via the parent company acting as intra-Group bank and via cash pool systems. When considered appropriate, underlying cash pool systems are established in foreign companies. To the extent that the financial reserves are of an appropriate size, the parent company also acts as lender to the companies in the Group.To ensure adequate financial reserves as defined by the Board of Directors, investment loans can be raised on a continuous basis to partly cover new investments and to refinance existing loans. The parent company has made guarantees for some credit facilities and loans. The parent company has issued ownership clauses and/or deed of postponements in connection with intercompany loans.The parent company ensures on an ongoing basis that flexible, unutilised committed credit facilities of an adequate size are established with Investment Grade credit-rated banks. The Group\u2019s financial reserves also consist of cash at bank and in hand, and unused overdraft facilities.Credit riskDue to the considerable customer spread in terms of geographical location and numbers, the credit risk is fundamentally limited. To a minor degree, when considered necessary, insurance or bank guarantees are used to hedge outstanding receivables.As a consequence of the international diversification of the Group\u2019s activities there are business relations with a number of different banks in Europe, North America and Asia. To minimise the credit risk on placement of funds and on entering into agreements on derived financial instruments, only major, financially sound institutions are used.Customer credit risks are assessed considering the financial position, past experience and other factors. Individual risk limits are set based on internal and external ratings. For write-down of trade receivables please refer to note 4.2.Financial instrumentsFinancial assets and liabilities at fair value are related to foreign exchange rate forward contracts, foreign exchange rate swaps or interest rate swaps all of which have been valued using a valuation technique with market observable inputs (level 2). The Group is using no other valuation technique. The Group enters into derivative financial instruments with financial institutions. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and foreign exchange spot rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__95": { "value": "5.2 Financial risks and instrumentsAccounting policiesDerivative financial instruments are initially recognised in the balance sheet at cost price and are subsequently measured at fair value. Derivative financial instruments are recognised in other receivables and other payables. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging the fair value of a recognised asset or liability, are recognised in the income statement together with any changes in the fair value of the hedged asset or liability. Changes to the fair value of derivative financial instruments, which meet the conditions for hedging future cash flow, are recognised in other comprehensive income provided the hedge has been effective. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The accumulated value adjustment related to these hedge transactions is transferred from other comprehensive income when the position is realised, and is included in the value of the hedged position e.g. the adjustment follows the cash flow.For derivative financial instruments, which do not qualify as hedging instruments, changes to the fair value are recognised on an ongoing basis in the income statement as financial income or financial expenses.CommentsAs a consequence of ROCKWOOL Group\u2019s extensive international activities, the Group\u2019s income statement and equity are subject to a number of financial risks. The Group manages these risks in the following categories:\u2013 Exchange rate risk \u2013 Interest rate risk \u2013 Liquidity risk \u2013 Credit riskThe Group\u2019s policy is to identify and hedge significant financial risks on an ongoing basis. This is the responsibility of the individual companies in which financial risks might arise and overall supported by the Group\u2019s treasury department. The parent company continuously monitors the Group\u2019s financial risks in accordance with a framework determined by Group Management and/or the Board of Directors.Exchange rate riskAs a consequence of the Group\u2019s structure, net sales and expenditure in foreign currency are to a significant degree set off against each other, so that the Group is not exposed to major exchange rate risks.Commercial exchange rate risks in the companies, which cannot be set off are hedged on a continuous basis, to the extent that they may significantly affect the results of the individual company in a negative direction, using currency loans, currency deposits and/or financial derivatives. Exchange rate risks are hedged in the individual companies. The Group\u2019s hedging reserve is disclosed under \u201cStatement of changes in equity\u201d with an insignificant amount.Categories of financial assets and liabilitiesMEUR 2023 2022Financial assets: Financial instruments for hedging of future cash flows- 1Financial assets at fair value through other comprehensive income - 1Trade receivables 337 347Other receivables and receivables from associated companies 53 80Cash 354 209Financial assets at amortised costs 744 636Financial instruments for hedging of future cash flows 6 3Financial liabilities at fair value through other comprehensive income 6 3Bank loans and other loans including short-term portion 37 141Bank debt 1 7Trade payables 241 270Other payables 205 196Financial liabilities at amortised costs 484 614The carrying value of the Group\u2019s financial assets and liabilities measured at amortised cost are assessed to be a reasonable approximation of fair value.Other receivables and receivables from associated companiesOther receivables and receivables from associated companies fall due within one year in both 2023 and 2022, and amount to 53 MEUR (2022: 80 MEUR).CommentsThe Group\u2019s net sales and expenditures will be subject to exchange rate fluctuations on translation into EUR. A sensitivity analysis is made for the Group\u2019s result and equity based on the underlying currency transactions. The financial instruments included in the sensitivity analysis are cash, receivables, payables, current liabilities and financial investments without taking hedging into consideration.The impact on the net sales of the difference between average rate and year-end rate amounts to 12 MEUR (2022: 50 MEUR) for the five most exposed currencies (USD, RUB, CAD, PLN, and GBP), which is a change of -0.3 percent (2022: -1.3 percent).The Group\u2019s policy is not to hedge exchange rate risks in long-term investments in subsidiaries. When relevant, external investment loans and Group loans are, as a general rule, established in the local currency of the company involved, while cash at bank and in hand are placed in local currency.The Group is currently exposed to foreign currency risk on the intercompany balance between ROCKWOOL A/S and one of the subsidiaries in Russia. Due to the economic environment, it has not been possible to hedge this position since March 2022, which has resulted in an unrealised exchange rate gain of 18 MEUR in 2023 partly off-setting an unrealised loss of 34 MEUR recognised in 2022.In the few countries with ineffective financial markets loans can be raised and surplus liquidity placed in DKK or EUR, subject to the approval of the Group\u2019s finance function. Most Group loans that are not established in DKK or EUR, are hedged via forward agreements, currency loans and cash pools or via the SWAP market.Interest rate riskCurrently the Group does not have any significant non-current interest-bearing debt or assets. The Group\u2019s policy is that necessary financing of investments should primarily be affected by raising five to seven year loans at fixed or variable interest rates.Drawings on credit facilities at variable interest rates generally match the funds, and all Group loans are symmetrical in terms of interest rates. Consequently, changes in interest rates will not have a significant effect on the result of the Group.Sensitivity analysisEffect in MEUR EBITDAChange in exchange rate % 2023 2022USD (+/-) 5% 12 10RUB (+/-) 10% 9 11CAD (+/-) 5% 5 4PLN (+/-) 5% 2 1GBP (+/-) 5% 9 8EquityChange in exchange rate % 2023 2022USD (+/-) 5% 14 14RUB (+/-) 10% 31 35CAD (+/-) 5% 14 12PLN (+/-) 5% 15 13GBP (+/-) 5% 8 11Liquidity riskThe current surplus and deficit liquidity in the Group\u2019s companies is set off, to the extent that this is profitable, via the parent company acting as intra-Group bank and via cash pool systems. When considered appropriate, underlying cash pool systems are established in foreign companies. To the extent that the financial reserves are of an appropriate size, the parent company also acts as lender to the companies in the Group.To ensure adequate financial reserves as defined by the Board of Directors, investment loans can be raised on a continuous basis to partly cover new investments and to refinance existing loans. The parent company has made guarantees for some credit facilities and loans. The parent company has issued ownership clauses and/or deed of postponements in connection with intercompany loans.The parent company ensures on an ongoing basis that flexible, unutilised committed credit facilities of an adequate size are established with Investment Grade credit-rated banks. The Group\u2019s financial reserves also consist of cash at bank and in hand, and unused overdraft facilities.Credit riskDue to the considerable customer spread in terms of geographical location and numbers, the credit risk is fundamentally limited. To a minor degree, when considered necessary, insurance or bank guarantees are used to hedge outstanding receivables.As a consequence of the international diversification of the Group\u2019s activities there are business relations with a number of different banks in Europe, North America and Asia. To minimise the credit risk on placement of funds and on entering into agreements on derived financial instruments, only major, financially sound institutions are used.Customer credit risks are assessed considering the financial position, past experience and other factors. Individual risk limits are set based on internal and external ratings. For write-down of trade receivables please refer to note 4.2.Financial instrumentsFinancial assets and liabilities at fair value are related to foreign exchange rate forward contracts, foreign exchange rate swaps or interest rate swaps all of which have been valued using a valuation technique with market observable inputs (level 2). The Group is using no other valuation technique. The Group enters into derivative financial instruments with financial institutions. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and foreign exchange spot rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__105": { "value": "The current surplus and deficit liquidity in the Group\u2019s companies is set off, to the extent that this is profitable, via the parent company acting as intra-Group bank and via cash pool systems. When considered appropriate, underlying cash pool systems are established in foreign companies. To the extent that the financial reserves are of an appropriate size, the parent company also acts as lender to the companies in the Group.To ensure adequate financial reserves as defined by the Board of Directors, investment loans can be raised on a continuous basis to partly cover new investments and to refinance existing loans. The parent company has made guarantees for some credit facilities and loans. The parent company has issued ownership clauses and/or deed of postponements in connection with intercompany loans.The parent company ensures on an ongoing basis that flexible, unutilised committed credit facilities of an adequate size are established with Investment Grade credit-rated banks. The Group\u2019s financial reserves also consist of cash at bank and in hand, and unused overdraft facilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__113": { "value": "5.3 CashCashMEUR 2023 2022Cash 354 209Bank debt 1 7Cash 31/12 353 202", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__114": { "value": "5.4 LoansCommentsBank loans are measured at amortised cost. The carrying amount for these approximates fair value.Bank loans amounted to 37 MEUR at 31 December 2023. The loans are to be fully repaid within three years, of which the majority are due after more than one year. The loans are fixed and floating interest loans, and are denominated in CNY, INR and EUR.In 2022, bank loans amounted to 141 MEUR. The loans were fixed interest loans, were to be fully repaid within three years, and were denominated in EUR and CNY.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__115": { "value": "Bank loans are measured at amortised cost. The carrying amount for these approximates fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__119": { "value": "5.5 Share capitalCommentsThe share capital consists of A shares and B shares. Each A share of a nominal value of 10 DKK (1.3 EUR) carries 10 votes, and each B share of a nominal value of 10 DKK (1.3 EUR) carries one vote. Completion of voluntary conversion of A shares to B shares in accordance with the company's articles of association for 2023 were completed on 18 December 2023, and the company's articles of association have been updated with the resulting changes to the size of the company's A- and B share capital. The total share capital is unchanged.The share capital has been fully paid up. No shareholder is under an obligation to allow his shares to be redeemed whether in whole or in part. The shares are negotiable instruments, and all shares shall be freely transferable.Capital structure and capital allocationManagement regularly assesses the ROCKWOOL capital structure. The overall objective is to ensure continued development and strengthening of the Group's capital structure that supports long-term profitable growth.It is the intention of ROCKWOOL that the net debt should be maximum one time the EBITDA, with due regard to the Group\u2019s long-term financing requirements.The dividend policy is to pay out a stable dividend that is at least one-third of net profit after tax.After assessing the outlook for the economic cycle, investment plans and structural business opportunities, and considering the dividend policy, ROCKWOOL can further decide to initiate share buy-backs to adjust the capital structure.Share capitalMEUR 2023 2022A shares - 10 776 159 shares of 10 DKK each (1.3 EUR) 14B shares - 10 844 550 shares of 10 DKK each (1.3 EUR) 15A shares - 10 906 522 shares of 10 DKK each (1.3 EUR) 15B shares - 10 714 187 shares of 10 DKK each (1.3 EUR) 14Share capital 29 29", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__117": { "value": "5.6 Own sharesAccounting policiesROCKWOOL A/S has a reserve of own shares recognised in retained earnings. The shares are bought back to meet obligations under the Group's equity-basedrestricted share unit programme and as part of the Group's share buy-back programme.Own sharesEUR 2023 2022Average % of Average % of Number purchase/ share Number purchase/ share B sharesof sharessales pricecapitalof sharessales pricecapitalOwn shares 1/1 47 857 0.2 56 228 0.3Purchase 15 000 217 0.1 5 000 314 0.0Settlement/sale 12 569 - 0.1 13 371 103 0.1Own shares 31/12 50 288 0.2 47 857 0.2Own shares are used to hedge the Group\u2019s restricted share unit programme and as part of the Group's share buy-back programme. Own shares are purchased based on authorisation from the General Assembly.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__120": { "value": "5.7 Earnings per shareEarnings per shareMEUR 2023 2022Profit for the year attributable to shareholders of ROCKWOOL A/S 389 273Average number of shares ('000) 21 621 21 621Average number of own shares ('000) 52 54Average number of outstanding shares ('000) 21 569 21 567Dilution effect of restricted share unit programme ('000) 39 42Average number of diluted shares ('000) 21 608 21 609Earnings per share 18.0 12.7Earnings per share, diluted 18.0 12.6", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__116": { "value": "Capital structure and capital allocationManagement regularly assesses the ROCKWOOL capital structure. The overall objective is to ensure continued development and strengthening of the Group's capital structure that supports long-term profitable growth.It is the intention of ROCKWOOL that the net debt should be maximum one time the EBITDA, with due regard to the Group\u2019s long-term financing requirements.The dividend policy is to pay out a stable dividend that is at least one-third of net profit after tax.After assessing the outlook for the economic cycle, investment plans and structural business opportunities, and considering the dividend policy, ROCKWOOL can further decide to initiate share buy-backs to adjust the capital structure.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__125": { "value": "Accounting policiesThe parent company is taxed jointly with all Danish subsidiaries. Income subject to joint taxation is fully distributed. Tax on profit for the year, which includes current tax on profit for the year and changes to deferred tax, is recognised in the income statement. Tax on changes in other comprehensive income is recognised directly under other comprehensive income.Provisions for deferred tax are calculated on all temporary differences between accounting and taxable values, calculated using the balance-sheet liability method.Deferred tax provisions are also made to cover the re-taxation of losses in jointly taxed foreign companies previously included in the Danish joint taxation.Companies within the Group may be entitled to claim special tax deductions for investments in qualifying assets or in relation to qualifying expenditure. The Group accounts for such allowances as tax credits. Consequently, the allowance reduces income tax payables and current tax expense. A deferred tax asset is recognised for unclaimed tax credits that are carried forward.Deferred tax assets are recognised when it is probable that the assets will reduce tax payments in coming years and they are assessed at the expected net realisable value. Deferred tax is stated according to current tax regulations. Changes in deferred tax as a consequence of changes in tax rates are recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__122": { "value": "Accounting policiesThe parent company is taxed jointly with all Danish subsidiaries. Income subject to joint taxation is fully distributed. Tax on profit for the year, which includes current tax on profit for the year and changes to deferred tax, is recognised in the income statement. Tax on changes in other comprehensive income is recognised directly under other comprehensive income.Provisions for deferred tax are calculated on all temporary differences between accounting and taxable values, calculated using the balance-sheet liability method.Deferred tax provisions are also made to cover the re-taxation of losses in jointly taxed foreign companies previously included in the Danish joint taxation.Companies within the Group may be entitled to claim special tax deductions for investments in qualifying assets or in relation to qualifying expenditure. The Group accounts for such allowances as tax credits. Consequently, the allowance reduces income tax payables and current tax expense. A deferred tax asset is recognised for unclaimed tax credits that are carried forward.Deferred tax assets are recognised when it is probable that the assets will reduce tax payments in coming years and they are assessed at the expected net realisable value. Deferred tax is stated according to current tax regulations. Changes in deferred tax as a consequence of changes in tax rates are recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__123": { "value": "Income tax receivable and payableMEUR 2023 2022Income tax receivable and payable 1/1 -1 -13Exchange rate adjustments -2 3Current tax for the year including withholding taxes 112 85Payments during the year -116 -76Adjustment in respect of prior years 4 -1Current tax for the year recognised in other comprehensive income - 1Income tax receivable and payable 31/12 -3 -1Income tax is recognised as follows:Income tax receivable 44 27Income tax payable 41 26Income tax receivable and payable 31/12 -3 -1", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__121": { "value": "6.1 TaxAccounting policiesThe parent company is taxed jointly with all Danish subsidiaries. Income subject to joint taxation is fully distributed. Tax on profit for the year, which includes current tax on profit for the year and changes to deferred tax, is recognised in the income statement. Tax on changes in other comprehensive income is recognised directly under other comprehensive income.Provisions for deferred tax are calculated on all temporary differences between accounting and taxable values, calculated using the balance-sheet liability method.Deferred tax provisions are also made to cover the re-taxation of losses in jointly taxed foreign companies previously included in the Danish joint taxation.Companies within the Group may be entitled to claim special tax deductions for investments in qualifying assets or in relation to qualifying expenditure. The Group accounts for such allowances as tax credits. Consequently, the allowance reduces income tax payables and current tax expense. A deferred tax asset is recognised for unclaimed tax credits that are carried forward.Deferred tax assets are recognised when it is probable that the assets will reduce tax payments in coming years and they are assessed at the expected net realisable value. Deferred tax is stated according to current tax regulations. Changes in deferred tax as a consequence of changes in tax rates are recognised in the income statement.Tax on profit for the yearMEUR 2023 2022Current tax for the year 106 85Change in deferred tax 24 6Adjustment to valuation of tax assets - -3Withholding taxes 6 -Adjustment in current and deferred tax in previous years -3 -3Tax on profit for the year 133 85Reconciliation of effective tax rate% 2023 2022Danish tax rate 22.0 22.0Deviation in non-Danish subsidiaries' tax compared to Danish tax percentage 1.4 0.6Withholding tax adjustment 1.2 -Permanent differences 1.4 1.8Effect on change in income tax rates 0.1 0.2Adjustment to valuation of tax assets - -0.8Other deviations -0.6 -0.1Effective tax rate (%) 25.5 23.7Income tax receivable and payableMEUR 2023 2022Income tax receivable and payable 1/1 -1 -13Exchange rate adjustments -2 3Current tax for the year including withholding taxes 112 85Payments during the year -116 -76Adjustment in respect of prior years 4 -1Current tax for the year recognised in other comprehensive income - 1Income tax receivable and payable 31/12 -3 -1Income tax is recognised as follows:Income tax receivable 44 27Income tax payable 41 26Income tax receivable and payable 31/12 -3 -1Critical estimates and judgementsWhile conducting business globally, transfer pricing disputes, etc. with tax authorities may occur, and Management judgement is applied to assess the possible outcome of such disputes. The most probable outcome is used as the measurement method, and Management believes that the provision made for uncertain tax positions not yet settled with local tax authorities is adequate. However, the actual obligation may deviate and is dependent on the result of litigations and settlements with the relevant tax authorities.The Group is subject to income taxes in numerous jurisdictions. Significant estimates is required in determining provision for uncertain tax positions or the recognition of a deferred tax asset.A tax asset is recognised if it is assessed that the asset can be utilised in a foreseeable future based on strong indications that sufficient future profits are available to absorb the temporary differences including the Group's future tax planning. The valuation of tax assets related to losses carried forward is done on a yearly basis and is based on expected positive taxable income within the next 3-5 years.Minimum TaxationROCKWOOL is within the scope of the OECD Pillar Two minimum taxation rules. Pillar Two legislation was enacted in Denmark where the parent entity is incorporated, and will come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the group has no related current tax exposure. The group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the group is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate.Management has performed a preliminary assessment of the impact of this new regulation based on historical data and concluded that the impact on the ROCKWOOL Group's effective tax rate is immaterial, although a small impact is expected in a few of the smaller jurisdictions that ROCKWOOL is operating in.CommentsTax assets not recognised amount to 20 MEUR (2022: 16 MEUR). The tax assets have not been recognised as they have arisen in subsidiaries that have been loss-making for some time and there is no evidence of recoverability in the near future.Deferred tax assets and liabilities are offset in the consolidated balance sheet if the Group has a legally enforceable right to set off and the deferred tax assets and liabilities relate to the same legal tax entity consolidation. Of the total deferred tax assets recognised, 17 MEUR (2022: 20 MEUR) relate to tax loss carry forwards.Deferred taxMEUR 2023 2022Deferred tax, net 1/1 7 -1Exchange rate adjustments 1 3Change in deferred tax recognised in profit and loss 16 4Adjustment to valuation of tax assets - -3Deferred tax for the year recognised in other comprehensive income for the year -4 4Deferred tax, net 31/12 20 7Deferred tax is recognised in the balance sheet as follows:Deferred tax assets 46 48Deferred tax liabilities 66 55Deferred tax, net 31/12 20 7Deferred tax relates to:Non-current assets 60 44Current assets 6 -Non-current liabilities -18 -7Current liabilities -15 -14Tax loss carried forward -17 -20Re-taxable amounts 4 4Deferred tax, net 31/12 20 7Unrecognised tax assets expire as followsMEUR 2023 2022< 1 year - -1-5 years 3 4> 5 years 13 12Do not expire 4 -Unrecognised tax assets 20 16", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__124": { "value": "The Group is subject to income taxes in numerous jurisdictions. Significant estimates is required in determining provision for uncertain tax positions or the recognition of a deferred tax asset.A tax asset is recognised if it is assessed that the asset can be utilised in a foreseeable future based on strong indications that sufficient future profits are available to absorb the temporary differences including the Group's future tax planning. The valuation of tax assets related to losses carried forward is done on a yearly basis and is based on expected positive taxable income within the next 3-5 years.Minimum TaxationROCKWOOL is within the scope of the OECD Pillar Two minimum taxation rules. Pillar Two legislation was enacted in Denmark where the parent entity is incorporated, and will come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the group has no related current tax exposure. The group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the group is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate.Management has performed a preliminary assessment of the impact of this new regulation based on historical data and concluded that the impact on the ROCKWOOL Group's effective tax rate is immaterial, although a small impact is expected in a few of the smaller jurisdictions that ROCKWOOL is operating in.CommentsTax assets not recognised amount to 20 MEUR (2022: 16 MEUR). The tax assets have not been recognised as they have arisen in subsidiaries that have been loss-making for some time and there is no evidence of recoverability in the near future.Deferred tax assets and liabilities are offset in the consolidated balance sheet if the Group has a legally enforceable right to set off and the deferred tax assets and liabilities relate to the same legal tax entity consolidation. Of the total deferred tax assets recognised, 17 MEUR (2022: 20 MEUR) relate to tax loss carry forwards.Deferred taxMEUR 2023 2022Deferred tax, net 1/1 7 -1Exchange rate adjustments 1 3Change in deferred tax recognised in profit and loss 16 4Adjustment to valuation of tax assets - -3Deferred tax for the year recognised in other comprehensive income for the year -4 4Deferred tax, net 31/12 20 7Deferred tax is recognised in the balance sheet as follows:Deferred tax assets 46 48Deferred tax liabilities 66 55Deferred tax, net 31/12 20 7Deferred tax relates to:Non-current assets 60 44Current assets 6 -Non-current liabilities -18 -7Current liabilities -15 -14Tax loss carried forward -17 -20Re-taxable amounts 4 4Deferred tax, net 31/12 20 7", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__128": { "value": "6.2 Commitments and contingent liabilitiesAccounting policiesProvisions for legal proceedings are recognised if they are certain or probable at the balance sheet date, and if the size of the liability can be measured on a reliable basis. Legal proceedings for which no reliable estimate can be made are disclosed as contingent liabilities.CommentsFor the Group, commitments comprise 28 MEUR (2022: 31 MEUR), which mainly relates to a number of long-term supply agreements and one conditional tangible asset purchase obligation. Contractual obligations for purchase of tangible assets are mentioned in note 3.2. Contingent liabilities amount to 9 MEUR (2022: 6 MEUR).The Group is engaged in a few legal proceedings. It is expected that the outcome of these legal proceedings will not impact the Group\u2019s financial position in excess of what has been provided for in the balance sheet as at 31 December 2023 (as well as at 31 December 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__127": { "value": "6.2 Commitments and contingent liabilitiesAccounting policiesProvisions for legal proceedings are recognised if they are certain or probable at the balance sheet date, and if the size of the liability can be measured on a reliable basis. Legal proceedings for which no reliable estimate can be made are disclosed as contingent liabilities.CommentsFor the Group, commitments comprise 28 MEUR (2022: 31 MEUR), which mainly relates to a number of long-term supply agreements and one conditional tangible asset purchase obligation. Contractual obligations for purchase of tangible assets are mentioned in note 3.2. Contingent liabilities amount to 9 MEUR (2022: 6 MEUR).The Group is engaged in a few legal proceedings. It is expected that the outcome of these legal proceedings will not impact the Group\u2019s financial position in excess of what has been provided for in the balance sheet as at 31 December 2023 (as well as at 31 December 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__126": { "value": "6.2 Commitments and contingent liabilitiesAccounting policiesProvisions for legal proceedings are recognised if they are certain or probable at the balance sheet date, and if the size of the liability can be measured on a reliable basis. Legal proceedings for which no reliable estimate can be made are disclosed as contingent liabilities.CommentsFor the Group, commitments comprise 28 MEUR (2022: 31 MEUR), which mainly relates to a number of long-term supply agreements and one conditional tangible asset purchase obligation. Contractual obligations for purchase of tangible assets are mentioned in note 3.2. Contingent liabilities amount to 9 MEUR (2022: 6 MEUR).The Group is engaged in a few legal proceedings. It is expected that the outcome of these legal proceedings will not impact the Group\u2019s financial position in excess of what has been provided for in the balance sheet as at 31 December 2023 (as well as at 31 December 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__129": { "value": "Accounting policiesProvisions for legal proceedings are recognised if they are certain or probable at the balance sheet date, and if the size of the liability can be measured on a reliable basis. Legal proceedings for which no reliable estimate can be made are disclosed as contingent liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__131": { "value": "6.4 Auditor\u2019s feeCommentsFees for services in addition to the statutory audit of the financial statements which were provided by the statutory auditor PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab to the Group amounted to less than 1 MEUR in both 2023 and 2022.Services in addition to the statutory audit of the financial statements comprise general consultancy services.ROCKWOOL's policy is to follow the 70 percent fee cap restriction on non-audit services provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, the auditor of the parent company. PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab complies with the 70 percent fee cap restriction in 2023 and 2022.Fees to auditors elected at the Annual General MeetingMEUR 2023 2022Statutory audit 2 2Other opinions - -Tax consultancy - -Other services - -Fees to auditors 2 2", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__132": { "value": "6.5 Events after the reporting dateWe are not aware of events subsequent to 31 December 2023, which are expected to have a material impact on the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__134": { "value": "Associated companiesAKUART A/S Denmark 20RESO SA France 20ScanArc Plasma Technologies AB Sweden 34RESO SWISS SA Switzerland 20", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__135": { "value": "6.6 Group companiesParent company ROCKWOOL A/S% Shares Subsidiaries CountryownedROCKWOOL Australia Pty. Ltd. Australia 100ROCKWOOL Handelsgesellschaft m.b.H. Austria 100ROCKWOOL Belgium N.V. Belgium 100ROCKWOOL Bulgaria EooD Bulgaria 100ROXUL Inc. Canada 100ROCKWOOL Firesafe Insulation (Guangdong) Co. Ltd. China 100ROCKWOOL Firesafe Insulation (Jiangsu) Co., Ltd. China 100ROCKWOOL Adriatic d.o.o. Croatia 100ROCKWOOL a.s. Czechia 100ROCKWOOL Danmark A/S Denmark 100Tripplex ApS Denmark 100ROCKWOOL EE O\u00dc Estonia 100ROCKWOOL Finland OY Finland 100ROCKWOOL France S.A.S France 100Deutsche ROCKWOOL GmbH & Co. KG Germany 100HECK Wall Systems GmbH Germany 100ROCKWOOL Beteiligungs GmbH Germany 100ROCKWOOL Mineralwolle GmbH Flechtingen Germany 100ROCKWOOL Operations GmbH & Co. KG Germany 100ROCKWOOL Rockfon GmbH Germany 100ROCKWOOL Verwaltungs GmbH Germany 100ROCKWOOL Building Materials Ltd. Hong Kong 100ROCKWOOL Hungary Kft. Hungary 100ROXUL ROCKWOOL Insulation India Ltd. India 100% Shares Subsidiaries CountryownedROXUL ROCKWOOL Technical Insulation India Pvt. Ltd. India 100ROCKWOOL Technical Insulation India Pvt. Ltd. India 100ROCKWOOL Italia S.p.A. Italy 100ROCKWOOL Japan LLC Japan 100ROCKWOOL Korea Co. Ltd. Korea 100SIA ROCKWOOL Latvia 100ROCKWOOL UAB Lithuania 100Chicago Metallic (Malaysia) Sdn. Bhd. Malaysia 100ROCKWOOL Malaysia Sdn. Bhd. Malaysia 100CMC Productos Perlitas S de R.L. de C.V. Mexico 100Servicios Pearl de Mexico S de R.L. de C.V. Mexico 100AS ROCKWOOL Norway 100FAST Sp. z o.o. Poland 100ROCKWOOL Global Business Service Center Sp. z.o.o. Poland 100ROCKWOOL Polska Sp. z o.o. Poland 100ROCKWOOL Romania s.r.l. Romania 100LLC ROCKWOOL Russia 100LLC ROCKWOOL-NORTH Russia 100LLC ROCKWOOL-Ural Russia 100LLC ROCKWOOL-VOLGA Russia 100ROCKWOOL Building Materials (Singapore) Pte Ltd. Singapore 100ROCKWOOL Slovensko s.r.o. Slovakia 100ROCKWOOL Peninsular S.A.U. Spain 100ROCKWOOL AB Sweden 100% Shares Subsidiaries CountryownedFlumroc AG Switzerland 100PAMAG Engineering AG Switzerland 100ROCKWOOL GmbH Switzerland 100ROCKWOOL (Thailand) Limited Thailand 100Breda Confectie B.V. the Netherlands 100ROCKWOOL B.V. the Netherlands 100ROCKWOOL Insaat ve Yalitim Sistemleri San. Ve Tic. Ltd. Sti. T\u00fcrkiye 100LLC ROCKWOOL Ukraine Ukraine 100ROCKWOOL Middle East FZE UAE 100ROCKWOOL Limited United Kingdom 100ROXUL USA Inc. United States 100", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__133": { "value": "6.6 Group companiesParent company ROCKWOOL A/S% Shares Subsidiaries CountryownedROCKWOOL Australia Pty. Ltd. Australia 100ROCKWOOL Handelsgesellschaft m.b.H. Austria 100ROCKWOOL Belgium N.V. Belgium 100ROCKWOOL Bulgaria EooD Bulgaria 100ROXUL Inc. Canada 100ROCKWOOL Firesafe Insulation (Guangdong) Co. Ltd. China 100ROCKWOOL Firesafe Insulation (Jiangsu) Co., Ltd. China 100ROCKWOOL Adriatic d.o.o. Croatia 100ROCKWOOL a.s. Czechia 100ROCKWOOL Danmark A/S Denmark 100Tripplex ApS Denmark 100ROCKWOOL EE O\u00dc Estonia 100ROCKWOOL Finland OY Finland 100ROCKWOOL France S.A.S France 100Deutsche ROCKWOOL GmbH & Co. KG Germany 100HECK Wall Systems GmbH Germany 100ROCKWOOL Beteiligungs GmbH Germany 100ROCKWOOL Mineralwolle GmbH Flechtingen Germany 100ROCKWOOL Operations GmbH & Co. KG Germany 100ROCKWOOL Rockfon GmbH Germany 100ROCKWOOL Verwaltungs GmbH Germany 100ROCKWOOL Building Materials Ltd. Hong Kong 100ROCKWOOL Hungary Kft. Hungary 100ROXUL ROCKWOOL Insulation India Ltd. India 100% Shares Subsidiaries CountryownedROXUL ROCKWOOL Technical Insulation India Pvt. Ltd. India 100ROCKWOOL Technical Insulation India Pvt. Ltd. India 100ROCKWOOL Italia S.p.A. Italy 100ROCKWOOL Japan LLC Japan 100ROCKWOOL Korea Co. Ltd. Korea 100SIA ROCKWOOL Latvia 100ROCKWOOL UAB Lithuania 100Chicago Metallic (Malaysia) Sdn. Bhd. Malaysia 100ROCKWOOL Malaysia Sdn. Bhd. Malaysia 100CMC Productos Perlitas S de R.L. de C.V. Mexico 100Servicios Pearl de Mexico S de R.L. de C.V. Mexico 100AS ROCKWOOL Norway 100FAST Sp. z o.o. Poland 100ROCKWOOL Global Business Service Center Sp. z.o.o. Poland 100ROCKWOOL Polska Sp. z o.o. Poland 100ROCKWOOL Romania s.r.l. Romania 100LLC ROCKWOOL Russia 100LLC ROCKWOOL-NORTH Russia 100LLC ROCKWOOL-Ural Russia 100LLC ROCKWOOL-VOLGA Russia 100ROCKWOOL Building Materials (Singapore) Pte Ltd. Singapore 100ROCKWOOL Slovensko s.r.o. Slovakia 100ROCKWOOL Peninsular S.A.U. Spain 100ROCKWOOL AB Sweden 100% Shares Subsidiaries CountryownedFlumroc AG Switzerland 100PAMAG Engineering AG Switzerland 100ROCKWOOL GmbH Switzerland 100ROCKWOOL (Thailand) Limited Thailand 100Breda Confectie B.V. the Netherlands 100ROCKWOOL B.V. the Netherlands 100ROCKWOOL Insaat ve Yalitim Sistemleri San. Ve Tic. Ltd. Sti. T\u00fcrkiye 100LLC ROCKWOOL Ukraine Ukraine 100ROCKWOOL Middle East FZE UAE 100ROCKWOOL Limited United Kingdom 100ROXUL USA Inc. United States 100Associated companiesAKUART A/S Denmark 20RESO SA France 20ScanArc Plasma Technologies AB Sweden 34RESO SWISS SA Switzerland 20The German subsidiaries DEUTSCHE ROCKWOOL GmbH & Co. KG and ROCKWOOL Operations GmbH & Co. KG, which have legal form of partnership, make use of the exemptions provided by section 264b of the German Commercial Code (HGB).", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notesesefdkgaap__7__196": { "value": "Hovedgaden 5842640 Hedehusene", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800QRC7LNX935OZ09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }