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"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "fact_204420": { "value": "1334000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:OtherReservesIncludingRetainedEarningsButExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_204433": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_204446": { "value": "1334000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact_204382": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:CapitalAndSharePremiumMember", "unit": "iso4217:EUR" } }, "fact_204395": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact_204408": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "fact_204421": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:OtherReservesIncludingRetainedEarningsButExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_204434": { "value": "30477000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_204447": { "value": "30477000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact_204383": { "value": "66860000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:CapitalAndSharePremiumMember", "unit": "iso4217:EUR" } }, "fact_204396": { "value": "-23548000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact_204409": { "value": "5175000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "fact_204422": { "value": "2231688000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "luxempart:OtherReservesIncludingRetainedEarningsButExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_204435": { "value": "30477000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "fact_204448": { "value": "2310653000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact_204611": { "value": "
Note 1 - General information
Luxempart S.A. (\"the Company\" or \"Luxempart\") 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 2023 and
31 December 2024 incorporate the financial statements of the Company and its subsidiaries (\"the Group\") and the
Group's share in associates. The Company is listed on the Luxembourg Stock Exchange and registered in the trade
register under no. B27846.
Luxempart is primarily active in Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and
Switzerland) and Italy; it actively manages a portfolio of listed and non-listed companies.
On 25 March 2025, the Board of Directors approved the consolidated financial statements as at 31 December 2024.
The consolidated financial statements will be submitted for approval and publication authorisation during the Annual
General Meeting to be held on 28 April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204700": { "value": "Luxempart S.A", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204705": { "value": "S.A", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204706": { "value": "investment company", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204701": { "value": "12, rue L\u00e9on Laval, L-3372 in Leudelange", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204702": { "value": "Luxembourg", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204703": { "value": "Luxembourg", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204704": { "value": "Luxempart is primarily active in Belux region (Belgium, Luxembourg), France, the DACH region (Germany, Austria, and Switzerland) and Italy", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204612": { "value": "
On 25 March 2025, the Board of Directors approved the consolidated financial statements as at 31 December 2024.
The consolidated financial statements will be submitted for approval and publication authorisation during the Annual
General Meeting to be held on 28 April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204613": { "value": "
Note 2 - Consolidation principles, valuation rules,
and accounting standards
DECLARATION OF CONFORMITY
The consolidated financial statements are prepared in accordance with International Financial Reporting Standard
(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 (\u20ac). The functional currency is the euro
(\u20ac).
The financial information presented in the financial statements have been rounded to the nearest whole number
or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure
given for that column.
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 2024
compared to 31 December 2023 and are presented before the allocation of the Company's profit. The allocation of
profit for the year 2024 will be proposed at the Annual General Meeting on 28 April 2025.
Notes to the consolidated
financial statements
AT 31 DECEMBER 2024
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LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
SIGNIFICANT MANAGEMENT JUDGMENTS
Qualification as an investment entity
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 2024
115
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 influence the amount of its returns.
These companies are fully consolidated as from the date the Group obtains control and cease when this control is lost.
Non-controlling interests are presented in equity on the consolidated statement of financial position, separately from
\"Equity attributable to the owners of the Company\", and classified under \"Non-controlling interests\". Non-controlling
interests in the Group's profit are also indicated separately on the consolidated statement of profit or loss and classified
under \"Non-controlling interests\".
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, monetary items denominated in foreign currencies
are converted at the rate of the last day of the financial year. Gains or losses from the realisation or conversion of
monetary items 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. One euro equals to:
31/12/2024
31/12/2023
US Dollar
1.0389 USD
1.1050 USD
Swiss Franc
0.9412 CHF
0.9259 CHF
Danish Crown
7.4578 DKK
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 2024
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. Maintenance costs are recognised in the consolidated statement of profit or loss.
Tangible assets are not subject to revaluation.
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 the 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.
Financial assets are subsequently measured at fair value 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 2024
117
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 classified
as 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 investments, easily convertible investments.
Both 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, in 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 note 10. 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 2024
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 Risk Committee, which conducts a
detailed analysis of the methods and assumptions used. The Management and Audit, Compliance, and Risk 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
\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: Inputs that are not based on observable market data.
When a level 1 asset delisted, it is reclassified as a level 3 asset. 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 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 2024
119
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables while
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 resources allocation decision and asses performance.
The segmental information follows Luxempart's investment strategy is built into two segments:
\u2022 \"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 \"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.
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 are 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.
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LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
Luxempart is a company whose purpose is the acquisition, holding and sale of shareholdings. The cash flows is
presented based on indirect method. 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 2024, had no impact on the
Group's consolidated financial statements:
\u2022 Amendments to IAS 1 Presentation of Financial Statements
\u2022 Amendments to IAS 16 Lease
\u2022 Amendments to IFRS 7 and IAS 7 Disclosure Requirements for Supplier Finance Arrangements
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 2024. The Group doesn't
anticipate a significant impact on the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204614": { "value": "
DECLARATION OF CONFORMITY
The consolidated financial statements are prepared in accordance with International Financial Reporting Standard
(IFRS) as adopted by the European Union.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204615": { "value": "
FRAMEWORK FOR PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS
The consolidated financial statements are presented in thousands of euros (\u20ac). The functional currency is the euro
(\u20ac).
The financial information presented in the financial statements have been rounded to the nearest whole number
or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure
given for that column.
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 2024
compared to 31 December 2023 and are presented before the allocation of the Company's profit. The allocation of
profit for the year 2024 will be proposed at the Annual General Meeting on 28 April 2025.
Notes to the consolidated
financial statements
AT 31 DECEMBER 2024
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LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204616": { "value": "
SIGNIFICANT MANAGEMENT JUDGMENTS
Qualification as an investment entity
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204617": { "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 2024
115
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204620_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 influence the amount of its returns.
These companies are fully consolidated as from the date the Group obtains control and cease when this control is lost.
Non-controlling interests are presented in equity on the consolidated statement of financial position, separately from
\"Equity attributable to the owners of the Company\", and classified under \"Non-controlling interests\". Non-controlling
interests in the Group's profit are also indicated separately on the consolidated statement of profit or loss and classified
under \"Non-controlling interests\".
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, monetary items denominated in foreign currencies
are converted at the rate of the last day of the financial year. Gains or losses from the realisation or conversion of
monetary items 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. One euro equals to:
31/12/2024
31/12/2023
US Dollar
1.0389 USD
1.1050 USD
Swiss Franc
0.9412 CHF
0.9259 CHF
Danish Crown
7.4578 DKK
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 2024
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. Maintenance costs are recognised in the consolidated statement of profit or loss.
Tangible assets are not subject to revaluation.
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 the 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.
Financial assets are subsequently measured at fair value 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 2024
117
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 classified
as 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 investments, easily convertible investments.
Both 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, in 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 note 10. 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 2024
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 Risk Committee, which conducts a
detailed analysis of the methods and assumptions used. The Management and Audit, Compliance, and Risk 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
\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: Inputs that are not based on observable market data.
When a level 1 asset delisted, it is reclassified as a level 3 asset. 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 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 2024
119
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables while
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 resources allocation decision and asses performance.
The segmental information follows Luxempart's investment strategy is built into two segments:
\u2022 \"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 \"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.
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 are 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.
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LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
Luxempart is a company whose purpose is the acquisition, holding and sale of shareholdings. The cash flows is
presented based on indirect method. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204621_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 influence the amount of its returns.
These companies are fully consolidated as from the date the Group obtains control and cease when this control is lost.
Non-controlling interests are presented in equity on the consolidated statement of financial position, separately from
\"Equity attributable to the owners of the Company\", and classified under \"Non-controlling interests\". Non-controlling
interests in the Group's profit are also indicated separately on the consolidated statement of profit or loss and classified
under \"Non-controlling interests\".
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.
Note 19 - List of subsidiaries
SUBSIDIARIES PROVIDING INVESTMENT RELATED SERVICES,
FULLY CONSOLIDATED
The following table lists all subsidiaries providing fully consolidated investment related services to the Group:
Subsidiary
Place of incorporation
Percentage
held in
31/12/2024 31/12/2023
Percentage
held in
Luxempart Beratungsgesellschaft mbH
Germany
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.
* Some figures as of 31/12/2023 have been restated to ensure comparability with the figures as of 31/12/2024
140
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LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
NON-CONSOLIDATED ENTITIES
Subsidiary
Place of incorporation
Percentage
held in
31/12/2024 31/12/2023
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
31.9%
31.0%
E-Sicherheitsholding GmbH (ESG)
Germany
23.1%
23.1%
Assmann Holding GmbH
Germany
48.6%
48.6%
Efesto Investment S.\u00e0.r.l (MTWH)
Luxembourg
23.7%
23.7%
Evariste Holding SAS
France
44.6%
40.0%
LuxCo Invest S.\u00e0.r.l *
Luxembourg
80.5%
80.5%
Kestrel Vision SAS
France
27.7%
27.8%
RoLux SAS (Coutot-Roehrig)
France
35.3%
35.8%
XV Holding GmbH (Alphacaps)
Germany
38.1%
38.1%
Luxempart Capital Partners SICAR S.A. *
Luxembourg
100.0%
100.0%
Quip Holding GmbH
Germany
51.0%
53.7%
Bravo Capital Partners II SCA-SICAV-RAIF
Luxembourg
45.0%
45.0%
Bravo Capital Partners SCA RAIF*
Luxembourg
100.0%
100.0%
Vesta Corporation S.p.A.
Italy
70.0%
70.0%
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 (in liquidation)
Germany
44.0%
44.0%
Luxempart French Investment S.\u00e0.r.l *
Luxembourg
100.0%
100.0%
D'Alba Invest S.\u00e0.r.l *
Luxembourg
99.2%
99.2%
Indufin Capital Partners S.A. SICAR *
Belgium
-
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.
The percentage disclosed represent the rights that Luxempart holds in the entities in the table, but not necessarily
the percentatge held in the target investment.
Luxempart neither provided nor committed to provide financial or other support to any of its non-consolidated
subsidiaries, other than the one disclosed in the note 20.
* These entities are investments entities, such as defined by IFRS 10.
LUXEMPART ANNUAL REPORT 2024
141
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204619_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 influence the amount of its returns.
These companies are fully consolidated as from the date the Group obtains control and cease when this control is lost.
Non-controlling interests are presented in equity on the consolidated statement of financial position, separately from
\"Equity attributable to the owners of the Company\", and classified under \"Non-controlling interests\". Non-controlling
interests in the Group's profit are also indicated separately on the consolidated statement of profit or loss and classified
under \"Non-controlling interests\".
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.
Note 19 - List of subsidiaries
SUBSIDIARIES PROVIDING INVESTMENT RELATED SERVICES,
FULLY CONSOLIDATED
The following table lists all subsidiaries providing fully consolidated investment related services to the Group:
Subsidiary
Place of incorporation
Percentage
held in
31/12/2024 31/12/2023
Percentage
held in
Luxempart Beratungsgesellschaft mbH
Germany
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.
* Some figures as of 31/12/2023 have been restated to ensure comparability with the figures as of 31/12/2024
140
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LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
NON-CONSOLIDATED ENTITIES
Subsidiary
Place of incorporation
Percentage
held in
31/12/2024 31/12/2023
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
31.9%
31.0%
E-Sicherheitsholding GmbH (ESG)
Germany
23.1%
23.1%
Assmann Holding GmbH
Germany
48.6%
48.6%
Efesto Investment S.\u00e0.r.l (MTWH)
Luxembourg
23.7%
23.7%
Evariste Holding SAS
France
44.6%
40.0%
LuxCo Invest S.\u00e0.r.l *
Luxembourg
80.5%
80.5%
Kestrel Vision SAS
France
27.7%
27.8%
RoLux SAS (Coutot-Roehrig)
France
35.3%
35.8%
XV Holding GmbH (Alphacaps)
Germany
38.1%
38.1%
Luxempart Capital Partners SICAR S.A. *
Luxembourg
100.0%
100.0%
Quip Holding GmbH
Germany
51.0%
53.7%
Bravo Capital Partners II SCA-SICAV-RAIF
Luxembourg
45.0%
45.0%
Bravo Capital Partners SCA RAIF*
Luxembourg
100.0%
100.0%
Vesta Corporation S.p.A.
Italy
70.0%
70.0%
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 (in liquidation)
Germany
44.0%
44.0%
Luxempart French Investment S.\u00e0.r.l *
Luxembourg
100.0%
100.0%
D'Alba Invest S.\u00e0.r.l *
Luxembourg
99.2%
99.2%
Indufin Capital Partners S.A. SICAR *
Belgium
-
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.
The percentage disclosed represent the rights that Luxempart holds in the entities in the table, but not necessarily
the percentatge held in the target investment.
Luxempart neither provided nor committed to provide financial or other support to any of its non-consolidated
subsidiaries, other than the one disclosed in the note 20.
* These entities are investments entities, such as defined by IFRS 10.
LUXEMPART ANNUAL REPORT 2024
141
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204618": { "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 influence the amount of its returns.
These companies are fully consolidated as from the date the Group obtains control and cease when this control is lost.
Non-controlling interests are presented in equity on the consolidated statement of financial position, separately from
\"Equity attributable to the owners of the Company\", and classified under \"Non-controlling interests\". Non-controlling
interests in the Group's profit are also indicated separately on the consolidated statement of profit or loss and classified
under \"Non-controlling interests\".
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204623_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, monetary items denominated in foreign currencies
are converted at the rate of the last day of the financial year. Gains or losses from the realisation or conversion of
monetary items 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. One euro equals to:
31/12/2024
31/12/2023
US Dollar
1.0389 USD
1.1050 USD
Swiss Franc
0.9412 CHF
0.9259 CHF
Danish Crown
7.4578 DKK
7.4528 DKK
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204622": { "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, monetary items denominated in foreign currencies
are converted at the rate of the last day of the financial year. Gains or losses from the realisation or conversion of
monetary items 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. One euro equals to:
31/12/2024
31/12/2023
US Dollar
1.0389 USD
1.1050 USD
Swiss Franc
0.9412 CHF
0.9259 CHF
Danish Crown
7.4578 DKK
7.4528 DKK
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204624": { "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, monetary items denominated in foreign currencies
are converted at the rate of the last day of the financial year. Gains or losses from the realisation or conversion of
monetary items denominated in foreign currencies are recognised in the consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204628_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
116
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
Note 9 - Intangible and tangible assets
The movements in intangible and tangible assets that occurred during financial years 2023 and 2024 are as follows:
Cost
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
61
690
129
880
Acquisitions / Disposals
-
1,120
-
1,120
as at 31/12/2023
61
1,810
129
1,999
Acquisitions
-
142
-
142
Disposals
-
-8
-
-8
as at 31/12/2024
61
1,944
129
2,133
Depreciation
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
45
354
129
528
Depreciation / Disposals
7
33
-
40
as at 31/12/2023
52
387
129
568
Depreciation
7
197
-
203
Disposals
-
-4
-
-4
as at 31/12/2024
59
579
129
767
Carrying amount
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2023
9
1,423
0
1,432
as at 31/12/2024
2
1,365
0
1,367
The caption \"Value adjustment and amortisation of non-current assets\" also include a reversal of a value adjustment
on the loan to Quip amounting to \u20ac 1,148 thousand.
130
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204627_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
116
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204626_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
116
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
Note 9 - Intangible and tangible assets
The movements in intangible and tangible assets that occurred during financial years 2023 and 2024 are as follows:
Cost
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
61
690
129
880
Acquisitions / Disposals
-
1,120
-
1,120
as at 31/12/2023
61
1,810
129
1,999
Acquisitions
-
142
-
142
Disposals
-
-8
-
-8
as at 31/12/2024
61
1,944
129
2,133
Depreciation
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
45
354
129
528
Depreciation / Disposals
7
33
-
40
as at 31/12/2023
52
387
129
568
Depreciation
7
197
-
203
Disposals
-
-4
-
-4
as at 31/12/2024
59
579
129
767
Carrying amount
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2023
9
1,423
0
1,432
as at 31/12/2024
2
1,365
0
1,367
The caption \"Value adjustment and amortisation of non-current assets\" also include a reversal of a value adjustment
on the loan to Quip amounting to \u20ac 1,148 thousand.
130
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204625": { "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
116
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204630_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. Maintenance costs are recognised in the consolidated statement of profit or loss.
Tangible assets are not subject to revaluation.
The estimated useful lives are as follows:
Facilities and transport equipment
3 - 5 years
Other tangible assets, furnishings
10 years
Note 9 - Intangible and tangible assets
The movements in intangible and tangible assets that occurred during financial years 2023 and 2024 are as follows:
Cost
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
61
690
129
880
Acquisitions / Disposals
-
1,120
-
1,120
as at 31/12/2023
61
1,810
129
1,999
Acquisitions
-
142
-
142
Disposals
-
-8
-
-8
as at 31/12/2024
61
1,944
129
2,133
Depreciation
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
45
354
129
528
Depreciation / Disposals
7
33
-
40
as at 31/12/2023
52
387
129
568
Depreciation
7
197
-
203
Disposals
-
-4
-
-4
as at 31/12/2024
59
579
129
767
Carrying amount
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2023
9
1,423
0
1,432
as at 31/12/2024
2
1,365
0
1,367
The caption \"Value adjustment and amortisation of non-current assets\" also include a reversal of a value adjustment
on the loan to Quip amounting to \u20ac 1,148 thousand.
130
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204629": { "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. Maintenance costs are recognised in the consolidated statement of profit or loss.
Tangible assets are not subject to revaluation.
The estimated useful lives are as follows:
Facilities and transport equipment
3 - 5 years
Other tangible assets, furnishings
10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204633_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 the continued use of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204632_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 the continued use of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204631": { "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 the continued use of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204638_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.
Financial assets are subsequently measured at fair value 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 2024
117
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AFVPL
In thousands of \u20ac
Level 1
Level 3
Total
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
Acquisitions
70,947
23,096
94,043
Disposals
-2,350
-142,031
-144,381
Net gains / (losses) on financial assets
-6,353
6,043
-311
Fair value as at 31/12/2024
337,703
1,904,423
2,242,126
Level 1 financial assets consist of listed investments, mainly in Atenor S.A., Technotrans AG, Medios AG, Nexus AG,
and bonds funds.
Level 3 financial assets consist of private investments, mainly in Foyer S.A., Armira Holding, Evariste Holding , Crealis,
Kestrel Vision, Alphacaps, and Luxempart Capital Partners SICAR S.A.
132
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
LEVEL 3 FINANCIAL ASSETS VALUATION TECHNIQUES AND RISK ANALYSIS
The following table provides information on the valuation 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.
Investments
Fair value at
31/12/2024
(in thousands
of \u20ac)
Valuation
technique
inputs
Range
(weighted
average) for
Unobservable unobservable unobservable (in thousands
inputs
Sensitivity on
input
Fair value
impact of
sensitivity
of \u20ac)
Unlisted
private equity
investments
1,149,523
(2023:
1,177,116)
Earning
multiples:
Most commonly
used valuation
technique for
investments
in Private
Equity. Earnings
multiples are
applied to
the earnings
(mostly EBITDA)
of the investee
company to
determine its
enterprise
value.
- Earnings
multiples
derived from
the multiples
of comparable
listed
companies with
the most similar
characteristics
possible
(industry,
geography...)
- Earnings, as
reported by
the investee
company and,
if applicable,
adjusted for
non-recurring
items as
prescribed
by the IPEV
guidelines.
The implied
multiples used applied to
ranges from
5.5x to 16.0x
(2023: 4.5x \u2013
16.0x)
Weighted
average
of implied
multiples: 9.7x higher.
(2023: 9.7x)
10% sensitivity
the earnings
multiple.
The estimated
fair value would
increase if
the earnings
multiples were
Positive impact:
129,884 (2023:
78,565)
Negative
impact: 134,665
(2023: 100,354)
Unlisted
investment
funds
754,900
(2023: 840,198)
Adjusted net
asset value
Net asset value
n.a.
(NAV) reported
by the fund
manager (after
provision
for carried
interest and
performance
fee)
10% on
reported NAV.
The estimated
fair value would
increase if the
reported NAV
was higher.
Fair value
impact: 70,473
(2023: 75,204)
LUXEMPART ANNUAL REPORT 2024
133
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204637": { "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.
Financial assets are subsequently measured at fair value 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 2024
117
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204636_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.
Financial assets are subsequently measured at fair value 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 2024
117
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 classified
as 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 investments, easily convertible investments.
Both 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 2023 and 2024:
In thousands of \u20ac
Financial assets at fair value
through profit or loss
Fair value as at 31/12/2022
1,978,304
Acquisitions
272,041
Disposals
-123,302
Net gains/(losses) on financial assets
165,732
Fair value as at 31/12/2023
2,292,774
Acquisitions
94,043
Disposals
-144,381
Net gains/(losses) on financial assets
-311
Fair value as at 31/12/2024
2,242,126
Financial assets at fair value through profit or loss (\"AFVPL\") are classified into two segments, Direct Investments and
Investment Funds.
During the 2024 financial year, the Group invested:
\u2022 \u20ac 84,358 thousand in Direct Investments mainly in Evariste and Alphacaps and a total amount of \u20ac 70,947 thou-
sand in listed companies (Nexus AG, Medios AG...)
\u2022 \u20ac 1,287 thousand in Capital at Work portfolio and new bonds portfolio
\u2022 \u20ac 8,236 thousand in the Investment Funds activity.
The disposals realised in 2024 mainly comprise the sale of ESG Elektroniksystem- und Logistik-GmbH.
The net capital gains/(losses) realised in 2024 \u20ac -1,789 thousand (2023: \u20ac 22,287 thousand) correspond to the value
increase/(decrease) since 31 December 2023.
The item \"net gains /(losses) on financial assets\" in the consolidated statement of profit or loss included of a compensation
received for losses incurred on Pescanova following the criminal trial amounting to \u20ac 515 thousand.
Financial assets at fair value through profit or loss are categorised as level 1 and level 3 assets.
LUXEMPART ANNUAL REPORT 2024
131
FAIR VALUE HIERARCHY
The Group uses a fair value hierarchy that reflects the significance of the data allowing valuations to be established.
Level
Fair value input
Type of investments
Level 1
Quoted prices (unadjusted) in active markets
Listed investments
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)
Derivatives (none in the portfolio)
Level 3
Inputs that are not based on observable market
data
Unquoted investments: mainly investments in
private companies and unlisted funds
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AFVPL
In thousands of \u20ac
Level 1
Level 3
Total
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
Acquisitions
70,947
23,096
94,043
Disposals
-2,350
-142,031
-144,381
Net gains / (losses) on financial assets
-6,353
6,043
-311
Fair value as at 31/12/2024
337,703
1,904,423
2,242,126
Level 1 financial assets consist of listed investments, mainly in Atenor S.A., Technotrans AG, Medios AG, Nexus AG,
and bonds funds.
Level 3 financial assets consist of private investments, mainly in Foyer S.A., Armira Holding, Evariste Holding , Crealis,
Kestrel Vision, Alphacaps, and Luxempart Capital Partners SICAR S.A.
132
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LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
LEVEL 3 FINANCIAL ASSETS VALUATION TECHNIQUES AND RISK ANALYSIS
The following table provides information on the valuation 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.
Investments
Fair value at
31/12/2024
(in thousands
of \u20ac)
Valuation
technique
inputs
Range
(weighted
average) for
Unobservable unobservable unobservable (in thousands
inputs
Sensitivity on
input
Fair value
impact of
sensitivity
of \u20ac)
Unlisted
private equity
investments
1,149,523
(2023:
1,177,116)
Earning
multiples:
Most commonly
used valuation
technique for
investments
in Private
Equity. Earnings
multiples are
applied to
the earnings
(mostly EBITDA)
of the investee
company to
determine its
enterprise
value.
- Earnings
multiples
derived from
the multiples
of comparable
listed
companies with
the most similar
characteristics
possible
(industry,
geography...)
- Earnings, as
reported by
the investee
company and,
if applicable,
adjusted for
non-recurring
items as
prescribed
by the IPEV
guidelines.
The implied
multiples used applied to
ranges from
5.5x to 16.0x
(2023: 4.5x \u2013
16.0x)
Weighted
average
of implied
multiples: 9.7x higher.
(2023: 9.7x)
10% sensitivity
the earnings
multiple.
The estimated
fair value would
increase if
the earnings
multiples were
Positive impact:
129,884 (2023:
78,565)
Negative
impact: 134,665
(2023: 100,354)
Unlisted
investment
funds
754,900
(2023: 840,198)
Adjusted net
asset value
Net asset value
n.a.
(NAV) reported
by the fund
manager (after
provision
for carried
interest and
performance
fee)
10% on
reported NAV.
The estimated
fair value would
increase if the
reported NAV
was higher.
Fair value
impact: 70,473
(2023: 75,204)
LUXEMPART ANNUAL REPORT 2024
133
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 monitored by the Group Executive Committee, the Board of Directors, and the Audit, Compliance, and Risks
Committee.
Market risk refers to the potential loss in value of financial assets. The main risks and uncertainties to which the
Group is exposed relate 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 stock exchanges (mainly in Luxembourg, Brussels, and Frankfurt) represent
14.6 % of the Net Asset Value as of 31 December 2024 (2023: 11.9%).
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 2024, 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 includes one investment designated in foreign currency for \u20ac 22,100 thousand representing
1.0% 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.
Luxempart Capital Partners portfolio is composed of investments in USD which represent 18.0% of the value of its
total financial assets. No reasonable exchange rate fluctuation would have an impact on the accounts of Luxempart.
Therefore, these investments are not hedged against foreign exchange risk as their impact is not considered significant.
MANAGEMENT OF CREDIT RISK
Credit risk arises when counterparties fail to meet their obligations to the Group. Credit risk lies not at Luxempart
level but at the level of the investments. Each investment is responsible for managing its own credit risk based on
its circumstances.
In 2024, there was no significant change in relation to the credit risk management. Luxempart minimises its risk
exposure by entering into commitments with financial institutions noted between AA+ and A- (S&P agency). In order
to minimise any concentration risk, Luxempart diversifies its exposure by working with several banking institutions,
with a maximum of 8.0% of the net asset value.
LUXEMPART ANNUAL REPORT 2024
145
MANAGEMENT OF LIQUIDITY RISK
Luxempart has \u20ac 261,328 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 2024, Luxempart has contracted four credit lines of \u20ac 50,000 thousand each. The level
of cash at bank, bank deposits, liquid bonds portfolios and confirmed credit lines is sufficient to face its commitments.
Given its strong liquidity position, Luxempart considers its liquidity risk to be low.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204635_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.
Financial assets are subsequently measured at fair value 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 2024
117
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 classified
as 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 investments, easily convertible investments.
Both 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204634": { "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.
Financial assets are subsequently measured at fair value 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 2024
117
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 classified
as 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 investments, easily convertible investments.
Both bank deposits and Cash and cash equivalents are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204639": { "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 classified
as 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204641_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 investments, easily convertible investments.
Both 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
2024
2023
Bank deposits with a maturity between 3 to 36 months
-
25,000
Total
0
25,000
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
2024
2023
Bank deposits with a maturity less than 3 months
60,329
-
Cash and cash equivalents
7,444
5,372
Total
67,773
5,372
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 2024
135
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204640": { "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 investments, easily convertible investments.
Both bank deposits and Cash and cash equivalents are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204643_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, in 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 note 10. Discounts may be applied to the values obtained by using each of these methods (discounts
for illiquidity, for small company, etc.).
118
-
LUXEMPART ANNUAL REPORT 2024
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 Risk Committee, which conducts a
detailed analysis of the methods and assumptions used. The Management and Audit, Compliance, and Risk 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
\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: Inputs that are not based on observable market data.
When a level 1 asset delisted, it is reclassified as a level 3 asset. 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 2023 and 2024:
In thousands of \u20ac
Financial assets at fair value
through profit or loss
Fair value as at 31/12/2022
1,978,304
Acquisitions
272,041
Disposals
-123,302
Net gains/(losses) on financial assets
165,732
Fair value as at 31/12/2023
2,292,774
Acquisitions
94,043
Disposals
-144,381
Net gains/(losses) on financial assets
-311
Fair value as at 31/12/2024
2,242,126
Financial assets at fair value through profit or loss (\"AFVPL\") are classified into two segments, Direct Investments and
Investment Funds.
During the 2024 financial year, the Group invested:
\u2022 \u20ac 84,358 thousand in Direct Investments mainly in Evariste and Alphacaps and a total amount of \u20ac 70,947 thou-
sand in listed companies (Nexus AG, Medios AG...)
\u2022 \u20ac 1,287 thousand in Capital at Work portfolio and new bonds portfolio
\u2022 \u20ac 8,236 thousand in the Investment Funds activity.
The disposals realised in 2024 mainly comprise the sale of ESG Elektroniksystem- und Logistik-GmbH.
The net capital gains/(losses) realised in 2024 \u20ac -1,789 thousand (2023: \u20ac 22,287 thousand) correspond to the value
increase/(decrease) since 31 December 2023.
The item \"net gains /(losses) on financial assets\" in the consolidated statement of profit or loss included of a compensation
received for losses incurred on Pescanova following the criminal trial amounting to \u20ac 515 thousand.
Financial assets at fair value through profit or loss are categorised as level 1 and level 3 assets.
LUXEMPART ANNUAL REPORT 2024
131
FAIR VALUE HIERARCHY
The Group uses a fair value hierarchy that reflects the significance of the data allowing valuations to be established.
Level
Fair value input
Type of investments
Level 1
Quoted prices (unadjusted) in active markets
Listed investments
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)
Derivatives (none in the portfolio)
Level 3
Inputs that are not based on observable market
data
Unquoted investments: mainly investments in
private companies and unlisted funds
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AFVPL
In thousands of \u20ac
Level 1
Level 3
Total
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
Acquisitions
70,947
23,096
94,043
Disposals
-2,350
-142,031
-144,381
Net gains / (losses) on financial assets
-6,353
6,043
-311
Fair value as at 31/12/2024
337,703
1,904,423
2,242,126
Level 1 financial assets consist of listed investments, mainly in Atenor S.A., Technotrans AG, Medios AG, Nexus AG,
and bonds funds.
Level 3 financial assets consist of private investments, mainly in Foyer S.A., Armira Holding, Evariste Holding , Crealis,
Kestrel Vision, Alphacaps, and Luxempart Capital Partners SICAR S.A.
132
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LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
LEVEL 3 FINANCIAL ASSETS VALUATION TECHNIQUES AND RISK ANALYSIS
The following table provides information on the valuation 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.
Investments
Fair value at
31/12/2024
(in thousands
of \u20ac)
Valuation
technique
inputs
Range
(weighted
average) for
Unobservable unobservable unobservable (in thousands
inputs
Sensitivity on
input
Fair value
impact of
sensitivity
of \u20ac)
Unlisted
private equity
investments
1,149,523
(2023:
1,177,116)
Earning
multiples:
Most commonly
used valuation
technique for
investments
in Private
Equity. Earnings
multiples are
applied to
the earnings
(mostly EBITDA)
of the investee
company to
determine its
enterprise
value.
- Earnings
multiples
derived from
the multiples
of comparable
listed
companies with
the most similar
characteristics
possible
(industry,
geography...)
- Earnings, as
reported by
the investee
company and,
if applicable,
adjusted for
non-recurring
items as
prescribed
by the IPEV
guidelines.
The implied
multiples used applied to
ranges from
5.5x to 16.0x
(2023: 4.5x \u2013
16.0x)
Weighted
average
of implied
multiples: 9.7x higher.
(2023: 9.7x)
10% sensitivity
the earnings
multiple.
The estimated
fair value would
increase if
the earnings
multiples were
Positive impact:
129,884 (2023:
78,565)
Negative
impact: 134,665
(2023: 100,354)
Unlisted
investment
funds
754,900
(2023: 840,198)
Adjusted net
asset value
Net asset value
n.a.
(NAV) reported
by the fund
manager (after
provision
for carried
interest and
performance
fee)
10% on
reported NAV.
The estimated
fair value would
increase if the
reported NAV
was higher.
Fair value
impact: 70,473
(2023: 75,204)
LUXEMPART ANNUAL REPORT 2024
133
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204642": { "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, in 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 note 10. Discounts may be applied to the values obtained by using each of these methods (discounts
for illiquidity, for small company, etc.).
118
-
LUXEMPART ANNUAL REPORT 2024
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 Risk Committee, which conducts a
detailed analysis of the methods and assumptions used. The Management and Audit, Compliance, and Risk 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
\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: Inputs that are not based on observable market data.
When a level 1 asset delisted, it is reclassified as a level 3 asset. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204646_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
CAPITAL AND SHARE PREMIUM
The authorised capital amounts to \u20ac 90,000 thousand.
in thousands of \u20ac
2024
2023
Subscribed capital
51,750
51,750
Share premium
15,110
15,110
Total
66,860
66,860
CAPITAL MANAGEMENT
As at 31 December 2024, subscribed capital amounts to \u20ac 51,750 thousand 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 2025 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.
136
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
Note 15 - Reserves and own shares
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 2024, the legal reserve amounts to \u20ac 5,175 thousand (2023: \u20ac 5,175 thousand).
OTHER RESERVES
in thousands of \u20ac
2024
2023
Consolidated reserves
2,219,562
2,079,484
Special reserve
6,561
6,561
Stock option plan reserve*
5,565
4,231
Total
2,231,688
2,090,275
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 2024, 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.
Stock option plan reserve
As at 31 December 2024, the stock option plan reserve amounts to \u20ac 5,565 thousand (2023: \u20ac 4,231 thousand).
This reserve relates to the recognition of the stock options attributed to Management and employees. This expense
is recognised under \"Remuneration, wages and bonuses\" in the consolidated statement of profit or loss and disclosed
in note 5.
The fair value of the options is calculated according to the Black and Scholes model.
For financial year 2024, the Board of Directors granted 132.500 Luxempart options with an exercise price of \u20ac 66.60
per share.
* Some figures as of 31/12/2023 have been restated to ensure comparability with the figures as of 31/12/2024
LUXEMPART ANNUAL REPORT 2024
137
The table below provides the movements on options:
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
121,166
Options buyback in 2023 (see remuneration report)
-20.000
Number of options outstanding at 31/12/2023
531,491
Options exercised in 2024
-61,500
Options issued in 2024
132,500
Number of options outstanding at 31/12/2024
602,491
The average exercise price of options exercised in 2024 is \u20ac 59.22 (2023: \u20ac 51.22).
The table below provides the plan's characteristics:
Tranche
Year Exercise price
Exercise period
Share price when
allotted
Tranche 9
2017
52.61
August 2021 - August 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
January 2025 - January 2029
49.00
Tranche 14
2022
76.29
January 2026 - January 2032
78.00
Tranche 15
2023
75.50
March 2027 - March 2033
73.00
Tranche 16
2024
66.00
March 2028 - March 2034
66.00
Dividend growth
2.8%
Historical volatility of share price
18.5%
As at 31 December 2024, 134,325 options can be exercised (2023: 96,825 options).
OWN SHARES AND RESERVE FOR OWN SHARES
Number of
shares issued
Number of
own shares
Number of
outstanding shares
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
Acquisition and disposals
-
-11,500
11,500
As at 31/12/2024
20,700,000
559,182
20,140,818
As at 31 December 2024, Luxempart holds 559,182 own shares (2023: 570,682 own shares), with the reserve for own
shares amounting to \u20ac -23,548 thousand (2023: \u20ac -22,287 thousand).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 outstanding shares as at 31 December 2024 is 20,123,205 (2023: 20,123,803).
The diluted number of shares as at 31 December 2024 is 20.743.309 (2023: 20.660.809).
138
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204645_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
CAPITAL AND SHARE PREMIUM
The authorised capital amounts to \u20ac 90,000 thousand.
in thousands of \u20ac
2024
2023
Subscribed capital
51,750
51,750
Share premium
15,110
15,110
Total
66,860
66,860
CAPITAL MANAGEMENT
As at 31 December 2024, subscribed capital amounts to \u20ac 51,750 thousand 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 2025 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.
136
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204644": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204649_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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204648_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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204647": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204653_add_hierarchy": { "value": "
SHARE-BASED PAYMENT ARRANGEMENTS
A stock option plan 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 2024
119
Stock option plan reserve
As at 31 December 2024, the stock option plan reserve amounts to \u20ac 5,565 thousand (2023: \u20ac 4,231 thousand).
This reserve relates to the recognition of the stock options attributed to Management and employees. This expense
is recognised under \"Remuneration, wages and bonuses\" in the consolidated statement of profit or loss and disclosed
in note 5.
The fair value of the options is calculated according to the Black and Scholes model.
For financial year 2024, the Board of Directors granted 132.500 Luxempart options with an exercise price of \u20ac 66.60
per share.
* Some figures as of 31/12/2023 have been restated to ensure comparability with the figures as of 31/12/2024
LUXEMPART ANNUAL REPORT 2024
137
The table below provides the movements on options:
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
121,166
Options buyback in 2023 (see remuneration report)
-20.000
Number of options outstanding at 31/12/2023
531,491
Options exercised in 2024
-61,500
Options issued in 2024
132,500
Number of options outstanding at 31/12/2024
602,491
The average exercise price of options exercised in 2024 is \u20ac 59.22 (2023: \u20ac 51.22).
The table below provides the plan's characteristics:
Tranche
Year Exercise price
Exercise period
Share price when
allotted
Tranche 9
2017
52.61
August 2021 - August 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
January 2025 - January 2029
49.00
Tranche 14
2022
76.29
January 2026 - January 2032
78.00
Tranche 15
2023
75.50
March 2027 - March 2033
73.00
Tranche 16
2024
66.00
March 2028 - March 2034
66.00
Dividend growth
2.8%
Historical volatility of share price
18.5%
As at 31 December 2024, 134,325 options can be exercised (2023: 96,825 options).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204652": { "value": "
SHARE-BASED PAYMENT ARRANGEMENTS
A stock option plan 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 2024
119
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204651_add_hierarchy": { "value": "
SHARE-BASED PAYMENT ARRANGEMENTS
A stock option plan 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 2024
119
Note 5 - Staff costs
The following table provides details of staff costs and benefits:
in thousands of \u20ac
2024
2023
Remuneration, wages and bonuses
12,353
12,913
Social security contributions
640
518
Supplementary pension plan
400
552
Total
13,392
13,984
As at 31 December 2024, \"Remuneration, wages and bonuses\" comprised expenses amounting to \u20ac 1,334 thousand
(2023: \u20ac 1,094 thousand) relating to the recognition of the stock options attributed to Management and employees
in 2024.
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 in the consolidated statement of profit or loss.
Number of employees
The following table indicates the average number of employees over the year:
Category
2024
2023
Managers
5
5
Staff
23
23
Total
28
28
LUXEMPART ANNUAL REPORT 2024
127
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204650": { "value": "
SHARE-BASED PAYMENT ARRANGEMENTS
A stock option plan 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 2024
119
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204657_add_hierarchy": { "value": "
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables while
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.
Note 8 - Current tax expenses
The Group recognises current tax expenses on the corporate profits as follows:
DETAIL OF TAXES
in thousands of \u20ac
2024
2023
Corporate income tax (IRC)
30
21
Subtotal income tax expenses
30
21
Net wealth tax
586
1,522
Total
616
1,543
RECONCILIATION OF INCOME TAX EXPENSES TO THE ACCOUNTING PROFIT
in thousands of \u20ac
2024
2023
Profit before tax
31,093
185,066
Company's average tax rate
24.94%
24.94%
Theoretical tax expense
7,755
46,155
Effect of non-taxable capital gains
-369
-41,334
Effect of non-taxable dividends
-11,882
-9,078
Other tax adjustments
4,526
4,277
Total tax expense
30
21
The item \"Other tax adjustements\" included non-deductible expenses related to non-taxable participations.
LUXEMPART ANNUAL REPORT 2024
129
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204656_add_hierarchy": { "value": "
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables while
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204655_add_hierarchy": { "value": "
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables while
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204654": { "value": "
CURRENT AND DEFERRED TAXES
Income taxes are calculated according to the legal requirements. Advances paid are recognised as receivables while
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204659_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
2024
2023
Tax provisions
2,603
3,623
Other provisions
191
185
Total
2,794
3,808
The tax provisions relate to income taxes, municipal business taxes and net wealth tax for 2024 and previous years.
LUXEMPART ANNUAL REPORT 2024
139
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204658": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204661_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 resources allocation decision and asses performance.
The segmental information follows Luxempart's investment strategy is built into two segments:
\u2022 \"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 \"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.
Note 3 - Segment information
Strategic segmentation
Luxempart's investment strategy is built into two segments: Direct Investments and Investment Funds.
A description of these activities, including the returns generated by these investment activities and the allocation of
resources, is provided in the Management report.
The investment in Foyer S.A. represents an important part of the section \"Dividend income\" and \"Net gains / (losses)
on financial assets\". This investment represents more than 10% of the total of profit on investment activities.
All assets, equity, liabilities, income and expenses that are not directly allocated to a segment are presented in \"Other\".
LUXEMPART ANNUAL REPORT 2024
121
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Profit or loss
In thousands of \u20ac
Direct
Investments
Investment
Funds
Other 31/12/2024
Dividend income
47,642
-
-
47,642
Net gains / (losses) on financial assets
-43,127
49,009
-5,678
204
Profit on investment activities
4,515
49,009
-5,678
47,846
Services / recovery of services
-
-
2,441
2,441
Staff costs
-
-
-13,392
-13,392
Operating expenses
-
-
-7,921
-7,921
Value adjustment and amortisation of non-current
assets
-
-
945
945
Profit from operating activities
4,515
49,009
-23,606
29,918
Financial income
-
-
2,062
2,062
Financial expenses
-
-
-887
-887
Profit before tax
4,515
49,009
-22,430
31,093
Tax expenses
-
-
-616
-616
Profit / (loss) for the year
4,515
49,009
-23,046
30,477
Assets
In thousands of \u20ac
Direct
Investments
Investment
Funds
Other 31/12/2024
Financial assets at fair value through profit and
1,545,070
loss
581,310
115,747
2,242,126
Bank deposits, loans and receivables
1,440
-
-
1,440
Intangible and tangible assets
-
-
1 368
1 368
Total non-current assets
1,546,510
581,310
117,114
2,244,934
Total current assets
-
-
77,784
77,784
Total assets
1,546,510
581,310
194,898
2,322,719
Equity and liabilities
In thousands of \u20ac
Direct
Investments
Investment
Funds
Other 31/12/2024
Total equity
-
-
2,310,653
2,310,653
Total liabilities
-
-
12,065
12,065
Total equity and liabilities
-
-
2,322,719
2,322,719
122
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Profit or loss
In thousands of \u20ac
Direct
Investments
Investment
Funds
Other 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
Value adjustment 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
Assets
In thousands of \u20ac
Direct
Investments
Investment
Funds
Other 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
Other 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 2024
123
Geographic segmentation
The following tables provides segmentation details based on the country incorporation.
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Profit or loss
In thousands of \u20ac
Belux
DACH
France
Italy
Other 31/12/2024
Dividend income
32,422
15,219
-
-
-
47,642
Net gains / (losses) on financial
55,726
assets
26,920
-40,264
-50,092
7,914
204
Profit on investment activities
88,149
42,139
-40,264
-50,092
7,914
47,846
Services / recovery of services
2,441
-
-
-
-
2,441
Staff costs
-11,414
-1,439
-539
-
-
-13,392
Operating expenses
-7,634
-136
-151
-
-
-7,921
Value adjustment and
958
amortisation of non-current assets
-6
-7
-
-
945
Profit from operating activities
72,500
40,558
-40,961
-50,092
7,914
29,918
Financial income
2,062
-
-
-
-
2,062
Financial expenses
-887
-
-
-
-
-887
Profit before tax
73,675
40,558
-40,961
-50,092
7,914
31,093
Tax expenses
-588
-19
-9
-
-
-616
Profit / (loss) for the year
73,087
40,539
-40,970
-50,092
7,914
30,477
Assets
In thousands of \u20ac
Belux
DACH
France
Italy
Other 31/12/2024
Financial assets at fair value
987,239
through profit and loss
393,637
564,048
176,737
120,464
2,242,126
Bank deposits, loans and
receivables
-
1,378
-
-
62
1,440
Intangible and tangible assets
1,368
-
-
-
-
1,368
Total non-current assets
988,607
395,016
564,048
176,737
120,526
2,244,934
Total current assets
72,106
5,447
60
-
171
77,784
Total assets
1,060,713
400,463
564,108
176,737
120,697
2,322,719
Equity and liabilities
In thousands of \u20ac
Belux
DACH
France
Italy
Other 31/12/2024
Total equity
2,310,653
-
-
-
-
2,310,653
Total liabilities
11,117
228
646
-
75
12,065
Total equity and liabilities
2,321,769
228
646
-
75
2,322,719
124
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Profit or loss
In thousands of \u20ac
Belux
DACH
France
Italy
Other 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
Value adjustment 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
Assets
In thousands of \u20ac
Belux
DACH
France
Italy
Other 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
Belux
DACH
France
Italy
Other 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 2024
125
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204660": { "value": "
SEGMENT INFORMATION
Operating segments are the components of the Group whose results are regularly reviewed by the Group Executive
Committee to make resources allocation decision and asses performance.
The segmental information follows Luxempart's investment strategy is built into two segments:
\u2022 \"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 \"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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204663_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 are recognised in the profit or
loss based on the degree of progress.
Note 6 - Dividend income
The Group received \u20ac 47,642 thousand (2023: \u20ac 36,398 thousand) dividends from its investments of which, a
significant part from Foyer S.A.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204662": { "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 are recognised in the profit or
loss based on the degree of progress.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204665_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.
120
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
Note 16 - Dividends paid
A dividend of \u20ac 2.17 gross per share was paid during the first half of 2024 in respect of the 2023 financial year,resulting
in a total dividend payment of \u20ac 43,671,940 (2023: \u20ac 1.98 gross per share, giving a total dividend paid of \u20ac 39,942,223).
The consolidated financial statements as at 31 December 2024 do not include the dividend that will be proposed at
the Annual General Meeting on 28 April 2025. It was not recognised as a liability in the 2024 consolidated financial
statements.
The Board of Directors proposes an ordinary dividend of \u20ac 2.33 gross per share. The payment terms of the dividend
will be communicated during the Annual General Meeting on 28 April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204664": { "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.
120
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204667_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 is
presented based on indirect method. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204666": { "value": "
CONSOLIDATED STATEMENT OF CASH FLOWS
Luxempart is a company whose purpose is the acquisition, holding and sale of shareholdings. The cash flows is
presented based on indirect method. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204669_add_hierarchy": { "value": "
CHANGES IN ACCOUNTING METHODS
The new IAS/IFRS and their interpretations listed below, which entered into force in 2024, had no impact on the
Group's consolidated financial statements:
\u2022 Amendments to IAS 1 Presentation of Financial Statements
\u2022 Amendments to IAS 16 Lease
\u2022 Amendments to IFRS 7 and IAS 7 Disclosure Requirements for Supplier Finance Arrangements
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 2024. The Group doesn't
anticipate a significant impact on the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204668": { "value": "
CHANGES IN ACCOUNTING METHODS
The new IAS/IFRS and their interpretations listed below, which entered into force in 2024, had no impact on the
Group's consolidated financial statements:
\u2022 Amendments to IAS 1 Presentation of Financial Statements
\u2022 Amendments to IAS 16 Lease
\u2022 Amendments to IFRS 7 and IAS 7 Disclosure Requirements for Supplier Finance Arrangements
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 2024. The Group doesn't
anticipate a significant impact on the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204674_add_hierarchy": { "value": "
Note 4 - Operating expenses
The following table provides details on operating expenses:
in thousands of \u20ac
2024
2023
External advisors and other similar fees
3,815
2,000
Taxes other than income tax
552
597
Directors allowances
992
863
Rental expenses
584
511
Insurance premiums
98
95
Administrative expenses and other operating expenses
1,880
1,887
Total
7,921
5,953
All expenses are recognised in the consolidated statement of profit or loss at the time of the transaction.
126
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204673": { "value": "
Note 4 - Operating expenses
The following table provides details on operating expenses:
in thousands of \u20ac
2024
2023
External advisors and other similar fees
3,815
2,000
Taxes other than income tax
552
597
Directors allowances
992
863
Rental expenses
584
511
Insurance premiums
98
95
Administrative expenses and other operating expenses
1,880
1,887
Total
7,921
5,953
All expenses are recognised in the consolidated statement of profit or loss at the time of the transaction.
126
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204672": { "value": "
Note 4 - Operating expenses
The following table provides details on operating expenses:
in thousands of \u20ac
2024
2023
External advisors and other similar fees
3,815
2,000
Taxes other than income tax
552
597
Directors allowances
992
863
Rental expenses
584
511
Insurance premiums
98
95
Administrative expenses and other operating expenses
1,880
1,887
Total
7,921
5,953
All expenses are recognised in the consolidated statement of profit or loss at the time of the transaction.
126
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204671": { "value": "
Note 4 - Operating expenses
The following table provides details on operating expenses:
in thousands of \u20ac
2024
2023
External advisors and other similar fees
3,815
2,000
Taxes other than income tax
552
597
Directors allowances
992
863
Rental expenses
584
511
Insurance premiums
98
95
Administrative expenses and other operating expenses
1,880
1,887
Total
7,921
5,953
All expenses are recognised in the consolidated statement of profit or loss at the time of the transaction.
126
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
Note 5 - Staff costs
The following table provides details of staff costs and benefits:
in thousands of \u20ac
2024
2023
Remuneration, wages and bonuses
12,353
12,913
Social security contributions
640
518
Supplementary pension plan
400
552
Total
13,392
13,984
As at 31 December 2024, \"Remuneration, wages and bonuses\" comprised expenses amounting to \u20ac 1,334 thousand
(2023: \u20ac 1,094 thousand) relating to the recognition of the stock options attributed to Management and employees
in 2024.
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 in the consolidated statement of profit or loss.
Number of employees
The following table indicates the average number of employees over the year:
Category
2024
2023
Managers
5
5
Staff
23
23
Total
28
28
LUXEMPART ANNUAL REPORT 2024
127
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204670": { "value": "
Note 4 - Operating expenses
The following table provides details on operating expenses:
in thousands of \u20ac
2024
2023
External advisors and other similar fees
3,815
2,000
Taxes other than income tax
552
597
Directors allowances
992
863
Rental expenses
584
511
Insurance premiums
98
95
Administrative expenses and other operating expenses
1,880
1,887
Total
7,921
5,953
All expenses are recognised in the consolidated statement of profit or loss at the time of the transaction.
126
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
Note 5 - Staff costs
The following table provides details of staff costs and benefits:
in thousands of \u20ac
2024
2023
Remuneration, wages and bonuses
12,353
12,913
Social security contributions
640
518
Supplementary pension plan
400
552
Total
13,392
13,984
As at 31 December 2024, \"Remuneration, wages and bonuses\" comprised expenses amounting to \u20ac 1,334 thousand
(2023: \u20ac 1,094 thousand) relating to the recognition of the stock options attributed to Management and employees
in 2024.
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 in the consolidated statement of profit or loss.
Number of employees
The following table indicates the average number of employees over the year:
Category
2024
2023
Managers
5
5
Staff
23
23
Total
28
28
LUXEMPART ANNUAL REPORT 2024
127
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204675": { "value": "
Number of employees
The following table indicates the average number of employees over the year:
Category
2024
2023
Managers
5
5
Staff
23
23
Total
28
28
LUXEMPART ANNUAL REPORT 2024
127
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204677_add_hierarchy": { "value": "
Note 7 - Financial income and expenses
FINANCIAL INCOME
Interests and similar income are mainly composed of interests received on deposit accounts with credit institutions
\u20ac 1,591 thousand (2023: \u20ac 1,804 thousand), coupons received \u20ac 159 thousand (2023: \u20ac 285 thousand) and interests
on loans to participations \u20ac 312 thousand (2023: \u20ac 255 thousand). As of 31 December 2024, they amounted to \u20ac
2,062 thousand (2023: \u20ac 2,344 thousand).
FINANCIAL EXPENSES
in thousands of \u20ac
2024
2023
Bank and interest expenses
796
301
Other expenses
91
327
Total
887
628
Bank and interest expenses primarily include interests paid on the unused credit lines. Other expenses primarily
include foreign exchange losses on current assets.
128
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204676": { "value": "
Note 7 - Financial income and expenses
FINANCIAL INCOME
Interests and similar income are mainly composed of interests received on deposit accounts with credit institutions
\u20ac 1,591 thousand (2023: \u20ac 1,804 thousand), coupons received \u20ac 159 thousand (2023: \u20ac 285 thousand) and interests
on loans to participations \u20ac 312 thousand (2023: \u20ac 255 thousand). As of 31 December 2024, they amounted to \u20ac
2,062 thousand (2023: \u20ac 2,344 thousand).
FINANCIAL EXPENSES
in thousands of \u20ac
2024
2023
Bank and interest expenses
796
301
Other expenses
91
327
Total
887
628
Bank and interest expenses primarily include interests paid on the unused credit lines. Other expenses primarily
include foreign exchange losses on current assets.
128
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204679_add_hierarchy": { "value": "
FINANCIAL INCOME
Interests and similar income are mainly composed of interests received on deposit accounts with credit institutions
\u20ac 1,591 thousand (2023: \u20ac 1,804 thousand), coupons received \u20ac 159 thousand (2023: \u20ac 285 thousand) and interests
on loans to participations \u20ac 312 thousand (2023: \u20ac 255 thousand). As of 31 December 2024, they amounted to \u20ac
2,062 thousand (2023: \u20ac 2,344 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204678": { "value": "
FINANCIAL INCOME
Interests and similar income are mainly composed of interests received on deposit accounts with credit institutions
\u20ac 1,591 thousand (2023: \u20ac 1,804 thousand), coupons received \u20ac 159 thousand (2023: \u20ac 285 thousand) and interests
on loans to participations \u20ac 312 thousand (2023: \u20ac 255 thousand). As of 31 December 2024, they amounted to \u20ac
2,062 thousand (2023: \u20ac 2,344 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204681_add_hierarchy": { "value": "
FINANCIAL EXPENSES
in thousands of \u20ac
2024
2023
Bank and interest expenses
796
301
Other expenses
91
327
Total
887
628
Bank and interest expenses primarily include interests paid on the unused credit lines. Other expenses primarily
include foreign exchange losses on current assets.
128
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204680": { "value": "
FINANCIAL EXPENSES
in thousands of \u20ac
2024
2023
Bank and interest expenses
796
301
Other expenses
91
327
Total
887
628
Bank and interest expenses primarily include interests paid on the unused credit lines. Other expenses primarily
include foreign exchange losses on current assets.
128
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204682": { "value": "
Note 9 - Intangible and tangible assets
The movements in intangible and tangible assets that occurred during financial years 2023 and 2024 are as follows:
Cost
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
61
690
129
880
Acquisitions / Disposals
-
1,120
-
1,120
as at 31/12/2023
61
1,810
129
1,999
Acquisitions
-
142
-
142
Disposals
-
-8
-
-8
as at 31/12/2024
61
1,944
129
2,133
Depreciation
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2022
45
354
129
528
Depreciation / Disposals
7
33
-
40
as at 31/12/2023
52
387
129
568
Depreciation
7
197
-
203
Disposals
-
-4
-
-4
as at 31/12/2024
59
579
129
767
Carrying amount
in thousands of \u20ac
Office and
Software computer equipment
Vehicles
Total
as at 31/12/2023
9
1,423
0
1,432
as at 31/12/2024
2
1,365
0
1,367
The caption \"Value adjustment and amortisation of non-current assets\" also include a reversal of a value adjustment
on the loan to Quip amounting to \u20ac 1,148 thousand.
130
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204683": { "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 2023 and 2024:
In thousands of \u20ac
Financial assets at fair value
through profit or loss
Fair value as at 31/12/2022
1,978,304
Acquisitions
272,041
Disposals
-123,302
Net gains/(losses) on financial assets
165,732
Fair value as at 31/12/2023
2,292,774
Acquisitions
94,043
Disposals
-144,381
Net gains/(losses) on financial assets
-311
Fair value as at 31/12/2024
2,242,126
Financial assets at fair value through profit or loss (\"AFVPL\") are classified into two segments, Direct Investments and
Investment Funds.
During the 2024 financial year, the Group invested:
\u2022 \u20ac 84,358 thousand in Direct Investments mainly in Evariste and Alphacaps and a total amount of \u20ac 70,947 thou-
sand in listed companies (Nexus AG, Medios AG...)
\u2022 \u20ac 1,287 thousand in Capital at Work portfolio and new bonds portfolio
\u2022 \u20ac 8,236 thousand in the Investment Funds activity.
The disposals realised in 2024 mainly comprise the sale of ESG Elektroniksystem- und Logistik-GmbH.
The net capital gains/(losses) realised in 2024 \u20ac -1,789 thousand (2023: \u20ac 22,287 thousand) correspond to the value
increase/(decrease) since 31 December 2023.
The item \"net gains /(losses) on financial assets\" in the consolidated statement of profit or loss included of a compensation
received for losses incurred on Pescanova following the criminal trial amounting to \u20ac 515 thousand.
Financial assets at fair value through profit or loss are categorised as level 1 and level 3 assets.
LUXEMPART ANNUAL REPORT 2024
131
FAIR VALUE HIERARCHY
The Group uses a fair value hierarchy that reflects the significance of the data allowing valuations to be established.
Level
Fair value input
Type of investments
Level 1
Quoted prices (unadjusted) in active markets
Listed investments
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)
Derivatives (none in the portfolio)
Level 3
Inputs that are not based on observable market
data
Unquoted investments: mainly investments in
private companies and unlisted funds
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AFVPL
In thousands of \u20ac
Level 1
Level 3
Total
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
Acquisitions
70,947
23,096
94,043
Disposals
-2,350
-142,031
-144,381
Net gains / (losses) on financial assets
-6,353
6,043
-311
Fair value as at 31/12/2024
337,703
1,904,423
2,242,126
Level 1 financial assets consist of listed investments, mainly in Atenor S.A., Technotrans AG, Medios AG, Nexus AG,
and bonds funds.
Level 3 financial assets consist of private investments, mainly in Foyer S.A., Armira Holding, Evariste Holding , Crealis,
Kestrel Vision, Alphacaps, and Luxempart Capital Partners SICAR S.A.
132
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
LEVEL 3 FINANCIAL ASSETS VALUATION TECHNIQUES AND RISK ANALYSIS
The following table provides information on the valuation 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.
Investments
Fair value at
31/12/2024
(in thousands
of \u20ac)
Valuation
technique
inputs
Range
(weighted
average) for
Unobservable unobservable unobservable (in thousands
inputs
Sensitivity on
input
Fair value
impact of
sensitivity
of \u20ac)
Unlisted
private equity
investments
1,149,523
(2023:
1,177,116)
Earning
multiples:
Most commonly
used valuation
technique for
investments
in Private
Equity. Earnings
multiples are
applied to
the earnings
(mostly EBITDA)
of the investee
company to
determine its
enterprise
value.
- Earnings
multiples
derived from
the multiples
of comparable
listed
companies with
the most similar
characteristics
possible
(industry,
geography...)
- Earnings, as
reported by
the investee
company and,
if applicable,
adjusted for
non-recurring
items as
prescribed
by the IPEV
guidelines.
The implied
multiples used applied to
ranges from
5.5x to 16.0x
(2023: 4.5x \u2013
16.0x)
Weighted
average
of implied
multiples: 9.7x higher.
(2023: 9.7x)
10% sensitivity
the earnings
multiple.
The estimated
fair value would
increase if
the earnings
multiples were
Positive impact:
129,884 (2023:
78,565)
Negative
impact: 134,665
(2023: 100,354)
Unlisted
investment
funds
754,900
(2023: 840,198)
Adjusted net
asset value
Net asset value
n.a.
(NAV) reported
by the fund
manager (after
provision
for carried
interest and
performance
fee)
10% on
reported NAV.
The estimated
fair value would
increase if the
reported NAV
was higher.
Fair value
impact: 70,473
(2023: 75,204)
LUXEMPART ANNUAL REPORT 2024
133
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204685": { "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 portfolio companies. As at 31 December 2024, they amount to \u20ac 1,440 thousand (2023: \u20ac 62 thousand). Part of the
impairment of 2023 was recovered during the financial year. The fair value of the non-current loans and receivables
does not significantly differ 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
2024
2023
Receivable from non-consolidated controlled entity
-
130
Tax receivables
7,763
7,958
Trade receivables
1,995
1,914
Accrued interest not yet due
126
116
Other receivables
127
1,417
Total
10,011
11,534
As at 31 December 2024, Luxempart has withholding tax reclaims of \u20ac 5,447 thousand (2023: \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.
134
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204684": { "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 portfolio companies. As at 31 December 2024, they amount to \u20ac 1,440 thousand (2023: \u20ac 62 thousand). Part of the
impairment of 2023 was recovered during the financial year. The fair value of the non-current loans and receivables
does not significantly differ 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
2024
2023
Receivable from non-consolidated controlled entity
-
130
Tax receivables
7,763
7,958
Trade receivables
1,995
1,914
Accrued interest not yet due
126
116
Other receivables
127
1,417
Total
10,011
11,534
As at 31 December 2024, Luxempart has withholding tax reclaims of \u20ac 5,447 thousand (2023: \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.
134
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204686": { "value": "
Note 15 - Reserves and own shares
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 2024, the legal reserve amounts to \u20ac 5,175 thousand (2023: \u20ac 5,175 thousand).
OTHER RESERVES
in thousands of \u20ac
2024
2023
Consolidated reserves
2,219,562
2,079,484
Special reserve
6,561
6,561
Stock option plan reserve*
5,565
4,231
Total
2,231,688
2,090,275
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 2024, 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.
Stock option plan reserve
As at 31 December 2024, the stock option plan reserve amounts to \u20ac 5,565 thousand (2023: \u20ac 4,231 thousand).
This reserve relates to the recognition of the stock options attributed to Management and employees. This expense
is recognised under \"Remuneration, wages and bonuses\" in the consolidated statement of profit or loss and disclosed
in note 5.
The fair value of the options is calculated according to the Black and Scholes model.
For financial year 2024, the Board of Directors granted 132.500 Luxempart options with an exercise price of \u20ac 66.60
per share.
* Some figures as of 31/12/2023 have been restated to ensure comparability with the figures as of 31/12/2024
LUXEMPART ANNUAL REPORT 2024
137
The table below provides the movements on options:
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
121,166
Options buyback in 2023 (see remuneration report)
-20.000
Number of options outstanding at 31/12/2023
531,491
Options exercised in 2024
-61,500
Options issued in 2024
132,500
Number of options outstanding at 31/12/2024
602,491
The average exercise price of options exercised in 2024 is \u20ac 59.22 (2023: \u20ac 51.22).
The table below provides the plan's characteristics:
Tranche
Year Exercise price
Exercise period
Share price when
allotted
Tranche 9
2017
52.61
August 2021 - August 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
January 2025 - January 2029
49.00
Tranche 14
2022
76.29
January 2026 - January 2032
78.00
Tranche 15
2023
75.50
March 2027 - March 2033
73.00
Tranche 16
2024
66.00
March 2028 - March 2034
66.00
Dividend growth
2.8%
Historical volatility of share price
18.5%
As at 31 December 2024, 134,325 options can be exercised (2023: 96,825 options).
OWN SHARES AND RESERVE FOR OWN SHARES
Number of
shares issued
Number of
own shares
Number of
outstanding shares
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
Acquisition and disposals
-
-11,500
11,500
As at 31/12/2024
20,700,000
559,182
20,140,818
As at 31 December 2024, Luxempart holds 559,182 own shares (2023: 570,682 own shares), with the reserve for own
shares amounting to \u20ac -23,548 thousand (2023: \u20ac -22,287 thousand).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 outstanding shares as at 31 December 2024 is 20,123,205 (2023: 20,123,803).
The diluted number of shares as at 31 December 2024 is 20.743.309 (2023: 20.660.809).
138
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204687": { "value": "
OWN SHARES AND RESERVE FOR OWN SHARES
Number of
shares issued
Number of
own shares
Number of
outstanding shares
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
Acquisition and disposals
-
-11,500
11,500
As at 31/12/2024
20,700,000
559,182
20,140,818
As at 31 December 2024, Luxempart holds 559,182 own shares (2023: 570,682 own shares), with the reserve for own
shares amounting to \u20ac -23,548 thousand (2023: \u20ac -22,287 thousand).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 outstanding shares as at 31 December 2024 is 20,123,205 (2023: 20,123,803).
The diluted number of shares as at 31 December 2024 is 20.743.309 (2023: 20.660.809).
138
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204688": { "value": "
Note 18 - Current liabilities
in thousands of \u20ac
2024
2023
Tax and social debts*
7,038
7,955
Trade liabilities*
1,899
389
Other debts
334
475
Total
9,271
8,819
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 2024 bonuses, that will be paid in 2025.
The fair value of current liabilities does not differ significantly from their carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204689": { "value": "
Note 19 - List of subsidiaries
SUBSIDIARIES PROVIDING INVESTMENT RELATED SERVICES,
FULLY CONSOLIDATED
The following table lists all subsidiaries providing fully consolidated investment related services to the Group:
Subsidiary
Place of incorporation
Percentage
held in
31/12/2024 31/12/2023
Percentage
held in
Luxempart Beratungsgesellschaft mbH
Germany
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.
* Some figures as of 31/12/2023 have been restated to ensure comparability with the figures as of 31/12/2024
140
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
NON-CONSOLIDATED ENTITIES
Subsidiary
Place of incorporation
Percentage
held in
31/12/2024 31/12/2023
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
31.9%
31.0%
E-Sicherheitsholding GmbH (ESG)
Germany
23.1%
23.1%
Assmann Holding GmbH
Germany
48.6%
48.6%
Efesto Investment S.\u00e0.r.l (MTWH)
Luxembourg
23.7%
23.7%
Evariste Holding SAS
France
44.6%
40.0%
LuxCo Invest S.\u00e0.r.l *
Luxembourg
80.5%
80.5%
Kestrel Vision SAS
France
27.7%
27.8%
RoLux SAS (Coutot-Roehrig)
France
35.3%
35.8%
XV Holding GmbH (Alphacaps)
Germany
38.1%
38.1%
Luxempart Capital Partners SICAR S.A. *
Luxembourg
100.0%
100.0%
Quip Holding GmbH
Germany
51.0%
53.7%
Bravo Capital Partners II SCA-SICAV-RAIF
Luxembourg
45.0%
45.0%
Bravo Capital Partners SCA RAIF*
Luxembourg
100.0%
100.0%
Vesta Corporation S.p.A.
Italy
70.0%
70.0%
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 (in liquidation)
Germany
44.0%
44.0%
Luxempart French Investment S.\u00e0.r.l *
Luxembourg
100.0%
100.0%
D'Alba Invest S.\u00e0.r.l *
Luxembourg
99.2%
99.2%
Indufin Capital Partners S.A. SICAR *
Belgium
-
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.
The percentage disclosed represent the rights that Luxempart holds in the entities in the table, but not necessarily
the percentatge held in the target investment.
Luxempart neither provided nor committed to provide financial or other support to any of its non-consolidated
subsidiaries, other than the one disclosed in the note 20.
* These entities are investments entities, such as defined by IFRS 10.
LUXEMPART ANNUAL REPORT 2024
141
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204691_add_hierarchy": { "value": "
Note 20 - Main off-balance sheet rights and
commitments
The main off-balance sheet commitments of the Group are related to shareholder agreements or other contracts
subject to confidentiality obligations.
As part of shareholder agreements entered into with third parties, the Group may be required, depending on the
circumstances, to maintain a certain level of shareholding in intermediate holding companies.
Furthermore, the Group benefits from pre-emption rights or preferential subscription rights on certain investments
in its portfolio. These rights are conditional upon a capital increase of the relevant portfolio company or the sale
of shares in said company by an existing shareholder. Other rights obtained primarily include the possibility for
Luxempart and its investment subsidiaries to follow a shareholder selling all or part of their stake (tag-along right).
The commitments given by Luxempart and its investment subsidiaries relate to obligations to sell (drag-along right)
should certain shareholders dispose of their shares.
The Group is also a party to call and/or put option agreements, under which it commits to repurchasing the shares
(or a fraction thereof) held by managers of its portfolio companies in the event of certain occurrences (notably
their departure). Likewise, the Group benefits from sale commitments granted by these managers under the same
circumstances.
In the context of acquiring or disposing of its assets, the Group benefits from the usual warranties granted by the
sellers and, in turn, provides such warranties to buyers, along with certain specific guarantees negotiated on a case-
by-case basis.
The Group has invested in investment funds through its subsidiary Luxempart Capital Partners SICAR S.A.. 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 2024, Luxempart has the following undrawn commitments towards investment funds:
in thousands of \u20ac
2024
2023
Undrawn commitments in EUR
112,557
137,266
Undrawn commitments in USD (converted in EUR)
148,772
106,946
Total
261,328
244,212
During the year, Luxempart negociated four confirmed credit lines totalling \u20ac 200,000 thousand. As at 31 December
2024, the credit lines have the following situation:
in thousands of \u20ac
2024
2023
Confirmed credit lines
200,000
100,000
Amount drawn
-
-
Amount undrawn
200,000
100,000
142
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204690": { "value": "
Note 20 - Main off-balance sheet rights and
commitments
The main off-balance sheet commitments of the Group are related to shareholder agreements or other contracts
subject to confidentiality obligations.
As part of shareholder agreements entered into with third parties, the Group may be required, depending on the
circumstances, to maintain a certain level of shareholding in intermediate holding companies.
Furthermore, the Group benefits from pre-emption rights or preferential subscription rights on certain investments
in its portfolio. These rights are conditional upon a capital increase of the relevant portfolio company or the sale
of shares in said company by an existing shareholder. Other rights obtained primarily include the possibility for
Luxempart and its investment subsidiaries to follow a shareholder selling all or part of their stake (tag-along right).
The commitments given by Luxempart and its investment subsidiaries relate to obligations to sell (drag-along right)
should certain shareholders dispose of their shares.
The Group is also a party to call and/or put option agreements, under which it commits to repurchasing the shares
(or a fraction thereof) held by managers of its portfolio companies in the event of certain occurrences (notably
their departure). Likewise, the Group benefits from sale commitments granted by these managers under the same
circumstances.
In the context of acquiring or disposing of its assets, the Group benefits from the usual warranties granted by the
sellers and, in turn, provides such warranties to buyers, along with certain specific guarantees negotiated on a case-
by-case basis.
The Group has invested in investment funds through its subsidiary Luxempart Capital Partners SICAR S.A.. 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 2024, Luxempart has the following undrawn commitments towards investment funds:
in thousands of \u20ac
2024
2023
Undrawn commitments in EUR
112,557
137,266
Undrawn commitments in USD (converted in EUR)
148,772
106,946
Total
261,328
244,212
During the year, Luxempart negociated four confirmed credit lines totalling \u20ac 200,000 thousand. As at 31 December
2024, the credit lines have the following situation:
in thousands of \u20ac
2024
2023
Confirmed credit lines
200,000
100,000
Amount drawn
-
-
Amount undrawn
200,000
100,000
142
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204693_add_hierarchy": { "value": "
Note 21 \u2013 Directors' allowances and executive
management remuneration
in thousands of \u20ac
2024
2023
Directors' allowances and attendance fees
1,240
1,074
Management remuneration
4,817
6,401
Total
6,057
7,476
Directors' allowances and attendance fees as well as executive management remuneration for 2024 are recognised in
\"Operating expenses\" (note 4) and in \"Staff costs\" (note 5). The remuneration of executive officers includes a provision
for bonus payable in 2025, relating to 2024.
Note 23 - Related parties
Luxempart has various related parties from relationships with entities managed by the Group:
- Subsidiaries (including unconsolidated subsidiaries held at fair value according to the investment entity exemption
of IFRS 10) and other investments
- 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 upon consolidation.
Details of related party transactions between Luxempart and its subsidiaries and investments, as defined in note 19:
Consolidated statement of profit or loss (in thousands of \u20ac)
2024
2023
Dividend income
46,212
32,667
Services / recovery of services
2,266
2,081
Pension plan
-400
-552
Operating expenses
-804
-856
Financial income
312
255
Financial expenses
-10
-23
Consolidated statement of financial position (in thousands of \u20ac)
2024
2023
Financial assets at fair value throught profit and loss as at 31/12/2023
1,925,156
1,515,370
Movements on Financial assets at fair value throught profit and loss
-47,272
409,786
Financial assets at fair value throught profit and loss as at 31/12/2024
1,877,884
1,925,156
Loans and receivables as at 31/12/2023
101
2,550
Movements on loans and receivables
1,047
-2,449
Loans and receivables as at 31/12/2024
1,148
101
Management and Directors
in thousands of \u20ac
2024
2023
Remuneration Board Members, Executive Committee Members
6,057
7,476
144
-
LUXEMPART ANNUAL REPORT 2024
CONSOLIDATED FINANCIAL STATEMENTS
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204692": { "value": "
Note 21 \u2013 Directors' allowances and executive
management remuneration
in thousands of \u20ac
2024
2023
Directors' allowances and attendance fees
1,240
1,074
Management remuneration
4,817
6,401
Total
6,057
7,476
Directors' allowances and attendance fees as well as executive management remuneration for 2024 are recognised in
\"Operating expenses\" (note 4) and in \"Staff costs\" (note 5). The remuneration of executive officers includes a provision
for bonus payable in 2025, relating to 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204694": { "value": "
Note 22 - Remuneration of the R\u00e9viseur d'entreprises
agr\u00e9\u00e9
THE FOLLOWING TABLE SHOWS FEES PAID TO THE R\u00c9VISEUR D'ENTREPRISES AGR\u00c9\u00c9:
in thousands of \u20ac
2024
2023
Audit services
113
100
Audit-related services
35
32
Tax services
-
3
Total
149
134
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 SICAR S.A., Bravo Capital Partners SCA RAIF and Luxco Invest S.\u00e0.r.l.). The remuneration of the R\u00e9viseur
d'entreprises agr\u00e9\u00e9 for these subsidiaries is \u20ac 111 thousand (2023: \u20ac 104 thousand).
LUXEMPART ANNUAL REPORT 2024
143
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204695": { "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 monitored by the Group Executive Committee, the Board of Directors, and the Audit, Compliance, and Risks
Committee.
Market risk refers to the potential loss in value of financial assets. The main risks and uncertainties to which the
Group is exposed relate 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 stock exchanges (mainly in Luxembourg, Brussels, and Frankfurt) represent
14.6 % of the Net Asset Value as of 31 December 2024 (2023: 11.9%).
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 2024, 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 includes one investment designated in foreign currency for \u20ac 22,100 thousand representing
1.0% 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.
Luxempart Capital Partners portfolio is composed of investments in USD which represent 18.0% of the value of its
total financial assets. No reasonable exchange rate fluctuation would have an impact on the accounts of Luxempart.
Therefore, these investments are not hedged against foreign exchange risk as their impact is not considered significant.
MANAGEMENT OF CREDIT RISK
Credit risk arises when counterparties fail to meet their obligations to the Group. Credit risk lies not at Luxempart
level but at the level of the investments. Each investment is responsible for managing its own credit risk based on
its circumstances.
In 2024, there was no significant change in relation to the credit risk management. Luxempart minimises its risk
exposure by entering into commitments with financial institutions noted between AA+ and A- (S&P agency). In order
to minimise any concentration risk, Luxempart diversifies its exposure by working with several banking institutions,
with a maximum of 8.0% of the net asset value.
LUXEMPART ANNUAL REPORT 2024
145
MANAGEMENT OF LIQUIDITY RISK
Luxempart has \u20ac 261,328 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 2024, Luxempart has contracted four credit lines of \u20ac 50,000 thousand each. The level
of cash at bank, bank deposits, liquid bonds portfolios and confirmed credit lines is sufficient to face its commitments.
Given its strong liquidity position, Luxempart considers its liquidity risk to be low.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204696": { "value": "
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 monitored by the Group Executive Committee, the Board of Directors, and the Audit, Compliance, and Risks
Committee.
Market risk refers to the potential loss in value of financial assets. The main risks and uncertainties to which the
Group is exposed relate 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 stock exchanges (mainly in Luxembourg, Brussels, and Frankfurt) represent
14.6 % of the Net Asset Value as of 31 December 2024 (2023: 11.9%).
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 2024, 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 includes one investment designated in foreign currency for \u20ac 22,100 thousand representing
1.0% 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.
Luxempart Capital Partners portfolio is composed of investments in USD which represent 18.0% of the value of its
total financial assets. No reasonable exchange rate fluctuation would have an impact on the accounts of Luxempart.
Therefore, these investments are not hedged against foreign exchange risk as their impact is not considered significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204697": { "value": "
MANAGEMENT OF CREDIT RISK
Credit risk arises when counterparties fail to meet their obligations to the Group. Credit risk lies not at Luxempart
level but at the level of the investments. Each investment is responsible for managing its own credit risk based on
its circumstances.
In 2024, there was no significant change in relation to the credit risk management. Luxempart minimises its risk
exposure by entering into commitments with financial institutions noted between AA+ and A- (S&P agency). In order
to minimise any concentration risk, Luxempart diversifies its exposure by working with several banking institutions,
with a maximum of 8.0% of the net asset value.
LUXEMPART ANNUAL REPORT 2024
145
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204698": { "value": "
MANAGEMENT OF LIQUIDITY RISK
Luxempart has \u20ac 261,328 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 2024, Luxempart has contracted four credit lines of \u20ac 50,000 thousand each. The level
of cash at bank, bank deposits, liquid bonds portfolios and confirmed credit lines is sufficient to face its commitments.
Given its strong liquidity position, Luxempart considers its liquidity risk to be low.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_204699": { "value": "
Note 25 - Post closing events
On 3 March 2025, Atenor announced a capital increase of \u20ac 45,000 thousand, aiming to reinforce the financial means
of the company and to pursue its deleveraging. Luxempart participated at \u20ac 7,500 thousand in this capital increase,
slightly above its pro rata share in the company. This renewed support by the main shareholders of Atenor shows
the confidence they have in the quality of the assets of Atenor and of its team to face the exceptional crisis the real
estate sector is facing since 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:222100WPYK3JKB5F4D19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }