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1. Corporate information.
The consolidated financial statements of Redcare Pharmacy N.V. (or the \u201cCompany\u201d) and
its subsidiaries (collectively, the Group) for the year ended 31 December 2024 were
authorised for issue in accordance with a resolution of the Managing Board on 10 March
2025. Redcare Pharmacy N.V. is a limited liability compan y incorporated in t he
Netherlands on 30 September 2015 and is legally domiciled in Sevenum, the Netherlands,
with its registered address at Erik de Rodeweg 11/13, 5975 WD Sevenum. Redcare
Pharmacy N.V. is listed on the regulated market of the Frankfurt Stock Exchange.
Redcare Pharmacy N.V. is an online pharmacy business primarily for prescription and non-
prescription (\u201cover-the-counter\u201d or \u201cOTC\u201d) pharmaceuticals, beauty and personal care
products (BPC) and food supplements.
3. Material accounting policy information.
3.1. Basis of preparation.
The consolidated financial statements of the Group have been prepared in accordance
with the IFRS Accounting Standards issued by the International Accounting Standards
Board (IASB), as endorsed by the EU and in accordance with the Dutch Civil Code, Book 2,
Title 9.
The consolidated financial statements have been prepared on a historical cost basis,
except when otherwise indicated. The consolidated financial statements are presented in
euro and all values are rounded to the nearest thousand (EUR 000), except when
otherwise indicated.
The consolidated financial statements provide comparative information in respect of the
previous period. In addition, the Group presents a statement of the financial position at
the beginning of the preceding period when there is a retrospective application of an
accounting policy, a retrospective restatement, or a reclassification of items in the
financial statements.
Going concern.
In 2024, the Group incurred losses after tax of EUR 46.4 million (2023: EUR 11.6 million).
The working capital at the end of 2024 was positive at EUR 72.7 million (2023: EUR 64.6
million). Development of the working capital was in line with expectations.
in EUR 1,000
31.12.2024
31.12.2023
Trade and other receivables, prepayments and other current
assets
168,640
152,514
Inventory
153,824
135,786
Trade and other payables
-183,986
-157,591
Loans and borrowings (short-term)
-9,729
-8,770
Other liabilities (short-term)
-56,017
-57,363
Working capital
72,732
64,576
% Revenue
3.07%
3.59%
Working capital incl. cash and short-term securities
250,288
275,794
The current liquidity of the Company has largely resulted from the successful placement
on 14 January 2021 of the senior unsecured convertible bonds with a zero (0.0%) coupon,
in an aggregate principal amount of EUR 225 million and a maturity of seven years as well
as a put option for the investors to redeem at par after five years on 21 January 2026.
Depending on the future share price trajectory, there could be a refinancing risk in the
event that bond holders exercise the put option on 21 January 2026.
The Company is closely monitoring its cash position and performs short-term, mid- and
long-term planning to track and model future liquidity levels and requirements to ensure
future growth financing and financial robustness. The underlying unit economics and the
overall financial performance in its larger markets are cash flow positive, but the
Company is executing a fast growth strategy to build market share and increase its base
of active customers. Parallel to the focus on growth, the Company is driving gross profit
margin improvements, other income improvements, efficiencies and scale. We also
actively safeguard flexibility in our operations to adjust the balance of growth and cash
generation or requirements. We diversify funding and manage options to do so. We
closely monitor and steer cash flow, margins, working capital and capital allocation to
ensure a sustainable business model, as well as continuously monitor external capital
and debt market developments. Liquidity is secured for at least the next twelve months.
On the basis of the above, the consolidated financial statements have been prepared on
a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-353": { "value": "Redcare Pharmacy N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-354": { "value": "
authorised for issue in accordance with a resolution of the Managing Board on 10 March
2025
Approval and signing of the consolidated financial statements.
Sevenum, 10 March 2025
Managing Board members:
Olaf Heinrich, Jasper Eenhorst, Dirk Br\u00fcse, Theresa Holler, Lode Fastr\u00e9.
Supervisory Board members:
Bj\u00f6rn S\u00f6der (Chairman), Frank K\u00f6hler, J\u00e9r\u00f4me Cochet, Henriette Peucker and Jaska de
Bakker.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-355": { "value": "limited liability compan y", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-356": { "value": "he Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-357": { "value": "Sevenum, the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-358": { "value": "Erik de Rodeweg 11/13, 5975 WD Sevenum", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-359": { "value": "Redcare Pharmacy N.V. is an online pharmacy business primarily for prescription and non-prescription (\u201cover-the-counter\u201d or \u201cOTC\u201d) pharmaceuticals, beauty and personal care products (BPC) and food supplements", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-361": { "value": "
2. Group information.
Besides the financial information of Redcare Pharmacy N.V., the financial information of
the following wholly owned subsidiaries is also included in these consolidated financial
statements.
SA Europe B.V., Sevenum, the Netherlands, with its 100% subsidiaries unless otherwise
indicated:
\u2022 Shop-Apotheke B.V., Sevenum, the Netherlands
\u2022 Shop-Apotheke Service B.V., Sevenum, the Netherlands
\u2022 EuroService Venlo B.V., Sevenum, the Netherlands
\u2022 EuroService Pilsen S.r.o., Prague, Czech Republic
\u2022 RC Staff B.V., Sevenum, the Netherlands
\u2022 RC Pharma B.V., Sevenum, the Netherlands
\u2022 Fastnet BVBA, Tongeren, Belgium
\u2022 nu3 GmbH, Berlin, Germany
\u2022 Shop Apotheke Service GmbH, Cologne, Germany
\u2022 Hyg\u00e9e Sant\u00e9 SAS, Ennevelin, France
\u2022 Redcare srl., Milan, Italy
\u2022 nu3 Schweiz GmbH, Lachen, Switzerland
\u2022 nu3 France S.A.R.L., Entzheim, France
\u2022 smartpatient GmbH, Munich, Germany
\u2022 smartpatient Business Services Sp. z.o.o., Warsaw, Poland
\u2022 MedApp Holding B.V., Eindhoven, the Netherlands
\u2022 MedApp Nederland B.V., Eindhoven, the Netherlands
\u2022 MedApp Apotheek B.V., Eindhoven, the Netherlands
\u2022 APS All Pharma Service Nettetal GmbH, Viersen, Germany
\u2022 Aust Pharma GmbH, Vienna, Austria
\u2022 Aurora Gesundheit GmbH, Berlin, Germany
\u2022 Aurora Gesundheit Services 1 UG, Berlin, Germany
\u2022 MediService AG (51% subsidiary), Zuchwill Switzerland
\u2022 Curarex Swiss AG (51% subsidiary via parent MediService AG), Zuchwill Switzerland
EHS Europe Health Services B.V., Sevenum, the Netherlands, with its 100% subsidiary:
EHSC B.V., Sevenum, the Netherlands, with its 100% subsidiaries:
\u2022 Europa Apotheek Venlo B.V., Sevenum, the Netherlands
\u2022 Europa Apotheek Service Venlo B.V., Sevenum, the Netherlands
The following associates and joint ventures are accounted for using the equity method in
these consolidated financial statements:
Associates
The Group has a 37.5% interest in DatamedIQ GmbH (2023: 37.5%), incorporated and
located in Germany.
Joint arrangements in which the Group is a joint venturer
The Group has a 50% interest in K\u00f6nig IDV GmbH (2023: 50%) and K\u00f6nig IT Systeme
GmbH (2023: 50%), both incorporated and located in Germany.
The Group has the following interest classified as equity instruments:
The Group has a 5% interest in Verkstedt GmbH (2023: 5%), incorporated and located in
Germany.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-360": { "value": "
2. Group information.
Besides the financial information of Redcare Pharmacy N.V., the financial information of
the following wholly owned subsidiaries is also included in these consolidated financial
statements.
SA Europe B.V., Sevenum, the Netherlands, with its 100% subsidiaries unless otherwise
indicated:
\u2022 Shop-Apotheke B.V., Sevenum, the Netherlands
\u2022 Shop-Apotheke Service B.V., Sevenum, the Netherlands
\u2022 EuroService Venlo B.V., Sevenum, the Netherlands
\u2022 EuroService Pilsen S.r.o., Prague, Czech Republic
\u2022 RC Staff B.V., Sevenum, the Netherlands
\u2022 RC Pharma B.V., Sevenum, the Netherlands
\u2022 Fastnet BVBA, Tongeren, Belgium
\u2022 nu3 GmbH, Berlin, Germany
\u2022 Shop Apotheke Service GmbH, Cologne, Germany
\u2022 Hyg\u00e9e Sant\u00e9 SAS, Ennevelin, France
\u2022 Redcare srl., Milan, Italy
\u2022 nu3 Schweiz GmbH, Lachen, Switzerland
\u2022 nu3 France S.A.R.L., Entzheim, France
\u2022 smartpatient GmbH, Munich, Germany
\u2022 smartpatient Business Services Sp. z.o.o., Warsaw, Poland
\u2022 MedApp Holding B.V., Eindhoven, the Netherlands
\u2022 MedApp Nederland B.V., Eindhoven, the Netherlands
\u2022 MedApp Apotheek B.V., Eindhoven, the Netherlands
\u2022 APS All Pharma Service Nettetal GmbH, Viersen, Germany
\u2022 Aust Pharma GmbH, Vienna, Austria
\u2022 Aurora Gesundheit GmbH, Berlin, Germany
\u2022 Aurora Gesundheit Services 1 UG, Berlin, Germany
\u2022 MediService AG (51% subsidiary), Zuchwill Switzerland
\u2022 Curarex Swiss AG (51% subsidiary via parent MediService AG), Zuchwill Switzerland
EHS Europe Health Services B.V., Sevenum, the Netherlands, with its 100% subsidiary:
EHSC B.V., Sevenum, the Netherlands, with its 100% subsidiaries:
\u2022 Europa Apotheek Venlo B.V., Sevenum, the Netherlands
\u2022 Europa Apotheek Service Venlo B.V., Sevenum, the Netherlands
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-362": { "value": "
Associates
The Group has a 37.5% interest in DatamedIQ GmbH (2023: 37.5%), incorporated and
located in Germany.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-363": { "value": "
Joint arrangements in which the Group is a joint venturer
The Group has a 50% interest in K\u00f6nig IDV GmbH (2023: 50%) and K\u00f6nig IT Systeme
GmbH (2023: 50%), both incorporated and located in Germany.
16. Accounting for joint ventures.
The Company has a 50% (2023: 50%) interest in two joint ventures, K\u00f6nig IDV GmbH and
K\u00f6nig IT Systeme GmbH, both incorporated and located in Germany. The primary
business of K\u00f6nig IDV GmbH is data processing. The primary business of K\u00f6nig IT
Systeme GmbH is IT services.
The contractual arrangement provides the Group with the rights to the net assets and
liabilities of the joint ventures. Under IFRS 11 these joint ventures have been included in
the consolidated financial statements using the equity method.
Country of incorporation
principal place of business
Proportion of ownership interest held as
at 31 December
2024
2023
K\u00f6nig IDV GmbH 1
Germany
50%
50%
K\u00f6nig IT-Systeme GmbH 2
Germany
50%
50%
K\u00f6nig IDV GmbH had a result after taxes of EUR 222 thousand in financial year 2024
(2023: EUR 74 thousand).
K\u00f6nig IT Systeme GmbH had a result after taxes of EUR nil (2023: EUR 10 thousand).
The joint ventures are not individually material. Therefore, the aggregated financial
information in relation to the joint ventures is presented below.
Summarised statement of financial position - joint ventures.
in EUR 1,000
As at
31 December
2024
As at
31 December
2023
Non-current assets
20
38
Current assets
1,666
1,423
Total assets
1,686
1,461
Equity
1,547
1,325
Current liabilities
139
136
Total equity and liabilitites
1,686
1,461
Summarised statement of profit or loss - joint ventures.
in EUR 1,000
2024
2023
Revenue from contracts with customers
1,237
1,094
Other operating income
9
8
Cost of sales
-43
-93
Operating expenses
-945
-882
Result before tax
258
128
Income tax expense
-36
-43
Result for the year
(continuing operations)
222
84
Total comprehensive income for the year (continuing
operations)
222
84
Group\u2019s share of result for the year
111
42
The operating expenses include depreciation expenses of EUR 28 thousand (2023: EUR
28 thousand).
The consolidated statement of profit and loss shows a share of profit of associates and
joint venture of EUR 415 thousand. This mainly concerns EUR 111 thousand share in a joint
venture, EUR 122 thousand result from associates and EUR 182 thousand badwill on the
acquisition of Aust Pharma (refer to note 29).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-364": { "value": "
3.1. Basis of preparation.
The consolidated financial statements of the Group have been prepared in accordance
with the IFRS Accounting Standards issued by the International Accounting Standards
Board (IASB), as endorsed by the EU and in accordance with the Dutch Civil Code, Book 2,
Title 9.
The consolidated financial statements have been prepared on a historical cost basis,
except when otherwise indicated. The consolidated financial statements are presented in
euro and all values are rounded to the nearest thousand (EUR 000), except when
otherwise indicated.
The consolidated financial statements provide comparative information in respect of the
previous period. In addition, the Group presents a statement of the financial position at
the beginning of the preceding period when there is a retrospective application of an
accounting policy, a retrospective restatement, or a reclassification of items in the
financial statements.
Going concern.
In 2024, the Group incurred losses after tax of EUR 46.4 million (2023: EUR 11.6 million).
The working capital at the end of 2024 was positive at EUR 72.7 million (2023: EUR 64.6
million). Development of the working capital was in line with expectations.
in EUR 1,000
31.12.2024
31.12.2023
Trade and other receivables, prepayments and other current
assets
168,640
152,514
Inventory
153,824
135,786
Trade and other payables
-183,986
-157,591
Loans and borrowings (short-term)
-9,729
-8,770
Other liabilities (short-term)
-56,017
-57,363
Working capital
72,732
64,576
% Revenue
3.07%
3.59%
Working capital incl. cash and short-term securities
250,288
275,794
The current liquidity of the Company has largely resulted from the successful placement
on 14 January 2021 of the senior unsecured convertible bonds with a zero (0.0%) coupon,
in an aggregate principal amount of EUR 225 million and a maturity of seven years as well
as a put option for the investors to redeem at par after five years on 21 January 2026.
Depending on the future share price trajectory, there could be a refinancing risk in the
event that bond holders exercise the put option on 21 January 2026.
The Company is closely monitoring its cash position and performs short-term, mid- and
long-term planning to track and model future liquidity levels and requirements to ensure
future growth financing and financial robustness. The underlying unit economics and the
overall financial performance in its larger markets are cash flow positive, but the
Company is executing a fast growth strategy to build market share and increase its base
of active customers. Parallel to the focus on growth, the Company is driving gross profit
margin improvements, other income improvements, efficiencies and scale. We also
actively safeguard flexibility in our operations to adjust the balance of growth and cash
generation or requirements. We diversify funding and manage options to do so. We
closely monitor and steer cash flow, margins, working capital and capital allocation to
ensure a sustainable business model, as well as continuously monitor external capital
and debt market developments. Liquidity is secured for at least the next twelve months.
On the basis of the above, the consolidated financial statements have been prepared on
a going concern basis.
3.2. Basis of consolidation.
The consolidated financial statements comprise the financial statements of the Company
and its subsidiaries as of 31 December 2024. Control is achieved when the Group is
exposed, or has rights, to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee. Specifically, the
Group controls an investee if, and only if, the Group has:
\u2022 Power over the investee (i.e. existing rights that give it the current ability to direct the
relevant activities of the investee);
\u2022 Exposure, or rights, to variable returns from its involvement with the investee;
\u2022 The ability to use its power over the investee to affect its returns.
The Group reassesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary
and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and
expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated financial statements from the date the Group gains control until the date
the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the
equity holders of the parent of the Group and to the non-controlling interests, even if this
results in the non-controlling interests having a deficit balance. When necessary,
adjustments are made to the financial statements of subsidiaries to bring their accounting
policies in line with the Group\u2019s accounting policies. All intra-Group assets and liabilities,
equity, income, expenses and cash flows relating to transactions between members of
the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted
for as an equity transaction. If the Group loses control over a subsidiary, it derecognises
the related assets (including goodwill), liabilities, non-controlling interest and other
components of equity, while any resultant gain or loss is recognised in profit or loss. Any
investment retained is recognised at fair value.
On 16 May 2023, SA Europe B.V. acquired a majority stake of 51% in the share capital of
MediService AG (including its 100% subsidiary Curarex Swiss AG), a leading speciality
pharmacy in Switzerland with a focus on mail order prescription medicines (Rx) and the
care of chronically ill patients. The transaction was executed after approval of the
competition authorities. The closing date of the transaction was determined to be 16 May
2023. In accordance with the control assessment outlined in IFRS 10, the MediService AG
figures were consolidated from the closing date, 16 May 2023, directly contributing to the
earnings per share.
On 31 October 2024, SA Europe B.V. acquired 100% of the shares of Aust Pharma GmbH,\u00a0
a pharmaceutical wholesaler holding an EU wholesale distribution authorisation
dedicated to the supply of pharmaceutical products for the Austrian market. The results
of Aust Pharma have been consolidated effective from 1 November 2024.
Non-controlling interests (NCI) are initially measured at their proportionate share of the
acquiree\u2019s identifiable net assets at the date of acquisition.
3.3. Summary of material accounting policies.
3.3.1. Current versus non-current classification.
The Group presents assets and liabilities in the statement of financial position based on
current / non-current classification. An asset is current when it is:
\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle;
\u2022 Held primarily for the purpose of trading;
\u2022 Expected to be realised within twelve months after the reporting period;
or
\u2022 Cash or cash equivalent, unless restricted from being exchanged or used to settle a
liability for at least twelve months after the reporting period.
All other assets are classified as non-current. A liability is current when:
\u2022 It is expected to be settled in the normal operating cycle;
\u2022 It is held primarily for the purpose of trading;
\u2022 It is due to be settled within twelve months after the reporting period;
or
\u2022 There is no unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period.
The terms of the liability that could, at the option of the counterparty, result in its
settlement by the issue of equity instruments do not affect its classification.
The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities
are classified as non-current assets and liabilities.
3.3.2. Fair value measurement.
Fair value is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date,
regardless of whether that price is directly observable or estimated using another
valuation technique. In estimating the fair value of an asset or a liability, the Group takes
into account the characteristics of the asset or liability if market participants would take
those characteristics into account when pricing the asset or liability at the measurement
date. Fair value for measurement and / or disclosure purposes in these consolidated
financial statements is determined on such a basis, except for share-based payment
transactions that are within the scope of IFRS 2, leasing transactions that are within the
scope of IFRS 16, and measurements that have some similarities to fair value but are not
fair value, such as net realisable value in IAS 2 or value in use in IAS 36.
In addition, for financial reporting purposes, fair value measurements are categorised into
Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements
are observable and the significance of the inputs to the fair value measurement in its
entirety, which are described as follows:
\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities that the entity can access at the measurement date;
\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are
observable for the asset or liability, either directly or indirectly; and
\u2022 Level 3 inputs are unobservable inputs for the asset or liability.
3.3.3. Revenue from contracts with customers.
The Group is in the business of providing pharmaceuticals, food supplements and beauty
and personal care products. Revenue from contracts with customers is recognised when
control of the goods or services is transferred to the customer at an amount that reflects
the consideration to which the Group expects to be entitled in exchange for those goods
or services. For direct product sales the Group has concluded that it is the principal in its
revenue arrangements, because it controls the goods or services before transferring
them to the customer. Therefore, this revenue is recognised in full, whereas in the
platform business the revenue is recognised in the amount of the commission and other
fees expected to be received from the partners. Sales are reduced by sales deductions,
taxes and fees.
Revenue is measured as the amount of the transaction price that is allocated to the
performance obligation. The transaction price is the amount of the consideration received
or receivable, taking into account contractually defined terms of payment and excluding
taxes or duty. Upon the sale of products to customers, the date on which the goods are
delivered at the indicated place of destination is the date on which economic title to the
products passes to the customer. In this case, the transfer of economic title is attached
to the transfer of legal title. Revenue is recorded net of sales deductions.
Loyalty points programme.
The Group has a loyalty points programme, \u201cRedPoints\u201d, which allows customers to
accumulate points that can be redeemed for free products. The loyalty points give rise to
a separate performance obligation as they provide a material right to the customer.
A portion of the transaction price is allocated to the loyalty points awarded to customers
based on the relative stand-alone selling price and recognised as a contract liability,
under current liabilities, until the points are redeemed. Revenue is recognised upon
redemption of products by the customer.
When estimating the stand-alone selling price of the loyalty points, the Group considers
the likelihood that the customer will redeem the points. The Group updates its estimates
of the points that will be redeemed on a yearly basis and any adjustments to the contract
liability balance are charged against revenue.
3.3.4. Cost of sales.
Cost of sales mainly consists of cost of goods sold, inventory obsolescence provisions
and contributions by our suppliers for product promotion and discounts. Allowances on
inventories reflect write-downs of inventories to their net realisable value to allow for
risks from slow-moving goods, items past their use-by date or reduced extent to which
goods can still be sold.
Vendor allowances.
The Group receives various types of vendor allowances. The most common allowances
vendors offer are (i) volume\u00a0 allowances, which are off-invoice or amounts billed back to
vendors based on the quantity of products purchased from the vendor and (ii)
promotional allowances, which relate to (online) advertising and market development
efforts. Volume allowances are recognised as a reduction of the cost of the related
products as they are sold.
Promotional allowances are recognised as a reduction of the cost of the related products
when the Company has performed the activities specified in the contract with the vendor.
If the contract does not specify any performance criteria, the allowance is recognised
over the term of the contract. Vendor allowances are generally deducted from cost of
sales, unless there is clear evidence that they should be classified as revenue resulting
from the Company providing a distinct good or service to the vendor.
3.3.5. Marketing expenses.
Marketing expenses, which include the development and production of advertising
materials and the communication of these materials through various forms of media, are
expensed over the period that these expenses relate to. Marketing expense is recognised
in selling and distribution in the consolidated statement of profit and loss.
3.3.6. Employee benefit obligations.
Defined contribution plans.
The Group maintains three pension plans covering pharmacy personnel:
\u2022 Pharmacists of the Group participate in the occupational pension plan \u2018SPOA\u2019. This
pension plan is a collective defined contribution plan with direct conversion into pension
entitlements. The pension plan is based on a predetermined premium that the
participants transfer to the fund. Although this pension plan is based on the \u2018average
pay system\u2019, the pension scheme is based on a predetermined premium. Therefore, the
participants are entitled to a pension to the extent that the previously determined
premium is sufficient. During 2024 the employer contribution amounted to 20.5% (2023:
20.5%) of the pensionable base.
\u2022 Eligible employees of the Group participate in the multi-employer pension plan (PMA)
determined in accordance with the collective bargaining agreements effective for the
industry in which the Group operates. The employees in service before 2013 participate
voluntarily in the PMA pension plan. This multi-employer pension plan covers
approximately 2,000 companies and approximately 25,000 contributing members. The
PMA pension plan is a collective defined contribution plan based on the average pay
system. During 2024, the employer contribution amounted to 19.0% (2023: 19.0%) of the
pensionable base.
\u2022 Eligible employees of the Group participate in the pension scheme of ASR (previously
named BrandNewDay). The ASR pension plan is a defined contribution plan. During 2024
the employer contribution amounted to 12.0% (2023: 12.0%) of the pensionable base.
The SPOA and PMA pension plans monitor risks on a global basis, not by company or
employee and are subject to regulation by Dutch governmental authorities. By law (the
Dutch Pension Act), a pension fund must be monitored against specific criteria, including
the coverage ratio of the plan\u2019s assets to its obligations. On 1 January 2015, new pension
legislation was enacted. One of the results of this legislation was an increase of legally
required coverage levels. The coverage percentage is calculated by dividing the fund\u2019s
capital by the total sum of pension liabilities and is based on actual market interest rates.
The coverage ratio of the SPOA pension fund as per 31 December 2024 amounts to
121.3% (31 December 2023: 120.0%).
The coverage ratio of the PMA pension fund as per 31 December 2024 amounts to\u00a0 \u00a0
106.6% (31 December 2023: 104.3%).
In line with the definitions in IAS 19.29, the Group has no obligation whatsoever to pay off
any deficits the pension funds may incur and has no claim to any potential surpluses.
The Group has no further payment obligations once the predetermined contributions
have been paid. The contributions are recognised as employee benefit expense when
they are due. Prepaid contributions are recognised as an asset to the extent that a cash
refund or a reduction in the future payments is available.
Defined benefit plans.
The subsidiary MediService AG has a defined benefit obligation. This defined benefit
obligation (DBO) is assessed annually by independent pension actuaries using the
projected unit credit method. This method considers employees\u2019 service in the periods
prior to the reporting date and their future expected salary development. In addition,
actuaries make use of statistical data such as employee turnover and mortality to
calculate the defined benefit obligation.
Any deficit or surplus in funded defined benefit plans (when the fair value of plan assets
falls short of or exceeds the present value of the defined benefit obligation) is recorded
as a net defined benefit liability or asset. The Group only recognises a net defined benefit
asset if it has the ability to use the surplus to generate future economic benefits that will
be available to the Group in the form of a reduction in future contributions. If the Group
does not have the ability to use the surplus or it will not generate any future economic
benefit, the Group does not recognise an asset, but instead discloses the effect of this
asset ceiling in the notes.
The components of defined benefit cost are service cost, net interest on the net defined
benefit asset or liability and remeasurements of the net defined benefit asset or liability.
Service cost is a component of personnel costs and comprises current service cost, past
service cost (including gains and losses from plan amendments) and gains and losses
from plan settlements.
Net interest is determined by multiplying the net defined benefit liability or asset by a
discount rate at the beginning of the reporting period. Net interest is included in the
financial result.
Actuarial gains and losses result from changes in actuarial assumptions and differences
between actuarial assumptions and actual outcomes. Actuarial gains and losses resulting
from remeasuring the defined benefit plans are recognised immediately in
comprehensive income as remeasurements of the net defined benefit liability or asset.
This includes any differences in the return on plan assets (excluding interest, based on
the discount rate). Remeasurements of the net defined benefit liability or asset are not
reclassified through profit or loss at any point in time.
Other employee benefit obligations.
MediService AG rewards employees for long service with jubilee benefits. These long-
term benefits to employees are also measured using the projected unit credit method
and included in employee benefit liabilities. These obligations are unfunded. Changes in
obligations are recognised in profit or loss in personnel costs and interest expense as
part of the financial expense, in line with the defined benefit plans.
3.3.7. Share-based payments.
Selected employees, including senior executives of the Group, have received
remuneration in the form of share-based payments.
Where equity-settled stock options are awarded to employees, the fair value of the
options at the date of grant is charged to the consolidated statement of comprehensive
income over the vesting period. Non-market vesting conditions are taken into account by
adjusting the number of equity instruments expected to vest at each reporting date so
that, ultimately, the cumulative amount recognised over the vesting period is based on
the number of options that eventually vest. Non-vesting conditions and market vesting
conditions are factored into the fair value of the options granted. As long as all other
vesting conditions are satisfied, a charge is made irrespective of whether the market
vesting conditions are satisfied.
3.3.8. Taxes.
The tax expense for the financial year is comprised of current and deferred income tax.
Tax expense is recognised in the consolidated statement of profit and loss.
Current income tax.
The current income tax expense is calculated on the basis of the tax laws enacted or
substantively enacted at the balance sheet date in the countries where the Group
operates and generates taxable income.
The Group recognises liabilities for uncertain tax positions when it is more likely than not
that an outflow will occur to settle the position. The liabilities are measured based on
management\u2019s estimation of the expected settlement of the matter. These liabilities are
presented within income taxes payable on the consolidated statement of financial
position. These amounts, along with estimates of interest and penalties on tax liabilities
are also recorded in income taxes payable and are included in current tax expense.
Deferred tax.
Deferred tax is recognised on temporary differences between the carrying amounts of
assets and liabilities in the consolidated financial statements and the corresponding tax
bases used in the computation of taxable profit.
Deferred tax assets are recognised for all deductible temporary differences, the
carryforward of unused tax credits and any unused tax losses. Deferred tax assets are
recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carryforward of unused tax credits
and unused tax losses, can be utilised, except:
\u2022 When the deferred tax asset relating to the deductible temporary difference arises from
the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss.
\u2022 In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint arrangements, deferred tax assets and
liabilities are recognised only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable profit will be available
against which the temporary differences can be utilised.
The carrying amount of deferred tax assets and deferred tax liabilities is reviewed at the
end of each reporting period and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply
in the period in which the liability is settled or the asset realised, based on tax rates (and tax
laws) that have been enacted or substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that
would follow from the manner in which the Group expects, at the end of the reporting
period, to recover or settle the carrying amount of its assets and liabilities.
Deferred income tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities and when the deferred
income tax assets and liabilities relate to income taxes levied by the same taxation
authority, on either the same taxable entity or different taxable entities, where there is an
intention to settle the balances on a net basis. Deferred taxes are recognised separately
for individual corporate income tax entities.
Value added taxes.
Expenses and assets are recognised net of the amount of sales tax, except:
\u2022 When the sales tax incurred on a purchase of assets or services is not recoverable from
the taxation authority, in which case, the sales tax is recognised as part of the cost of
acquisition of the asset or as part of the expense item.
\u2022 The net amount of sales tax recoverable from, or payable to, the taxation authority is
included as part of receivables or payables in the statement of financial position.
3.3.9. Foreign currencies.
The Group\u2019s consolidated financial statements are presented in euro, which is also the
parent Company\u2019s functional currency. In preparing the consolidated financial statements
of the Group, transactions in currencies other than the euro, being the functional currency
of each entity in the Group, are recognised at the rates of exchange prevailing at the
dates the transactions first qualify for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the
functional currency spot rates of exchange at the reporting date.
3.3.10. Non-current assets held for sale and discontinued operations.
The Group classifies non-current assets and disposal groups as held for sale if their
carrying amounts will be recovered principally through a sale transaction rather than
through continuing use. Non-current assets and disposal groups classified as held for
sale are measured at the lower of their carrying amount and fair value less costs to sell.
Costs to sell are the incremental costs directly attributable to the disposal of an asset
(disposal group), excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly
probable and the asset or disposal group is available for immediate sale in its present
condition. Actions required to complete the sale should indicate that it is unlikely that
significant changes to the sale will be made or that the decision to sell will be withdrawn.
Management must be committed to the plan to sell the asset and the sale expected to
be completed within one year from the date of the classification.
Property, plant and equipment and intangible assets are not depreciated or amortised
once classified as held for sale. Assets and liabilities classified as held for sale are
presented separately as current items in the statement of financial position.
A disposal group qualifies as a discontinued operation if it is a component of an entity
that either has been disposed of, or is classified as held for sale and:
\u2022 Represents a separate major line of business or geographical area of operations;
\u2022 Is part of a single coordinated plan to dispose of a separate major line of business or
geographical area of operations; or
\u2022 Is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are
presented as a single amount as profit or loss after tax from discontinued operations in
the statement of profit or loss.
3.3.11. Property, plant and equipment.
Property, plant and equipment are stated at cost less accumulated depreciation and
accumulated impairment losses. Depreciation is recognised so as to write off the cost or
valuation of assets (other than freehold land and properties under construction), less their
residual values over their useful lives, using the straight-line method. The estimated
useful lives, residual values and depreciation method are reviewed at the end of each
reporting period.
An item of property, plant and equipment is derecognised upon disposal or when no
future economic benefits are expected to arise from the continued use of the asset. Any
gain or loss arising on the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales proceeds and the carrying
amount of the asset and is recognised in profit or loss.
3.3.12. Leases.
The Group assesses at contract inception whether a contract is or contains a lease, that
is, if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration.
Group as a lessee.
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognises lease
liabilities to make lease payments and right-of-use assets representing the right to use
the underlying assets.
Right-of-use assets.
The Group recognises right-of-use assets at the commencement date of the lease (i.e.
the date the underlying asset is available for use). Right-of-use assets are measured at
cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of
lease liabilities recognised, initial direct costs incurred and lease payments made at or
before the commencement date, less any lease incentives received. Right-of-use assets
are depreciated on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or the
cost reflects the exercise of a purchase option, depreciation is calculated using the
estimated useful life of the asset.
The right-of-use assets are also subject to impairment. Refer to the accounting policy in\u00a0
3.3.15 Impairment of tangible and intangible assets.
Lease liabilities.
At the commencement date of the lease, the Group recognises lease liabilities measured
at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate and
amounts expected to be paid under residual value guarantees. The lease payments also
include the exercise price of a purchase option reasonably certain to be exercised by the
Group and payments of penalties for terminating the lease, if the lease term reflects the
Group exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognised as
expenses (unless they are incurred to produce inventories) in the period in which the
event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate at the lease commencement date because the interest rate implicit in the
lease is not readily determinable. After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there
is a modification, a change in the lease term, a change in the lease payments (e.g.
changes to future payments resulting from a change in an index or rate used to
determine such lease payments) or a change in the assessment of an option to purchase
the underlying asset. This change is also recorded in the right-of-use asset. The Group\u2019s
lease liabilities are included in loans and borrowings.
Short-term leases and leases of low-value assets.
The Group applies the short-term lease recognition exemption to its short-term leases of
machinery and equipment (i.e. those leases that have a lease term of twelve months or
less from the commencement date and do not contain a purchase option). It also applies
the lease of low-value assets recognition exemption to leases of office equipment that
are considered to be low value. Lease payments on short-term leases and leases of low-
value assets are recognised as expense on a straight-line basis over the lease term.
3.3.13. Business combinations and goodwill.
Acquisitions of businesses are accounted for using the acquisition method. The
consideration transferred in a business combination is measured at fair value, which is
calculated as the sum of the acquisition-date fair values of the assets transferred by the
Group, liabilities incurred by the Group to the former owners of the acquiree and the
equity interests issued by the Group in exchange for control of the acquiree. Acquisition-
related costs are generally recognised in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are
recognised at their fair value, except that:
\u2022 Deferred tax assets or liabilities, and assets or liabilities related to employee benefit
arrangements, are recognised and measured in accordance with IAS 12 Income Taxes
and IAS 19 respectively;
\u2022 Liabilities or equity instruments related to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to replace
share-based payment arrangements of the acquiree, are measured in accordance with
IFRS 2 at the acquisition date; and
\u2022 Assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5
Non-current Assets Held for Sale and Discontinued Operations are measured in
accordance with that standard.
Goodwill is measured as the excess of the sum of the consideration transferred, the
amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s
previously held equity interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed. If, after
reassessment, the net of the acquisition-date amounts of the identifiable assets acquired
and liabilities assumed exceeds the sum of the consideration transferred, the amount of
any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously
held interest in the acquiree (if any), the excess is recognised immediately in profit or loss
as a bargain purchase gain.
When the consideration transferred by the Group in a business combination includes
assets or liabilities resulting from a contingent consideration arrangement, the contingent
consideration is measured at its acquisition-date fair value and included as part of the
consideration transferred in a business combination. Changes in the fair value of the
contingent consideration that qualify as measurement period adjustments are adjusted
retrospectively, with corresponding adjustments against goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the
measurement period (which cannot exceed one year from the acquisition date) about
facts and circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration
that do not qualify as measurement period adjustments depends on how the contingent
consideration is classified. Contingent consideration that is classified as equity is not
remeasured at subsequent reporting dates and its subsequent settlement is accounted
for within equity. Contingent consideration that is classified as an asset or a liability is
remeasured at subsequent reporting dates in accordance with IFRS 9 or IAS 37
Provisions, Contingent Liabilities and Contingent Assets, as appropriate, with the
corresponding gain or loss being recognised in profit or loss.
If the initial accounting for a business combination is incomplete by the end of the
reporting period in which the combination occurs, the Group reports provisional amounts
for the items for which the accounting is incomplete. Those provisional amounts are
adjusted during the measurement period (see above), or additional assets or liabilities are
recognised, to reflect new information obtained about facts and circumstances that
existed at the acquisition date that, if known, would have affected the amounts
recognised at that date.
3.3.14. Intangible assets.
Internally generated intangible assets.
An internally generated intangible asset arising from development (or from the
development phase of an internal project) is recognised if, and only if, all of the following
have been demonstrated:
\u2022 The technical feasibility of completing the intangible asset so that it will be available for
use or sale.
\u2022 The intention to complete the intangible asset and use or sell it.
\u2022 The ability to use or sell the intangible asset.
\u2022 How the intangible asset will generate probable future economic benefits.
\u2022 The availability of adequate technical, financial and other resources to complete the
development and to use or sell the intangible asset.
\u2022 The ability to measure reliably the expenditure attributable to the intangible asset during
its development.
The amount initially recognised for internally generated intangible assets is the sum of
the expenditure incurred from the date when the intangible asset first meets the
recognition criteria listed above. Where no internally generated intangible asset can be
recognised, development expenditure is recognised in profit or loss in the period in which
it is incurred. Subsequent to initial recognition, internally generated intangible assets are
reported at cost less accumulated amortisation and accumulated impairment losses, on
the same basis as intangible assets that are acquired separately.
Intangible assets: software, technology and contracts.
Software, technology and contracts are carried at cost less accumulated amortisation
and accumulated impairment losses. Amortisation is recognised on a straight-line basis
over the estimated useful lives. The estimated useful life and amortisation method are
reviewed at the end of each reporting period.
Intangible assets: brands.
Brands are carried at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is recognised on a straight-line basis over the estimated useful lives.
The estimated useful life and amortisation method are reviewed at the end of each
reporting period, with the effect of any changes in estimate being accounted for on a
prospective basis.
Intangible assets: customer base.
Customer base is carried at cost less accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a straight-line basis over the estimated
useful lives. The estimated useful life and amortisation method are reviewed at the end of
each reporting period, with the effect of any changes in estimate being accounted for on
a prospective basis.
Derecognition of intangible assets.
An intangible asset is derecognised on disposal, or when no future economic benefits are
expected from use or disposal. Gains or losses arising from derecognition of an intangible
asset, measured as the difference between the net disposal proceeds and the carrying
amount of the asset, are recognised in profit or loss when the asset is derecognised.
3.3.15. Impairment of tangible and intangible assets.
At the end of each reporting period, the Group reviews the carrying amounts of its
tangible and intangible assets to determine whether there is any indication that those
assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss
(if any). When it is not possible to estimate the recoverable amount of an individual asset,
the Group estimates the recoverable amount of the cash-generating unit to which the
asset belongs. When a reasonable and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash-generating units, or otherwise they
are allocated to the smallest group of cash-generating units for which a reasonable and
consistent allocation basis can be identified. Growth rates are based on past
performance, external market growth assumptions and market conditions forecast by our
management using a combination of our business plans and growth assumptions for
future years. Our business plans and growth assumptions are based on our customer
data model and assessed against existing customer development and the acquisition of
new customers. Furthermore, all variable costs, like marketing budgets, delivery cost and
operations expenses for impairment analysis are planned based on performance. Non-
performance-based costs like finance, management and facility, etc. are planned
according to business growth, including economies of scale.
The Group includes the impact of climate-related risks and opportunities on the key
assumptions of the estimation of the future cash flows.
Recoverable amount is the higher of fair value less costs to sell and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset for which the estimates of future cash
flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less
than its carrying amount, the carrying amount of the asset (or cash-generating unit) is
reduced to its recoverable amount. An impairment loss is recognised immediately in profit
or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a
cash-generating unit) is increased to the revised estimate of its recoverable amount, but
so that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset (or cash-
generating unit) in prior years. A reversal of an impairment loss is recognised immediately
in profit or loss; impairment for goodwill is not reversed.
Non-current assets include goodwill, other intangible assets, investments in equity-
accounted joint ventures, investments in associates and property, plant and equipment.
At the end of each reporting period, the Group performs an impairment test on the
carrying amounts of its goodwill to determine whether there is an impairment loss.
Goodwill is allocated to the cash-generating units. The impairment review is prepared by
comparing the carrying values of the cash-generating units related to that cash-
generating unit\u2019s recoverable amount, being the higher of the value in use and fair value
less costs to sell. Value in use is a valuation derived from the discounted future cash
flows of the cash-generating units. The most important estimates in determining the
present value of cash flows are growth rates used to calculate revenue growth, expected
improvements as a result of economics of scale and the discount rate in order to
determine present value. The weighted average cost of capital used e.g. for goodwill
impairment calculations, has been determined based on the capital asset pricing model
using the risk-free rate, market premium and beta based on a peer-group capital
structure. The pre-tax discount rates are calculated from the post-tax discount rate using
the goal-seek method. Estimates are reviewed at least annually as of the date of each
impairment test and believed to be appropriate. However, changes in these estimates
could change the outcomes of the impairment reviews and therefore affect future
financial results, the effects of which would be recognised in the consolidated income
statement through operating profit.
3.3.16. Associates and joint ventures.
An associate is an entity over which the Group has significant influence. Significant
influence is the power to participate in the financial and operating policy decisions of the
investee but is not control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint arrangement. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require unanimous consent of the parties sharing control.
The results and assets and liabilities of associates and joint ventures are incorporated in
these consolidated financial statements using the equity method of accounting. Under
the equity method, an investment in an associate or a joint venture is initially recognised in
the consolidated statement of financial position at cost and adjusted thereafter to
recognise the Group\u2019s share of the profit or loss and other comprehensive income of the
associate or joint venture. When the Group\u2019s share of losses of an associate or a joint
venture exceeds the Group\u2019s interest in that associate or joint venture (which includes any
long-term interests that, in substance, form part of the Group\u2019s net investment in the
associate or joint venture), the Group discontinues recognising its share of further losses.
Additional losses are recognised only to the extent that the Group has incurred legal or
constructive obligations or made payments on behalf of the associate or joint venture.
An investment in an associate or a joint venture is accounted for using the equity method
from the date on which the investee becomes an associate or joint venture. On
acquisition of the investment in an associate or a joint venture, any excess of the cost of
the investment over the Group\u2019s share of the net fair value of the identified assets and
liabilities of the investee is recognised as goodwill, which is included within the carrying
amount of the investment. Any excess of the Group\u2019s share of the net fair value of the
identifiable assets and liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the investment is acquired.
When necessary, the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset
by comparing its recoverable amount (higher of value in use and fair value less cost of
disposal) with its carrying amount. Any impairment loss recognised forms part of the
carrying amount of the investment. Any reversal of that impairment loss is recognised in
accordance with IAS 36 to the extent that the recoverable amount of the investment
subsequently increases.
When a Group entity transacts with an associate or a joint venture of the Group, profits
and losses resulting from the transactions with the associate or joint venture are
recognised in the Group\u2019s consolidated financial statements only to the extent of
interests in the associate or joint venture that are not related to the Group.
3.3.17. Inventories.
Inventory contains raw materials, consumables and finished goods and is valued at the
lower of cost and net realisable value. Costs are determined by:
\u2022 For raw materials, consumables and third-party finished goods: The average purchase
price method and include direct product purchasing rebates.
\u2022 For finished goods from own manufacturing: Integral manufacturing cost.
Net realisable value is the estimated selling price in the ordinary course of business, less
estimated costs of completion and the estimated costs necessary to make the sale.
There are limited net realisable value adjustments due to the fact that in general products
can be returned to the manufacturer or wholesaler prior to expiring.
3.3.18. Cash and cash equivalents.
Cash and cash equivalents in the statement of financial position comprise cash at banks
and on hand.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
consist of cash, as defined above. The bank overdrafts are not included since they are
not considered to be an integral part of the Group\u2019s cash management. Short-term
securities are shown in Other financial assets.
3.3.19. Cash flow statement.
The Company has chosen to prepare the statement of cash flows using the indirect
method, which presents cash flows from operating activities as the operating result
adjusted for non-cash transactions, working capital movement, corporate income tax
paid, and items of income or expense associated with investing or financing cash flows.
Cash flows in foreign currencies have been translated using weighted average periodic
exchange rates. Interest paid on loans is presented as a financing activity, while interest
received is presented as an investing activity. Acquisitions and divestments of businesses
are presented net of cash and cash equivalents acquired or disposed of respectively. In
the cash flow statement, the Company has classified the principal portion of lease
payments, as well as the interest portion, within financing activities. Lease payments are
not split between interest and principal portions but are shown as one line, Cash-out
lease payments, in the cash flow statement. Lease payments for short-term leases and
lease payments for leases of low-value assets not included in the measurement of the
lease liability are classified as cash flows from operating activities.
3.3.20. Provisions.
Provisions are recognised when the Group has a present obligation (legal or constructive)
as a result of a past event, that is probable that the Group will be required to settle and a
reliable estimate can be made of the amount of the obligation.
3.3.21. Financial instruments - initial recognition and subsequent measurement.
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity.
Financial assets.
Initial recognition and measurement.
Financial assets are classified, at initial recognition, as subsequently measured at
amortised cost and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing
them. With the exception of trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient, the Group initially
measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs. Trade receivables that do not contain a
significant financing component are measured at the transaction price as disclosed in
note 3.3.3 Revenue from contracts with customers.
The Group\u2019s business model for managing financial assets refers to how it manages its
financial assets in order to generate cash flows. The business model determines whether
cash flows will result from collecting contractual cash flows, selling the financial assets,
or both. Financial assets classified and measured at amortised cost are held within a
business model with the objective to hold financial assets in order to collect contractual
cash flows.
Subsequent measurement.
For purposes of subsequent measurement, the Group classified the financial assets in the
following categories:
\u2022 Financial assets at amortised cost (debt instruments).
\u2022 Financial assets at fair value through profit or loss.
Financial assets at amortised cost (debt instruments).
Financial assets at amortised cost are subsequently measured using the effective interest
(EIR) method and are subject to impairment. Gains and losses are recognised in profit or
loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade and other receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses
which uses a lifetime expected loss allowance for all trade receivables. To measure the
expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss rates are based on the payment
profiles of sales and the corresponding historical credit losses experienced within this
period. The historical loss rates are adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of the customers to settle the
receivables.
The financial assets are included in current assets except for maturities greater than
twelve months after the statement of financial position date. These are classified as non-
current assets.
Interest income is recognised by applying the effective interest rate, except for short-
term receivables when the effect of discounting is immaterial.
Financial assets at fair value through profit or loss.
Financial assets at fair value through profit or loss are carried in the statement of financial
position at fair value with net changes in fair value recognised in the statement of profit or
loss.
Derecognition of financial assets.
A financial asset (or, where applicable, a part of a financial asset or part of a group of
similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s
consolidated statement of financial position) when:
\u2022 The rights to receive cash flows from the asset have expired, or
\u2022 The Group has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a
third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred
substantially all the risks and rewards of the asset, or (b) the Group has neither
transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
\u2022 Continuing involvement that takes the form of a guarantee over the transferred asset is
measured at the lower of the original carrying amount of the asset and the maximum
amount of consideration that the Group could be required to repay.
Impairment of financial assets.
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. ECLs are based on the difference
between the contractual cash flows due in accordance with the contract and all the cash
flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of
collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a
significant increase in credit risk since initial recognition, ECLs are provided for credit
losses that result from default events that are possible within the next twelve months (a
12-month ECL). For those credit exposures for which there has been a significant increase
in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default
(a lifetime ECL).
For trade receivables, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss
allowance based on lifetime ECLs at each reporting date. The Group has established a
provision matrix that is based on its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors and the economic environment.
Further disclosures relating to impairment of financial assets is also provided in note 4.2.
Financial liabilities.
Initial recognition and measurement.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings or payables, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs. The Group\u2019s
financial liabilities include trade and other payables, loans and borrowings, including bank
overdrafts.
Subsequent measurement.
For purposes of subsequent measurement, financial liabilities are classified in two
categories:
\u2022 Financial liabilities at fair value through profit or loss.
\u2022 Financial liabilities at amortised cost (loans and borrowings).
Financial liabilities at fair value through profit or loss.
The Group has not designated any financial liability as at fair value through profit or loss.
Financial liabilities at amortised cost (loans and borrowings).
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortised cost using the effective
interest rate (hereafter: EIR) method. Gains and losses are recognised in profit or loss
when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by considering any discount or premium on acquisition and
fees or costs that are an integral part of the EIR. The EIR amortisation is included as
finance costs in the statement of profit or loss. This category generally applies to
interest-bearing loans and borrowings.
Classification as debt or equity.
Debt and equity instruments issued by the Group are classified as either financial
liabilities or as equity in accordance with the substance of the contractual arrangements
and the definitions of a financial liability and an equity instrument.
Equity instruments.
An equity instrument is any contract that evidences a residual interest in the assets of an
entity after deducting all its liabilities. Equity instruments issued by the Group are
recognised at the proceeds received, net of direct issue costs.
Convertible debt.
Proceeds received on issuance of the Group\u2019s convertible debt are allocated into their
liability and equity components. The amount initially attributed to the debt component
equals the discounted cash flows using a market rate of interest that would be payable
on a similar debt instrument that does not include an option to convert. Subsequently, the
debt component is accounted for as a financial liability measured at amortised cost until
extinguished on conversion or maturity of the bond. The remainder of the proceeds are
allocated to the conversion option and are recognised in the equity part on convertible
bonds within shareholders\u2019 equity, net of income tax effects.
Borrowing costs.
Borrowing costs directly attributable to the acquisition, construction or production of an
asset that necessarily takes a substantial period of time to get ready for its intended use
or sale are capitalised as part of the cost of the asset. All other borrowing costs are
expensed in the period in which they occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the borrowing of funds.
Derecognition of financial liabilities.
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the statement of profit or loss.
Offsetting of financial instruments.
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right
to offset the recognised amounts and there is an intention to settle on a net basis, to
realise the assets and settle the liabilities simultaneously.
3.4. Changes in accounting policies and disclosures.
New and amended standards and interpretations.
In the current year, the Group has applied a number of amendments to IFRS Accounting
Standards issued by the International Accounting Standards Board (IASB) that are
mandatorily effective for an accounting period that begins on or after 1 January 2024. In
2024, the Group has not adopted early any new standards, interpretations or
amendments that have been issued but are not yet effective.
The Group has adopted the amendments of the following four IFRS standards for the first
time in the current year:
\u2022 Classification of Liabilities as Current or Non-current with covenants - Amendments to
IAS 1;
\u2022 Lease Liability in Sale and Leaseback - Amendments to IFRS 16; and
\u2022 Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7.
The amendments listed above did not have a material impact on the valuation and
classification of assets and liabilities of the Group, nor on its income statement or cash
flows and are not expected to significantly affect the current or future periods.
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3.1. Basis of preparation.
The consolidated financial statements of the Group have been prepared in accordance
with the IFRS Accounting Standards issued by the International Accounting Standards
Board (IASB), as endorsed by the EU and in accordance with the Dutch Civil Code, Book 2,
Title 9.
The consolidated financial statements have been prepared on a historical cost basis,
except when otherwise indicated. The consolidated financial statements are presented in
euro and all values are rounded to the nearest thousand (EUR 000), except when
otherwise indicated.
The consolidated financial statements provide comparative information in respect of the
previous period. In addition, the Group presents a statement of the financial position at
the beginning of the preceding period when there is a retrospective application of an
accounting policy, a retrospective restatement, or a reclassification of items in the
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-366": { "value": "
The consolidated financial statements of the Group have been prepared in accordance
with the IFRS Accounting Standards issued by the International Accounting Standards
Board (IASB), as endorsed by the EU and in accordance with the Dutch Civil Code, Book 2,
Title 9.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-367": { "value": "
Going concern.
In 2024, the Group incurred losses after tax of EUR 46.4 million (2023: EUR 11.6 million).
The working capital at the end of 2024 was positive at EUR 72.7 million (2023: EUR 64.6
million). Development of the working capital was in line with expectations.
in EUR 1,000
31.12.2024
31.12.2023
Trade and other receivables, prepayments and other current
assets
168,640
152,514
Inventory
153,824
135,786
Trade and other payables
-183,986
-157,591
Loans and borrowings (short-term)
-9,729
-8,770
Other liabilities (short-term)
-56,017
-57,363
Working capital
72,732
64,576
% Revenue
3.07%
3.59%
Working capital incl. cash and short-term securities
250,288
275,794
The current liquidity of the Company has largely resulted from the successful placement
on 14 January 2021 of the senior unsecured convertible bonds with a zero (0.0%) coupon,
in an aggregate principal amount of EUR 225 million and a maturity of seven years as well
as a put option for the investors to redeem at par after five years on 21 January 2026.
Depending on the future share price trajectory, there could be a refinancing risk in the
event that bond holders exercise the put option on 21 January 2026.
The Company is closely monitoring its cash position and performs short-term, mid- and
long-term planning to track and model future liquidity levels and requirements to ensure
future growth financing and financial robustness. The underlying unit economics and the
overall financial performance in its larger markets are cash flow positive, but the
Company is executing a fast growth strategy to build market share and increase its base
of active customers. Parallel to the focus on growth, the Company is driving gross profit
margin improvements, other income improvements, efficiencies and scale. We also
actively safeguard flexibility in our operations to adjust the balance of growth and cash
generation or requirements. We diversify funding and manage options to do so. We
closely monitor and steer cash flow, margins, working capital and capital allocation to
ensure a sustainable business model, as well as continuously monitor external capital
and debt market developments. Liquidity is secured for at least the next twelve months.
On the basis of the above, the consolidated financial statements have been prepared on
a going concern basis", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-369": { "value": "
3.2. Basis of consolidation.
The consolidated financial statements comprise the financial statements of the Company
and its subsidiaries as of 31 December 2024. Control is achieved when the Group is
exposed, or has rights, to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee. Specifically, the
Group controls an investee if, and only if, the Group has:
\u2022 Power over the investee (i.e. existing rights that give it the current ability to direct the
relevant activities of the investee);
\u2022 Exposure, or rights, to variable returns from its involvement with the investee;
\u2022 The ability to use its power over the investee to affect its returns.
The Group reassesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary
and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and
expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated financial statements from the date the Group gains control until the date
the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the
equity holders of the parent of the Group and to the non-controlling interests, even if this
results in the non-controlling interests having a deficit balance. When necessary,
adjustments are made to the financial statements of subsidiaries to bring their accounting
policies in line with the Group\u2019s accounting policies. All intra-Group assets and liabilities,
equity, income, expenses and cash flows relating to transactions between members of
the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted
for as an equity transaction. If the Group loses control over a subsidiary, it derecognises
the related assets (including goodwill), liabilities, non-controlling interest and other
components of equity, while any resultant gain or loss is recognised in profit or loss. Any
investment retained is recognised at fair value.
On 16 May 2023, SA Europe B.V. acquired a majority stake of 51% in the share capital of
MediService AG (including its 100% subsidiary Curarex Swiss AG), a leading speciality
pharmacy in Switzerland with a focus on mail order prescription medicines (Rx) and the
care of chronically ill patients. The transaction was executed after approval of the
competition authorities. The closing date of the transaction was determined to be 16 May
2023. In accordance with the control assessment outlined in IFRS 10, the MediService AG
figures were consolidated from the closing date, 16 May 2023, directly contributing to the
earnings per share.
On 31 October 2024, SA Europe B.V. acquired 100% of the shares of Aust Pharma GmbH,\u00a0
a pharmaceutical wholesaler holding an EU wholesale distribution authorisation
dedicated to the supply of pharmaceutical products for the Austrian market. The results
of Aust Pharma have been consolidated effective from 1 November 2024.
Non-controlling interests (NCI) are initially measured at their proportionate share of the
acquiree\u2019s identifiable net assets at the date of acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-368": { "value": "
3.2. Basis of consolidation.
The consolidated financial statements comprise the financial statements of the Company
and its subsidiaries as of 31 December 2024. Control is achieved when the Group is
exposed, or has rights, to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee. Specifically, the
Group controls an investee if, and only if, the Group has:
\u2022 Power over the investee (i.e. existing rights that give it the current ability to direct the
relevant activities of the investee);
\u2022 Exposure, or rights, to variable returns from its involvement with the investee;
\u2022 The ability to use its power over the investee to affect its returns.
The Group reassesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary
and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and
expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated financial statements from the date the Group gains control until the date
the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the
equity holders of the parent of the Group and to the non-controlling interests, even if this
results in the non-controlling interests having a deficit balance. When necessary,
adjustments are made to the financial statements of subsidiaries to bring their accounting
policies in line with the Group\u2019s accounting policies. All intra-Group assets and liabilities,
equity, income, expenses and cash flows relating to transactions between members of
the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted
for as an equity transaction. If the Group loses control over a subsidiary, it derecognises
the related assets (including goodwill), liabilities, non-controlling interest and other
components of equity, while any resultant gain or loss is recognised in profit or loss. Any
investment retained is recognised at fair value.
On 16 May 2023, SA Europe B.V. acquired a majority stake of 51% in the share capital of
MediService AG (including its 100% subsidiary Curarex Swiss AG), a leading speciality
pharmacy in Switzerland with a focus on mail order prescription medicines (Rx) and the
care of chronically ill patients. The transaction was executed after approval of the
competition authorities. The closing date of the transaction was determined to be 16 May
2023. In accordance with the control assessment outlined in IFRS 10, the MediService AG
figures were consolidated from the closing date, 16 May 2023, directly contributing to the
earnings per share.
On 31 October 2024, SA Europe B.V. acquired 100% of the shares of Aust Pharma GmbH,\u00a0
a pharmaceutical wholesaler holding an EU wholesale distribution authorisation
dedicated to the supply of pharmaceutical products for the Austrian market. The results
of Aust Pharma have been consolidated effective from 1 November 2024.
Non-controlling interests (NCI) are initially measured at their proportionate share of the
acquiree\u2019s identifiable net assets at the date of acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-370": { "value": "
A change in the ownership interest of a subsidiary, without a loss of control, is accounted
for as an equity transaction. If the Group loses control over a subsidiary, it derecognises
the related assets (including goodwill), liabilities, non-controlling interest and other
components of equity, while any resultant gain or loss is recognised in profit or loss. Any
investment retained is recognised at fair value.
Non-controlling interests (NCI) are initially measured at their proportionate share of the
acquiree\u2019s identifiable net assets at the date of acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-371": { "value": "
3.3.2. Fair value measurement.
Fair value is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date,
regardless of whether that price is directly observable or estimated using another
valuation technique. In estimating the fair value of an asset or a liability, the Group takes
into account the characteristics of the asset or liability if market participants would take
those characteristics into account when pricing the asset or liability at the measurement
date. Fair value for measurement and / or disclosure purposes in these consolidated
financial statements is determined on such a basis, except for share-based payment
transactions that are within the scope of IFRS 2, leasing transactions that are within the
scope of IFRS 16, and measurements that have some similarities to fair value but are not
fair value, such as net realisable value in IAS 2 or value in use in IAS 36.
In addition, for financial reporting purposes, fair value measurements are categorised into
Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements
are observable and the significance of the inputs to the fair value measurement in its
entirety, which are described as follows:
\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities that the entity can access at the measurement date;
\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are
observable for the asset or liability, either directly or indirectly; and
\u2022 Level 3 inputs are unobservable inputs for the asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-372": { "value": "
3.3.3. Revenue from contracts with customers.
The Group is in the business of providing pharmaceuticals, food supplements and beauty
and personal care products. Revenue from contracts with customers is recognised when
control of the goods or services is transferred to the customer at an amount that reflects
the consideration to which the Group expects to be entitled in exchange for those goods
or services. For direct product sales the Group has concluded that it is the principal in its
revenue arrangements, because it controls the goods or services before transferring
them to the customer. Therefore, this revenue is recognised in full, whereas in the
platform business the revenue is recognised in the amount of the commission and other
fees expected to be received from the partners. Sales are reduced by sales deductions,
taxes and fees.
Revenue is measured as the amount of the transaction price that is allocated to the
performance obligation. The transaction price is the amount of the consideration received
or receivable, taking into account contractually defined terms of payment and excluding
taxes or duty. Upon the sale of products to customers, the date on which the goods are
delivered at the indicated place of destination is the date on which economic title to the
products passes to the customer. In this case, the transfer of economic title is attached
to the transfer of legal title. Revenue is recorded net of sales deductions.
Loyalty points programme.
The Group has a loyalty points programme, \u201cRedPoints\u201d, which allows customers to
accumulate points that can be redeemed for free products. The loyalty points give rise to
a separate performance obligation as they provide a material right to the customer.
A portion of the transaction price is allocated to the loyalty points awarded to customers
based on the relative stand-alone selling price and recognised as a contract liability,
under current liabilities, until the points are redeemed. Revenue is recognised upon
redemption of products by the customer.
When estimating the stand-alone selling price of the loyalty points, the Group considers
the likelihood that the customer will redeem the points. The Group updates its estimates
of the points that will be redeemed on a yearly basis and any adjustments to the contract
liability balance are charged against revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-373": { "value": "
Loyalty points programme.
The Group has a loyalty points programme, \u201cRedPoints\u201d, which allows customers to
accumulate points that can be redeemed for free products. The loyalty points give rise to
a separate performance obligation as they provide a material right to the customer.
A portion of the transaction price is allocated to the loyalty points awarded to customers
based on the relative stand-alone selling price and recognised as a contract liability,
under current liabilities, until the points are redeemed. Revenue is recognised upon
redemption of products by the customer.
When estimating the stand-alone selling price of the loyalty points, the Group considers
the likelihood that the customer will redeem the points. The Group updates its estimates
of the points that will be redeemed on a yearly basis and any adjustments to the contract
liability balance are charged against revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-374": { "value": "
3.3.4. Cost of sales.
Cost of sales mainly consists of cost of goods sold, inventory obsolescence provisions
and contributions by our suppliers for product promotion and discounts. Allowances on
inventories reflect write-downs of inventories to their net realisable value to allow for
risks from slow-moving goods, items past their use-by date or reduced extent to which
goods can still be sold.
Vendor allowances.
The Group receives various types of vendor allowances. The most common allowances
vendors offer are (i) volume\u00a0 allowances, which are off-invoice or amounts billed back to
vendors based on the quantity of products purchased from the vendor and (ii)
promotional allowances, which relate to (online) advertising and market development
efforts. Volume allowances are recognised as a reduction of the cost of the related
products as they are sold.
Promotional allowances are recognised as a reduction of the cost of the related products
when the Company has performed the activities specified in the contract with the vendor.
If the contract does not specify any performance criteria, the allowance is recognised
over the term of the contract. Vendor allowances are generally deducted from cost of
sales, unless there is clear evidence that they should be classified as revenue resulting
from the Company providing a distinct good or service to the vendor.
3.3.5. Marketing expenses.
Marketing expenses, which include the development and production of advertising
materials and the communication of these materials through various forms of media, are
expensed over the period that these expenses relate to. Marketing expense is recognised
in selling and distribution in the consolidated statement of profit and loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-375": { "value": "
Vendor allowances.
The Group receives various types of vendor allowances. The most common allowances
vendors offer are (i) volume\u00a0 allowances, which are off-invoice or amounts billed back to
vendors based on the quantity of products purchased from the vendor and (ii)
promotional allowances, which relate to (online) advertising and market development
efforts. Volume allowances are recognised as a reduction of the cost of the related
products as they are sold.
Promotional allowances are recognised as a reduction of the cost of the related products
when the Company has performed the activities specified in the contract with the vendor.
If the contract does not specify any performance criteria, the allowance is recognised
over the term of the contract. Vendor allowances are generally deducted from cost of
sales, unless there is clear evidence that they should be classified as revenue resulting
from the Company providing a distinct good or service to the vendor.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-376": { "value": "
3.3.6. Employee benefit obligations.
Defined contribution plans.
The Group maintains three pension plans covering pharmacy personnel:
\u2022 Pharmacists of the Group participate in the occupational pension plan \u2018SPOA\u2019. This
pension plan is a collective defined contribution plan with direct conversion into pension
entitlements. The pension plan is based on a predetermined premium that the
participants transfer to the fund. Although this pension plan is based on the \u2018average
pay system\u2019, the pension scheme is based on a predetermined premium. Therefore, the
participants are entitled to a pension to the extent that the previously determined
premium is sufficient. During 2024 the employer contribution amounted to 20.5% (2023:
20.5%) of the pensionable base.
\u2022 Eligible employees of the Group participate in the multi-employer pension plan (PMA)
determined in accordance with the collective bargaining agreements effective for the
industry in which the Group operates. The employees in service before 2013 participate
voluntarily in the PMA pension plan. This multi-employer pension plan covers
approximately 2,000 companies and approximately 25,000 contributing members. The
PMA pension plan is a collective defined contribution plan based on the average pay
system. During 2024, the employer contribution amounted to 19.0% (2023: 19.0%) of the
pensionable base.
\u2022 Eligible employees of the Group participate in the pension scheme of ASR (previously
named BrandNewDay). The ASR pension plan is a defined contribution plan. During 2024
the employer contribution amounted to 12.0% (2023: 12.0%) of the pensionable base.
The SPOA and PMA pension plans monitor risks on a global basis, not by company or
employee and are subject to regulation by Dutch governmental authorities. By law (the
Dutch Pension Act), a pension fund must be monitored against specific criteria, including
the coverage ratio of the plan\u2019s assets to its obligations. On 1 January 2015, new pension
legislation was enacted. One of the results of this legislation was an increase of legally
required coverage levels. The coverage percentage is calculated by dividing the fund\u2019s
capital by the total sum of pension liabilities and is based on actual market interest rates.
The coverage ratio of the SPOA pension fund as per 31 December 2024 amounts to
121.3% (31 December 2023: 120.0%).
The coverage ratio of the PMA pension fund as per 31 December 2024 amounts to\u00a0 \u00a0
106.6% (31 December 2023: 104.3%).
In line with the definitions in IAS 19.29, the Group has no obligation whatsoever to pay off
any deficits the pension funds may incur and has no claim to any potential surpluses.
The Group has no further payment obligations once the predetermined contributions
have been paid. The contributions are recognised as employee benefit expense when
they are due. Prepaid contributions are recognised as an asset to the extent that a cash
refund or a reduction in the future payments is available.
Defined benefit plans.
The subsidiary MediService AG has a defined benefit obligation. This defined benefit
obligation (DBO) is assessed annually by independent pension actuaries using the
projected unit credit method. This method considers employees\u2019 service in the periods
prior to the reporting date and their future expected salary development. In addition,
actuaries make use of statistical data such as employee turnover and mortality to
calculate the defined benefit obligation.
Any deficit or surplus in funded defined benefit plans (when the fair value of plan assets
falls short of or exceeds the present value of the defined benefit obligation) is recorded
as a net defined benefit liability or asset. The Group only recognises a net defined benefit
asset if it has the ability to use the surplus to generate future economic benefits that will
be available to the Group in the form of a reduction in future contributions. If the Group
does not have the ability to use the surplus or it will not generate any future economic
benefit, the Group does not recognise an asset, but instead discloses the effect of this
asset ceiling in the notes.
The components of defined benefit cost are service cost, net interest on the net defined
benefit asset or liability and remeasurements of the net defined benefit asset or liability.
Service cost is a component of personnel costs and comprises current service cost, past
service cost (including gains and losses from plan amendments) and gains and losses
from plan settlements.
Net interest is determined by multiplying the net defined benefit liability or asset by a
discount rate at the beginning of the reporting period. Net interest is included in the
financial result.
Actuarial gains and losses result from changes in actuarial assumptions and differences
between actuarial assumptions and actual outcomes. Actuarial gains and losses resulting
from remeasuring the defined benefit plans are recognised immediately in
comprehensive income as remeasurements of the net defined benefit liability or asset.
This includes any differences in the return on plan assets (excluding interest, based on
the discount rate). Remeasurements of the net defined benefit liability or asset are not
reclassified through profit or loss at any point in time.
Other employee benefit obligations.
MediService AG rewards employees for long service with jubilee benefits. These long-
term benefits to employees are also measured using the projected unit credit method
and included in employee benefit liabilities. These obligations are unfunded. Changes in
obligations are recognised in profit or loss in personnel costs and interest expense as
part of the financial expense, in line with the defined benefit plans.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-377": { "value": "
3.3.7. Share-based payments.
Selected employees, including senior executives of the Group, have received
remuneration in the form of share-based payments.
Where equity-settled stock options are awarded to employees, the fair value of the
options at the date of grant is charged to the consolidated statement of comprehensive
income over the vesting period. Non-market vesting conditions are taken into account by
adjusting the number of equity instruments expected to vest at each reporting date so
that, ultimately, the cumulative amount recognised over the vesting period is based on
the number of options that eventually vest. Non-vesting conditions and market vesting
conditions are factored into the fair value of the options granted. As long as all other
vesting conditions are satisfied, a charge is made irrespective of whether the market
vesting conditions are satisfied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-378": { "value": "
Current income tax.
The current income tax expense is calculated on the basis of the tax laws enacted or
substantively enacted at the balance sheet date in the countries where the Group
operates and generates taxable income.
The Group recognises liabilities for uncertain tax positions when it is more likely than not
that an outflow will occur to settle the position. The liabilities are measured based on
management\u2019s estimation of the expected settlement of the matter. These liabilities are
presented within income taxes payable on the consolidated statement of financial
position. These amounts, along with estimates of interest and penalties on tax liabilities
are also recorded in income taxes payable and are included in current tax expense.
Deferred tax.
Deferred tax is recognised on temporary differences between the carrying amounts of
assets and liabilities in the consolidated financial statements and the corresponding tax
bases used in the computation of taxable profit.
Deferred tax assets are recognised for all deductible temporary differences, the
carryforward of unused tax credits and any unused tax losses. Deferred tax assets are
recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carryforward of unused tax credits
and unused tax losses, can be utilised, except:
\u2022 When the deferred tax asset relating to the deductible temporary difference arises from
the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss.
\u2022 In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint arrangements, deferred tax assets and
liabilities are recognised only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable profit will be available
against which the temporary differences can be utilised.
The carrying amount of deferred tax assets and deferred tax liabilities is reviewed at the
end of each reporting period and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply
in the period in which the liability is settled or the asset realised, based on tax rates (and tax
laws) that have been enacted or substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that
would follow from the manner in which the Group expects, at the end of the reporting
period, to recover or settle the carrying amount of its assets and liabilities.
Deferred income tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities and when the deferred
income tax assets and liabilities relate to income taxes levied by the same taxation
authority, on either the same taxable entity or different taxable entities, where there is an
intention to settle the balances on a net basis. Deferred taxes are recognised separately
for individual corporate income tax entities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-379": { "value": "
Deferred tax.
Deferred tax is recognised on temporary differences between the carrying amounts of
assets and liabilities in the consolidated financial statements and the corresponding tax
bases used in the computation of taxable profit.
Deferred tax assets are recognised for all deductible temporary differences, the
carryforward of unused tax credits and any unused tax losses. Deferred tax assets are
recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carryforward of unused tax credits
and unused tax losses, can be utilised, except:
\u2022 When the deferred tax asset relating to the deductible temporary difference arises from
the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss.
\u2022 In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint arrangements, deferred tax assets and
liabilities are recognised only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable profit will be available
against which the temporary differences can be utilised.
The carrying amount of deferred tax assets and deferred tax liabilities is reviewed at the
end of each reporting period and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply
in the period in which the liability is settled or the asset realised, based on tax rates (and tax
laws) that have been enacted or substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that
would follow from the manner in which the Group expects, at the end of the reporting
period, to recover or settle the carrying amount of its assets and liabilities.
Deferred income tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities and when the deferred
income tax assets and liabilities relate to income taxes levied by the same taxation
authority, on either the same taxable entity or different taxable entities, where there is an
intention to settle the balances on a net basis. Deferred taxes are recognised separately
for individual corporate income tax entities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-380": { "value": "
Value added taxes.
Expenses and assets are recognised net of the amount of sales tax, except:
\u2022 When the sales tax incurred on a purchase of assets or services is not recoverable from
the taxation authority, in which case, the sales tax is recognised as part of the cost of
acquisition of the asset or as part of the expense item.
\u2022 The net amount of sales tax recoverable from, or payable to, the taxation authority is
included as part of receivables or payables in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-382": { "value": "
3.3.9. Foreign currencies.
The Group\u2019s consolidated financial statements are presented in euro, which is also the
parent Company\u2019s functional currency. In preparing the consolidated financial statements
of the Group, transactions in currencies other than the euro, being the functional currency
of each entity in the Group, are recognised at the rates of exchange prevailing at the
dates the transactions first qualify for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the
functional currency spot rates of exchange at the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-381": { "value": "
3.3.9. Foreign currencies.
The Group\u2019s consolidated financial statements are presented in euro, which is also the
parent Company\u2019s functional currency. In preparing the consolidated financial statements
of the Group, transactions in currencies other than the euro, being the functional currency
of each entity in the Group, are recognised at the rates of exchange prevailing at the
dates the transactions first qualify for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the
functional currency spot rates of exchange at the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-383": { "value": "
3.3.10. Non-current assets held for sale and discontinued operations.
The Group classifies non-current assets and disposal groups as held for sale if their
carrying amounts will be recovered principally through a sale transaction rather than
through continuing use. Non-current assets and disposal groups classified as held for
sale are measured at the lower of their carrying amount and fair value less costs to sell.
Costs to sell are the incremental costs directly attributable to the disposal of an asset
(disposal group), excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly
probable and the asset or disposal group is available for immediate sale in its present
condition. Actions required to complete the sale should indicate that it is unlikely that
significant changes to the sale will be made or that the decision to sell will be withdrawn.
Management must be committed to the plan to sell the asset and the sale expected to
be completed within one year from the date of the classification.
Property, plant and equipment and intangible assets are not depreciated or amortised
once classified as held for sale. Assets and liabilities classified as held for sale are
presented separately as current items in the statement of financial position.
A disposal group qualifies as a discontinued operation if it is a component of an entity
that either has been disposed of, or is classified as held for sale and:
\u2022 Represents a separate major line of business or geographical area of operations;
\u2022 Is part of a single coordinated plan to dispose of a separate major line of business or
geographical area of operations; or
\u2022 Is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are
presented as a single amount as profit or loss after tax from discontinued operations in
the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-384": { "value": "
The Group classifies non-current assets and disposal groups as held for sale if their
carrying amounts will be recovered principally through a sale transaction rather than
through continuing use. Non-current assets and disposal groups classified as held for
sale are measured at the lower of their carrying amount and fair value less costs to sell.
Costs to sell are the incremental costs directly attributable to the disposal of an asset
(disposal group), excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly
probable and the asset or disposal group is available for immediate sale in its present
condition. Actions required to complete the sale should indicate that it is unlikely that
significant changes to the sale will be made or that the decision to sell will be withdrawn.
Management must be committed to the plan to sell the asset and the sale expected to
be completed within one year from the date of the classification.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-385": { "value": "
A disposal group qualifies as a discontinued operation if it is a component of an entity
that either has been disposed of, or is classified as held for sale and:
\u2022 Represents a separate major line of business or geographical area of operations;
\u2022 Is part of a single coordinated plan to dispose of a separate major line of business or
geographical area of operations; or
\u2022 Is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are
presented as a single amount as profit or loss after tax from discontinued operations in
the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-386": { "value": "
3.3.11. Property, plant and equipment.
Property, plant and equipment are stated at cost less accumulated depreciation and
accumulated impairment losses. Depreciation is recognised so as to write off the cost or
valuation of assets (other than freehold land and properties under construction), less their
residual values over their useful lives, using the straight-line method. The estimated
useful lives, residual values and depreciation method are reviewed at the end of each
reporting period.
An item of property, plant and equipment is derecognised upon disposal or when no
future economic benefits are expected to arise from the continued use of the asset. Any
gain or loss arising on the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales proceeds and the carrying
amount of the asset and is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-387": { "value": "
Property, plant and equipment are stated at cost less accumulated depreciation and
accumulated impairment losses. Depreciation is recognised so as to write off the cost or
valuation of assets (other than freehold land and properties under construction), less their
residual values over their useful lives, using the straight-line method. The estimated
useful lives, residual values and depreciation method are reviewed at the end of each
reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-388": { "value": "
3.3.12. Leases.
The Group assesses at contract inception whether a contract is or contains a lease, that
is, if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration.
Group as a lessee.
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognises lease
liabilities to make lease payments and right-of-use assets representing the right to use
the underlying assets.
Right-of-use assets.
The Group recognises right-of-use assets at the commencement date of the lease (i.e.
the date the underlying asset is available for use). Right-of-use assets are measured at
cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of
lease liabilities recognised, initial direct costs incurred and lease payments made at or
before the commencement date, less any lease incentives received. Right-of-use assets
are depreciated on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or the
cost reflects the exercise of a purchase option, depreciation is calculated using the
estimated useful life of the asset.
The right-of-use assets are also subject to impairment. Refer to the accounting policy in\u00a0
3.3.15 Impairment of tangible and intangible assets.
Lease liabilities.
At the commencement date of the lease, the Group recognises lease liabilities measured
at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate and
amounts expected to be paid under residual value guarantees. The lease payments also
include the exercise price of a purchase option reasonably certain to be exercised by the
Group and payments of penalties for terminating the lease, if the lease term reflects the
Group exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognised as
expenses (unless they are incurred to produce inventories) in the period in which the
event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate at the lease commencement date because the interest rate implicit in the
lease is not readily determinable. After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there
is a modification, a change in the lease term, a change in the lease payments (e.g.
changes to future payments resulting from a change in an index or rate used to
determine such lease payments) or a change in the assessment of an option to purchase
the underlying asset. This change is also recorded in the right-of-use asset. The Group\u2019s
lease liabilities are included in loans and borrowings.
Short-term leases and leases of low-value assets.
The Group applies the short-term lease recognition exemption to its short-term leases of
machinery and equipment (i.e. those leases that have a lease term of twelve months or
less from the commencement date and do not contain a purchase option). It also applies
the lease of low-value assets recognition exemption to leases of office equipment that
are considered to be low value. Lease payments on short-term leases and leases of low-
value assets are recognised as expense on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-390": { "value": "
3.3.13. Business combinations and goodwill.
Acquisitions of businesses are accounted for using the acquisition method. The
consideration transferred in a business combination is measured at fair value, which is
calculated as the sum of the acquisition-date fair values of the assets transferred by the
Group, liabilities incurred by the Group to the former owners of the acquiree and the
equity interests issued by the Group in exchange for control of the acquiree. Acquisition-
related costs are generally recognised in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are
recognised at their fair value, except that:
\u2022 Deferred tax assets or liabilities, and assets or liabilities related to employee benefit
arrangements, are recognised and measured in accordance with IAS 12 Income Taxes
and IAS 19 respectively;
\u2022 Liabilities or equity instruments related to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to replace
share-based payment arrangements of the acquiree, are measured in accordance with
IFRS 2 at the acquisition date; and
\u2022 Assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5
Non-current Assets Held for Sale and Discontinued Operations are measured in
accordance with that standard.
Goodwill is measured as the excess of the sum of the consideration transferred, the
amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s
previously held equity interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed. If, after
reassessment, the net of the acquisition-date amounts of the identifiable assets acquired
and liabilities assumed exceeds the sum of the consideration transferred, the amount of
any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously
held interest in the acquiree (if any), the excess is recognised immediately in profit or loss
as a bargain purchase gain.
When the consideration transferred by the Group in a business combination includes
assets or liabilities resulting from a contingent consideration arrangement, the contingent
consideration is measured at its acquisition-date fair value and included as part of the
consideration transferred in a business combination. Changes in the fair value of the
contingent consideration that qualify as measurement period adjustments are adjusted
retrospectively, with corresponding adjustments against goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the
measurement period (which cannot exceed one year from the acquisition date) about
facts and circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration
that do not qualify as measurement period adjustments depends on how the contingent
consideration is classified. Contingent consideration that is classified as equity is not
remeasured at subsequent reporting dates and its subsequent settlement is accounted
for within equity. Contingent consideration that is classified as an asset or a liability is
remeasured at subsequent reporting dates in accordance with IFRS 9 or IAS 37
Provisions, Contingent Liabilities and Contingent Assets, as appropriate, with the
corresponding gain or loss being recognised in profit or loss.
If the initial accounting for a business combination is incomplete by the end of the
reporting period in which the combination occurs, the Group reports provisional amounts
for the items for which the accounting is incomplete. Those provisional amounts are
adjusted during the measurement period (see above), or additional assets or liabilities are
recognised, to reflect new information obtained about facts and circumstances that
existed at the acquisition date that, if known, would have affected the amounts
recognised at that date", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-389": { "value": "
3.3.13. Business combinations and goodwill.
Acquisitions of businesses are accounted for using the acquisition method. The
consideration transferred in a business combination is measured at fair value, which is
calculated as the sum of the acquisition-date fair values of the assets transferred by the
Group, liabilities incurred by the Group to the former owners of the acquiree and the
equity interests issued by the Group in exchange for control of the acquiree. Acquisition-
related costs are generally recognised in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are
recognised at their fair value, except that:
\u2022 Deferred tax assets or liabilities, and assets or liabilities related to employee benefit
arrangements, are recognised and measured in accordance with IAS 12 Income Taxes
and IAS 19 respectively;
\u2022 Liabilities or equity instruments related to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to replace
share-based payment arrangements of the acquiree, are measured in accordance with
IFRS 2 at the acquisition date; and
\u2022 Assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5
Non-current Assets Held for Sale and Discontinued Operations are measured in
accordance with that standard.
Goodwill is measured as the excess of the sum of the consideration transferred, the
amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s
previously held equity interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed. If, after
reassessment, the net of the acquisition-date amounts of the identifiable assets acquired
and liabilities assumed exceeds the sum of the consideration transferred, the amount of
any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously
held interest in the acquiree (if any), the excess is recognised immediately in profit or loss
as a bargain purchase gain.
When the consideration transferred by the Group in a business combination includes
assets or liabilities resulting from a contingent consideration arrangement, the contingent
consideration is measured at its acquisition-date fair value and included as part of the
consideration transferred in a business combination. Changes in the fair value of the
contingent consideration that qualify as measurement period adjustments are adjusted
retrospectively, with corresponding adjustments against goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the
measurement period (which cannot exceed one year from the acquisition date) about
facts and circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration
that do not qualify as measurement period adjustments depends on how the contingent
consideration is classified. Contingent consideration that is classified as equity is not
remeasured at subsequent reporting dates and its subsequent settlement is accounted
for within equity. Contingent consideration that is classified as an asset or a liability is
remeasured at subsequent reporting dates in accordance with IFRS 9 or IAS 37
Provisions, Contingent Liabilities and Contingent Assets, as appropriate, with the
corresponding gain or loss being recognised in profit or loss.
If the initial accounting for a business combination is incomplete by the end of the
reporting period in which the combination occurs, the Group reports provisional amounts
for the items for which the accounting is incomplete. Those provisional amounts are
adjusted during the measurement period (see above), or additional assets or liabilities are
recognised, to reflect new information obtained about facts and circumstances that
existed at the acquisition date that, if known, would have affected the amounts
recognised at that date", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-391": { "value": "
Goodwill is measured as the excess of the sum of the consideration transferred, the
amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s
previously held equity interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed. If, after
reassessment, the net of the acquisition-date amounts of the identifiable assets acquired
and liabilities assumed exceeds the sum of the consideration transferred, the amount of
any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously
held interest in the acquiree (if any), the excess is recognised immediately in profit or loss
as a bargain purchase gain.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-392": { "value": "
3.3.14. Intangible assets.
Internally generated intangible assets.
An internally generated intangible asset arising from development (or from the
development phase of an internal project) is recognised if, and only if, all of the following
have been demonstrated:
\u2022 The technical feasibility of completing the intangible asset so that it will be available for
use or sale.
\u2022 The intention to complete the intangible asset and use or sell it.
\u2022 The ability to use or sell the intangible asset.
\u2022 How the intangible asset will generate probable future economic benefits.
\u2022 The availability of adequate technical, financial and other resources to complete the
development and to use or sell the intangible asset.
\u2022 The ability to measure reliably the expenditure attributable to the intangible asset during
its development.
The amount initially recognised for internally generated intangible assets is the sum of
the expenditure incurred from the date when the intangible asset first meets the
recognition criteria listed above. Where no internally generated intangible asset can be
recognised, development expenditure is recognised in profit or loss in the period in which
it is incurred. Subsequent to initial recognition, internally generated intangible assets are
reported at cost less accumulated amortisation and accumulated impairment losses, on
the same basis as intangible assets that are acquired separately.
Intangible assets: software, technology and contracts.
Software, technology and contracts are carried at cost less accumulated amortisation
and accumulated impairment losses. Amortisation is recognised on a straight-line basis
over the estimated useful lives. The estimated useful life and amortisation method are
reviewed at the end of each reporting period.
Intangible assets: brands.
Brands are carried at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is recognised on a straight-line basis over the estimated useful lives.
The estimated useful life and amortisation method are reviewed at the end of each
reporting period, with the effect of any changes in estimate being accounted for on a
prospective basis.
Intangible assets: customer base.
Customer base is carried at cost less accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a straight-line basis over the estimated
useful lives. The estimated useful life and amortisation method are reviewed at the end of
each reporting period, with the effect of any changes in estimate being accounted for on
a prospective basis.
Derecognition of intangible assets.
An intangible asset is derecognised on disposal, or when no future economic benefits are
expected from use or disposal. Gains or losses arising from derecognition of an intangible
asset, measured as the difference between the net disposal proceeds and the carrying
amount of the asset, are recognised in profit or loss when the asset is derecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-393": { "value": "
Internally generated intangible assets.
An internally generated intangible asset arising from development (or from the
development phase of an internal project) is recognised if, and only if, all of the following
have been demonstrated:
\u2022 The technical feasibility of completing the intangible asset so that it will be available for
use or sale.
\u2022 The intention to complete the intangible asset and use or sell it.
\u2022 The ability to use or sell the intangible asset.
\u2022 How the intangible asset will generate probable future economic benefits.
\u2022 The availability of adequate technical, financial and other resources to complete the
development and to use or sell the intangible asset.
\u2022 The ability to measure reliably the expenditure attributable to the intangible asset during
its development.
The amount initially recognised for internally generated intangible assets is the sum of
the expenditure incurred from the date when the intangible asset first meets the
recognition criteria listed above. Where no internally generated intangible asset can be
recognised, development expenditure is recognised in profit or loss in the period in which
it is incurred. Subsequent to initial recognition, internally generated intangible assets are
reported at cost less accumulated amortisation and accumulated impairment losses, on
the same basis as intangible assets that are acquired separately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-395": { "value": "
3.3.15. Impairment of tangible and intangible assets.
At the end of each reporting period, the Group reviews the carrying amounts of its
tangible and intangible assets to determine whether there is any indication that those
assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss
(if any). When it is not possible to estimate the recoverable amount of an individual asset,
the Group estimates the recoverable amount of the cash-generating unit to which the
asset belongs. When a reasonable and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash-generating units, or otherwise they
are allocated to the smallest group of cash-generating units for which a reasonable and
consistent allocation basis can be identified. Growth rates are based on past
performance, external market growth assumptions and market conditions forecast by our
management using a combination of our business plans and growth assumptions for
future years. Our business plans and growth assumptions are based on our customer
data model and assessed against existing customer development and the acquisition of
new customers. Furthermore, all variable costs, like marketing budgets, delivery cost and
operations expenses for impairment analysis are planned based on performance. Non-
performance-based costs like finance, management and facility, etc. are planned
according to business growth, including economies of scale.
The Group includes the impact of climate-related risks and opportunities on the key
assumptions of the estimation of the future cash flows.
Recoverable amount is the higher of fair value less costs to sell and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset for which the estimates of future cash
flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less
than its carrying amount, the carrying amount of the asset (or cash-generating unit) is
reduced to its recoverable amount. An impairment loss is recognised immediately in profit
or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a
cash-generating unit) is increased to the revised estimate of its recoverable amount, but
so that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset (or cash-
generating unit) in prior years. A reversal of an impairment loss is recognised immediately
in profit or loss; impairment for goodwill is not reversed.
Non-current assets include goodwill, other intangible assets, investments in equity-
accounted joint ventures, investments in associates and property, plant and equipment.
At the end of each reporting period, the Group performs an impairment test on the
carrying amounts of its goodwill to determine whether there is an impairment loss.
Goodwill is allocated to the cash-generating units. The impairment review is prepared by
comparing the carrying values of the cash-generating units related to that cash-
generating unit\u2019s recoverable amount, being the higher of the value in use and fair value
less costs to sell. Value in use is a valuation derived from the discounted future cash
flows of the cash-generating units. The most important estimates in determining the
present value of cash flows are growth rates used to calculate revenue growth, expected
improvements as a result of economics of scale and the discount rate in order to
determine present value. The weighted average cost of capital used e.g. for goodwill
impairment calculations, has been determined based on the capital asset pricing model
using the risk-free rate, market premium and beta based on a peer-group capital
structure. The pre-tax discount rates are calculated from the post-tax discount rate using
the goal-seek method. Estimates are reviewed at least annually as of the date of each
impairment test and believed to be appropriate. However, changes in these estimates
could change the outcomes of the impairment reviews and therefore affect future
financial results, the effects of which would be recognised in the consolidated income
statement through operating profit.
An investment in an associate or a joint venture is accounted for using the equity method
from the date on which the investee becomes an associate or joint venture. On
acquisition of the investment in an associate or a joint venture, any excess of the cost of
the investment over the Group\u2019s share of the net fair value of the identified assets and
liabilities of the investee is recognised as goodwill, which is included within the carrying
amount of the investment. Any excess of the Group\u2019s share of the net fair value of the
identifiable assets and liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the investment is acquired.
When necessary, the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset
by comparing its recoverable amount (higher of value in use and fair value less cost of
disposal) with its carrying amount. Any impairment loss recognised forms part of the
carrying amount of the investment. Any reversal of that impairment loss is recognised in
accordance with IAS 36 to the extent that the recoverable amount of the investment
subsequently increases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-394": { "value": "
3.3.15. Impairment of tangible and intangible assets.
At the end of each reporting period, the Group reviews the carrying amounts of its
tangible and intangible assets to determine whether there is any indication that those
assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss
(if any). When it is not possible to estimate the recoverable amount of an individual asset,
the Group estimates the recoverable amount of the cash-generating unit to which the
asset belongs. When a reasonable and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash-generating units, or otherwise they
are allocated to the smallest group of cash-generating units for which a reasonable and
consistent allocation basis can be identified. Growth rates are based on past
performance, external market growth assumptions and market conditions forecast by our
management using a combination of our business plans and growth assumptions for
future years. Our business plans and growth assumptions are based on our customer
data model and assessed against existing customer development and the acquisition of
new customers. Furthermore, all variable costs, like marketing budgets, delivery cost and
operations expenses for impairment analysis are planned based on performance. Non-
performance-based costs like finance, management and facility, etc. are planned
according to business growth, including economies of scale.
The Group includes the impact of climate-related risks and opportunities on the key
assumptions of the estimation of the future cash flows.
Recoverable amount is the higher of fair value less costs to sell and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset for which the estimates of future cash
flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less
than its carrying amount, the carrying amount of the asset (or cash-generating unit) is
reduced to its recoverable amount. An impairment loss is recognised immediately in profit
or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a
cash-generating unit) is increased to the revised estimate of its recoverable amount, but
so that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset (or cash-
generating unit) in prior years. A reversal of an impairment loss is recognised immediately
in profit or loss; impairment for goodwill is not reversed.
Non-current assets include goodwill, other intangible assets, investments in equity-
accounted joint ventures, investments in associates and property, plant and equipment.
At the end of each reporting period, the Group performs an impairment test on the
carrying amounts of its goodwill to determine whether there is an impairment loss.
Goodwill is allocated to the cash-generating units. The impairment review is prepared by
comparing the carrying values of the cash-generating units related to that cash-
generating unit\u2019s recoverable amount, being the higher of the value in use and fair value
less costs to sell. Value in use is a valuation derived from the discounted future cash
flows of the cash-generating units. The most important estimates in determining the
present value of cash flows are growth rates used to calculate revenue growth, expected
improvements as a result of economics of scale and the discount rate in order to
determine present value. The weighted average cost of capital used e.g. for goodwill
impairment calculations, has been determined based on the capital asset pricing model
using the risk-free rate, market premium and beta based on a peer-group capital
structure. The pre-tax discount rates are calculated from the post-tax discount rate using
the goal-seek method. Estimates are reviewed at least annually as of the date of each
impairment test and believed to be appropriate. However, changes in these estimates
could change the outcomes of the impairment reviews and therefore affect future
financial results, the effects of which would be recognised in the consolidated income
statement through operating profit.
An investment in an associate or a joint venture is accounted for using the equity method
from the date on which the investee becomes an associate or joint venture. On
acquisition of the investment in an associate or a joint venture, any excess of the cost of
the investment over the Group\u2019s share of the net fair value of the identified assets and
liabilities of the investee is recognised as goodwill, which is included within the carrying
amount of the investment. Any excess of the Group\u2019s share of the net fair value of the
identifiable assets and liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the investment is acquired.
When necessary, the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset
by comparing its recoverable amount (higher of value in use and fair value less cost of
disposal) with its carrying amount. Any impairment loss recognised forms part of the
carrying amount of the investment. Any reversal of that impairment loss is recognised in
accordance with IAS 36 to the extent that the recoverable amount of the investment
subsequently increases.
Impairment of financial assets.
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. ECLs are based on the difference
between the contractual cash flows due in accordance with the contract and all the cash
flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of
collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a
significant increase in credit risk since initial recognition, ECLs are provided for credit
losses that result from default events that are possible within the next twelve months (a
12-month ECL). For those credit exposures for which there has been a significant increase
in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default
(a lifetime ECL).
For trade receivables, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss
allowance based on lifetime ECLs at each reporting date. The Group has established a
provision matrix that is based on its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors and the economic environment.
Further disclosures relating to impairment of financial assets is also provided in note 4.2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-396": { "value": "
3.3.16. Associates and joint ventures.
An associate is an entity over which the Group has significant influence. Significant
influence is the power to participate in the financial and operating policy decisions of the
investee but is not control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint arrangement. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require unanimous consent of the parties sharing control.
The results and assets and liabilities of associates and joint ventures are incorporated in
these consolidated financial statements using the equity method of accounting. Under
the equity method, an investment in an associate or a joint venture is initially recognised in
the consolidated statement of financial position at cost and adjusted thereafter to
recognise the Group\u2019s share of the profit or loss and other comprehensive income of the
associate or joint venture. When the Group\u2019s share of losses of an associate or a joint
venture exceeds the Group\u2019s interest in that associate or joint venture (which includes any
long-term interests that, in substance, form part of the Group\u2019s net investment in the
associate or joint venture), the Group discontinues recognising its share of further losses.
Additional losses are recognised only to the extent that the Group has incurred legal or
constructive obligations or made payments on behalf of the associate or joint venture.
An investment in an associate or a joint venture is accounted for using the equity method
from the date on which the investee becomes an associate or joint venture. On
acquisition of the investment in an associate or a joint venture, any excess of the cost of
the investment over the Group\u2019s share of the net fair value of the identified assets and
liabilities of the investee is recognised as goodwill, which is included within the carrying
amount of the investment. Any excess of the Group\u2019s share of the net fair value of the
identifiable assets and liabilities over the cost of the investment, after reassessment, is
recognised immediately in profit or loss in the period in which the investment is acquired.
When necessary, the entire carrying amount of the investment (including goodwill) is
tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset
by comparing its recoverable amount (higher of value in use and fair value less cost of
disposal) with its carrying amount. Any impairment loss recognised forms part of the
carrying amount of the investment. Any reversal of that impairment loss is recognised in
accordance with IAS 36 to the extent that the recoverable amount of the investment
subsequently increases.
When a Group entity transacts with an associate or a joint venture of the Group, profits
and losses resulting from the transactions with the associate or joint venture are
recognised in the Group\u2019s consolidated financial statements only to the extent of
interests in the associate or joint venture that are not related to the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-397": { "value": "
An associate is an entity over which the Group has significant influence. Significant
influence is the power to participate in the financial and operating policy decisions of the
investee but is not control or joint control over those policies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-398": { "value": "
A joint venture is a joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint arrangement. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require unanimous consent of the parties sharing control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-399": { "value": "
When a Group entity transacts with an associate or a joint venture of the Group, profits
and losses resulting from the transactions with the associate or joint venture are
recognised in the Group\u2019s consolidated financial statements only to the extent of
interests in the associate or joint venture that are not related to the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-400": { "value": "
3.3.17. Inventories.
Inventory contains raw materials, consumables and finished goods and is valued at the
lower of cost and net realisable value. Costs are determined by:
\u2022 For raw materials, consumables and third-party finished goods: The average purchase
price method and include direct product purchasing rebates.
\u2022 For finished goods from own manufacturing: Integral manufacturing cost.
Net realisable value is the estimated selling price in the ordinary course of business, less
estimated costs of completion and the estimated costs necessary to make the sale.
There are limited net realisable value adjustments due to the fact that in general products
can be returned to the manufacturer or wholesaler prior to expiring.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-401": { "value": "
3.3.18. Cash and cash equivalents.
Cash and cash equivalents in the statement of financial position comprise cash at banks
and on hand.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
consist of cash, as defined above. The bank overdrafts are not included since they are
not considered to be an integral part of the Group\u2019s cash management. Short-term
securities are shown in Other financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-402": { "value": "
3.3.19. Cash flow statement.
The Company has chosen to prepare the statement of cash flows using the indirect
method, which presents cash flows from operating activities as the operating result
adjusted for non-cash transactions, working capital movement, corporate income tax
paid, and items of income or expense associated with investing or financing cash flows.
Cash flows in foreign currencies have been translated using weighted average periodic
exchange rates. Interest paid on loans is presented as a financing activity, while interest
received is presented as an investing activity. Acquisitions and divestments of businesses
are presented net of cash and cash equivalents acquired or disposed of respectively. In
the cash flow statement, the Company has classified the principal portion of lease
payments, as well as the interest portion, within financing activities. Lease payments are
not split between interest and principal portions but are shown as one line, Cash-out
lease payments, in the cash flow statement. Lease payments for short-term leases and
lease payments for leases of low-value assets not included in the measurement of the
lease liability are classified as cash flows from operating activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-403": { "value": "
3.3.20. Provisions.
Provisions are recognised when the Group has a present obligation (legal or constructive)
as a result of a past event, that is probable that the Group will be required to settle and a
reliable estimate can be made of the amount of the obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-404": { "value": "
3.3.21. Financial instruments - initial recognition and subsequent measurement.
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity.
Financial assets.
Initial recognition and measurement.
Financial assets are classified, at initial recognition, as subsequently measured at
amortised cost and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing
them. With the exception of trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient, the Group initially
measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs. Trade receivables that do not contain a
significant financing component are measured at the transaction price as disclosed in
note 3.3.3 Revenue from contracts with customers.
The Group\u2019s business model for managing financial assets refers to how it manages its
financial assets in order to generate cash flows. The business model determines whether
cash flows will result from collecting contractual cash flows, selling the financial assets,
or both. Financial assets classified and measured at amortised cost are held within a
business model with the objective to hold financial assets in order to collect contractual
cash flows.
Subsequent measurement.
For purposes of subsequent measurement, the Group classified the financial assets in the
following categories:
\u2022 Financial assets at amortised cost (debt instruments).
\u2022 Financial assets at fair value through profit or loss.
Financial assets at amortised cost (debt instruments).
Financial assets at amortised cost are subsequently measured using the effective interest
(EIR) method and are subject to impairment. Gains and losses are recognised in profit or
loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade and other receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses
which uses a lifetime expected loss allowance for all trade receivables. To measure the
expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss rates are based on the payment
profiles of sales and the corresponding historical credit losses experienced within this
period. The historical loss rates are adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of the customers to settle the
receivables.
The financial assets are included in current assets except for maturities greater than
twelve months after the statement of financial position date. These are classified as non-
current assets.
Interest income is recognised by applying the effective interest rate, except for short-
term receivables when the effect of discounting is immaterial.
Financial assets at fair value through profit or loss.
Financial assets at fair value through profit or loss are carried in the statement of financial
position at fair value with net changes in fair value recognised in the statement of profit or
loss.
Derecognition of financial assets.
A financial asset (or, where applicable, a part of a financial asset or part of a group of
similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s
consolidated statement of financial position) when:
\u2022 The rights to receive cash flows from the asset have expired, or
\u2022 The Group has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a
third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred
substantially all the risks and rewards of the asset, or (b) the Group has neither
transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
\u2022 Continuing involvement that takes the form of a guarantee over the transferred asset is
measured at the lower of the original carrying amount of the asset and the maximum
amount of consideration that the Group could be required to repay.
Impairment of financial assets.
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. ECLs are based on the difference
between the contractual cash flows due in accordance with the contract and all the cash
flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of
collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a
significant increase in credit risk since initial recognition, ECLs are provided for credit
losses that result from default events that are possible within the next twelve months (a
12-month ECL). For those credit exposures for which there has been a significant increase
in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default
(a lifetime ECL).
For trade receivables, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss
allowance based on lifetime ECLs at each reporting date. The Group has established a
provision matrix that is based on its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors and the economic environment.
Further disclosures relating to impairment of financial assets is also provided in note 4.2.
Financial liabilities.
Initial recognition and measurement.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings or payables, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs. The Group\u2019s
financial liabilities include trade and other payables, loans and borrowings, including bank
overdrafts.
Subsequent measurement.
For purposes of subsequent measurement, financial liabilities are classified in two
categories:
\u2022 Financial liabilities at fair value through profit or loss.
\u2022 Financial liabilities at amortised cost (loans and borrowings).
Financial liabilities at fair value through profit or loss.
The Group has not designated any financial liability as at fair value through profit or loss.
Financial liabilities at amortised cost (loans and borrowings).
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortised cost using the effective
interest rate (hereafter: EIR) method. Gains and losses are recognised in profit or loss
when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by considering any discount or premium on acquisition and
fees or costs that are an integral part of the EIR. The EIR amortisation is included as
finance costs in the statement of profit or loss. This category generally applies to
interest-bearing loans and borrowings.
Classification as debt or equity.
Debt and equity instruments issued by the Group are classified as either financial
liabilities or as equity in accordance with the substance of the contractual arrangements
and the definitions of a financial liability and an equity instrument.
Equity instruments.
An equity instrument is any contract that evidences a residual interest in the assets of an
entity after deducting all its liabilities. Equity instruments issued by the Group are
recognised at the proceeds received, net of direct issue costs.
Convertible debt.
Proceeds received on issuance of the Group\u2019s convertible debt are allocated into their
liability and equity components. The amount initially attributed to the debt component
equals the discounted cash flows using a market rate of interest that would be payable
on a similar debt instrument that does not include an option to convert. Subsequently, the
debt component is accounted for as a financial liability measured at amortised cost until
extinguished on conversion or maturity of the bond. The remainder of the proceeds are
allocated to the conversion option and are recognised in the equity part on convertible
bonds within shareholders\u2019 equity, net of income tax effects.
Borrowing costs.
Borrowing costs directly attributable to the acquisition, construction or production of an
asset that necessarily takes a substantial period of time to get ready for its intended use
or sale are capitalised as part of the cost of the asset. All other borrowing costs are
expensed in the period in which they occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the borrowing of funds.
Derecognition of financial liabilities.
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the statement of profit or loss.
Offsetting of financial instruments.
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right
to offset the recognised amounts and there is an intention to settle on a net basis, to
realise the assets and settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-405": { "value": "
Financial assets.
Initial recognition and measurement.
Financial assets are classified, at initial recognition, as subsequently measured at
amortised cost and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing
them. With the exception of trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient, the Group initially
measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs. Trade receivables that do not contain a
significant financing component are measured at the transaction price as disclosed in
note 3.3.3 Revenue from contracts with customers.
The Group\u2019s business model for managing financial assets refers to how it manages its
financial assets in order to generate cash flows. The business model determines whether
cash flows will result from collecting contractual cash flows, selling the financial assets,
or both. Financial assets classified and measured at amortised cost are held within a
business model with the objective to hold financial assets in order to collect contractual
cash flows.
Subsequent measurement.
For purposes of subsequent measurement, the Group classified the financial assets in the
following categories:
\u2022 Financial assets at amortised cost (debt instruments).
\u2022 Financial assets at fair value through profit or loss.
Financial assets at amortised cost (debt instruments).
Financial assets at amortised cost are subsequently measured using the effective interest
(EIR) method and are subject to impairment. Gains and losses are recognised in profit or
loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade and other receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses
which uses a lifetime expected loss allowance for all trade receivables. To measure the
expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss rates are based on the payment
profiles of sales and the corresponding historical credit losses experienced within this
period. The historical loss rates are adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of the customers to settle the
receivables.
The financial assets are included in current assets except for maturities greater than
twelve months after the statement of financial position date. These are classified as non-
current assets.
Interest income is recognised by applying the effective interest rate, except for short-
term receivables when the effect of discounting is immaterial.
Financial assets at fair value through profit or loss.
Financial assets at fair value through profit or loss are carried in the statement of financial
position at fair value with net changes in fair value recognised in the statement of profit or
loss.
Derecognition of financial assets.
A financial asset (or, where applicable, a part of a financial asset or part of a group of
similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s
consolidated statement of financial position) when:
\u2022 The rights to receive cash flows from the asset have expired, or
\u2022 The Group has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a
third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred
substantially all the risks and rewards of the asset, or (b) the Group has neither
transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
\u2022 Continuing involvement that takes the form of a guarantee over the transferred asset is
measured at the lower of the original carrying amount of the asset and the maximum
amount of consideration that the Group could be required to repay.
Impairment of financial assets.
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. ECLs are based on the difference
between the contractual cash flows due in accordance with the contract and all the cash
flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of
collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a
significant increase in credit risk since initial recognition, ECLs are provided for credit
losses that result from default events that are possible within the next twelve months (a
12-month ECL). For those credit exposures for which there has been a significant increase
in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default
(a lifetime ECL).
For trade receivables, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss
allowance based on lifetime ECLs at each reporting date. The Group has established a
provision matrix that is based on its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors and the economic environment.
Further disclosures relating to impairment of financial assets is also provided in note 4.2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-406": { "value": "
Financial assets at amortised cost (debt instruments).
Financial assets at amortised cost are subsequently measured using the effective interest
(EIR) method and are subject to impairment. Gains and losses are recognised in profit or
loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade and other receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses
which uses a lifetime expected loss allowance for all trade receivables. To measure the
expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss rates are based on the payment
profiles of sales and the corresponding historical credit losses experienced within this
period. The historical loss rates are adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of the customers to settle the
receivables.
The financial assets are included in current assets except for maturities greater than
twelve months after the statement of financial position date. These are classified as non-
current assets.
Interest income is recognised by applying the effective interest rate, except for short-
term receivables when the effect of discounting is immaterial.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-407": { "value": "
Financial assets at fair value through profit or loss.
Financial assets at fair value through profit or loss are carried in the statement of financial
position at fair value with net changes in fair value recognised in the statement of profit or
loss.
Financial liabilities at fair value through profit or loss.
The Group has not designated any financial liability as at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-408": { "value": "
Derecognition of financial assets.
A financial asset (or, where applicable, a part of a financial asset or part of a group of
similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s
consolidated statement of financial position) when:
\u2022 The rights to receive cash flows from the asset have expired, or
\u2022 The Group has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a
third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred
substantially all the risks and rewards of the asset, or (b) the Group has neither
transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
\u2022 Continuing involvement that takes the form of a guarantee over the transferred asset is
measured at the lower of the original carrying amount of the asset and the maximum
amount of consideration that the Group could be required to repay.
Derecognition of financial liabilities.
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-409": { "value": "
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. ECLs are based on the difference
between the contractual cash flows due in accordance with the contract and all the cash
flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of
collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a
significant increase in credit risk since initial recognition, ECLs are provided for credit
losses that result from default events that are possible within the next twelve months (a
12-month ECL). For those credit exposures for which there has been a significant increase
in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default
(a lifetime ECL).
For trade receivables, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss
allowance based on lifetime ECLs at each reporting date. The Group has established a
provision matrix that is based on its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors and the economic environment.
Further disclosures relating to impairment of financial assets is also provided in note 4.2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-410": { "value": "
Financial liabilities.
Initial recognition and measurement.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings or payables, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs. The Group\u2019s
financial liabilities include trade and other payables, loans and borrowings, including bank
overdrafts.
Subsequent measurement.
For purposes of subsequent measurement, financial liabilities are classified in two
categories:
\u2022 Financial liabilities at fair value through profit or loss.
\u2022 Financial liabilities at amortised cost (loans and borrowings).
Financial liabilities at fair value through profit or loss.
The Group has not designated any financial liability as at fair value through profit or loss.
Financial liabilities at amortised cost (loans and borrowings).
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortised cost using the effective
interest rate (hereafter: EIR) method. Gains and losses are recognised in profit or loss
when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by considering any discount or premium on acquisition and
fees or costs that are an integral part of the EIR. The EIR amortisation is included as
finance costs in the statement of profit or loss. This category generally applies to
interest-bearing loans and borrowings.
Classification as debt or equity.
Debt and equity instruments issued by the Group are classified as either financial
liabilities or as equity in accordance with the substance of the contractual arrangements
and the definitions of a financial liability and an equity instrument.
Equity instruments.
An equity instrument is any contract that evidences a residual interest in the assets of an
entity after deducting all its liabilities. Equity instruments issued by the Group are
recognised at the proceeds received, net of direct issue costs.
Convertible debt.
Proceeds received on issuance of the Group\u2019s convertible debt are allocated into their
liability and equity components. The amount initially attributed to the debt component
equals the discounted cash flows using a market rate of interest that would be payable
on a similar debt instrument that does not include an option to convert. Subsequently, the
debt component is accounted for as a financial liability measured at amortised cost until
extinguished on conversion or maturity of the bond. The remainder of the proceeds are
allocated to the conversion option and are recognised in the equity part on convertible
bonds within shareholders\u2019 equity, net of income tax effects.
Borrowing costs.
Borrowing costs directly attributable to the acquisition, construction or production of an
asset that necessarily takes a substantial period of time to get ready for its intended use
or sale are capitalised as part of the cost of the asset. All other borrowing costs are
expensed in the period in which they occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the borrowing of funds.
Derecognition of financial liabilities.
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the statement of profit or loss.
Offsetting of financial instruments.
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right
to offset the recognised amounts and there is an intention to settle on a net basis, to
realise the assets and settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-411": { "value": "
Financial liabilities.
Initial recognition and measurement.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings or payables, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs. The Group\u2019s
financial liabilities include trade and other payables, loans and borrowings, including bank
overdrafts.
Subsequent measurement.
For purposes of subsequent measurement, financial liabilities are classified in two
categories:
\u2022 Financial liabilities at fair value through profit or loss.
\u2022 Financial liabilities at amortised cost (loans and borrowings).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-412": { "value": "
Financial liabilities at amortised cost (loans and borrowings).
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortised cost using the effective
interest rate (hereafter: EIR) method. Gains and losses are recognised in profit or loss
when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by considering any discount or premium on acquisition and
fees or costs that are an integral part of the EIR. The EIR amortisation is included as
finance costs in the statement of profit or loss. This category generally applies to
interest-bearing loans and borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-413": { "value": "
Borrowing costs.
Borrowing costs directly attributable to the acquisition, construction or production of an
asset that necessarily takes a substantial period of time to get ready for its intended use
or sale are capitalised as part of the cost of the asset. All other borrowing costs are
expensed in the period in which they occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the borrowing of funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-414": { "value": "
Offsetting of financial instruments.
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right
to offset the recognised amounts and there is an intention to settle on a net basis, to
realise the assets and settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-415": { "value": "
3.4. Changes in accounting policies and disclosures.
New and amended standards and interpretations.
In the current year, the Group has applied a number of amendments to IFRS Accounting
Standards issued by the International Accounting Standards Board (IASB) that are
mandatorily effective for an accounting period that begins on or after 1 January 2024. In
2024, the Group has not adopted early any new standards, interpretations or
amendments that have been issued but are not yet effective.
The Group has adopted the amendments of the following four IFRS standards for the first
time in the current year:
\u2022 Classification of Liabilities as Current or Non-current with covenants - Amendments to
IAS 1;
\u2022 Lease Liability in Sale and Leaseback - Amendments to IFRS 16; and
\u2022 Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7.
The amendments listed above did not have a material impact on the valuation and
classification of assets and liabilities of the Group, nor on its income statement or cash
flows and are not expected to significantly affect the current or future periods.
34. Standards issued but not yet effective.
A number of new standards, amendments to standards and interpretations are effective
for annual periods beginning on or after 1 January 2025 and have not been adopted early
in preparing these financial statements. None of these amendments are expected to have
a material effect on the financial statements of the Group except for \"IFRS 18
Presentation and Disclosure in Financial Statements\". Redcare's assessment of the
impact of these new standards and amendments is set out below.
IFRS 18 Presentation and Disclosures in Financial Statements.
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual
reporting periods beginning on or after 1 January 2027. The new standard introduces the
following key new requirements.
\u2022 Entities are required to classify all income and expenses into five categories in the
statement of profit or loss, namely operating, investing, financing, discontinued
operations and income tax categories. Entities are also required to present a newly-
defined operating profit subtotal. Entities\u2019 net profit will not change.
\u2022 Management-defined performance measures (MPMs) are disclosed in a single note in
the financial statements.
\u2022 Enhanced guidance is provided on how to group information in the financial statements.
In addition, all entities are required to use the operating profit subtotal as a starting point
for the statement of cash flows when presenting cash flows under the indirect method.
The Company anticipates that the application of the new standard may have an impact
on the Group's consolidated financial statements in future periods. The Group is still in
the process of assessing the impact of the new standard, particularly with respect to the
structure of the Group\u2019s statement of profit or loss, the statement of cash flows and the
additional disclosures required for MPMs.
The Group intends to adopt these new and amended standards and interpretations, if
applicable, when they become effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-416": { "value": "
4. Significant accounting judgements, estimates and
assumptions.
The preparation of the Group\u2019s consolidated financial statements requires management
to make judgements, estimates and assumptions that affect the reported amounts of
revenue, expenses, assets and liabilities, and the accompanying disclosures, and the
disclosure of contingent liabilities. Uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the carrying amount of
assets or liabilities reported in future periods.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the period in which the estimate is revised if
the revision affects only that period, or in the period of the revision and future periods if
the revision affects both current and future periods. Other disclosures relating to the
Group\u2019s exposure to risks and uncertainties include:
\u2022 Capital management (note 25).
\u2022 Financial instruments (note 25).
4.1. Judgements.
In the process of applying the Group\u2019s accounting policies, management has made the
following judgements, which have the most significant effect on the amounts recognised
in the consolidated financial statements:
Determining the lease term of contracts with renewal and termination options - Group
as lessee.
The Group determines the lease term as the non-cancellable term of the lease, together
with any periods covered by an option to extend the lease if it is reasonably certain to be
exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised.
The Group has several lease contracts that include extension and termination options.
The Group applies judgement in evaluating whether it is reasonably certain whether or
not to exercise the option to renew or terminate the lease, that is, it considers all relevant
factors that create an economic incentive for it to exercise either the renewal or
termination. After the commencement date, the Group reassesses the lease term if there
is a significant event or change in circumstances that is within its control and affects its
ability to exercise or not to exercise the option to renew or to terminate (e.g. construction
of significant leasehold improvements or significant customisation to the leased asset).
Capitalisation of development expenses.
The Group capitalises costs for development projects. Initial capitalisation of costs is
based on management\u2019s judgement that technological and economic feasibility is
confirmed, usually when a development project has reached a defined milestone
according to an established project management model. In determining the amounts to
be capitalised, management makes assumptions regarding the expected future cash
generation of the project, discount rates to be applied and the expected period of
benefits.
In particular, we have capitalised development work for our websites and for the ERP
system that runs our business operations.
4.2. Estimates and assumptions.
The key assumptions concerning the future, including climate-related risks and
opportunities and other key sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the carrying amounts of assets
and liabilities within the next financial year, are described below. The Group based its
assumptions and estimates on parameters available when the consolidated financial
statements were prepared. However, existing circumstances and assumptions about
future developments may change due to market changes or circumstances arising that
are beyond the control of the Group. Such changes are reflected in the assumptions
when they occur.
Evaluation of non-current assets for impairment.
Non-current assets include goodwill, other intangible assets, investments in equity-
accounted joint ventures, investments in associates and property, plant and equipment.
Estimates are reviewed at least annually as of the date of each impairment test and
believed to be appropriate. However, changes in these estimates could change the
outcomes of the impairment reviews and therefore affect future financial results, the
effects of which would be recognised in the consolidated statement of profit and loss
through operating profit.
The key assumptions used, including a sensitivity analysis, are disclosed and further
explained in note 3.3.15 and note 15.
Leases - estimating the incremental borrowing rate.
The Group cannot readily determine the market rate in the lease. Therefore, it uses its
incremental borrowing rate (IBR) to measure leases.
The IBR is the rate of interest that the Group would have to pay to borrow over a similar
term, and with a similar security, the funds necessary to obtain an asset of a similar value
to the right-of-use asset in a similar economic environment. The Group estimates the IBR
using observable inputs (such as market interest rates) when available and is required to
make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating).
Convertible bonds - estimating the effective interest rate.
The Group measures the convertible bonds, net of directly attributable transaction costs,
at amortised cost.
The effective interest rate is the rate of interest that the Group would have to pay to
borrow over a similar term, and with a similar security, the funds necessary to obtain a
convertible bond in a similar economic environment. The Group estimates the effective
interest rate using observable inputs (such as market interest rates) when available and is
required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone
credit rating).
Taxes.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable
that taxable profit will be available against which the losses can be utilised. Significant
management judgement is required to determine the amount of deferred tax assets that
can be recognised, based on the likely timing and the level of future taxable profits,
together with future tax planning strategies.
Under consideration of IAS 12, no deferred tax assets have been recognised in excess of
existing deferred tax liabilities, since no positive fiscal results have been reported yet.
Provision for expected credit losses of trade receivables.
Almost all accounts receivable are derived from sales to customers and receivables from
vendors. In order to monitor potential credit losses, the Group performs ongoing credit
evaluations of its customers\u2019 financial condition. Respective allowances for expected
credit losses on accounts receivable are maintained based on management\u2019s
assessment of the expected collectability of all accounts receivable. The respective
allowances for credit losses on accounts receivable are reviewed periodically to assess
the adequacy of these allowances. In making this assessment, the Group takes into
consideration any circumstances of which it is aware regarding a customer\u2019s inability to
meet the financial obligations and its judgements as to potential prevailing economic
conditions in the industry and their potential impact on its customers.
Provision for net realisable value of inventories.
The assessment of a risk for a lower net realisable value of the inventories is done on a
periodical basis. Based on trends in sales quantities and prices as well as other market
developments, we review if the net realisable value is lower when measured at cost. The
net realisable value is equal to the amount for which we expect the product can be sold,
after deduction of costs still to be incurred. In making this assessment, the Group takes
into consideration any circumstances of which it is aware regarding a potential decrease
in current purchase and sales prices or sales demand.
Employee benefit plans and other non-current employee benefits.
The costs of the employee benefit plans and other long-term employee benefits are
determined using actuarial valuations. These valuations involve making assumptions
about the discount rate, future salary and pension developments, mortality and the
employee turnover rate. The Group considers the discount rate, the selection of mortality
tables and the development of salaries to be key assumptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-418": { "value": "
4.2. Estimates and assumptions.
The key assumptions concerning the future, including climate-related risks and
opportunities and other key sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the carrying amounts of assets
and liabilities within the next financial year, are described below. The Group based its
assumptions and estimates on parameters available when the consolidated financial
statements were prepared. However, existing circumstances and assumptions about
future developments may change due to market changes or circumstances arising that
are beyond the control of the Group. Such changes are reflected in the assumptions
when they occur.
Evaluation of non-current assets for impairment.
Non-current assets include goodwill, other intangible assets, investments in equity-
accounted joint ventures, investments in associates and property, plant and equipment.
Estimates are reviewed at least annually as of the date of each impairment test and
believed to be appropriate. However, changes in these estimates could change the
outcomes of the impairment reviews and therefore affect future financial results, the
effects of which would be recognised in the consolidated statement of profit and loss
through operating profit.
The key assumptions used, including a sensitivity analysis, are disclosed and further
explained in note 3.3.15 and note 15.
Leases - estimating the incremental borrowing rate.
The Group cannot readily determine the market rate in the lease. Therefore, it uses its
incremental borrowing rate (IBR) to measure leases.
The IBR is the rate of interest that the Group would have to pay to borrow over a similar
term, and with a similar security, the funds necessary to obtain an asset of a similar value
to the right-of-use asset in a similar economic environment. The Group estimates the IBR
using observable inputs (such as market interest rates) when available and is required to
make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating).
Convertible bonds - estimating the effective interest rate.
The Group measures the convertible bonds, net of directly attributable transaction costs,
at amortised cost.
The effective interest rate is the rate of interest that the Group would have to pay to
borrow over a similar term, and with a similar security, the funds necessary to obtain a
convertible bond in a similar economic environment. The Group estimates the effective
interest rate using observable inputs (such as market interest rates) when available and is
required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone
credit rating).
Taxes.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable
that taxable profit will be available against which the losses can be utilised. Significant
management judgement is required to determine the amount of deferred tax assets that
can be recognised, based on the likely timing and the level of future taxable profits,
together with future tax planning strategies.
Under consideration of IAS 12, no deferred tax assets have been recognised in excess of
existing deferred tax liabilities, since no positive fiscal results have been reported yet.
Provision for expected credit losses of trade receivables.
Almost all accounts receivable are derived from sales to customers and receivables from
vendors. In order to monitor potential credit losses, the Group performs ongoing credit
evaluations of its customers\u2019 financial condition. Respective allowances for expected
credit losses on accounts receivable are maintained based on management\u2019s
assessment of the expected collectability of all accounts receivable. The respective
allowances for credit losses on accounts receivable are reviewed periodically to assess
the adequacy of these allowances. In making this assessment, the Group takes into
consideration any circumstances of which it is aware regarding a customer\u2019s inability to
meet the financial obligations and its judgements as to potential prevailing economic
conditions in the industry and their potential impact on its customers.
Provision for net realisable value of inventories.
The assessment of a risk for a lower net realisable value of the inventories is done on a
periodical basis. Based on trends in sales quantities and prices as well as other market
developments, we review if the net realisable value is lower when measured at cost. The
net realisable value is equal to the amount for which we expect the product can be sold,
after deduction of costs still to be incurred. In making this assessment, the Group takes
into consideration any circumstances of which it is aware regarding a potential decrease
in current purchase and sales prices or sales demand.
Employee benefit plans and other non-current employee benefits.
The costs of the employee benefit plans and other long-term employee benefits are
determined using actuarial valuations. These valuations involve making assumptions
about the discount rate, future salary and pension developments, mortality and the
employee turnover rate. The Group considers the discount rate, the selection of mortality
tables and the development of salaries to be key assumptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-417": { "value": "4.2. Estimates and assumptions.The key assumptions concerning the future, including climate-related risks and opportunities and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.Evaluation of non-current assets for impairment.Non-current assets include goodwill, other intangible assets, investments in equity-accounted joint ventures, investments in associates and property, plant and equipment. Estimates are reviewed at least annually as of the date of each impairment test and believed to be appropriate. However, changes in these estimates could change the outcomes of the impairment reviews and therefore affect future financial results, the effects of which would be recognised in the consolidated statement of profit and loss through operating profit.The key assumptions used, including a sensitivity analysis, are disclosed and further explained in note 3.3.15 and note 15.Leases - estimating the incremental borrowing rate.The Group cannot readily determine the market rate in the lease. Therefore, it uses its incremental borrowing rate (IBR) to measure leases.The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating). Convertible bonds - estimating the effective interest rate.The Group measures the convertible bonds, net of directly attributable transaction costs, at amortised cost.The effective interest rate is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain a convertible bond in a similar economic environment. The Group estimates the effective interest rate using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating).Taxes.Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and the level of future taxable profits, together with future tax planning strategies.Under consideration of IAS 12, no deferred tax assets have been recognised in excess of existing deferred tax liabilities, since no positive fiscal results have been reported yet.Provision for expected credit losses of trade receivables. Almost all accounts receivable are derived from sales to customers and receivables from vendors. In order to monitor potential credit losses, the Group performs ongoing credit evaluations of its customers\u2019 financial condition. Respective allowances for expected credit losses on accounts receivable are maintained based on management\u2019s assessment of the expected collectability of all accounts receivable. The respective allowances for credit losses on accounts receivable are reviewed periodically to assess the adequacy of these allowances. In making this assessment, the Group takes into consideration any circumstances of which it is aware regarding a customer\u2019s inability to meet the financial obligations and its judgements as to potential prevailing economic conditions in the industry and their potential impact on its customers.Provision for net realisable value of inventories.The assessment of a risk for a lower net realisable value of the inventories is done on a periodical basis. Based on trends in sales quantities and prices as well as other market developments, we review if the net realisable value is lower when measured at cost. The net realisable value is equal to the amount for which we expect the product can be sold, after deduction of costs still to be incurred. In making this assessment, the Group takes into consideration any circumstances of which it is aware regarding a potential decrease in current purchase and sales prices or sales demand. Employee benefit plans and other non-current employee benefits.The costs of the employee benefit plans and other long-term employee benefits are determined using actuarial valuations. These valuations involve making assumptions about the discount rate, future salary and pension developments, mortality and the employee turnover rate. The Group considers the discount rate, the selection of mortality tables and the development of salaries to be key assumptions.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-419": { "value": "
5. Revenue from contracts with customers and segment information.
A business segment in the sense of IFRS 8 is a unit of a business which conducts
business activities and produces financial income and expenses, the operating results of
which are regularly reviewed by the Company\u2019s chief operating decision makers with
regards to decisions on allocating resources to this segment and the assessment of
profitability for which there exists corresponding financial information.
Our operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision makers. The chief operating decision makers,
who are responsible for allocating resources, for assessing the performance of the
operating segments and for making strategic decisions, have been identified as statutory
members of the Managing Board of the Group.
Segment information.
For the year ended
2024
2023
in EUR 1,000
DACH
International
Total
DACH
International
Total
Revenue
1,934,077
436,498
2,370,575
1,453,551
345,207
1,798,758
Cost of sales
-1,496,302
-328,494
-1,824,796
-1,097,883
-260,492
-1,358,375
Gross Profit
437,775
108,004
545,779
355,668
84,715
440,383
% of revenue
22.6%
24.7%
23.0%
24.5%
24.5%
24.5%
Other income
335
10
345
290
29
319
Selling & Distribution
-341,844
-102,143
-443,987
-248,129
-88,318
-336,447
Administrative expense
-48,879
-24,028
-72,907
-41,591
-22,671
-64,262
EBITDA
47,387
-18,157
29,230
66,238
-26,245
39,993
Depreciation
-44,338
-23,879
-68,217
-37,009
-20,279
-57,288
EBIT
3,049
-42,036
-38,987
29,229
-46,524
-17,295
Finance income
7,418
18,221
Finance expense
-16,679
-15,500
Share of profit of associates and joint ventures and badwill
415
226
Income tax
1,477
2,742
Net Loss
-46,356
-11,606
Within the context of IFRS 8, we consider two business segments for external reporting
purposes: Our DACH segment, which includes medications and pharmacy-related BPC
products sold to customers in Germany, Austria and Switzerland, and our International
segment, which includes only OTC medications and pharmacy-related BPC products\u00a0
sold to customers in Belgium, the Netherlands, France and Italy.
In 2023, Redcare Pharmacy entered a strategic partnership with Galenica AG in
Switzerland by acquiring 51% of the shares in MediService AG. As part of this strategic
partnership, Redcare Pharmacy and Galenica AG have combined the business activities
of the speciality pharmacy MediService AG and the online pharmacy redcare.ch. As a
consequence, MediService has been included in our DACH segment since May 2023.
The Group\u2019s assets and liabilities are not disclosed by segment as they are not included
in the segment information used by the chief operating decision makers. The accounting
policies of the operating segments are the same as the Group\u2019s accounting policies
described in note 3.
The Group allocates all costs (excluding net finance cost and income tax) to the
segments. The result by segment is shown in the EBITDA line, including all costs directly
related to the revenue of the segments (marketing, operations) and administrative
expenses. EBITDA means earnings before tax, interest, depreciation and amortisation.
Other geographical information.
The Group\u2019s information about its non-current assets (property, plant and equipment,
right-of-use assets and intangible assets) based on geographic location of the assets is
as follows (all amounts in thousands of euro):
Other geographical information \u2013 additions to non-current assets.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Netherlands
35,369
35,052
Germany
8,543
8,102
Switzerland
1,350
154,159
Italy
1,703
-115 1
Belgium
120
340
France
18
10
Austria
883
0
Czech Republic
0
0
47,986
197,548
Additions and acquisitions
Property, plant and equipment
8,743
7,136
Right-of-use assets
5,836
10,190
Intangible assets
33,407
180,222
47,986
197,548
Other geographical information \u2013 location of non-current assets.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Netherlands
277,600
294,854
Germany
65,088
62,768
Switzerland
142,794
149,904
Italy
6,544
6,203
Belgium
890
1,187
France
78
97
Austria
885
0
Czech Republic
0
0
493,879
515,013
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-420": { "value": "
5. Revenue from contracts with customers and segment information.
A business segment in the sense of IFRS 8 is a unit of a business which conducts
business activities and produces financial income and expenses, the operating results of
which are regularly reviewed by the Company\u2019s chief operating decision makers with
regards to decisions on allocating resources to this segment and the assessment of
profitability for which there exists corresponding financial information.
Our operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision makers. The chief operating decision makers,
who are responsible for allocating resources, for assessing the performance of the
operating segments and for making strategic decisions, have been identified as statutory
members of the Managing Board of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-422": { "value": "
Revenue from type of products and services.
The revenue from type of products and services is the following:
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Rx revenue
749,809
457,272
Non-Rx revenue
1,620,766
1,341,486
2,370,575
1,798,758
The 2024 revenue from the country of domicile amounts to EUR 1,696million (2023: EUR
1,367 million). The Group has no revenue from transactions with a single external
customer amounting to 10% or more of revenue.
Revenue from the sale of major products comprises the amount of the consideration
Redcare Pharmacy expects to or has already received in exchange for transferring the
promised goods to our customers.
The strong revenue growth within the prescription (Rx) products in the DACH segment
was primarily driven by the acquisition of MediService and experiencing significant
momentum due to the continued roll-out of e-prescriptions in Germany.
The concentration of credit risk with respect to receivables is limited, as the Company\u2019s
customer base and vendor base are large and unrelated. No customer individually
represents more than 1% of the total balance of trade receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-421": { "value": "
Revenue from type of products and services.
The revenue from type of products and services is the following:
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Rx revenue
749,809
457,272
Non-Rx revenue
1,620,766
1,341,486
2,370,575
1,798,758
The 2024 revenue from the country of domicile amounts to EUR 1,696million (2023: EUR
1,367 million). The Group has no revenue from transactions with a single external
customer amounting to 10% or more of revenue.
Revenue from the sale of major products comprises the amount of the consideration
Redcare Pharmacy expects to or has already received in exchange for transferring the
promised goods to our customers.
The strong revenue growth within the prescription (Rx) products in the DACH segment
was primarily driven by the acquisition of MediService and experiencing significant
momentum due to the continued roll-out of e-prescriptions in Germany.
The concentration of credit risk with respect to receivables is limited, as the Company\u2019s
customer base and vendor base are large and unrelated. No customer individually
represents more than 1% of the total balance of trade receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-424": { "value": "
6. Other income.
For 2024 and 2023, the other income relates to other transactions such as proceeds from
the sale of fixed assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-423": { "value": "
6. Other income.
For 2024 and 2023, the other income relates to other transactions such as proceeds from
the sale of fixed assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-426": { "value": "
7. Selling & distribution.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Other selling & distribution expenses
315,167
234,439
Employee benefit expenses
128,820
102,007
Depreciation and amortisation expenses
57,984
48,695
501,971
385,141
The main categories within selling and distribution are fulfilment, last mile and marketing
and also cost related to online payment methods. As a percentage of sales, selling and
distribution expenses remained in line with the prior year. While the underlying marketing
expenses of Redcare increased as a percentage of sales due to the Rx marketing push,
they were offset by the full-year inclusion effect of MediService, the business acquired in
May 2023, which has a typically lower selling and distribution ratio due to high average
basket sizes.
8. Administrative expenses.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Other administrative expenses
41,482
32,998
Employee benefit expenses
31,425
31,264
Depreciation and amortisation expenses
10,233
8,593
83,140
72,855
The main categories within administrative expenses are personnel expenses e.g. for
management, Finance, HR and Legal, as well as other IT-related non-labour cost,
operations overhead cost and facility expenses.
Reconciliation: Employee benefit to selling and distribution, administrative expenses
and cost of sales.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Included in selling & distribution
128,820
102,007
Included in administrative expenses
31,425
31,264
Included in cost of sales
17,744
16,380
177,989
149,651
Reconciliation: Employee benefit to various categories.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Wages & salaries
148,089
117,224
Social securities
22,693
17,846
Pension contributions
4,024
3,011
Share-based payment expenses
3,182
3,507
Post-combination services
0
8,063
177,988
149,651
The expenses mentioned above include expenses of own employees (including expenses
for the employee stock option plans) and costs of contingent workers.
In 2023, the employee benefit expenses include costs of EUR 8.1 million (of which EUR 8.2
million for smartpatient and EUR -0.1 million for MedApp) for post-combination services
payments related to the acquisitions of smartpatient and MedApp. In the year 2024, there
were no costs related to post-combination services.
The number of employees of the Group as of the end of the year converted to full time.
equivalents was as follows:
2024
2023
Average full-time-equivalents during year
2,266
2,075
These full-time equivalents are divided over the various departments as follows:
2024
2023
Cost of sales
293
285
Selling & distribution
1,744
1,589
Administrative
229
201
2,266
2,075
All employees are involved in providing the Group\u2019s services relating to its online
pharmacy and e-commerce activities. As of 31 December 2024, 954 of the 2,266 FTEs
were working outside the Netherlands (31 December 2023: 896 of 2,075).
Total expenses for defined contribution pension plans.
The total expenses of EUR 4.0 million (2023: EUR 3.0 million) recognised in profit or loss
represent contributions relating to payments to the plan by the Group.
As of 31 December 2024, contributions of EUR 0 (2023: EUR 0) due in respect of the
reporting period had not been paid over to the plan.
9. Total depreciation and amortisation expenses.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Depreciation of property, plant and equipment
11,096
9,762
Depreciation of right-of-use asset
6,978
6,272
Amortisation of intangible assets
36,979
30,603
Amortisation of intangible assets from business combinations
13,164
10,651
68,217
57,288
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-425": { "value": "
7. Selling & distribution.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Other selling & distribution expenses
315,167
234,439
Employee benefit expenses
128,820
102,007
Depreciation and amortisation expenses
57,984
48,695
501,971
385,141
The main categories within selling and distribution are fulfilment, last mile and marketing
and also cost related to online payment methods. As a percentage of sales, selling and
distribution expenses remained in line with the prior year. While the underlying marketing
expenses of Redcare increased as a percentage of sales due to the Rx marketing push,
they were offset by the full-year inclusion effect of MediService, the business acquired in
May 2023, which has a typically lower selling and distribution ratio due to high average
basket sizes.
8. Administrative expenses.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Other administrative expenses
41,482
32,998
Employee benefit expenses
31,425
31,264
Depreciation and amortisation expenses
10,233
8,593
83,140
72,855
The main categories within administrative expenses are personnel expenses e.g. for
management, Finance, HR and Legal, as well as other IT-related non-labour cost,
operations overhead cost and facility expenses.
Reconciliation: Employee benefit to selling and distribution, administrative expenses
and cost of sales.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Included in selling & distribution
128,820
102,007
Included in administrative expenses
31,425
31,264
Included in cost of sales
17,744
16,380
177,989
149,651
Reconciliation: Employee benefit to various categories.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Wages & salaries
148,089
117,224
Social securities
22,693
17,846
Pension contributions
4,024
3,011
Share-based payment expenses
3,182
3,507
Post-combination services
0
8,063
177,988
149,651
The expenses mentioned above include expenses of own employees (including expenses
for the employee stock option plans) and costs of contingent workers.
In 2023, the employee benefit expenses include costs of EUR 8.1 million (of which EUR 8.2
million for smartpatient and EUR -0.1 million for MedApp) for post-combination services
payments related to the acquisitions of smartpatient and MedApp. In the year 2024, there
were no costs related to post-combination services.
The number of employees of the Group as of the end of the year converted to full time.
equivalents was as follows:
2024
2023
Average full-time-equivalents during year
2,266
2,075
These full-time equivalents are divided over the various departments as follows:
2024
2023
Cost of sales
293
285
Selling & distribution
1,744
1,589
Administrative
229
201
2,266
2,075
All employees are involved in providing the Group\u2019s services relating to its online
pharmacy and e-commerce activities. As of 31 December 2024, 954 of the 2,266 FTEs
were working outside the Netherlands (31 December 2023: 896 of 2,075).
Total expenses for defined contribution pension plans.
The total expenses of EUR 4.0 million (2023: EUR 3.0 million) recognised in profit or loss
represent contributions relating to payments to the plan by the Group.
As of 31 December 2024, contributions of EUR 0 (2023: EUR 0) due in respect of the
reporting period had not been paid over to the plan.
9. Total depreciation and amortisation expenses.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Depreciation of property, plant and equipment
11,096
9,762
Depreciation of right-of-use asset
6,978
6,272
Amortisation of intangible assets
36,979
30,603
Amortisation of intangible assets from business combinations
13,164
10,651
68,217
57,288
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-428": { "value": "
8. Administrative expenses.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Other administrative expenses
41,482
32,998
Employee benefit expenses
31,425
31,264
Depreciation and amortisation expenses
10,233
8,593
83,140
72,855
The main categories within administrative expenses are personnel expenses e.g. for
management, Finance, HR and Legal, as well as other IT-related non-labour cost,
operations overhead cost and facility expenses.
Reconciliation: Employee benefit to selling and distribution, administrative expenses
and cost of sales.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Included in selling & distribution
128,820
102,007
Included in administrative expenses
31,425
31,264
Included in cost of sales
17,744
16,380
177,989
149,651
Reconciliation: Employee benefit to various categories.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Wages & salaries
148,089
117,224
Social securities
22,693
17,846
Pension contributions
4,024
3,011
Share-based payment expenses
3,182
3,507
Post-combination services
0
8,063
177,988
149,651
The expenses mentioned above include expenses of own employees (including expenses
for the employee stock option plans) and costs of contingent workers.
In 2023, the employee benefit expenses include costs of EUR 8.1 million (of which EUR 8.2
million for smartpatient and EUR -0.1 million for MedApp) for post-combination services
payments related to the acquisitions of smartpatient and MedApp. In the year 2024, there
were no costs related to post-combination services.
The number of employees of the Group as of the end of the year converted to full time.
equivalents was as follows:
2024
2023
Average full-time-equivalents during year
2,266
2,075
These full-time equivalents are divided over the various departments as follows:
2024
2023
Cost of sales
293
285
Selling & distribution
1,744
1,589
Administrative
229
201
2,266
2,075
All employees are involved in providing the Group\u2019s services relating to its online
pharmacy and e-commerce activities. As of 31 December 2024, 954 of the 2,266 FTEs
were working outside the Netherlands (31 December 2023: 896 of 2,075).
Total expenses for defined contribution pension plans.
The total expenses of EUR 4.0 million (2023: EUR 3.0 million) recognised in profit or loss
represent contributions relating to payments to the plan by the Group.
As of 31 December 2024, contributions of EUR 0 (2023: EUR 0) due in respect of the
reporting period had not been paid over to the plan.
Employee benefit liabilities.
This relates to the long-term portion of the post-combination benefit payments as a
result of the acquisitions of smartpatient and MedApp. For detailed disclosure, reference
is made to note 31 (business combinations in prior periods).
Employee benefit liabilities.
The employee benefit liabilities include accruals for bonus payments, vacation days and
several other accruals.
28. Employee benefit plans.
The MediService employees work in Switzerland and participate in the \u201cGalenica Pension
Fund\u201d, which is financed by the employers and the employees. This plan is legally
separate from MediService and qualifies as a defined benefit plan. The pension plan
covers the risks of the economic consequences of old age, disability and death in
accordance with the Swiss Federal Occupational Retirement, Survivors and Disability
Pension Plans Act (BVG / LPP). The pension plan is structured in the legal form of a
foundation. All actuarial risks are borne by the foundation and regularly assessed by the
Board of Trustees based on an annual actuarial appraisal prepared in accordance with
BVG / LPP. The Company's liabilities are limited to contributions that are based on a
percentage of the insured salary under Swiss law. Only in cases of a funded status that is
significantly below a funded status of 100% as per the BVG / LPP law can Galenica be
required to pay additional contributions. The calculations made in these appraisals do not
apply the projected unit credit method required by IFRS. If the calculations made in
accordance with the provisions of BVG / LPP reveal a funded status of less than 100%,
suitable restructuring measures need to be introduced. The Board of Trustees consists of
employee and employer representatives.
The defined benefit plan is funded. Plan assets are managed separately from
MediService\u2019s assets by the independent pension fund.
The most recent actuarial valuation was prepared as at 31 December 2024. The pension
fund assets are invested in accordance with local investment guidelines. MediService
pays its contributions to the pension fund in accordance with the regulations defined by
the fund.
The final funded status pursuant to BVG / LPP is not available until the first quarter of the
subsequent year. The projected funded status as at 31 December 2024 for the
MediService Pension Fund is 117.0% (unaudited) and as at 31 December 2023 110.8%
(final).
Defined benefit plans and long-service awards.
2024
2023
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
Plan assets measured at fair value
36,079
0
30,574
0
Present value of defined benefit
obligation
-38,068
-370
-33,732
-297
Surplus / (deficit)
-1,989
-370
-3,158
-297
Effect of asset ceiling
0
0
0
0
Net carrying amount recognised in
employee benefit liabilities
-1,989
-370
-3,158
-297
of which recognised in assets
0
0
0
0
of which recognised in liabilities
-1,989
-370
-3,158
-297
Change in present value of defined benefit obligation.
2024
2023
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
1 January
-33,711
-297
0
0
From business combination
0
0
-29,878
-259
Current service cost
-1,015
-37
-379
-16
Past service cost
0
0
0
0
Interest on defined benefit obligation
-448
-3
-276
-2
Actuarial gain/(loss)
-1,137
-50
-2,775
-17
Employee contributions
-782
0
-363
0
Benefits/awards paid
-1,437
15
-39
-2
Currency revaluation
462
3
0
0
Plan compensation
0
0
0
0
31 December
-38,068
-370
-33,711
-297
Change in fair value of plan assets.
in EUR 1,000
2024
2023
1 January
30,574
0
From business combination
0
30,707
Interest on plan assets
417
297
Remeasurement gain/(loss)
2,194
-1,355
Employee contributions
782
370
Employer contributions
1,127
531
Net benefits paid
1,437
40
Administration cost
-34
-16
Currency revaluation
-418
0
Plan compensation
0
0
31 December
36,079
30,574
Net defined benefit cost.
in EUR 1,000
2024
2023
Current service cost
1,015
-395
Past service cost
0
0
Net interest on net defined benefit liability
31
18
Administration cost
34
-16
Effect of plan compensation
0
0
Net defined benefit cost
1,080
-393
Remeasurement of net defined benefit liability.
in EUR 1,000
2024
2023
Actuarial gain/(loss) due to:
\u2013 Changes in demographic assumptions
0
0
\u2013 Changes in financial assumptions
-1,819
-2,227
\u2013 Experience adjustments
682
-549
Remeasurement of plan assets
2,194
-1,355
Effect in the change of asset ceiling
0
836
Adjustment
0
0
Remeasurement of net defined benefit liability recognised in
other comprehensive income
1,057
-3,295
Investment structure of plan assets.
in EUR 1,000
2024
2023
Cash and cash equivalents
283
0.8%
134
0.4%
Debt instruments
7,982
22.1%
6,982
22.8%
Equity instruments
15,549
43.1%
12,854
42.0%
Real estate
8,204
22.7%
7,333
24.0%
Other investments
4,061
11.3%
3,272
10.7%
Fair value of plan assets
36,079
100.0%
30,574
100.0%
Current return on plan assets
8.8%
-3.4%
The Board of Trustees is responsible for investing the plan assets. It defines the
investment strategy and determines the long-term target asset structure (investment
policy), taking into account the legal requirements, objectives set, the benefit obligations
and the foundations' risk capacity. The Board of Trustees delegates implementation of
the investment policy in accordance with the investment strategy to an investment
committee, which also comprises trustees from the Board of Trustees and a general
manager. Plan assets are managed by external asset managers in line with the
investment strategy.
Cash and cash equivalents are deposited with financial institutions with a credit rating of
A or above.
Debt instruments (e.g. bonds) have a credit rating of at least BBB and quoted prices in
active markets (level 1 of the fair value hierarchy). They can be investments in funds and
direct investments.
Equity instruments are investments in equity funds. These generally have quoted prices in
active markets (level 1 of the fair value hierarchy).
Real estate relates to both residential property and offices. These can be investments in
quoted real estate funds (level 1 of the fair value hierarchy) or direct investments (level 3
of the fair value hierarchy). If real estate is held directly, it is valued by an independent
expert.
Other investments consist of hedge funds, insurance-linked securities (ILS),
infrastructures, senior loans, private equity and receivables. Investments in hedge funds
are classified as alternative investments. They are primarily used for risk management
purposes. In most cases, quoted prices in an active market are not available for hedge
funds investments (level 2 or level 3 of the fair value hierarchy).
The use of derivative financial instruments is only permitted if sufficient liquidity or
underlying investments are available. Leverage and short selling are not permitted.
The total pension funds manage the assets of 6,027 active members (previous year:
5,629) and 1,135 pensioners (previous year: 950).
MediService does not use any pension fund assets.
Basis for measurement.
in EUR 1,000
2024
2023
Discount rate
0.95%
1.40%
Salary development
2.10%
2.25%
Pension development
\u2014%
\u2014%
Mortality (mortality tables)
BVG 2020 GT (CMI), 1.5%
BVG 2020 GT (CMI), 1.5%
Turnover
BVG 2020 (100%)
BVG 2020 (60% \u2013100%)
Sensitivity analysis.
in EUR 1,000
Variations in
assumptions
Impact on DBO
2024
Variations in
assumptions
Impact on DBO 2023
Discount rate
+0.25%
-1,256
+0.25%
-1,080
\u2014%
1,371
\u2014%
1,180
Salary development
+0.25%
152
+0.25%
102
\u2014%
-114
\u2014%
-102
Mortality
+1 year
0
+1 year
708
-1 year
0
-1 year
-708
The sensitivity analysis assumes potential changes in the above parameters as at year
end. Every change in a key actuarial assumption is analysed separately.
Interdependencies are not taken into account.
The pension obligations have an average duration of 16.2 years.
Cash outflows for pension payments and other obligations can be budgeted reliably. The
benefit plans collect regular contribution payments. Furthermore, the investment
strategies safeguard liquidity at all times.
The employer contributions to the pension fund are estimated at EUR 1.2 million for 2025", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-427": { "value": "
8. Administrative expenses.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Other administrative expenses
41,482
32,998
Employee benefit expenses
31,425
31,264
Depreciation and amortisation expenses
10,233
8,593
83,140
72,855
The main categories within administrative expenses are personnel expenses e.g. for
management, Finance, HR and Legal, as well as other IT-related non-labour cost,
operations overhead cost and facility expenses.
Reconciliation: Employee benefit to selling and distribution, administrative expenses
and cost of sales.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Included in selling & distribution
128,820
102,007
Included in administrative expenses
31,425
31,264
Included in cost of sales
17,744
16,380
177,989
149,651
Reconciliation: Employee benefit to various categories.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Wages & salaries
148,089
117,224
Social securities
22,693
17,846
Pension contributions
4,024
3,011
Share-based payment expenses
3,182
3,507
Post-combination services
0
8,063
177,988
149,651
The expenses mentioned above include expenses of own employees (including expenses
for the employee stock option plans) and costs of contingent workers.
In 2023, the employee benefit expenses include costs of EUR 8.1 million (of which EUR 8.2
million for smartpatient and EUR -0.1 million for MedApp) for post-combination services
payments related to the acquisitions of smartpatient and MedApp. In the year 2024, there
were no costs related to post-combination services.
The number of employees of the Group as of the end of the year converted to full time.
equivalents was as follows:
2024
2023
Average full-time-equivalents during year
2,266
2,075
These full-time equivalents are divided over the various departments as follows:
2024
2023
Cost of sales
293
285
Selling & distribution
1,744
1,589
Administrative
229
201
2,266
2,075
All employees are involved in providing the Group\u2019s services relating to its online
pharmacy and e-commerce activities. As of 31 December 2024, 954 of the 2,266 FTEs
were working outside the Netherlands (31 December 2023: 896 of 2,075).
Total expenses for defined contribution pension plans.
The total expenses of EUR 4.0 million (2023: EUR 3.0 million) recognised in profit or loss
represent contributions relating to payments to the plan by the Group.
As of 31 December 2024, contributions of EUR 0 (2023: EUR 0) due in respect of the
reporting period had not been paid over to the plan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-429": { "value": "
The number of employees of the Group as of the end of the year converted to full time.
equivalents was as follows:
2024
2023
Average full-time-equivalents during year
2,266
2,075
These full-time equivalents are divided over the various departments as follows:
2024
2023
Cost of sales
293
285
Selling & distribution
1,744
1,589
Administrative
229
201
2,266
2,075
All employees are involved in providing the Group\u2019s services relating to its online
pharmacy and e-commerce activities. As of 31 December 2024, 954 of the 2,266 FTEs
were working outside the Netherlands (31 December 2023: 896 of 2,075).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-430": { "value": "
9. Total depreciation and amortisation expenses.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Depreciation of property, plant and equipment
11,096
9,762
Depreciation of right-of-use asset
6,978
6,272
Amortisation of intangible assets
36,979
30,603
Amortisation of intangible assets from business combinations
13,164
10,651
68,217
57,288
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-433": { "value": "
10. Finance income and expenses.
Finance income.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Change of contingent consideration liability measured at FVTPL
0
12,854
Finance income from cash and other financial assets
6,403
4,605
Net foreign exchange differences
590
315
Other finance income
425
447
7,418
18,221
Finance income for the year 2023 included a release of EUR 12.9 million, due to a fair
value adjustment of the contingent consideration liability related to the prior-year
acquisition of GoPuls. During 2023, assessment of the expected earnout resulted in an
adjustment (full release) of the fair value of the consideration. The future expected cash
flows in the business plan were virtually entirely based on a rapid increase of electronic
prescriptions (e-Rx). During the course of 2023, it was determined that it was not viable
for the then stand-alone business of GoPuls to reach business case levels within the
earnout period. The performance of GoPuls until and during 2023 and its near-future
expectations led Redcare to conclude that any future earnout as determined during the
business combination transaction had an insignificant probability.
Finance expenses.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Expenses for online payment methods
8,549
7,434
Interest and other expenses convertible bonds
6,416
6,218
Interest costs related to leasing
1,188
1,262
Interest expenses credit institutions
171
518
Net foreign exchange differences
72
38
Interest on defined benefit plans
35
0
Other finance expenses
248
30
16,679
15,500
Part of the fees paid to companies for the financing of online payment methods, such as
credit card companies and PayPal, related to the financing (pre-payment) element has
been reported as finance expenses; the remainder as selling and distribution cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-431": { "value": "
10. Finance income and expenses.
Finance income.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Change of contingent consideration liability measured at FVTPL
0
12,854
Finance income from cash and other financial assets
6,403
4,605
Net foreign exchange differences
590
315
Other finance income
425
447
7,418
18,221
Finance income for the year 2023 included a release of EUR 12.9 million, due to a fair
value adjustment of the contingent consideration liability related to the prior-year
acquisition of GoPuls. During 2023, assessment of the expected earnout resulted in an
adjustment (full release) of the fair value of the consideration. The future expected cash
flows in the business plan were virtually entirely based on a rapid increase of electronic
prescriptions (e-Rx). During the course of 2023, it was determined that it was not viable
for the then stand-alone business of GoPuls to reach business case levels within the
earnout period. The performance of GoPuls until and during 2023 and its near-future
expectations led Redcare to conclude that any future earnout as determined during the
business combination transaction had an insignificant probability.
Finance expenses.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Expenses for online payment methods
8,549
7,434
Interest and other expenses convertible bonds
6,416
6,218
Interest costs related to leasing
1,188
1,262
Interest expenses credit institutions
171
518
Net foreign exchange differences
72
38
Interest on defined benefit plans
35
0
Other finance expenses
248
30
16,679
15,500
Part of the fees paid to companies for the financing of online payment methods, such as
credit card companies and PayPal, related to the financing (pre-payment) element has
been reported as finance expenses; the remainder as selling and distribution cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-432": { "value": "
10. Finance income and expenses.
Finance income.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Change of contingent consideration liability measured at FVTPL
0
12,854
Finance income from cash and other financial assets
6,403
4,605
Net foreign exchange differences
590
315
Other finance income
425
447
7,418
18,221
Finance income for the year 2023 included a release of EUR 12.9 million, due to a fair
value adjustment of the contingent consideration liability related to the prior-year
acquisition of GoPuls. During 2023, assessment of the expected earnout resulted in an
adjustment (full release) of the fair value of the consideration. The future expected cash
flows in the business plan were virtually entirely based on a rapid increase of electronic
prescriptions (e-Rx). During the course of 2023, it was determined that it was not viable
for the then stand-alone business of GoPuls to reach business case levels within the
earnout period. The performance of GoPuls until and during 2023 and its near-future
expectations led Redcare to conclude that any future earnout as determined during the
business combination transaction had an insignificant probability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-434": { "value": "
10. Finance income and expenses.
Finance expenses.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Expenses for online payment methods
8,549
7,434
Interest and other expenses convertible bonds
6,416
6,218
Interest costs related to leasing
1,188
1,262
Interest expenses credit institutions
171
518
Net foreign exchange differences
72
38
Interest on defined benefit plans
35
0
Other finance expenses
248
30
16,679
15,500
Part of the fees paid to companies for the financing of online payment methods, such as
credit card companies and PayPal, related to the financing (pre-payment) element has
been reported as finance expenses; the remainder as selling and distribution cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-435": { "value": "
11. Income tax expenses.
The income tax expenses for the year can be reconciled to the accounting profit as
follows:
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Result before tax
-47,833
-14,348
At Redcare's statutory income tax rate of 25.8% (2023: 25.8%)
12,341
3,702
Effect of tax rates in other jurisdictions
1,109
1,101
Adjustments in respect of current income tax of previous years
13
49
Tax effect of non deductible amounts
-826
0
Utilisation of previously unrecognised tax losses
588
0
No recognition of taxable losses due to uncertainty
-12,308
-5,830
Change in deferred tax positions
559
3,720
At the effective income tax rate of 3.1% (2023: 19.1%)
1,477
2,742
The effective tax rate deviates from the applicable tax rate as a result of corporate
income tax rates being different in certain jurisdictions and due to loss-generating
subsidiaries. The Company has not recognised deferred tax assets for all Iosses carried
forward.
The tax expense in profit and loss can be divided into deferred and current taxes as
follows:
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Current taxes
-647
-978
Deferred taxes
2,124
3,720
1,477
2,742
Deferred tax balances.
Deferred tax is calculated in full on temporary differences under the liability method using
a tax rate of 25.8% in the Netherlands and 32% in Germany (2023: 25.8% and 32%,
respectively).
The combined movement on the deferred tax assets and liabilities is as shown below:
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Balance 1 January
-4,022
-7,425
Recognised in profit and loss
2,124
3,720
Arising on tax effect on OCI
-170
517
Foreign currency translation effect
-94
242
Arising on business combination
0
-1,076
Balance 31 December
-2,162
-4,022
Deferred tax assets have been recognised in respect of all tax losses and other
temporary differences giving rise to deferred tax assets where management believes it is
probable that these assets will be recovered.
The movements in deferred tax assets and liabilities (prior to the offsetting of balances within the same jurisdiction as permitted by IAS 12) during the period are shown below.
in EUR 1,000
Asset
Liability
Net
(Charged)/ credited to
profit & loss
(Charged)/ credited to
equity
Arising on
business combination
2024
2024
2024
2024
2024
2024
Available losses
9,246
0
9,246
-2,610
0
0
Temporary difference fiscal amortisation goodwill
0
-1,177
-1,177
0
0
0
Temporary difference intangible fixed assets from business combinations
5,481
-12,164
-6,683
2,154
-113
0
Temporary difference on IAS 19
369
0
369
7
-181
0
Temporary difference on convertible bond
0
-4,627
-4,627
1,655
0
0
Temporary difference valuation differences other assets
0
-1,485
-1,485
224
30
0
Temporary difference on leases
9,315
-8,613
702
699
0
0
Temporary difference on software capitalisation
1,493
0
1,493
-5
0
0
Tax assets / (liabilities)
25,904
-28,066
-2,162
2,124
-264
0
Set off of tax
-24,494
24,494
0
0
0
0
Total
1,410
-3,572
-2,162
2,124
-264
0
in EUR 1,000
Asset
Liability
Net
(Charged)/ credited to
profit & loss
(Charged)/ credited to
equity
Arising on
business combination
2023
2023
2023
2023
2023
2023
Available losses
11,855
0
11,855
-74
0
0
Temporary difference fiscal amortisation goodwill
0
-1,177
-1,177
2
0
0
Temporary difference intangible fixed assets from business combinations
6,903
-14,988
-8,086
2,002
358
1,268
Temporary difference on IAS 19
542
0
542
-16
517
41
Temporary difference on convertible bond
0
-6,282
-6,282
1,605
0
0
Temporary difference valuation differences other assets
0
-1,568
-1,568
934
-117
-2,385
Temporary difference on leases
8,615
-9,420
-805
-805
0
0
Temporary difference on software capitalisation
1,498
0
1,498
71
0
0
Tax assets / (liabilities)
29,413
-33,435
-4,022
3,720
758
-1,076
Set off of tax
-27,117
27,117
0
0
0
0
Total
2,296
-6,318
-4,022
3,720
758
-1,076
The Company has carry-forward losses in the Netherlands and Germany for an amount of
EUR 286.5 million at the end of 2024 and EUR 271.4 million at the end of 2023. The
anticipated applicable tax rate on taxable profits is the Dutch corporate tax rate of 25.8%
payable by corporate entities in the Netherlands and the corporate tax rate of 32%
payable by corporate entities in Germany.
A deferred tax asset has not been recognised for the following:
in EUR 1,000
2024
2023
Unused tax losses - no expiry date
258.7
223.6
Non-deductible interest roll forward - no expiry date
22.2
0
280.9
223.6
Deferred tax liabilities.
As per 31 December 2024, the deferred tax liability for intangible assets mainly relates to:
\u2022 Acquisition of the Shop Group in 2010, which was an asset deal under Dutch jurisdiction
with an initial (at acquisition) duration of ten years: EUR 1.2 million (2023: EUR 1.2 million).
\u2022 The intangible assets identified in the purchase price allocation for the acquisition of
EHS Europe Health Services B.V., in 2017: EUR 5.5 million (2023: EUR 6.3 million).
\u2022 Intangible assets identified in the purchase price allocation for the acquisition of nu3 in
2018: EUR 0.7 million (2023: EUR 0.9 million).
\u2022 Intangible assets identified in the purchase price allocation for the acquisition of
smartpatient GmbH in 2022: EUR 1.5 million (2023: EUR 2.0 million).
\u2022 Intangible assets identified in the purchase price allocation for the acquisition of
MedApp in 2022: EUR 335 thousand (2023: EUR 492 thousand).
\u2022 Intangible assets identified in the purchase price allocation for the acquisition of
MediService in 2023: EUR 4.1 million (2023: EUR 5.1 million).
As per 31 December 2024, a deferred tax liability of EUR 4.6 million (2023: EUR 6.3 million)
has been recorded. This relates to a temporary difference in the convertible bond arising
from the initially separate recognition of the equity component from the liability
component.
Deferred tax assets.
For the fiscal entities MedApp Holding B.V., SA Europe B.V. and EHSC B.V., deferred tax
assets related to losses carried forward are recognised only as far as they can be offset
against deferred tax liabilities for the same fiscal entity.
For the fiscal entities nu3 GmbH and smartpatient GmbH, deferred tax assets related to
losses carried forward are recognised based on financial forecasts for future years.
Global minimum top-up tax.
The Organisation for Economic Co-operation and Development (OECD) / G20 Inclusive
Framework on Base Erosion and Profit Shifting (BEPS) published the Pillar Two model
rules designed to address the tax challenges arising from the digitalisation of the global
economy.
In alignment with the OECD\u2019s Pillar Two framework, the Minimum Tax Act 2024 (Wet
minimumbelasting 2024) was enacted in the Netherlands, entering into force on 31
December 2023. This legislation transposes the EU Pillar Two Directive of 14 December
2022. Effective for financial years beginning on or after 31 December 2023, the law
ensures that groups with annual revenues of at least EUR 750 million are subject to a
minimum effective tax rate of 15% calculated on adjusted accounting profit on a
jurisdiction-by-jurisdiction basis.
The Group has adopted International Tax Reform \u2013 Pillar Two model rules (amendments
to IAS 12). The amendments provide a temporary mandatory exception to the
requirements of IAS 12 under which a company does not recognise or disclose
information about deferred tax assets and liabilities related to the proposed OECD / G20
BEPS Pillar Two model rules.
The Group is in scope of the above-mentioned legislation and has performed an
assessment of the potential exposure to Pillar Two rules for its financial year ending 31
December 2024. This assessment was based on the most recent available financial data,
taking into consideration the requirements of the Pillar Two rules for each of the Group
entities. Based on the current interpretation of the Pillar Two model rules, all jurisdictions
pass at least one of the Transitional CbCR Safe Harbour tests. Consequently, the Group
estimates that there will be no Pillar Two top-up tax due in relation to its 2024 financial
year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-436": { "value": "
Deferred tax balances.
Deferred tax is calculated in full on temporary differences under the liability method using
a tax rate of 25.8% in the Netherlands and 32% in Germany (2023: 25.8% and 32%,
respectively).
The combined movement on the deferred tax assets and liabilities is as shown below:
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Balance 1 January
-4,022
-7,425
Recognised in profit and loss
2,124
3,720
Arising on tax effect on OCI
-170
517
Foreign currency translation effect
-94
242
Arising on business combination
0
-1,076
Balance 31 December
-2,162
-4,022
Deferred tax assets have been recognised in respect of all tax losses and other
temporary differences giving rise to deferred tax assets where management believes it is
probable that these assets will be recovered.
The movements in deferred tax assets and liabilities (prior to the offsetting of balances within the same jurisdiction as permitted by IAS 12) during the period are shown below.
in EUR 1,000
Asset
Liability
Net
(Charged)/ credited to
profit & loss
(Charged)/ credited to
equity
Arising on
business combination
2024
2024
2024
2024
2024
2024
Available losses
9,246
0
9,246
-2,610
0
0
Temporary difference fiscal amortisation goodwill
0
-1,177
-1,177
0
0
0
Temporary difference intangible fixed assets from business combinations
5,481
-12,164
-6,683
2,154
-113
0
Temporary difference on IAS 19
369
0
369
7
-181
0
Temporary difference on convertible bond
0
-4,627
-4,627
1,655
0
0
Temporary difference valuation differences other assets
0
-1,485
-1,485
224
30
0
Temporary difference on leases
9,315
-8,613
702
699
0
0
Temporary difference on software capitalisation
1,493
0
1,493
-5
0
0
Tax assets / (liabilities)
25,904
-28,066
-2,162
2,124
-264
0
Set off of tax
-24,494
24,494
0
0
0
0
Total
1,410
-3,572
-2,162
2,124
-264
0
in EUR 1,000
Asset
Liability
Net
(Charged)/ credited to
profit & loss
(Charged)/ credited to
equity
Arising on
business combination
2023
2023
2023
2023
2023
2023
Available losses
11,855
0
11,855
-74
0
0
Temporary difference fiscal amortisation goodwill
0
-1,177
-1,177
2
0
0
Temporary difference intangible fixed assets from business combinations
6,903
-14,988
-8,086
2,002
358
1,268
Temporary difference on IAS 19
542
0
542
-16
517
41
Temporary difference on convertible bond
0
-6,282
-6,282
1,605
0
0
Temporary difference valuation differences other assets
0
-1,568
-1,568
934
-117
-2,385
Temporary difference on leases
8,615
-9,420
-805
-805
0
0
Temporary difference on software capitalisation
1,498
0
1,498
71
0
0
Tax assets / (liabilities)
29,413
-33,435
-4,022
3,720
758
-1,076
Set off of tax
-27,117
27,117
0
0
0
0
Total
2,296
-6,318
-4,022
3,720
758
-1,076
The Company has carry-forward losses in the Netherlands and Germany for an amount of
EUR 286.5 million at the end of 2024 and EUR 271.4 million at the end of 2023. The
anticipated applicable tax rate on taxable profits is the Dutch corporate tax rate of 25.8%
payable by corporate entities in the Netherlands and the corporate tax rate of 32%
payable by corporate entities in Germany.
A deferred tax asset has not been recognised for the following:
in EUR 1,000
2024
2023
Unused tax losses - no expiry date
258.7
223.6
Non-deductible interest roll forward - no expiry date
22.2
0
280.9
223.6
Deferred tax liabilities.
As per 31 December 2024, the deferred tax liability for intangible assets mainly relates to:
\u2022 Acquisition of the Shop Group in 2010, which was an asset deal under Dutch jurisdiction
with an initial (at acquisition) duration of ten years: EUR 1.2 million (2023: EUR 1.2 million).
\u2022 The intangible assets identified in the purchase price allocation for the acquisition of
EHS Europe Health Services B.V., in 2017: EUR 5.5 million (2023: EUR 6.3 million).
\u2022 Intangible assets identified in the purchase price allocation for the acquisition of nu3 in
2018: EUR 0.7 million (2023: EUR 0.9 million).
\u2022 Intangible assets identified in the purchase price allocation for the acquisition of
smartpatient GmbH in 2022: EUR 1.5 million (2023: EUR 2.0 million).
\u2022 Intangible assets identified in the purchase price allocation for the acquisition of
MedApp in 2022: EUR 335 thousand (2023: EUR 492 thousand).
\u2022 Intangible assets identified in the purchase price allocation for the acquisition of
MediService in 2023: EUR 4.1 million (2023: EUR 5.1 million).
As per 31 December 2024, a deferred tax liability of EUR 4.6 million (2023: EUR 6.3 million)
has been recorded. This relates to a temporary difference in the convertible bond arising
from the initially separate recognition of the equity component from the liability
component.
Deferred tax assets.
For the fiscal entities MedApp Holding B.V., SA Europe B.V. and EHSC B.V., deferred tax
assets related to losses carried forward are recognised only as far as they can be offset
against deferred tax liabilities for the same fiscal entity.
For the fiscal entities nu3 GmbH and smartpatient GmbH, deferred tax assets related to
losses carried forward are recognised based on financial forecasts for future years.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-437": { "value": "
12. Earnings per share.
Basic and diluted earnings.
Year ended
Year ended
31.12.2024
31.12.2023
Basic and diluted earnings per share in EUR 1,000
Result for the year attributable to owners of the Company
-45,464
-12,041
Earnings used in the calculation of basic and diluted earnings per
share
-45,464
-12,041
Earnings used in the calculation of basic and diluted earnings per
share from continuing operations
-45,464
-12,041
Weighted average number of ordinary shares for the purposes of
basic and diluted earnings per share
20,054,068
19,238,592
Basic and diluted earnings per share in Euro per share
From continuing operations
-2.27
-0.73
From discontinued operations
0.00
0.00
Total basic and diluted earnings
-2.27
-0.73
Basic and diluted earnings per share.
Redcare Pharmacy has an equal basic and diluted earnings per share. The outstanding
contingently issuable shares are not included in the calculation of diluted earnings per
share because they are anti-dilutive for the present periods. Conversion of potential
ordinary shares would decrease loss per share from continuing operations.
The Group has the following (contingent) issuable shares outstanding, whereby the
exercise of these shares depends on the following circumstances:
\u2022 Employee stock options: Assuming full execution of the total outstanding options per 31
December 2024, an additional 600,168 new shares would be issued in the future, of
which 237,084 have already been issued and are held in treasury. This relates to stock
option plans 6a up to and including 18. We refer to note 27 for an explanation regarding
the vesting and expiry dates.
\u2022 Convertible bonds: As outlined in note 33, the Group issued a EUR 225 million
convertible bond on 14 January 2021. Assuming full conversion of the total convertible
bond, 962,238 new shares would be issued in the future. The maturity of the convertible
bond is seven years, with an investor put option after five years.
The number of outstanding shares is 20,342,486 as of 31 December 2024. If all the
potentially issuable shares mentioned are issued, the number of outstanding shares
would increase to 21,667,808.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-438": { "value": "
13. Property, plant and equipment.
A summary of the movements of property, plant and equipment is given below.
in EUR 1,000
Land &
buildings
Machinery
Other
Under
construction
Total
Cost
Balance 1 January 2023
6,434
43,533
20,903
3,818
74,688
Reclassification
233
6,169
45
-6,447
0
Additions
-377
35
3,424
3,355
6,437
Acquisitions
327
0
373
0
700
Currency revaluation
33
0
27
0
60
Disposals
-1,346
0
-3,300
0
-4,646
Balance 31 December 2023
5,304
49,737
21,472
726
77,239
Reclassification
576
3,180
0
-3,756
0
Additions
738
535
3,380
4,090
8,743
Acquisitions
0
0
3
0
3
Currency revaluation
-5
0
-10
0
-15
Disposals
0
0
-95
0
-95
Balance 31 December 2024
6,613
53,452
24,750
1,060
85,875
Accumulated amortisation and impairment
Balance 1 January 2023
2,365
7,864
9,620
0
19,849
Depreciation
1,000
4,861
3,901
0
9,762
Impairment
0
0
0
0
0
Currency revaluation
18
0
3
0
21
Disposals
-1,308
0
-3,278
0
-4,586
Balance 31 December 2023
2,075
12,725
10,246
0
25,046
Reclassification
0
0
0
0
0
Depreciation
1,048
6,143
3,905
0
11,096
Impairment
0
0
0
0
0
Currency revaluation
0
0
1
0
1
Disposals
0
0
-76
0
-76
Balance 31 December 2024
3,123
18,868
14,076
0
36,067
Carry value
Balance 31 December 2023
3,229
37,012
11,226
726
52,193
Balance 31 December 2024
3,490
34,584
10,674
1,060
49,808
In the calculation of depreciation, the following useful lives are used:
\u2022 Machinery, leasehold improvements, furniture, office equipment:5\u201310 years
\u2022 IT and communication equipment, other:3\u20135 years
\u2022 Right-of-use assets (according to IFRS 16, refer to note 32):2\u201310 years
depending on the lease term.
The additions during the financial year mainly relate to IT equipment and further
investments in mechanisation and IT equipment in the logistics centre in the Netherlands
and Italy.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-441": { "value": "
14. Intangible assets.
Intangible assets consist of finite-life intangible assets, except for goodwill. A summary
of the movements of intangible assets is given below.
in EUR 1,000
Software,
technology &
contracts
Brand
Customer
database
Goodwill
Under
construction
Total
Cost
Balance 1 January 2023
115,646
15,734
41,796
171,452
20,950
365,579
Reclassification
33,844
0
0
0
-33,844
0
Additions
5,567
56
0
0
26,161
31,784
Acquisitions
0
12,671
24,000
107,924
3,843
148,438
Currency revaluation
0
0
0
0
214
214
Disposals
-6,941
-280
0
0
0
-7,221
Balance 31 December 2023
148,116
28,181
65,796
279,376
17,324
538,794
Reclassification
32,680
0
0
0
-32,150
530
Additions
6,393
42
0
0
26,972
33,407
Acquisitions
0
0
0
0
0
0
Currency revaluation
0
0
0
0
-59
-59
Disposals
0
0
0
0
0
0
Balance 31 December 2024
187,189
28,223
65,796
279,376
12,087
572,672
Accumulated amortisation
and impairment
Balance 1 January 2023
48,525
10,794
15,375
1,879
0
76,574
Amortisation
32,749
3,883
4,622
0
0
41,254
Currency revaluation
0
0
0
0
0
0
Disposals
-6,861
-280
0
0
0
-7,141
Balance 31 December 2023
74,413
14,397
19,997
1,879
0
110,687
Reclassification
530
0
0
0
0
530
Amortisation
39,121
5,482
5,540
0
0
50,143
Currency revaluation
0
0
0
0
0
0
Disposals
0
0
0
0
0
0
Balance 31 December 2024
114,064
19,879
25,537
1,879
0
161,360
Carry value
Balance 31 December 2023
73,703
13,784
45,799
277,497
17,324
428,107
Balance 31 December 2024
73,125
8,344
40,259
277,497
12,087
411,312
In the calculation of amortisation the following useful lives are used:
\u2022 Software licences: 2\u20135 years, depending on the license contract.
\u2022 ERP software: 3\u20137 years.
\u2022 Smart technology (included in software category): 15 years.
\u2022 Customer database: 7\u201317 years, depending on the nature.
\u2022 Brand name: 2\u201310 years, depending on the brand.
\u2022 Goodwill: Indefinite life subject to impairment.
Assets under construction mainly relate to capitalised costs for development projects.
These costs are capitalised at the moment the project is ready for use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-440": { "value": "
14. Intangible assets.
Intangible assets consist of finite-life intangible assets, except for goodwill. A summary
of the movements of intangible assets is given below.
in EUR 1,000
Software,
technology &
contracts
Brand
Customer
database
Goodwill
Under
construction
Total
Cost
Balance 1 January 2023
115,646
15,734
41,796
171,452
20,950
365,579
Reclassification
33,844
0
0
0
-33,844
0
Additions
5,567
56
0
0
26,161
31,784
Acquisitions
0
12,671
24,000
107,924
3,843
148,438
Currency revaluation
0
0
0
0
214
214
Disposals
-6,941
-280
0
0
0
-7,221
Balance 31 December 2023
148,116
28,181
65,796
279,376
17,324
538,794
Reclassification
32,680
0
0
0
-32,150
530
Additions
6,393
42
0
0
26,972
33,407
Acquisitions
0
0
0
0
0
0
Currency revaluation
0
0
0
0
-59
-59
Disposals
0
0
0
0
0
0
Balance 31 December 2024
187,189
28,223
65,796
279,376
12,087
572,672
Accumulated amortisation
and impairment
Balance 1 January 2023
48,525
10,794
15,375
1,879
0
76,574
Amortisation
32,749
3,883
4,622
0
0
41,254
Currency revaluation
0
0
0
0
0
0
Disposals
-6,861
-280
0
0
0
-7,141
Balance 31 December 2023
74,413
14,397
19,997
1,879
0
110,687
Reclassification
530
0
0
0
0
530
Amortisation
39,121
5,482
5,540
0
0
50,143
Currency revaluation
0
0
0
0
0
0
Disposals
0
0
0
0
0
0
Balance 31 December 2024
114,064
19,879
25,537
1,879
0
161,360
Carry value
Balance 31 December 2023
73,703
13,784
45,799
277,497
17,324
428,107
Balance 31 December 2024
73,125
8,344
40,259
277,497
12,087
411,312
In the calculation of amortisation the following useful lives are used:
\u2022 Software licences: 2\u20135 years, depending on the license contract.
\u2022 ERP software: 3\u20137 years.
\u2022 Smart technology (included in software category): 15 years.
\u2022 Customer database: 7\u201317 years, depending on the nature.
\u2022 Brand name: 2\u201310 years, depending on the brand.
\u2022 Goodwill: Indefinite life subject to impairment.
Assets under construction mainly relate to capitalised costs for development projects.
These costs are capitalised at the moment the project is ready for use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-439": { "value": "
14. Intangible assets.
Intangible assets consist of finite-life intangible assets, except for goodwill. A summary
of the movements of intangible assets is given below.
in EUR 1,000
Software,
technology &
contracts
Brand
Customer
database
Goodwill
Under
construction
Total
Cost
Balance 1 January 2023
115,646
15,734
41,796
171,452
20,950
365,579
Reclassification
33,844
0
0
0
-33,844
0
Additions
5,567
56
0
0
26,161
31,784
Acquisitions
0
12,671
24,000
107,924
3,843
148,438
Currency revaluation
0
0
0
0
214
214
Disposals
-6,941
-280
0
0
0
-7,221
Balance 31 December 2023
148,116
28,181
65,796
279,376
17,324
538,794
Reclassification
32,680
0
0
0
-32,150
530
Additions
6,393
42
0
0
26,972
33,407
Acquisitions
0
0
0
0
0
0
Currency revaluation
0
0
0
0
-59
-59
Disposals
0
0
0
0
0
0
Balance 31 December 2024
187,189
28,223
65,796
279,376
12,087
572,672
Accumulated amortisation
and impairment
Balance 1 January 2023
48,525
10,794
15,375
1,879
0
76,574
Amortisation
32,749
3,883
4,622
0
0
41,254
Currency revaluation
0
0
0
0
0
0
Disposals
-6,861
-280
0
0
0
-7,141
Balance 31 December 2023
74,413
14,397
19,997
1,879
0
110,687
Reclassification
530
0
0
0
0
530
Amortisation
39,121
5,482
5,540
0
0
50,143
Currency revaluation
0
0
0
0
0
0
Disposals
0
0
0
0
0
0
Balance 31 December 2024
114,064
19,879
25,537
1,879
0
161,360
Carry value
Balance 31 December 2023
73,703
13,784
45,799
277,497
17,324
428,107
Balance 31 December 2024
73,125
8,344
40,259
277,497
12,087
411,312
In the calculation of amortisation the following useful lives are used:
\u2022 Software licences: 2\u20135 years, depending on the license contract.
\u2022 ERP software: 3\u20137 years.
\u2022 Smart technology (included in software category): 15 years.
\u2022 Customer database: 7\u201317 years, depending on the nature.
\u2022 Brand name: 2\u201310 years, depending on the brand.
\u2022 Goodwill: Indefinite life subject to impairment.
Assets under construction mainly relate to capitalised costs for development projects.
These costs are capitalised at the moment the project is ready for use.
Goodwill arising from the transaction has been recognised as follows:
in EUR 1,000
Consideration transferred
139,070
Non-controlling interest, based upon their proportionate interest
29,926
Fair value of the identifiable net assets
(61,074)
Goodwill from transaction
107,922
The residual goodwill mainly originates from the value attributable to the significant
growth expectations of MediService in the future. The goodwill arising on the MediService
acquisition is not deductible for tax purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-442": { "value": "
15. Impairment tests for goodwill.
15.1. Description of the impairment test process.
At the end of each reporting period, the Group reviews the carrying amounts of its
tangible and intangible assets to determine whether there is any indication that those
assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss
(if any). When it is not possible to estimate the recoverable amount of an individual asset,
the Group estimates the recoverable amount of the cash-generating unit to which the
asset belongs. When a reasonable and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash-generating units, or otherwise they
are allocated to the smallest group of cash-generating units for which a reasonable and
consistent allocation basis can be identified. Growth rates used for impairment analysis
are assessed by existing customer development and acquisition of new customers based
on our customer data model as well as external market research to estimate future
market size and online penetration.
Furthermore, all variable costs like marketing budgets, delivery costs and operations
expenses for impairment analysis are planned on a performance basis. Non-
performance-based costs like finance, management and facility are planned according to
business growth, including economies of scale.
Considering the requirements of IAS 36.49, the Company has identified the main drivers
for future cash flows. The past year, 68% or EUR 1.6 billion (2023: 75% or EUR 1.3 billion)
of total company sales were from OTC and other pharmacy-related products, excluding
prescription medicines. Sales of prescription medicines increased by 64% compared to
the prior year, with 41% resulting from the full-year inclusion of the acquisition of
MediService and 23% from Rx growth in Germany. In each of the markets in which the
Company operates, double-digit growth has been attained for many consecutive years, in
part due to a successful customer proposition and execution, and in part from a
continuous shift from off- to online pharmacies. The Company and external experts,
including analysts, expect the shift from off- to online pharmacies to continue in the
coming years as current online penetration numbers are still relatively low and online
customer satisfaction is high. Redcare Pharmacy\u2019s DACH reporting segment already
operates at a positive adjusted EBITDA. In addition, across Europe but foremost in
Germany, there is an opportunity for the Company to significantly increase the sales of
prescription medications. In Germany, online sales of prescription medications have been
allowed for some time but the process was initially cumbersome for customers because
of the requirement to provide the pharmacist with the doctor\u2019s paper prescription. In the
case of \u201cShop Apotheke\u201d, customers had to post the prescription. In 2019,\u00a0 the gematik
began developing an electronic alternative (e-Rx) and, following a successful trial period
that lasted until mid 2022, by the start of 2023 a total of 1 million e-Rx had been
dispensed by doctors across Germany. Since January 2024, it has been mandatory for
doctors to provide e-prescriptions, which has resulted in the nationwide adoption of e-Rx.
This has created a great opportunity for customer-centred online pharmacy \u201cShop
Apotheke\u201d. Expected sales and unit economics are taken into account for the best
estimates of total cash flows.
15.2. Determination of cash-generating units (CGUs).
Redcare Pharmacy determines whether goodwill impairment is necessary at least on an
annual basis. The impairment test for goodwill is performed based on cash-generating
units that represent the lowest level within the company at which goodwill is monitored
for internal management purposes. The groups of cash-generating units are defined as
the customer-facing channels. The customer-facing channels are Germany, Belgium
(Farmaline), Switzerland, France (Hyg\u00e9e Sant\u00e9), MedApp, Italy, Austria and nu3. The
number of groups of cash-generating units amounted to a total of eight at the end of
2024. Goodwill has been allocated to six of those groups.
In 2024, there have been no changes / updates to the identified cash-generating units
(CGU).
15.3. Overview goodwill.
As a result, the following table shows the goodwill existing in the Group as of 31
December 2024:
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Germany
161,161
161,161
Switzerland
107,924
107,924
Belgium (Farmaline)
4,179
4,179
nu3
2,975
2,975
MedApp
1,253
1,253
Hyg\u00e9e Sant\u00e9
5
5
277,497
277,497
The goodwill reflects the value of the Group\u2019s overall market and competitive positioning,
which is described in the following strategic information.
Strategic information
The Group is a fast-growing online pharmacy in continental Europe. With the acquisition
of Europa Apotheek Venlo in November 2017, the Group significantly enhanced its
position in Germany and in prescription medicines. The product range of OTC, beauty and
personal care products as well as prescription drugs was supplemented by high quality
natural food and health products, lo w-carb and sports nutrition products as a result of
the acquisition of nu3 GmbH in July 2018. In 2021, the Group acquired smartpatient, an
enhanced pharmacy solutions expert and MedApp, a prescription medication business in
the Dutch market. In 2022, GoPuls (formerly First A), a start-up medication delivery
platform was acquired in Germany and in 2023, in a transaction with Swiss Galenica AG,
Redcare Pharmacy acquired 51% of the Swiss online prescription medication business
MediService AG.
The Group operates online pharmacies in Germany, Austria, Switzerland, France, Belgium,
Italy and the Netherlands.
The Group delivers a broad range of more than 150,000 original products on stock and
100,000 products via its marketplace at attractive prices to well over 12 million active
customers (12.5 million active customers at year-end 2024). In addition, the Group
provides comprehensive pharmaceutical consultation services. In Germany, where it
operates as \u201cShop Apotheke\u201d, the business has transitioned from a pure e-pharmacy
retailer to a customer-centred e-pharmacy platform. Its goal is to gain a relevant share of
the online prescription market growth that is expected from the adoption of electronic
prescriptions.
In order to assess the potential impairments on the listed goodwill, the Group follows an
eight-year forecasting process.
Internal process for preparing the eight-year forecast to perform impairment tests.
The forecasting process is based on internal data, in particular, a detailed customer data
model that considers customer acquisition costs from previous periods and expected
customer activation rates, as well as external market research that forecasts future online
penetration rates and the market size of advanced online markets e.g. in the United
States or Sweden. Assumptions on sales growth and profitability are checked against
third-party reports and tested with sensitivity analyses in order to make the test robust.
Historical financial information.
The health sector is driven by regulations that result in barriers to entry and loyal, longer-
term customers with high customer lifetime values. As the online market is expected to
stay in a growth mode for a number of years, due to the expected continuation of the
shift from offline to online in the continental European markets, the length of the
forecasting period needs to reflect this. An eight-year forecast period, with robust
assumptions regarding the nature of the industry, the long-term growth phase expected
from the adoption of electronic prescriptions in Germany and the gradual shift in
consumer preferences from offline to online, is considered adequate.
The Company has achieved fast (double-digit) growth for many consecutive years. In
2024, total sales growth was 32% or, excluding the contribution by MediService, 26%.
This growth was driven by a strong performance in the German OTC / BPC online market.
For impairment testing purposes, we\u00a0 assume approximately 15% sales growth p.a. in the
coming years. Until 2020, the growth of prescription medication (Rx) sales was 10\u201320%
p.a. In 2021, there was a strong decline in Rx sales as a result of the discontinuation of the
Rx bonus; in 2022, this decline stopped, with sales volumes stabilising in all quarters of
the year. In 2023, quarterly sales in Germany further increased, with growth totalling 49%
including MediService, which was acquired during the year. In 2024, the year that the e-
prescription became the new standard in Germany, Rx sales grew 68.7% year over year.
As in 2023, geopolitical conflicts persisted in 2024, but inflationary pressures declined,
leading to lower interest rates. On the back of this and strong labour markets, consumer
spending remained resilient. Against this backdrop and the Group's strategic decision to
invest in the growth of the Rx market, Redcare Pharmacy realised a margin in line with the
external guidance provided in October, while continuing to achieve high double-digit
sales growth in both non-Rx and Rx and rapidly expanding its customer base. Redcare's
active customers increased by 1.7 million to end the year at 12.5 million.
After the opening of a next-generation central distribution facility in Sevenum, the
Netherlands in 2021, in 2022 a distribution centre was opened near Milan in Italy. A new
distribution centre is planned to be opened in 2025 in the Czech Republic. In late 2021, a
marketplace platform was launched in Germany. Austria followed in 2022 and Italy and
Belgium in 2024, enabling our customers in the these countries to choose from a wide
range of additional healthcare-related assortment from our marketplace merchants. In
2024, we continued to extend the delivery options available to our customers, particularly
in Germany, with further same-day or quick delivery options organised by ourselves or via
partners and platforms.\u00a0
We used long-term forecasts as a base to perform the goodwill impairment tests.
Support for main assumptions.
Future revenue growth is planned in a two-step approach, firstly, based on customer data
and future expectations on sales growth rates and market shares. The results of these
calculations are then partially compared against organic growth rates and market shares
realised historically. In a second step, the outcome is compared against the total market
size, based on the calculations regarding total market share computed in step one. In
addition, specifically for the prescription-based market, an online mail order penetration
of 10 % is assumed to be reached in a couple of years following the nationwide and
mandatory adoption of electronic prescriptions.
Target-adjusted EBITDA profitability in access of 8 % (2023: 8 %) is based both on
benchmarking of local German pharmacies (information from ABDA Pharmacists\u2019
Association), and a bottom-up build-up of current unit economics, future income streams,
efficiencies and scale.
Cost of sales is based on historic information plus annual improvements expected from
economies of scale in purchasing and manufacturer discounts.
Operations personnel is calculated on the number of parcels, taking into account realised
and expected efficiency gains from the sites based on calculations from an external
general planner.
Marketing personnel is calculated on a country basis, with variable marketing expenses
that are based on sales growth and the respective number of new customers with their
respective acquisition costs.
Administrative personnel and IT infrastructure personnel are calculated taking into
account economies of scale and typical efficiency gains. Internal and external IT
personnel are calculated for the first year based on the required man days for the IT
projects that are planned to be delivered; for future years, they are based on a
percentage of sales, as these costs and demands are expected to increase together with
our sales growth.
CapEx is calculated based on the capacity and IT required to enable future sales. Finally,
on a high level, the business plan is compared to patterns experienced by peers.
Climate-related matters.
The Group constantly monitors climate-related risks, including physical risks and
transition risks, when measuring the recoverable amount. The Group does not believe its
operations are currently significantly exposed to physical risk or by transition risk. As a
result, the Group has concluded that no single climate-related assumption is a key
assumption for the 2024 test of goodwill.
Upsides and downsides.
The downside risk of the impairment test for the CGU Germany is the significant delay
(years) in the online penetration of the electronic prescription in Germany. There could
also be a potential, albeit very unlikely ban (due to conflict with European law) on mail
order sales for prescription medications in Germany.
The upside potential is a stronger adoption of the electronic script in 2024 and beyond, or
an overall acceleration (vs. our estimates) of the shift in customer preference from off- to
online pharmacies across our geographies. A broader overview of the risks and
opportunities of the Company is described in the Risk management chapter of this report.
WACC.
The calculation of the WACC follows the capital asset pricing model, applying current
interest rates, market premiums and betas benchmarked by a peer-group analysis
performed by independent experts that results in a 8.1% WACC for the Group (2023:
7.9%). From the post-tax discounted cash-flow analysis, pre-tax rates were determined
using the goal-seek method (in accordance with IAS 36.BCZ85 determining a pre-tax
discount rate). The respective pre-tax WACC was 10.9% (2023: 9.8%) for the CGU
Germany impairment test, 10.8% (2023: 7.9%) for the CGU nu3 impairment test, 11.9%
(2023: 10.8%) for the CGU Farmaline impairment test, 9.2% (2023: 9.2%) for the CGU
Switzerland impairment test and 9.5% (2023: 10.0%) for the CGU MedApp impairment
test.
15.4. Impairment test.
Impairment tests on goodwill in line with IAS 36 have been made for the goodwill related
to the CGUs:
\u2022 Germany
\u2022 Belgium (Farmaline)
\u2022 nu3
\u2022 MedApp
\u2022 Switzerland
Hyg\u00e9e Sant\u00e9 was acquired in 2017. As the respective goodwill of the CGU Hyg\u00e9e Sant\u00e9 is
not material, no specific impairment test was carried out for this CGU.
The main assumptions for the CGU Germany impairment test are the sales growth
expected from the mandatory adoption of electronic prescriptions at the start of 2024,
the total number of annual prescriptions in Germany as well as an e-Rx online penetration
rate of approximately 10%, as seen in other markets such as Switzerland, Sweden and
the United States. The related cash-flow projections include projected investment in
capacity expansion as well as increased personnel cost and working capital needs in line
with the expected sales growth. Due to the long-term growth prospects based on
demographic factors, i.e. market studies projecting a population with a higher need for
prescription medication, the respective calculations are based on an eight-year
forecasting period.
The assumptions used in the impairment test as of 31 December 2024 are summarised in
the table below:
CGU
Terminal sales
growth
Revenue growth
rate
EBITDA margin
Discount rate
Germany
0%
8.5%-61.1%
1.3%-8.1%
10.90%
Farmaline
0%
5%-9.3%
7.3-12.8%
11.90%
Nu3
0%
6%-10%
3.9%-12.2%
10.80%
MedApp
0%
10%-66.7%
-16,8%-4.7%
9.50%
Switzerland
0%
5.7%-16.6%
0.7%-3.8%
9.20%
The impairment test shows that in all cases the recoverable amounts were higher than
the carrying amounts. As a result, management concludes that no impairment of goodwill
is applicable. Management also performed a sensitivity analysis on the sales growth rates
and WACCs, the individual estimates and assumptions and concluded that the possibility
of a reasonable change in the estimates does not result in impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-443": { "value": "
16. Accounting for joint ventures.
The Company has a 50% (2023: 50%) interest in two joint ventures, K\u00f6nig IDV GmbH and
K\u00f6nig IT Systeme GmbH, both incorporated and located in Germany. The primary
business of K\u00f6nig IDV GmbH is data processing. The primary business of K\u00f6nig IT
Systeme GmbH is IT services.
The contractual arrangement provides the Group with the rights to the net assets and
liabilities of the joint ventures. Under IFRS 11 these joint ventures have been included in
the consolidated financial statements using the equity method.
Country of incorporation
principal place of business
Proportion of ownership interest held as
at 31 December
2024
2023
K\u00f6nig IDV GmbH 1
Germany
50%
50%
K\u00f6nig IT-Systeme GmbH 2
Germany
50%
50%
K\u00f6nig IDV GmbH had a result after taxes of EUR 222 thousand in financial year 2024
(2023: EUR 74 thousand).
K\u00f6nig IT Systeme GmbH had a result after taxes of EUR nil (2023: EUR 10 thousand).
The joint ventures are not individually material. Therefore, the aggregated financial
information in relation to the joint ventures is presented below.
Summarised statement of financial position - joint ventures.
in EUR 1,000
As at
31 December
2024
As at
31 December
2023
Non-current assets
20
38
Current assets
1,666
1,423
Total assets
1,686
1,461
Equity
1,547
1,325
Current liabilities
139
136
Total equity and liabilitites
1,686
1,461
Summarised statement of profit or loss - joint ventures.
in EUR 1,000
2024
2023
Revenue from contracts with customers
1,237
1,094
Other operating income
9
8
Cost of sales
-43
-93
Operating expenses
-945
-882
Result before tax
258
128
Income tax expense
-36
-43
Result for the year
(continuing operations)
222
84
Total comprehensive income for the year (continuing
operations)
222
84
Group\u2019s share of result for the year
111
42
The operating expenses include depreciation expenses of EUR 28 thousand (2023: EUR
28 thousand).
The consolidated statement of profit and loss shows a share of profit of associates and
joint venture of EUR 415 thousand. This mainly concerns EUR 111 thousand share in a joint
venture, EUR 122 thousand result from associates and EUR 182 thousand badwill on the
acquisition of Aust Pharma (refer to note 29).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-444": { "value": "
17. Inventories.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Finished products held for resale
158,029
138,954
Raw materials, packaging materials and other
1,511
1,516
Inventory allowance
-5,716
-4,684
153,824
135,786
The cost of inventories recognised as an expense during the year in respect of continuing
operations was EUR 1,870 million (2023: EUR 1,342 million).
No inventories are expected to be recovered after more than twelve months.
The inventories include EUR 1.8 million (2023: EUR 1.2 million) carried at net realisable
value. Such write-down was recognised as an expense during 2024. The write-downs
and reversals are included in Cost of sales.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-445": { "value": "
18. Current receivables.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Trade receivables
112,053
108,219
Provision for impairment
-2,188
-5,085
109,865
103,134
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Prepayments
17,994
10,886
Other current assets and deferred income
25,791
22,323
VAT receivable
14,990
16,171
58,775
49,380
The average credit period on sales of goods and services is 17 days in 2024 (2023: 19
days).
The increase in trade receivable balances is impacted by the growth of the revenues that
are related to the business combination with MediService; the average credit period for
the added business is above the average credit period of Redcare businesses.
As of 31 December 2024, the age analysis of receivables was as follows:
in EUR 1,000
Not past due
Past due
Past due
Past due
Past due
Total
- 0- 30 days
- 30- 60
days
- 61 \u2013 90
days
- 91 \u2013 120
days
- 121 days
and older
Trade receivables
112,053
99,551
3,210
1,731
2,027
5,534
Provision for impairment
-2,188
-252
-97
-135
-142
-1,562
Net trade receivables
109,865
99,299
3,113
1,596
1,885
3,972
Expected credit loss
2%
0%
3%
8%
7%
28%
As of 31 December 2023, the age analysis of receivables was as follows:
in EUR 1,000
Not past due
Past due
Past due
Past due
Past due
Total
- 0- 30 days
- 30- 60
days
- 61 \u2013 90
days
- 91 \u2013 120
days
- 121 days
and older
Trade receivables
108,219
87,482
3,777
3,050
2,370
11,540
Provision for impairment
-5,085
-514
-287
-181
-149
-3,954
Net trade receivables
103,134
86,968
3,490
2,869
2,221
7,586
Expected credit loss
5%
1%
8%
6%
6%
34%
No interest is charged on trade receivables. Before accepting any new customer, the
Group assesses the potential customer\u2019s credit quality and defines credit limits by
customer scoring. Limits and scoring attributed to customers are reviewed periodically. In
addition, customer orders are checked automatically by defined algorithms to prevent
fraud.
Movement in the provision for impairment:
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Balance beginning of the year
5,085
4,802
Provision for expected credit losses
-2,269
774
Write-off
-628
-491
Balance end of the year
2,188
5,085
In determining the recoverability of a trade receivable, the Group considers any change in
the credit quality of the trade receivable from the date credit was initially granted up to
the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-446": { "value": "
No interest is charged on trade receivables. Before accepting any new customer, the
Group assesses the potential customer\u2019s credit quality and defines credit limits by
customer scoring. Limits and scoring attributed to customers are reviewed periodically. In
addition, customer orders are checked automatically by defined algorithms to prevent
fraud.
Movement in the provision for impairment:
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Balance beginning of the year
5,085
4,802
Provision for expected credit losses
-2,269
774
Write-off
-628
-491
Balance end of the year
2,188
5,085
In determining the recoverability of a trade receivable, the Group considers any change in
the credit quality of the trade receivable from the date credit was initially granted up to
the end of the reporting period", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-447": { "value": "
19. Other financial assets.
in EUR 1,000
Fixed deposits
Escrow
Other
Total
Current other financial assets
120,000
7,058
0
127,058
Non-current other financial assets
0
0
3,456
3,456
Balance 1 January 2024
120,000
7,058
3,456
130,514
Additions
664
0
3,067
3,731
Currency revaluation
0
0
29
29
Disposal
-40,000
0
0
-40,000
Cash out payment
0
-7,058
0
-7,058
Current other financial assets
80,664
0
0
80,664
Non-current other financial assets
0
0
6,552
6,552
Balance 31 December 2024
80,664
0
6,552
87,216
The current other financial assets of EUR 80.6 million (2023: EUR 127.1 million) include\u00a0
fixed term deposits amounting to EUR 80.6 million (2023: EUR 120 million). The disposal of
fixed deposits of EUR 40 million is the result of the transfer of fixed cash to current bank
accounts. The remainder is the short-term portion of the prepaid post-combination
services in escrow related to the EUR 7.1 million acquisition of smartpatient, which was
released from escrow during 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-448": { "value": "
19. Other financial assets.
in EUR 1,000
Fixed deposits
Escrow
Other
Total
Current other financial assets
120,000
7,058
0
127,058
Non-current other financial assets
0
0
3,456
3,456
Balance 1 January 2024
120,000
7,058
3,456
130,514
Additions
664
0
3,067
3,731
Currency revaluation
0
0
29
29
Disposal
-40,000
0
0
-40,000
Cash out payment
0
-7,058
0
-7,058
Current other financial assets
80,664
0
0
80,664
Non-current other financial assets
0
0
6,552
6,552
Balance 31 December 2024
80,664
0
6,552
87,216
Non-current other financial assets of EUR 6.6 million (2023: EUR 3.5 million) are related to
payments made regarding rent deposits; it is expected that they will be repaid at the end
of the rental contract.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-449": { "value": "
20. Cash and cash equivalents.
All cash balances are at free disposal of the Group, except for a rent guarantee of EUR
286 thousand (2023: EUR 381 thousand).
Within the cash and cash equivalents, an amount of EUR 17.6 million (2023: EUR 20.2
million) is included for the cash pooling agreement between MediService AG and
Galenica Finanz AG. The cash pooling agreement is seen as a demand deposit. Based on
the agreement, the balances of the cash pooling are freely available to MediService.
Cash and cash equivalents in the statement of financial position comprise cash at banks
and on hand. For the purpose of the consolidated statement of cash flows, cash and
cash equivalents consist of cash, as defined above. Bank overdrafts are not included
since they are not considered to be an integral part of the Group\u2019s cash management.
Current securities are shown in Other financial assets according to IAS 7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-450": { "value": "
21. Shareholders\u2019 equity.
Share capital.
The share capital of the Group as of 31 December 2024 amounts to EUR 402.1 thousand
(31 December 2023: EUR 397.7 thousand) divided into 20,342,486 shares (31 December
2023: 20,203,287) each with a nominal value of EUR 0.02, of which 20,105,402 have been
issued and fully paid, 237,084 shares are held in trust for stock option plans.
The total number of authorised shares amounts to 85,000,000 shares.
Capital increase.
During the financial year 81,145 employee options were exercised (2023: 59,132) within
the employee stock option plan. Each stock option gives the participant the right to
subscribe newly issued ordinary shares of the Company on exercise at a predetermined
exercise price. The average exercise price amounts to EUR 48.84 per share (2023: EUR
44.66 per share). The options exercised resulted in a capital increase in 2024 of EUR 4.0
million (2023: EUR 2.6 million).
Additionally, 139,200 employee options were exercised (2023: 227,200) under the
smartpatient option plan. The plan vests over a period of three years, beginning in 2021.
The options exercised have a total nominal value of EUR 3 thousand (2023: EUR 4
thousand).
Reference is made to note 27 for disclosures on share-based payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-451": { "value": "
21. Shareholders\u2019 equity.
Share capital.
The share capital of the Group as of 31 December 2024 amounts to EUR 402.1 thousand
(31 December 2023: EUR 397.7 thousand) divided into 20,342,486 shares (31 December
2023: 20,203,287) each with a nominal value of EUR 0.02, of which 20,105,402 have been
issued and fully paid, 237,084 shares are held in trust for stock option plans.
The total number of authorised shares amounts to 85,000,000 shares.
Capital increase.
During the financial year 81,145 employee options were exercised (2023: 59,132) within
the employee stock option plan. Each stock option gives the participant the right to
subscribe newly issued ordinary shares of the Company on exercise at a predetermined
exercise price. The average exercise price amounts to EUR 48.84 per share (2023: EUR
44.66 per share). The options exercised resulted in a capital increase in 2024 of EUR 4.0
million (2023: EUR 2.6 million).
Additionally, 139,200 employee options were exercised (2023: 227,200) under the
smartpatient option plan. The plan vests over a period of three years, beginning in 2021.
The options exercised have a total nominal value of EUR 3 thousand (2023: EUR 4
thousand).
Reference is made to note 27 for disclosures on share-based payments", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-454": { "value": "
22.\u00a0 Non-current liabilities.
Loans and borrowings.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Amounts due to banks
4,875
6,500
Lease liabilities
27,677
30,676
Convertible bond
204,263
197,847
Employee benefit liabilities
833
1,045
237,648
236,068
Convertible bond.
In January 2021, the Company issued 2,250 0.0% convertible bonds with an aggregate
principal amount of EUR 225.0 million. Each bond entitles the holder to convert to ordinary
shares at a conversion price of EUR 233.83. Given the zero coupon no interest is due on
these bonds. Conversion of the above-mentioned bonds may occur as of 3 March 2021 in
the period to and including the earlier of the following days:
\u2022 The 40th business day prior to the maturity date (21 January 2028); or
\u2022 If the bonds are redeemed by the issuer, the 30th business day prior to the redemption
date or, if such day falls within an excluded period, the first business day prior to the
beginning of this excluded period.
To the extent the bonds have not previously been redeemed, converted or repurchased
and cancelled they will be redeemed at their principal amount on the maturity date (21
January 2028). The issuer will be entitled to fulfil its obligation to redeem the bonds in
cash by redeeming all but not only some of the bonds, according to the share
redemption option.
The convertible bonds contain two components: liability and equity elements. The equity
element is presented in equity under the heading of equity part on convertible bonds.
The effective interest rate of the liability element on initial recognition is 3.05% per
annum.
Initial recognition convertible bonds.
A summary of the initial recognition of the convertible bonds is given below:
in EUR 1,000
Issued on 14.01.2021
Proceeds of principal issued (amount less costs)
222,197
Liability component at date of issue
-179,933
Deferred tax liability on equity component
-10,566
Equity component
31,698
Movements of the convertible bonds.
A summary of the movements of the convertible bonds is given below:
in EUR 1,000
Balance 1 January 2023
191,629
Interest charged calculated at an effective interest rate of 3.05%
6,218
Interest paid
0
Balance 31 December 2023
197,847
Interest charged calculated at an effective interest rate of 3.05%
6,416
Interest paid
0
Balance 31 December 2024
204,263
Current versus non-current classification.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Liability component
204,263
197,847
- of which long-term position
204,263
197,847
- of which short-term position
0
0
Amount due to banks.
In February 2021, the Company obtained a EUR 13 million loan at a credit institution. This
loan is secured by a pledge over the logistics automation in the Sevenum logistics centre.
The loan has a duration of six years, ending on 31 December 2026; repayment is quarterly
for an amount of EUR 406,250 starting on 31 March 2021. The annual interest amounts to
3-month EURIBOR + 2.95% of the principal amount.
Employee benefit liabilities.
This relates to the long-term portion of the post-combination benefit payments as a
result of the acquisitions of smartpatient and MedApp. For detailed disclosure, reference
is made to note 31 (business combinations in prior periods).
23. Current liabilities.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Trade and other payables
183,986
157,591
Loans and Borrowings
9,729
8,770
Other liabilities
56,017
57,362
249,732
223,723
Trade and other payables.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Trade payables
175,290
151,996
Other payables
8,696
5,595
183,986
157,591
The average credit period on purchases in 2024 is 40 days (2023: 38 days). No interest is
charged on the trade payables. The Group has financial risk management policies in
place to ensure that all payables are paid within the pre-agreed credit terms.
Trade and other payables grew by EUR 26.4 million to EUR 184 million. This is largely due
to the growth in the existing business.
Loans and borrowings.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Loans to credit institutions - short term portion
1,625
1,625
Lease liabilities - short term position
8,104
7,145
9,729
8,770
Amounts due to banks are further disclosed in note 22.
Lease liabilities are reported under non-current and current liabilities. A further disclosure
of leases can be found in note 32.
Other liabilities.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Corporate income tax
460
573
Wage tax & social security charges
3,267
4,508
VAT
21,696
18,491
Employee benefit liabilities
8,692
7,240
Liability due to customer loyalty program
10,658
8,854
Accrued expenses
11,244
17,696
56,017
57,362
Other liabilities remained relatively stable compared to prior year.
Employee benefit liabilities.
The employee benefit liabilities include accruals for bonus payments, vacation days and
several other accruals.
Other liabilities.
No interest is charged on the other liabilities.
24. Changes in liabilities arising from financing activities.
In accordance with IAS 7, the overview below shows the changes arising from cash flows and non-cash changes:
in EUR 1,000
31.12.2023
Cash flows
Non-cash changes
31.12.2024
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2024
Long term borrowings (incl. current)
8,085
-1,625
0
40
0
6,500
Short term borrowings - bank overdraft
0
0
0
0
0
0
Lease liabilities (non-current)
30,676
0
0
-4,187
1,188
27,677
Lease liabilities (current)
7,145
-8,250
0
9,209
0
8,104
Contingent consideration
0
0
0
0
0
0
Convertible bond
197,847
0
0
0
6,416
204,263
243,753
-9,875
0
5,062
7,604
246,544
in EUR 1,000
31.12.2022
Cash flows
Non-cash changes
31.12.2023
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2023
Long term borrowings (incl. current)
9,750
-1,665
0
0
0
8,085
Short term borrowings - bank overdraft
40
-40
0
0
0
0
Lease liabilities (non-current)
27,593
0
0
1,821
1,262
30,676
Lease liabilities (current)
5,880
-7,303
4,268
4,300
0
7,145
Contingent consideration
12,872
0
0
0
-12,872 1
0
Convertible bond
191,629
0
0
0
6,218
197,847
247,764
-9,008
4,268
6,121
-5,392
243,753
For the disclosure relating to our credit facility, we refer to note 33.
The total number of additions / movements in lease liabilities relates to a movement
from non-current to current and to the additions in the lease liabilities during the
financial year. For further substantiation of the total amount of additions (non-current
and current) of EUR 5,022 thousand (2023: EUR 6,121 thousand), please refer to Note
32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-453": { "value": "
22.\u00a0 Non-current liabilities.
Loans and borrowings.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Amounts due to banks
4,875
6,500
Lease liabilities
27,677
30,676
Convertible bond
204,263
197,847
Employee benefit liabilities
833
1,045
237,648
236,068
Convertible bond.
In January 2021, the Company issued 2,250 0.0% convertible bonds with an aggregate
principal amount of EUR 225.0 million. Each bond entitles the holder to convert to ordinary
shares at a conversion price of EUR 233.83. Given the zero coupon no interest is due on
these bonds. Conversion of the above-mentioned bonds may occur as of 3 March 2021 in
the period to and including the earlier of the following days:
\u2022 The 40th business day prior to the maturity date (21 January 2028); or
\u2022 If the bonds are redeemed by the issuer, the 30th business day prior to the redemption
date or, if such day falls within an excluded period, the first business day prior to the
beginning of this excluded period.
To the extent the bonds have not previously been redeemed, converted or repurchased
and cancelled they will be redeemed at their principal amount on the maturity date (21
January 2028). The issuer will be entitled to fulfil its obligation to redeem the bonds in
cash by redeeming all but not only some of the bonds, according to the share
redemption option.
The convertible bonds contain two components: liability and equity elements. The equity
element is presented in equity under the heading of equity part on convertible bonds.
The effective interest rate of the liability element on initial recognition is 3.05% per
annum.
Initial recognition convertible bonds.
A summary of the initial recognition of the convertible bonds is given below:
in EUR 1,000
Issued on 14.01.2021
Proceeds of principal issued (amount less costs)
222,197
Liability component at date of issue
-179,933
Deferred tax liability on equity component
-10,566
Equity component
31,698
Movements of the convertible bonds.
A summary of the movements of the convertible bonds is given below:
in EUR 1,000
Balance 1 January 2023
191,629
Interest charged calculated at an effective interest rate of 3.05%
6,218
Interest paid
0
Balance 31 December 2023
197,847
Interest charged calculated at an effective interest rate of 3.05%
6,416
Interest paid
0
Balance 31 December 2024
204,263
Current versus non-current classification.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Liability component
204,263
197,847
- of which long-term position
204,263
197,847
- of which short-term position
0
0
Amount due to banks.
In February 2021, the Company obtained a EUR 13 million loan at a credit institution. This
loan is secured by a pledge over the logistics automation in the Sevenum logistics centre.
The loan has a duration of six years, ending on 31 December 2026; repayment is quarterly
for an amount of EUR 406,250 starting on 31 March 2021. The annual interest amounts to
3-month EURIBOR + 2.95% of the principal amount.
Employee benefit liabilities.
This relates to the long-term portion of the post-combination benefit payments as a
result of the acquisitions of smartpatient and MedApp. For detailed disclosure, reference
is made to note 31 (business combinations in prior periods).
23. Current liabilities.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Trade and other payables
183,986
157,591
Loans and Borrowings
9,729
8,770
Other liabilities
56,017
57,362
249,732
223,723
Trade and other payables.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Trade payables
175,290
151,996
Other payables
8,696
5,595
183,986
157,591
The average credit period on purchases in 2024 is 40 days (2023: 38 days). No interest is
charged on the trade payables. The Group has financial risk management policies in
place to ensure that all payables are paid within the pre-agreed credit terms.
Trade and other payables grew by EUR 26.4 million to EUR 184 million. This is largely due
to the growth in the existing business.
Loans and borrowings.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Loans to credit institutions - short term portion
1,625
1,625
Lease liabilities - short term position
8,104
7,145
9,729
8,770
Amounts due to banks are further disclosed in note 22.
Lease liabilities are reported under non-current and current liabilities. A further disclosure
of leases can be found in note 32.
Other liabilities.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Corporate income tax
460
573
Wage tax & social security charges
3,267
4,508
VAT
21,696
18,491
Employee benefit liabilities
8,692
7,240
Liability due to customer loyalty program
10,658
8,854
Accrued expenses
11,244
17,696
56,017
57,362
Other liabilities remained relatively stable compared to prior year.
Employee benefit liabilities.
The employee benefit liabilities include accruals for bonus payments, vacation days and
several other accruals.
Other liabilities.
No interest is charged on the other liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-452": { "value": "
22.\u00a0 Non-current liabilities.
Loans and borrowings.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Amounts due to banks
4,875
6,500
Lease liabilities
27,677
30,676
Convertible bond
204,263
197,847
Employee benefit liabilities
833
1,045
237,648
236,068
Convertible bond.
In January 2021, the Company issued 2,250 0.0% convertible bonds with an aggregate
principal amount of EUR 225.0 million. Each bond entitles the holder to convert to ordinary
shares at a conversion price of EUR 233.83. Given the zero coupon no interest is due on
these bonds. Conversion of the above-mentioned bonds may occur as of 3 March 2021 in
the period to and including the earlier of the following days:
\u2022 The 40th business day prior to the maturity date (21 January 2028); or
\u2022 If the bonds are redeemed by the issuer, the 30th business day prior to the redemption
date or, if such day falls within an excluded period, the first business day prior to the
beginning of this excluded period.
To the extent the bonds have not previously been redeemed, converted or repurchased
and cancelled they will be redeemed at their principal amount on the maturity date (21
January 2028). The issuer will be entitled to fulfil its obligation to redeem the bonds in
cash by redeeming all but not only some of the bonds, according to the share
redemption option.
The convertible bonds contain two components: liability and equity elements. The equity
element is presented in equity under the heading of equity part on convertible bonds.
The effective interest rate of the liability element on initial recognition is 3.05% per
annum.
Initial recognition convertible bonds.
A summary of the initial recognition of the convertible bonds is given below:
in EUR 1,000
Issued on 14.01.2021
Proceeds of principal issued (amount less costs)
222,197
Liability component at date of issue
-179,933
Deferred tax liability on equity component
-10,566
Equity component
31,698
Movements of the convertible bonds.
A summary of the movements of the convertible bonds is given below:
in EUR 1,000
Balance 1 January 2023
191,629
Interest charged calculated at an effective interest rate of 3.05%
6,218
Interest paid
0
Balance 31 December 2023
197,847
Interest charged calculated at an effective interest rate of 3.05%
6,416
Interest paid
0
Balance 31 December 2024
204,263
Current versus non-current classification.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Liability component
204,263
197,847
- of which long-term position
204,263
197,847
- of which short-term position
0
0
Amount due to banks.
In February 2021, the Company obtained a EUR 13 million loan at a credit institution. This
loan is secured by a pledge over the logistics automation in the Sevenum logistics centre.
The loan has a duration of six years, ending on 31 December 2026; repayment is quarterly
for an amount of EUR 406,250 starting on 31 March 2021. The annual interest amounts to
3-month EURIBOR + 2.95% of the principal amount.
Employee benefit liabilities.
This relates to the long-term portion of the post-combination benefit payments as a
result of the acquisitions of smartpatient and MedApp. For detailed disclosure, reference
is made to note 31 (business combinations in prior periods).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-455": { "value": "
Convertible bond.
In January 2021, the Company issued 2,250 0.0% convertible bonds with an aggregate
principal amount of EUR 225.0 million. Each bond entitles the holder to convert to ordinary
shares at a conversion price of EUR 233.83. Given the zero coupon no interest is due on
these bonds. Conversion of the above-mentioned bonds may occur as of 3 March 2021 in
the period to and including the earlier of the following days:
\u2022 The 40th business day prior to the maturity date (21 January 2028); or
\u2022 If the bonds are redeemed by the issuer, the 30th business day prior to the redemption
date or, if such day falls within an excluded period, the first business day prior to the
beginning of this excluded period.
To the extent the bonds have not previously been redeemed, converted or repurchased
and cancelled they will be redeemed at their principal amount on the maturity date (21
January 2028). The issuer will be entitled to fulfil its obligation to redeem the bonds in
cash by redeeming all but not only some of the bonds, according to the share
redemption option.
The convertible bonds contain two components: liability and equity elements. The equity
element is presented in equity under the heading of equity part on convertible bonds.
The effective interest rate of the liability element on initial recognition is 3.05% per
annum.
Initial recognition convertible bonds.
A summary of the initial recognition of the convertible bonds is given below:
in EUR 1,000
Issued on 14.01.2021
Proceeds of principal issued (amount less costs)
222,197
Liability component at date of issue
-179,933
Deferred tax liability on equity component
-10,566
Equity component
31,698
Movements of the convertible bonds.
A summary of the movements of the convertible bonds is given below:
in EUR 1,000
Balance 1 January 2023
191,629
Interest charged calculated at an effective interest rate of 3.05%
6,218
Interest paid
0
Balance 31 December 2023
197,847
Interest charged calculated at an effective interest rate of 3.05%
6,416
Interest paid
0
Balance 31 December 2024
204,263
Current versus non-current classification.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Liability component
204,263
197,847
- of which long-term position
204,263
197,847
- of which short-term position
0
0
Amount due to banks.
In February 2021, the Company obtained a EUR 13 million loan at a credit institution. This
loan is secured by a pledge over the logistics automation in the Sevenum logistics centre.
The loan has a duration of six years, ending on 31 December 2026; repayment is quarterly
for an amount of EUR 406,250 starting on 31 March 2021. The annual interest amounts to
3-month EURIBOR + 2.95% of the principal amount.
25. Financial instruments.
Categories of financial instruments.
Financial assets at fair value through profit or loss
Financial assets at amortised cost
in EUR 1,000
Year ended
Year ended
Year ended
Year ended
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Trade and other receivables
0
0
109,865
103,134
Other financial assets
0
0
87,216
130,514
Cash and cash equivalents
0
0
96,892
84,160
Total financial assets
0
0
293,973
317,808
Financial liabilities at fair value through profit or loss
Financial liabilities at amortised cost
in EUR 1,000
Year ended
Year ended
Year ended
Year ended
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Non-current liabilities (excluding lease)
0
0
209,971
205,392
Trade and other payables
0
0
183,986
157,591
Current loans and borrowings (excluding lease)
0
0
1,625
1,625
Other current liabilities
0
0
34,115
33,790
Total financial liabilities
0
0
429,697
398,398
Information on risks.
The following financial risks can be identified: interest rate risk, credit risk, liquidity risk
and currency risk. This note provides information on the financial risks to which the Group
is exposed, the objectives and policy for managing risks arising from financial instruments
as well as the management of capital.
Interest rate risk.
The interest rate risk includes the influence of positive and negative changes to interest
rates on the profit, equity or cash flow in the current or a future reporting period. Interest
rate risks from financial instruments can arise within the Group mainly in connection with
financial liabilities. A change in the market risk at the reporting date would not have a
significant effect on the Group profit or equity, since the credit facility is normally not
used and most other non-current liabilities have a fixed interest rate. Given current market
circumstances, a potential positive affect on cash and equivalent balances would arise if
interest rates were\u00a0 to increase.
Credit risk.
Credit risk is the risk of a loss being incurred because a counterparty is unable or
unwilling to meet its obligations. The Group is exposed to credit risk; this risk mainly
relates to non-payment by customers for services provided. Credit risk also arises from
cash, cash equivalents and other financial assets. For banks and financial institutions, only
independently rated parties with minimum rating A are accepted.
The risk of default on receivables has been reflected in provisions for bad debt. Due to
constant close monitoring of potential default risks, additional receivables risk is very
limited. Without exception, receivables which are past due but for which no provision has
been recognised, are trade receivables from normal sales. In relation to the provision for
doubtful debts, see note 18 of the consolidated financial statements.
The other receivables and the prepayments and accrued income do not contain any
accounts older than one year.
Liquidity risk.
Liquidity risk is the risk that the Group is unable to obtain the financial resources required
to meet its financial obligations on time. In this regard, the Group regularly assesses the
expected cash flows over a period of several years. These cash flows include operating
cash flows and share premium repayment, interest payments, e.g. on the convertible
bond, replacement capital expenditure and the effects of a change in the Group\u2019s
creditworthiness. The aim is to have sufficient funds available at all times to provide the
required liquidity.
The Group\u2019s liquidity needs are affected by many factors, some of which are based on
the normal ongoing operations of the business and others relate to the uncertainties of
the global economy and the industry. Although cash requirements fluctuate based on the
timing and extent of these factors, the Group believes that cash generated from
operations, together with the liquidity provided by existing cash and cash equivalents, are
sufficient to satisfy the current requirements, including the 2024 capital expenditure.
Currency risk.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will
fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk
of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities
(when revenue or expense is denominated in a foreign currency). The cost of raw
materials and consumables used and other expenses is mostly denominated in euro,
except for the acquired business of MediService. The MediService business mainly
operates in Swiss franc. Outstanding intra-Group balances between MediService and
Redcare Group companies are limited. Therefore, foreign currency exchange risk is
considered not material.
Liquidity and interest risk tables.
The following tables detail the Company\u2019s remaining contractual maturity for its financial
liabilities (excluding lease liabilities) with agreed repayment periods. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Company can be required to pay. The tables include both
interest and principal cash flows. To the extent that interest flows are floating rate, the
undiscounted amount is derived from interest curves at the end of the reporting period.
The contractual maturity is based on the earliest day on which the Company may be
required to pay.
The following table sets out the maturities (representing undiscounted cash flows) of
financial liabilities. The maturities of lease liabilities are specified in note 32.
in EUR 1,000
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2024
Non-current liabilities (excluding lease)
0
231,012
0
231,012
Trade and other payables
183,986
0
0
183,986
Current loans and borrowings (excluding lease)
1,625
0
0
1,625
Other current liabilities
34,115
0
0
34,115
Total financial liabilities (excluding lease)
219,726
231,012
0
450,738
in EUR 1,000
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2023
Non-current liabilities (excluding lease)
0
233,253
0
233,253
Trade and other payables
157,591
0
0
157,591
Current loans and borrowings (excluding lease)
1,625
0
0
1,625
Other current liabilities
33,790
0
0
33,790
Total financial liabilities (excluding lease)
193,006
233,253
0
426,259
Capital management.
The Group manages its equity to ensure it will be able to continue as a going concern
with an emphasis on capital preservation. The Group\u2019s overall strategy is to obtain
leadership in all relevant European markets. The Group is subject to reporting and
governance rules of the Dutch Autoriteit Financi\u00eble Markten (AFM) and the Frankfurt Stock
Exchange, where it has been listed since 21 September 2020.
Fair value of financial assets and financial liabilities.
The Company considers that the carrying amounts of financial assets and financial
liabilities recognised in the consolidated financial statements approximate their fair
values, except for the convertible bond which is presented as part of the non-current
liabilities, accounted for based on amortised costs. The fair value of the convertible bond
is at EUR 188,875 thousand (2023: EUR 174,535 thousand) compared to the carrying
amount of EUR 204,263 thousand (2023: EUR 197,874 thousand).
The fair values of the other financial assets and liabilities are the same as the carrying
amounts, since all trade and other receivables are due within 30 days and all trade and
other payables are paid within 90 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-456": { "value": "
Amount due to banks.
In February 2021, the Company obtained a EUR 13 million loan at a credit institution. This
loan is secured by a pledge over the logistics automation in the Sevenum logistics centre.
The loan has a duration of six years, ending on 31 December 2026; repayment is quarterly
for an amount of EUR 406,250 starting on 31 March 2021. The annual interest amounts to
3-month EURIBOR + 2.95% of the principal amount.
Credit facility.
The Deutsche Bank EUR 25 million credit facility agreement was also secured by a EUR 25
million pledge over assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-457": { "value": "
23. Current liabilities.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Trade and other payables
183,986
157,591
Loans and Borrowings
9,729
8,770
Other liabilities
56,017
57,362
249,732
223,723
Trade and other payables.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Trade payables
175,290
151,996
Other payables
8,696
5,595
183,986
157,591
The average credit period on purchases in 2024 is 40 days (2023: 38 days). No interest is
charged on the trade payables. The Group has financial risk management policies in
place to ensure that all payables are paid within the pre-agreed credit terms.
Trade and other payables grew by EUR 26.4 million to EUR 184 million. This is largely due
to the growth in the existing business.
Loans and borrowings.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Loans to credit institutions - short term portion
1,625
1,625
Lease liabilities - short term position
8,104
7,145
9,729
8,770
Amounts due to banks are further disclosed in note 22.
Lease liabilities are reported under non-current and current liabilities. A further disclosure
of leases can be found in note 32.
Other liabilities.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Corporate income tax
460
573
Wage tax & social security charges
3,267
4,508
VAT
21,696
18,491
Employee benefit liabilities
8,692
7,240
Liability due to customer loyalty program
10,658
8,854
Accrued expenses
11,244
17,696
56,017
57,362
Other liabilities remained relatively stable compared to prior year.
Employee benefit liabilities.
The employee benefit liabilities include accruals for bonus payments, vacation days and
several other accruals.
Other liabilities.
No interest is charged on the other liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-458": { "value": "
Trade and other payables.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Trade payables
175,290
151,996
Other payables
8,696
5,595
183,986
157,591
The average credit period on purchases in 2024 is 40 days (2023: 38 days). No interest is
charged on the trade payables. The Group has financial risk management policies in
place to ensure that all payables are paid within the pre-agreed credit terms.
Trade and other payables grew by EUR 26.4 million to EUR 184 million. This is largely due
to the growth in the existing business.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-459": { "value": "
Other liabilities.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Corporate income tax
460
573
Wage tax & social security charges
3,267
4,508
VAT
21,696
18,491
Employee benefit liabilities
8,692
7,240
Liability due to customer loyalty program
10,658
8,854
Accrued expenses
11,244
17,696
56,017
57,362
Other liabilities remained relatively stable compared to prior year.
Employee benefit liabilities.
The employee benefit liabilities include accruals for bonus payments, vacation days and
several other accruals.
Other liabilities.
No interest is charged on the other liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-460": { "value": "
Other liabilities.
in EUR 1,000
Year ended
Year ended
31.12.2024
31.12.2023
Corporate income tax
460
573
Wage tax & social security charges
3,267
4,508
VAT
21,696
18,491
Employee benefit liabilities
8,692
7,240
Liability due to customer loyalty program
10,658
8,854
Accrued expenses
11,244
17,696
56,017
57,362
Other liabilities remained relatively stable compared to prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-462": { "value": "
1 During 2023 a fair value adjustment of EUR 12,872 thousand was recorded; refer to note 10 for a detailed explanation.
24. Changes in liabilities arising from financing activities.
In accordance with IAS 7, the overview below shows the changes arising from cash flows and non-cash changes:
in EUR 1,000
31.12.2023
Cash flows
Non-cash changes
31.12.2024
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2024
Long term borrowings (incl. current)
8,085
-1,625
0
40
0
6,500
Short term borrowings - bank overdraft
0
0
0
0
0
0
Lease liabilities (non-current)
30,676
0
0
-4,187
1,188
27,677
Lease liabilities (current)
7,145
-8,250
0
9,209
0
8,104
Contingent consideration
0
0
0
0
0
0
Convertible bond
197,847
0
0
0
6,416
204,263
243,753
-9,875
0
5,062
7,604
246,544
in EUR 1,000
31.12.2022
Cash flows
Non-cash changes
31.12.2023
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2023
Long term borrowings (incl. current)
9,750
-1,665
0
0
0
8,085
Short term borrowings - bank overdraft
40
-40
0
0
0
0
Lease liabilities (non-current)
27,593
0
0
1,821
1,262
30,676
Lease liabilities (current)
5,880
-7,303
4,268
4,300
0
7,145
Contingent consideration
12,872
0
0
0
-12,872 1
0
Convertible bond
191,629
0
0
0
6,218
197,847
247,764
-9,008
4,268
6,121
-5,392
243,753
For the disclosure relating to our credit facility, we refer to note 33.
The total number of additions / movements in lease liabilities relates to a movement
from non-current to current and to the additions in the lease liabilities during the
financial year. For further substantiation of the total amount of additions (non-current
and current) of EUR 5,022 thousand (2023: EUR 6,121 thousand), please refer to Note
32.
25. Financial instruments.
Categories of financial instruments.
Financial assets at fair value through profit or loss
Financial assets at amortised cost
in EUR 1,000
Year ended
Year ended
Year ended
Year ended
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Trade and other receivables
0
0
109,865
103,134
Other financial assets
0
0
87,216
130,514
Cash and cash equivalents
0
0
96,892
84,160
Total financial assets
0
0
293,973
317,808
Financial liabilities at fair value through profit or loss
Financial liabilities at amortised cost
in EUR 1,000
Year ended
Year ended
Year ended
Year ended
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Non-current liabilities (excluding lease)
0
0
209,971
205,392
Trade and other payables
0
0
183,986
157,591
Current loans and borrowings (excluding lease)
0
0
1,625
1,625
Other current liabilities
0
0
34,115
33,790
Total financial liabilities
0
0
429,697
398,398
Information on risks.
The following financial risks can be identified: interest rate risk, credit risk, liquidity risk
and currency risk. This note provides information on the financial risks to which the Group
is exposed, the objectives and policy for managing risks arising from financial instruments
as well as the management of capital.
Interest rate risk.
The interest rate risk includes the influence of positive and negative changes to interest
rates on the profit, equity or cash flow in the current or a future reporting period. Interest
rate risks from financial instruments can arise within the Group mainly in connection with
financial liabilities. A change in the market risk at the reporting date would not have a
significant effect on the Group profit or equity, since the credit facility is normally not
used and most other non-current liabilities have a fixed interest rate. Given current market
circumstances, a potential positive affect on cash and equivalent balances would arise if
interest rates were\u00a0 to increase.
Credit risk.
Credit risk is the risk of a loss being incurred because a counterparty is unable or
unwilling to meet its obligations. The Group is exposed to credit risk; this risk mainly
relates to non-payment by customers for services provided. Credit risk also arises from
cash, cash equivalents and other financial assets. For banks and financial institutions, only
independently rated parties with minimum rating A are accepted.
The risk of default on receivables has been reflected in provisions for bad debt. Due to
constant close monitoring of potential default risks, additional receivables risk is very
limited. Without exception, receivables which are past due but for which no provision has
been recognised, are trade receivables from normal sales. In relation to the provision for
doubtful debts, see note 18 of the consolidated financial statements.
The other receivables and the prepayments and accrued income do not contain any
accounts older than one year.
Liquidity risk.
Liquidity risk is the risk that the Group is unable to obtain the financial resources required
to meet its financial obligations on time. In this regard, the Group regularly assesses the
expected cash flows over a period of several years. These cash flows include operating
cash flows and share premium repayment, interest payments, e.g. on the convertible
bond, replacement capital expenditure and the effects of a change in the Group\u2019s
creditworthiness. The aim is to have sufficient funds available at all times to provide the
required liquidity.
The Group\u2019s liquidity needs are affected by many factors, some of which are based on
the normal ongoing operations of the business and others relate to the uncertainties of
the global economy and the industry. Although cash requirements fluctuate based on the
timing and extent of these factors, the Group believes that cash generated from
operations, together with the liquidity provided by existing cash and cash equivalents, are
sufficient to satisfy the current requirements, including the 2024 capital expenditure.
Currency risk.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will
fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk
of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities
(when revenue or expense is denominated in a foreign currency). The cost of raw
materials and consumables used and other expenses is mostly denominated in euro,
except for the acquired business of MediService. The MediService business mainly
operates in Swiss franc. Outstanding intra-Group balances between MediService and
Redcare Group companies are limited. Therefore, foreign currency exchange risk is
considered not material.
Liquidity and interest risk tables.
The following tables detail the Company\u2019s remaining contractual maturity for its financial
liabilities (excluding lease liabilities) with agreed repayment periods. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Company can be required to pay. The tables include both
interest and principal cash flows. To the extent that interest flows are floating rate, the
undiscounted amount is derived from interest curves at the end of the reporting period.
The contractual maturity is based on the earliest day on which the Company may be
required to pay.
The following table sets out the maturities (representing undiscounted cash flows) of
financial liabilities. The maturities of lease liabilities are specified in note 32.
in EUR 1,000
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2024
Non-current liabilities (excluding lease)
0
231,012
0
231,012
Trade and other payables
183,986
0
0
183,986
Current loans and borrowings (excluding lease)
1,625
0
0
1,625
Other current liabilities
34,115
0
0
34,115
Total financial liabilities (excluding lease)
219,726
231,012
0
450,738
in EUR 1,000
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2023
Non-current liabilities (excluding lease)
0
233,253
0
233,253
Trade and other payables
157,591
0
0
157,591
Current loans and borrowings (excluding lease)
1,625
0
0
1,625
Other current liabilities
33,790
0
0
33,790
Total financial liabilities (excluding lease)
193,006
233,253
0
426,259
Capital management.
The Group manages its equity to ensure it will be able to continue as a going concern
with an emphasis on capital preservation. The Group\u2019s overall strategy is to obtain
leadership in all relevant European markets. The Group is subject to reporting and
governance rules of the Dutch Autoriteit Financi\u00eble Markten (AFM) and the Frankfurt Stock
Exchange, where it has been listed since 21 September 2020.
Fair value of financial assets and financial liabilities.
The Company considers that the carrying amounts of financial assets and financial
liabilities recognised in the consolidated financial statements approximate their fair
values, except for the convertible bond which is presented as part of the non-current
liabilities, accounted for based on amortised costs. The fair value of the convertible bond
is at EUR 188,875 thousand (2023: EUR 174,535 thousand) compared to the carrying
amount of EUR 204,263 thousand (2023: EUR 197,874 thousand).
The fair values of the other financial assets and liabilities are the same as the carrying
amounts, since all trade and other receivables are due within 30 days and all trade and
other payables are paid within 90 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-461": { "value": "
1 During 2023 a fair value adjustment of EUR 12,872 thousand was recorded; refer to note 10 for a detailed explanation.
24. Changes in liabilities arising from financing activities.
In accordance with IAS 7, the overview below shows the changes arising from cash flows and non-cash changes:
in EUR 1,000
31.12.2023
Cash flows
Non-cash changes
31.12.2024
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2024
Long term borrowings (incl. current)
8,085
-1,625
0
40
0
6,500
Short term borrowings - bank overdraft
0
0
0
0
0
0
Lease liabilities (non-current)
30,676
0
0
-4,187
1,188
27,677
Lease liabilities (current)
7,145
-8,250
0
9,209
0
8,104
Contingent consideration
0
0
0
0
0
0
Convertible bond
197,847
0
0
0
6,416
204,263
243,753
-9,875
0
5,062
7,604
246,544
in EUR 1,000
31.12.2022
Cash flows
Non-cash changes
31.12.2023
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2023
Long term borrowings (incl. current)
9,750
-1,665
0
0
0
8,085
Short term borrowings - bank overdraft
40
-40
0
0
0
0
Lease liabilities (non-current)
27,593
0
0
1,821
1,262
30,676
Lease liabilities (current)
5,880
-7,303
4,268
4,300
0
7,145
Contingent consideration
12,872
0
0
0
-12,872 1
0
Convertible bond
191,629
0
0
0
6,218
197,847
247,764
-9,008
4,268
6,121
-5,392
243,753
For the disclosure relating to our credit facility, we refer to note 33.
The total number of additions / movements in lease liabilities relates to a movement
from non-current to current and to the additions in the lease liabilities during the
financial year. For further substantiation of the total amount of additions (non-current
and current) of EUR 5,022 thousand (2023: EUR 6,121 thousand), please refer to Note
32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-463": { "value": "
Information on risks.
The following financial risks can be identified: interest rate risk, credit risk, liquidity risk
and currency risk. This note provides information on the financial risks to which the Group
is exposed, the objectives and policy for managing risks arising from financial instruments
as well as the management of capital.
Interest rate risk.
The interest rate risk includes the influence of positive and negative changes to interest
rates on the profit, equity or cash flow in the current or a future reporting period. Interest
rate risks from financial instruments can arise within the Group mainly in connection with
financial liabilities. A change in the market risk at the reporting date would not have a
significant effect on the Group profit or equity, since the credit facility is normally not
used and most other non-current liabilities have a fixed interest rate. Given current market
circumstances, a potential positive affect on cash and equivalent balances would arise if
interest rates were\u00a0 to increase.
Credit risk.
Credit risk is the risk of a loss being incurred because a counterparty is unable or
unwilling to meet its obligations. The Group is exposed to credit risk; this risk mainly
relates to non-payment by customers for services provided. Credit risk also arises from
cash, cash equivalents and other financial assets. For banks and financial institutions, only
independently rated parties with minimum rating A are accepted.
The risk of default on receivables has been reflected in provisions for bad debt. Due to
constant close monitoring of potential default risks, additional receivables risk is very
limited. Without exception, receivables which are past due but for which no provision has
been recognised, are trade receivables from normal sales. In relation to the provision for
doubtful debts, see note 18 of the consolidated financial statements.
The other receivables and the prepayments and accrued income do not contain any
accounts older than one year.
Liquidity risk.
Liquidity risk is the risk that the Group is unable to obtain the financial resources required
to meet its financial obligations on time. In this regard, the Group regularly assesses the
expected cash flows over a period of several years. These cash flows include operating
cash flows and share premium repayment, interest payments, e.g. on the convertible
bond, replacement capital expenditure and the effects of a change in the Group\u2019s
creditworthiness. The aim is to have sufficient funds available at all times to provide the
required liquidity.
The Group\u2019s liquidity needs are affected by many factors, some of which are based on
the normal ongoing operations of the business and others relate to the uncertainties of
the global economy and the industry. Although cash requirements fluctuate based on the
timing and extent of these factors, the Group believes that cash generated from
operations, together with the liquidity provided by existing cash and cash equivalents, are
sufficient to satisfy the current requirements, including the 2024 capital expenditure.
Currency risk.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will
fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk
of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities
(when revenue or expense is denominated in a foreign currency). The cost of raw
materials and consumables used and other expenses is mostly denominated in euro,
except for the acquired business of MediService. The MediService business mainly
operates in Swiss franc. Outstanding intra-Group balances between MediService and
Redcare Group companies are limited. Therefore, foreign currency exchange risk is
considered not material.
Liquidity and interest risk tables.
The following tables detail the Company\u2019s remaining contractual maturity for its financial
liabilities (excluding lease liabilities) with agreed repayment periods. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Company can be required to pay. The tables include both
interest and principal cash flows. To the extent that interest flows are floating rate, the
undiscounted amount is derived from interest curves at the end of the reporting period.
The contractual maturity is based on the earliest day on which the Company may be
required to pay.
The following table sets out the maturities (representing undiscounted cash flows) of
financial liabilities. The maturities of lease liabilities are specified in note 32.
in EUR 1,000
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2024
Non-current liabilities (excluding lease)
0
231,012
0
231,012
Trade and other payables
183,986
0
0
183,986
Current loans and borrowings (excluding lease)
1,625
0
0
1,625
Other current liabilities
34,115
0
0
34,115
Total financial liabilities (excluding lease)
219,726
231,012
0
450,738
in EUR 1,000
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2023
Non-current liabilities (excluding lease)
0
233,253
0
233,253
Trade and other payables
157,591
0
0
157,591
Current loans and borrowings (excluding lease)
1,625
0
0
1,625
Other current liabilities
33,790
0
0
33,790
Total financial liabilities (excluding lease)
193,006
233,253
0
426,259
Capital management.
The Group manages its equity to ensure it will be able to continue as a going concern
with an emphasis on capital preservation. The Group\u2019s overall strategy is to obtain
leadership in all relevant European markets. The Group is subject to reporting and
governance rules of the Dutch Autoriteit Financi\u00eble Markten (AFM) and the Frankfurt Stock
Exchange, where it has been listed since 21 September 2020.
Fair value of financial assets and financial liabilities.
The Company considers that the carrying amounts of financial assets and financial
liabilities recognised in the consolidated financial statements approximate their fair
values, except for the convertible bond which is presented as part of the non-current
liabilities, accounted for based on amortised costs. The fair value of the convertible bond
is at EUR 188,875 thousand (2023: EUR 174,535 thousand) compared to the carrying
amount of EUR 204,263 thousand (2023: EUR 197,874 thousand).
The fair values of the other financial assets and liabilities are the same as the carrying
amounts, since all trade and other receivables are due within 30 days and all trade and
other payables are paid within 90 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-464": { "value": "
Interest rate risk.
The interest rate risk includes the influence of positive and negative changes to interest
rates on the profit, equity or cash flow in the current or a future reporting period. Interest
rate risks from financial instruments can arise within the Group mainly in connection with
financial liabilities. A change in the market risk at the reporting date would not have a
significant effect on the Group profit or equity, since the credit facility is normally not
used and most other non-current liabilities have a fixed interest rate. Given current market
circumstances, a potential positive affect on cash and equivalent balances would arise if
interest rates were\u00a0 to increase.
Currency risk.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will
fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk
of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities
(when revenue or expense is denominated in a foreign currency). The cost of raw
materials and consumables used and other expenses is mostly denominated in euro,
except for the acquired business of MediService. The MediService business mainly
operates in Swiss franc. Outstanding intra-Group balances between MediService and
Redcare Group companies are limited. Therefore, foreign currency exchange risk is
considered not material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-465": { "value": "
Credit risk.
Credit risk is the risk of a loss being incurred because a counterparty is unable or
unwilling to meet its obligations. The Group is exposed to credit risk; this risk mainly
relates to non-payment by customers for services provided. Credit risk also arises from
cash, cash equivalents and other financial assets. For banks and financial institutions, only
independently rated parties with minimum rating A are accepted.
The risk of default on receivables has been reflected in provisions for bad debt. Due to
constant close monitoring of potential default risks, additional receivables risk is very
limited. Without exception, receivables which are past due but for which no provision has
been recognised, are trade receivables from normal sales. In relation to the provision for
doubtful debts, see note 18 of the consolidated financial statements.
The other receivables and the prepayments and accrued income do not contain any
accounts older than one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-466": { "value": "
Liquidity risk.
Liquidity risk is the risk that the Group is unable to obtain the financial resources required
to meet its financial obligations on time. In this regard, the Group regularly assesses the
expected cash flows over a period of several years. These cash flows include operating
cash flows and share premium repayment, interest payments, e.g. on the convertible
bond, replacement capital expenditure and the effects of a change in the Group\u2019s
creditworthiness. The aim is to have sufficient funds available at all times to provide the
required liquidity.
The Group\u2019s liquidity needs are affected by many factors, some of which are based on
the normal ongoing operations of the business and others relate to the uncertainties of
the global economy and the industry. Although cash requirements fluctuate based on the
timing and extent of these factors, the Group believes that cash generated from
operations, together with the liquidity provided by existing cash and cash equivalents, are
sufficient to satisfy the current requirements, including the 2024 capital expenditure.
in EUR 1,000
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2024
Non-current liabilities (excluding lease)
0
231,012
0
231,012
Trade and other payables
183,986
0
0
183,986
Current loans and borrowings (excluding lease)
1,625
0
0
1,625
Other current liabilities
34,115
0
0
34,115
Total financial liabilities (excluding lease)
219,726
231,012
0
450,738
in EUR 1,000
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2023
Non-current liabilities (excluding lease)
0
233,253
0
233,253
Trade and other payables
157,591
0
0
157,591
Current loans and borrowings (excluding lease)
1,625
0
0
1,625
Other current liabilities
33,790
0
0
33,790
Total financial liabilities (excluding lease)
193,006
233,253
0
426,259
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-467": { "value": "
Capital management.
The Group manages its equity to ensure it will be able to continue as a going concern
with an emphasis on capital preservation. The Group\u2019s overall strategy is to obtain
leadership in all relevant European markets. The Group is subject to reporting and
governance rules of the Dutch Autoriteit Financi\u00eble Markten (AFM) and the Frankfurt Stock
Exchange, where it has been listed since 21 September 2020.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-469": { "value": "
Fair value of financial assets and financial liabilities.
The Company considers that the carrying amounts of financial assets and financial
liabilities recognised in the consolidated financial statements approximate their fair
values, except for the convertible bond which is presented as part of the non-current
liabilities, accounted for based on amortised costs. The fair value of the convertible bond
is at EUR 188,875 thousand (2023: EUR 174,535 thousand) compared to the carrying
amount of EUR 204,263 thousand (2023: EUR 197,874 thousand).
The fair values of the other financial assets and liabilities are the same as the carrying
amounts, since all trade and other receivables are due within 30 days and all trade and
other payables are paid within 90 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-468": { "value": "
Fair value of financial assets and financial liabilities.
The Company considers that the carrying amounts of financial assets and financial
liabilities recognised in the consolidated financial statements approximate their fair
values, except for the convertible bond which is presented as part of the non-current
liabilities, accounted for based on amortised costs. The fair value of the convertible bond
is at EUR 188,875 thousand (2023: EUR 174,535 thousand) compared to the carrying
amount of EUR 204,263 thousand (2023: EUR 197,874 thousand).
The fair values of the other financial assets and liabilities are the same as the carrying
amounts, since all trade and other receivables are due within 30 days and all trade and
other payables are paid within 90 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-471": { "value": "
1 Other mainly includes gross allowances for fringe benefits such as compensation for car and phone.
26. Related party transactions.
Compensation of key management personnel.
Key management personnel are those persons who have authority and responsibility for
planning, directing and controlling the activities of the entity, directly or indirectly,
including any director (whether executive or otherwise) of that entity. The Company
considers the members of the Managing Board and the Supervisory Board to be key
management personnel.
The remuneration of the Managing Board per member is disclosed in the Remuneration
report.
The total compensation of key management personnel in 2024 amounted to EUR 4,457
thousand (2023: EUR 4,459 thousand).
Remuneration of the Managing Board.
The table below specifies the remuneration of the Managing Board.
in EUR 1,000
2024
2023
Base salary
2,056
1,495
Short term variable incentives (STI)
0
0
Other (1) 1
270
15
Share-based compensation
1,763
2,632
Pensions
55
27
Total remuneration
4,144
4,169
Remuneration of the members of the Supervisory Board.
The table below specifies the remuneration of the members of the Supervisory Board.
in EUR 1,000
2024
2023
Bj\u00f6rn S\u00f6der
92
80
Frank K\u00f6hler
74
60
J\u00e9r\u00f4me Cochet
49
49
Henriette Peucker
57
49
Jaska de Bakker
52
52
Total
324
290
Loans to key management personnel.
Redcare Pharmacy N.V. does not provide loans or advances to members of the Managing
Board or the Supervisory Board. There are no loans or advances outstanding as Redcare
Pharmacy N.V. does not issue guarantees to the benefit of members of the Managing
Board or the Supervisory Board. No such guarantees are outstanding.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-470": { "value": "
1 Other mainly includes gross allowances for fringe benefits such as compensation for car and phone.
26. Related party transactions.
Compensation of key management personnel.
Key management personnel are those persons who have authority and responsibility for
planning, directing and controlling the activities of the entity, directly or indirectly,
including any director (whether executive or otherwise) of that entity. The Company
considers the members of the Managing Board and the Supervisory Board to be key
management personnel.
The remuneration of the Managing Board per member is disclosed in the Remuneration
report.
The total compensation of key management personnel in 2024 amounted to EUR 4,457
thousand (2023: EUR 4,459 thousand).
Remuneration of the Managing Board.
The table below specifies the remuneration of the Managing Board.
in EUR 1,000
2024
2023
Base salary
2,056
1,495
Short term variable incentives (STI)
0
0
Other (1) 1
270
15
Share-based compensation
1,763
2,632
Pensions
55
27
Total remuneration
4,144
4,169
Remuneration of the members of the Supervisory Board.
The table below specifies the remuneration of the members of the Supervisory Board.
in EUR 1,000
2024
2023
Bj\u00f6rn S\u00f6der
92
80
Frank K\u00f6hler
74
60
J\u00e9r\u00f4me Cochet
49
49
Henriette Peucker
57
49
Jaska de Bakker
52
52
Total
324
290
Loans to key management personnel.
Redcare Pharmacy N.V. does not provide loans or advances to members of the Managing
Board or the Supervisory Board. There are no loans or advances outstanding as Redcare
Pharmacy N.V. does not issue guarantees to the benefit of members of the Managing
Board or the Supervisory Board. No such guarantees are outstanding.
Loans from related parties.
As in 2023, no loans from related parties were obtained in 2024.
Other transactions with related parties.
The following table provides the total amount of transactions that have been entered into
with related parties for the relevant financial year:
in EUR 1,000
Sales to
related parties
Purchases from
related parties
Amounts owed by
related parties 1
Amounts owed
to related parties
Other
transactions
Joint venture in which the parent is a venturer:
2024
0
367
0
42
0
2023
0
212
0
18
0
Associates:
2024
378
0
174
0
0
2023
371
0
170
0
0
Key management personnel:
2024
0
0
0
0
22
2023
0
2423
0
242
264
Redcare Pharmacy N.V. has entered into arrangements with a number of its subsidiaries in
the course of its business. These arrangements relate to service transactions and
financing agreements. Transactions were conducted at market prices.
Identified related parties.
Until its dissolvement on 18 May 2023, twenty-five individual shareholders (with a
combined stake of 26.4%) agreed to coordinate the exercise of their voting rights in
advance and to exercise these rights jointly by means of a voting pool agreement. This
pool of shareholders was comprised around and included the Company's founder
Michael K\u00f6hler, both directly and through his holding companies (at that time holding
around 12% of Redcare Pharmacy\u2019s shares), his brother Frank K\u00f6hler, a member of the
Supervisory Board of\u00a0 Redcare Pharmacy and Dr. R. Hess, an employee of the Company.
Until that time, the Company had good reasons to identify Michael K\u00f6hler and the entities
he then controlled as a related party of Redcare Pharmacy N.V.
Michael K\u00f6hler has fully transferred his control in one of his holding companies (MK
Beleggingsmaatschappij Venlo B.V.) to third parties as of 11 December 2023 and has
further reduced his shareholding in Redcare Pharmacy to below 3.0%. Therefore, he and
the aforementioned legal entities are no longer deemed to be a related party of Redcare
Pharmacy N.V.
During 2024, SA Europe B.V. acquired 100% of the shares of Aust Pharma GmbH. This is a
transaction with Dr. R. Hess, an employee of the Group (not identified as a related party).
Reference is made to note 30 for disclosure on the business combination transaction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-472": { "value": "
27. Share-based payments.
As of 31 December 2024 and for the year 2024, the Group provides two share-based
payment plans for a selected group of employees:
- Employee stock option plan of the Group (equity-settled).
- smartpatient plan (equity-settled).
Employee stock option plan of the Group.
Details of the employee stock option plan of the Group.
The Group has a stock option scheme for a selected group of employees (mostly
executive management and senior management) of the Group and its subsidiaries. In
accordance with the terms of the plan, certain employees may be granted options to
purchase ordinary shares. The General Meeting of Shareholders has designated the
Managing Board to grant (rights to acquire) shares under, pursuant to and in connection
with the respective employee stock option plans, subject to the prior approval of the
Supervisory Board.
Each employee stock option converts into one ordinary share of the Group on exercise.
No amounts are paid or payable by the recipient on receipt of the option. The options
carry neither rights to dividends nor voting rights. Options may be exercised at any time
from the date of vesting to the date of their expiry.
The following share-based payment arrangements were in existence during the current
year:
Fair value of the stock options granted in the year.
The weighted average exercise price of the stock options granted during the year is EUR
131.35 (2023: EUR 97.96). The actuarial valuation was performed using best estimate
assumptions developed by the management of the Group.
An external expert performed the valuation of the expected fair value of the option. The
Black-Scholes valuation method for option valuation was used for Option Plans 1 to 6; for
the Option Plans 7 to 18 the Monte Carlo model was used for valuation, taking into
consideration the terms and conditions on which the stock options were granted. The
Monte Carlo model allows the expected life of the option to be included in the
determination of fair value.
The only vesting condition is that employees must remain in service for the period from
the grant date until the vesting date of the stock options. The employee stock option
agreement states that the employee reserves the right to exercise, even if the employee
becomes disabled, deceases or retires.
Options series
Quantity
Grant date
Vesting date
Expiry date
Exercise price
Fair value grant date
Balance at end of year
6a
78,334
02/07/2019
18/06/2021
30/06/2026
35.50
12.72
0
6b
78,333
02/07/2019
18/06/2022
30/06/2026
35.50
12.72
20,890
6c
78,333
02/07/2019
18/06/2023
30/06/2026
35.50
12.72
50,061
7a
10,000
01/02/2020
01/02/2022
11/06/2027
46.40
17.06
0
7b
10,000
01/02/2020
01/02/2023
11/06/2027
46.40
18.18
5,000
7c
10,000
01/02/2020
01/02/2024
11/06/2027
46.40
19.13
10,000
8a
93,000
12/05/2020
12/05/2022
11/06/2027
81.40
29.59
46,643
8b
93,000
12/05/2020
12/05/2023
11/06/2027
81.40
31.47
70,777
8c
93,000
12/05/2020
12/05/2024
11/06/2027
81.40
33.05
73,945
9a
100,000
01/10/2020
01/10/2023
01/10/2026
149.40
61.14
80,000
9b
100,000
01/10/2020
01/10/2024
01/10/2026
149.40
64.46
80,000
10a
4,184
04/05/2021
04/05/2023
04/05/2028
160.60
63.94
3,350
10b
4,183
04/05/2021
04/05/2024
04/05/2028
160.60
68.45
3,350
10c
4,183
04/05/2021
04/05/2025
04/05/2028
160.60
75.25
3,350
11a
8,183
28/04/2022
28/04/2024
28/04/2029
74.42
31.55
7,058
11b
8,183
28/04/2022
28/04/2025
28/04/2029
74.42
34.01
7,553
11c
10,910
28/04/2022
28/04/2026
28/04/2029
74.42
36.15
10,070
12a
1,605
02/11/2022
02/11/2024
02/11/2029
44.12
19.90
1,005
12b
1,605
02/11/2022
02/11/2025
02/11/2029
44.12
21.52
1,605
12c
2,140
02/11/2022
02/11/2026
02/11/2029
44.12
22.95
2,140
13a
8,458
26/04/2023
26/04/2025
26/04/2030
91.56
42.48
8,115
13b
8,458
26/04/2023
26/04/2026
26/04/2030
91.56
45.99
8,115
13c
11,277
26/04/2023
26/04/2027
26/04/2030
91.56
48.93
10,820
14
9,984
01/08/2023
01/08/2026
01/08/2029
116.05
60.10
9,984
15
19,300
03/01/2024
03/01/2027
03/01/2030
127.90
64.77
19,300
16
19,216
02/02/2024
02/02/2027
02/02/2030
133.15
67.65
19,216
17a
9,683
26/04/2024
26/04/2027
26/04/2031
130.00
59.57
9,683
17b
9,683
26/04/2024
26/04/2028
26/04/2031
130.00
64.47
9,683
17c
12,910
26/04/2024
26/04/2029
26/04/2031
130.00
68.57
12,910
18
15,546
17/04/2024
17/04/2027
17/04/2030
136.20
69.47
15,546
913,690
600,168
Inputs to the model.
Option series
Series 6a
Series 6b
Series 6c
Series 7a
Series 7b
Series 7c
Series 8a
Series 8b
Series 8c
Series 9a
Grant date share price
35.80
35.80
35.80
46.40
46.40
46.40
81.40
81.40
81.40
149.40
Exercise price
35.50
35.50
35.50
46.40
46.40
46.40
81.40
81.40
81.40
149.40
Expected volatility
36.01%
36.01%
36.01%
44.33%
44.33%
44.33%
44.33%
44.33%
44.33%
47.32%
Option life
7 years
7 years
7 years
7 years + 4m
7 years + 4m
7 years + 4m
7 years
7 years
7 years
6 years
Dividend yield
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
Risk-free interest rate
-0.77%
-0.77%
-0.77%
-0.549%
-0.549%
-0.549%
-0.561%
-0.561%
-0.561%
-0.638%
Calculation model
BS
BS
BS
MC
MC
MC
MC
MC
MC
MC
Option series
Series 9b
Series 10a
Series 10b
Series 10c
Series 11a
Series 11b
Series 11c
Series 12a
Series 12b
Series 12c
Grant date share price
149.40
160.60
160.60
160.60
74.42
74.42
74.42
44.12
44.12
44.12
Exercise price
149.40
160.60
160.60
160.60
74.42
74.42
74.42
44.12
44.12
44.12
Expected volatility
47.32%
49.49%
49.49%
49.49%
51.88%
51.88%
51.88%
54.39%
54.39%
54.39%
Option life
6 years
7 years
7 years
7 years
7 years
7 years
7 years
7 years
7 years
7 years
Dividend yield
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
Risk-free interest rate
-0.638%
-0.45%
-0.45%
-0.45%
0.850%
0.850%
0.850%
2.132%
2.132%
2.132%
Calculation model
MC
MC
MC
MC
MC
MC
MC
MC
MC
MC
Option series
Series 13a
Series 13b
Series 13c
Series 14
15
16
17a
17b
17c
18
Grant date share price
91.56
91.56
91.56
116.05
127.90
133.15
130.00
130.00
130.00
136.20
Exercise price
91.56
91.56
91.56
116.05
127.90
133.15
130.00
130.00
130.00
136.20
Expected volatility
55.68%
55.68%
55.68%
55.31%
54.75%
54.72%
54.44%
54.44%
54.44%
54.48%
Option life
7 years
7 years
7 years
6 years
6 years
6 years
7 years
7 years
7 years
6 years
Dividend yield
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
Risk-free interest rate
2.419%
2.419%
2.419%
2.544%
1.950%
2.131%
2.567%
2.567%
2.567%
2.452%
Calculation model
MC
MC
MC
MC
MC
MC
MC
MC
MC
MC
For the options granted during the year, the expected share volatility has been
determined by measuring the volatility of the daily changes of the share price of Redcare
Pharmacy N.V. over the past three to four years.
The dividend yield is equal to 0.00%, since the Company is not expected to pay out
dividends soon.
Movements in stock options during the year.
The following reconciles the stock options outstanding at the beginning and end of the
year:
Number
of options 2024
Weighted average
exercise price 2024
Number
of options 2023
Weighted average
exercise price 2023
Balance at beginning of
the year
597,456
90.61
664,514
89.55
Granted during the year
86,338
131.35
38,176
97.96
Forfeited during the year
-2,481
48.84
-45,186
140.87
Exercised during the
year
-81,145
48.84
-59,132
43.32
Expired during the year
0
0.00
-916.00
140.87
Balance at end of year
600,168
102.19
597,456
90.61
For the dates on which the different options are exercisable please refer to the table
above.
Stock options outstanding at the end of the year.
The stock options outstanding at the end of the year had a weighted average exercise
price of EUR 102.19 (2023: EUR 90.61) and a weighted average remaining contractual life
of 1,146 days (2023: 1,322 days).
For the stock option plan, a total expense of EUR 3,182,000 was recognised in the 2024
result (2023: EUR 3,507,000).
Smartpatient plan.
With the acquisition of smartpatient, the Group provided a post-combination services
benefit to the former owners of smartpatient with the objective that they continue their
efforts to roll out the Company's strategy. The smartpatient plan successively vests over
a period of three years and includes a lock-up period until 31 December 2024. The fair
value of the plan at the grant date was EUR 29.6 million; this amount is amortised in the
employee benefit costs over the graded vesting period and the shares to be provided are
to the undiscounted value of this amount.
During 2024, the Group recognised EUR 0.0 million (2023: EUR 8.1 million) in employee
benefit expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-474": { "value": "
28. Employee benefit plans.
The MediService employees work in Switzerland and participate in the \u201cGalenica Pension
Fund\u201d, which is financed by the employers and the employees. This plan is legally
separate from MediService and qualifies as a defined benefit plan. The pension plan
covers the risks of the economic consequences of old age, disability and death in
accordance with the Swiss Federal Occupational Retirement, Survivors and Disability
Pension Plans Act (BVG / LPP). The pension plan is structured in the legal form of a
foundation. All actuarial risks are borne by the foundation and regularly assessed by the
Board of Trustees based on an annual actuarial appraisal prepared in accordance with
BVG / LPP. The Company's liabilities are limited to contributions that are based on a
percentage of the insured salary under Swiss law. Only in cases of a funded status that is
significantly below a funded status of 100% as per the BVG / LPP law can Galenica be
required to pay additional contributions. The calculations made in these appraisals do not
apply the projected unit credit method required by IFRS. If the calculations made in
accordance with the provisions of BVG / LPP reveal a funded status of less than 100%,
suitable restructuring measures need to be introduced. The Board of Trustees consists of
employee and employer representatives.
The defined benefit plan is funded. Plan assets are managed separately from
MediService\u2019s assets by the independent pension fund.
The most recent actuarial valuation was prepared as at 31 December 2024. The pension
fund assets are invested in accordance with local investment guidelines. MediService
pays its contributions to the pension fund in accordance with the regulations defined by
the fund.
The final funded status pursuant to BVG / LPP is not available until the first quarter of the
subsequent year. The projected funded status as at 31 December 2024 for the
MediService Pension Fund is 117.0% (unaudited) and as at 31 December 2023 110.8%
(final).
Defined benefit plans and long-service awards.
2024
2023
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
Plan assets measured at fair value
36,079
0
30,574
0
Present value of defined benefit
obligation
-38,068
-370
-33,732
-297
Surplus / (deficit)
-1,989
-370
-3,158
-297
Effect of asset ceiling
0
0
0
0
Net carrying amount recognised in
employee benefit liabilities
-1,989
-370
-3,158
-297
of which recognised in assets
0
0
0
0
of which recognised in liabilities
-1,989
-370
-3,158
-297
Change in present value of defined benefit obligation.
2024
2023
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
1 January
-33,711
-297
0
0
From business combination
0
0
-29,878
-259
Current service cost
-1,015
-37
-379
-16
Past service cost
0
0
0
0
Interest on defined benefit obligation
-448
-3
-276
-2
Actuarial gain/(loss)
-1,137
-50
-2,775
-17
Employee contributions
-782
0
-363
0
Benefits/awards paid
-1,437
15
-39
-2
Currency revaluation
462
3
0
0
Plan compensation
0
0
0
0
31 December
-38,068
-370
-33,711
-297
Change in fair value of plan assets.
in EUR 1,000
2024
2023
1 January
30,574
0
From business combination
0
30,707
Interest on plan assets
417
297
Remeasurement gain/(loss)
2,194
-1,355
Employee contributions
782
370
Employer contributions
1,127
531
Net benefits paid
1,437
40
Administration cost
-34
-16
Currency revaluation
-418
0
Plan compensation
0
0
31 December
36,079
30,574
Net defined benefit cost.
in EUR 1,000
2024
2023
Current service cost
1,015
-395
Past service cost
0
0
Net interest on net defined benefit liability
31
18
Administration cost
34
-16
Effect of plan compensation
0
0
Net defined benefit cost
1,080
-393
Remeasurement of net defined benefit liability.
in EUR 1,000
2024
2023
Actuarial gain/(loss) due to:
\u2013 Changes in demographic assumptions
0
0
\u2013 Changes in financial assumptions
-1,819
-2,227
\u2013 Experience adjustments
682
-549
Remeasurement of plan assets
2,194
-1,355
Effect in the change of asset ceiling
0
836
Adjustment
0
0
Remeasurement of net defined benefit liability recognised in
other comprehensive income
1,057
-3,295
Investment structure of plan assets.
in EUR 1,000
2024
2023
Cash and cash equivalents
283
0.8%
134
0.4%
Debt instruments
7,982
22.1%
6,982
22.8%
Equity instruments
15,549
43.1%
12,854
42.0%
Real estate
8,204
22.7%
7,333
24.0%
Other investments
4,061
11.3%
3,272
10.7%
Fair value of plan assets
36,079
100.0%
30,574
100.0%
Current return on plan assets
8.8%
-3.4%
The Board of Trustees is responsible for investing the plan assets. It defines the
investment strategy and determines the long-term target asset structure (investment
policy), taking into account the legal requirements, objectives set, the benefit obligations
and the foundations' risk capacity. The Board of Trustees delegates implementation of
the investment policy in accordance with the investment strategy to an investment
committee, which also comprises trustees from the Board of Trustees and a general
manager. Plan assets are managed by external asset managers in line with the
investment strategy.
Cash and cash equivalents are deposited with financial institutions with a credit rating of
A or above.
Debt instruments (e.g. bonds) have a credit rating of at least BBB and quoted prices in
active markets (level 1 of the fair value hierarchy). They can be investments in funds and
direct investments.
Equity instruments are investments in equity funds. These generally have quoted prices in
active markets (level 1 of the fair value hierarchy).
Real estate relates to both residential property and offices. These can be investments in
quoted real estate funds (level 1 of the fair value hierarchy) or direct investments (level 3
of the fair value hierarchy). If real estate is held directly, it is valued by an independent
expert.
Other investments consist of hedge funds, insurance-linked securities (ILS),
infrastructures, senior loans, private equity and receivables. Investments in hedge funds
are classified as alternative investments. They are primarily used for risk management
purposes. In most cases, quoted prices in an active market are not available for hedge
funds investments (level 2 or level 3 of the fair value hierarchy).
The use of derivative financial instruments is only permitted if sufficient liquidity or
underlying investments are available. Leverage and short selling are not permitted.
The total pension funds manage the assets of 6,027 active members (previous year:
5,629) and 1,135 pensioners (previous year: 950).
MediService does not use any pension fund assets.
Basis for measurement.
in EUR 1,000
2024
2023
Discount rate
0.95%
1.40%
Salary development
2.10%
2.25%
Pension development
\u2014%
\u2014%
Mortality (mortality tables)
BVG 2020 GT (CMI), 1.5%
BVG 2020 GT (CMI), 1.5%
Turnover
BVG 2020 (100%)
BVG 2020 (60% \u2013100%)
Sensitivity analysis.
in EUR 1,000
Variations in
assumptions
Impact on DBO
2024
Variations in
assumptions
Impact on DBO 2023
Discount rate
+0.25%
-1,256
+0.25%
-1,080
\u2014%
1,371
\u2014%
1,180
Salary development
+0.25%
152
+0.25%
102
\u2014%
-114
\u2014%
-102
Mortality
+1 year
0
+1 year
708
-1 year
0
-1 year
-708
The sensitivity analysis assumes potential changes in the above parameters as at year
end. Every change in a key actuarial assumption is analysed separately.
Interdependencies are not taken into account.
The pension obligations have an average duration of 16.2 years.
Cash outflows for pension payments and other obligations can be budgeted reliably. The
benefit plans collect regular contribution payments. Furthermore, the investment
strategies safeguard liquidity at all times.
The employer contributions to the pension fund are estimated at EUR 1.2 million for 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-473": { "value": "
28. Employee benefit plans.
The MediService employees work in Switzerland and participate in the \u201cGalenica Pension
Fund\u201d, which is financed by the employers and the employees. This plan is legally
separate from MediService and qualifies as a defined benefit plan. The pension plan
covers the risks of the economic consequences of old age, disability and death in
accordance with the Swiss Federal Occupational Retirement, Survivors and Disability
Pension Plans Act (BVG / LPP). The pension plan is structured in the legal form of a
foundation. All actuarial risks are borne by the foundation and regularly assessed by the
Board of Trustees based on an annual actuarial appraisal prepared in accordance with
BVG / LPP. The Company's liabilities are limited to contributions that are based on a
percentage of the insured salary under Swiss law. Only in cases of a funded status that is
significantly below a funded status of 100% as per the BVG / LPP law can Galenica be
required to pay additional contributions. The calculations made in these appraisals do not
apply the projected unit credit method required by IFRS. If the calculations made in
accordance with the provisions of BVG / LPP reveal a funded status of less than 100%,
suitable restructuring measures need to be introduced. The Board of Trustees consists of
employee and employer representatives.
The defined benefit plan is funded. Plan assets are managed separately from
MediService\u2019s assets by the independent pension fund.
The most recent actuarial valuation was prepared as at 31 December 2024. The pension
fund assets are invested in accordance with local investment guidelines. MediService
pays its contributions to the pension fund in accordance with the regulations defined by
the fund.
The final funded status pursuant to BVG / LPP is not available until the first quarter of the
subsequent year. The projected funded status as at 31 December 2024 for the
MediService Pension Fund is 117.0% (unaudited) and as at 31 December 2023 110.8%
(final).
Defined benefit plans and long-service awards.
2024
2023
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
Plan assets measured at fair value
36,079
0
30,574
0
Present value of defined benefit
obligation
-38,068
-370
-33,732
-297
Surplus / (deficit)
-1,989
-370
-3,158
-297
Effect of asset ceiling
0
0
0
0
Net carrying amount recognised in
employee benefit liabilities
-1,989
-370
-3,158
-297
of which recognised in assets
0
0
0
0
of which recognised in liabilities
-1,989
-370
-3,158
-297
Change in present value of defined benefit obligation.
2024
2023
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
1 January
-33,711
-297
0
0
From business combination
0
0
-29,878
-259
Current service cost
-1,015
-37
-379
-16
Past service cost
0
0
0
0
Interest on defined benefit obligation
-448
-3
-276
-2
Actuarial gain/(loss)
-1,137
-50
-2,775
-17
Employee contributions
-782
0
-363
0
Benefits/awards paid
-1,437
15
-39
-2
Currency revaluation
462
3
0
0
Plan compensation
0
0
0
0
31 December
-38,068
-370
-33,711
-297
Change in fair value of plan assets.
in EUR 1,000
2024
2023
1 January
30,574
0
From business combination
0
30,707
Interest on plan assets
417
297
Remeasurement gain/(loss)
2,194
-1,355
Employee contributions
782
370
Employer contributions
1,127
531
Net benefits paid
1,437
40
Administration cost
-34
-16
Currency revaluation
-418
0
Plan compensation
0
0
31 December
36,079
30,574
Net defined benefit cost.
in EUR 1,000
2024
2023
Current service cost
1,015
-395
Past service cost
0
0
Net interest on net defined benefit liability
31
18
Administration cost
34
-16
Effect of plan compensation
0
0
Net defined benefit cost
1,080
-393
Remeasurement of net defined benefit liability.
in EUR 1,000
2024
2023
Actuarial gain/(loss) due to:
\u2013 Changes in demographic assumptions
0
0
\u2013 Changes in financial assumptions
-1,819
-2,227
\u2013 Experience adjustments
682
-549
Remeasurement of plan assets
2,194
-1,355
Effect in the change of asset ceiling
0
836
Adjustment
0
0
Remeasurement of net defined benefit liability recognised in
other comprehensive income
1,057
-3,295
Investment structure of plan assets.
in EUR 1,000
2024
2023
Cash and cash equivalents
283
0.8%
134
0.4%
Debt instruments
7,982
22.1%
6,982
22.8%
Equity instruments
15,549
43.1%
12,854
42.0%
Real estate
8,204
22.7%
7,333
24.0%
Other investments
4,061
11.3%
3,272
10.7%
Fair value of plan assets
36,079
100.0%
30,574
100.0%
Current return on plan assets
8.8%
-3.4%
The Board of Trustees is responsible for investing the plan assets. It defines the
investment strategy and determines the long-term target asset structure (investment
policy), taking into account the legal requirements, objectives set, the benefit obligations
and the foundations' risk capacity. The Board of Trustees delegates implementation of
the investment policy in accordance with the investment strategy to an investment
committee, which also comprises trustees from the Board of Trustees and a general
manager. Plan assets are managed by external asset managers in line with the
investment strategy.
Cash and cash equivalents are deposited with financial institutions with a credit rating of
A or above.
Debt instruments (e.g. bonds) have a credit rating of at least BBB and quoted prices in
active markets (level 1 of the fair value hierarchy). They can be investments in funds and
direct investments.
Equity instruments are investments in equity funds. These generally have quoted prices in
active markets (level 1 of the fair value hierarchy).
Real estate relates to both residential property and offices. These can be investments in
quoted real estate funds (level 1 of the fair value hierarchy) or direct investments (level 3
of the fair value hierarchy). If real estate is held directly, it is valued by an independent
expert.
Other investments consist of hedge funds, insurance-linked securities (ILS),
infrastructures, senior loans, private equity and receivables. Investments in hedge funds
are classified as alternative investments. They are primarily used for risk management
purposes. In most cases, quoted prices in an active market are not available for hedge
funds investments (level 2 or level 3 of the fair value hierarchy).
The use of derivative financial instruments is only permitted if sufficient liquidity or
underlying investments are available. Leverage and short selling are not permitted.
The total pension funds manage the assets of 6,027 active members (previous year:
5,629) and 1,135 pensioners (previous year: 950).
MediService does not use any pension fund assets.
Basis for measurement.
in EUR 1,000
2024
2023
Discount rate
0.95%
1.40%
Salary development
2.10%
2.25%
Pension development
\u2014%
\u2014%
Mortality (mortality tables)
BVG 2020 GT (CMI), 1.5%
BVG 2020 GT (CMI), 1.5%
Turnover
BVG 2020 (100%)
BVG 2020 (60% \u2013100%)
Sensitivity analysis.
in EUR 1,000
Variations in
assumptions
Impact on DBO
2024
Variations in
assumptions
Impact on DBO 2023
Discount rate
+0.25%
-1,256
+0.25%
-1,080
\u2014%
1,371
\u2014%
1,180
Salary development
+0.25%
152
+0.25%
102
\u2014%
-114
\u2014%
-102
Mortality
+1 year
0
+1 year
708
-1 year
0
-1 year
-708
The sensitivity analysis assumes potential changes in the above parameters as at year
end. Every change in a key actuarial assumption is analysed separately.
Interdependencies are not taken into account.
The pension obligations have an average duration of 16.2 years.
Cash outflows for pension payments and other obligations can be budgeted reliably. The
benefit plans collect regular contribution payments. Furthermore, the investment
strategies safeguard liquidity at all times.
The employer contributions to the pension fund are estimated at EUR 1.2 million for 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-475": { "value": "
Investment structure of plan assets.
in EUR 1,000
2024
2023
Cash and cash equivalents
283
0.8%
134
0.4%
Debt instruments
7,982
22.1%
6,982
22.8%
Equity instruments
15,549
43.1%
12,854
42.0%
Real estate
8,204
22.7%
7,333
24.0%
Other investments
4,061
11.3%
3,272
10.7%
Fair value of plan assets
36,079
100.0%
30,574
100.0%
Current return on plan assets
8.8%
-3.4%
The Board of Trustees is responsible for investing the plan assets. It defines the
investment strategy and determines the long-term target asset structure (investment
policy), taking into account the legal requirements, objectives set, the benefit obligations
and the foundations' risk capacity. The Board of Trustees delegates implementation of
the investment policy in accordance with the investment strategy to an investment
committee, which also comprises trustees from the Board of Trustees and a general
manager. Plan assets are managed by external asset managers in line with the
investment strategy.
Cash and cash equivalents are deposited with financial institutions with a credit rating of
A or above.
Debt instruments (e.g. bonds) have a credit rating of at least BBB and quoted prices in
active markets (level 1 of the fair value hierarchy). They can be investments in funds and
direct investments.
Equity instruments are investments in equity funds. These generally have quoted prices in
active markets (level 1 of the fair value hierarchy).
Real estate relates to both residential property and offices. These can be investments in
quoted real estate funds (level 1 of the fair value hierarchy) or direct investments (level 3
of the fair value hierarchy). If real estate is held directly, it is valued by an independent
expert.
Other investments consist of hedge funds, insurance-linked securities (ILS),
infrastructures, senior loans, private equity and receivables. Investments in hedge funds
are classified as alternative investments. They are primarily used for risk management
purposes. In most cases, quoted prices in an active market are not available for hedge
funds investments (level 2 or level 3 of the fair value hierarchy).
The use of derivative financial instruments is only permitted if sufficient liquidity or
underlying investments are available. Leverage and short selling are not permitted.
The total pension funds manage the assets of 6,027 active members (previous year:
5,629) and 1,135 pensioners (previous year: 950).
MediService does not use any pension fund assets.
Basis for measurement.
in EUR 1,000
2024
2023
Discount rate
0.95%
1.40%
Salary development
2.10%
2.25%
Pension development
\u2014%
\u2014%
Mortality (mortality tables)
BVG 2020 GT (CMI), 1.5%
BVG 2020 GT (CMI), 1.5%
Turnover
BVG 2020 (100%)
BVG 2020 (60% \u2013100%)
Sensitivity analysis.
in EUR 1,000
Variations in
assumptions
Impact on DBO
2024
Variations in
assumptions
Impact on DBO 2023
Discount rate
+0.25%
-1,256
+0.25%
-1,080
\u2014%
1,371
\u2014%
1,180
Salary development
+0.25%
152
+0.25%
102
\u2014%
-114
\u2014%
-102
Mortality
+1 year
0
+1 year
708
-1 year
0
-1 year
-708
The sensitivity analysis assumes potential changes in the above parameters as at year
end. Every change in a key actuarial assumption is analysed separately.
Interdependencies are not taken into account.
The pension obligations have an average duration of 16.2 years.
Cash outflows for pension payments and other obligations can be budgeted reliably. The
benefit plans collect regular contribution payments. Furthermore, the investment
strategies safeguard liquidity at all times.
The employer contributions to the pension fund are estimated at EUR 1.2 million for 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-476": { "value": "
Sensitivity analysis.
in EUR 1,000
Variations in
assumptions
Impact on DBO
2024
Variations in
assumptions
Impact on DBO 2023
Discount rate
+0.25%
-1,256
+0.25%
-1,080
\u2014%
1,371
\u2014%
1,180
Salary development
+0.25%
152
+0.25%
102
\u2014%
-114
\u2014%
-102
Mortality
+1 year
0
+1 year
708
-1 year
0
-1 year
-708
The sensitivity analysis assumes potential changes in the above parameters as at year
end. Every change in a key actuarial assumption is analysed separately.
Interdependencies are not taken into account.
The pension obligations have an average duration of 16.2 years.
Cash outflows for pension payments and other obligations can be budgeted reliably. The
benefit plans collect regular contribution payments. Furthermore, the investment
strategies safeguard liquidity at all times.
The employer contributions to the pension fund are estimated at EUR 1.2 million for 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-477": { "value": "
29. Non-controlling interests.
The following table summarises the information relating to the Group\u2019s subsidiary that
has a material NCI, before any intra-Group eliminations.
in EUR 1,000
Year ended 31 Dec 2024
Year ended 31 Dec 2023
Mediservice AG
NCI percentage
49%
49%
Non-current assets
41,499
49,783
Current assets
84,409
97,323
Non-current liabilities
-10,236
-15,639
Current liabilities
-62,636
-7,573
Net assets
53,036
60,894
Net assets attributable to NCI
25,988
29,838
Revenue
496,168
306,880
Profit
2,470
888
OCI
202
-1,027
Total comprehensive income
2,672
-139
Profit allocated to NCI
892
435
OCI allocated to NCI
99
-504
On 16 May 2023, the Group acquired 51% of MediService AG; as a consequence, a non-
controlling interest of 49% of the shares of MediService has been accounted for.
Accordingly, the comparative information relating to MediService is only for the period of
16 May 2023 until 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-478": { "value": "
30. Business combinations during the period.
Acquisition of Aust Pharma.
On 31 October 2024, the Group acquired 100% of the shares of Aust Pharma GmbH
(\u201cAust Pharma\u201d), a pharmaceutical wholesaler holding an EU wholesale distribution
authorisation dedicated to the supply of pharmaceutical products for the Austrian market.
Redcare acquired Aust Pharma for a cash consideration of EUR 275,000.
The results of Aust Pharma have been consolidated effective from 1 November 2024 (and
directly contributed to earnings per share).
Purchase consideration.
Details of the purchase consideration are as follows:
in EUR 1.000
Cash paid
275
Contingent consideration
0
Total purchase consideration
275
Identified assets and liabilities.
The assets and liabilities recognised as a result of the acquisition are as follows:
in EUR 1,000
Book Value
Adjustment
Fair Value
Tangible fixed assets
3
0
3
Inventory
812
0
812
Trade and other receivables
0
0
0
Cash
531
0
531
Non-current liabilities
0
0
0
Trade and other payables
-647
0
-647
Other current liabilities
-242
0
-242
Goodwill on acquisition
0
-182
-182
Total consideration
457
-182
275
The acquisition of Aust Pharma resulted in a badwill of EUR 182,000 which has been
recorded in the profit and loss statement of 2024 in the Share of profit of associates and
joint ventures and badwill.
Impact of acquisition on the results of the Group.
The amounts included in the Revenue and result after tax for 2024 in the consolidated
figures are considered non-material.
Acquisition costs.
In 2024, the Group incurred acquisition-related costs of EUR 26 thousand. These costs
have been included in Administrative expenses.
Cash flow statement.
The total amount of consideration paid, net of cash acquired can be reconciled with the
cash flow statement as follows:
in EUR 1.000
Cash paid
-275
Cash acquired
531
Total cash impact of acquisition of subsidiary
256
31. Business combinations completed in prior periods.
Acquisition of MediService.
On 16 May 2023, Redcare Pharmacy N.V. entered a strategic partnership with Galenica
AG in Switzerland by acquiring 51% of the shares and voting interest in MediService AG,
including Curarex AG.
As part of this strategic partnership, Redcare Pharmacy and Galenica AG combined the
business activities of the speciality pharmacy MediService AG and the online pharmacy
redcare.ch.
Purchase consideration.
Details of the purchase consideration, are as follows:
in EUR 1,000
Purchase consideration 51% MediService AG
130,541
Additional purchase consideration
8,529
Variable consideration
0
Total purchase consideration
139,070
As part of the transaction, approximately 1.2 million Redcare shares were issued and
transferred to Galenica in return for the sale of a 51% shareholding in MediService \u2013 net
of and after the purchase of the shop-apotheke.ch business by MediService via an
exclusive license agreement.
In order to determine the purchase consideration, the number of total shares transferred
was multiplied by the share price as at the closing date (EUR 92.90), resulting in a
purchase price of the shares transferred of EUR 110,941,459. Apart from the equity
instruments issued, Redcare also implicitly transferred 49% of the licence agreement for
the webshop of redcare.ch to Galenica via Galenica\u2019s 49% shareholding in MediService
AG (\u201cconsideration in kind\u201d) for an amount of EUR 19,600,000, resulting in a total
purchase consideration of EUR 130,541,459.
In addition to the share transfer, by means of the transaction documentation, Galenica
acquired an additional number of approximately 0.4 million Redcare shares via a cash
payment. Given that both the share transfer and the additional shares acquired were fixed
at the same price \u2013 at the volume-weighted average price of the 20 trading days
preceding signing of EUR 72 per share \u2013 the difference between the share price as per
the transaction documentation on 29 March 2023 and the share price as at the closing
date was considered to be an additional purchase consideration of EUR 8.5 million.
During the six months after the closing date the net working capital position of
MediService was measured. If the average of net working capital position during that
period had been higher than the normalised net working capital position, Redcare would
have been entitled to a compensation payment from Galenica. The preliminary fair value
of this variable purchase consideration (contingent consideration) was determined at EUR
nil. The net working capital measurement period was closed in 2024; no payout occurred.
Identified assets and liabilities.
The assets and liabilities recognised as a result of the acquisition are as follows:
in EUR 1,000
Book Value
Adjustment
Fair value
Intangible fixed assets
3,843
36,672
40,515
Right-of-use assets
4,268
0
4,268
Tangible fixed assets
700
0
700
Deferred tax assets
7,066
0
7,066
Inventories
18,668
0
18,668
Cash and cash equivalents
1,366
0
1,366
Trade and other receivables
52,934
0
52,934
Deferred tax liability
-2,385
-5,757
-8,142
Employee benefit liability
-247
0
-247
Lease liabilities
-4,268
0
-4,268
Trade and other payables
-26,979
0
-26,979
Cash pooling balance
-24,807
0
-24,807
Goodwill on acquisition
0
107,924
107,924
Non-controlling interest on acquisition
-14,778
-15,148
-29,926
Total consideration
15,381
123,691
139,072
The valuation techniques used for measuring the fair value of material assets acquired
were as follows:
\u2022 Brand name is valued at EUR 12.7 million and is depreciated over a period of three years.
The relief-from-royalty method has been applied to value the brand name.
\u2022 Customer relationships are valued at EUR 24.4 million and are depreciated over a period
of ten years. The multi-period excess earnings method has been applied to value the
customer relationships.
Deferred tax of EUR 5.8 million has been provided in relation to these fair value
adjustments.
Goodwill arising from the transaction has been recognised as follows:
in EUR 1,000
Consideration transferred
139,070
Non-controlling interest, based upon their proportionate interest
29,926
Fair value of the identifiable net assets
(61,074)
Goodwill from transaction
107,922
The residual goodwill mainly originates from the value attributable to the significant
growth expectations of MediService in the future. The goodwill arising on the MediService
acquisition is not deductible for tax purposes.
Impact of acquisition on the results of the Group.
Included in the result after tax for the year 2023 is EUR 888 thousand attributable to the
additional business generated by the MediService acquisition. Revenue for the year 2023
includes EUR 307 million in respect of the MediService business. In determining these
amounts, management has included the fair value adjustments that arose on the date of
the acquisition.
Acquisition costs.
In 2023, the Group incurred acquisition-related costs for an amount of EUR 873 thousand.
These costs have been included in Administrative expenses.
Cash flow statement.
The total amount of consideration paid, net of cash acquired can be reconciled with the
cash flow statement as follows:
in EUR 1.000
Cash paid
0
Cash acquired
-23,441
Contingent consideration paid during financial year
0
Total cash impact of acquisition of subsidiary
-23,441
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-479": { "value": "
32. Leases.
All operating lease contracts (except for short-term leases and leases of low-value
assets) have been presented as right-of-use assets and lease liabilities respectively. The
operating lease contracts consist of leasing properties. Therefore, only one lease
category is identified.
The development of right-of-use assets and lease liabilities during the year was as
follows:
in EUR 1,000
Right-of-use asset
Lease liability
Balance 1 January 2023
30,596
33,473
Additions
5,921
5,921
Arising on business combination
4,268
4,268
Disposal
0
0
Depreciation charge
-6,272
0
Interest expense
0
1,262
Cash out lease payments
0
-7,303
Currency effects
201
200
Balance 31 December 2023
34,714
37,821
Additions
5,836
5,836
Arising on business combination
0
0
Disposal
-720
-720
Depreciation charge
-6,978
0
Interest expense
0
1,188
Cash out lease payments
0
-8,250
Currency effects
-93
-94
Balance 31 December 2024
32,759
35,781
in EUR 1,000
31.12.2024
31.12.2023
Lease liabilities non-current
27,677
30,676
Lease liabilities current
8,104
7,145
35,781
37,821
The following table sets out the maturities (representing undiscounted cash flows) of
financial lease liabilities:
in EUR 1,000
Up to
1 Year
1 - 5
Years
Over
5 Years
Total
As at 31 December 2023
7,250
25,774
8,332
41,356
Movements 2024
905
535
-4,618
-3,177
As at 31 December 2024
8,155
26,309
3,714
38,179
The obligations for property leases as of 31 December 2024 (except for short-term
leases and leases of low-value assets) that have not been presented as lease liabilities in
the statement of financial position are disclosed in note 33.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-481": { "value": "
33. Contingent liabilities.
Guarantees.
Guarantee obligations regarding rental contracts have been provided by the Group for
EUR 34 thousand (2023: EUR 381 thousand).
Credit facility.
The Deutsche Bank EUR 25 million credit facility agreement was also secured by a EUR 25
million pledge over assets.
Fiscal unity.
For the purpose of value added tax, Redcare Pharmacy N.V., SA Europe B.V., EuroService
Venlo B.V., Shop Apotheke B.V., Shop Apotheke Service B.V., RC Staff B.V., RC Pharma
B.V., EHS Europe Health Services B.V., EHSC B.V., Europa Apotheek Venlo B.V. and Europa
Apotheek Service Venlo B.V. are associated in a fiscal unity and therefore severally liable
for the debts with respect to value-added taxes of the fiscal unity.
For the purpose of corporate income tax, SA Europe B.V., Shop Apotheke B.V., Shop
Apotheke Service B.V., RC Staff B.V., RC Pharma B.V. and EuroService Venlo B.V. are
associated in a fiscal unity and are therefore severally liable for the corporate income tax
owed of the entire fiscal unity as of October 2015 (subsequent to this date and not for the
prior period).
For the purpose of corporate income tax, EHS Europe Health Service B.V., EHSC B.V.,
Europa Apotheek Venlo B.V. and Europa Apotheek Service Venlo B.V. are associated in a
fiscal unity and therefore severally liable for the corporate income tax owed by that fiscal
unity.
For the purpose of corporate income tax, MedApp Holding B.V., MedApp Apotheek B.V.
and MedApp Nederland B.V. are associated in a fiscal unity and are therefore severally
liable for the corporate income tax owed of the entire fiscal unity.
Rental commitments buildings and other (lease) agreements.
The obligations for property leases as of 31 December 2024 (except for short-term
leases and leases of low-value assets) have been presented as lease liabilities in the
statement of financial position.
The company has entered contractual obligations for the lease of property of the new
distribution centre in the Czech Republic as at 31 December 2024. This lease will
commence on 1 July 2025 and has a duration of 10.5 years. The estimated total future
payments per year amount to approximately EUR 2.2 million. Since the Company does not
have the right of use of the property as per 31 December 2024 and the contract is subject
to construction of the premises, which has to be fulfilled, its lease contract has not been
accounted for in accordance with IFRS 16.
Redcare initiated a comprehensive logistics automation project, within our existing
premises, with a total budget of approximately EUR 100 million, payable during the years
2025, 2026 and 2027. Early 2025, Redcare signed contractual commitments for about
75% of the budget. Redcare will likely pay the first instalment(s) from its existing funds,
but a total project-financing through an asset leasing structure is being evaluated.
Legal proceedings.
Redcare Pharmacy N.V. and its subsidiaries are parties to a number of other legal
proceedings arising out of their business operations. Redcare Pharmacy believes that the
ultimate resolution of these proceedings will not, in the aggregate, have a material
adverse effect on Redcare Pharmacy\u2019s financial position, results of operations or cash
flows. Such other legal proceedings, however, are subject to inherent uncertainties and
the outcome of individual matters is unpredictable. It is possible that Redcare Pharmacy
could be required to have expenses in excess of established provisions, at amounts that
cannot reasonably be estimated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-480": { "value": "
33. Contingent liabilities.
Guarantees.
Guarantee obligations regarding rental contracts have been provided by the Group for
EUR 34 thousand (2023: EUR 381 thousand).
Credit facility.
The Deutsche Bank EUR 25 million credit facility agreement was also secured by a EUR 25
million pledge over assets.
Fiscal unity.
For the purpose of value added tax, Redcare Pharmacy N.V., SA Europe B.V., EuroService
Venlo B.V., Shop Apotheke B.V., Shop Apotheke Service B.V., RC Staff B.V., RC Pharma
B.V., EHS Europe Health Services B.V., EHSC B.V., Europa Apotheek Venlo B.V. and Europa
Apotheek Service Venlo B.V. are associated in a fiscal unity and therefore severally liable
for the debts with respect to value-added taxes of the fiscal unity.
For the purpose of corporate income tax, SA Europe B.V., Shop Apotheke B.V., Shop
Apotheke Service B.V., RC Staff B.V., RC Pharma B.V. and EuroService Venlo B.V. are
associated in a fiscal unity and are therefore severally liable for the corporate income tax
owed of the entire fiscal unity as of October 2015 (subsequent to this date and not for the
prior period).
For the purpose of corporate income tax, EHS Europe Health Service B.V., EHSC B.V.,
Europa Apotheek Venlo B.V. and Europa Apotheek Service Venlo B.V. are associated in a
fiscal unity and therefore severally liable for the corporate income tax owed by that fiscal
unity.
For the purpose of corporate income tax, MedApp Holding B.V., MedApp Apotheek B.V.
and MedApp Nederland B.V. are associated in a fiscal unity and are therefore severally
liable for the corporate income tax owed of the entire fiscal unity.
Rental commitments buildings and other (lease) agreements.
The obligations for property leases as of 31 December 2024 (except for short-term
leases and leases of low-value assets) have been presented as lease liabilities in the
statement of financial position.
The company has entered contractual obligations for the lease of property of the new
distribution centre in the Czech Republic as at 31 December 2024. This lease will
commence on 1 July 2025 and has a duration of 10.5 years. The estimated total future
payments per year amount to approximately EUR 2.2 million. Since the Company does not
have the right of use of the property as per 31 December 2024 and the contract is subject
to construction of the premises, which has to be fulfilled, its lease contract has not been
accounted for in accordance with IFRS 16.
Redcare initiated a comprehensive logistics automation project, within our existing
premises, with a total budget of approximately EUR 100 million, payable during the years
2025, 2026 and 2027. Early 2025, Redcare signed contractual commitments for about
75% of the budget. Redcare will likely pay the first instalment(s) from its existing funds,
but a total project-financing through an asset leasing structure is being evaluated.
Legal proceedings.
Redcare Pharmacy N.V. and its subsidiaries are parties to a number of other legal
proceedings arising out of their business operations. Redcare Pharmacy believes that the
ultimate resolution of these proceedings will not, in the aggregate, have a material
adverse effect on Redcare Pharmacy\u2019s financial position, results of operations or cash
flows. Such other legal proceedings, however, are subject to inherent uncertainties and
the outcome of individual matters is unpredictable. It is possible that Redcare Pharmacy
could be required to have expenses in excess of established provisions, at amounts that
cannot reasonably be estimated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-482": { "value": "
Rental commitments buildings and other (lease) agreements.
The obligations for property leases as of 31 December 2024 (except for short-term
leases and leases of low-value assets) have been presented as lease liabilities in the
statement of financial position.
The company has entered contractual obligations for the lease of property of the new
distribution centre in the Czech Republic as at 31 December 2024. This lease will
commence on 1 July 2025 and has a duration of 10.5 years. The estimated total future
payments per year amount to approximately EUR 2.2 million. Since the Company does not
have the right of use of the property as per 31 December 2024 and the contract is subject
to construction of the premises, which has to be fulfilled, its lease contract has not been
accounted for in accordance with IFRS 16.
Redcare initiated a comprehensive logistics automation project, within our existing
premises, with a total budget of approximately EUR 100 million, payable during the years
2025, 2026 and 2027. Early 2025, Redcare signed contractual commitments for about
75% of the budget. Redcare will likely pay the first instalment(s) from its existing funds,
but a total project-financing through an asset leasing structure is being evaluated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-483": { "value": "
1 This relates to the audit for Group purposes of financial data of a subsidiary by a local audit firm. This audit has been provided by another audit firm.
2 This amount includes EUR 120 thousand relating to the audit 2023.
3 This amount includes EUR 70 thousand relating to the audit 2022.
4 The other assurance engagement relates to the voluntary limited assurance engagement into the sustainability reporting in accordance with CSRD regulations of the Company for the financial year ending on 31 December 2024.
36. Other information.
Auditor\u2019s fees.
The Company\u2019s 2024 and 2023 financial statements were audited by Forvis Mazars
Accountants N.V. The following auditor\u2019s fees were expensed in the statement of profit
and loss in the reporting period:
Year ended 31.12.2024
Year ended 31.12.2023
in EUR 1,000
Forvis Mazars
Accountants N.V.
Other audit
firms 1
Forvis Mazars
Accountants N.V.
Other audit
firms
Audit of the financial statements
6472
103
6263
130
Other assurance engagements
2254
0
30
0
Total
872
103
656
130
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } }, "f-484": { "value": "
35. Subsequent events.
Reference is made to note 33 for information on commitments signed after balance sheet
date.
There have been no significant subsequent events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00" } } } }