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"ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact_14340": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "fact_14353": { "value": "1581000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:OtherReservesIncludingRetainedEarningsButExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_14365": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_14378": { "value": "-3991000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact_14316": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:CapitalAndSharePremiumMember", "unit": "iso4217:EUR" } }, "fact_14341": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "fact_14354": { "value": "1094000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:OtherReservesIncludingRetainedEarningsButExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_14366": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_14379": { "value": "1094000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact_14317": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:CapitalAndSharePremiumMember", "unit": "iso4217:EUR" } }, "fact_14329": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact_14342": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "fact_14355": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:OtherReservesIncludingRetainedEarningsButExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_14367": { "value": "183523000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_14380": { "value": "183523000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact_14318": { "value": "66860000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:CapitalAndSharePremiumMember", "unit": "iso4217:EUR" } }, "fact_14330": { "value": "-22287000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact_14343": { "value": "5175000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "fact_14356": { "value": "2090275000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:OtherReservesIncludingRetainedEarningsButExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_14368": { "value": "183523000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_14381": { "value": "2323546000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact_14073": { "value": "
Note 1 - General information
Luxempart S.A. (\u00abthe Company\u00bb or \u00abLuxempart\u00bb) is an investment company whose registered office is located at 12,
rue L\u00e9on Laval, L-3372 in Leudelange. The Company was founded on 25 April 1988 in Luxembourg, under the name
BIL Participations. The Annual General Meeting held on 15 September 1992 decided to change the Company's name
to Luxempart S.A. The consolidated financial statements for the financial years ending on 31 December 2022 and
31 December 2023 incorporate the financial statements of the Company and its subsidiaries (\u00abthe Group\u00bb) and the
Group's share in associates. The Company is listed on the Luxembourg Stock Exchange and registered on the trade
register under no. B27846.
Luxempart is primarily active in Benelux, DACH Region, France and Italy; it actively manages a portfolio of listed and
non-listed companies.
On 26 March 2024, the Board of Directors approved the consolidated financial statements as at 31 December 2023.
The consolidated financial statements will be submitted for approval and publication authorisation during the Annual
General Meeting to be held on 29 April 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14382": { "value": "Luxempart S.A", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14386": { "value": "S.A", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14383": { "value": "12, rue L\u00e9on Laval, L-3372 in Leudelange", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14387": { "value": "12, rue L\u00e9on Laval, L-3372 in Leudelange", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14384": { "value": "Luxembourg", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14385": { "value": "Luxembourg", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14074": { "value": "
On 26 March 2024, the Board of Directors approved the consolidated financial statements as at 31 December 2023.
The consolidated financial statements will be submitted for approval and publication authorisation during the Annual
General Meeting to be held on 29 April 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14075": { "value": "
Note 2 - Consolidation principles, valuation rules,
and accounting standards
DECLARATION OF CONFORMITY
The consolidated annual financial statements are prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union.
FRAMEWORK FOR PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS
The consolidated financial statements are presented in thousands of euros. The functional currency is the euro (\u20ac).
The consolidated financial statements are prepared based on the historical cost, with the exception of financial assets
at fair value through profit and loss and financial assets held for trading, which are measured at fair value.
The valuation principles, methods and techniques are applied consistently within the Group.
The consolidated financial statements have been prepared for the accounting periods ended 31 December 2022 and
31 December 2023 and are presented before allocation of the Company's profit. The allocation of profit for the year
2023 will be proposed at the Annual General Meeting on 29 April 2024.
Notes to the consolidated
financial statements
AT 31 DECEMBER 2023
118
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
SIGNIFICANT MANAGEMENT JUDGMENTS
Qualification as an \u00abinvestment entity\u00bb
Luxempart's management has made significant judgments when determining that Luxempart qualifies as an investment
entity. Luxempart has the following characteristics of an investment entity:
\u2022 It has more than one investment;
\u2022 It has more than one investor;
\u2022 Being listed, Luxempart has investors that are not related parties;
\u2022 It has ownership in form of equity or similar interests, mostly shares in the portfolio companies.
Luxempart's purpose is to invest its capital solely for returns from capital appreciation and investment income. To
meet this objective, Luxempart has built a strategy on two segments: the Direct Investments and the Investment
Funds. The Direct Investments are made with a medium to long-term perspective to grant our portfolio companies
to enjoy sufficient time to implement their strategy, execute their business plan and develop their potential. Each of
our pillars has an exit strategy designed by the Board of directors, which is composed of a majority of independent
members and who will take the decision in the best interest of Luxempart.
Valuation of investments
In preparing the financial statements, the application of the accounting principles and methods described hereafter
requires Luxempart's management to make assumptions and estimates that may have an impact on the amounts
recognised in the statement of profit or loss, on the valuation of assets and liabilities, on the statement of financial
position, and on the information presented in the accompanying notes. Management makes these estimates and
assumptions based on the information available on the date on which the consolidated financial statements are drawn
up and may be required to exercise its judgment. By nature, valuations based on these estimates are subject to a
number of risks and uncertainties before their future realisation. Consequently, the actual results of the operations
in question may differ from these estimates and therefore may have a material impact on the consolidated financial
statements.
CONSOLIDATION PRINCIPLES
Qualifying as an investment entity, Luxempart does not consolidate its subsidiaries and does not apply IFRS 3 when
it acquires control over another entity.
There is one exception to this treatment for subsidiaries providing services that relate to Luxempart's investment
activities. These subsidiaries are fully consolidated.
Investments in subsidiaries not providing services that relate to Luxempart's investment activities and investments
where Luxempart has significant influence or joint control are classified as Financial assets at fair value through profit
or loss, in accordance with IFRS 9.
A list of non-consolidated subsidiaries is set out in note 19.
LUXEMPART ANNUAL REPORT 2023
-
119
SUBSIDIARIES THAT PROVIDE INVESTMENT-RELATED SERVICES (FULLY
CONSOLIDATED)
A subsidiary providing investment-related services is a company over which Luxempart has control. The Company
has control when it:
\u2022 has power over the entity,
\u2022 is exposed, or has rights, to variable returns from its involvement with the entity,
\u2022 has the ability to use its power over the entity to affect the amount of its returns.
These companies are fully consolidated as from the date the Group obtains the control and ceases when this control
is lost.
Non-controlling interests are presented in equity on the consolidated statement of financial position, separately
from \u00abEquity attributable to the owners of the Company\u00bb, and classified under \u00abNon-controlling interests\u00bb. Non-
controlling interests in the Group's profit are also indicated separately on the consolidated statement of profit or loss
and classified under \u00abNon-controlling interests\u00bb.
Expenses, income, assets, and liabilities of subsidiaries are fully incorporated into the consolidated financial statements.
Transactions between companies of the Group, intercompany accounts, and unrealised profits on intragroup transactions
are fully eliminated.
A list of the Group's subsidiaries is presented in note 19.
TRANSACTIONS IN FOREIGN CURRENCIES
Transactions carried out in foreign currencies are converted into the functional currency at the exchange rate in
force as at the transaction date. At the end of each reporting period, the monetary items in foreign currencies are
converted at the rate of the last day of the financial year. Losses or profits from the realisation or conversion of
monetary elements denominated in foreign currencies are recognised in the consolidated statement of profit or loss.
The following exchange rates were used for conversion of the consolidated financial statements. As at 31 December
2023, one euro is equal to:
US Dollar
1.1050 USD
Swiss Franc
0.9259 CHF
Danish Crown
7.4528 DKK
INTANGIBLE ASSETS WITH A FINITE USEFUL LIFE
Intangible assets with a finite useful life are valued at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is applied according to the straight-line method based on an estimate of the fixed asset's useful
life and its possible residual value.
Intangible assets are not subject to revaluations. The useful life is as follows:
Acquired software
3 years
120
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
TANGIBLE ASSETS
Tangible assets are measured at cost (including transaction costs) less accumulated amortisation and accumulated
impairment losses. Depreciation is applied according to the straight-line method based on an estimate of the useful
life of the said asset. Costs related to maintenance are recognised in the consolidated statement of profit or loss.
Tangible assets are not subject to revaluations.
The estimated useful lives are as follows:
Facilities and transport equipment
3 - 5 years
Other tangible assets, furnishings
10 years
PRINCIPLE OF IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
At the end of each reporting period, the Group reviews the carrying amount of tangible and intangible assets in order
to determine whether there is any indication that those assets have suffered an impairment loss. If such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The
recoverable amount is the higher value between the asset's fair value less costs to sell and its value in use. The value
in use is the discounted value of estimated future cash flows expected from continued use of the asset.
FINANCIAL ASSETS
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (\"AFVPL\") are initially measured at their acquisition cost.
They are stated at fair value and measured at the end of each reporting period. Unrealised capital gains and losses
are recognised in the consolidated statement of profit or loss.
In the event of sale of an AFVPL, the difference between the net proceeds from the sale and the carrying amount is
recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\". The transaction
is recognised as at the settlement date.
Financial assets held for trading
Financial assets held for trading classified in current assets are assets acquired mainly with a view to be sold in the
short term.
They are stated at fair value and measured at the end of each reporting period. Changes in fair value are recognised
in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\"
In the event of disposal of a financial asset held for trading, the difference between the net proceeds from the sale
and the carrying amount is recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on
financial assets\". The transaction is recognised as at the settlement date.
LUXEMPART ANNUAL REPORT 2023
-
121
Loans and receivables
Loans and receivables are assets not listed on the stock exchange and repayable with fixed maturity. They originate
when the Group either makes funds, assets, or services available. They are part of current assets insofar as their
maturity does not exceed twelve months after the end of the reporting period (short term). Otherwise, they are part
of non-current assets (long term).
Loans and receivables are measured at amortised cost according to the effective interest rate method. In the event
of a significant loss in value, loans and receivables are impaired through the consolidated statement of profit or loss.
Loans and receivables are considered to be held within a held-to-collect business model consistent with the Group's
continuing recognition of the receivables. Loans and receivables have contractual terms that give rise to cash flows that
are solely payments of principal and interest on the principal amount outstanding. Any gain or loss on derecognition
is recognised in profit or loss.
Bank deposits and Cash and cash equivalents
Bank deposits are saving accounts having a maturity above three months that are less liquid than regular saving
accounts due to their fixed term. They are presented under \"Bank deposits\" in the consolidated statement of financial
position.
Cash and cash equivalents include liquidities, sight deposits, and short-term deposits with maturity within three
months, as well as highly liquid, easily convertible investments.
Bank deposits and Cash and cash equivalents are measured at fair value.
FAIR VALUE OF FINANCIAL ASSETS
Fair value measurements
IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants, on the principal or most advantageous market, at the measurement date.
Financial assets are measured at their fair value at the end of each reporting period.
Listed shares are measured based on their market price on the closing date.
Non-listed financial assets are measured based on valuation methods in line with the requirements of the International
Private Equity and Venture Capital Valuation (IPEV). During the measurement of the fair value of the financial assets
in non-listed companies, Luxempart adopts a multi-criteria approach and applies one or several of the methods
described in the table hereafter.
Discounts may be applied to the values obtained by using each of these methods (discounts for illiquidity, for small
company, etc.).
122
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Assets categorised as level 3 assets are valued by Luxempart's investment team. The valuations are based on information
received from the portfolio companies' management or by external evaluators and on IFRS compliant market data
(mainly market multiples) that are provided by Capital IQ. The investment team performs a calibration exercise at
entry date to determine the valuation model used to assess the fair value of the portfolio companies. The unaudited
information used in the valuations is back-tested at each reporting date, when audited information is available.
After being reviewed by the business controller and the CFO, these valuations are submitted to the Group Executive
Committee for approval. Finally, they are submitted to the Audit, Compliance, and Risks Committee, which conducts a
detailed analysis of the methods and assumptions used. The Management and Audit, Compliance, and Risks Committee
review and analyse the changes in fair value measurement at each period end. The Board of Directors ultimately
approves the fair value measurement of the financial assets when it approves the consolidated financial statements.
Fair value hierarchy
The Group uses a fair value hierarchy that reflects the significance of the data allowing valuations to be established.
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: Data other than quoted market prices included within level 1 that are observable for the asset or liability,
either directly (for example, prices) or indirectly (for example, elements derived from prices);
\u2022 Level 3: Data about the asset or liability not based directly on observable market data.
When a level 1 asset is no longer listed, it is reclassified as a level 3 asset as soon as it is delisted. When data on a
level 2 asset is no longer observable on a market, that asset is reclassified as a level 3 asset at the end of the period.
CAPITAL
Issued shares are considered to be representative of the share capital. Issued equity is recognised at the proceed net
of direct issue costs.
When a company of the Group acquires shares of the parent company, the price paid and the related incurred costs
are recognised and deducted directly in equity at the moment when these shares are cancelled or transferred. When
shares are transferred, the transfer price net of expenses incurred during this transaction and net of taxes is added
to the equity.
BANK BORROWINGS
Bank borrowings bearing interest are recognised at the amount of the cash obtained after deducting any direct
expenses. Transaction expenses (if they are material) are amortised over the remaining life of the debt.
SHARE-BASED PAYMENT ARRANGEMENTS
A stock option plan (for more details, see the remuneration report) has been granted to the Management and some
employees. Each option entitles at exercise to receive one Luxempart's share (equity-settlement), in exchange of the
payment of the strike price. The fair value of the amount granted to employees with respect to the stock option plan,
is recognised at attribution as an expense with the corresponding increase in equity. The fair value is determined
with the Black and Scholes model at initial recognition and is not remeasured subsequently.
LUXEMPART ANNUAL REPORT 2023
-
123
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables and
income tax expenses (corporate income tax and municipal business tax) are estimated and recognised as provisions.
Deferred taxes originate when a temporary difference appears between the taxable base of an asset or liability and
the value at which it appears on the consolidated statement of financial position. Deferred tax is calculated by applying
the tax rate as well as the provisions of the law in force at the time of the calculation.
Deferred tax assets are recognised for all deductible temporary differences (on tax loss carry forwards or other
temporary differences) to the extent that it is probable that taxable profits will be available, against which those
deductible temporary differences can be utilised, or when compensation is possible with existing deferred tax liabilities.
PROVISIONS AND OTHER LIABILITIES
Provisions are recognised once the Group has an actual obligation (legal or implied) resulting from past events that will
probably generate an outflow of resources representative of economic benefits at an amount that can be reasonably
estimated.
Liabilities are recognised at their nominal value.
SEGMENT INFORMATION
Operating segments are the components of the Group whose results are regularly reviewed by the Group Executive
Committee to make decisions about resources to be allocated to the segment and assess its performance.
The segmental information follows Luxempart's investment strategy built on two segments:
\u2022 The \"Direct Investments\" that consists in taking direct participations in companies in the target geographical regions,
which primarily consist of the Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy.
\u2022 The \"Investment Funds\" that consists in the acquisition of shares in investment funds mainly active in private equity
and venture capital.
The Group Executive Committee monitors the performance of the Group based on reporting disclosing these two
segments but not using any geographical segmentation.
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CONSOLIDATED FINANCIAL STATEMENTS
INCOME FROM ORDINARY ACTIVITIES
Luxempart and some of its subsidiaries provide services to other entities within the Group. These services are defined
in a service agreement between the entities involved. The income from these services is recognised in the profit or
loss based on the degree of progress.
DIVIDEND INCOME
The Group recognises dividends when they are received or when the right to receive payment is established. They
result from the distribution of profits to holders of equity instruments in proportion to the rights that they hold in a
category of securities making up the capital.
CONSOLIDATED STATEMENT OF CASH FLOWS
Luxempart is a company whose purpose is the acquisition, holding and sale of shareholdings. The cash flows associated
with this activity are classified as Net cash flows from operating activities.
Net cash flows from investing activities are composed of flows related to tangible and intangible assets.
Net cash flows from financing activities are composed of transactions on equity ( e.g., dividends paid to the shareholders,
transactions on own shares, capital increase and decrease...) and cash flows from and to bank deposits.
CHANGES IN ACCOUNTING METHODS
The new IAS/IFRS and their interpretations listed below, which entered into force in 2023, had no impact on the
Group's consolidated financial statements:
\u2022 Amendments to IFRS 17 Insurance contracts
\u2022 Amendments to IAS 1 Presentation of Financial Statements
\u2022 Amendments to IAS 8 Accounting policies
\u2022 Amendments to IAS 12 Income Taxes: International Tax Reform -Pillar II
Luxempart has not anticipated the application of the new standards, interpretations and amendments to standards
published by the International Accounting Standards Board (IASB) since 31 December 2023. The Group doesn't
anticipate a significant impact on the consolidated financial statements.
LUXEMPART ANNUAL REPORT 2023
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125
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14076": { "value": "
DECLARATION OF CONFORMITY
The consolidated annual financial statements are prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14077": { "value": "
FRAMEWORK FOR PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS
The consolidated financial statements are presented in thousands of euros. The functional currency is the euro (\u20ac).
The consolidated financial statements are prepared based on the historical cost, with the exception of financial assets
at fair value through profit and loss and financial assets held for trading, which are measured at fair value.
The valuation principles, methods and techniques are applied consistently within the Group.
The consolidated financial statements have been prepared for the accounting periods ended 31 December 2022 and
31 December 2023 and are presented before allocation of the Company's profit. The allocation of profit for the year
2023 will be proposed at the Annual General Meeting on 29 April 2024.
Notes to the consolidated
financial statements
AT 31 DECEMBER 2023
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CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14072": { "value": "
Notes to the consolidated
financial statements
AT 31 DECEMBER 2023
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CONSOLIDATED FINANCIAL STATEMENTS
SIGNIFICANT MANAGEMENT JUDGMENTS
Qualification as an \u00abinvestment entity\u00bb
Luxempart's management has made significant judgments when determining that Luxempart qualifies as an investment
entity. Luxempart has the following characteristics of an investment entity:
\u2022 It has more than one investment;
\u2022 It has more than one investor;
\u2022 Being listed, Luxempart has investors that are not related parties;
\u2022 It has ownership in form of equity or similar interests, mostly shares in the portfolio companies.
Luxempart's purpose is to invest its capital solely for returns from capital appreciation and investment income. To
meet this objective, Luxempart has built a strategy on two segments: the Direct Investments and the Investment
Funds. The Direct Investments are made with a medium to long-term perspective to grant our portfolio companies
to enjoy sufficient time to implement their strategy, execute their business plan and develop their potential. Each of
our pillars has an exit strategy designed by the Board of directors, which is composed of a majority of independent
members and who will take the decision in the best interest of Luxempart.
Valuation of investments
In preparing the financial statements, the application of the accounting principles and methods described hereafter
requires Luxempart's management to make assumptions and estimates that may have an impact on the amounts
recognised in the statement of profit or loss, on the valuation of assets and liabilities, on the statement of financial
position, and on the information presented in the accompanying notes. Management makes these estimates and
assumptions based on the information available on the date on which the consolidated financial statements are drawn
up and may be required to exercise its judgment. By nature, valuations based on these estimates are subject to a
number of risks and uncertainties before their future realisation. Consequently, the actual results of the operations
in question may differ from these estimates and therefore may have a material impact on the consolidated financial
statements.
CONSOLIDATION PRINCIPLES
Qualifying as an investment entity, Luxempart does not consolidate its subsidiaries and does not apply IFRS 3 when
it acquires control over another entity.
There is one exception to this treatment for subsidiaries providing services that relate to Luxempart's investment
activities. These subsidiaries are fully consolidated.
Investments in subsidiaries not providing services that relate to Luxempart's investment activities and investments
where Luxempart has significant influence or joint control are classified as Financial assets at fair value through profit
or loss, in accordance with IFRS 9.
A list of non-consolidated subsidiaries is set out in note 19.
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SUBSIDIARIES THAT PROVIDE INVESTMENT-RELATED SERVICES (FULLY
CONSOLIDATED)
A subsidiary providing investment-related services is a company over which Luxempart has control. The Company
has control when it:
\u2022 has power over the entity,
\u2022 is exposed, or has rights, to variable returns from its involvement with the entity,
\u2022 has the ability to use its power over the entity to affect the amount of its returns.
These companies are fully consolidated as from the date the Group obtains the control and ceases when this control
is lost.
Non-controlling interests are presented in equity on the consolidated statement of financial position, separately
from \u00abEquity attributable to the owners of the Company\u00bb, and classified under \u00abNon-controlling interests\u00bb. Non-
controlling interests in the Group's profit are also indicated separately on the consolidated statement of profit or loss
and classified under \u00abNon-controlling interests\u00bb.
Expenses, income, assets, and liabilities of subsidiaries are fully incorporated into the consolidated financial statements.
Transactions between companies of the Group, intercompany accounts, and unrealised profits on intragroup transactions
are fully eliminated.
A list of the Group's subsidiaries is presented in note 19.
TRANSACTIONS IN FOREIGN CURRENCIES
Transactions carried out in foreign currencies are converted into the functional currency at the exchange rate in
force as at the transaction date. At the end of each reporting period, the monetary items in foreign currencies are
converted at the rate of the last day of the financial year. Losses or profits from the realisation or conversion of
monetary elements denominated in foreign currencies are recognised in the consolidated statement of profit or loss.
The following exchange rates were used for conversion of the consolidated financial statements. As at 31 December
2023, one euro is equal to:
US Dollar
1.1050 USD
Swiss Franc
0.9259 CHF
Danish Crown
7.4528 DKK
INTANGIBLE ASSETS WITH A FINITE USEFUL LIFE
Intangible assets with a finite useful life are valued at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is applied according to the straight-line method based on an estimate of the fixed asset's useful
life and its possible residual value.
Intangible assets are not subject to revaluations. The useful life is as follows:
Acquired software
3 years
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CONSOLIDATED FINANCIAL STATEMENTS
TANGIBLE ASSETS
Tangible assets are measured at cost (including transaction costs) less accumulated amortisation and accumulated
impairment losses. Depreciation is applied according to the straight-line method based on an estimate of the useful
life of the said asset. Costs related to maintenance are recognised in the consolidated statement of profit or loss.
Tangible assets are not subject to revaluations.
The estimated useful lives are as follows:
Facilities and transport equipment
3 - 5 years
Other tangible assets, furnishings
10 years
PRINCIPLE OF IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
At the end of each reporting period, the Group reviews the carrying amount of tangible and intangible assets in order
to determine whether there is any indication that those assets have suffered an impairment loss. If such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The
recoverable amount is the higher value between the asset's fair value less costs to sell and its value in use. The value
in use is the discounted value of estimated future cash flows expected from continued use of the asset.
FINANCIAL ASSETS
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (\"AFVPL\") are initially measured at their acquisition cost.
They are stated at fair value and measured at the end of each reporting period. Unrealised capital gains and losses
are recognised in the consolidated statement of profit or loss.
In the event of sale of an AFVPL, the difference between the net proceeds from the sale and the carrying amount is
recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\". The transaction
is recognised as at the settlement date.
Financial assets held for trading
Financial assets held for trading classified in current assets are assets acquired mainly with a view to be sold in the
short term.
They are stated at fair value and measured at the end of each reporting period. Changes in fair value are recognised
in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\"
In the event of disposal of a financial asset held for trading, the difference between the net proceeds from the sale
and the carrying amount is recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on
financial assets\". The transaction is recognised as at the settlement date.
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Loans and receivables
Loans and receivables are assets not listed on the stock exchange and repayable with fixed maturity. They originate
when the Group either makes funds, assets, or services available. They are part of current assets insofar as their
maturity does not exceed twelve months after the end of the reporting period (short term). Otherwise, they are part
of non-current assets (long term).
Loans and receivables are measured at amortised cost according to the effective interest rate method. In the event
of a significant loss in value, loans and receivables are impaired through the consolidated statement of profit or loss.
Loans and receivables are considered to be held within a held-to-collect business model consistent with the Group's
continuing recognition of the receivables. Loans and receivables have contractual terms that give rise to cash flows that
are solely payments of principal and interest on the principal amount outstanding. Any gain or loss on derecognition
is recognised in profit or loss.
Bank deposits and Cash and cash equivalents
Bank deposits are saving accounts having a maturity above three months that are less liquid than regular saving
accounts due to their fixed term. They are presented under \"Bank deposits\" in the consolidated statement of financial
position.
Cash and cash equivalents include liquidities, sight deposits, and short-term deposits with maturity within three
months, as well as highly liquid, easily convertible investments.
Bank deposits and Cash and cash equivalents are measured at fair value.
FAIR VALUE OF FINANCIAL ASSETS
Fair value measurements
IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants, on the principal or most advantageous market, at the measurement date.
Financial assets are measured at their fair value at the end of each reporting period.
Listed shares are measured based on their market price on the closing date.
Non-listed financial assets are measured based on valuation methods in line with the requirements of the International
Private Equity and Venture Capital Valuation (IPEV). During the measurement of the fair value of the financial assets
in non-listed companies, Luxempart adopts a multi-criteria approach and applies one or several of the methods
described in the table hereafter.
Discounts may be applied to the values obtained by using each of these methods (discounts for illiquidity, for small
company, etc.).
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CONSOLIDATED FINANCIAL STATEMENTS
Assets categorised as level 3 assets are valued by Luxempart's investment team. The valuations are based on information
received from the portfolio companies' management or by external evaluators and on IFRS compliant market data
(mainly market multiples) that are provided by Capital IQ. The investment team performs a calibration exercise at
entry date to determine the valuation model used to assess the fair value of the portfolio companies. The unaudited
information used in the valuations is back-tested at each reporting date, when audited information is available.
After being reviewed by the business controller and the CFO, these valuations are submitted to the Group Executive
Committee for approval. Finally, they are submitted to the Audit, Compliance, and Risks Committee, which conducts a
detailed analysis of the methods and assumptions used. The Management and Audit, Compliance, and Risks Committee
review and analyse the changes in fair value measurement at each period end. The Board of Directors ultimately
approves the fair value measurement of the financial assets when it approves the consolidated financial statements.
Fair value hierarchy
The Group uses a fair value hierarchy that reflects the significance of the data allowing valuations to be established.
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: Data other than quoted market prices included within level 1 that are observable for the asset or liability,
either directly (for example, prices) or indirectly (for example, elements derived from prices);
\u2022 Level 3: Data about the asset or liability not based directly on observable market data.
When a level 1 asset is no longer listed, it is reclassified as a level 3 asset as soon as it is delisted. When data on a
level 2 asset is no longer observable on a market, that asset is reclassified as a level 3 asset at the end of the period.
CAPITAL
Issued shares are considered to be representative of the share capital. Issued equity is recognised at the proceed net
of direct issue costs.
When a company of the Group acquires shares of the parent company, the price paid and the related incurred costs
are recognised and deducted directly in equity at the moment when these shares are cancelled or transferred. When
shares are transferred, the transfer price net of expenses incurred during this transaction and net of taxes is added
to the equity.
BANK BORROWINGS
Bank borrowings bearing interest are recognised at the amount of the cash obtained after deducting any direct
expenses. Transaction expenses (if they are material) are amortised over the remaining life of the debt.
SHARE-BASED PAYMENT ARRANGEMENTS
A stock option plan (for more details, see the remuneration report) has been granted to the Management and some
employees. Each option entitles at exercise to receive one Luxempart's share (equity-settlement), in exchange of the
payment of the strike price. The fair value of the amount granted to employees with respect to the stock option plan,
is recognised at attribution as an expense with the corresponding increase in equity. The fair value is determined
with the Black and Scholes model at initial recognition and is not remeasured subsequently.
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123
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables and
income tax expenses (corporate income tax and municipal business tax) are estimated and recognised as provisions.
Deferred taxes originate when a temporary difference appears between the taxable base of an asset or liability and
the value at which it appears on the consolidated statement of financial position. Deferred tax is calculated by applying
the tax rate as well as the provisions of the law in force at the time of the calculation.
Deferred tax assets are recognised for all deductible temporary differences (on tax loss carry forwards or other
temporary differences) to the extent that it is probable that taxable profits will be available, against which those
deductible temporary differences can be utilised, or when compensation is possible with existing deferred tax liabilities.
PROVISIONS AND OTHER LIABILITIES
Provisions are recognised once the Group has an actual obligation (legal or implied) resulting from past events that will
probably generate an outflow of resources representative of economic benefits at an amount that can be reasonably
estimated.
Liabilities are recognised at their nominal value.
SEGMENT INFORMATION
Operating segments are the components of the Group whose results are regularly reviewed by the Group Executive
Committee to make decisions about resources to be allocated to the segment and assess its performance.
The segmental information follows Luxempart's investment strategy built on two segments:
\u2022 The \"Direct Investments\" that consists in taking direct participations in companies in the target geographical regions,
which primarily consist of the Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy.
\u2022 The \"Investment Funds\" that consists in the acquisition of shares in investment funds mainly active in private equity
and venture capital.
The Group Executive Committee monitors the performance of the Group based on reporting disclosing these two
segments but not using any geographical segmentation.
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CONSOLIDATED FINANCIAL STATEMENTS
INCOME FROM ORDINARY ACTIVITIES
Luxempart and some of its subsidiaries provide services to other entities within the Group. These services are defined
in a service agreement between the entities involved. The income from these services is recognised in the profit or
loss based on the degree of progress.
DIVIDEND INCOME
The Group recognises dividends when they are received or when the right to receive payment is established. They
result from the distribution of profits to holders of equity instruments in proportion to the rights that they hold in a
category of securities making up the capital.
CONSOLIDATED STATEMENT OF CASH FLOWS
Luxempart is a company whose purpose is the acquisition, holding and sale of shareholdings. The cash flows associated
with this activity are classified as Net cash flows from operating activities.
Net cash flows from investing activities are composed of flows related to tangible and intangible assets.
Net cash flows from financing activities are composed of transactions on equity ( e.g., dividends paid to the shareholders,
transactions on own shares, capital increase and decrease...) and cash flows from and to bank deposits.
CHANGES IN ACCOUNTING METHODS
The new IAS/IFRS and their interpretations listed below, which entered into force in 2023, had no impact on the
Group's consolidated financial statements:
\u2022 Amendments to IFRS 17 Insurance contracts
\u2022 Amendments to IAS 1 Presentation of Financial Statements
\u2022 Amendments to IAS 8 Accounting policies
\u2022 Amendments to IAS 12 Income Taxes: International Tax Reform -Pillar II
Luxempart has not anticipated the application of the new standards, interpretations and amendments to standards
published by the International Accounting Standards Board (IASB) since 31 December 2023. The Group doesn't
anticipate a significant impact on the consolidated financial statements.
LUXEMPART ANNUAL REPORT 2023
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125
Note 3 - Segment information
Strategic segmentation
The segmental information follows Luxempart's investment strategy built on two segments:
\u2022 The \"Direct Investments\" that consists in taking direct participations in companies in the target geographical regions,
which primarily consist of the Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy.
\u2022 The \"Investment Funds\" that consists in the acquisition of shares in investment funds mainly active in private equity
and venture capital.
A description of the activities, including returns generated by these investment activities and the allocation of resources,
is given in the Management report.
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Profit or loss
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2023
Dividend income
36,398
-
-
36,398
Net gains / (losses) on financial assets
125,150
56,376
-14,564
166,963
Profit on investment activities
161,548
56,376
-14,564
203,361
Services / recovery of services
-
-
2,584
2,584
Staff costs
-
-
-13,984
-13,984
Operating expenses
-
-
-5,953
-5,953
Depreciation and amortisation of non-current
assets
-
-
-2,658
-2,658
Profit from operating activities
161,548
56,376
-34,574
183,350
Financial income
-
-
2,344
2,344
Financial expenses
-
-
-628
-628
Profit before tax
161,548
56,376
-32,859
185,066
Tax expenses
-
-
-1,543
-1,543
Profit / (loss) for the year
161,548
56,376
-34,401
183,523
(*) All assets, liabilities, income and expenses that are not directly allocated to a segment are presented in \"Others\"
The investment in Foyer represents an important part of the section \"Dividend income\" and \"Net gains / (losses) on
financial assets\". The investment in Foyer represents more than 10% of the total of profit on investment activities.
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Assets
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2023
Financial assets at fair value through profit and
1,656,502
loss
503,755
132,518
2,292,774
Bank deposits, loans and receivables
62
-
25,000
25,062
Intangible and tangible assets
-
-
1,432
1,432
Total non-current assets
1,656,564
503,755
158,950
2,319,268
Total current assets
-
-
16,906
16,906
Total assets
1,656,564
503,755
175,855
2,336,174
Equity and liabilities
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2023
Total equity
-
-
2,323,546
2,323,546
Total liabilities
-
-
12,628
12,628
Total equity and liabilities
-
-
2,336,174
2,336,174
LUXEMPART ANNUAL REPORT 2023
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127
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Profit or loss
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2022
Dividend income
53,636
4,578
-
58,213
Net gains / (losses) on financial assets
-13,420
38,008
-16,676
7,912
Profit on investment activities
40,216
42,585
-16,676
66,126
Services / recovery of services
-
-
1,498
1,498
Staff costs
-
-
-14,829
-14,829
Operating expenses
-
-
-6,822
-6,822
Depreciation and amortisation of non-current
assets
-
-
-85
-85
Profit from operating activities
40,216
42,585
-36,914
45,888
Financial income
-
-
2,213
2,213
Financial expenses
-
-
-537
-537
Profit before tax
40,216
42,585
-35,237
47,564
Tax expenses
-
-
-1,161
-1,161
Profit / (loss) for the year
40,216
42,585
-36,398
46,403
(*) All assets, liabilities, income and expenses that are not directly allocated to a segment are presented in \"Others\"
The investment in Foyer represents an important part of the section \"Dividend income\" and \"Net gains / (losses) on
financial assets\". The investment in Foyer represents more than 10% of the total of profit on investment activities.
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Assets
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2022
Financial assets at fair value through profit and
1,355,520
loss
384,448
238,330
1,978,304
Bank deposits, loans and receivables
2,612
-
25,000
27,612
Intangible and tangible assets
-
-
352
352
Total non-current assets
1,358,132
384,448
263,682
2,006,268
Total current assets
-
-
188,830
188,830
Total assets
1,358,132
384,448
452,511
2,195,098
Equity and liabilities
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2022
Total equity
-
-
2,182,864
2,182,864
Total liabilities
-
-
12,234
12,234
Total equity and liabilities
-
-
2,195,098
2,195,098
LUXEMPART ANNUAL REPORT 2023
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129
Geographic segmentation
The following table provides details on segmentation information based on country incorporation.
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Profit or loss
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2023
Dividend income
31,219
3,187
-
1,837
155
36,398
Net gains / (losses) on financial
27,326
assets
95,062
64,621
-12,802
-7,245
166,963
Profit on investment activities
58,545
98,250
64,621
-10,964
-7,090
203,361
Services / recovery of services
2,584
-
-
-
-
2,584
Staff costs
-13,369
-
-615
-
-
-13,984
Operating expenses
-5,853
-
-100
-
-
-5,953
Depreciation and amortisation of
non-current assets
-2,654
-
-4
-
-
-2,658
Profit from operating activities
39,252
98,250
63,903
-10,964
-7,090
183,350
Financial income
2,344
-
-
-
-
2,344
Financial expenses
-628
-
-
-
-
-628
Profit before tax
40,968
98,250
63,903
-10,964
-7,090
185,066
Tax expenses
-1,543
-
-
-
-1,543
Profit / (loss) for the year
39,425
98,250
63,903
-10,964
-7,090
183,523
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Assets
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2023
Financial assets at fair value
868,205
through profit and loss
504,298
612,509
219,115
88,648
2,292,774
Bank deposits, loans and
receivables
25,000
-
-
-
62
25,062
Intangible and tangible assets
1,393
-
3 9
-
-
1,432
Total non-current assets
894,598
504,298
612,547
219,115
88,710
2,319,268
Total current assets
8,713
6,404
27
23
1,739
16,906
Total assets
903,311
510,702
612,574
219,138
90,449
2,336,174
Equity and liabilities
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2023
Total equity
2,323,546
-
-
-
-
2,323,546
Total liabilities
12,053
228
272
-
75
12,628
Total equity and liabilities
2,335,599
228
272
-
75
2,336,174
LUXEMPART ANNUAL REPORT 2023
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131
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Profit or loss
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2022
Dividend income
49,868
6,690
-
919
738
58,213
Net gains / (losses) on financial
-82,440
assets
-3,426
56,757
59,199
-22,177
7,912
Profit on investment activities
-32,573
3,263
56,757
60,118
-21,439
66,126
Services / recovery of services
1,498
-
-
-
-
1,498
Staff costs
-14,764
-
-65
-
-
-14,829
Operating expenses
-6,764
-
-58
-
-
-6,822
Depreciation and amortisation of
non-current assets
-85
-
-
-
-
-85
Profit from operating activities
-52,688
3,263
56,634
60,118
-21,439
45,888
Financial income
2,213
-
-
-
-
2,213
Financial expenses
-537
-
-
-
-
-537
Profit before tax
-51,012
3,263
56,634
60,118
-21,439
47,564
Tax expenses
-1,160
-
-1
-
-
-1,161
Profit / (loss) for the year
-52,172
3,263
56,633
60,118
-21,439
46,403
132
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Assets
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2022
Financial assets at fair value
892,687
through profit and loss
432,474
375,642
215,076
62,425
1,978,304
Bank deposits, loans and
receivables
27,550
-
-
-
62
27,612
Intangible and tangible assets
352
-
-
-
-
352
Total non-current assets
920,589
432,474
375,642
215,076
62,487
2,006,268
Total current assets
181,921
6,482
39
23
365
188,830
Total assets
1,102,510
438,956
375,681
215,099
62,852
2,195,098
Equity and liabilities
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2022
Total equity
2,182,864
-
-
-
-
2,182,864
Total liabilities
11,705
443
34
1
52
12,234
Total equity and liabilities
2,194,569
443
34
1
52
2,195,098
LUXEMPART ANNUAL REPORT 2023
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133
Note 4 - Operating expenses
The following table provides details on operating expenses:
In thousands of \u20ac
2023
2022
External advisors and other similar fees
2,000
2,724
Taxes other than income tax
597
738
Directors allowances
863
830
Rental expenses
511
474
Insurance premiums
95
82
Administrative expenses and other operating expenses
1,887
1,975
Total
5,953
6,822
All expenses are recognised in the consolidated statement of profit or loss at the time of the transaction.
134
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 5 - Staff costs
The following table provides details of staff costs and benefits:
In thousands of \u20ac
2023
2022
Remuneration, wages and bonuses
12,913
13,908
Social security contributions
518
455
Supplementary pension plan
552
466
Total
13,984
14,829
As at 31 December 2023, \"Remuneration, wages and bonuses\" comprised expenses amounting to \u20ac 1,094 thousand
relating to the recognition of the stock options attributed to Management and employees in 2023.
In 2022, an amount of
1,780 thousand has been recognised for a bonus for which no provision has been made.
Pension plan
The Group has opted for a defined-contribution pension plan and pays annual contributions to a separate entity (Foyer
Vie). The Group will have no legal or implied obligation to pay additional contributions if said entity does not have
enough assets to cover the benefits corresponding to the services rendered by staff members during the current and
prior periods.
The Group offers defined-contribution pension plans to its employees. Luxempart pays contributions corresponding to
a percentage of the payroll expenses into the retirement scheme in order to fund these benefits. The only obligation
with regard to the retirement scheme involves paying these contributions which are recognised in staff costs.
Premiums are paid annually and recognised directly in the consolidated statement of profit or loss.
Number of employees
The following table indicates the average number of employees over the year:
CATEGORY
2023
2022
Managers
5
6
Staff
23
21
Total
28
27
LUXEMPART ANNUAL REPORT 2023
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135
Note 6 - Dividends income
The following table breaks down the dividends received during the year:
In thousands of \u20ac
2023
2022
Foyer
29,096
47,842
Atenor
2,005
1,907
Crealis
1,837
919
Others
3,460
7,546
Total
36,398
58,213
Note 7 - Financial income and expenses
A.
FINANCIAL INCOME
Interests and similar income are mainly composed of interests received on deposit accounts with credit institutions
(\u20ac1,804 thousand), of coupons received (\u20ac 285 thousand) and of interest on loans to participations (\u20ac 255 thousand).
As at 31 December 2023, they amount to \u20ac 2,344 thousand (2022: \u20ac 2,213 thousand).
B.
FINANCIAL EXPENSES
In thousands of \u20ac
2023
2022
Bank expenses and interest expenses
301
394
Other expenses
327
143
Total
628
537
Bank expenses and interest expenses primarily include interests paid on short-term cash advances (in 2022, they
also included negative interests paid on cash at bank). The other expenses primarily include foreign exchange losses
on current assets.
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 8 - Current tax expenses
The Group recognises the current tax expenses on the corporate profits as follows:
A.
DETAIL OF TAXES
In thousands of \u20ac
2023
2022
Corporate income tax (IRC)
21
-6
Subtotal income tax expenses
21
-6
Wealth tax
1,522
1,167
Total
1,543
1,161
The international taxation reform, commonly known as \"Pillar Two\" and designated to establish a minimum tax rate
of 15 % common to various jurisdictions, has been analysed by Luxempart, that has concluded that the Group does
not fall under the scope of the directive.
B.
RECONCILIATION OF INCOME TAX EXPENSES TO THE ACCOUNTING PROFIT
in thousands of \u20ac
2023
2022
Profit before tax
185,066
47,564
Company's average tax rate
24.94%
24.94%
Theoretical tax expense
46,155
11,862
Effect of non-taxable capital gains
-41,334
-1,973
Effect of non-taxable dividends
-9,078
-14,518
Effect of tax adjustments relating to previous years
-
-8
Other tax adjustments
4,276
4,631
Total tax expense
21
-6
LUXEMPART ANNUAL REPORT 2023
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137
Note 9 - Intangible and tangible assets
The movements in intangible and tangible assets that occurred during financial years 2022 and 2023 are as follows:
Cost
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2021
61
620
129
810
Acquisitions / Disposals
-
70
-
70
as at 31/12/2022
61
690
129
880
Acquisitions
-
1,236
-
1,236
Disposals
-
-116
-
-116
as at 31/12/2023
61
1,810
129
1,999
Depreciation
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2021
38
276
129
443
Depreciation / Disposals
7
78
-
85
as at 31/12/2022
45
354
129
528
Depreciation
7
101
-
108
Disposals
-
-69
-
-69
as at 31/12/2023
52
387
129
568
Carrying amount
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
16
336
-
352
as at 31/12/2023
9
1,423
-
1,432
138
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 10 - Financial assets at fair value through
profit or loss
The following tables provide details of changes in financial assets at fair value through profit or loss in 2022 and 2023:
In thousands of \u20ac
Financial assets at fair value
through profit or loss
Fair value as at 31/12/2021
2,015,795
Acquisitions
198,041
Disposals
-243,445
Net gains/(losses) on financial assets
7,912
Fair value as at 31/12/2022
1,978,304
Acquisitions
272,040
Disposals
-123,302
Net gains/(losses) on financial assets
165,732
Fair value as at 31/12/2023
2,292,774
Financial assets at fair value through profit or loss (\"AFVPL\") are classified into two segments, Direct Investments and
Investment Funds. During the 2023 financial year, the Group invested:
\u2022 \u20ac 234,329 thousand in Direct Investments mainly in Kestrel Vision, Coutot-Roehrig, Alphacaps, MTWH, and a total
amount of \u20ac 44,463 thousand in listed companies (Nexus, Tonies...).
\u2022 \u20ac 1,595 thousand in Capital at Work portfolio and new bonds portfolio.
\u2022 \u20ac 36,116 thousand in the Investment Funds activity.
The Group sold:
\u2022 shares in Direct Investments mainly of the listed companies for \u20ac 81,875 thousand.
\u2022 bonds and shares from its Capital at Work and other bonds portfolios for \u20ac 41,427 thousand.
The net capital gains realised in 2023 correspond to the value increase since 31 December 2022.
The caption \"Net gains/(losses) on financial assets\" also include a compensation to be received with regards to the
losses encountered on Pescanova following the criminal trial amounting to \u20ac 1,231 thousand.
Assets at fair value through profit or loss are categorised as level 1 and level 3 assets.
LUXEMPART ANNUAL REPORT 2023
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139
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS
In thousands of \u20ac
Level 1
Level 3
Total
Fair value as at 31/12/2021
279,889
1,735,906
2,015,795
Level transfer
12,284
-12,284
-
Acquisitions
111,502
86,539
198,042
Disposals
-4,956
-238,489
-243,444
Net gains/(losses) on financial assets
-43,731
51,643
7,912
Fair value as at 31/12/2022
354,988
1,623,315
1,978,304
Acquisitions
46,058
225,982
272,040
Disposals
-123,149
-153
-123,302
Net gains/(losses) on financial assets
-2,438
168,170
165,732
Fair value as at 31/12/2023
275,459
2,017,315
2,292,774
Level 1: Financial assets consist of listed investments, mainly in Atenor, Technotrans, Tonies, Nexus and Capital at
Work portfolio.
Level 3: Financial assets consist of private-equity investments, mainly in Foyer, Armira Holding, Evariste, Crealis, ESG
Elektroniksystem- und Logistik, Kestrel Vision, and Luxempart Capital Partners SICAR.
140
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
LEVEL 3 FINANCIAL ASSETS RISK ANALYSIS
The following table sets out the impacts of changes in non-observable data on the fair value of financial assets.
In thousands of \u20ac
Level 3 for financial assets
Valuation tech-
niques
Significant unobservable inputs
Fair value
Impact -10%
Impact +10%
Market multiple
Discount for illiquidity and/or minority
1,263,413
1,156,266
1,350,815
Revalued net asset
The net asset value communicated to the
Group
753,901
685,802
822,000
Total
2,017,314
1,842,068
2,172,815
At 31 December 2023, the valuation methods have not significantly changed since 2022.
Level 3 fair value valuation techniques used
The following table provides information on the methods used according to IFRS 13 to determine the fair value of
financial assets in private equity, as well as the valuation techniques and inputs used.
Valuation techniques
Use of the technique
Significant
unobservable inputs
Relationship of
unobservable inputs
to fair value
Market multiple
Primary valuation technique
used by Luxempart
(in absence of recent
transactions involving an
identical or similar asset)
Discount for illiquidity
and/or minority resulting
from the calibration of the
valuation model
The higher the discount, the
lower the fair value
Revalued net asset
For private equity funds and
any similar structures as
well as investments entities
with assets recognised at
fair value
The net asset value
communicated to the Group
The higher the net asset
value, the higher the fair
value
LUXEMPART ANNUAL REPORT 2023
-
141
Note 11 - Non-current loans and receivables
The non-current loans and receivables consist of loans and receivables with a maturity of more than one year granted
to a portfolio companies. As at 31 December 2023, they amount to \u20ac 62 thousand (2022: \u20ac 2,612 thousand) including
an impairment of \u20ac 2,550 thousand recorded on a loan. The fair value of the non-current loans and receivables does
not differ significantly from their carrying amount.
Note 12 - Current loans and receivables
The following table provides details of the current loans and receivables:
In thousands of \u20ac
2023
2022
Receivable from non-consolidated controlled entity
130
73
Tax receivables
7,958
6,860
Trade receivables
1,914
703
Accrued interest not yet due
116
342
Other receivables
1,417
90
Total
11,534
8,068
As at 31 December 2023, Luxempart has claims of \u20ac 6,304 thousand against the German tax authorities.
The fair value of short-term receivables does not differ significantly from their carrying amount. The maturity of
current loans and receivables is less than one year.
142
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 13 - Bank deposits, Cash and cash equivalents
The following table provides details of the bank deposits, cash and cash equivalents:
In thousands of \u20ac
2023
2022
Bank deposits
25,000
25,000
Total
25,000
25,000
Bank deposits of the Group are placed on accounts with a maturity between 3 to 36 months. Deposits bear interest
at variable rates in force on the market. An analysis of the liquidity risk is provided in note 24.
In thousands of \u20ac
2023
2022
Bank deposits
-
124,000
Cash and cash equivalents
5,372
56,762
Total
5,372
180,762
Bank deposits of the Group are placed on accounts with a maturity less than three months.
Deposits bear interest at variable rates in force on the market. An analysis of the liquidity risk is provided in note 24.
LUXEMPART ANNUAL REPORT 2023
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143
Note 14 - Capital and share premium
A.
CAPITAL AND SHARE PREMIUM
The authorised capital amounts to \u20ac 90,000 thousand.
In thousands of \u20ac
2023
2022
Subscribed capital
51,750
51,750
Share premium
15,110
15,110
Total
66,860
66,860
B.
CAPITAL MANAGEMENT
As at 31 December 2023, subscribed capital amounts to \u20ac 51,750,000 and is represented by 20,700,000 fully paid-up
shares without designation of nominal value. Each share entitles the holder to a dividend and a vote during General
Meetings.
There are no other share classes or options or pre-emptive rights entitling holders to the issuance of shares of another
class that could have a dilutive effect on the number of shares issued.
The Board of Directors has the authorisation, until the 2024 Annual General Meeting, to buy back own shares. The
accounting par value of the shares bought back, including own shares already previously acquired, may not exceed
30% of the subscribed capital. This own share buyback policy is intended to improve the security's liquidity on the
stock exchange, grant shares to managers, cancel the own shares through a decision of the Extraordinary General
Meeting, or transfer these shares to a new shareholder.
In view of the Group's liquidity, all new investments are funded only from the Company's equity. For investments in
private equity, external debt may be used at the level of the investment.
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 15 - Reserves and own shares
A.
LEGAL RESERVE
From the net profit of the statutory accounts under Luxembourg GAAP, 5% must be deducted annually to build up
the reserve fund required by Luxembourg law. This deduction will no longer be mandatory when the reserve fund
reaches one-tenth of the share capital.
The legal reserve may not be distributed to the shareholders except in case of dissolution of the Company.
As at 31 December 2023, the legal reserve amounts to \u20ac 5,175 thousand (2022: \u20ac 5,175 thousand).
B.
OTHER RESERVES
In thousands of \u20ac
2023
2022
Consolidated reserves
2,082,621
2,068,556
Special reserve
6,561
9,446
Stock option plan reserve
1,094
3,137
Total
2,090,275
2,081,139
Consolidated reserves
The consolidated reserves are composed of the income accumulated by the subsidiaries since their first consolidation,
as well as some movements related to consolidation entries.
Special reserve
As at 31 December 2023, the special reserve includes the untaxed capital gains from disposal on participations.
These capital gains, recognised in the equity, result from application of Article 54 of the income tax law and are to be
reinvested within two years following the financial year of the disposal. If these gains are not reinvested within this
two-year period, they will be reversed through the consolidated statement of profit or loss and subject to tax The
special reserve may not be distributed to the shareholders except in case of dissolution of the Company
As at 31 December 2023, the special reserve decreased by \u20ac 2,885 thousand. The untaxed capital gain hasn't been
reinvested in Luxembourg companies.
Stock option plan reserve
As at 31 December 2023, the stock option plan reserve amounts to \u20ac 1,094 thousand. This reserve relates to the
recognition of the stock option attributed to Management and employees in 2023. This expense is recognised under
\"Remuneration, wages and bonuses\" in the consolidated statement of profit or loss and disclosed in the note 5.
The fair value of the options is calculated according to the Black and Scholes model.
For financial year 2023, the Board of Directors granted 101,166 Luxempart options with an exercise price of \u20ac 75.50
per share.
LUXEMPART ANNUAL REPORT 2023
-
145
The table below summarises the movements of the year:
In thousands of \u20ac
Total
Number of options outstanding at 01/01/2023
517,689
Options exercised in 2023
-87,364
Options issued in 2023
101,166
Options buyback in 2023 (see Remuneration report)
-20,000
Number of options outstanding at 31/12/2023
511,491
The average exercise price of options exercised in 2023 is \u20ac 51.22.
The table below provides the plan's characteristics:
Tranche
Year Exercise price
Exercise period
Share price when
allotted
Tranche 8
2016
33.99
Oct 2020 - Oct 2024
39.78
Tranche 9
2017
52.61
Aug 2021 - Aug 2025
50.00
Tranche 10
2018
56.50
June 2022 - June 2026
47.80
Tranche 11
2019
52.50
May 2023 - May 2027
53.00
Tranche 12
2020
47.73
April 2024 - April 2028
49.00
Tranche 13
2020
46.00
Januar 2025 - Januar 2029
49.00
Tranche 14
2022
76.29
Januar 2026 - Januar 2032
78.00
Tranche 15
2023
75.50
March 2027 - March 2033
73.00
Dividend growth
2.4%
Historical volatility of share price
18.7%
As at 31 December 2023, 96,825 options can be exercised.
C. OWN SHARES AND RESERVE FOR OWN SHARES
Number of
shares issued
Number of
own shares
Number of
outstanding shares
As at 31/12/2021
20,700,000
574,735
20,125,265
Acquisition and disposals
-
-34,322
34,322
As at 31/12/2022
20,700,000
540,413
20,159,587
Acquisition and disposals
-
30,269
-30,269
As at 31/12/2023
20,700,000
570,682
20,129,318
As at 31 December 2023, Luxempart holds 570,682 own shares (2022: 540,413 own shares), amounting to \u20ac -22,286
thousand (2022: \u20ac -16,714 thousand). The reserve for own shares may not be distributed to the shareholders except
in case of dissolution of the Company.
They were excluded from the diluted weighted-average number of ordinary shares calculation because their effect
would have been anti-dilutive. The weighted average number of shares outstanding as at 31 December 2023 is
20,123,803 (2022: 20,121,560).
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 16 - Dividends paid
A dividend of \u20ac 1.98 gross per share was paid during the first half of 2023 in respect of the 2022 financial year, giving
a total dividend paid of \u20ac 39,942,223 (2022: \u20ac 1.80 gross per share, giving a total dividend paid of \u20ac 36,244,377).
The consolidated financial statements as at 31 December 2023 do not include the dividend that will be proposed to
the Annual General Meeting of 29 April 2024. It was not recognised as a liability in the 2023 consolidated financial
statements.
The Board of Directors proposes an ordinary dividend of \u20ac 2.17 gross per share. The payment terms of the dividend
will be communicated during the Annual General Meeting of 29 April 2024.
Note 17 - Non-current provisions
The following table provides details of the non-current provisions:
In thousands of \u20ac
2023
2022
Tax provisions
3,623
2,102
Other provisions
185
152
Total
3,808
2,254
The tax provisions relate to income taxes, municipal business taxes and net wealth tax for 2023 and previous years.
LUXEMPART ANNUAL REPORT 2023
-
147
Note 18 - Current liabilities
In thousands of \u20ac
2023
2022
Tax and social debts
791
605
Trade liabilities
7,554
8,790
Other debts
475
586
Total
8,819
9,981
Tax and social debts include amounts owed to the tax authorities for social security contributions. Trade liabilities
and other debts are mainly composed of amounts due to the Group's suppliers and service providers, as part of its
activities. They also include a provision for the 2023 bonuses, that will be paid in 2024.
The fair value of current liabilities does not differ significantly from their carrying amount.
Note 19 - List of subsidiaries
A.
SUBSIDIARIES PROVIDING INVESTMENT RELATED SERVICES,
FULLY CONSOLIDATED
The following table lists all subsidiaries providing fully consolidated investment related services to the Company:
Subsidiary
Place of incorporation
Percentage
held in
31/12/2023 31/12/2022
Percentage
held in
Luxempart Management S.\u00e0.r.l
Luxembourg
-
100.0%
Luxempart Conseil SAS
France
100.0%
100.0%
Bravo Capital S.A.
Luxembourg
80.0%
80.0%
Given that Luxempart meets the criteria laid down in Article 70 of the Luxembourg Law of 19 December 2002, its
subsidiaries are exempt from the requirements relating to the publication of statutory annual accounts.
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
B.
NON-CONSOLIDATED ENTITIES
Subsidiary
Place of incorporation
Percentage
held in
31/12/2023 31/12/2022
Percentage
held in
Indufin NV
Belgium
40.0%
40.0%
M-Sicherheitsholding GmbH (Mehler)
Germany
30.0%
30.0%
Pescahold S.A.
Luxembourg
100.0%
100.0%
Luxempart Invest S.\u00e0.r.l
Luxembourg
100.0%
100.0%
Pryco GmbH (Prym)
Germany
55.6%
55.6%
Foyer S.A.
Luxembourg
31.0%
31.0%
E-Sicherheitsholding GmbH (ESG)
Germany
23.1%
23.1%
Assmann holding GmbH
Germany
48.6%
49.0%
Efesto Investment S.\u00e0.r.l (MTWH)
Luxembourg
23.7%
30.5%
Evariste Holding SAS
France
40.0%
40.0%
LuxCo Invest S.\u00e0.r.l *
Luxembourg
80.5%
80.5%
Kestrel Vision SAS
France
27.8%
-
Coutot-Roehrig SAS
France
35.8%
-
XV Holding GmbH
Germany
38.1%
-
Luxempart Capital Partners SICAR S.A. *
Luxembourg
100.0%
100.0%
Quip Holding GmbH
Germany
53.7%
53.7%
Bravo Capital Partners II SCA-SICAV-RAIF
Luxembourg
45.0%
45.0%
Bravo Capital Partners SCA RAIF*
Luxembourg
100.0%
100.0%
Bravo Luxury S.\u00e0.r.l (Vesta)
Italy
100.0%
100.0%
Luxempart German Investments S.A. *
Luxembourg
100.0%
100.0%
Arwe Mobility Holding (in liquidation)
Germany
50.0%
50.0%
Rattay Group GmbH
Germany
39.9%
39.9%
WDS GmbH
Germany
44.0%
44.0%
Luxempart German Invest II S.\u00e0.r.l */**
Luxembourg
-
100.0%
Luxempart French Investment S.\u00e0.r.l *
Luxembourg
100.0%
100.0%
D'Alba Invest S.\u00e0.r.l * (Mirato)
Luxembourg
99.2%
99.2%
Indufin Capital Partners S.A. SICAR *
Belgium
50.0%
50.0%
This table lists all entities under the Company's control or significant influence which are measured at fair value
through profit or loss (note 10), as well as their own controlled or under influence subsidiaries. Luxempart neither
provided nor committed to provide financial or other support to any of its non-consolidated subsidiaries.
This table shows the percentage held in the holding companies, that may differ from the percentage held indirectly
in the operational companies.
* These entities are investments entities, such as defined by IFRS 10.
** Luxempart German Invest II S.\u00e0 r.l. was liquidated in 2023.
LUXEMPART ANNUAL REPORT 2023
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149
Note 20 - Main off-balance sheet rights and
commitments
The Group has invested in investment funds through its subsidiary Luxempart Capital Partners SICAR.
The commitments represent amounts the Group has contractually committed in the investment funds but do not yet
represent a cost or asset. It is an indication of committed future cash flows.
The commitments are recognised in the balance sheet at the moment of settlement.
The commitments at the year end do not impact the Group's financial results.
As at 31 December 2023, Luxempart has the following undrawn commitments towards investment funds:
In thousands of \u20ac
2023
2022
Undrawn commitments in EUR
137,266
132,748
Undrawn commitments in USD (converted in EUR)
106,946
104,243
Total
244,212
236,991
During the year, Luxempart negociated two confirmed credit lines totalling \u20ac 100,000 thousand, of minimum 3 year
tenors. As at 31 December 2023, the credit lines have the following situation:
In thousands of \u20ac
2023
2022
Confirmed credit lines
100,000
-
Amount drawn
-
-
Amount undrawn
100,000
-
150
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 21 \u2013 Directors' allowances and executive
management remuneration
In thousands of \u20ac
2023
2022
Directors' allowances and attendance fees
1,074
1,014
Management remuneration
6,401
5,675
Total
7,476
6,689
Directors' allowances and attendance fees as well as executive management remuneration for 2023 is recognised in
\"Operating expenses\" (note 4) and in \"Staff costs\" (note 5). The remuneration of executive officers includes a provision
for bonus payable in 2024, relating to 2023.
LUXEMPART ANNUAL REPORT 2023
- 151
Note 22 - Remuneration of the R\u00e9viseur
d'entreprises agr\u00e9\u00e9
The following table shows fees paid to the R\u00e9viseur d'entreprises agr\u00e9\u00e9.
In thousands of \u20ac
2023
2022
Audit services
100
100
Audit-related services
32
29
Tax services
3
25
Total
134
154
Audit fees cover the review of the interim consolidated financial statements as at 30 June and the audits of the statutory
and consolidated financial statements as at 31 December. They do not cover work on subsidiaries' financial statements,
which, where applicable, are audited by other auditors. The audit fees are recognised in \"Operating expenses\" (note 4).
The R\u00e9viseur d'entreprises agr\u00e9\u00e9 of Luxempart is also the R\u00e9viseur d'entreprises agr\u00e9\u00e9 of some subsidiaries (Luxempart
Capital Partners, Indufin Capital Partners, Bravo Capital Partners and Luxco Invest). The remuneration of the R\u00e9viseur
d'entreprises agr\u00e9\u00e9 for these subsidiaries is \u20ac 104 thousand (2022: \u20ac 83 thousand).
152
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 23 - Related parties
Luxempart has various related parties from relationships with entities managed by the Group:
\u2022 Subsidiaries (including unconsolidated subsidiaries held at fair value according to the investment entity exemption
of IFRS 10) and other investments
\u2022 Management and Directors
The related party transactions were made on terms equivalent to those that prevail in arm's length transactions.
Subsidiaries and investments
Transactions between Luxempart and its fully consolidated subsidiaries, which are related parties of the Company,
are eliminated on consolidation.
Details of related party transactions between Luxempart and its shareholding companies (1) are detailed below.
Consolidated statement of profit or loss (in thousands of \u20ac)
2023
2022
Dividends
32,667
51,797
Services / recovery of services
2,081
878
Operating expenses
856
1,204
Financial income
255
1,513
Financial expenses
23
195
Consolidated statement of financial position (in thousands of \u20ac)
2023
2022
Financial assets at fair value throught profit and loss as at 31/12/2022
1,515,370
1,678,515
Movements on Financial assets at fair value throught profit and loss
409,786
-163,146
Financial assets at fair value throught profit and loss as at 31/12/2023
1,925,156
1,515,370
Loans and receivables as at 31/12/2022
2,550
12,730
Movements on loans and receivables
-2,449
-10,180
Loans and receivables as at 31/12/2023
101
2,550
Management and Directors
In thousands of \u20ac
2023
2022
Directors' allowances and executive management remuneration
7,476
6,689
(1) Some figures as of 31/12/2022 have been restated to ensure comparability with the figures as of 31/12/2023.
LUXEMPART ANNUAL REPORT 2023
- 153
Note 24 - Financial risks
MANAGEMENT OF MARKET RISK
The Group's major risk is the exposure of its financial assets to market risk. The risk management policy is established
and controlled by the Group Executive Committee, the Board of Directors, and the Audit, Compliance, and Risks
Committee.
Market risk is the risk of loss in value of financial assets. The main risks and uncertainties to which the Group is
exposed relates to the performance of the financial markets (stock markets, comparable transactions, market multiples,
etc.). Luxempart does not systematically sell its participations based on financial market volatility. In principle, the
Group does not use market risk hedging instruments. It nevertheless regularly monitors changes in the value of its
investments.
The investments in companies listed on the stock exchange (mainly stock exchanges of Luxembourg, Brussels, and
Frankfurt) represent 11.9 % of the Net Asset Value as at 31 December 2023 (2022: 16.3%).
MANAGEMENT OF INTEREST RATE RISK
Interest risk is the risk that the interest flow on the financial debt and the gross cash may be affected by an unfavourable
change in interest rates.
As at 31 December 2023, this risk is limited due to the small amount of receivables and payables and by the absence
of financial debts.
MANAGEMENT OF FOREIGN EXCHANGE RISK
The Group invests mainly in positions in the Group's functional currency (EUR).
The portfolio of Luxempart is composed of one investment that is designated in foreign currency for \u20ac 18,541 thousand.
This investment represents 0.8% of the financial assets at fair value through profit or loss. No reasonable change in
currency would have an impact on the accounts of Luxempart.
The portfolio of Luxempart Capital Partners is composed of investments in USD which represent 11.9% of the value
of its total financial assets. No reasonable change in currency would have an impact on the accounts of Luxempart.
Therefore, these investments are not hedged against foreign exchange risk because it is not significant.
MANAGEMENT OF CREDIT RISK
Credit risk is the risk that contracted third parties do not meet their commitments towards the Group during transactions
entered into. Credit risk lies not at Luxempart level but at the level of the investments, which are responsible for
managing their credit risk according to the specific terms appropriate for their situation.
In 2023, there was no significant change in relation to the credit risk management. Luxempart minimises its risk
exposure by entering into commitments with financial institutions with a high rating between Aa2 and A-. In order
to minimise any concentration risk, Luxempart diversifies its exposure by working with several banking institutions,
with a maximum to 7.5% of net asset value.
154
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
MANAGEMENT OF LIQUIDITY RISK
Luxempart has \u20ac 244,212 thousand undrawn commitments resulting from its investments in funds (note 20).
Management follows the commitments and capital calls on a quaterly basis in order to make further cash available if
necessary. As at 31 December 2023, Luxempart has contracted two credit lines of \u20ac 50,000 thousand each. The level
of cash at bank, bank deposits, liquid bonds portfolios and confirmed credit lines is enough to face its commitments.
Given this high level of liquidity, the risk for Luxempart is low.
Note 25 - Post closing events
On 14 March 2024, Luxempart announced having reached a 10% ownership in Nexus AG, our German portfolio com-
pany, listed on the Frankfurt Stock Exchange, and active in the development of hospital software solutions. This
confirms our strong confidence in Nexus' business model and management team, that steadily delivers on its budgets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14078": { "value": "
SIGNIFICANT MANAGEMENT JUDGMENTS
Qualification as an \u00abinvestment entity\u00bb
Luxempart's management has made significant judgments when determining that Luxempart qualifies as an investment
entity. Luxempart has the following characteristics of an investment entity:
\u2022 It has more than one investment;
\u2022 It has more than one investor;
\u2022 Being listed, Luxempart has investors that are not related parties;
\u2022 It has ownership in form of equity or similar interests, mostly shares in the portfolio companies.
Luxempart's purpose is to invest its capital solely for returns from capital appreciation and investment income. To
meet this objective, Luxempart has built a strategy on two segments: the Direct Investments and the Investment
Funds. The Direct Investments are made with a medium to long-term perspective to grant our portfolio companies
to enjoy sufficient time to implement their strategy, execute their business plan and develop their potential. Each of
our pillars has an exit strategy designed by the Board of directors, which is composed of a majority of independent
members and who will take the decision in the best interest of Luxempart.
Valuation of investments
In preparing the financial statements, the application of the accounting principles and methods described hereafter
requires Luxempart's management to make assumptions and estimates that may have an impact on the amounts
recognised in the statement of profit or loss, on the valuation of assets and liabilities, on the statement of financial
position, and on the information presented in the accompanying notes. Management makes these estimates and
assumptions based on the information available on the date on which the consolidated financial statements are drawn
up and may be required to exercise its judgment. By nature, valuations based on these estimates are subject to a
number of risks and uncertainties before their future realisation. Consequently, the actual results of the operations
in question may differ from these estimates and therefore may have a material impact on the consolidated financial
statements.
CONSOLIDATION PRINCIPLES
Qualifying as an investment entity, Luxempart does not consolidate its subsidiaries and does not apply IFRS 3 when
it acquires control over another entity.
There is one exception to this treatment for subsidiaries providing services that relate to Luxempart's investment
activities. These subsidiaries are fully consolidated.
Investments in subsidiaries not providing services that relate to Luxempart's investment activities and investments
where Luxempart has significant influence or joint control are classified as Financial assets at fair value through profit
or loss, in accordance with IFRS 9.
A list of non-consolidated subsidiaries is set out in note 19.
LUXEMPART ANNUAL REPORT 2023
-
119
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14079": { "value": "
CONSOLIDATION PRINCIPLES
Qualifying as an investment entity, Luxempart does not consolidate its subsidiaries and does not apply IFRS 3 when
it acquires control over another entity.
There is one exception to this treatment for subsidiaries providing services that relate to Luxempart's investment
activities. These subsidiaries are fully consolidated.
Investments in subsidiaries not providing services that relate to Luxempart's investment activities and investments
where Luxempart has significant influence or joint control are classified as Financial assets at fair value through profit
or loss, in accordance with IFRS 9.
A list of non-consolidated subsidiaries is set out in note 19.
LUXEMPART ANNUAL REPORT 2023
-
119
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14083_add_hierarchy": { "value": "
SUBSIDIARIES THAT PROVIDE INVESTMENT-RELATED SERVICES (FULLY
CONSOLIDATED)
A subsidiary providing investment-related services is a company over which Luxempart has control. The Company
has control when it:
\u2022 has power over the entity,
\u2022 is exposed, or has rights, to variable returns from its involvement with the entity,
\u2022 has the ability to use its power over the entity to affect the amount of its returns.
These companies are fully consolidated as from the date the Group obtains the control and ceases when this control
is lost.
Non-controlling interests are presented in equity on the consolidated statement of financial position, separately
from \u00abEquity attributable to the owners of the Company\u00bb, and classified under \u00abNon-controlling interests\u00bb. Non-
controlling interests in the Group's profit are also indicated separately on the consolidated statement of profit or loss
and classified under \u00abNon-controlling interests\u00bb.
Expenses, income, assets, and liabilities of subsidiaries are fully incorporated into the consolidated financial statements.
Transactions between companies of the Group, intercompany accounts, and unrealised profits on intragroup transactions
are fully eliminated.
A list of the Group's subsidiaries is presented in note 19.
TRANSACTIONS IN FOREIGN CURRENCIES
Transactions carried out in foreign currencies are converted into the functional currency at the exchange rate in
force as at the transaction date. At the end of each reporting period, the monetary items in foreign currencies are
converted at the rate of the last day of the financial year. Losses or profits from the realisation or conversion of
monetary elements denominated in foreign currencies are recognised in the consolidated statement of profit or loss.
The following exchange rates were used for conversion of the consolidated financial statements. As at 31 December
2023, one euro is equal to:
US Dollar
1.1050 USD
Swiss Franc
0.9259 CHF
Danish Crown
7.4528 DKK
INTANGIBLE ASSETS WITH A FINITE USEFUL LIFE
Intangible assets with a finite useful life are valued at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is applied according to the straight-line method based on an estimate of the fixed asset's useful
life and its possible residual value.
Intangible assets are not subject to revaluations. The useful life is as follows:
Acquired software
3 years
120
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 19 - List of subsidiaries
A.
SUBSIDIARIES PROVIDING INVESTMENT RELATED SERVICES,
FULLY CONSOLIDATED
The following table lists all subsidiaries providing fully consolidated investment related services to the Company:
Subsidiary
Place of incorporation
Percentage
held in
31/12/2023 31/12/2022
Percentage
held in
Luxempart Management S.\u00e0.r.l
Luxembourg
-
100.0%
Luxempart Conseil SAS
France
100.0%
100.0%
Bravo Capital S.A.
Luxembourg
80.0%
80.0%
Given that Luxempart meets the criteria laid down in Article 70 of the Luxembourg Law of 19 December 2002, its
subsidiaries are exempt from the requirements relating to the publication of statutory annual accounts.
148
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
B.
NON-CONSOLIDATED ENTITIES
Subsidiary
Place of incorporation
Percentage
held in
31/12/2023 31/12/2022
Percentage
held in
Indufin NV
Belgium
40.0%
40.0%
M-Sicherheitsholding GmbH (Mehler)
Germany
30.0%
30.0%
Pescahold S.A.
Luxembourg
100.0%
100.0%
Luxempart Invest S.\u00e0.r.l
Luxembourg
100.0%
100.0%
Pryco GmbH (Prym)
Germany
55.6%
55.6%
Foyer S.A.
Luxembourg
31.0%
31.0%
E-Sicherheitsholding GmbH (ESG)
Germany
23.1%
23.1%
Assmann holding GmbH
Germany
48.6%
49.0%
Efesto Investment S.\u00e0.r.l (MTWH)
Luxembourg
23.7%
30.5%
Evariste Holding SAS
France
40.0%
40.0%
LuxCo Invest S.\u00e0.r.l *
Luxembourg
80.5%
80.5%
Kestrel Vision SAS
France
27.8%
-
Coutot-Roehrig SAS
France
35.8%
-
XV Holding GmbH
Germany
38.1%
-
Luxempart Capital Partners SICAR S.A. *
Luxembourg
100.0%
100.0%
Quip Holding GmbH
Germany
53.7%
53.7%
Bravo Capital Partners II SCA-SICAV-RAIF
Luxembourg
45.0%
45.0%
Bravo Capital Partners SCA RAIF*
Luxembourg
100.0%
100.0%
Bravo Luxury S.\u00e0.r.l (Vesta)
Italy
100.0%
100.0%
Luxempart German Investments S.A. *
Luxembourg
100.0%
100.0%
Arwe Mobility Holding (in liquidation)
Germany
50.0%
50.0%
Rattay Group GmbH
Germany
39.9%
39.9%
WDS GmbH
Germany
44.0%
44.0%
Luxempart German Invest II S.\u00e0.r.l */**
Luxembourg
-
100.0%
Luxempart French Investment S.\u00e0.r.l *
Luxembourg
100.0%
100.0%
D'Alba Invest S.\u00e0.r.l * (Mirato)
Luxembourg
99.2%
99.2%
Indufin Capital Partners S.A. SICAR *
Belgium
50.0%
50.0%
This table lists all entities under the Company's control or significant influence which are measured at fair value
through profit or loss (note 10), as well as their own controlled or under influence subsidiaries. Luxempart neither
provided nor committed to provide financial or other support to any of its non-consolidated subsidiaries.
This table shows the percentage held in the holding companies, that may differ from the percentage held indirectly
in the operational companies.
* These entities are investments entities, such as defined by IFRS 10.
** Luxempart German Invest II S.\u00e0 r.l. was liquidated in 2023.
LUXEMPART ANNUAL REPORT 2023
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149
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14082_add_hierarchy": { "value": "
SUBSIDIARIES THAT PROVIDE INVESTMENT-RELATED SERVICES (FULLY
CONSOLIDATED)
A subsidiary providing investment-related services is a company over which Luxempart has control. The Company
has control when it:
\u2022 has power over the entity,
\u2022 is exposed, or has rights, to variable returns from its involvement with the entity,
\u2022 has the ability to use its power over the entity to affect the amount of its returns.
These companies are fully consolidated as from the date the Group obtains the control and ceases when this control
is lost.
Non-controlling interests are presented in equity on the consolidated statement of financial position, separately
from \u00abEquity attributable to the owners of the Company\u00bb, and classified under \u00abNon-controlling interests\u00bb. Non-
controlling interests in the Group's profit are also indicated separately on the consolidated statement of profit or loss
and classified under \u00abNon-controlling interests\u00bb.
Expenses, income, assets, and liabilities of subsidiaries are fully incorporated into the consolidated financial statements.
Transactions between companies of the Group, intercompany accounts, and unrealised profits on intragroup transactions
are fully eliminated.
A list of the Group's subsidiaries is presented in note 19.
TRANSACTIONS IN FOREIGN CURRENCIES
Transactions carried out in foreign currencies are converted into the functional currency at the exchange rate in
force as at the transaction date. At the end of each reporting period, the monetary items in foreign currencies are
converted at the rate of the last day of the financial year. Losses or profits from the realisation or conversion of
monetary elements denominated in foreign currencies are recognised in the consolidated statement of profit or loss.
The following exchange rates were used for conversion of the consolidated financial statements. As at 31 December
2023, one euro is equal to:
US Dollar
1.1050 USD
Swiss Franc
0.9259 CHF
Danish Crown
7.4528 DKK
INTANGIBLE ASSETS WITH A FINITE USEFUL LIFE
Intangible assets with a finite useful life are valued at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is applied according to the straight-line method based on an estimate of the fixed asset's useful
life and its possible residual value.
Intangible assets are not subject to revaluations. The useful life is as follows:
Acquired software
3 years
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
TANGIBLE ASSETS
Tangible assets are measured at cost (including transaction costs) less accumulated amortisation and accumulated
impairment losses. Depreciation is applied according to the straight-line method based on an estimate of the useful
life of the said asset. Costs related to maintenance are recognised in the consolidated statement of profit or loss.
Tangible assets are not subject to revaluations.
The estimated useful lives are as follows:
Facilities and transport equipment
3 - 5 years
Other tangible assets, furnishings
10 years
PRINCIPLE OF IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
At the end of each reporting period, the Group reviews the carrying amount of tangible and intangible assets in order
to determine whether there is any indication that those assets have suffered an impairment loss. If such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The
recoverable amount is the higher value between the asset's fair value less costs to sell and its value in use. The value
in use is the discounted value of estimated future cash flows expected from continued use of the asset.
FINANCIAL ASSETS
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (\"AFVPL\") are initially measured at their acquisition cost.
They are stated at fair value and measured at the end of each reporting period. Unrealised capital gains and losses
are recognised in the consolidated statement of profit or loss.
In the event of sale of an AFVPL, the difference between the net proceeds from the sale and the carrying amount is
recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\". The transaction
is recognised as at the settlement date.
Financial assets held for trading
Financial assets held for trading classified in current assets are assets acquired mainly with a view to be sold in the
short term.
They are stated at fair value and measured at the end of each reporting period. Changes in fair value are recognised
in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\"
In the event of disposal of a financial asset held for trading, the difference between the net proceeds from the sale
and the carrying amount is recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on
financial assets\". The transaction is recognised as at the settlement date.
LUXEMPART ANNUAL REPORT 2023
-
121
Loans and receivables
Loans and receivables are assets not listed on the stock exchange and repayable with fixed maturity. They originate
when the Group either makes funds, assets, or services available. They are part of current assets insofar as their
maturity does not exceed twelve months after the end of the reporting period (short term). Otherwise, they are part
of non-current assets (long term).
Loans and receivables are measured at amortised cost according to the effective interest rate method. In the event
of a significant loss in value, loans and receivables are impaired through the consolidated statement of profit or loss.
Loans and receivables are considered to be held within a held-to-collect business model consistent with the Group's
continuing recognition of the receivables. Loans and receivables have contractual terms that give rise to cash flows that
are solely payments of principal and interest on the principal amount outstanding. Any gain or loss on derecognition
is recognised in profit or loss.
Bank deposits and Cash and cash equivalents
Bank deposits are saving accounts having a maturity above three months that are less liquid than regular saving
accounts due to their fixed term. They are presented under \"Bank deposits\" in the consolidated statement of financial
position.
Cash and cash equivalents include liquidities, sight deposits, and short-term deposits with maturity within three
months, as well as highly liquid, easily convertible investments.
Bank deposits and Cash and cash equivalents are measured at fair value.
FAIR VALUE OF FINANCIAL ASSETS
Fair value measurements
IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants, on the principal or most advantageous market, at the measurement date.
Financial assets are measured at their fair value at the end of each reporting period.
Listed shares are measured based on their market price on the closing date.
Non-listed financial assets are measured based on valuation methods in line with the requirements of the International
Private Equity and Venture Capital Valuation (IPEV). During the measurement of the fair value of the financial assets
in non-listed companies, Luxempart adopts a multi-criteria approach and applies one or several of the methods
described in the table hereafter.
Discounts may be applied to the values obtained by using each of these methods (discounts for illiquidity, for small
company, etc.).
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Assets categorised as level 3 assets are valued by Luxempart's investment team. The valuations are based on information
received from the portfolio companies' management or by external evaluators and on IFRS compliant market data
(mainly market multiples) that are provided by Capital IQ. The investment team performs a calibration exercise at
entry date to determine the valuation model used to assess the fair value of the portfolio companies. The unaudited
information used in the valuations is back-tested at each reporting date, when audited information is available.
After being reviewed by the business controller and the CFO, these valuations are submitted to the Group Executive
Committee for approval. Finally, they are submitted to the Audit, Compliance, and Risks Committee, which conducts a
detailed analysis of the methods and assumptions used. The Management and Audit, Compliance, and Risks Committee
review and analyse the changes in fair value measurement at each period end. The Board of Directors ultimately
approves the fair value measurement of the financial assets when it approves the consolidated financial statements.
Fair value hierarchy
The Group uses a fair value hierarchy that reflects the significance of the data allowing valuations to be established.
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: Data other than quoted market prices included within level 1 that are observable for the asset or liability,
either directly (for example, prices) or indirectly (for example, elements derived from prices);
\u2022 Level 3: Data about the asset or liability not based directly on observable market data.
When a level 1 asset is no longer listed, it is reclassified as a level 3 asset as soon as it is delisted. When data on a
level 2 asset is no longer observable on a market, that asset is reclassified as a level 3 asset at the end of the period.
CAPITAL
Issued shares are considered to be representative of the share capital. Issued equity is recognised at the proceed net
of direct issue costs.
When a company of the Group acquires shares of the parent company, the price paid and the related incurred costs
are recognised and deducted directly in equity at the moment when these shares are cancelled or transferred. When
shares are transferred, the transfer price net of expenses incurred during this transaction and net of taxes is added
to the equity.
BANK BORROWINGS
Bank borrowings bearing interest are recognised at the amount of the cash obtained after deducting any direct
expenses. Transaction expenses (if they are material) are amortised over the remaining life of the debt.
SHARE-BASED PAYMENT ARRANGEMENTS
A stock option plan (for more details, see the remuneration report) has been granted to the Management and some
employees. Each option entitles at exercise to receive one Luxempart's share (equity-settlement), in exchange of the
payment of the strike price. The fair value of the amount granted to employees with respect to the stock option plan,
is recognised at attribution as an expense with the corresponding increase in equity. The fair value is determined
with the Black and Scholes model at initial recognition and is not remeasured subsequently.
LUXEMPART ANNUAL REPORT 2023
-
123
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables and
income tax expenses (corporate income tax and municipal business tax) are estimated and recognised as provisions.
Deferred taxes originate when a temporary difference appears between the taxable base of an asset or liability and
the value at which it appears on the consolidated statement of financial position. Deferred tax is calculated by applying
the tax rate as well as the provisions of the law in force at the time of the calculation.
Deferred tax assets are recognised for all deductible temporary differences (on tax loss carry forwards or other
temporary differences) to the extent that it is probable that taxable profits will be available, against which those
deductible temporary differences can be utilised, or when compensation is possible with existing deferred tax liabilities.
PROVISIONS AND OTHER LIABILITIES
Provisions are recognised once the Group has an actual obligation (legal or implied) resulting from past events that will
probably generate an outflow of resources representative of economic benefits at an amount that can be reasonably
estimated.
Liabilities are recognised at their nominal value.
SEGMENT INFORMATION
Operating segments are the components of the Group whose results are regularly reviewed by the Group Executive
Committee to make decisions about resources to be allocated to the segment and assess its performance.
The segmental information follows Luxempart's investment strategy built on two segments:
\u2022 The \"Direct Investments\" that consists in taking direct participations in companies in the target geographical regions,
which primarily consist of the Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy.
\u2022 The \"Investment Funds\" that consists in the acquisition of shares in investment funds mainly active in private equity
and venture capital.
The Group Executive Committee monitors the performance of the Group based on reporting disclosing these two
segments but not using any geographical segmentation.
124
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
INCOME FROM ORDINARY ACTIVITIES
Luxempart and some of its subsidiaries provide services to other entities within the Group. These services are defined
in a service agreement between the entities involved. The income from these services is recognised in the profit or
loss based on the degree of progress.
DIVIDEND INCOME
The Group recognises dividends when they are received or when the right to receive payment is established. They
result from the distribution of profits to holders of equity instruments in proportion to the rights that they hold in a
category of securities making up the capital.
CONSOLIDATED STATEMENT OF CASH FLOWS
Luxempart is a company whose purpose is the acquisition, holding and sale of shareholdings. The cash flows associated
with this activity are classified as Net cash flows from operating activities.
Net cash flows from investing activities are composed of flows related to tangible and intangible assets.
Net cash flows from financing activities are composed of transactions on equity ( e.g., dividends paid to the shareholders,
transactions on own shares, capital increase and decrease...) and cash flows from and to bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14081_add_hierarchy": { "value": "
SUBSIDIARIES THAT PROVIDE INVESTMENT-RELATED SERVICES (FULLY
CONSOLIDATED)
A subsidiary providing investment-related services is a company over which Luxempart has control. The Company
has control when it:
\u2022 has power over the entity,
\u2022 is exposed, or has rights, to variable returns from its involvement with the entity,
\u2022 has the ability to use its power over the entity to affect the amount of its returns.
These companies are fully consolidated as from the date the Group obtains the control and ceases when this control
is lost.
Non-controlling interests are presented in equity on the consolidated statement of financial position, separately
from \u00abEquity attributable to the owners of the Company\u00bb, and classified under \u00abNon-controlling interests\u00bb. Non-
controlling interests in the Group's profit are also indicated separately on the consolidated statement of profit or loss
and classified under \u00abNon-controlling interests\u00bb.
Expenses, income, assets, and liabilities of subsidiaries are fully incorporated into the consolidated financial statements.
Transactions between companies of the Group, intercompany accounts, and unrealised profits on intragroup transactions
are fully eliminated.
A list of the Group's subsidiaries is presented in note 19.
TRANSACTIONS IN FOREIGN CURRENCIES
Transactions carried out in foreign currencies are converted into the functional currency at the exchange rate in
force as at the transaction date. At the end of each reporting period, the monetary items in foreign currencies are
converted at the rate of the last day of the financial year. Losses or profits from the realisation or conversion of
monetary elements denominated in foreign currencies are recognised in the consolidated statement of profit or loss.
The following exchange rates were used for conversion of the consolidated financial statements. As at 31 December
2023, one euro is equal to:
US Dollar
1.1050 USD
Swiss Franc
0.9259 CHF
Danish Crown
7.4528 DKK
INTANGIBLE ASSETS WITH A FINITE USEFUL LIFE
Intangible assets with a finite useful life are valued at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is applied according to the straight-line method based on an estimate of the fixed asset's useful
life and its possible residual value.
Intangible assets are not subject to revaluations. The useful life is as follows:
Acquired software
3 years
120
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 19 - List of subsidiaries
A.
SUBSIDIARIES PROVIDING INVESTMENT RELATED SERVICES,
FULLY CONSOLIDATED
The following table lists all subsidiaries providing fully consolidated investment related services to the Company:
Subsidiary
Place of incorporation
Percentage
held in
31/12/2023 31/12/2022
Percentage
held in
Luxempart Management S.\u00e0.r.l
Luxembourg
-
100.0%
Luxempart Conseil SAS
France
100.0%
100.0%
Bravo Capital S.A.
Luxembourg
80.0%
80.0%
Given that Luxempart meets the criteria laid down in Article 70 of the Luxembourg Law of 19 December 2002, its
subsidiaries are exempt from the requirements relating to the publication of statutory annual accounts.
148
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
B.
NON-CONSOLIDATED ENTITIES
Subsidiary
Place of incorporation
Percentage
held in
31/12/2023 31/12/2022
Percentage
held in
Indufin NV
Belgium
40.0%
40.0%
M-Sicherheitsholding GmbH (Mehler)
Germany
30.0%
30.0%
Pescahold S.A.
Luxembourg
100.0%
100.0%
Luxempart Invest S.\u00e0.r.l
Luxembourg
100.0%
100.0%
Pryco GmbH (Prym)
Germany
55.6%
55.6%
Foyer S.A.
Luxembourg
31.0%
31.0%
E-Sicherheitsholding GmbH (ESG)
Germany
23.1%
23.1%
Assmann holding GmbH
Germany
48.6%
49.0%
Efesto Investment S.\u00e0.r.l (MTWH)
Luxembourg
23.7%
30.5%
Evariste Holding SAS
France
40.0%
40.0%
LuxCo Invest S.\u00e0.r.l *
Luxembourg
80.5%
80.5%
Kestrel Vision SAS
France
27.8%
-
Coutot-Roehrig SAS
France
35.8%
-
XV Holding GmbH
Germany
38.1%
-
Luxempart Capital Partners SICAR S.A. *
Luxembourg
100.0%
100.0%
Quip Holding GmbH
Germany
53.7%
53.7%
Bravo Capital Partners II SCA-SICAV-RAIF
Luxembourg
45.0%
45.0%
Bravo Capital Partners SCA RAIF*
Luxembourg
100.0%
100.0%
Bravo Luxury S.\u00e0.r.l (Vesta)
Italy
100.0%
100.0%
Luxempart German Investments S.A. *
Luxembourg
100.0%
100.0%
Arwe Mobility Holding (in liquidation)
Germany
50.0%
50.0%
Rattay Group GmbH
Germany
39.9%
39.9%
WDS GmbH
Germany
44.0%
44.0%
Luxempart German Invest II S.\u00e0.r.l */**
Luxembourg
-
100.0%
Luxempart French Investment S.\u00e0.r.l *
Luxembourg
100.0%
100.0%
D'Alba Invest S.\u00e0.r.l * (Mirato)
Luxembourg
99.2%
99.2%
Indufin Capital Partners S.A. SICAR *
Belgium
50.0%
50.0%
This table lists all entities under the Company's control or significant influence which are measured at fair value
through profit or loss (note 10), as well as their own controlled or under influence subsidiaries. Luxempart neither
provided nor committed to provide financial or other support to any of its non-consolidated subsidiaries.
This table shows the percentage held in the holding companies, that may differ from the percentage held indirectly
in the operational companies.
* These entities are investments entities, such as defined by IFRS 10.
** Luxempart German Invest II S.\u00e0 r.l. was liquidated in 2023.
LUXEMPART ANNUAL REPORT 2023
-
149
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14080": { "value": "
SUBSIDIARIES THAT PROVIDE INVESTMENT-RELATED SERVICES (FULLY
CONSOLIDATED)
A subsidiary providing investment-related services is a company over which Luxempart has control. The Company
has control when it:
\u2022 has power over the entity,
\u2022 is exposed, or has rights, to variable returns from its involvement with the entity,
\u2022 has the ability to use its power over the entity to affect the amount of its returns.
These companies are fully consolidated as from the date the Group obtains the control and ceases when this control
is lost.
Non-controlling interests are presented in equity on the consolidated statement of financial position, separately
from \u00abEquity attributable to the owners of the Company\u00bb, and classified under \u00abNon-controlling interests\u00bb. Non-
controlling interests in the Group's profit are also indicated separately on the consolidated statement of profit or loss
and classified under \u00abNon-controlling interests\u00bb.
Expenses, income, assets, and liabilities of subsidiaries are fully incorporated into the consolidated financial statements.
Transactions between companies of the Group, intercompany accounts, and unrealised profits on intragroup transactions
are fully eliminated.
A list of the Group's subsidiaries is presented in note 19.
TRANSACTIONS IN FOREIGN CURRENCIES
Transactions carried out in foreign currencies are converted into the functional currency at the exchange rate in
force as at the transaction date. At the end of each reporting period, the monetary items in foreign currencies are
converted at the rate of the last day of the financial year. Losses or profits from the realisation or conversion of
monetary elements denominated in foreign currencies are recognised in the consolidated statement of profit or loss.
The following exchange rates were used for conversion of the consolidated financial statements. As at 31 December
2023, one euro is equal to:
US Dollar
1.1050 USD
Swiss Franc
0.9259 CHF
Danish Crown
7.4528 DKK
INTANGIBLE ASSETS WITH A FINITE USEFUL LIFE
Intangible assets with a finite useful life are valued at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is applied according to the straight-line method based on an estimate of the fixed asset's useful
life and its possible residual value.
Intangible assets are not subject to revaluations. The useful life is as follows:
Acquired software
3 years
120
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14085_add_hierarchy": { "value": "
TRANSACTIONS IN FOREIGN CURRENCIES
Transactions carried out in foreign currencies are converted into the functional currency at the exchange rate in
force as at the transaction date. At the end of each reporting period, the monetary items in foreign currencies are
converted at the rate of the last day of the financial year. Losses or profits from the realisation or conversion of
monetary elements denominated in foreign currencies are recognised in the consolidated statement of profit or loss.
The following exchange rates were used for conversion of the consolidated financial statements. As at 31 December
2023, one euro is equal to:
US Dollar
1.1050 USD
Swiss Franc
0.9259 CHF
Danish Crown
7.4528 DKK
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14084": { "value": "
TRANSACTIONS IN FOREIGN CURRENCIES
Transactions carried out in foreign currencies are converted into the functional currency at the exchange rate in
force as at the transaction date. At the end of each reporting period, the monetary items in foreign currencies are
converted at the rate of the last day of the financial year. Losses or profits from the realisation or conversion of
monetary elements denominated in foreign currencies are recognised in the consolidated statement of profit or loss.
The following exchange rates were used for conversion of the consolidated financial statements. As at 31 December
2023, one euro is equal to:
US Dollar
1.1050 USD
Swiss Franc
0.9259 CHF
Danish Crown
7.4528 DKK
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14086": { "value": "
Transactions carried out in foreign currencies are converted into the functional currency at the exchange rate in
force as at the transaction date. At the end of each reporting period, the monetary items in foreign currencies are
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14090_add_hierarchy": { "value": "
INTANGIBLE ASSETS WITH A FINITE USEFUL LIFE
Intangible assets with a finite useful life are valued at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is applied according to the straight-line method based on an estimate of the fixed asset's useful
life and its possible residual value.
Intangible assets are not subject to revaluations. The useful life is as follows:
Acquired software
3 years
120
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 9 - Intangible and tangible assets
The movements in intangible and tangible assets that occurred during financial years 2022 and 2023 are as follows:
Cost
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2021
61
620
129
810
Acquisitions / Disposals
-
70
-
70
as at 31/12/2022
61
690
129
880
Acquisitions
-
1,236
-
1,236
Disposals
-
-116
-
-116
as at 31/12/2023
61
1,810
129
1,999
Depreciation
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2021
38
276
129
443
Depreciation / Disposals
7
78
-
85
as at 31/12/2022
45
354
129
528
Depreciation
7
101
-
108
Disposals
-
-69
-
-69
as at 31/12/2023
52
387
129
568
Carrying amount
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
16
336
-
352
as at 31/12/2023
9
1,423
-
1,432
138
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14089_add_hierarchy": { "value": "
INTANGIBLE ASSETS WITH A FINITE USEFUL LIFE
Intangible assets with a finite useful life are valued at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is applied according to the straight-line method based on an estimate of the fixed asset's useful
life and its possible residual value.
Intangible assets are not subject to revaluations. The useful life is as follows:
Acquired software
3 years
120
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14088_add_hierarchy": { "value": "
INTANGIBLE ASSETS WITH A FINITE USEFUL LIFE
Intangible assets with a finite useful life are valued at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is applied according to the straight-line method based on an estimate of the fixed asset's useful
life and its possible residual value.
Intangible assets are not subject to revaluations. The useful life is as follows:
Acquired software
3 years
120
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 9 - Intangible and tangible assets
The movements in intangible and tangible assets that occurred during financial years 2022 and 2023 are as follows:
Cost
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2021
61
620
129
810
Acquisitions / Disposals
-
70
-
70
as at 31/12/2022
61
690
129
880
Acquisitions
-
1,236
-
1,236
Disposals
-
-116
-
-116
as at 31/12/2023
61
1,810
129
1,999
Depreciation
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2021
38
276
129
443
Depreciation / Disposals
7
78
-
85
as at 31/12/2022
45
354
129
528
Depreciation
7
101
-
108
Disposals
-
-69
-
-69
as at 31/12/2023
52
387
129
568
Carrying amount
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
16
336
-
352
as at 31/12/2023
9
1,423
-
1,432
138
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14087": { "value": "
INTANGIBLE ASSETS WITH A FINITE USEFUL LIFE
Intangible assets with a finite useful life are valued at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is applied according to the straight-line method based on an estimate of the fixed asset's useful
life and its possible residual value.
Intangible assets are not subject to revaluations. The useful life is as follows:
Acquired software
3 years
120
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14092_add_hierarchy": { "value": "
TANGIBLE ASSETS
Tangible assets are measured at cost (including transaction costs) less accumulated amortisation and accumulated
impairment losses. Depreciation is applied according to the straight-line method based on an estimate of the useful
life of the said asset. Costs related to maintenance are recognised in the consolidated statement of profit or loss.
Tangible assets are not subject to revaluations.
The estimated useful lives are as follows:
Facilities and transport equipment
3 - 5 years
Other tangible assets, furnishings
10 years
PRINCIPLE OF IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
At the end of each reporting period, the Group reviews the carrying amount of tangible and intangible assets in order
to determine whether there is any indication that those assets have suffered an impairment loss. If such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The
recoverable amount is the higher value between the asset's fair value less costs to sell and its value in use. The value
in use is the discounted value of estimated future cash flows expected from continued use of the asset.
FINANCIAL ASSETS
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (\"AFVPL\") are initially measured at their acquisition cost.
They are stated at fair value and measured at the end of each reporting period. Unrealised capital gains and losses
are recognised in the consolidated statement of profit or loss.
In the event of sale of an AFVPL, the difference between the net proceeds from the sale and the carrying amount is
recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\". The transaction
is recognised as at the settlement date.
Financial assets held for trading
Financial assets held for trading classified in current assets are assets acquired mainly with a view to be sold in the
short term.
They are stated at fair value and measured at the end of each reporting period. Changes in fair value are recognised
in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\"
In the event of disposal of a financial asset held for trading, the difference between the net proceeds from the sale
and the carrying amount is recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on
financial assets\". The transaction is recognised as at the settlement date.
LUXEMPART ANNUAL REPORT 2023
-
121
Note 9 - Intangible and tangible assets
The movements in intangible and tangible assets that occurred during financial years 2022 and 2023 are as follows:
Cost
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2021
61
620
129
810
Acquisitions / Disposals
-
70
-
70
as at 31/12/2022
61
690
129
880
Acquisitions
-
1,236
-
1,236
Disposals
-
-116
-
-116
as at 31/12/2023
61
1,810
129
1,999
Depreciation
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2021
38
276
129
443
Depreciation / Disposals
7
78
-
85
as at 31/12/2022
45
354
129
528
Depreciation
7
101
-
108
Disposals
-
-69
-
-69
as at 31/12/2023
52
387
129
568
Carrying amount
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
16
336
-
352
as at 31/12/2023
9
1,423
-
1,432
138
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14091": { "value": "
TANGIBLE ASSETS
Tangible assets are measured at cost (including transaction costs) less accumulated amortisation and accumulated
impairment losses. Depreciation is applied according to the straight-line method based on an estimate of the useful
life of the said asset. Costs related to maintenance are recognised in the consolidated statement of profit or loss.
Tangible assets are not subject to revaluations.
The estimated useful lives are as follows:
Facilities and transport equipment
3 - 5 years
Other tangible assets, furnishings
10 years
PRINCIPLE OF IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
At the end of each reporting period, the Group reviews the carrying amount of tangible and intangible assets in order
to determine whether there is any indication that those assets have suffered an impairment loss. If such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The
recoverable amount is the higher value between the asset's fair value less costs to sell and its value in use. The value
in use is the discounted value of estimated future cash flows expected from continued use of the asset.
FINANCIAL ASSETS
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (\"AFVPL\") are initially measured at their acquisition cost.
They are stated at fair value and measured at the end of each reporting period. Unrealised capital gains and losses
are recognised in the consolidated statement of profit or loss.
In the event of sale of an AFVPL, the difference between the net proceeds from the sale and the carrying amount is
recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\". The transaction
is recognised as at the settlement date.
Financial assets held for trading
Financial assets held for trading classified in current assets are assets acquired mainly with a view to be sold in the
short term.
They are stated at fair value and measured at the end of each reporting period. Changes in fair value are recognised
in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\"
In the event of disposal of a financial asset held for trading, the difference between the net proceeds from the sale
and the carrying amount is recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on
financial assets\". The transaction is recognised as at the settlement date.
LUXEMPART ANNUAL REPORT 2023
-
121
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14095_add_hierarchy": { "value": "
PRINCIPLE OF IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
At the end of each reporting period, the Group reviews the carrying amount of tangible and intangible assets in order
to determine whether there is any indication that those assets have suffered an impairment loss. If such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The
recoverable amount is the higher value between the asset's fair value less costs to sell and its value in use. The value
in use is the discounted value of estimated future cash flows expected from continued use of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14094_add_hierarchy": { "value": "
PRINCIPLE OF IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
At the end of each reporting period, the Group reviews the carrying amount of tangible and intangible assets in order
to determine whether there is any indication that those assets have suffered an impairment loss. If such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The
recoverable amount is the higher value between the asset's fair value less costs to sell and its value in use. The value
in use is the discounted value of estimated future cash flows expected from continued use of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14093": { "value": "
PRINCIPLE OF IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
At the end of each reporting period, the Group reviews the carrying amount of tangible and intangible assets in order
to determine whether there is any indication that those assets have suffered an impairment loss. If such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The
recoverable amount is the higher value between the asset's fair value less costs to sell and its value in use. The value
in use is the discounted value of estimated future cash flows expected from continued use of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14100_add_hierarchy": { "value": "
FINANCIAL ASSETS
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (\"AFVPL\") are initially measured at their acquisition cost.
They are stated at fair value and measured at the end of each reporting period. Unrealised capital gains and losses
are recognised in the consolidated statement of profit or loss.
In the event of sale of an AFVPL, the difference between the net proceeds from the sale and the carrying amount is
recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\". The transaction
is recognised as at the settlement date.
Financial assets held for trading
Financial assets held for trading classified in current assets are assets acquired mainly with a view to be sold in the
short term.
They are stated at fair value and measured at the end of each reporting period. Changes in fair value are recognised
in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\"
In the event of disposal of a financial asset held for trading, the difference between the net proceeds from the sale
and the carrying amount is recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on
financial assets\". The transaction is recognised as at the settlement date.
LUXEMPART ANNUAL REPORT 2023
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121
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS
In thousands of \u20ac
Level 1
Level 3
Total
Fair value as at 31/12/2021
279,889
1,735,906
2,015,795
Level transfer
12,284
-12,284
-
Acquisitions
111,502
86,539
198,042
Disposals
-4,956
-238,489
-243,444
Net gains/(losses) on financial assets
-43,731
51,643
7,912
Fair value as at 31/12/2022
354,988
1,623,315
1,978,304
Acquisitions
46,058
225,982
272,040
Disposals
-123,149
-153
-123,302
Net gains/(losses) on financial assets
-2,438
168,170
165,732
Fair value as at 31/12/2023
275,459
2,017,315
2,292,774
Level 1: Financial assets consist of listed investments, mainly in Atenor, Technotrans, Tonies, Nexus and Capital at
Work portfolio.
Level 3: Financial assets consist of private-equity investments, mainly in Foyer, Armira Holding, Evariste, Crealis, ESG
Elektroniksystem- und Logistik, Kestrel Vision, and Luxempart Capital Partners SICAR.
140
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
LEVEL 3 FINANCIAL ASSETS RISK ANALYSIS
The following table sets out the impacts of changes in non-observable data on the fair value of financial assets.
In thousands of \u20ac
Level 3 for financial assets
Valuation tech-
niques
Significant unobservable inputs
Fair value
Impact -10%
Impact +10%
Market multiple
Discount for illiquidity and/or minority
1,263,413
1,156,266
1,350,815
Revalued net asset
The net asset value communicated to the
Group
753,901
685,802
822,000
Total
2,017,314
1,842,068
2,172,815
At 31 December 2023, the valuation methods have not significantly changed since 2022.
Level 3 fair value valuation techniques used
The following table provides information on the methods used according to IFRS 13 to determine the fair value of
financial assets in private equity, as well as the valuation techniques and inputs used.
Valuation techniques
Use of the technique
Significant
unobservable inputs
Relationship of
unobservable inputs
to fair value
Market multiple
Primary valuation technique
used by Luxempart
(in absence of recent
transactions involving an
identical or similar asset)
Discount for illiquidity
and/or minority resulting
from the calibration of the
valuation model
The higher the discount, the
lower the fair value
Revalued net asset
For private equity funds and
any similar structures as
well as investments entities
with assets recognised at
fair value
The net asset value
communicated to the Group
The higher the net asset
value, the higher the fair
value
LUXEMPART ANNUAL REPORT 2023
-
141
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14099": { "value": "
FINANCIAL ASSETS
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (\"AFVPL\") are initially measured at their acquisition cost.
They are stated at fair value and measured at the end of each reporting period. Unrealised capital gains and losses
are recognised in the consolidated statement of profit or loss.
In the event of sale of an AFVPL, the difference between the net proceeds from the sale and the carrying amount is
recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\". The transaction
is recognised as at the settlement date.
Financial assets held for trading
Financial assets held for trading classified in current assets are assets acquired mainly with a view to be sold in the
short term.
They are stated at fair value and measured at the end of each reporting period. Changes in fair value are recognised
in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\"
In the event of disposal of a financial asset held for trading, the difference between the net proceeds from the sale
and the carrying amount is recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on
financial assets\". The transaction is recognised as at the settlement date.
LUXEMPART ANNUAL REPORT 2023
-
121
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14098_add_hierarchy": { "value": "
FINANCIAL ASSETS
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (\"AFVPL\") are initially measured at their acquisition cost.
They are stated at fair value and measured at the end of each reporting period. Unrealised capital gains and losses
are recognised in the consolidated statement of profit or loss.
In the event of sale of an AFVPL, the difference between the net proceeds from the sale and the carrying amount is
recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\". The transaction
is recognised as at the settlement date.
Financial assets held for trading
Financial assets held for trading classified in current assets are assets acquired mainly with a view to be sold in the
short term.
They are stated at fair value and measured at the end of each reporting period. Changes in fair value are recognised
in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\"
In the event of disposal of a financial asset held for trading, the difference between the net proceeds from the sale
and the carrying amount is recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on
financial assets\". The transaction is recognised as at the settlement date.
LUXEMPART ANNUAL REPORT 2023
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121
Loans and receivables
Loans and receivables are assets not listed on the stock exchange and repayable with fixed maturity. They originate
when the Group either makes funds, assets, or services available. They are part of current assets insofar as their
maturity does not exceed twelve months after the end of the reporting period (short term). Otherwise, they are part
of non-current assets (long term).
Loans and receivables are measured at amortised cost according to the effective interest rate method. In the event
of a significant loss in value, loans and receivables are impaired through the consolidated statement of profit or loss.
Loans and receivables are considered to be held within a held-to-collect business model consistent with the Group's
continuing recognition of the receivables. Loans and receivables have contractual terms that give rise to cash flows that
are solely payments of principal and interest on the principal amount outstanding. Any gain or loss on derecognition
is recognised in profit or loss.
Bank deposits and Cash and cash equivalents
Bank deposits are saving accounts having a maturity above three months that are less liquid than regular saving
accounts due to their fixed term. They are presented under \"Bank deposits\" in the consolidated statement of financial
position.
Cash and cash equivalents include liquidities, sight deposits, and short-term deposits with maturity within three
months, as well as highly liquid, easily convertible investments.
Bank deposits and Cash and cash equivalents are measured at fair value.
BANK BORROWINGS
Bank borrowings bearing interest are recognised at the amount of the cash obtained after deducting any direct
expenses. Transaction expenses (if they are material) are amortised over the remaining life of the debt.
Note 10 - Financial assets at fair value through
profit or loss
The following tables provide details of changes in financial assets at fair value through profit or loss in 2022 and 2023:
In thousands of \u20ac
Financial assets at fair value
through profit or loss
Fair value as at 31/12/2021
2,015,795
Acquisitions
198,041
Disposals
-243,445
Net gains/(losses) on financial assets
7,912
Fair value as at 31/12/2022
1,978,304
Acquisitions
272,040
Disposals
-123,302
Net gains/(losses) on financial assets
165,732
Fair value as at 31/12/2023
2,292,774
Financial assets at fair value through profit or loss (\"AFVPL\") are classified into two segments, Direct Investments and
Investment Funds. During the 2023 financial year, the Group invested:
\u2022 \u20ac 234,329 thousand in Direct Investments mainly in Kestrel Vision, Coutot-Roehrig, Alphacaps, MTWH, and a total
amount of \u20ac 44,463 thousand in listed companies (Nexus, Tonies...).
\u2022 \u20ac 1,595 thousand in Capital at Work portfolio and new bonds portfolio.
\u2022 \u20ac 36,116 thousand in the Investment Funds activity.
The Group sold:
\u2022 shares in Direct Investments mainly of the listed companies for \u20ac 81,875 thousand.
\u2022 bonds and shares from its Capital at Work and other bonds portfolios for \u20ac 41,427 thousand.
The net capital gains realised in 2023 correspond to the value increase since 31 December 2022.
The caption \"Net gains/(losses) on financial assets\" also include a compensation to be received with regards to the
losses encountered on Pescanova following the criminal trial amounting to \u20ac 1,231 thousand.
Assets at fair value through profit or loss are categorised as level 1 and level 3 assets.
LUXEMPART ANNUAL REPORT 2023
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139
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS
In thousands of \u20ac
Level 1
Level 3
Total
Fair value as at 31/12/2021
279,889
1,735,906
2,015,795
Level transfer
12,284
-12,284
-
Acquisitions
111,502
86,539
198,042
Disposals
-4,956
-238,489
-243,444
Net gains/(losses) on financial assets
-43,731
51,643
7,912
Fair value as at 31/12/2022
354,988
1,623,315
1,978,304
Acquisitions
46,058
225,982
272,040
Disposals
-123,149
-153
-123,302
Net gains/(losses) on financial assets
-2,438
168,170
165,732
Fair value as at 31/12/2023
275,459
2,017,315
2,292,774
Level 1: Financial assets consist of listed investments, mainly in Atenor, Technotrans, Tonies, Nexus and Capital at
Work portfolio.
Level 3: Financial assets consist of private-equity investments, mainly in Foyer, Armira Holding, Evariste, Crealis, ESG
Elektroniksystem- und Logistik, Kestrel Vision, and Luxempart Capital Partners SICAR.
140
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
LEVEL 3 FINANCIAL ASSETS RISK ANALYSIS
The following table sets out the impacts of changes in non-observable data on the fair value of financial assets.
In thousands of \u20ac
Level 3 for financial assets
Valuation tech-
niques
Significant unobservable inputs
Fair value
Impact -10%
Impact +10%
Market multiple
Discount for illiquidity and/or minority
1,263,413
1,156,266
1,350,815
Revalued net asset
The net asset value communicated to the
Group
753,901
685,802
822,000
Total
2,017,314
1,842,068
2,172,815
At 31 December 2023, the valuation methods have not significantly changed since 2022.
Level 3 fair value valuation techniques used
The following table provides information on the methods used according to IFRS 13 to determine the fair value of
financial assets in private equity, as well as the valuation techniques and inputs used.
Valuation techniques
Use of the technique
Significant
unobservable inputs
Relationship of
unobservable inputs
to fair value
Market multiple
Primary valuation technique
used by Luxempart
(in absence of recent
transactions involving an
identical or similar asset)
Discount for illiquidity
and/or minority resulting
from the calibration of the
valuation model
The higher the discount, the
lower the fair value
Revalued net asset
For private equity funds and
any similar structures as
well as investments entities
with assets recognised at
fair value
The net asset value
communicated to the Group
The higher the net asset
value, the higher the fair
value
LUXEMPART ANNUAL REPORT 2023
-
141
MANAGEMENT OF MARKET RISK
The Group's major risk is the exposure of its financial assets to market risk. The risk management policy is established
and controlled by the Group Executive Committee, the Board of Directors, and the Audit, Compliance, and Risks
Committee.
Market risk is the risk of loss in value of financial assets. The main risks and uncertainties to which the Group is
exposed relates to the performance of the financial markets (stock markets, comparable transactions, market multiples,
etc.). Luxempart does not systematically sell its participations based on financial market volatility. In principle, the
Group does not use market risk hedging instruments. It nevertheless regularly monitors changes in the value of its
investments.
The investments in companies listed on the stock exchange (mainly stock exchanges of Luxembourg, Brussels, and
Frankfurt) represent 11.9 % of the Net Asset Value as at 31 December 2023 (2022: 16.3%).
MANAGEMENT OF INTEREST RATE RISK
Interest risk is the risk that the interest flow on the financial debt and the gross cash may be affected by an unfavourable
change in interest rates.
As at 31 December 2023, this risk is limited due to the small amount of receivables and payables and by the absence
of financial debts.
MANAGEMENT OF FOREIGN EXCHANGE RISK
The Group invests mainly in positions in the Group's functional currency (EUR).
The portfolio of Luxempart is composed of one investment that is designated in foreign currency for \u20ac 18,541 thousand.
This investment represents 0.8% of the financial assets at fair value through profit or loss. No reasonable change in
currency would have an impact on the accounts of Luxempart.
The portfolio of Luxempart Capital Partners is composed of investments in USD which represent 11.9% of the value
of its total financial assets. No reasonable change in currency would have an impact on the accounts of Luxempart.
Therefore, these investments are not hedged against foreign exchange risk because it is not significant.
MANAGEMENT OF CREDIT RISK
Credit risk is the risk that contracted third parties do not meet their commitments towards the Group during transactions
entered into. Credit risk lies not at Luxempart level but at the level of the investments, which are responsible for
managing their credit risk according to the specific terms appropriate for their situation.
In 2023, there was no significant change in relation to the credit risk management. Luxempart minimises its risk
exposure by entering into commitments with financial institutions with a high rating between Aa2 and A-. In order
to minimise any concentration risk, Luxempart diversifies its exposure by working with several banking institutions,
with a maximum to 7.5% of net asset value.
154
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
MANAGEMENT OF LIQUIDITY RISK
Luxempart has \u20ac 244,212 thousand undrawn commitments resulting from its investments in funds (note 20).
Management follows the commitments and capital calls on a quaterly basis in order to make further cash available if
necessary. As at 31 December 2023, Luxempart has contracted two credit lines of \u20ac 50,000 thousand each. The level
of cash at bank, bank deposits, liquid bonds portfolios and confirmed credit lines is enough to face its commitments.
Given this high level of liquidity, the risk for Luxempart is low.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14097_add_hierarchy": { "value": "
FINANCIAL ASSETS
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (\"AFVPL\") are initially measured at their acquisition cost.
They are stated at fair value and measured at the end of each reporting period. Unrealised capital gains and losses
are recognised in the consolidated statement of profit or loss.
In the event of sale of an AFVPL, the difference between the net proceeds from the sale and the carrying amount is
recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\". The transaction
is recognised as at the settlement date.
Financial assets held for trading
Financial assets held for trading classified in current assets are assets acquired mainly with a view to be sold in the
short term.
They are stated at fair value and measured at the end of each reporting period. Changes in fair value are recognised
in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\"
In the event of disposal of a financial asset held for trading, the difference between the net proceeds from the sale
and the carrying amount is recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on
financial assets\". The transaction is recognised as at the settlement date.
LUXEMPART ANNUAL REPORT 2023
-
121
Loans and receivables
Loans and receivables are assets not listed on the stock exchange and repayable with fixed maturity. They originate
when the Group either makes funds, assets, or services available. They are part of current assets insofar as their
maturity does not exceed twelve months after the end of the reporting period (short term). Otherwise, they are part
of non-current assets (long term).
Loans and receivables are measured at amortised cost according to the effective interest rate method. In the event
of a significant loss in value, loans and receivables are impaired through the consolidated statement of profit or loss.
Loans and receivables are considered to be held within a held-to-collect business model consistent with the Group's
continuing recognition of the receivables. Loans and receivables have contractual terms that give rise to cash flows that
are solely payments of principal and interest on the principal amount outstanding. Any gain or loss on derecognition
is recognised in profit or loss.
Bank deposits and Cash and cash equivalents
Bank deposits are saving accounts having a maturity above three months that are less liquid than regular saving
accounts due to their fixed term. They are presented under \"Bank deposits\" in the consolidated statement of financial
position.
Cash and cash equivalents include liquidities, sight deposits, and short-term deposits with maturity within three
months, as well as highly liquid, easily convertible investments.
Bank deposits and Cash and cash equivalents are measured at fair value.
BANK BORROWINGS
Bank borrowings bearing interest are recognised at the amount of the cash obtained after deducting any direct
expenses. Transaction expenses (if they are material) are amortised over the remaining life of the debt.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14096": { "value": "
FINANCIAL ASSETS
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss (\"AFVPL\") are initially measured at their acquisition cost.
They are stated at fair value and measured at the end of each reporting period. Unrealised capital gains and losses
are recognised in the consolidated statement of profit or loss.
In the event of sale of an AFVPL, the difference between the net proceeds from the sale and the carrying amount is
recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\". The transaction
is recognised as at the settlement date.
Financial assets held for trading
Financial assets held for trading classified in current assets are assets acquired mainly with a view to be sold in the
short term.
They are stated at fair value and measured at the end of each reporting period. Changes in fair value are recognised
in the consolidated statement of profit or loss under \"Net gains/(losses) on financial assets\"
In the event of disposal of a financial asset held for trading, the difference between the net proceeds from the sale
and the carrying amount is recognised in the consolidated statement of profit or loss under \"Net gains/(losses) on
financial assets\". The transaction is recognised as at the settlement date.
LUXEMPART ANNUAL REPORT 2023
-
121
Loans and receivables
Loans and receivables are assets not listed on the stock exchange and repayable with fixed maturity. They originate
when the Group either makes funds, assets, or services available. They are part of current assets insofar as their
maturity does not exceed twelve months after the end of the reporting period (short term). Otherwise, they are part
of non-current assets (long term).
Loans and receivables are measured at amortised cost according to the effective interest rate method. In the event
of a significant loss in value, loans and receivables are impaired through the consolidated statement of profit or loss.
Loans and receivables are considered to be held within a held-to-collect business model consistent with the Group's
continuing recognition of the receivables. Loans and receivables have contractual terms that give rise to cash flows that
are solely payments of principal and interest on the principal amount outstanding. Any gain or loss on derecognition
is recognised in profit or loss.
Bank deposits and Cash and cash equivalents
Bank deposits are saving accounts having a maturity above three months that are less liquid than regular saving
accounts due to their fixed term. They are presented under \"Bank deposits\" in the consolidated statement of financial
position.
Cash and cash equivalents include liquidities, sight deposits, and short-term deposits with maturity within three
months, as well as highly liquid, easily convertible investments.
Bank deposits and Cash and cash equivalents are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14101": { "value": "
Loans and receivables
Loans and receivables are assets not listed on the stock exchange and repayable with fixed maturity. They originate
when the Group either makes funds, assets, or services available. They are part of current assets insofar as their
maturity does not exceed twelve months after the end of the reporting period (short term). Otherwise, they are part
of non-current assets (long term).
Loans and receivables are measured at amortised cost according to the effective interest rate method. In the event
of a significant loss in value, loans and receivables are impaired through the consolidated statement of profit or loss.
Loans and receivables are considered to be held within a held-to-collect business model consistent with the Group's
continuing recognition of the receivables. Loans and receivables have contractual terms that give rise to cash flows that
are solely payments of principal and interest on the principal amount outstanding. Any gain or loss on derecognition
is recognised in profit or loss.
Bank deposits and Cash and cash equivalents
Bank deposits are saving accounts having a maturity above three months that are less liquid than regular saving
accounts due to their fixed term. They are presented under \"Bank deposits\" in the consolidated statement of financial
position.
Cash and cash equivalents include liquidities, sight deposits, and short-term deposits with maturity within three
months, as well as highly liquid, easily convertible investments.
Bank deposits and Cash and cash equivalents are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14103_add_hierarchy": { "value": "
Bank deposits and Cash and cash equivalents
Bank deposits are saving accounts having a maturity above three months that are less liquid than regular saving
accounts due to their fixed term. They are presented under \"Bank deposits\" in the consolidated statement of financial
position.
Cash and cash equivalents include liquidities, sight deposits, and short-term deposits with maturity within three
months, as well as highly liquid, easily convertible investments.
Bank deposits and Cash and cash equivalents are measured at fair value.
Note 13 - Bank deposits, Cash and cash equivalents
The following table provides details of the bank deposits, cash and cash equivalents:
In thousands of \u20ac
2023
2022
Bank deposits
25,000
25,000
Total
25,000
25,000
Bank deposits of the Group are placed on accounts with a maturity between 3 to 36 months. Deposits bear interest
at variable rates in force on the market. An analysis of the liquidity risk is provided in note 24.
In thousands of \u20ac
2023
2022
Bank deposits
-
124,000
Cash and cash equivalents
5,372
56,762
Total
5,372
180,762
Bank deposits of the Group are placed on accounts with a maturity less than three months.
Deposits bear interest at variable rates in force on the market. An analysis of the liquidity risk is provided in note 24.
LUXEMPART ANNUAL REPORT 2023
-
143
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14102": { "value": "
Bank deposits and Cash and cash equivalents
Bank deposits are saving accounts having a maturity above three months that are less liquid than regular saving
accounts due to their fixed term. They are presented under \"Bank deposits\" in the consolidated statement of financial
position.
Cash and cash equivalents include liquidities, sight deposits, and short-term deposits with maturity within three
months, as well as highly liquid, easily convertible investments.
Bank deposits and Cash and cash equivalents are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14105_add_hierarchy": { "value": "
FAIR VALUE OF FINANCIAL ASSETS
Fair value measurements
IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants, on the principal or most advantageous market, at the measurement date.
Financial assets are measured at their fair value at the end of each reporting period.
Listed shares are measured based on their market price on the closing date.
Non-listed financial assets are measured based on valuation methods in line with the requirements of the International
Private Equity and Venture Capital Valuation (IPEV). During the measurement of the fair value of the financial assets
in non-listed companies, Luxempart adopts a multi-criteria approach and applies one or several of the methods
described in the table hereafter.
Discounts may be applied to the values obtained by using each of these methods (discounts for illiquidity, for small
company, etc.).
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CONSOLIDATED FINANCIAL STATEMENTS
Assets categorised as level 3 assets are valued by Luxempart's investment team. The valuations are based on information
received from the portfolio companies' management or by external evaluators and on IFRS compliant market data
(mainly market multiples) that are provided by Capital IQ. The investment team performs a calibration exercise at
entry date to determine the valuation model used to assess the fair value of the portfolio companies. The unaudited
information used in the valuations is back-tested at each reporting date, when audited information is available.
After being reviewed by the business controller and the CFO, these valuations are submitted to the Group Executive
Committee for approval. Finally, they are submitted to the Audit, Compliance, and Risks Committee, which conducts a
detailed analysis of the methods and assumptions used. The Management and Audit, Compliance, and Risks Committee
review and analyse the changes in fair value measurement at each period end. The Board of Directors ultimately
approves the fair value measurement of the financial assets when it approves the consolidated financial statements.
Fair value hierarchy
The Group uses a fair value hierarchy that reflects the significance of the data allowing valuations to be established.
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: Data other than quoted market prices included within level 1 that are observable for the asset or liability,
either directly (for example, prices) or indirectly (for example, elements derived from prices);
\u2022 Level 3: Data about the asset or liability not based directly on observable market data.
When a level 1 asset is no longer listed, it is reclassified as a level 3 asset as soon as it is delisted. When data on a
level 2 asset is no longer observable on a market, that asset is reclassified as a level 3 asset at the end of the period.
Note 10 - Financial assets at fair value through
profit or loss
The following tables provide details of changes in financial assets at fair value through profit or loss in 2022 and 2023:
In thousands of \u20ac
Financial assets at fair value
through profit or loss
Fair value as at 31/12/2021
2,015,795
Acquisitions
198,041
Disposals
-243,445
Net gains/(losses) on financial assets
7,912
Fair value as at 31/12/2022
1,978,304
Acquisitions
272,040
Disposals
-123,302
Net gains/(losses) on financial assets
165,732
Fair value as at 31/12/2023
2,292,774
Financial assets at fair value through profit or loss (\"AFVPL\") are classified into two segments, Direct Investments and
Investment Funds. During the 2023 financial year, the Group invested:
\u2022 \u20ac 234,329 thousand in Direct Investments mainly in Kestrel Vision, Coutot-Roehrig, Alphacaps, MTWH, and a total
amount of \u20ac 44,463 thousand in listed companies (Nexus, Tonies...).
\u2022 \u20ac 1,595 thousand in Capital at Work portfolio and new bonds portfolio.
\u2022 \u20ac 36,116 thousand in the Investment Funds activity.
The Group sold:
\u2022 shares in Direct Investments mainly of the listed companies for \u20ac 81,875 thousand.
\u2022 bonds and shares from its Capital at Work and other bonds portfolios for \u20ac 41,427 thousand.
The net capital gains realised in 2023 correspond to the value increase since 31 December 2022.
The caption \"Net gains/(losses) on financial assets\" also include a compensation to be received with regards to the
losses encountered on Pescanova following the criminal trial amounting to \u20ac 1,231 thousand.
Assets at fair value through profit or loss are categorised as level 1 and level 3 assets.
LUXEMPART ANNUAL REPORT 2023
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139
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS
In thousands of \u20ac
Level 1
Level 3
Total
Fair value as at 31/12/2021
279,889
1,735,906
2,015,795
Level transfer
12,284
-12,284
-
Acquisitions
111,502
86,539
198,042
Disposals
-4,956
-238,489
-243,444
Net gains/(losses) on financial assets
-43,731
51,643
7,912
Fair value as at 31/12/2022
354,988
1,623,315
1,978,304
Acquisitions
46,058
225,982
272,040
Disposals
-123,149
-153
-123,302
Net gains/(losses) on financial assets
-2,438
168,170
165,732
Fair value as at 31/12/2023
275,459
2,017,315
2,292,774
Level 1: Financial assets consist of listed investments, mainly in Atenor, Technotrans, Tonies, Nexus and Capital at
Work portfolio.
Level 3: Financial assets consist of private-equity investments, mainly in Foyer, Armira Holding, Evariste, Crealis, ESG
Elektroniksystem- und Logistik, Kestrel Vision, and Luxempart Capital Partners SICAR.
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CONSOLIDATED FINANCIAL STATEMENTS
LEVEL 3 FINANCIAL ASSETS RISK ANALYSIS
The following table sets out the impacts of changes in non-observable data on the fair value of financial assets.
In thousands of \u20ac
Level 3 for financial assets
Valuation tech-
niques
Significant unobservable inputs
Fair value
Impact -10%
Impact +10%
Market multiple
Discount for illiquidity and/or minority
1,263,413
1,156,266
1,350,815
Revalued net asset
The net asset value communicated to the
Group
753,901
685,802
822,000
Total
2,017,314
1,842,068
2,172,815
At 31 December 2023, the valuation methods have not significantly changed since 2022.
Level 3 fair value valuation techniques used
The following table provides information on the methods used according to IFRS 13 to determine the fair value of
financial assets in private equity, as well as the valuation techniques and inputs used.
Valuation techniques
Use of the technique
Significant
unobservable inputs
Relationship of
unobservable inputs
to fair value
Market multiple
Primary valuation technique
used by Luxempart
(in absence of recent
transactions involving an
identical or similar asset)
Discount for illiquidity
and/or minority resulting
from the calibration of the
valuation model
The higher the discount, the
lower the fair value
Revalued net asset
For private equity funds and
any similar structures as
well as investments entities
with assets recognised at
fair value
The net asset value
communicated to the Group
The higher the net asset
value, the higher the fair
value
LUXEMPART ANNUAL REPORT 2023
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141
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14104": { "value": "
FAIR VALUE OF FINANCIAL ASSETS
Fair value measurements
IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants, on the principal or most advantageous market, at the measurement date.
Financial assets are measured at their fair value at the end of each reporting period.
Listed shares are measured based on their market price on the closing date.
Non-listed financial assets are measured based on valuation methods in line with the requirements of the International
Private Equity and Venture Capital Valuation (IPEV). During the measurement of the fair value of the financial assets
in non-listed companies, Luxempart adopts a multi-criteria approach and applies one or several of the methods
described in the table hereafter.
Discounts may be applied to the values obtained by using each of these methods (discounts for illiquidity, for small
company, etc.).
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CONSOLIDATED FINANCIAL STATEMENTS
Assets categorised as level 3 assets are valued by Luxempart's investment team. The valuations are based on information
received from the portfolio companies' management or by external evaluators and on IFRS compliant market data
(mainly market multiples) that are provided by Capital IQ. The investment team performs a calibration exercise at
entry date to determine the valuation model used to assess the fair value of the portfolio companies. The unaudited
information used in the valuations is back-tested at each reporting date, when audited information is available.
After being reviewed by the business controller and the CFO, these valuations are submitted to the Group Executive
Committee for approval. Finally, they are submitted to the Audit, Compliance, and Risks Committee, which conducts a
detailed analysis of the methods and assumptions used. The Management and Audit, Compliance, and Risks Committee
review and analyse the changes in fair value measurement at each period end. The Board of Directors ultimately
approves the fair value measurement of the financial assets when it approves the consolidated financial statements.
Fair value hierarchy
The Group uses a fair value hierarchy that reflects the significance of the data allowing valuations to be established.
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: Data other than quoted market prices included within level 1 that are observable for the asset or liability,
either directly (for example, prices) or indirectly (for example, elements derived from prices);
\u2022 Level 3: Data about the asset or liability not based directly on observable market data.
When a level 1 asset is no longer listed, it is reclassified as a level 3 asset as soon as it is delisted. When data on a
level 2 asset is no longer observable on a market, that asset is reclassified as a level 3 asset at the end of the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14108_add_hierarchy": { "value": "
CAPITAL
Issued shares are considered to be representative of the share capital. Issued equity is recognised at the proceed net
of direct issue costs.
When a company of the Group acquires shares of the parent company, the price paid and the related incurred costs
are recognised and deducted directly in equity at the moment when these shares are cancelled or transferred. When
shares are transferred, the transfer price net of expenses incurred during this transaction and net of taxes is added
to the equity.
Note 14 - Capital and share premium
A.
CAPITAL AND SHARE PREMIUM
The authorised capital amounts to \u20ac 90,000 thousand.
In thousands of \u20ac
2023
2022
Subscribed capital
51,750
51,750
Share premium
15,110
15,110
Total
66,860
66,860
B.
CAPITAL MANAGEMENT
As at 31 December 2023, subscribed capital amounts to \u20ac 51,750,000 and is represented by 20,700,000 fully paid-up
shares without designation of nominal value. Each share entitles the holder to a dividend and a vote during General
Meetings.
There are no other share classes or options or pre-emptive rights entitling holders to the issuance of shares of another
class that could have a dilutive effect on the number of shares issued.
The Board of Directors has the authorisation, until the 2024 Annual General Meeting, to buy back own shares. The
accounting par value of the shares bought back, including own shares already previously acquired, may not exceed
30% of the subscribed capital. This own share buyback policy is intended to improve the security's liquidity on the
stock exchange, grant shares to managers, cancel the own shares through a decision of the Extraordinary General
Meeting, or transfer these shares to a new shareholder.
In view of the Group's liquidity, all new investments are funded only from the Company's equity. For investments in
private equity, external debt may be used at the level of the investment.
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CONSOLIDATED FINANCIAL STATEMENTS
Note 15 - Reserves and own shares
A.
LEGAL RESERVE
From the net profit of the statutory accounts under Luxembourg GAAP, 5% must be deducted annually to build up
the reserve fund required by Luxembourg law. This deduction will no longer be mandatory when the reserve fund
reaches one-tenth of the share capital.
The legal reserve may not be distributed to the shareholders except in case of dissolution of the Company.
As at 31 December 2023, the legal reserve amounts to \u20ac 5,175 thousand (2022: \u20ac 5,175 thousand).
B.
OTHER RESERVES
In thousands of \u20ac
2023
2022
Consolidated reserves
2,082,621
2,068,556
Special reserve
6,561
9,446
Stock option plan reserve
1,094
3,137
Total
2,090,275
2,081,139
Consolidated reserves
The consolidated reserves are composed of the income accumulated by the subsidiaries since their first consolidation,
as well as some movements related to consolidation entries.
Special reserve
As at 31 December 2023, the special reserve includes the untaxed capital gains from disposal on participations.
These capital gains, recognised in the equity, result from application of Article 54 of the income tax law and are to be
reinvested within two years following the financial year of the disposal. If these gains are not reinvested within this
two-year period, they will be reversed through the consolidated statement of profit or loss and subject to tax The
special reserve may not be distributed to the shareholders except in case of dissolution of the Company
As at 31 December 2023, the special reserve decreased by \u20ac 2,885 thousand. The untaxed capital gain hasn't been
reinvested in Luxembourg companies.
Stock option plan reserve
As at 31 December 2023, the stock option plan reserve amounts to \u20ac 1,094 thousand. This reserve relates to the
recognition of the stock option attributed to Management and employees in 2023. This expense is recognised under
\"Remuneration, wages and bonuses\" in the consolidated statement of profit or loss and disclosed in the note 5.
The fair value of the options is calculated according to the Black and Scholes model.
For financial year 2023, the Board of Directors granted 101,166 Luxempart options with an exercise price of \u20ac 75.50
per share.
LUXEMPART ANNUAL REPORT 2023
-
145
The table below summarises the movements of the year:
In thousands of \u20ac
Total
Number of options outstanding at 01/01/2023
517,689
Options exercised in 2023
-87,364
Options issued in 2023
101,166
Options buyback in 2023 (see Remuneration report)
-20,000
Number of options outstanding at 31/12/2023
511,491
The average exercise price of options exercised in 2023 is \u20ac 51.22.
The table below provides the plan's characteristics:
Tranche
Year Exercise price
Exercise period
Share price when
allotted
Tranche 8
2016
33.99
Oct 2020 - Oct 2024
39.78
Tranche 9
2017
52.61
Aug 2021 - Aug 2025
50.00
Tranche 10
2018
56.50
June 2022 - June 2026
47.80
Tranche 11
2019
52.50
May 2023 - May 2027
53.00
Tranche 12
2020
47.73
April 2024 - April 2028
49.00
Tranche 13
2020
46.00
Januar 2025 - Januar 2029
49.00
Tranche 14
2022
76.29
Januar 2026 - Januar 2032
78.00
Tranche 15
2023
75.50
March 2027 - March 2033
73.00
Dividend growth
2.4%
Historical volatility of share price
18.7%
As at 31 December 2023, 96,825 options can be exercised.
C. OWN SHARES AND RESERVE FOR OWN SHARES
Number of
shares issued
Number of
own shares
Number of
outstanding shares
As at 31/12/2021
20,700,000
574,735
20,125,265
Acquisition and disposals
-
-34,322
34,322
As at 31/12/2022
20,700,000
540,413
20,159,587
Acquisition and disposals
-
30,269
-30,269
As at 31/12/2023
20,700,000
570,682
20,129,318
As at 31 December 2023, Luxempart holds 570,682 own shares (2022: 540,413 own shares), amounting to \u20ac -22,286
thousand (2022: \u20ac -16,714 thousand). The reserve for own shares may not be distributed to the shareholders except
in case of dissolution of the Company.
They were excluded from the diluted weighted-average number of ordinary shares calculation because their effect
would have been anti-dilutive. The weighted average number of shares outstanding as at 31 December 2023 is
20,123,803 (2022: 20,121,560).
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CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14107_add_hierarchy": { "value": "
CAPITAL
Issued shares are considered to be representative of the share capital. Issued equity is recognised at the proceed net
of direct issue costs.
When a company of the Group acquires shares of the parent company, the price paid and the related incurred costs
are recognised and deducted directly in equity at the moment when these shares are cancelled or transferred. When
shares are transferred, the transfer price net of expenses incurred during this transaction and net of taxes is added
to the equity.
Note 14 - Capital and share premium
A.
CAPITAL AND SHARE PREMIUM
The authorised capital amounts to \u20ac 90,000 thousand.
In thousands of \u20ac
2023
2022
Subscribed capital
51,750
51,750
Share premium
15,110
15,110
Total
66,860
66,860
B.
CAPITAL MANAGEMENT
As at 31 December 2023, subscribed capital amounts to \u20ac 51,750,000 and is represented by 20,700,000 fully paid-up
shares without designation of nominal value. Each share entitles the holder to a dividend and a vote during General
Meetings.
There are no other share classes or options or pre-emptive rights entitling holders to the issuance of shares of another
class that could have a dilutive effect on the number of shares issued.
The Board of Directors has the authorisation, until the 2024 Annual General Meeting, to buy back own shares. The
accounting par value of the shares bought back, including own shares already previously acquired, may not exceed
30% of the subscribed capital. This own share buyback policy is intended to improve the security's liquidity on the
stock exchange, grant shares to managers, cancel the own shares through a decision of the Extraordinary General
Meeting, or transfer these shares to a new shareholder.
In view of the Group's liquidity, all new investments are funded only from the Company's equity. For investments in
private equity, external debt may be used at the level of the investment.
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CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14106": { "value": "
CAPITAL
Issued shares are considered to be representative of the share capital. Issued equity is recognised at the proceed net
of direct issue costs.
When a company of the Group acquires shares of the parent company, the price paid and the related incurred costs
are recognised and deducted directly in equity at the moment when these shares are cancelled or transferred. When
shares are transferred, the transfer price net of expenses incurred during this transaction and net of taxes is added
to the equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14111_add_hierarchy": { "value": "
BANK BORROWINGS
Bank borrowings bearing interest are recognised at the amount of the cash obtained after deducting any direct
expenses. Transaction expenses (if they are material) are amortised over the remaining life of the debt.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14110_add_hierarchy": { "value": "
BANK BORROWINGS
Bank borrowings bearing interest are recognised at the amount of the cash obtained after deducting any direct
expenses. Transaction expenses (if they are material) are amortised over the remaining life of the debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14109": { "value": "
BANK BORROWINGS
Bank borrowings bearing interest are recognised at the amount of the cash obtained after deducting any direct
expenses. Transaction expenses (if they are material) are amortised over the remaining life of the debt.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14115_add_hierarchy": { "value": "
SHARE-BASED PAYMENT ARRANGEMENTS
A stock option plan (for more details, see the remuneration report) has been granted to the Management and some
employees. Each option entitles at exercise to receive one Luxempart's share (equity-settlement), in exchange of the
payment of the strike price. The fair value of the amount granted to employees with respect to the stock option plan,
is recognised at attribution as an expense with the corresponding increase in equity. The fair value is determined
with the Black and Scholes model at initial recognition and is not remeasured subsequently.
LUXEMPART ANNUAL REPORT 2023
-
123
Stock option plan reserve
As at 31 December 2023, the stock option plan reserve amounts to \u20ac 1,094 thousand. This reserve relates to the
recognition of the stock option attributed to Management and employees in 2023. This expense is recognised under
\"Remuneration, wages and bonuses\" in the consolidated statement of profit or loss and disclosed in the note 5.
The fair value of the options is calculated according to the Black and Scholes model.
For financial year 2023, the Board of Directors granted 101,166 Luxempart options with an exercise price of \u20ac 75.50
per share.
LUXEMPART ANNUAL REPORT 2023
-
145
The table below summarises the movements of the year:
In thousands of \u20ac
Total
Number of options outstanding at 01/01/2023
517,689
Options exercised in 2023
-87,364
Options issued in 2023
101,166
Options buyback in 2023 (see Remuneration report)
-20,000
Number of options outstanding at 31/12/2023
511,491
The average exercise price of options exercised in 2023 is \u20ac 51.22.
The table below provides the plan's characteristics:
Tranche
Year Exercise price
Exercise period
Share price when
allotted
Tranche 8
2016
33.99
Oct 2020 - Oct 2024
39.78
Tranche 9
2017
52.61
Aug 2021 - Aug 2025
50.00
Tranche 10
2018
56.50
June 2022 - June 2026
47.80
Tranche 11
2019
52.50
May 2023 - May 2027
53.00
Tranche 12
2020
47.73
April 2024 - April 2028
49.00
Tranche 13
2020
46.00
Januar 2025 - Januar 2029
49.00
Tranche 14
2022
76.29
Januar 2026 - Januar 2032
78.00
Tranche 15
2023
75.50
March 2027 - March 2033
73.00
Dividend growth
2.4%
Historical volatility of share price
18.7%
As at 31 December 2023, 96,825 options can be exercised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14114": { "value": "
SHARE-BASED PAYMENT ARRANGEMENTS
A stock option plan (for more details, see the remuneration report) has been granted to the Management and some
employees. Each option entitles at exercise to receive one Luxempart's share (equity-settlement), in exchange of the
payment of the strike price. The fair value of the amount granted to employees with respect to the stock option plan,
is recognised at attribution as an expense with the corresponding increase in equity. The fair value is determined
with the Black and Scholes model at initial recognition and is not remeasured subsequently.
LUXEMPART ANNUAL REPORT 2023
-
123
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14113_add_hierarchy": { "value": "
SHARE-BASED PAYMENT ARRANGEMENTS
A stock option plan (for more details, see the remuneration report) has been granted to the Management and some
employees. Each option entitles at exercise to receive one Luxempart's share (equity-settlement), in exchange of the
payment of the strike price. The fair value of the amount granted to employees with respect to the stock option plan,
is recognised at attribution as an expense with the corresponding increase in equity. The fair value is determined
with the Black and Scholes model at initial recognition and is not remeasured subsequently.
LUXEMPART ANNUAL REPORT 2023
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123
Note 5 - Staff costs
The following table provides details of staff costs and benefits:
In thousands of \u20ac
2023
2022
Remuneration, wages and bonuses
12,913
13,908
Social security contributions
518
455
Supplementary pension plan
552
466
Total
13,984
14,829
As at 31 December 2023, \"Remuneration, wages and bonuses\" comprised expenses amounting to \u20ac 1,094 thousand
relating to the recognition of the stock options attributed to Management and employees in 2023.
In 2022, an amount of
1,780 thousand has been recognised for a bonus for which no provision has been made.
Pension plan
The Group has opted for a defined-contribution pension plan and pays annual contributions to a separate entity (Foyer
Vie). The Group will have no legal or implied obligation to pay additional contributions if said entity does not have
enough assets to cover the benefits corresponding to the services rendered by staff members during the current and
prior periods.
The Group offers defined-contribution pension plans to its employees. Luxempart pays contributions corresponding to
a percentage of the payroll expenses into the retirement scheme in order to fund these benefits. The only obligation
with regard to the retirement scheme involves paying these contributions which are recognised in staff costs.
Premiums are paid annually and recognised directly in the consolidated statement of profit or loss.
Number of employees
The following table indicates the average number of employees over the year:
CATEGORY
2023
2022
Managers
5
6
Staff
23
21
Total
28
27
LUXEMPART ANNUAL REPORT 2023
-
135
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14112": { "value": "
SHARE-BASED PAYMENT ARRANGEMENTS
A stock option plan (for more details, see the remuneration report) has been granted to the Management and some
employees. Each option entitles at exercise to receive one Luxempart's share (equity-settlement), in exchange of the
payment of the strike price. The fair value of the amount granted to employees with respect to the stock option plan,
is recognised at attribution as an expense with the corresponding increase in equity. The fair value is determined
with the Black and Scholes model at initial recognition and is not remeasured subsequently.
LUXEMPART ANNUAL REPORT 2023
-
123
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14119_add_hierarchy": { "value": "
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables and
income tax expenses (corporate income tax and municipal business tax) are estimated and recognised as provisions.
Deferred taxes originate when a temporary difference appears between the taxable base of an asset or liability and
the value at which it appears on the consolidated statement of financial position. Deferred tax is calculated by applying
the tax rate as well as the provisions of the law in force at the time of the calculation.
Deferred tax assets are recognised for all deductible temporary differences (on tax loss carry forwards or other
temporary differences) to the extent that it is probable that taxable profits will be available, against which those
deductible temporary differences can be utilised, or when compensation is possible with existing deferred tax liabilities.
PROVISIONS AND OTHER LIABILITIES
Provisions are recognised once the Group has an actual obligation (legal or implied) resulting from past events that will
probably generate an outflow of resources representative of economic benefits at an amount that can be reasonably
estimated.
Liabilities are recognised at their nominal value.
SEGMENT INFORMATION
Operating segments are the components of the Group whose results are regularly reviewed by the Group Executive
Committee to make decisions about resources to be allocated to the segment and assess its performance.
The segmental information follows Luxempart's investment strategy built on two segments:
\u2022 The \"Direct Investments\" that consists in taking direct participations in companies in the target geographical regions,
which primarily consist of the Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy.
\u2022 The \"Investment Funds\" that consists in the acquisition of shares in investment funds mainly active in private equity
and venture capital.
The Group Executive Committee monitors the performance of the Group based on reporting disclosing these two
segments but not using any geographical segmentation.
124
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 8 - Current tax expenses
The Group recognises the current tax expenses on the corporate profits as follows:
A.
DETAIL OF TAXES
In thousands of \u20ac
2023
2022
Corporate income tax (IRC)
21
-6
Subtotal income tax expenses
21
-6
Wealth tax
1,522
1,167
Total
1,543
1,161
The international taxation reform, commonly known as \"Pillar Two\" and designated to establish a minimum tax rate
of 15 % common to various jurisdictions, has been analysed by Luxempart, that has concluded that the Group does
not fall under the scope of the directive.
B.
RECONCILIATION OF INCOME TAX EXPENSES TO THE ACCOUNTING PROFIT
in thousands of \u20ac
2023
2022
Profit before tax
185,066
47,564
Company's average tax rate
24.94%
24.94%
Theoretical tax expense
46,155
11,862
Effect of non-taxable capital gains
-41,334
-1,973
Effect of non-taxable dividends
-9,078
-14,518
Effect of tax adjustments relating to previous years
-
-8
Other tax adjustments
4,276
4,631
Total tax expense
21
-6
LUXEMPART ANNUAL REPORT 2023
-
137
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14118_add_hierarchy": { "value": "
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables and
income tax expenses (corporate income tax and municipal business tax) are estimated and recognised as provisions.
Deferred taxes originate when a temporary difference appears between the taxable base of an asset or liability and
the value at which it appears on the consolidated statement of financial position. Deferred tax is calculated by applying
the tax rate as well as the provisions of the law in force at the time of the calculation.
Deferred tax assets are recognised for all deductible temporary differences (on tax loss carry forwards or other
temporary differences) to the extent that it is probable that taxable profits will be available, against which those
deductible temporary differences can be utilised, or when compensation is possible with existing deferred tax liabilities.
PROVISIONS AND OTHER LIABILITIES
Provisions are recognised once the Group has an actual obligation (legal or implied) resulting from past events that will
probably generate an outflow of resources representative of economic benefits at an amount that can be reasonably
estimated.
Liabilities are recognised at their nominal value.
SEGMENT INFORMATION
Operating segments are the components of the Group whose results are regularly reviewed by the Group Executive
Committee to make decisions about resources to be allocated to the segment and assess its performance.
The segmental information follows Luxempart's investment strategy built on two segments:
\u2022 The \"Direct Investments\" that consists in taking direct participations in companies in the target geographical regions,
which primarily consist of the Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy.
\u2022 The \"Investment Funds\" that consists in the acquisition of shares in investment funds mainly active in private equity
and venture capital.
The Group Executive Committee monitors the performance of the Group based on reporting disclosing these two
segments but not using any geographical segmentation.
124
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14117_add_hierarchy": { "value": "
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables and
income tax expenses (corporate income tax and municipal business tax) are estimated and recognised as provisions.
Deferred taxes originate when a temporary difference appears between the taxable base of an asset or liability and
the value at which it appears on the consolidated statement of financial position. Deferred tax is calculated by applying
the tax rate as well as the provisions of the law in force at the time of the calculation.
Deferred tax assets are recognised for all deductible temporary differences (on tax loss carry forwards or other
temporary differences) to the extent that it is probable that taxable profits will be available, against which those
deductible temporary differences can be utilised, or when compensation is possible with existing deferred tax liabilities.
PROVISIONS AND OTHER LIABILITIES
Provisions are recognised once the Group has an actual obligation (legal or implied) resulting from past events that will
probably generate an outflow of resources representative of economic benefits at an amount that can be reasonably
estimated.
Liabilities are recognised at their nominal value.
SEGMENT INFORMATION
Operating segments are the components of the Group whose results are regularly reviewed by the Group Executive
Committee to make decisions about resources to be allocated to the segment and assess its performance.
The segmental information follows Luxempart's investment strategy built on two segments:
\u2022 The \"Direct Investments\" that consists in taking direct participations in companies in the target geographical regions,
which primarily consist of the Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy.
\u2022 The \"Investment Funds\" that consists in the acquisition of shares in investment funds mainly active in private equity
and venture capital.
The Group Executive Committee monitors the performance of the Group based on reporting disclosing these two
segments but not using any geographical segmentation.
124
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14116": { "value": "
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables and
income tax expenses (corporate income tax and municipal business tax) are estimated and recognised as provisions.
Deferred taxes originate when a temporary difference appears between the taxable base of an asset or liability and
the value at which it appears on the consolidated statement of financial position. Deferred tax is calculated by applying
the tax rate as well as the provisions of the law in force at the time of the calculation.
Deferred tax assets are recognised for all deductible temporary differences (on tax loss carry forwards or other
temporary differences) to the extent that it is probable that taxable profits will be available, against which those
deductible temporary differences can be utilised, or when compensation is possible with existing deferred tax liabilities.
PROVISIONS AND OTHER LIABILITIES
Provisions are recognised once the Group has an actual obligation (legal or implied) resulting from past events that will
probably generate an outflow of resources representative of economic benefits at an amount that can be reasonably
estimated.
Liabilities are recognised at their nominal value.
SEGMENT INFORMATION
Operating segments are the components of the Group whose results are regularly reviewed by the Group Executive
Committee to make decisions about resources to be allocated to the segment and assess its performance.
The segmental information follows Luxempart's investment strategy built on two segments:
\u2022 The \"Direct Investments\" that consists in taking direct participations in companies in the target geographical regions,
which primarily consist of the Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy.
\u2022 The \"Investment Funds\" that consists in the acquisition of shares in investment funds mainly active in private equity
and venture capital.
The Group Executive Committee monitors the performance of the Group based on reporting disclosing these two
segments but not using any geographical segmentation.
124
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14121_add_hierarchy": { "value": "
PROVISIONS AND OTHER LIABILITIES
Provisions are recognised once the Group has an actual obligation (legal or implied) resulting from past events that will
probably generate an outflow of resources representative of economic benefits at an amount that can be reasonably
estimated.
Liabilities are recognised at their nominal value.
Note 17 - Non-current provisions
The following table provides details of the non-current provisions:
In thousands of \u20ac
2023
2022
Tax provisions
3,623
2,102
Other provisions
185
152
Total
3,808
2,254
The tax provisions relate to income taxes, municipal business taxes and net wealth tax for 2023 and previous years.
LUXEMPART ANNUAL REPORT 2023
-
147
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14120": { "value": "
PROVISIONS AND OTHER LIABILITIES
Provisions are recognised once the Group has an actual obligation (legal or implied) resulting from past events that will
probably generate an outflow of resources representative of economic benefits at an amount that can be reasonably
estimated.
Liabilities are recognised at their nominal value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14123_add_hierarchy": { "value": "
SEGMENT INFORMATION
Operating segments are the components of the Group whose results are regularly reviewed by the Group Executive
Committee to make decisions about resources to be allocated to the segment and assess its performance.
The segmental information follows Luxempart's investment strategy built on two segments:
\u2022 The \"Direct Investments\" that consists in taking direct participations in companies in the target geographical regions,
which primarily consist of the Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy.
\u2022 The \"Investment Funds\" that consists in the acquisition of shares in investment funds mainly active in private equity
and venture capital.
The Group Executive Committee monitors the performance of the Group based on reporting disclosing these two
segments but not using any geographical segmentation.
124
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 3 - Segment information
Strategic segmentation
The segmental information follows Luxempart's investment strategy built on two segments:
\u2022 The \"Direct Investments\" that consists in taking direct participations in companies in the target geographical regions,
which primarily consist of the Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy.
\u2022 The \"Investment Funds\" that consists in the acquisition of shares in investment funds mainly active in private equity
and venture capital.
A description of the activities, including returns generated by these investment activities and the allocation of resources,
is given in the Management report.
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Profit or loss
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2023
Dividend income
36,398
-
-
36,398
Net gains / (losses) on financial assets
125,150
56,376
-14,564
166,963
Profit on investment activities
161,548
56,376
-14,564
203,361
Services / recovery of services
-
-
2,584
2,584
Staff costs
-
-
-13,984
-13,984
Operating expenses
-
-
-5,953
-5,953
Depreciation and amortisation of non-current
assets
-
-
-2,658
-2,658
Profit from operating activities
161,548
56,376
-34,574
183,350
Financial income
-
-
2,344
2,344
Financial expenses
-
-
-628
-628
Profit before tax
161,548
56,376
-32,859
185,066
Tax expenses
-
-
-1,543
-1,543
Profit / (loss) for the year
161,548
56,376
-34,401
183,523
(*) All assets, liabilities, income and expenses that are not directly allocated to a segment are presented in \"Others\"
The investment in Foyer represents an important part of the section \"Dividend income\" and \"Net gains / (losses) on
financial assets\". The investment in Foyer represents more than 10% of the total of profit on investment activities.
126
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Assets
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2023
Financial assets at fair value through profit and
1,656,502
loss
503,755
132,518
2,292,774
Bank deposits, loans and receivables
62
-
25,000
25,062
Intangible and tangible assets
-
-
1,432
1,432
Total non-current assets
1,656,564
503,755
158,950
2,319,268
Total current assets
-
-
16,906
16,906
Total assets
1,656,564
503,755
175,855
2,336,174
Equity and liabilities
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2023
Total equity
-
-
2,323,546
2,323,546
Total liabilities
-
-
12,628
12,628
Total equity and liabilities
-
-
2,336,174
2,336,174
LUXEMPART ANNUAL REPORT 2023
-
127
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Profit or loss
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2022
Dividend income
53,636
4,578
-
58,213
Net gains / (losses) on financial assets
-13,420
38,008
-16,676
7,912
Profit on investment activities
40,216
42,585
-16,676
66,126
Services / recovery of services
-
-
1,498
1,498
Staff costs
-
-
-14,829
-14,829
Operating expenses
-
-
-6,822
-6,822
Depreciation and amortisation of non-current
assets
-
-
-85
-85
Profit from operating activities
40,216
42,585
-36,914
45,888
Financial income
-
-
2,213
2,213
Financial expenses
-
-
-537
-537
Profit before tax
40,216
42,585
-35,237
47,564
Tax expenses
-
-
-1,161
-1,161
Profit / (loss) for the year
40,216
42,585
-36,398
46,403
(*) All assets, liabilities, income and expenses that are not directly allocated to a segment are presented in \"Others\"
The investment in Foyer represents an important part of the section \"Dividend income\" and \"Net gains / (losses) on
financial assets\". The investment in Foyer represents more than 10% of the total of profit on investment activities.
128
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Assets
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2022
Financial assets at fair value through profit and
1,355,520
loss
384,448
238,330
1,978,304
Bank deposits, loans and receivables
2,612
-
25,000
27,612
Intangible and tangible assets
-
-
352
352
Total non-current assets
1,358,132
384,448
263,682
2,006,268
Total current assets
-
-
188,830
188,830
Total assets
1,358,132
384,448
452,511
2,195,098
Equity and liabilities
In thousands of \u20ac
Direct
Investments
Investment
Funds
Others (*)
31/12/2022
Total equity
-
-
2,182,864
2,182,864
Total liabilities
-
-
12,234
12,234
Total equity and liabilities
-
-
2,195,098
2,195,098
LUXEMPART ANNUAL REPORT 2023
-
129
Geographic segmentation
The following table provides details on segmentation information based on country incorporation.
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Profit or loss
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2023
Dividend income
31,219
3,187
-
1,837
155
36,398
Net gains / (losses) on financial
27,326
assets
95,062
64,621
-12,802
-7,245
166,963
Profit on investment activities
58,545
98,250
64,621
-10,964
-7,090
203,361
Services / recovery of services
2,584
-
-
-
-
2,584
Staff costs
-13,369
-
-615
-
-
-13,984
Operating expenses
-5,853
-
-100
-
-
-5,953
Depreciation and amortisation of
non-current assets
-2,654
-
-4
-
-
-2,658
Profit from operating activities
39,252
98,250
63,903
-10,964
-7,090
183,350
Financial income
2,344
-
-
-
-
2,344
Financial expenses
-628
-
-
-
-
-628
Profit before tax
40,968
98,250
63,903
-10,964
-7,090
185,066
Tax expenses
-1,543
-
-
-
-1,543
Profit / (loss) for the year
39,425
98,250
63,903
-10,964
-7,090
183,523
130
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Assets
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2023
Financial assets at fair value
868,205
through profit and loss
504,298
612,509
219,115
88,648
2,292,774
Bank deposits, loans and
receivables
25,000
-
-
-
62
25,062
Intangible and tangible assets
1,393
-
3 9
-
-
1,432
Total non-current assets
894,598
504,298
612,547
219,115
88,710
2,319,268
Total current assets
8,713
6,404
27
23
1,739
16,906
Total assets
903,311
510,702
612,574
219,138
90,449
2,336,174
Equity and liabilities
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2023
Total equity
2,323,546
-
-
-
-
2,323,546
Total liabilities
12,053
228
272
-
75
12,628
Total equity and liabilities
2,335,599
228
272
-
75
2,336,174
LUXEMPART ANNUAL REPORT 2023
-
131
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Profit or loss
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2022
Dividend income
49,868
6,690
-
919
738
58,213
Net gains / (losses) on financial
-82,440
assets
-3,426
56,757
59,199
-22,177
7,912
Profit on investment activities
-32,573
3,263
56,757
60,118
-21,439
66,126
Services / recovery of services
1,498
-
-
-
-
1,498
Staff costs
-14,764
-
-65
-
-
-14,829
Operating expenses
-6,764
-
-58
-
-
-6,822
Depreciation and amortisation of
non-current assets
-85
-
-
-
-
-85
Profit from operating activities
-52,688
3,263
56,634
60,118
-21,439
45,888
Financial income
2,213
-
-
-
-
2,213
Financial expenses
-537
-
-
-
-
-537
Profit before tax
-51,012
3,263
56,634
60,118
-21,439
47,564
Tax expenses
-1,160
-
-1
-
-
-1,161
Profit / (loss) for the year
-52,172
3,263
56,633
60,118
-21,439
46,403
132
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Assets
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2022
Financial assets at fair value
892,687
through profit and loss
432,474
375,642
215,076
62,425
1,978,304
Bank deposits, loans and
receivables
27,550
-
-
-
62
27,612
Intangible and tangible assets
352
-
-
-
-
352
Total non-current assets
920,589
432,474
375,642
215,076
62,487
2,006,268
Total current assets
181,921
6,482
39
23
365
188,830
Total assets
1,102,510
438,956
375,681
215,099
62,852
2,195,098
Equity and liabilities
In thousands of \u20ac
Benelux
DACH
France
Italy
Others 31/12/2022
Total equity
2,182,864
-
-
-
-
2,182,864
Total liabilities
11,705
443
34
1
52
12,234
Total equity and liabilities
2,194,569
443
34
1
52
2,195,098
LUXEMPART ANNUAL REPORT 2023
-
133
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14122": { "value": "
SEGMENT INFORMATION
Operating segments are the components of the Group whose results are regularly reviewed by the Group Executive
Committee to make decisions about resources to be allocated to the segment and assess its performance.
The segmental information follows Luxempart's investment strategy built on two segments:
\u2022 The \"Direct Investments\" that consists in taking direct participations in companies in the target geographical regions,
which primarily consist of the Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy.
\u2022 The \"Investment Funds\" that consists in the acquisition of shares in investment funds mainly active in private equity
and venture capital.
The Group Executive Committee monitors the performance of the Group based on reporting disclosing these two
segments but not using any geographical segmentation.
124
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14125_add_hierarchy": { "value": "
INCOME FROM ORDINARY ACTIVITIES
Luxempart and some of its subsidiaries provide services to other entities within the Group. These services are defined
in a service agreement between the entities involved. The income from these services is recognised in the profit or
loss based on the degree of progress.
DIVIDEND INCOME
The Group recognises dividends when they are received or when the right to receive payment is established. They
result from the distribution of profits to holders of equity instruments in proportion to the rights that they hold in a
category of securities making up the capital.
CONSOLIDATED STATEMENT OF CASH FLOWS
Luxempart is a company whose purpose is the acquisition, holding and sale of shareholdings. The cash flows associated
with this activity are classified as Net cash flows from operating activities.
Net cash flows from investing activities are composed of flows related to tangible and intangible assets.
Net cash flows from financing activities are composed of transactions on equity ( e.g., dividends paid to the shareholders,
transactions on own shares, capital increase and decrease...) and cash flows from and to bank deposits.
Note 6 - Dividends income
The following table breaks down the dividends received during the year:
In thousands of \u20ac
2023
2022
Foyer
29,096
47,842
Atenor
2,005
1,907
Crealis
1,837
919
Others
3,460
7,546
Total
36,398
58,213
Note 7 - Financial income and expenses
A.
FINANCIAL INCOME
Interests and similar income are mainly composed of interests received on deposit accounts with credit institutions
(\u20ac1,804 thousand), of coupons received (\u20ac 285 thousand) and of interest on loans to participations (\u20ac 255 thousand).
As at 31 December 2023, they amount to \u20ac 2,344 thousand (2022: \u20ac 2,213 thousand).
B.
FINANCIAL EXPENSES
In thousands of \u20ac
2023
2022
Bank expenses and interest expenses
301
394
Other expenses
327
143
Total
628
537
Bank expenses and interest expenses primarily include interests paid on short-term cash advances (in 2022, they
also included negative interests paid on cash at bank). The other expenses primarily include foreign exchange losses
on current assets.
136
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14124": { "value": "
INCOME FROM ORDINARY ACTIVITIES
Luxempart and some of its subsidiaries provide services to other entities within the Group. These services are defined
in a service agreement between the entities involved. The income from these services is recognised in the profit or
loss based on the degree of progress.
DIVIDEND INCOME
The Group recognises dividends when they are received or when the right to receive payment is established. They
result from the distribution of profits to holders of equity instruments in proportion to the rights that they hold in a
category of securities making up the capital.
CONSOLIDATED STATEMENT OF CASH FLOWS
Luxempart is a company whose purpose is the acquisition, holding and sale of shareholdings. The cash flows associated
with this activity are classified as Net cash flows from operating activities.
Net cash flows from investing activities are composed of flows related to tangible and intangible assets.
Net cash flows from financing activities are composed of transactions on equity ( e.g., dividends paid to the shareholders,
transactions on own shares, capital increase and decrease...) and cash flows from and to bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14127_add_hierarchy": { "value": "
DIVIDEND INCOME
The Group recognises dividends when they are received or when the right to receive payment is established. They
result from the distribution of profits to holders of equity instruments in proportion to the rights that they hold in a
category of securities making up the capital.
Note 16 - Dividends paid
A dividend of \u20ac 1.98 gross per share was paid during the first half of 2023 in respect of the 2022 financial year, giving
a total dividend paid of \u20ac 39,942,223 (2022: \u20ac 1.80 gross per share, giving a total dividend paid of \u20ac 36,244,377).
The consolidated financial statements as at 31 December 2023 do not include the dividend that will be proposed to
the Annual General Meeting of 29 April 2024. It was not recognised as a liability in the 2023 consolidated financial
statements.
The Board of Directors proposes an ordinary dividend of \u20ac 2.17 gross per share. The payment terms of the dividend
will be communicated during the Annual General Meeting of 29 April 2024.
Note 17 - Non-current provisions
The following table provides details of the non-current provisions:
In thousands of \u20ac
2023
2022
Tax provisions
3,623
2,102
Other provisions
185
152
Total
3,808
2,254
The tax provisions relate to income taxes, municipal business taxes and net wealth tax for 2023 and previous years.
LUXEMPART ANNUAL REPORT 2023
-
147
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14126": { "value": "
DIVIDEND INCOME
The Group recognises dividends when they are received or when the right to receive payment is established. They
result from the distribution of profits to holders of equity instruments in proportion to the rights that they hold in a
category of securities making up the capital.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14129_add_hierarchy": { "value": "
CONSOLIDATED STATEMENT OF CASH FLOWS
Luxempart is a company whose purpose is the acquisition, holding and sale of shareholdings. The cash flows associated
with this activity are classified as Net cash flows from operating activities.
Net cash flows from investing activities are composed of flows related to tangible and intangible assets.
Net cash flows from financing activities are composed of transactions on equity ( e.g., dividends paid to the shareholders,
transactions on own shares, capital increase and decrease...) and cash flows from and to bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14128": { "value": "
CONSOLIDATED STATEMENT OF CASH FLOWS
Luxempart is a company whose purpose is the acquisition, holding and sale of shareholdings. The cash flows associated
with this activity are classified as Net cash flows from operating activities.
Net cash flows from investing activities are composed of flows related to tangible and intangible assets.
Net cash flows from financing activities are composed of transactions on equity ( e.g., dividends paid to the shareholders,
transactions on own shares, capital increase and decrease...) and cash flows from and to bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14388": { "value": "Luxempart is a company whose purpose is the acquisition, holding and sale of shareholdings. The cash flows associated with this activity are classified as Net cash flows from operating activities", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14131_add_hierarchy": { "value": "
CHANGES IN ACCOUNTING METHODS
The new IAS/IFRS and their interpretations listed below, which entered into force in 2023, had no impact on the
Group's consolidated financial statements:
\u2022 Amendments to IFRS 17 Insurance contracts
\u2022 Amendments to IAS 1 Presentation of Financial Statements
\u2022 Amendments to IAS 8 Accounting policies
\u2022 Amendments to IAS 12 Income Taxes: International Tax Reform -Pillar II
Luxempart has not anticipated the application of the new standards, interpretations and amendments to standards
published by the International Accounting Standards Board (IASB) since 31 December 2023. The Group doesn't
anticipate a significant impact on the consolidated financial statements.
LUXEMPART ANNUAL REPORT 2023
-
125
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14130": { "value": "
CHANGES IN ACCOUNTING METHODS
The new IAS/IFRS and their interpretations listed below, which entered into force in 2023, had no impact on the
Group's consolidated financial statements:
\u2022 Amendments to IFRS 17 Insurance contracts
\u2022 Amendments to IAS 1 Presentation of Financial Statements
\u2022 Amendments to IAS 8 Accounting policies
\u2022 Amendments to IAS 12 Income Taxes: International Tax Reform -Pillar II
Luxempart has not anticipated the application of the new standards, interpretations and amendments to standards
published by the International Accounting Standards Board (IASB) since 31 December 2023. The Group doesn't
anticipate a significant impact on the consolidated financial statements.
LUXEMPART ANNUAL REPORT 2023
-
125
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14136_add_hierarchy": { "value": "
Note 4 - Operating expenses
The following table provides details on operating expenses:
In thousands of \u20ac
2023
2022
External advisors and other similar fees
2,000
2,724
Taxes other than income tax
597
738
Directors allowances
863
830
Rental expenses
511
474
Insurance premiums
95
82
Administrative expenses and other operating expenses
1,887
1,975
Total
5,953
6,822
All expenses are recognised in the consolidated statement of profit or loss at the time of the transaction.
134
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14135": { "value": "
Note 4 - Operating expenses
The following table provides details on operating expenses:
In thousands of \u20ac
2023
2022
External advisors and other similar fees
2,000
2,724
Taxes other than income tax
597
738
Directors allowances
863
830
Rental expenses
511
474
Insurance premiums
95
82
Administrative expenses and other operating expenses
1,887
1,975
Total
5,953
6,822
All expenses are recognised in the consolidated statement of profit or loss at the time of the transaction.
134
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14134": { "value": "
Note 4 - Operating expenses
The following table provides details on operating expenses:
In thousands of \u20ac
2023
2022
External advisors and other similar fees
2,000
2,724
Taxes other than income tax
597
738
Directors allowances
863
830
Rental expenses
511
474
Insurance premiums
95
82
Administrative expenses and other operating expenses
1,887
1,975
Total
5,953
6,822
All expenses are recognised in the consolidated statement of profit or loss at the time of the transaction.
134
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14133": { "value": "
Note 4 - Operating expenses
The following table provides details on operating expenses:
In thousands of \u20ac
2023
2022
External advisors and other similar fees
2,000
2,724
Taxes other than income tax
597
738
Directors allowances
863
830
Rental expenses
511
474
Insurance premiums
95
82
Administrative expenses and other operating expenses
1,887
1,975
Total
5,953
6,822
All expenses are recognised in the consolidated statement of profit or loss at the time of the transaction.
134
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 5 - Staff costs
The following table provides details of staff costs and benefits:
In thousands of \u20ac
2023
2022
Remuneration, wages and bonuses
12,913
13,908
Social security contributions
518
455
Supplementary pension plan
552
466
Total
13,984
14,829
As at 31 December 2023, \"Remuneration, wages and bonuses\" comprised expenses amounting to \u20ac 1,094 thousand
relating to the recognition of the stock options attributed to Management and employees in 2023.
In 2022, an amount of
1,780 thousand has been recognised for a bonus for which no provision has been made.
Pension plan
The Group has opted for a defined-contribution pension plan and pays annual contributions to a separate entity (Foyer
Vie). The Group will have no legal or implied obligation to pay additional contributions if said entity does not have
enough assets to cover the benefits corresponding to the services rendered by staff members during the current and
prior periods.
The Group offers defined-contribution pension plans to its employees. Luxempart pays contributions corresponding to
a percentage of the payroll expenses into the retirement scheme in order to fund these benefits. The only obligation
with regard to the retirement scheme involves paying these contributions which are recognised in staff costs.
Premiums are paid annually and recognised directly in the consolidated statement of profit or loss.
Number of employees
The following table indicates the average number of employees over the year:
CATEGORY
2023
2022
Managers
5
6
Staff
23
21
Total
28
27
LUXEMPART ANNUAL REPORT 2023
-
135
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14132": { "value": "
Note 4 - Operating expenses
The following table provides details on operating expenses:
In thousands of \u20ac
2023
2022
External advisors and other similar fees
2,000
2,724
Taxes other than income tax
597
738
Directors allowances
863
830
Rental expenses
511
474
Insurance premiums
95
82
Administrative expenses and other operating expenses
1,887
1,975
Total
5,953
6,822
All expenses are recognised in the consolidated statement of profit or loss at the time of the transaction.
134
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
Note 5 - Staff costs
The following table provides details of staff costs and benefits:
In thousands of \u20ac
2023
2022
Remuneration, wages and bonuses
12,913
13,908
Social security contributions
518
455
Supplementary pension plan
552
466
Total
13,984
14,829
As at 31 December 2023, \"Remuneration, wages and bonuses\" comprised expenses amounting to \u20ac 1,094 thousand
relating to the recognition of the stock options attributed to Management and employees in 2023.
In 2022, an amount of
1,780 thousand has been recognised for a bonus for which no provision has been made.
Pension plan
The Group has opted for a defined-contribution pension plan and pays annual contributions to a separate entity (Foyer
Vie). The Group will have no legal or implied obligation to pay additional contributions if said entity does not have
enough assets to cover the benefits corresponding to the services rendered by staff members during the current and
prior periods.
The Group offers defined-contribution pension plans to its employees. Luxempart pays contributions corresponding to
a percentage of the payroll expenses into the retirement scheme in order to fund these benefits. The only obligation
with regard to the retirement scheme involves paying these contributions which are recognised in staff costs.
Premiums are paid annually and recognised directly in the consolidated statement of profit or loss.
Number of employees
The following table indicates the average number of employees over the year:
CATEGORY
2023
2022
Managers
5
6
Staff
23
21
Total
28
27
LUXEMPART ANNUAL REPORT 2023
-
135
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14137": { "value": "
Number of employees
The following table indicates the average number of employees over the year:
CATEGORY
2023
2022
Managers
5
6
Staff
23
21
Total
28
27
LUXEMPART ANNUAL REPORT 2023
-
135
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14139_add_hierarchy": { "value": "
Note 7 - Financial income and expenses
A.
FINANCIAL INCOME
Interests and similar income are mainly composed of interests received on deposit accounts with credit institutions
(\u20ac1,804 thousand), of coupons received (\u20ac 285 thousand) and of interest on loans to participations (\u20ac 255 thousand).
As at 31 December 2023, they amount to \u20ac 2,344 thousand (2022: \u20ac 2,213 thousand).
B.
FINANCIAL EXPENSES
In thousands of \u20ac
2023
2022
Bank expenses and interest expenses
301
394
Other expenses
327
143
Total
628
537
Bank expenses and interest expenses primarily include interests paid on short-term cash advances (in 2022, they
also included negative interests paid on cash at bank). The other expenses primarily include foreign exchange losses
on current assets.
136
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14138": { "value": "
Note 7 - Financial income and expenses
A.
FINANCIAL INCOME
Interests and similar income are mainly composed of interests received on deposit accounts with credit institutions
(\u20ac1,804 thousand), of coupons received (\u20ac 285 thousand) and of interest on loans to participations (\u20ac 255 thousand).
As at 31 December 2023, they amount to \u20ac 2,344 thousand (2022: \u20ac 2,213 thousand).
B.
FINANCIAL EXPENSES
In thousands of \u20ac
2023
2022
Bank expenses and interest expenses
301
394
Other expenses
327
143
Total
628
537
Bank expenses and interest expenses primarily include interests paid on short-term cash advances (in 2022, they
also included negative interests paid on cash at bank). The other expenses primarily include foreign exchange losses
on current assets.
136
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14141_add_hierarchy": { "value": "
A.
FINANCIAL INCOME
Interests and similar income are mainly composed of interests received on deposit accounts with credit institutions
(\u20ac1,804 thousand), of coupons received (\u20ac 285 thousand) and of interest on loans to participations (\u20ac 255 thousand).
As at 31 December 2023, they amount to \u20ac 2,344 thousand (2022: \u20ac 2,213 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14140": { "value": "
A.
FINANCIAL INCOME
Interests and similar income are mainly composed of interests received on deposit accounts with credit institutions
(\u20ac1,804 thousand), of coupons received (\u20ac 285 thousand) and of interest on loans to participations (\u20ac 255 thousand).
As at 31 December 2023, they amount to \u20ac 2,344 thousand (2022: \u20ac 2,213 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14143_add_hierarchy": { "value": "
B.
FINANCIAL EXPENSES
In thousands of \u20ac
2023
2022
Bank expenses and interest expenses
301
394
Other expenses
327
143
Total
628
537
Bank expenses and interest expenses primarily include interests paid on short-term cash advances (in 2022, they
also included negative interests paid on cash at bank). The other expenses primarily include foreign exchange losses
on current assets.
136
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14142": { "value": "
B.
FINANCIAL EXPENSES
In thousands of \u20ac
2023
2022
Bank expenses and interest expenses
301
394
Other expenses
327
143
Total
628
537
Bank expenses and interest expenses primarily include interests paid on short-term cash advances (in 2022, they
also included negative interests paid on cash at bank). The other expenses primarily include foreign exchange losses
on current assets.
136
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14144": { "value": "
Note 9 - Intangible and tangible assets
The movements in intangible and tangible assets that occurred during financial years 2022 and 2023 are as follows:
Cost
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2021
61
620
129
810
Acquisitions / Disposals
-
70
-
70
as at 31/12/2022
61
690
129
880
Acquisitions
-
1,236
-
1,236
Disposals
-
-116
-
-116
as at 31/12/2023
61
1,810
129
1,999
Depreciation
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2021
38
276
129
443
Depreciation / Disposals
7
78
-
85
as at 31/12/2022
45
354
129
528
Depreciation
7
101
-
108
Disposals
-
-69
-
-69
as at 31/12/2023
52
387
129
568
Carrying amount
In thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
16
336
-
352
as at 31/12/2023
9
1,423
-
1,432
138
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14145": { "value": "
Note 10 - Financial assets at fair value through
profit or loss
The following tables provide details of changes in financial assets at fair value through profit or loss in 2022 and 2023:
In thousands of \u20ac
Financial assets at fair value
through profit or loss
Fair value as at 31/12/2021
2,015,795
Acquisitions
198,041
Disposals
-243,445
Net gains/(losses) on financial assets
7,912
Fair value as at 31/12/2022
1,978,304
Acquisitions
272,040
Disposals
-123,302
Net gains/(losses) on financial assets
165,732
Fair value as at 31/12/2023
2,292,774
Financial assets at fair value through profit or loss (\"AFVPL\") are classified into two segments, Direct Investments and
Investment Funds. During the 2023 financial year, the Group invested:
\u2022 \u20ac 234,329 thousand in Direct Investments mainly in Kestrel Vision, Coutot-Roehrig, Alphacaps, MTWH, and a total
amount of \u20ac 44,463 thousand in listed companies (Nexus, Tonies...).
\u2022 \u20ac 1,595 thousand in Capital at Work portfolio and new bonds portfolio.
\u2022 \u20ac 36,116 thousand in the Investment Funds activity.
The Group sold:
\u2022 shares in Direct Investments mainly of the listed companies for \u20ac 81,875 thousand.
\u2022 bonds and shares from its Capital at Work and other bonds portfolios for \u20ac 41,427 thousand.
The net capital gains realised in 2023 correspond to the value increase since 31 December 2022.
The caption \"Net gains/(losses) on financial assets\" also include a compensation to be received with regards to the
losses encountered on Pescanova following the criminal trial amounting to \u20ac 1,231 thousand.
Assets at fair value through profit or loss are categorised as level 1 and level 3 assets.
LUXEMPART ANNUAL REPORT 2023
-
139
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS
In thousands of \u20ac
Level 1
Level 3
Total
Fair value as at 31/12/2021
279,889
1,735,906
2,015,795
Level transfer
12,284
-12,284
-
Acquisitions
111,502
86,539
198,042
Disposals
-4,956
-238,489
-243,444
Net gains/(losses) on financial assets
-43,731
51,643
7,912
Fair value as at 31/12/2022
354,988
1,623,315
1,978,304
Acquisitions
46,058
225,982
272,040
Disposals
-123,149
-153
-123,302
Net gains/(losses) on financial assets
-2,438
168,170
165,732
Fair value as at 31/12/2023
275,459
2,017,315
2,292,774
Level 1: Financial assets consist of listed investments, mainly in Atenor, Technotrans, Tonies, Nexus and Capital at
Work portfolio.
Level 3: Financial assets consist of private-equity investments, mainly in Foyer, Armira Holding, Evariste, Crealis, ESG
Elektroniksystem- und Logistik, Kestrel Vision, and Luxempart Capital Partners SICAR.
140
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
LEVEL 3 FINANCIAL ASSETS RISK ANALYSIS
The following table sets out the impacts of changes in non-observable data on the fair value of financial assets.
In thousands of \u20ac
Level 3 for financial assets
Valuation tech-
niques
Significant unobservable inputs
Fair value
Impact -10%
Impact +10%
Market multiple
Discount for illiquidity and/or minority
1,263,413
1,156,266
1,350,815
Revalued net asset
The net asset value communicated to the
Group
753,901
685,802
822,000
Total
2,017,314
1,842,068
2,172,815
At 31 December 2023, the valuation methods have not significantly changed since 2022.
Level 3 fair value valuation techniques used
The following table provides information on the methods used according to IFRS 13 to determine the fair value of
financial assets in private equity, as well as the valuation techniques and inputs used.
Valuation techniques
Use of the technique
Significant
unobservable inputs
Relationship of
unobservable inputs
to fair value
Market multiple
Primary valuation technique
used by Luxempart
(in absence of recent
transactions involving an
identical or similar asset)
Discount for illiquidity
and/or minority resulting
from the calibration of the
valuation model
The higher the discount, the
lower the fair value
Revalued net asset
For private equity funds and
any similar structures as
well as investments entities
with assets recognised at
fair value
The net asset value
communicated to the Group
The higher the net asset
value, the higher the fair
value
LUXEMPART ANNUAL REPORT 2023
-
141
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14147": { "value": "
Note 11 - Non-current loans and receivables
The non-current loans and receivables consist of loans and receivables with a maturity of more than one year granted
to a portfolio companies. As at 31 December 2023, they amount to \u20ac 62 thousand (2022: \u20ac 2,612 thousand) including
an impairment of \u20ac 2,550 thousand recorded on a loan. The fair value of the non-current loans and receivables does
not differ significantly from their carrying amount.
Note 12 - Current loans and receivables
The following table provides details of the current loans and receivables:
In thousands of \u20ac
2023
2022
Receivable from non-consolidated controlled entity
130
73
Tax receivables
7,958
6,860
Trade receivables
1,914
703
Accrued interest not yet due
116
342
Other receivables
1,417
90
Total
11,534
8,068
As at 31 December 2023, Luxempart has claims of \u20ac 6,304 thousand against the German tax authorities.
The fair value of short-term receivables does not differ significantly from their carrying amount. The maturity of
current loans and receivables is less than one year.
142
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CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14146": { "value": "
Note 11 - Non-current loans and receivables
The non-current loans and receivables consist of loans and receivables with a maturity of more than one year granted
to a portfolio companies. As at 31 December 2023, they amount to \u20ac 62 thousand (2022: \u20ac 2,612 thousand) including
an impairment of \u20ac 2,550 thousand recorded on a loan. The fair value of the non-current loans and receivables does
not differ significantly from their carrying amount.
Note 12 - Current loans and receivables
The following table provides details of the current loans and receivables:
In thousands of \u20ac
2023
2022
Receivable from non-consolidated controlled entity
130
73
Tax receivables
7,958
6,860
Trade receivables
1,914
703
Accrued interest not yet due
116
342
Other receivables
1,417
90
Total
11,534
8,068
As at 31 December 2023, Luxempart has claims of \u20ac 6,304 thousand against the German tax authorities.
The fair value of short-term receivables does not differ significantly from their carrying amount. The maturity of
current loans and receivables is less than one year.
142
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14148": { "value": "
Note 15 - Reserves and own shares
A.
LEGAL RESERVE
From the net profit of the statutory accounts under Luxembourg GAAP, 5% must be deducted annually to build up
the reserve fund required by Luxembourg law. This deduction will no longer be mandatory when the reserve fund
reaches one-tenth of the share capital.
The legal reserve may not be distributed to the shareholders except in case of dissolution of the Company.
As at 31 December 2023, the legal reserve amounts to \u20ac 5,175 thousand (2022: \u20ac 5,175 thousand).
B.
OTHER RESERVES
In thousands of \u20ac
2023
2022
Consolidated reserves
2,082,621
2,068,556
Special reserve
6,561
9,446
Stock option plan reserve
1,094
3,137
Total
2,090,275
2,081,139
Consolidated reserves
The consolidated reserves are composed of the income accumulated by the subsidiaries since their first consolidation,
as well as some movements related to consolidation entries.
Special reserve
As at 31 December 2023, the special reserve includes the untaxed capital gains from disposal on participations.
These capital gains, recognised in the equity, result from application of Article 54 of the income tax law and are to be
reinvested within two years following the financial year of the disposal. If these gains are not reinvested within this
two-year period, they will be reversed through the consolidated statement of profit or loss and subject to tax The
special reserve may not be distributed to the shareholders except in case of dissolution of the Company
As at 31 December 2023, the special reserve decreased by \u20ac 2,885 thousand. The untaxed capital gain hasn't been
reinvested in Luxembourg companies.
Stock option plan reserve
As at 31 December 2023, the stock option plan reserve amounts to \u20ac 1,094 thousand. This reserve relates to the
recognition of the stock option attributed to Management and employees in 2023. This expense is recognised under
\"Remuneration, wages and bonuses\" in the consolidated statement of profit or loss and disclosed in the note 5.
The fair value of the options is calculated according to the Black and Scholes model.
For financial year 2023, the Board of Directors granted 101,166 Luxempart options with an exercise price of \u20ac 75.50
per share.
LUXEMPART ANNUAL REPORT 2023
-
145
The table below summarises the movements of the year:
In thousands of \u20ac
Total
Number of options outstanding at 01/01/2023
517,689
Options exercised in 2023
-87,364
Options issued in 2023
101,166
Options buyback in 2023 (see Remuneration report)
-20,000
Number of options outstanding at 31/12/2023
511,491
The average exercise price of options exercised in 2023 is \u20ac 51.22.
The table below provides the plan's characteristics:
Tranche
Year Exercise price
Exercise period
Share price when
allotted
Tranche 8
2016
33.99
Oct 2020 - Oct 2024
39.78
Tranche 9
2017
52.61
Aug 2021 - Aug 2025
50.00
Tranche 10
2018
56.50
June 2022 - June 2026
47.80
Tranche 11
2019
52.50
May 2023 - May 2027
53.00
Tranche 12
2020
47.73
April 2024 - April 2028
49.00
Tranche 13
2020
46.00
Januar 2025 - Januar 2029
49.00
Tranche 14
2022
76.29
Januar 2026 - Januar 2032
78.00
Tranche 15
2023
75.50
March 2027 - March 2033
73.00
Dividend growth
2.4%
Historical volatility of share price
18.7%
As at 31 December 2023, 96,825 options can be exercised.
C. OWN SHARES AND RESERVE FOR OWN SHARES
Number of
shares issued
Number of
own shares
Number of
outstanding shares
As at 31/12/2021
20,700,000
574,735
20,125,265
Acquisition and disposals
-
-34,322
34,322
As at 31/12/2022
20,700,000
540,413
20,159,587
Acquisition and disposals
-
30,269
-30,269
As at 31/12/2023
20,700,000
570,682
20,129,318
As at 31 December 2023, Luxempart holds 570,682 own shares (2022: 540,413 own shares), amounting to \u20ac -22,286
thousand (2022: \u20ac -16,714 thousand). The reserve for own shares may not be distributed to the shareholders except
in case of dissolution of the Company.
They were excluded from the diluted weighted-average number of ordinary shares calculation because their effect
would have been anti-dilutive. The weighted average number of shares outstanding as at 31 December 2023 is
20,123,803 (2022: 20,121,560).
146
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CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14149": { "value": "
C. OWN SHARES AND RESERVE FOR OWN SHARES
Number of
shares issued
Number of
own shares
Number of
outstanding shares
As at 31/12/2021
20,700,000
574,735
20,125,265
Acquisition and disposals
-
-34,322
34,322
As at 31/12/2022
20,700,000
540,413
20,159,587
Acquisition and disposals
-
30,269
-30,269
As at 31/12/2023
20,700,000
570,682
20,129,318
As at 31 December 2023, Luxempart holds 570,682 own shares (2022: 540,413 own shares), amounting to \u20ac -22,286
thousand (2022: \u20ac -16,714 thousand). The reserve for own shares may not be distributed to the shareholders except
in case of dissolution of the Company.
They were excluded from the diluted weighted-average number of ordinary shares calculation because their effect
would have been anti-dilutive. The weighted average number of shares outstanding as at 31 December 2023 is
20,123,803 (2022: 20,121,560).
146
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14150": { "value": "
Note 18 - Current liabilities
In thousands of \u20ac
2023
2022
Tax and social debts
791
605
Trade liabilities
7,554
8,790
Other debts
475
586
Total
8,819
9,981
Tax and social debts include amounts owed to the tax authorities for social security contributions. Trade liabilities
and other debts are mainly composed of amounts due to the Group's suppliers and service providers, as part of its
activities. They also include a provision for the 2023 bonuses, that will be paid in 2024.
The fair value of current liabilities does not differ significantly from their carrying amount.
Note 19 - List of subsidiaries
A.
SUBSIDIARIES PROVIDING INVESTMENT RELATED SERVICES,
FULLY CONSOLIDATED
The following table lists all subsidiaries providing fully consolidated investment related services to the Company:
Subsidiary
Place of incorporation
Percentage
held in
31/12/2023 31/12/2022
Percentage
held in
Luxempart Management S.\u00e0.r.l
Luxembourg
-
100.0%
Luxempart Conseil SAS
France
100.0%
100.0%
Bravo Capital S.A.
Luxembourg
80.0%
80.0%
Given that Luxempart meets the criteria laid down in Article 70 of the Luxembourg Law of 19 December 2002, its
subsidiaries are exempt from the requirements relating to the publication of statutory annual accounts.
148
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CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14151": { "value": "
Note 19 - List of subsidiaries
A.
SUBSIDIARIES PROVIDING INVESTMENT RELATED SERVICES,
FULLY CONSOLIDATED
The following table lists all subsidiaries providing fully consolidated investment related services to the Company:
Subsidiary
Place of incorporation
Percentage
held in
31/12/2023 31/12/2022
Percentage
held in
Luxempart Management S.\u00e0.r.l
Luxembourg
-
100.0%
Luxempart Conseil SAS
France
100.0%
100.0%
Bravo Capital S.A.
Luxembourg
80.0%
80.0%
Given that Luxempart meets the criteria laid down in Article 70 of the Luxembourg Law of 19 December 2002, its
subsidiaries are exempt from the requirements relating to the publication of statutory annual accounts.
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
B.
NON-CONSOLIDATED ENTITIES
Subsidiary
Place of incorporation
Percentage
held in
31/12/2023 31/12/2022
Percentage
held in
Indufin NV
Belgium
40.0%
40.0%
M-Sicherheitsholding GmbH (Mehler)
Germany
30.0%
30.0%
Pescahold S.A.
Luxembourg
100.0%
100.0%
Luxempart Invest S.\u00e0.r.l
Luxembourg
100.0%
100.0%
Pryco GmbH (Prym)
Germany
55.6%
55.6%
Foyer S.A.
Luxembourg
31.0%
31.0%
E-Sicherheitsholding GmbH (ESG)
Germany
23.1%
23.1%
Assmann holding GmbH
Germany
48.6%
49.0%
Efesto Investment S.\u00e0.r.l (MTWH)
Luxembourg
23.7%
30.5%
Evariste Holding SAS
France
40.0%
40.0%
LuxCo Invest S.\u00e0.r.l *
Luxembourg
80.5%
80.5%
Kestrel Vision SAS
France
27.8%
-
Coutot-Roehrig SAS
France
35.8%
-
XV Holding GmbH
Germany
38.1%
-
Luxempart Capital Partners SICAR S.A. *
Luxembourg
100.0%
100.0%
Quip Holding GmbH
Germany
53.7%
53.7%
Bravo Capital Partners II SCA-SICAV-RAIF
Luxembourg
45.0%
45.0%
Bravo Capital Partners SCA RAIF*
Luxembourg
100.0%
100.0%
Bravo Luxury S.\u00e0.r.l (Vesta)
Italy
100.0%
100.0%
Luxempart German Investments S.A. *
Luxembourg
100.0%
100.0%
Arwe Mobility Holding (in liquidation)
Germany
50.0%
50.0%
Rattay Group GmbH
Germany
39.9%
39.9%
WDS GmbH
Germany
44.0%
44.0%
Luxempart German Invest II S.\u00e0.r.l */**
Luxembourg
-
100.0%
Luxempart French Investment S.\u00e0.r.l *
Luxembourg
100.0%
100.0%
D'Alba Invest S.\u00e0.r.l * (Mirato)
Luxembourg
99.2%
99.2%
Indufin Capital Partners S.A. SICAR *
Belgium
50.0%
50.0%
This table lists all entities under the Company's control or significant influence which are measured at fair value
through profit or loss (note 10), as well as their own controlled or under influence subsidiaries. Luxempart neither
provided nor committed to provide financial or other support to any of its non-consolidated subsidiaries.
This table shows the percentage held in the holding companies, that may differ from the percentage held indirectly
in the operational companies.
* These entities are investments entities, such as defined by IFRS 10.
** Luxempart German Invest II S.\u00e0 r.l. was liquidated in 2023.
LUXEMPART ANNUAL REPORT 2023
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149
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14153_add_hierarchy": { "value": "
Note 20 - Main off-balance sheet rights and
commitments
The Group has invested in investment funds through its subsidiary Luxempart Capital Partners SICAR.
The commitments represent amounts the Group has contractually committed in the investment funds but do not yet
represent a cost or asset. It is an indication of committed future cash flows.
The commitments are recognised in the balance sheet at the moment of settlement.
The commitments at the year end do not impact the Group's financial results.
As at 31 December 2023, Luxempart has the following undrawn commitments towards investment funds:
In thousands of \u20ac
2023
2022
Undrawn commitments in EUR
137,266
132,748
Undrawn commitments in USD (converted in EUR)
106,946
104,243
Total
244,212
236,991
During the year, Luxempart negociated two confirmed credit lines totalling \u20ac 100,000 thousand, of minimum 3 year
tenors. As at 31 December 2023, the credit lines have the following situation:
In thousands of \u20ac
2023
2022
Confirmed credit lines
100,000
-
Amount drawn
-
-
Amount undrawn
100,000
-
150
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14152": { "value": "
Note 20 - Main off-balance sheet rights and
commitments
The Group has invested in investment funds through its subsidiary Luxempart Capital Partners SICAR.
The commitments represent amounts the Group has contractually committed in the investment funds but do not yet
represent a cost or asset. It is an indication of committed future cash flows.
The commitments are recognised in the balance sheet at the moment of settlement.
The commitments at the year end do not impact the Group's financial results.
As at 31 December 2023, Luxempart has the following undrawn commitments towards investment funds:
In thousands of \u20ac
2023
2022
Undrawn commitments in EUR
137,266
132,748
Undrawn commitments in USD (converted in EUR)
106,946
104,243
Total
244,212
236,991
During the year, Luxempart negociated two confirmed credit lines totalling \u20ac 100,000 thousand, of minimum 3 year
tenors. As at 31 December 2023, the credit lines have the following situation:
In thousands of \u20ac
2023
2022
Confirmed credit lines
100,000
-
Amount drawn
-
-
Amount undrawn
100,000
-
150
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14155_add_hierarchy": { "value": "
Note 21 \u2013 Directors' allowances and executive
management remuneration
In thousands of \u20ac
2023
2022
Directors' allowances and attendance fees
1,074
1,014
Management remuneration
6,401
5,675
Total
7,476
6,689
Directors' allowances and attendance fees as well as executive management remuneration for 2023 is recognised in
\"Operating expenses\" (note 4) and in \"Staff costs\" (note 5). The remuneration of executive officers includes a provision
for bonus payable in 2024, relating to 2023.
LUXEMPART ANNUAL REPORT 2023
- 151
Note 23 - Related parties
Luxempart has various related parties from relationships with entities managed by the Group:
\u2022 Subsidiaries (including unconsolidated subsidiaries held at fair value according to the investment entity exemption
of IFRS 10) and other investments
\u2022 Management and Directors
The related party transactions were made on terms equivalent to those that prevail in arm's length transactions.
Subsidiaries and investments
Transactions between Luxempart and its fully consolidated subsidiaries, which are related parties of the Company,
are eliminated on consolidation.
Details of related party transactions between Luxempart and its shareholding companies (1) are detailed below.
Consolidated statement of profit or loss (in thousands of \u20ac)
2023
2022
Dividends
32,667
51,797
Services / recovery of services
2,081
878
Operating expenses
856
1,204
Financial income
255
1,513
Financial expenses
23
195
Consolidated statement of financial position (in thousands of \u20ac)
2023
2022
Financial assets at fair value throught profit and loss as at 31/12/2022
1,515,370
1,678,515
Movements on Financial assets at fair value throught profit and loss
409,786
-163,146
Financial assets at fair value throught profit and loss as at 31/12/2023
1,925,156
1,515,370
Loans and receivables as at 31/12/2022
2,550
12,730
Movements on loans and receivables
-2,449
-10,180
Loans and receivables as at 31/12/2023
101
2,550
Management and Directors
In thousands of \u20ac
2023
2022
Directors' allowances and executive management remuneration
7,476
6,689
(1) Some figures as of 31/12/2022 have been restated to ensure comparability with the figures as of 31/12/2023.
LUXEMPART ANNUAL REPORT 2023
- 153
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14154": { "value": "
Note 21 \u2013 Directors' allowances and executive
management remuneration
In thousands of \u20ac
2023
2022
Directors' allowances and attendance fees
1,074
1,014
Management remuneration
6,401
5,675
Total
7,476
6,689
Directors' allowances and attendance fees as well as executive management remuneration for 2023 is recognised in
\"Operating expenses\" (note 4) and in \"Staff costs\" (note 5). The remuneration of executive officers includes a provision
for bonus payable in 2024, relating to 2023.
LUXEMPART ANNUAL REPORT 2023
- 151
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14156": { "value": "
Note 22 - Remuneration of the R\u00e9viseur
d'entreprises agr\u00e9\u00e9
The following table shows fees paid to the R\u00e9viseur d'entreprises agr\u00e9\u00e9.
In thousands of \u20ac
2023
2022
Audit services
100
100
Audit-related services
32
29
Tax services
3
25
Total
134
154
Audit fees cover the review of the interim consolidated financial statements as at 30 June and the audits of the statutory
and consolidated financial statements as at 31 December. They do not cover work on subsidiaries' financial statements,
which, where applicable, are audited by other auditors. The audit fees are recognised in \"Operating expenses\" (note 4).
The R\u00e9viseur d'entreprises agr\u00e9\u00e9 of Luxempart is also the R\u00e9viseur d'entreprises agr\u00e9\u00e9 of some subsidiaries (Luxempart
Capital Partners, Indufin Capital Partners, Bravo Capital Partners and Luxco Invest). The remuneration of the R\u00e9viseur
d'entreprises agr\u00e9\u00e9 for these subsidiaries is \u20ac 104 thousand (2022: \u20ac 83 thousand).
152
-
LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14157": { "value": "
Note 24 - Financial risks
MANAGEMENT OF MARKET RISK
The Group's major risk is the exposure of its financial assets to market risk. The risk management policy is established
and controlled by the Group Executive Committee, the Board of Directors, and the Audit, Compliance, and Risks
Committee.
Market risk is the risk of loss in value of financial assets. The main risks and uncertainties to which the Group is
exposed relates to the performance of the financial markets (stock markets, comparable transactions, market multiples,
etc.). Luxempart does not systematically sell its participations based on financial market volatility. In principle, the
Group does not use market risk hedging instruments. It nevertheless regularly monitors changes in the value of its
investments.
The investments in companies listed on the stock exchange (mainly stock exchanges of Luxembourg, Brussels, and
Frankfurt) represent 11.9 % of the Net Asset Value as at 31 December 2023 (2022: 16.3%).
MANAGEMENT OF INTEREST RATE RISK
Interest risk is the risk that the interest flow on the financial debt and the gross cash may be affected by an unfavourable
change in interest rates.
As at 31 December 2023, this risk is limited due to the small amount of receivables and payables and by the absence
of financial debts.
MANAGEMENT OF FOREIGN EXCHANGE RISK
The Group invests mainly in positions in the Group's functional currency (EUR).
The portfolio of Luxempart is composed of one investment that is designated in foreign currency for \u20ac 18,541 thousand.
This investment represents 0.8% of the financial assets at fair value through profit or loss. No reasonable change in
currency would have an impact on the accounts of Luxempart.
The portfolio of Luxempart Capital Partners is composed of investments in USD which represent 11.9% of the value
of its total financial assets. No reasonable change in currency would have an impact on the accounts of Luxempart.
Therefore, these investments are not hedged against foreign exchange risk because it is not significant.
MANAGEMENT OF CREDIT RISK
Credit risk is the risk that contracted third parties do not meet their commitments towards the Group during transactions
entered into. Credit risk lies not at Luxempart level but at the level of the investments, which are responsible for
managing their credit risk according to the specific terms appropriate for their situation.
In 2023, there was no significant change in relation to the credit risk management. Luxempart minimises its risk
exposure by entering into commitments with financial institutions with a high rating between Aa2 and A-. In order
to minimise any concentration risk, Luxempart diversifies its exposure by working with several banking institutions,
with a maximum to 7.5% of net asset value.
154
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
MANAGEMENT OF LIQUIDITY RISK
Luxempart has \u20ac 244,212 thousand undrawn commitments resulting from its investments in funds (note 20).
Management follows the commitments and capital calls on a quaterly basis in order to make further cash available if
necessary. As at 31 December 2023, Luxempart has contracted two credit lines of \u20ac 50,000 thousand each. The level
of cash at bank, bank deposits, liquid bonds portfolios and confirmed credit lines is enough to face its commitments.
Given this high level of liquidity, the risk for Luxempart is low.
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MANAGEMENT OF MARKET RISK
The Group's major risk is the exposure of its financial assets to market risk. The risk management policy is established
and controlled by the Group Executive Committee, the Board of Directors, and the Audit, Compliance, and Risks
Committee.
Market risk is the risk of loss in value of financial assets. The main risks and uncertainties to which the Group is
exposed relates to the performance of the financial markets (stock markets, comparable transactions, market multiples,
etc.). Luxempart does not systematically sell its participations based on financial market volatility. In principle, the
Group does not use market risk hedging instruments. It nevertheless regularly monitors changes in the value of its
investments.
The investments in companies listed on the stock exchange (mainly stock exchanges of Luxembourg, Brussels, and
Frankfurt) represent 11.9 % of the Net Asset Value as at 31 December 2023 (2022: 16.3%).
MANAGEMENT OF INTEREST RATE RISK
Interest risk is the risk that the interest flow on the financial debt and the gross cash may be affected by an unfavourable
change in interest rates.
As at 31 December 2023, this risk is limited due to the small amount of receivables and payables and by the absence
of financial debts.
MANAGEMENT OF FOREIGN EXCHANGE RISK
The Group invests mainly in positions in the Group's functional currency (EUR).
The portfolio of Luxempart is composed of one investment that is designated in foreign currency for \u20ac 18,541 thousand.
This investment represents 0.8% of the financial assets at fair value through profit or loss. No reasonable change in
currency would have an impact on the accounts of Luxempart.
The portfolio of Luxempart Capital Partners is composed of investments in USD which represent 11.9% of the value
of its total financial assets. No reasonable change in currency would have an impact on the accounts of Luxempart.
Therefore, these investments are not hedged against foreign exchange risk because it is not significant.
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MANAGEMENT OF CREDIT RISK
Credit risk is the risk that contracted third parties do not meet their commitments towards the Group during transactions
entered into. Credit risk lies not at Luxempart level but at the level of the investments, which are responsible for
managing their credit risk according to the specific terms appropriate for their situation.
In 2023, there was no significant change in relation to the credit risk management. Luxempart minimises its risk
exposure by entering into commitments with financial institutions with a high rating between Aa2 and A-. In order
to minimise any concentration risk, Luxempart diversifies its exposure by working with several banking institutions,
with a maximum to 7.5% of net asset value.
154
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LUXEMPART ANNUAL REPORT 2023
CONSOLIDATED FINANCIAL STATEMENTS
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MANAGEMENT OF LIQUIDITY RISK
Luxempart has \u20ac 244,212 thousand undrawn commitments resulting from its investments in funds (note 20).
Management follows the commitments and capital calls on a quaterly basis in order to make further cash available if
necessary. As at 31 December 2023, Luxempart has contracted two credit lines of \u20ac 50,000 thousand each. The level
of cash at bank, bank deposits, liquid bonds portfolios and confirmed credit lines is enough to face its commitments.
Given this high level of liquidity, the risk for Luxempart is low.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_14161": { "value": "
Note 25 - Post closing events
On 14 March 2024, Luxempart announced having reached a 10% ownership in Nexus AG, our German portfolio com-
pany, listed on the Frankfurt Stock Exchange, and active in the development of hospital software solutions. This
confirms our strong confidence in Nexus' business model and management team, that steadily delivers on its budgets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }