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"value": "6.1 Consolidated financial statementsSyensqo SA/NV (the \u201cCompany\u201d or \u201cSyensqo\u201d) is a public limitedliability company governed by Belgian law and listed onEuronext Brussels. The principal activities of the Company, itssubsidiaries, joint ventures and associates (jointly the \u201cGroup\u201d or\u201cSyensqo Group\u201d) are described in note F1 Revenue andSegment Information.The Syensqo Group operates 62 sites in 30 countries, employsover 13,000 employees and delivered net sales of \u20ac6.6 billion in2024. Syensqo SA is the Group\u2019s ultimate parent with itsregistered office located at Rue de la Fus\u00e9e 98, B \u2013 1130 Brussels,Belgium.On March 14, 2025, the Board of Directors authorized theconsolidated financial statements for issuance.Main events and changes in the consolidation scopeEnvironmental liabilitiesOn June 28, 2023, Solvay Specialty Polymers USA, LLC (\u201cSolvaySpecialty Polymers\u201d), a subsidiary of Syensqo SA, and the NewJersey Department of Environmental Protection (NJDEP)announced an agreement resolving certain PFAS related claimsin New Jersey.The agreement, which is not an admission of liability, wasstructured as a Judicial Consent Order and it was presented tothe US Court for review and approval, which was obtained onMarch 1, 2024 and became final and binding.Under the terms of the agreement, Solvay Specialty Polymerspaid US$75 million to NJDEP for Natural Resource Damages(NRDs) and US$100 million to fund NJDEP PFAS remediationprojects in areas of New Jersey near the Reporting Entity\u2019s WestDeptford site. The settlement included commitments for SolvaySpecialty Polymers to complete remediation activities thatbegan in 2013, including testing water and soil near the WestDeptford site. Solvay Specialty Polymers established a remedialfunding source in the initial amount of US$ 214 million to fundthose activities. As a result of this settlement, Solvay SpecialtyPolymers had increased its environmental provision by aroundUS$ 250 million (\u20ac229 million) in 2023.Following the approval of the Judicial Consent Order by the USCourt, an amount of US$180 million (\u20ac167 million) wasreclassified from \u201cOther (current) provisions\u201d to \u201cOther (current)liabilities\u201d as of March 31, 2024 and that amount was paid in April2024 (in the Statement of Cash flows, it is included in theChanges in working capital). The balance of the provision will bespent over a 30-year period and is included in Other non-current provisions.The environmental provision recorded is based on the netpresent value of the cash flow forecast needed, for current andfuture years, to settle the remediation obligations. This provisionrepresents the estimated cash out and does not reflectexpected recoveries from third-party contributors nor does itreflect the potential insurance proceeds, the combination ofwhich could significantly reduce the resultant costs.The Group submitted certain claims from its environmentalliability insurance and received and recognized \u20ac32 million as apreliminary settlement of these insurance policy claims inFebruary 2024. Other unrecognized insurance proceeds andrecovery from third-party contributors are still under discussion.See note F26 Provisions.Bond issuanceOn June 4, 2024, the Group issued senior bonds for a nominalamount of US$1.2 billion across two tranches:\u25cf US$600 million bond with a 5-year maturity and a 5.65% fixedcoupon;\u25cf US$600 million bond with a 10-year maturity and a 5.85% fixedcoupon.Proceeds from the bond issuance were used for generalcorporate purposes, including the repayment of the bridge loanfacility set up by Syensqo at the end of 2023 in relation to thedemerger from Solvay. The bridge loan facility was repaid inJune 2024.The bonds are recognized as long-term financial liabilities andmeasured at amortized cost in accordance with IFRS 9 FinancialInstruments.See note F27 Financial Instruments.Share buyback programsIn 2024, the Group had various share buyback programs thatwere carried out under the terms and conditions approved bythe Extraordinary General Shareholders\u2019 meeting held onDecember 8, 2023.In June 2024, the Group launched the first share buybackprogram. The repurchase of Syensqo shares under this sharebuyback program was intended to cover current and futureobligations under Syensqo\u2019s current Long Term Incentive plansfor its employees. Syensqo acquired 983,000 Syensqo shares fora total price of \u20ac74 million. All acquired shares are recognized astreasury shares.On September 30, 2024, the Group announced that the Boardapproved a plan to commence a new share buyback programfor a value of up to \u20ac300 million. The purpose of the program isto further enhance Syensqo\u2019s capital structure and efficiency,canceling all shares repurchased as part of the program andthereby reducing the issued share capital of the Company. Theprogram will be carried out under the terms and conditionsapproved by the Extraordinary General Shareholders' meetingheld of December 8, 2023. It will be conducted in accordancewith applicable regulations, and executed by an independentintermediary. The program will be executed in numerousindependent tranches.On November 5, 2024, the Group launched the first tranche ofthe \u20ac300 million buyback program. The Group completed thisfirst tranche on November 27, 2024 and acquired 658,488Syensqo shares for a total price of \u20ac50 million. On December 4, 2024, the Group launched the second trancheof the \u20ac300 million buyback program. This tranche will run untilFebruary 26, 2025 and will cover a maximum amount of up to\u20ac50 million. The contractual mandate with the independentfinancial intermediary may be canceled at any time, therefore, inaccordance with IFRS 9 Financial Instruments, no financialliability is recognized at December 31, 2024 for the \u20ac50 millionmandate. By December 31, 2024, the Group had acquired 185,000Syensqo shares for a total price of \u20ac14 million in the secondtranche of the program. All the 843,488 shares acquired in November and December2024 under the \u20ac300 million buyback program were canceled inDecember 2024 (See Note F22).Pension risk managementOn September 17, 2024, the Group announced a significant stepin its ongoing commitment to the financial stability of its retireesin the US and Canada by reducing its pension obligationsthrough the purchase of group annuity contracts. This strategicmove is designed to reduce the Group\u2019s gross pensionobligations and associated volatility risk, while enhancing thelong term security of pension benefits for its retirees.Syensqo has, in August 2024, entered into agreements withPacific Life Insurance Company (\u201cPacific Life\u201d) and RBC Insurance(\u201cRBC\u201d), to transfer some of its legal and constructive pensionobligations with no change to the benefits for its retirees. Thetransfer resulted in a settlement of its US$485 million grosspension obligation. Considering that the plans were fully funded,it did not result in any additional cash funding requirement.RBC will begin paying and administering the retirement benefitsof affected retirees and beneficiaries in Canada from December2024 and Pacific Life will similarly do the same for US retireesand beneficiaries from January 2025.The US and Canada defined benefit obligations have decreasedby US$470 million and CAD $20 million respectively, whileUS$450 million and CAD$20 million of plan assets have beenderecognized as a result of the transfer.See note F25 Employee Benefits for further details.Prior to the Partial Demerger, Syensqo did not constitute a groupwith a parent company in accordance with IFRS 10 ConsolidatedFinancial Statements. Therefore, share capital, share premium,treasury shares and retained earnings for period ended September30, 2023 were presented as Invested equity attributable toSyensqo. Cumulated exchange differences on currency translationof foreign operations were measured at their carrying amountincluded in the Solvay Group\u2019s consolidated financial statementsfor Dedicated Entities and pro rata the net assets transferred toSyensqo for the Mixed Entities. The changes in equity that resultfrom transactions deemed to be immediately settled throughequity and as such treated as contributions from or distributionsto shareholders are included in the line \u201cTransactions with SolvayGroup\u201d, in the statements of changes in equity. Thosecontributions from or distributions to shareholders relate to carve-out specific considerations, such as the allocation of costs forshared services, impact of tax results recalculated on separatetax return basis, restructuring charges and employee benefitcharges and from the execution of the liability managementprogram.Details about the \u201cTransactions with Solvay Group\u201d line and thereconciliation between the related amounts in the ConsolidatedStatements of Cash Flows and Consolidated Statements ofChanges in Equity are presented in the note F12 Dividends paidto / received from the Solvay Group and other transactions withremaining Solvay Group and note F22 Equity.",
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"value": "6.1 Consolidated financial statementsSyensqo SA/NV (the \u201cCompany\u201d or \u201cSyensqo\u201d) is a public limitedliability company governed by Belgian law and listed onEuronext Brussels. The principal activities of the Company, itssubsidiaries, joint ventures and associates (jointly the \u201cGroup\u201d or\u201cSyensqo Group\u201d) are described in note F1 Revenue andSegment Information.The Syensqo Group operates 62 sites in 30 countries, employsover 13,000 employees and delivered net sales of \u20ac6.6 billion in2024. Syensqo SA is the Group\u2019s ultimate parent with itsregistered office located at Rue de la Fus\u00e9e 98, B \u2013 1130 Brussels,Belgium.On March 14, 2025, the Board of Directors authorized theconsolidated financial statements for issuance.Main events and changes in the consolidation scopeEnvironmental liabilitiesOn June 28, 2023, Solvay Specialty Polymers USA, LLC (\u201cSolvaySpecialty Polymers\u201d), a subsidiary of Syensqo SA, and the NewJersey Department of Environmental Protection (NJDEP)announced an agreement resolving certain PFAS related claimsin New Jersey.The agreement, which is not an admission of liability, wasstructured as a Judicial Consent Order and it was presented tothe US Court for review and approval, which was obtained onMarch 1, 2024 and became final and binding.Under the terms of the agreement, Solvay Specialty Polymerspaid US$75 million to NJDEP for Natural Resource Damages(NRDs) and US$100 million to fund NJDEP PFAS remediationprojects in areas of New Jersey near the Reporting Entity\u2019s WestDeptford site. The settlement included commitments for SolvaySpecialty Polymers to complete remediation activities thatbegan in 2013, including testing water and soil near the WestDeptford site. Solvay Specialty Polymers established a remedialfunding source in the initial amount of US$ 214 million to fundthose activities. As a result of this settlement, Solvay SpecialtyPolymers had increased its environmental provision by aroundUS$ 250 million (\u20ac229 million) in 2023.Following the approval of the Judicial Consent Order by the USCourt, an amount of US$180 million (\u20ac167 million) wasreclassified from \u201cOther (current) provisions\u201d to \u201cOther (current)liabilities\u201d as of March 31, 2024 and that amount was paid in April2024 (in the Statement of Cash flows, it is included in theChanges in working capital). The balance of the provision will bespent over a 30-year period and is included in Other non-current provisions.The environmental provision recorded is based on the netpresent value of the cash flow forecast needed, for current andfuture years, to settle the remediation obligations. This provisionrepresents the estimated cash out and does not reflectexpected recoveries from third-party contributors nor does itreflect the potential insurance proceeds, the combination ofwhich could significantly reduce the resultant costs.The Group submitted certain claims from its environmentalliability insurance and received and recognized \u20ac32 million as apreliminary settlement of these insurance policy claims inFebruary 2024. Other unrecognized insurance proceeds andrecovery from third-party contributors are still under discussion.See note F26 Provisions.Bond issuanceOn June 4, 2024, the Group issued senior bonds for a nominalamount of US$1.2 billion across two tranches:\u25cf US$600 million bond with a 5-year maturity and a 5.65% fixedcoupon;\u25cf US$600 million bond with a 10-year maturity and a 5.85% fixedcoupon.Proceeds from the bond issuance were used for generalcorporate purposes, including the repayment of the bridge loanfacility set up by Syensqo at the end of 2023 in relation to thedemerger from Solvay. The bridge loan facility was repaid inJune 2024.The bonds are recognized as long-term financial liabilities andmeasured at amortized cost in accordance with IFRS 9 FinancialInstruments.See note F27 Financial Instruments.Share buyback programsIn 2024, the Group had various share buyback programs thatwere carried out under the terms and conditions approved bythe Extraordinary General Shareholders\u2019 meeting held onDecember 8, 2023.In June 2024, the Group launched the first share buybackprogram. The repurchase of Syensqo shares under this sharebuyback program was intended to cover current and futureobligations under Syensqo\u2019s current Long Term Incentive plansfor its employees. Syensqo acquired 983,000 Syensqo shares fora total price of \u20ac74 million. All acquired shares are recognized astreasury shares.On September 30, 2024, the Group announced that the Boardapproved a plan to commence a new share buyback programfor a value of up to \u20ac300 million. The purpose of the program isto further enhance Syensqo\u2019s capital structure and efficiency,canceling all shares repurchased as part of the program andthereby reducing the issued share capital of the Company. Theprogram will be carried out under the terms and conditionsapproved by the Extraordinary General Shareholders' meetingheld of December 8, 2023. It will be conducted in accordancewith applicable regulations, and executed by an independentintermediary. The program will be executed in numerousindependent tranches.On November 5, 2024, the Group launched the first tranche ofthe \u20ac300 million buyback program. The Group completed thisfirst tranche on November 27, 2024 and acquired 658,488Syensqo shares for a total price of \u20ac50 million. On December 4, 2024, the Group launched the second trancheof the \u20ac300 million buyback program. This tranche will run untilFebruary 26, 2025 and will cover a maximum amount of up to\u20ac50 million. The contractual mandate with the independentfinancial intermediary may be canceled at any time, therefore, inaccordance with IFRS 9 Financial Instruments, no financialliability is recognized at December 31, 2024 for the \u20ac50 millionmandate. By December 31, 2024, the Group had acquired 185,000Syensqo shares for a total price of \u20ac14 million in the secondtranche of the program. All the 843,488 shares acquired in November and December2024 under the \u20ac300 million buyback program were canceled inDecember 2024 (See Note F22).Pension risk managementOn September 17, 2024, the Group announced a significant stepin its ongoing commitment to the financial stability of its retireesin the US and Canada by reducing its pension obligationsthrough the purchase of group annuity contracts. This strategicmove is designed to reduce the Group\u2019s gross pensionobligations and associated volatility risk, while enhancing thelong term security of pension benefits for its retirees.Syensqo has, in August 2024, entered into agreements withPacific Life Insurance Company (\u201cPacific Life\u201d) and RBC Insurance(\u201cRBC\u201d), to transfer some of its legal and constructive pensionobligations with no change to the benefits for its retirees. Thetransfer resulted in a settlement of its US$485 million grosspension obligation. Considering that the plans were fully funded,it did not result in any additional cash funding requirement.RBC will begin paying and administering the retirement benefitsof affected retirees and beneficiaries in Canada from December2024 and Pacific Life will similarly do the same for US retireesand beneficiaries from January 2025.The US and Canada defined benefit obligations have decreasedby US$470 million and CAD $20 million respectively, whileUS$450 million and CAD$20 million of plan assets have beenderecognized as a result of the transfer.See note F25 Employee Benefits for further details.Prior to the Partial Demerger, Syensqo did not constitute a groupwith a parent company in accordance with IFRS 10 ConsolidatedFinancial Statements. Therefore, share capital, share premium,treasury shares and retained earnings for period ended September30, 2023 were presented as Invested equity attributable toSyensqo. Cumulated exchange differences on currency translationof foreign operations were measured at their carrying amountincluded in the Solvay Group\u2019s consolidated financial statementsfor Dedicated Entities and pro rata the net assets transferred toSyensqo for the Mixed Entities. The changes in equity that resultfrom transactions deemed to be immediately settled throughequity and as such treated as contributions from or distributionsto shareholders are included in the line \u201cTransactions with SolvayGroup\u201d, in the statements of changes in equity. Thosecontributions from or distributions to shareholders relate to carve-out specific considerations, such as the allocation of costs forshared services, impact of tax results recalculated on separatetax return basis, restructuring charges and employee benefitcharges and from the execution of the liability managementprogram.Details about the \u201cTransactions with Solvay Group\u201d line and thereconciliation between the related amounts in the ConsolidatedStatements of Cash Flows and Consolidated Statements ofChanges in Equity are presented in the note F12 Dividends paidto / received from the Solvay Group and other transactions withremaining Solvay Group and note F22 Equity.6.2.1.1 Basis of preparationThis information was prepared in accordance with EuropeanRegulation (EC) 1606/2002 on the application of internationalaccounting standards dated July 19, 2002. The Group\u2019s consolidatedfinancial statements for the year ended December 31, 2024 wereprepared in accordance with IFRS Accounting Standards aspublished by the International Accounting Standards Board (IASB),and endorsed by the European Union.The accounting standards applied in the consolidated financialstatements for the year ended December 31, 2024 are consistentwith those used to prepare the consolidated financialstatements for the year ended December 31, 2023. The Grouphas not early adopted any other standards, interpretations oramendments that have been issued but are not yet effective.Syensqo Combined Financial StatementsSolvay SA (\u201cSolvay\u201d or the \u201cSolvay Group\u201d) announced, on March15, 2022, that it was reviewing plans to separate into twoindependent, publicly traded companies:\u25cf \u201cSpecialtyCo\u201d (now renamed Syensqo), which would comprisethe Solvay Group's Materials segment, and the majority of theSolvay Group\u2019s Solutions segment: Novecare, TechnologySolutions, Aroma Performance, and Oil and Gas (together the\u201cSpecialty Businesses\u201d or \u201cSyensqo Businesses\u201d). Syensqo SAwas constituted on February 27, 2023 as Specialty HoldcoBelgium before it was subsequently renamed.\u25cf \u201cEssentialCo\u201d, which would comprise the leading mono-technology businesses in the Solvay Group\u2019s Chemicals segmentand the Special Chem business (together the \u201cRemaining SolvayGroup\u201d). Following the Partial Demerger (as defined below), theRemaining Solvay Group would consist of EssentialCo.The separation was effected by means of a partial demerger(\u201cscission partielle\u201d) of Solvay SA, under Belgian law, wherebySolvay SA contributed the shares and other interests it holds inthe legal entities operating the Specialty Businesses, its rightsand obligations under the agreements entered into with thoselegal entities, as well as certain other assets and liabilities undera universal succession regime (\u201ctransmission \u00e0 titre universel\u201d)to Syensqo (the \u201cPartial Demerger\u201d). Upon completion of thePartial Demerger, Solvay SA shareholders received shares issuedby Syensqo SA pro rata to their shareholdings in Solvay SA. Theshares of Syensqo SA were admitted to trading on the regulatedmarket of Euronext Brussels and Euronext Paris on December 8,2023, immediately after the Partial Demerger. Stock exchangetrading in the shares of Syensqo SA commenced on December11, 2023.The Partial Demerger was approved by the shareholders at theextraordinary general meeting on December 8, 2023.In 2023, prior to the Partial Demerger, a Legal Reorganizationoccurred by: (i) transferring assets, liabilities and activities fromlegal entities that previously undertook both SpecialtyBusinesses and Remaining Solvay Group operations (referred toas \u201cMixed Entities\u201d) to existing or new legal entities dedicated toeither Specialty Businesses or the Remaining Solvay Group\u2019sactivities; and (ii) reorganizing the ownership within the SolvayGroup of all existing legal entities entirely dedicated to theSpecialty Businesses before the Legal Reorganization(\u201cDedicated Entities\u201d), all existing legal entities that were MixedEntities before the Legal Reorganization and from whichRemaining Solvay Group\u2019s activities have been carved out, andall new legal entities to which Specialty Businesses have beencarved-out as part of the Legal Reorganization. The LegalReorganization is a business combination under commoncontrol that is scoped out of IFRS 3 Business Combinations. In theabsence of an IFRS standard specifically applicable to such atransaction, management elected to apply the pooling ofinterests method in the consolidated financial statements ofSyensqo, based on the historical carrying values of the assetsand liabilities of the combining entities. Syensqo SA is thecontinuing entity of the Reporting Entity reflected in thecombined financial statements of SpecialtyCo.The preparation of the figures in 2023 prior to the PartialDemerger date, required management to apply accountingmethods and policies that are based on judgments. Theapplication of these judgments, including how the entities withinthe existing Solvay Group were combined, affected the reportedamounts of income and expenses prior to the Partial Demergerdate.Please refer to the following notes for further information on thejudgments taken to prepare the figures for the Syensqo GroupConsolidated Financial Statements prior to the Partial Demerger.\u25cf F6 Income taxes\u25cf F14 Intangible assets\u25cf F16 Property, plant and equipment\u25cf F22 Equity\u25cf F25 Employee Benefits\u25cf F27 Financial instruments\u25cf F28 Net indebtedness\u25cf F32 Related partiesStandards, interpretations and amendments applicable for the first time in 2024Below are the standards, interpretations and amendments thatbecame effective as of January 1, 2024 and which are relevant tothe Group.Amendments to IFRS 16 Leases: Lease Liability in a Sale and LeasebackIn September 2022, the IASB issued \u2018Lease Liability in a Sale andLeaseback (Amendments to IFRS 16)\u2019 with amendments thatclarify how a seller-lessee subsequently measures sale andleaseback transactions that satisfy the requirements in IFRS 15Revenue from Contracts with Customers (\u201cIFRS 15\u201d) to beaccounted for as a sale. The amendments did not have amaterial impact on the Group\u2019s current accounting practices.Amendments to IAS 1: Classification of Liabilities as Current or Non-currentIn January 2020 and October 2022, the IASB issued \u2018Classificationof Liabilities as Current or Non-current (Amendments to IAS 1)\u2019providing a more general approach to the classification ofliabilities under IAS 1 based on the contractual arrangements inplace at the reporting date. The amendments aim to promoteconsistency in applying the requirements by helping companiesdetermine whether, in the statement of financial position, debtand other liabilities with an uncertain settlement date should beclassified as current (due or potentially due to be settled withinone year) or non-current. This amendment did not have amaterial impact on the classification of the Group\u2019s liabilities.Supplier Finance Arrangements - Amendments to IAS 7and IFRS 7In May 2023, the IASB issued amendments to IAS 7 Statement ofCash Flows and IFRS 7 Financial Instruments: Disclosures toclarify the characteristics of supplier finance arrangements andrequire additional disclosure of such arrangements. Thedisclosure requirements in the amendments are intended toassist users of financial statements in understanding the effectsof supplier finance arrangements on an entity\u2019s liabilities, cashflows and exposure to liquidity risk.As a result of implementing the amendments, the Group hasprovided additional disclosures about its supplier financearrangements. Please refer to Note F27.International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12Pillar Two legislation has been enacted or substantively enactedin certain jurisdictions in which the Group operates, notably inBelgium where the ultimate parent entity is located. Thelegislation is effective for the Group\u2019s financial year beginningJanuary 1, 2024.For further comments, see note F6.A.Standards, interpretations and amendments applicable for the first time after 2024The new and amended standards and interpretations that areissued, but not yet effective, up to the date of issuance of theConsolidated Financial Statements and which may have animpact on the Group are disclosed below. The Group intends toadopt these new and amended standards and interpretations, ifapplicable, when they become effective.Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of ExchangeabilityIn August 2023 the IASB issued the amendments to IAS 21 whichare effective for annual periods beginning on or after January 1,2025 and specify when a currency is exchangeable into anothercurrency and, consequently, when it is not, how an entitydetermines the exchange rate to apply when a currency is notexchangeable, and the disclosures an entity provides when acurrency is not exchangeable. This amendment is not expectedto have a material impact on the Group\u2019s consolidated financialstatements.IFRS 18 Presentation and Disclosure in Financial Statements (not yet endorsed by the EU)In April 2024, the IASB issued IFRS 18, which replaces IAS 1Presentation of Financial Statements. IFRS 18 introduces newrequirements for presentation within the statement of profit orloss, including specified totals and subtotals. Furthermore,entities are required to classify all income and expenses withinthe statement of profit or loss into one of five categories:operating, investing, financing, income taxes and discontinuedoperations, whereof the first three are new.IFRS 18 also requires disclosure of newly defined management-defined performance measures, subtotals of income andexpenses, and includes new requirements for aggregation anddisaggregation of financial information based on the identified\u2018roles\u2019 of the primary financial statements (PFS) and the notes.In addition, narrow-scope amendments have been made to IAS7 Statement of Cash Flows, which include changing the startingpoint for determining cash flows from operations under theindirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019and removing the optionality around classification of cash flowsfrom dividends and interest. In addition, there are consequentialamendments to several other standards.IFRS 18, and the amendments to the other standards, areeffective for reporting periods beginning on or after January 1,2027, but earlier application is permitted and must be disclosed.IFRS 18 will apply retrospectively.The Group is currently working to identify all impacts theamendments will have on the primary financial statements andnotes to the financial statements.6.2.1.2 Basis of measurement and presentationThe consolidated financial statements are presented in millionsof euros, which is also the functional currency of the parentcompany. Rounding differences may occur in respect ofindividual amounts or percentages.The preparation of the consolidated financial statements requiresthe use of estimates and assumptions that have an impact onthe application of accounting policies and the measurement ofamounts recognized in the consolidated financial statements. Theareas for which the estimates and assumptions are material withrespect to the consolidated financial statements are presentedin the section Critical accounting judgments and Key sources ofestimation uncertainty.6.2.1.3 Principles of consolidation6.2.1.3.1 Consolidation scopeGeneralThe consolidated financial statements incorporate the financialstatements of the Company, and:\u25cf entities controlled by the Company (including through itssubsidiaries) and that hence qualify as subsidiaries (see 3.1.2.below);\u25cf arrangements over which the Company (including through itssubsidiaries) exercises joint control, and that qualify as jointventures (see 3.1.3. below);\u25cf entities over which the Company (including through itssubsidiaries) has significant influence and that hence qualifyas associates (see 3.1.3. below).Where necessary, adjustments are made to the financial statementsof the investees so as to align their accounting policies with those ofthe Group.In accordance with the principle of materiality, certaincompanies, which are not of a significant size, have not beenincluded in the consolidation scope. Companies are deemednot to be significant when, during two consecutive years, they donot exceed any of the three following thresholds in terms of theircontribution to the Group\u2019s accounts:\u25cf sales of \u20ac15 million;\u25cf total assets of \u20ac7.5 million;\u25cf headcount of 75 persons.Companies that do not meet these criteria are, nevertheless,consolidated where the Group believes that they have a potentialfor rapid development, or where they hold shares in othercompanies that are consolidated based on the above criteria.In the aggregate, the non-consolidated companies have animmaterial impact on the consolidated financial statements ofthe Group including the operating cash flows and earningsbefore interest and tax.The full list of companies can be obtained at the Company\u2019shead office.Investments in subsidiariesA subsidiary is an entity over which the Group has control.Control is achieved when the Group has (a) power over aninvestee, (b) exposure, or rights, to variable returns from itsinvolvement with the investee, and (c) the ability to use its powerover the investee to affect the amount of the investor\u2019s returns.To assess whether the Group has control, potential voting rightsare taken into account. Subsidiaries are fully consolidated. Theresults of subsidiaries acquired or disposed of during the yearare included in the consolidated income statement from theeffective date of acquisition and up to the effective date ofdisposal.Intra-group transactions, balances, income and expenses areeliminated on consolidation.Non-controlling interests in subsidiaries are presented separatelyfrom the Group\u2019s equity. Non-controlling interests are initiallymeasured, either at fair value (full goodwill method), or at thenon-controlling interests\u2019 proportionate share in the recognizedamounts of the acquiree\u2019s identifiable net assets (proportionategoodwill method). The choice of measurement is made on anacquisition-by-acquisition basis. Subsequent to the acquisition,the carrying amount of non-controlling interests is the amount ofthose interests at initial recognition plus the non-controllinginterests\u2019 share of subsequent changes in equity. Totalcomprehensive income is attributed to non-controlling interestseven if this results in the non-controlling interests having a deficitbalance.Changes in the Group\u2019s equity interest in a subsidiary that do notresult in a loss of control are accounted for as equitytransactions. The carrying amounts of the Group\u2019s interests andthe non-controlling interests are adjusted to reflect the changesin their relative interests in the subsidiary. Any differencebetween the amount by which the non-controlling interests areadjusted and the fair value of the consideration paid or receivedis recognized directly in equity.Investments in associates and joint venturesAn associate is an entity over which the Group has significantinfluence. Significant influence is the power to participate in thefinancial and operating policy decisions of the investee but isnot control or joint control over those policies.A joint venture is a joint arrangement whereby the parties thathave joint control of the arrangement have rights to the netassets of the arrangement. Joint control is the contractuallyagreed sharing of control of an arrangement, which exists onlywhen decisions about relevant activities require the unanimousconsent of the parties sharing control.The results, assets and liabilities of associates and joint venturesare incorporated in the consolidated financial statements usingthe equity method of accounting. Under the equity method, oninitial recognition, investments in associates and joint venturesare recognized in the consolidated statement of financialposition at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of theassociate or joint venture, less any impairment of the value ofindividual investments. Goodwill relating to the associate or jointventure is included within the carrying amount of the investmentand is assessed for impairment as part of that investment.Losses of an associate or joint venture in excess of the Group\u2019sinterest in that associate or joint venture (which includes anylong-term interests that, in substance, form part of the Group\u2019snet investment in the associate or joint venture) are recognizedonly to the extent that the Group has incurred legal orconstructive obligations or made payments on behalf of theassociate or joint venture.Where a Group entity transacts with an associate or jointventure of the Group, profits and losses are eliminated to theextent of the Group\u2019s interest in the relevant associate or jointventure.After application of the equity method, the Group reviews itsinvestments in associates and joint ventures for impairment. Ateach reporting date, the Group determines whether there isobjective evidence that the investment in the associate or jointventure is impaired. If there is such evidence, the Groupperforms its analysis and calculates any impairment as thedifference between the recoverable amount of the associate orjoint venture and its carrying value, and then recognizes the lossin the consolidated income statement.6.2.1.4 Foreign currenciesThe individual financial statements of each Group entity areprepared in the currency of the primary economic environmentin which the entity operates (its functional currency). For thepurpose of the consolidated financial statements, the resultsand financial position of each Group entity are expressed ineuros (EUR), which is the presentation currency of the Group\u2019sconsolidated financial statements.In preparing the financial statements of the individual entities,transactions in currencies other than the entities\u2019 functionalcurrency are recognized at the exchange rates prevailing at thedates of the transactions. At the end of each reporting period,monetary items denominated in foreign currencies are translatedat the closing rate. Non-monetary items carried at fair value thatare denominated in foreign currencies are translated at the ratewhen the fair value was measured. Non-monetary items that aremeasured in terms of historical cost in a foreign currency aretranslated using the exchange rates at the date of the initialtransactions.Exchange differences are recognized in profit or loss in theperiod in which they arise except for:\u25cf exchange differences on monetary items receivable from orpayable to a foreign operation for which settlement is neitherplanned nor likely to occur in the foreseeable future (thereforeforming part of the net investment in the foreign operation),which are recognized initially in other comprehensive incomeunder \u201ccurrency translation differences\u201d; and\u25cf exchange differences on transactions entered into in order tohedge certain foreign currency risks (see note F27 Financialinstruments and financial risk management for hedgeaccounting policies).The main exchange rates used are:Year-end rate Average rate1 Euro = December 31, 2024 December 31, 2023 2024 2023Brazilian Real BRL 6.421 5.361 5.824 5.401Yuan Renminbi CNY 7.586 7.838 7.788 7.661Pound Sterling GBP 0.829 0.869 0.847 0.870Indian Rupee INR 88.983 91.968 90.550 89.311Japanese Yen JPY 163.048 156.342 163.845 151.982Korean Won KRW 1,530.079 1,423.387 1,474.903 1,412.478Mexican Peso MXN 21.545 18.736 19.816 19.185US Dollar USD 1.039 1.105 1.082 1.081",
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"value": "6.2.1.1 Basis of preparationThis information was prepared in accordance with EuropeanRegulation (EC) 1606/2002 on the application of internationalaccounting standards dated July 19, 2002. The Group\u2019s consolidatedfinancial statements for the year ended December 31, 2024 wereprepared in accordance with IFRS Accounting Standards aspublished by the International Accounting Standards Board (IASB),and endorsed by the European Union.The accounting standards applied in the consolidated financialstatements for the year ended December 31, 2024 are consistentwith those used to prepare the consolidated financialstatements for the year ended December 31, 2023. The Grouphas not early adopted any other standards, interpretations oramendments that have been issued but are not yet effective.Syensqo Combined Financial StatementsSolvay SA (\u201cSolvay\u201d or the \u201cSolvay Group\u201d) announced, on March15, 2022, that it was reviewing plans to separate into twoindependent, publicly traded companies:\u25cf \u201cSpecialtyCo\u201d (now renamed Syensqo), which would comprisethe Solvay Group's Materials segment, and the majority of theSolvay Group\u2019s Solutions segment: Novecare, TechnologySolutions, Aroma Performance, and Oil and Gas (together the\u201cSpecialty Businesses\u201d or \u201cSyensqo Businesses\u201d). Syensqo SAwas constituted on February 27, 2023 as Specialty HoldcoBelgium before it was subsequently renamed.\u25cf \u201cEssentialCo\u201d, which would comprise the leading mono-technology businesses in the Solvay Group\u2019s Chemicals segmentand the Special Chem business (together the \u201cRemaining SolvayGroup\u201d). Following the Partial Demerger (as defined below), theRemaining Solvay Group would consist of EssentialCo.The separation was effected by means of a partial demerger(\u201cscission partielle\u201d) of Solvay SA, under Belgian law, wherebySolvay SA contributed the shares and other interests it holds inthe legal entities operating the Specialty Businesses, its rightsand obligations under the agreements entered into with thoselegal entities, as well as certain other assets and liabilities undera universal succession regime (\u201ctransmission \u00e0 titre universel\u201d)to Syensqo (the \u201cPartial Demerger\u201d). Upon completion of thePartial Demerger, Solvay SA shareholders received shares issuedby Syensqo SA pro rata to their shareholdings in Solvay SA. Theshares of Syensqo SA were admitted to trading on the regulatedmarket of Euronext Brussels and Euronext Paris on December 8,2023, immediately after the Partial Demerger. Stock exchangetrading in the shares of Syensqo SA commenced on December11, 2023.The Partial Demerger was approved by the shareholders at theextraordinary general meeting on December 8, 2023.In 2023, prior to the Partial Demerger, a Legal Reorganizationoccurred by: (i) transferring assets, liabilities and activities fromlegal entities that previously undertook both SpecialtyBusinesses and Remaining Solvay Group operations (referred toas \u201cMixed Entities\u201d) to existing or new legal entities dedicated toeither Specialty Businesses or the Remaining Solvay Group\u2019sactivities; and (ii) reorganizing the ownership within the SolvayGroup of all existing legal entities entirely dedicated to theSpecialty Businesses before the Legal Reorganization(\u201cDedicated Entities\u201d), all existing legal entities that were MixedEntities before the Legal Reorganization and from whichRemaining Solvay Group\u2019s activities have been carved out, andall new legal entities to which Specialty Businesses have beencarved-out as part of the Legal Reorganization. The LegalReorganization is a business combination under commoncontrol that is scoped out of IFRS 3 Business Combinations. In theabsence of an IFRS standard specifically applicable to such atransaction, management elected to apply the pooling ofinterests method in the consolidated financial statements ofSyensqo, based on the historical carrying values of the assetsand liabilities of the combining entities. Syensqo SA is thecontinuing entity of the Reporting Entity reflected in thecombined financial statements of SpecialtyCo.The preparation of the figures in 2023 prior to the PartialDemerger date, required management to apply accountingmethods and policies that are based on judgments. Theapplication of these judgments, including how the entities withinthe existing Solvay Group were combined, affected the reportedamounts of income and expenses prior to the Partial Demergerdate.Please refer to the following notes for further information on thejudgments taken to prepare the figures for the Syensqo GroupConsolidated Financial Statements prior to the Partial Demerger.\u25cf F6 Income taxes\u25cf F14 Intangible assets\u25cf F16 Property, plant and equipment\u25cf F22 Equity\u25cf F25 Employee Benefits\u25cf F27 Financial instruments\u25cf F28 Net indebtedness\u25cf F32 Related partiesStandards, interpretations and amendments applicable for the first time in 2024Below are the standards, interpretations and amendments thatbecame effective as of January 1, 2024 and which are relevant tothe Group.Amendments to IFRS 16 Leases: Lease Liability in a Sale and LeasebackIn September 2022, the IASB issued \u2018Lease Liability in a Sale andLeaseback (Amendments to IFRS 16)\u2019 with amendments thatclarify how a seller-lessee subsequently measures sale andleaseback transactions that satisfy the requirements in IFRS 15Revenue from Contracts with Customers (\u201cIFRS 15\u201d) to beaccounted for as a sale. The amendments did not have amaterial impact on the Group\u2019s current accounting practices.Amendments to IAS 1: Classification of Liabilities as Current or Non-currentIn January 2020 and October 2022, the IASB issued \u2018Classificationof Liabilities as Current or Non-current (Amendments to IAS 1)\u2019providing a more general approach to the classification ofliabilities under IAS 1 based on the contractual arrangements inplace at the reporting date. The amendments aim to promoteconsistency in applying the requirements by helping companiesdetermine whether, in the statement of financial position, debtand other liabilities with an uncertain settlement date should beclassified as current (due or potentially due to be settled withinone year) or non-current. This amendment did not have amaterial impact on the classification of the Group\u2019s liabilities.Supplier Finance Arrangements - Amendments to IAS 7and IFRS 7In May 2023, the IASB issued amendments to IAS 7 Statement ofCash Flows and IFRS 7 Financial Instruments: Disclosures toclarify the characteristics of supplier finance arrangements andrequire additional disclosure of such arrangements. Thedisclosure requirements in the amendments are intended toassist users of financial statements in understanding the effectsof supplier finance arrangements on an entity\u2019s liabilities, cashflows and exposure to liquidity risk.As a result of implementing the amendments, the Group hasprovided additional disclosures about its supplier financearrangements. Please refer to Note F27.International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12Pillar Two legislation has been enacted or substantively enactedin certain jurisdictions in which the Group operates, notably inBelgium where the ultimate parent entity is located. Thelegislation is effective for the Group\u2019s financial year beginningJanuary 1, 2024.For further comments, see note F6.A.Standards, interpretations and amendments applicable for the first time after 2024The new and amended standards and interpretations that areissued, but not yet effective, up to the date of issuance of theConsolidated Financial Statements and which may have animpact on the Group are disclosed below. The Group intends toadopt these new and amended standards and interpretations, ifapplicable, when they become effective.Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of ExchangeabilityIn August 2023 the IASB issued the amendments to IAS 21 whichare effective for annual periods beginning on or after January 1,2025 and specify when a currency is exchangeable into anothercurrency and, consequently, when it is not, how an entitydetermines the exchange rate to apply when a currency is notexchangeable, and the disclosures an entity provides when acurrency is not exchangeable. This amendment is not expectedto have a material impact on the Group\u2019s consolidated financialstatements.IFRS 18 Presentation and Disclosure in Financial Statements (not yet endorsed by the EU)In April 2024, the IASB issued IFRS 18, which replaces IAS 1Presentation of Financial Statements. IFRS 18 introduces newrequirements for presentation within the statement of profit orloss, including specified totals and subtotals. Furthermore,entities are required to classify all income and expenses withinthe statement of profit or loss into one of five categories:operating, investing, financing, income taxes and discontinuedoperations, whereof the first three are new.IFRS 18 also requires disclosure of newly defined management-defined performance measures, subtotals of income andexpenses, and includes new requirements for aggregation anddisaggregation of financial information based on the identified\u2018roles\u2019 of the primary financial statements (PFS) and the notes.In addition, narrow-scope amendments have been made to IAS7 Statement of Cash Flows, which include changing the startingpoint for determining cash flows from operations under theindirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019and removing the optionality around classification of cash flowsfrom dividends and interest. In addition, there are consequentialamendments to several other standards.IFRS 18, and the amendments to the other standards, areeffective for reporting periods beginning on or after January 1,2027, but earlier application is permitted and must be disclosed.IFRS 18 will apply retrospectively.The Group is currently working to identify all impacts theamendments will have on the primary financial statements andnotes to the financial statements.6.2.1.2 Basis of measurement and presentationThe consolidated financial statements are presented in millionsof euros, which is also the functional currency of the parentcompany. Rounding differences may occur in respect ofindividual amounts or percentages.The preparation of the consolidated financial statements requiresthe use of estimates and assumptions that have an impact onthe application of accounting policies and the measurement ofamounts recognized in the consolidated financial statements. Theareas for which the estimates and assumptions are material withrespect to the consolidated financial statements are presentedin the section Critical accounting judgments and Key sources ofestimation uncertainty.",
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"value": "This information was prepared in accordance with EuropeanRegulation (EC) 1606/2002 on the application of internationalaccounting standards dated July 19, 2002. The Group\u2019s consolidatedfinancial statements for the year ended December 31, 2024 wereprepared in accordance with IFRS Accounting Standards aspublished by the International Accounting Standards Board (IASB),and endorsed by the European Union.The accounting standards applied in the consolidated financialstatements for the year ended December 31, 2024 are consistentwith those used to prepare the consolidated financialstatements for the year ended December 31, 2023. The Grouphas not early adopted any other standards, interpretations oramendments that have been issued but are not yet effective.",
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"value": "Standards, interpretations and amendments applicable for the first time in 2024Below are the standards, interpretations and amendments thatbecame effective as of January 1, 2024 and which are relevant tothe Group.Amendments to IFRS 16 Leases: Lease Liability in a Sale and LeasebackIn September 2022, the IASB issued \u2018Lease Liability in a Sale andLeaseback (Amendments to IFRS 16)\u2019 with amendments thatclarify how a seller-lessee subsequently measures sale andleaseback transactions that satisfy the requirements in IFRS 15Revenue from Contracts with Customers (\u201cIFRS 15\u201d) to beaccounted for as a sale. The amendments did not have amaterial impact on the Group\u2019s current accounting practices.Amendments to IAS 1: Classification of Liabilities as Current or Non-currentIn January 2020 and October 2022, the IASB issued \u2018Classificationof Liabilities as Current or Non-current (Amendments to IAS 1)\u2019providing a more general approach to the classification ofliabilities under IAS 1 based on the contractual arrangements inplace at the reporting date. The amendments aim to promoteconsistency in applying the requirements by helping companiesdetermine whether, in the statement of financial position, debtand other liabilities with an uncertain settlement date should beclassified as current (due or potentially due to be settled withinone year) or non-current. This amendment did not have amaterial impact on the classification of the Group\u2019s liabilities.Supplier Finance Arrangements - Amendments to IAS 7and IFRS 7In May 2023, the IASB issued amendments to IAS 7 Statement ofCash Flows and IFRS 7 Financial Instruments: Disclosures toclarify the characteristics of supplier finance arrangements andrequire additional disclosure of such arrangements. Thedisclosure requirements in the amendments are intended toassist users of financial statements in understanding the effectsof supplier finance arrangements on an entity\u2019s liabilities, cashflows and exposure to liquidity risk.As a result of implementing the amendments, the Group hasprovided additional disclosures about its supplier financearrangements. Please refer to Note F27.International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12Pillar Two legislation has been enacted or substantively enactedin certain jurisdictions in which the Group operates, notably inBelgium where the ultimate parent entity is located. Thelegislation is effective for the Group\u2019s financial year beginningJanuary 1, 2024.For further comments, see note F6.A.Standards, interpretations and amendments applicable for the first time after 2024The new and amended standards and interpretations that areissued, but not yet effective, up to the date of issuance of theConsolidated Financial Statements and which may have animpact on the Group are disclosed below. The Group intends toadopt these new and amended standards and interpretations, ifapplicable, when they become effective.Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of ExchangeabilityIn August 2023 the IASB issued the amendments to IAS 21 whichare effective for annual periods beginning on or after January 1,2025 and specify when a currency is exchangeable into anothercurrency and, consequently, when it is not, how an entitydetermines the exchange rate to apply when a currency is notexchangeable, and the disclosures an entity provides when acurrency is not exchangeable. This amendment is not expectedto have a material impact on the Group\u2019s consolidated financialstatements.IFRS 18 Presentation and Disclosure in Financial Statements (not yet endorsed by the EU)In April 2024, the IASB issued IFRS 18, which replaces IAS 1Presentation of Financial Statements. IFRS 18 introduces newrequirements for presentation within the statement of profit orloss, including specified totals and subtotals. Furthermore,entities are required to classify all income and expenses withinthe statement of profit or loss into one of five categories:operating, investing, financing, income taxes and discontinuedoperations, whereof the first three are new.IFRS 18 also requires disclosure of newly defined management-defined performance measures, subtotals of income andexpenses, and includes new requirements for aggregation anddisaggregation of financial information based on the identified\u2018roles\u2019 of the primary financial statements (PFS) and the notes.In addition, narrow-scope amendments have been made to IAS7 Statement of Cash Flows, which include changing the startingpoint for determining cash flows from operations under theindirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019and removing the optionality around classification of cash flowsfrom dividends and interest. In addition, there are consequentialamendments to several other standards.IFRS 18, and the amendments to the other standards, areeffective for reporting periods beginning on or after January 1,2027, but earlier application is permitted and must be disclosed.IFRS 18 will apply retrospectively.The Group is currently working to identify all impacts theamendments will have on the primary financial statements andnotes to the financial statements.",
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"f1__s8__7__20-1": {
"value": "6.2.1.2 Basis of measurement and presentationThe consolidated financial statements are presented in millionsof euros, which is also the functional currency of the parentcompany. Rounding differences may occur in respect ofindividual amounts or percentages.The preparation of the consolidated financial statements requiresthe use of estimates and assumptions that have an impact onthe application of accounting policies and the measurement ofamounts recognized in the consolidated financial statements. Theareas for which the estimates and assumptions are material withrespect to the consolidated financial statements are presentedin the section Critical accounting judgments and Key sources ofestimation uncertainty.6.2.1.4 Foreign currenciesThe individual financial statements of each Group entity areprepared in the currency of the primary economic environmentin which the entity operates (its functional currency). For thepurpose of the consolidated financial statements, the resultsand financial position of each Group entity are expressed ineuros (EUR), which is the presentation currency of the Group\u2019sconsolidated financial statements.In preparing the financial statements of the individual entities,transactions in currencies other than the entities\u2019 functionalcurrency are recognized at the exchange rates prevailing at thedates of the transactions. At the end of each reporting period,monetary items denominated in foreign currencies are translatedat the closing rate. Non-monetary items carried at fair value thatare denominated in foreign currencies are translated at the ratewhen the fair value was measured. Non-monetary items that aremeasured in terms of historical cost in a foreign currency aretranslated using the exchange rates at the date of the initialtransactions.Exchange differences are recognized in profit or loss in theperiod in which they arise except for:\u25cf exchange differences on monetary items receivable from orpayable to a foreign operation for which settlement is neitherplanned nor likely to occur in the foreseeable future (thereforeforming part of the net investment in the foreign operation),which are recognized initially in other comprehensive incomeunder \u201ccurrency translation differences\u201d; and\u25cf exchange differences on transactions entered into in order tohedge certain foreign currency risks (see note F27 Financialinstruments and financial risk management for hedgeaccounting policies).The main exchange rates used are:Year-end rate Average rate1 Euro = December 31, 2024 December 31, 2023 2024 2023Brazilian Real BRL 6.421 5.361 5.824 5.401Yuan Renminbi CNY 7.586 7.838 7.788 7.661Pound Sterling GBP 0.829 0.869 0.847 0.870Indian Rupee INR 88.983 91.968 90.550 89.311Japanese Yen JPY 163.048 156.342 163.845 151.982Korean Won KRW 1,530.079 1,423.387 1,474.903 1,412.478Mexican Peso MXN 21.545 18.736 19.816 19.185US Dollar USD 1.039 1.105 1.082 1.081",
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"f1__s8__7__19-1": {
"value": "6.2.1.2 Basis of measurement and presentationThe consolidated financial statements are presented in millionsof euros, which is also the functional currency of the parentcompany. Rounding differences may occur in respect ofindividual amounts or percentages.The preparation of the consolidated financial statements requiresthe use of estimates and assumptions that have an impact onthe application of accounting policies and the measurement ofamounts recognized in the consolidated financial statements. Theareas for which the estimates and assumptions are material withrespect to the consolidated financial statements are presentedin the section Critical accounting judgments and Key sources ofestimation uncertainty.6.3 Critical accounting judgments and key sources of estimation uncertainty6.3.1 Critical accounting judgmentsThe Group has no critical accounting judgments.6.3.2 Key sources of estimation uncertaintyImpairmentThe Group performs annual impairment tests on (groups of)CGUs to which goodwill has been allocated, and each time thereare indicators that their carrying amount might be higher thantheir recoverable amount. This analysis requires management toestimate the future cash flows expected to be generated by theCGUs and a suitable discount rate in order to calculate presentvalue. The recoverable amount is highly sensitive to discountand growth rates.Further details are provided in note F15 Goodwill and F19 Impairment.Deferred tax assetsDeferred tax assets are recognized for unused tax losses to theextent that it is probable that taxable profits will be availableagainst which the losses can be utilized. Significant managementjudgment is required to determine the amount of deferred taxassets that can be recognized, based upon the likely timing andthe level of future taxable profits.The Group has \u20ac5.3 billion (\u20ac4.7 billion in 2023) of tax lossescarried forward for which no deferred tax assets wererecognized. These losses relate to subsidiaries that have ahistory of losses, do not expire, and may not be used to offsettaxable income elsewhere in the Group. The subsidiaries do nothave any taxable temporary differences that could partlysupport the recognition of these losses as deferred tax assets.On this basis, the Group has determined that it cannot recognizedeferred tax assets on these tax losses carried forward.Further details are provided in Note F6.C. Deferred taxes in theconsolidated statement of financial position and F6.D OtherInformation.Defined benefit obligations - GeneralThe actuarial assumptions used in determining the definedbenefit obligations at December 31 as well as the annual costcan be found in note F25 Employee benefits. All main employeebenefits plans are assessed annually by independent actuaries.Discount rates and inflation rates are defined centrally bymanagement. The other assumptions (such as future salaryincreases and expected rates of medical care cost increases)are defined at a local level. All plans are supervised by theGroup\u2019s central Human Resources department with the help of acentral actuary to check the reasonableness of the results andensure consistency in reporting. All assumptions are reviewed ateach reporting date.Further details are provided in note F25 Employee benefits.Environmental provisionsEnvironmental provisions are managed and coordinated jointlyby the Environmental Rehabilitation department and the Financedepartment. In case of environmental impacts stemming fromhistorical production activities, generally, no provision isrecognized for remediation works beyond the 20 years due tothe inherent high level of uncertainty as to the timing andamount.The forecasts of expenses are discounted to their present value.The discount rates fixed by geographical area correspond to theaverage risk-free rate on 10-year government bonds or theinflation rate if higher. These rates are set annually by theFinance Department and can be revised based on the evolutionof economic parameters of the country involved. To reflect thepassage of time, the provisions are increased each year at thediscount rates described above.Further details are provided in note F26 Provisions.Provisions for litigationsAny significant litigations (post M&A and other, including threatof litigation) are reviewed by Syensqo\u2019s in-house lawyers withthe support, when appropriate, of external counsels at leastevery quarter together with the Finance and InsuranceDepartments. This review includes an assessment of the need torecognize provisions, disclose contingent liabilities and/orcontingent assets.Further details are provided in note F26 Provisions and F31Contingent assets, liabilities and financial guarantees.Leases \u2013 Identifying whether a contract includes a leaseThe Group enters into various contracts to obtain goods andservices. Determining whether those contracts include a leaserequires judgment. Elements that are considered includeassessing whether or not there is an identified asset. To makethe determination the Group considers whether or not it has theright to obtain substantially all of the economic benefit of theasset(s) throughout the period of use. Additionally, the Groupassesses the extent of its decision-making rights and theexistence of any substantive substitution rights. All facts andcircumstances relevant to the assessment are considered andthe identification of a lease is determined with the support of thedepartments that have the relevant knowledge, and whichmainly includes the GBU management. Refer to note F17 Right-of-use assets and lease obligations for the leases that wereidentified by the Group and accounted for in accordance withIFRS 16 Leases.Leases \u2013 Assessment of lease termDetermining the lease term requires judgment. Elements thatare considered include assessing the probability that earlytermination options or extension options will be exercised. Allfacts and circumstances relevant to the assessment areconsidered, and the main ones have been described in note F17Right-of-use assets and lease obligations. Lease terms aredetermined with the support of the departments that have therelevant knowledge, and that mainly includes the Purchasingdepartment, and the Facilities department.NON-IFRS (UNDERLYING) METRICSIn addition to IFRS accounts, Syensqo also presents alternativeperformance indicators to provide a more consistent andcomparable indication of the Group\u2019s underlying financialperformance and financial position, as well as cash flows. Theseindicators provide a balanced view of the Group\u2019s operationsand are considered useful to investors, analysts and credit ratingagencies as these measures provide relevant information onthe Group\u2019s past or future performance, position or cash flows.These indicators are generally used in the sector it operates inand therefore serve as a useful aid for investors to compare theGroup\u2019s performance with its peers.See Glossary for definitions of adjustments (IFRS vs Underlyingmetrics) and Business Review for more information andreconciliation with IFRS figures.",
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"f1__s8__7__14": {
"value": "6.2.1.2 Basis of measurement and presentationThe consolidated financial statements are presented in millionsof euros, which is also the functional currency of the parentcompany. Rounding differences may occur in respect ofindividual amounts or percentages.The preparation of the consolidated financial statements requiresthe use of estimates and assumptions that have an impact onthe application of accounting policies and the measurement ofamounts recognized in the consolidated financial statements. Theareas for which the estimates and assumptions are material withrespect to the consolidated financial statements are presentedin the section Critical accounting judgments and Key sources ofestimation uncertainty.6.2.1.3 Principles of consolidation6.2.1.3.1 Consolidation scopeGeneralThe consolidated financial statements incorporate the financialstatements of the Company, and:\u25cf entities controlled by the Company (including through itssubsidiaries) and that hence qualify as subsidiaries (see 3.1.2.below);\u25cf arrangements over which the Company (including through itssubsidiaries) exercises joint control, and that qualify as jointventures (see 3.1.3. below);\u25cf entities over which the Company (including through itssubsidiaries) has significant influence and that hence qualifyas associates (see 3.1.3. below).Where necessary, adjustments are made to the financial statementsof the investees so as to align their accounting policies with those ofthe Group.In accordance with the principle of materiality, certaincompanies, which are not of a significant size, have not beenincluded in the consolidation scope. Companies are deemednot to be significant when, during two consecutive years, they donot exceed any of the three following thresholds in terms of theircontribution to the Group\u2019s accounts:\u25cf sales of \u20ac15 million;\u25cf total assets of \u20ac7.5 million;\u25cf headcount of 75 persons.Companies that do not meet these criteria are, nevertheless,consolidated where the Group believes that they have a potentialfor rapid development, or where they hold shares in othercompanies that are consolidated based on the above criteria.In the aggregate, the non-consolidated companies have animmaterial impact on the consolidated financial statements ofthe Group including the operating cash flows and earningsbefore interest and tax.The full list of companies can be obtained at the Company\u2019shead office.Investments in subsidiariesA subsidiary is an entity over which the Group has control.Control is achieved when the Group has (a) power over aninvestee, (b) exposure, or rights, to variable returns from itsinvolvement with the investee, and (c) the ability to use its powerover the investee to affect the amount of the investor\u2019s returns.To assess whether the Group has control, potential voting rightsare taken into account. Subsidiaries are fully consolidated. Theresults of subsidiaries acquired or disposed of during the yearare included in the consolidated income statement from theeffective date of acquisition and up to the effective date ofdisposal.Intra-group transactions, balances, income and expenses areeliminated on consolidation.Non-controlling interests in subsidiaries are presented separatelyfrom the Group\u2019s equity. Non-controlling interests are initiallymeasured, either at fair value (full goodwill method), or at thenon-controlling interests\u2019 proportionate share in the recognizedamounts of the acquiree\u2019s identifiable net assets (proportionategoodwill method). The choice of measurement is made on anacquisition-by-acquisition basis. Subsequent to the acquisition,the carrying amount of non-controlling interests is the amount ofthose interests at initial recognition plus the non-controllinginterests\u2019 share of subsequent changes in equity. Totalcomprehensive income is attributed to non-controlling interestseven if this results in the non-controlling interests having a deficitbalance.Changes in the Group\u2019s equity interest in a subsidiary that do notresult in a loss of control are accounted for as equitytransactions. The carrying amounts of the Group\u2019s interests andthe non-controlling interests are adjusted to reflect the changesin their relative interests in the subsidiary. Any differencebetween the amount by which the non-controlling interests areadjusted and the fair value of the consideration paid or receivedis recognized directly in equity.Investments in associates and joint venturesAn associate is an entity over which the Group has significantinfluence. Significant influence is the power to participate in thefinancial and operating policy decisions of the investee but isnot control or joint control over those policies.A joint venture is a joint arrangement whereby the parties thathave joint control of the arrangement have rights to the netassets of the arrangement. Joint control is the contractuallyagreed sharing of control of an arrangement, which exists onlywhen decisions about relevant activities require the unanimousconsent of the parties sharing control.The results, assets and liabilities of associates and joint venturesare incorporated in the consolidated financial statements usingthe equity method of accounting. Under the equity method, oninitial recognition, investments in associates and joint venturesare recognized in the consolidated statement of financialposition at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of theassociate or joint venture, less any impairment of the value ofindividual investments. Goodwill relating to the associate or jointventure is included within the carrying amount of the investmentand is assessed for impairment as part of that investment.Losses of an associate or joint venture in excess of the Group\u2019sinterest in that associate or joint venture (which includes anylong-term interests that, in substance, form part of the Group\u2019snet investment in the associate or joint venture) are recognizedonly to the extent that the Group has incurred legal orconstructive obligations or made payments on behalf of theassociate or joint venture.Where a Group entity transacts with an associate or jointventure of the Group, profits and losses are eliminated to theextent of the Group\u2019s interest in the relevant associate or jointventure.After application of the equity method, the Group reviews itsinvestments in associates and joint ventures for impairment. Ateach reporting date, the Group determines whether there isobjective evidence that the investment in the associate or jointventure is impaired. If there is such evidence, the Groupperforms its analysis and calculates any impairment as thedifference between the recoverable amount of the associate orjoint venture and its carrying value, and then recognizes the lossin the consolidated income statement.6.2.1.4 Foreign currenciesThe individual financial statements of each Group entity areprepared in the currency of the primary economic environmentin which the entity operates (its functional currency). For thepurpose of the consolidated financial statements, the resultsand financial position of each Group entity are expressed ineuros (EUR), which is the presentation currency of the Group\u2019sconsolidated financial statements.In preparing the financial statements of the individual entities,transactions in currencies other than the entities\u2019 functionalcurrency are recognized at the exchange rates prevailing at thedates of the transactions. At the end of each reporting period,monetary items denominated in foreign currencies are translatedat the closing rate. Non-monetary items carried at fair value thatare denominated in foreign currencies are translated at the ratewhen the fair value was measured. Non-monetary items that aremeasured in terms of historical cost in a foreign currency aretranslated using the exchange rates at the date of the initialtransactions.Exchange differences are recognized in profit or loss in theperiod in which they arise except for:\u25cf exchange differences on monetary items receivable from orpayable to a foreign operation for which settlement is neitherplanned nor likely to occur in the foreseeable future (thereforeforming part of the net investment in the foreign operation),which are recognized initially in other comprehensive incomeunder \u201ccurrency translation differences\u201d; and\u25cf exchange differences on transactions entered into in order tohedge certain foreign currency risks (see note F27 Financialinstruments and financial risk management for hedgeaccounting policies).The main exchange rates used are:Year-end rate Average rate1 Euro = December 31, 2024 December 31, 2023 2024 2023Brazilian Real BRL 6.421 5.361 5.824 5.401Yuan Renminbi CNY 7.586 7.838 7.788 7.661Pound Sterling GBP 0.829 0.869 0.847 0.870Indian Rupee INR 88.983 91.968 90.550 89.311Japanese Yen JPY 163.048 156.342 163.845 151.982Korean Won KRW 1,530.079 1,423.387 1,474.903 1,412.478Mexican Peso MXN 21.545 18.736 19.816 19.185US Dollar USD 1.039 1.105 1.082 1.0816.2.1.5 Climate ChangeIn preparing the Consolidated Financial Statements, Syensqo\u2019smanagement has considered the impacts of climate change,particularly in the context of the disclosures included in theenvironment section of the Sustainability statement and theSyensqo Group\u2019s progression in the ambitious One Planetroadmap. In November 2023, Syensqo released new, and moreambitious, sustainability targets, structured around three pillars:climate, sustainable growth, and better life. For climate, thetargets to be achieved by 2030 are:\u25cf Achieve carbon neutrality in its operations (Scope 1 and Scope2) by 2040. This combines a reduction of GHG emissions by atleast 80% compared to the 2021 baseline and bycompensating residual, hard-to-abate GHG emissions withhigh-integrity credits in line with the recommendations of theUnited Nations\u2019 High Level Expert Group on Net Zero EmissionsCommitments of Non-State Actors.\u25cf By 2030, reduce Scope 1 and 2 GHG emissions by 42% ascompared to 2021 and reduce Focus 5 categories of Scope 3GHG emissions 25% as compared to 2021. These categoriesrepresent 77% of our total Scope 3 emissions. The \u201cFocus 5\u201dcategories include (1) purchased goods and services, (2) fuel-and energy-related activities [both upstream] as well as (3)processing, (4) use and (5) end-of-life treatment of soldproducts [downstream].\u25cf By 2035, reduce Scope 1 and 2 GHG emissions by 60%compared to 2021, which is halfway between our 2030 goaland the minimum reduction level for 2040.Our 2030 goals have been validated by the Science BasedTargets initiative (SBTi) and are consistent with limiting globalwarming to 1.5\u00b0C in line with the Paris Agreement. The emissionreduction targets cover all GHG emissions for Scope 1, Scope 2and Focus 5 categories of Scope 3 in the GHG inventoryboundaries of the company and are gross targets.Syensqo has an internal carbon price policy under which a \u20ac100per metric ton CO2 is applied to all Scope 1 and 2 greenhousegas emissions and serves as an input cost into all capitalexpenditure investment decisions, irrespective of prevailingmarket prices. This approach ensures that all investmentscontribute positively to the resilience of the Group in the face ofclimate change risk and are also oriented toward achievingcarbon neutrality.In addition to the strategic direction, policies and commitments,it is important to note that Syensqo management is takingactions aligned with its climate change goals and thatsustainability goals are part of the targets for short term andlong term incentive schemes (See Note F24 Share basedpayments). These are extensively developed in the SustainabilityAmbition section. Several Scope 1 and 2 projects were initiatedover the last years:\u25cf By the end of 2024, plants representing 91% of our total energyconsumption have Star Factory energy transition plans,including roadmaps to enable the use of renewable energy,energy efficiency gains, the electrification of our processes orthe reduction of process emissions.\u25cf Decarbonization actions since 2021 have achieved a structuralannual reduction of 464 ktCO2 by the end of 2024, or 22% ofthe 2021 baseline. Key actions in progress are expected todeliver an additional reduction of 148 ktCO2 annually or 7% ofthe 2021 baseline in the years to come. They include:construction of a biomass boiler in Saint-Fons, France,replacing gas-fired boiling and using locally-sourced woodwaste from building demolition and waste furniture;upgrading the chiller technology and continuing progress toreduce process emissions in Spinetta Marengo, Italy.\u25cf Long-term solar and wind power purchase agreements,generally accounted for as executory own use contracts, andlong-term contracts to purchase Renewable EnergyCertificates, recorded in operating expenses. 75% of sitesglobally are using 100% renewable purchased electricity.For the Scope 1 and 2 emission targets, as disclosed in theSustainability Statements, capital expenditure up to \u20ac800 millionis expected for the period 2025 to 2040, to be executed eitherdirectly or through non-consolidated schemes.Syensqo is actively increasing the share of renewables in itsenergy mix, which reaches 16% in 2024. This limits Syensqo\u2019sexposure to the price fluctuation of fossil fuel energy.Additionally, as mentioned in the sustainability statements\u2019climate change actions plan section, Syensqo has invested\u20ac130 million in 2024 on Focused growth initiatives aiming atavoiding emissions in our value chain. Those initiatives arededicated to lightweighting with composite materials,electrification with batteries and green hydrogen, as well as torenewable materials and biotechnology.Syensqo management has also considered the impact of climatechange in making some key estimates within the consolidatedfinancial statements, including the execution of the One Planetstrategy, which is included in the budgets, mid-term plan andlong-term forecasts, which are used to:\u25cf estimate future cash flows used in impairment assessmentsof the carrying value of non-current assets (such as intangibleassets and goodwill) (see Note F19 Impairment);\u25cf estimate future profitability used in the assessment of therecoverability of deferred tax assets (see Note F6 Deferredtaxes), provisions, etc.Syensqo management completed its scenario analysis andreview of the climate-related transition and physical risks in2023. For transition risks, the scenario analysis focuses on totalemissions (Scope 1+2+3) and exposure to climate sensitivemarkets. The main takeaway is robust growth in both scenarios,1.5\u00b0C and 3\u00b0C, with generally good resilience to cost increases.The Specialty Polymers business has the most significantopportunities in the 1.5\u00b0C scenario. Overall, physical risks aremoderate in both scenarios 3\u00b0C and 4\u00b0C for the six sites with thehighest exposure to contribution margin.In summary, Syensqo\u2019s climate change risks and opportunitiesmentioned above were considered as part of the reportingjudgments and estimates, but did not have a material impacton the consolidated financial statements for the periodspresented. Further, Syensqo concludes that the climate changerisk does not impact the going concern assessment atDecember 2024. Additional information can be found in NotesF16 Property, Plant and Equipment, F17 Right-of Use Assets andLease Obligations and F20 Inventories.6.3 Critical accounting judgments and key sources of estimation uncertainty6.3.1 Critical accounting judgmentsThe Group has no critical accounting judgments.6.3.2 Key sources of estimation uncertaintyImpairmentThe Group performs annual impairment tests on (groups of)CGUs to which goodwill has been allocated, and each time thereare indicators that their carrying amount might be higher thantheir recoverable amount. This analysis requires management toestimate the future cash flows expected to be generated by theCGUs and a suitable discount rate in order to calculate presentvalue. The recoverable amount is highly sensitive to discountand growth rates.Further details are provided in note F15 Goodwill and F19 Impairment.Deferred tax assetsDeferred tax assets are recognized for unused tax losses to theextent that it is probable that taxable profits will be availableagainst which the losses can be utilized. Significant managementjudgment is required to determine the amount of deferred taxassets that can be recognized, based upon the likely timing andthe level of future taxable profits.The Group has \u20ac5.3 billion (\u20ac4.7 billion in 2023) of tax lossescarried forward for which no deferred tax assets wererecognized. These losses relate to subsidiaries that have ahistory of losses, do not expire, and may not be used to offsettaxable income elsewhere in the Group. The subsidiaries do nothave any taxable temporary differences that could partlysupport the recognition of these losses as deferred tax assets.On this basis, the Group has determined that it cannot recognizedeferred tax assets on these tax losses carried forward.Further details are provided in Note F6.C. Deferred taxes in theconsolidated statement of financial position and F6.D OtherInformation.Defined benefit obligations - GeneralThe actuarial assumptions used in determining the definedbenefit obligations at December 31 as well as the annual costcan be found in note F25 Employee benefits. All main employeebenefits plans are assessed annually by independent actuaries.Discount rates and inflation rates are defined centrally bymanagement. The other assumptions (such as future salaryincreases and expected rates of medical care cost increases)are defined at a local level. All plans are supervised by theGroup\u2019s central Human Resources department with the help of acentral actuary to check the reasonableness of the results andensure consistency in reporting. All assumptions are reviewed ateach reporting date.Further details are provided in note F25 Employee benefits.Environmental provisionsEnvironmental provisions are managed and coordinated jointlyby the Environmental Rehabilitation department and the Financedepartment. In case of environmental impacts stemming fromhistorical production activities, generally, no provision isrecognized for remediation works beyond the 20 years due tothe inherent high level of uncertainty as to the timing andamount.The forecasts of expenses are discounted to their present value.The discount rates fixed by geographical area correspond to theaverage risk-free rate on 10-year government bonds or theinflation rate if higher. These rates are set annually by theFinance Department and can be revised based on the evolutionof economic parameters of the country involved. To reflect thepassage of time, the provisions are increased each year at thediscount rates described above.Further details are provided in note F26 Provisions.Provisions for litigationsAny significant litigations (post M&A and other, including threatof litigation) are reviewed by Syensqo\u2019s in-house lawyers withthe support, when appropriate, of external counsels at leastevery quarter together with the Finance and InsuranceDepartments. This review includes an assessment of the need torecognize provisions, disclose contingent liabilities and/orcontingent assets.Further details are provided in note F26 Provisions and F31Contingent assets, liabilities and financial guarantees.Leases \u2013 Identifying whether a contract includes a leaseThe Group enters into various contracts to obtain goods andservices. Determining whether those contracts include a leaserequires judgment. Elements that are considered includeassessing whether or not there is an identified asset. To makethe determination the Group considers whether or not it has theright to obtain substantially all of the economic benefit of theasset(s) throughout the period of use. Additionally, the Groupassesses the extent of its decision-making rights and theexistence of any substantive substitution rights. All facts andcircumstances relevant to the assessment are considered andthe identification of a lease is determined with the support of thedepartments that have the relevant knowledge, and whichmainly includes the GBU management. Refer to note F17 Right-of-use assets and lease obligations for the leases that wereidentified by the Group and accounted for in accordance withIFRS 16 Leases.Leases \u2013 Assessment of lease termDetermining the lease term requires judgment. Elements thatare considered include assessing the probability that earlytermination options or extension options will be exercised. Allfacts and circumstances relevant to the assessment areconsidered, and the main ones have been described in note F17Right-of-use assets and lease obligations. Lease terms aredetermined with the support of the departments that have therelevant knowledge, and that mainly includes the Purchasingdepartment, and the Facilities department.NON-IFRS (UNDERLYING) METRICSIn addition to IFRS accounts, Syensqo also presents alternativeperformance indicators to provide a more consistent andcomparable indication of the Group\u2019s underlying financialperformance and financial position, as well as cash flows. Theseindicators provide a balanced view of the Group\u2019s operationsand are considered useful to investors, analysts and credit ratingagencies as these measures provide relevant information onthe Group\u2019s past or future performance, position or cash flows.These indicators are generally used in the sector it operates inand therefore serve as a useful aid for investors to compare theGroup\u2019s performance with its peers.See Glossary for definitions of adjustments (IFRS vs Underlyingmetrics) and Business Review for more information andreconciliation with IFRS figures.NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyRevenue from contracts with customers is recognized whencontrol of the goods or services are transferred to thecustomer at an amount that reflects the consideration towhich the Group expects to be entitled in exchange fortransferring goods or services to a customer.Sale of goods: Contracts can be short term (includingbased only on a purchase order) or long term, some haveminimum off-take requirements. As the Group is in thebusiness of selling advanced materials and specialtychemicals, contracts with customers generally concern thesale of goods. As a result, revenue recognition generallyoccurs at a point in time when control of the chemicals istransferred to the customer, generally on delivery of thegoods.Contracts that contain minimum off-take requirementsobligate customers to pay shortfall payments if the requiredvolumes, as defined in the contracts, are not purchased.Shortfall payments are recognized as revenue when thelikelihood of the customer purchasing the minimum volumebecomes remote subject to renegotiation of the contractand collectability.The revenue of the Group consists mainly of sales ofchemicals, which qualify as separate performanceobligations. Value-added services \u2013 mainly customerassistance services \u2013 corresponding to Syensqo\u2019s know-how are rendered predominantly over the period that thecorresponding goods are sold to the customer.Variable consideration: some contracts with customersprovide trade discounts or volume rebates. Trade discountsand volume rebates give rise to variable considerationunder IFRS 15, and are required to be estimated at contractinception and subsequently at each reporting date. IFRS 15requires the estimated variable consideration to beconstrained to prevent overstatement of revenue.Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligationby transferring a promised good or service (i.e. an asset) toa customer. An asset is transferred when (or as) thecustomer obtains control of that asset. Substantially allrevenue stems from performance obligations satisfied at apoint in time, i.e. The sale of goods. Revenue recognition forthose takes into account the following:\u25cf The Group has a present right to payment for the asset;\u25cf The customer has legal title to the asset;\u25cf The Group has transferred physical possession of theasset;\u25cf The customer has the significant risks and rewards ofownership of the asset (in this respect, incoterms areconsidered); and\u25cf The customer has accepted the asset.Products sold to customers generally cannot be returned,other than for performance deficiencies. Customeracceptance clauses are in many cases a formality thatwould not affect the Group\u2019s determination of when thecustomer has obtained control of the goods. Revenue fromservices is recognized in the period those services havebeen rendered.The Group sells its chemicals to its customers, (a) directly,(b) through distributors, and (c) with the assistance ofagents. When the Group delivers a product to distributorsfor sale to end customers, the Group evaluates whether thatdistributor has obtained control of the product at that pointin time. No revenue is recognized upon delivery of aproduct to a customer or distributor if the delivered productis held on consignment. Indicators of consignment inventoryinclude:\u25cf The product is controlled by the Group until a specifiedevent occurs, such as the sale of the product to acustomer of the distributor or until a specified periodexpires;\u25cf The Group is able to require the return of the product ortransfer the product to a third party (such as anotherdistributor); and\u25cf The distributor does not have an unconditional obligationto pay for the product (although he might be required topay a deposit).\u25cf Agents facilitate sales and do not purchase and resell thegoods to the end customer.Warranties: warranties provide a customer with assurancethat the related product will function as the parties intendedbecause it complies with agreed-upon specifications.Substantially all warranties do not provide the customerwith a service in addition to the assurance that the productcomplies with agreed-upon specifications, and are henceaccounted for in accordance with IAS 37 Provisions,Contingent Liabilities and Contingent Assets.Licensing: In case of performance obligations relating tolicensing intellectual property (IP), the Group assesses if itgrants a right to access the IP as it exists throughout thelicense period or a right to use the IP as it exists at the pointin time at which the license is granted. If the performanceobligation is to grant a right to access, then the relatedrevenue is recognized over the license period; otherwise, it isrecognized at a point in time, i.e. when the license periodstarts or when the customer starts using the IP. The Groupassesses if the license provided can be considered as beingdistinct in the context of the contract. If not, the license willhave to be bundled with other goods or services provided inthe contract.An Operating Segment is a component of the Group thatengages in business activities from which it may earnrevenues and incur expenses, whose operating results areregularly reviewed by the entity\u2019s chief operating decisionmaker and for which discrete financial information isavailable. Syensqo\u2019s chief operating decision maker is theChief Executive Officer.NOTE F4RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS, LEGACY REMEDIATION AND MAJOR LITIGATIONSAccounting policyResults from portfolio management and majorrestructurings include:\u25cf gains and losses on the sale of subsidiaries, joint ventures,and associates that do not qualify as discontinuedoperations;\u25cf acquisition costs of new businesses;\u25cf one-off operating costs related to internal managementof portfolio (carve-out of major lines of businesses);\u25cf gains and losses on the sale of real estate not directlylinked to an operating activity;\u25cf restructuring charges driven by portfolio managementand by major reorganizations of business activities,including impairment losses resulting from the shutdownof an activity or a plant;\u25cf impairment losses (reversals) resulting from testing ofCGUs.Results from legacy remediation and major litigationsinclude:\u25cf the remediation costs not generated by on-goingproduction facilities (shut-down of sites, discontinuedproductions, previous years\u2019 pollution); and\u25cf the impact of significant litigations.NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.NOTE F6INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITIONAccounting policyCurrent taxesThe current tax payable is based on taxable profit of theyear. Taxable profit differs from profit as reported in theconsolidated income statement because of items ofincome or expense that are taxable or deductible in otheryears and items that are never taxable or deductible. TheGroup\u2019s liability for current tax is calculated using tax ratesthat have been enacted or substantively enacted by theend of the reporting period.Deferred taxesDeferred taxes are recognized for temporary differencesbetween the carrying amounts of assets and liabilities in theconsolidated financial statements and their correspondingtax bases used in the computation of taxable profit.Deferred tax assets are generally recognized for alldeductible temporary differences, to the extent that it isprobable that taxable profits will be available against whichthose deductible temporary differences can be utilized.Deferred tax liabilities are generally recognized for alltaxable temporary differences.No deferred tax liabilities are recognized following the initialrecognition of goodwill. In addition, no deferred tax assets orliabilities are recognized with respect to the initialrecognition of an asset or liability in a transaction, which isnot a business combination and affects neither accountingprofit nor taxable profit.Deferred tax liabilities are recognized for taxable temporarydifferences associated with investments in subsidiaries, jointventures, and associates, except where the Group is able tocontrol the timing of the reversal of the temporarydifference and it is probable that the temporary differencewill not reverse in the foreseeable future.The carrying amount of deferred tax assets is reviewed ateach reporting date and reduced to the extent that it is nolonger probable that sufficient taxable profit will beavailable to allow all or part of the deferred tax asset to beutilized. Unrecognized deferred tax assets are re-assessedat each reporting date and are recognized to the extentthat it has become probable that future taxable profits willallow the deferred tax asset to be recovered.Deferred tax assets other than tax loss carryforwards areanalyzed on a case by case basis, taking into account allrelevant facts and circumstances. For example, a zerotaxable profit, after deducting the amounts paid to retireesunder a defined benefit plan and for which a deductibletemporary difference existed, can justify the recognition ofthe underlying deferred tax assets. Recognition of deferredtax assets for tax loss carryforwards requires a positivetaxable profit during the year that enables the utilization oftax losses that originated in the past. Because ofuncertainties inherent to predicting such positive taxableprofit, recognition of deferred tax assets from tax losscarryforwards is based on a case by case analysis, which isusually based on five-year profit forecasts.The corporate tax reporting team, which monitors the Groupdeferred tax positions, is involved in assessing deferred taxassets.Further details are provided in note F6.C.Deferred tax assets and liabilities are measured at the taxrates that are expected to apply in the period in which theliability is settled or the asset is realized, based on tax rates(and tax laws) that have been enacted or substantivelyenacted by the end of the reporting period. Themeasurement of deferred tax liabilities and assets reflectsthe tax consequences that would follow from the manner inwhich the Group expects, at the end of the reporting period,to recover or settle the carrying amount of its assets andliabilities.Current tax assets and liabilities are offset when there is alegally enforceable right to set off the recognized amountsand when the Group intends to settle its current tax assetsand liabilities on a net basis.Deferred tax assets and liabilities are offset when there is alegally enforceable right to set off current tax assets againstcurrent tax liabilities and when they relate to income taxeslevied by the same taxation authority and the Group intendsto settle its current tax assets and liabilities on a net basis.Current and deferred taxes for the periodCurrent and deferred taxes for the period are recognized asan expense or income in profit or loss, except when theyrelate to items that are recognized outside profit or loss(whether in other comprehensive income or directly inequity), in which case the tax is also recognized outsideprofit or loss, or when they arise from the initial accountingfor a business combination. In the case of a businesscombination, the tax effect is taken into account in theaccounting for the business combination.NOTE F7EARNINGS PER SHAREAccounting policyThe basic earnings per share are obtained by dividing profitfor the year by the weighted average number of ordinaryshares outstanding during the reporting period. Theweighted average number of ordinary shares excludes thetreasury shares held by the Group over the reporting period.The diluted earnings per share are obtained by dividingprofit for the year, adjusted for the effects of dilutivepotential ordinary shares, by the weighted average numberof ordinary shares, also adjusted by the number of dilutivepotential ordinary shares attached to the issuance of shareoptions.The number of dilutive potential ordinary shares iscalculated for the weighted average number of shareoptions outstanding during the reporting period as thedifference between the average market price of ordinaryshares during the reporting period and the exercise price ofthe share option. Share options have a dilutive effect onlywhen the average market price is above the exercise price(share options are \u201cin the money\u201d).CURRENCY TRANSLATION DIFFERENCESAccounting policyFor the purpose of presenting consolidated financialstatements at the end of each reporting period, the assetsand liabilities of the Group\u2019s foreign operations areexpressed in euros using closing rates. Income and expenseitems are translated at the average exchange rates for theperiod except when the impact of applying the averagerate is materially different from applying the spot rate at therespective transactions\u2019 dates, in which case the latter isapplied. Exchange differences arising, if any, are recognizedin other comprehensive income as \u201ccurrency translationdifferences\u201d.In case of a capital decrease of a subsidiary without loss ofcontrol, or a capital decrease of an equity method investeeor a joint operation without modification of the share of theequity interest held in that investee, then no accumulatedexchange differences are reclassified from equity to profitor loss.Goodwill and fair value adjustments arising on theacquisition of a foreign operation are treated as assets andliabilities of the foreign operation and translated into theGroup\u2019s presentation currency at the closing rate.NOTE F14INTANGIBLE ASSETSAccounting policyIntangible assets acquired or developed internally are initiallymeasured at cost. The cost of an acquired intangible assetcomprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discountsand rebates, and any directly attributable cost of preparingthe asset for its intended use. Subsequent expenditure onintangible assets is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured atcost less accumulated amortization and impairment losses,if any.Intangible assets are amortized on a straight-line basis overtheir estimated useful lives, which do not exceed thecontractual period, if any. The estimated useful lives, residualvalues and amortization methods are reviewed at eachyear-end, and any changes in estimates are accounted forprospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets - 5-20 yearsTechnologiesAmortization expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, research and development costs and other operatinggains and losses.The asset is tested for impairment if (a) there is a trigger forimpairment, and (b) annually for projects underdevelopment (see note F19 Impairment).Intangible assets are derecognized from the consolidatedstatement of financial position on disposal or when nofuture economic benefits are expected from their use ordisposal. The gain or loss arising from the derecognition ofan intangible asset is recognized in profit or loss at themoment of derecognition.Research and development (R&D) costsResearch costs are expensed in the period in which they areincurred.Development costs are capitalized if, and only if, all the followingconditions are fulfilled:\u25cf the cost of the asset can be reliably measured;\u25cf the technical feasibility of the product has beendemonstrated;\u25cf the product or process will be placed on the market orused internally;\u25cf the assets will generate future economic benefits (apotential market exists for the product or, where it is to beused internally, its future utility has been demonstrated);\u25cf the technical, financial and other resources required tocomplete the project are available.The Group distinguishes between the following phases of anR&D project, depending on whether it is a new product/process or a customization for incremental innovation:\u25cf Feasibility is the research phase during which the technical,industrial, market and business feasibility are assessed.\u25cf Scale up followed by Industrialization are part of thedevelopment phase during which it is continuouslyassessed whether the criteria for capitalization are met.\u25cf The last phase is Production and Commercialization.When this phase is reached, capitalization stops andamortization commences.Development costs comprise employee expenses, the costof materials and services directly attributable to theprojects, and an appropriate share of directly attributablefixed costs including, and where applicable, borrowingcosts. The intangible assets are amortized as from themoment they are available for use, i.e. When they are in thelocation and condition necessary for them to be capable ofoperating in the manner intended by management.Development costs, which do not satisfy the aboveconditions are expensed as incurred.Patents, trademarks and customer relationshipsThose intangible assets have mainly been acquired throughbusiness combinations. Customer relationships consist ofcustomer lists.Other intangible assetsOther intangible assets mainly include technology acquiredseparately or in a business combination.NOTE F15GOODWILLAccounting policyGoodwillGoodwill arising in a business combination is recognized asan asset at the date that control is obtained (the acquisitiondate). Goodwill is measured as the excess of the sum of:(a) the consideration transferred;(b) the amount of any non-controlling interests in theacquiree; and(c) in a business combination achieved in stages, theacquisition date fair value of the previously held equityinterest in the acquiree, over the share acquired by theGroup in the fair value of the entity\u2019s identifiable netassets at the acquisition date.Goodwill is not amortized but is tested for impairment on anannual basis, and more frequently if there are anyimpairment triggers identified.For the purpose of impairment testing, goodwill is allocated toeach of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment ofAssets.These tests consist of comparing the carrying amount ofthe assets or (groups of) CGUs with their recoverableamount. The recoverable amount of an asset or a (groupof) CGU(s) is the higher of its fair value less costs of disposaland its value in use. If the recoverable amount of the CGU isless than its carrying amount, the impairment loss isallocated first to reduce the carrying amount of anygoodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount ofeach asset in the unit. An impairment loss recognized ongoodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwillhas been allocated, the goodwill associated with theoperation disposed of is included in the determination of theprofit or loss on disposal. It is measured on the basis of therelative values of the operation disposed of and the portionof the CGU retained, unless another method better reflectsthe goodwill associated with the operation disposed of.NOTE F16PROPERTY, PLANT AND EQUIPMENTAccounting policyItems of property, plant and equipment are initially measuredat cost. The cost of an item of property, plant and equipmentcomprises its purchase price and any costs directlyattributable to bringing the asset to the location and conditionnecessary for it to be capable of operating in the mannerintended by management. If applicable, the cost comprisesborrowing costs during the construction period.After initial recognition, items of property, plant and equipmentare measured at cost less accumulated depreciation andimpairment losses, if any. Items of property, plant and equipment are depreciated ona straight-line basis over their estimated useful lives. Thecomponents of an item of property, plant and equipmentwith different useful lives are depreciated separately. Land isnot depreciated. The estimated useful lives, residual valuesand depreciation methods are reviewed at each year end,also taking into account the potential impact of climatechange including the execution of the One Planet Strategy(see Note Climate Change in the IFRS general accountingpolicies). Any changes in estimates are accounted forprospectively.Buildings 30-40 yearsFixtures and equipment\u25cf IT equipment 3-5 years\u25cf Machinery and equipment 10-20 years\u25cf Transportation equipment 5-20 yearsDepreciation expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, and R&D costs.The asset is tested for impairment if there is a trigger forimpairment (see note F19 Impairment).Items of property, plant and equipment are derecognizedfrom the consolidated statement of financial position ondisposal or when no future economic benefits are expectedfrom their use or disposal. The gain or loss arising from thederecognition of an item of property, plant and equipment isrecognized in profit or loss at the moment of derecognition.Subsequent expenditureSubsequent expenditure related to items of property, plantand equipment is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.Subsequent expenditure incurred for the replacement of acomponent of an item of property, plant and equipment isonly recognized as an asset when it satisfies the recognitioncriteria mentioned above. The carrying amount of replaceditems is derecognized.Repair and maintenance costs are recognized in theconsolidated income statement as incurred.Regarding its industrial activity, Syensqo incurs expenditurefor major repairs over several years for most of its sites. Thepurpose of this expenditure is to maintain the properworking order of certain installations without altering theiruseful life. This expenditure is considered as a specificcomponent of the item of property, plant and equipmentand is depreciated over the period during which theeconomic benefits are expected to be obtained, i.e. themajor repairs\u2019 intervals.Dismantling and restoration costsDismantling and restoration costs are included in the costof an item of property, plant and equipment if the Grouphas a legal or constructive obligation to dismantle orrestore. They are depreciated over the useful life of theitems to which they pertain.Generally, Syensqo\u2019s obligation to dismantle and/or restoreits operating sites is only likely to arise upon thediscontinuation of a site\u2019s activities. A provision for dismantlingof discontinued sites or installations is recognized when thereis a legal obligation (due to a request or injunction from therelevant authorities), or when there is no technicalalternative than to dismantle, so as to ensure the safetycompliance of the discontinued sites or installations.NOTE F17RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONSAccounting policyDefinition of a lease At inception of a contract, which generally coincides withthe date the contract is signed, the Group assesses whethera contract is, or contains, a lease. A contract is, or contains,a lease if the contract conveys the right to control the use ofan identified asset for a period of time in exchange forconsideration.The Group\u2019s leased assets relate mainly to buildings,transportation equipment, and industrial equipment.Lease termThe Group determines the lease term as the non-cancellableperiod of a lease, together with both:\u25cf periods covered by an option to extend the lease if theGroup is reasonably certain to exercise that option; and\u25cf periods covered by an option to terminate the lease if theGroup is reasonably certain not to exercise that option.In its assessment, the Group considers the impact of thefollowing factors (non-exhaustive):\u25cf contractual terms and conditions for the optional periods,compared with market rates;\u25cf significant leasehold improvements undertaken (orexpected to be undertaken) over the term of the contract;\u25cf costs relating to the termination of the lease, includingrelocation costs, costs of identifying another underlyingasset suitable for the Group\u2019s needs, costs of integratinga new asset into the Group\u2019s operations, and terminationpenalties;\u25cf the importance of that underlying asset to the Group\u2019soperations, including the availability of suitable alternatives;\u25cf conditionality associated with exercising the option (i.e.When the option can be exercised only if one or moreconditions are met), and the likelihood that those conditionswill exist; and\u25cf past practice.Right-of-use asset and lease liabilityThe Group recognizes a right-of-use asset and a leaseliability at the lease commencement date, which is the datethat the lessor makes the asset available for use by theGroup except for short-term leases (defined as leases witha lease term of 12 months or less) and leases of low valueassets. The right-of-use assets are presented separately inthe consolidated statement of financial position, and thelease liabilities are presented as part of financial debt.Right-of-use assetThe right-of-use asset is initially measured at cost, whichcomprises:\u25cf the amount of the initial measurement of the lease liability;\u25cf any lease payments made at or before the commencementdate, less any lease incentive received; and\u25cf any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset ismeasured at cost less any accumulated depreciation andany accumulated impairment losses. Right-of-use assetsare depreciated using the straight-line depreciationmethod, from the commencement date to (a) the end ofthe useful life of the underlying asset, in case the leasetransfers ownership of the underlying asset to the Group bythe end of the lease term, or the lease contains a purchaseoption that the Group is reasonably certain to exercise, or(b) the earlier of the end of the useful life and the end of thelease term, in all other cases. Lease liabilityThe lease liability is initially measured at the present value ofthe lease payments that are not paid at the commencementdate, discounted using the interest rate implicit in the leaseor, if that rate cannot be readily determined, the respectiveGroup entity\u2019s incremental borrowing rate. Lease paymentsincluded in the measurement of the lease liability comprisethe following:\u25cf fixed payments, less any lease incentives receivable;\u25cf variable lease payments that depend on an index or arate, initially measured using the index or rate as at thecommencement date;\u25cf amounts expected to be payable by the Group underresidual value guarantees;\u25cf the exercise price of a purchase option if the Group isreasonably certain to exercise that option; and\u25cf payments of penalties for early terminating the lease, ifthe Group is reasonably certain to exercise an option toearly terminate the lease.Service components (e.g. Utilities, maintenance, insurance,\u2026) are excluded from the measurement of the lease liability. After the commencement date, the lease liability ismeasured by:\u25cf increasing the carrying amount to reflect interest on thelease liability;\u25cf reducing the carrying amount to reflect the leasepayments made; and\u25cf remeasuring the carrying amount to reflect anyreassessment or lease modifications, or to reflect theimpact from a revised index or rate.NOTE F19IMPAIRMENTAccounting policyGeneralAt the end of each reporting period, the Group reviewswhether there is any indication that assets have suffered animpairment loss. If any such indication exists, therecoverable amount of the asset is estimated in order todetermine the extent of the impairment loss (if any). Whereit is not possible to estimate the recoverable amount of anindividual asset, the Group estimates the recoverableamount of the CGU to which the asset belongs. Where areasonable and consistent basis of allocation can beidentified, corporate assets are allocated to individual CGUs,or otherwise they are allocated to the smallest group ofCGUs for which a reasonable and consistent allocationbasis can be identified.The recoverable amount is the higher of fair value less costsof disposal and value in use. In assessing value in use, theestimated future cash flows are discounted to their presentvalue using a pre-tax discount rate. Future cash flows areadjusted for risks not incorporated into the discount rate.If the recoverable amount of an asset (or CGU) is estimatedto be less than its carrying amount, the carrying amount ofthe asset (or CGU) is reduced to its recoverable amount. Animpairment loss is recognized immediately in profit or loss.When an impairment loss subsequently reverses, thecarrying amount of the asset (or CGU) is increased to therevised estimate of its recoverable amount, but so that theincreased carrying amount does not exceed the carryingamount that would have been determined (net ofamortization or depreciation) had no impairment loss beenrecognized for the asset (or CGU) in prior years. A reversal ofan impairment loss is recognized immediately in profit orloss. An impairment loss recognized for goodwill shall not bereversed in a subsequent period.Assets other than non-current assets held for saleIn accordance with IAS 36 Impairment of Assets, therecoverable amount of property, plant and equipment,intangible assets, right-of-use assets, CGUs or groups ofCGUs, including goodwill, and equity method investeescorresponds to the higher of their fair value less costs ofdisposal, and their value in use. The latter equals the presentvalue of the future cash flows expected to be derived fromeach asset, CGU or group of CGUs, and equity methodinvestees and is determined using the following inputs:\u25cf business plan approved by management based ongrowth and profitability assumptions, taking into accountpast performances, forecast changes in the economicenvironment and expected market developments,including opportunity and risks resulting from climatechange (taking into account the One Planet strategy -see note Climate change in the IFRS general accountingpolicies) and environmental regulations such as productsphasing out. For further details, refer to the RiskManagement Section. Such business plan generallycovers five years, unless management is confident thatprojections over a longer period are reliable;\u25cf consideration of a terminal value determined based onthe cash flows obtained by extrapolating the cash flowsof the last years of the business plan referred to above,affected by a long-term growth rate deemedappropriate for the activity and the location of the assets;\u25cf discounting of expected cash flows at a rate determinedusing the weighted average cost of capital formula.NOTE F20INVENTORIESAccounting policyCost of inventories includes the purchase, conversion andother costs incurred in bringing the inventories to theirpresent location and condition. The cost of inventories isdetermined by using the weighted average cost method.Inventories are measured at the lower of purchasing cost(raw materials and merchandise) or production cost (workin progress and finished goods) and net realizable value.Net realizable value represents the estimated selling price,less all estimated costs of completion and the estimatedcosts necessary to make the sale.CO2 emission rightsWith respect to the mechanism set up by the EuropeanUnion to encourage manufacturers to reduce theirgreenhouse gas emissions, carbon dioxide (CO2) emissionrights are granted to the Group at no charge. The Group isalso involved in Clean Development Mechanism (CDM)under the Kyoto protocol. Under these projects, the Grouphas deployed facilities in order to reduce greenhouse gasemissions at the relevant sites in return for Certified EmissionReductions (CER).In the absence of any IFRS regulating the accountingtreatment of CO2 emission rights, the Group applies theTrade/Production model, according to which CO2 emissionrights are presented as inventories if they will be consumedin the production process within the next 12 months, or asderivatives if they are held for trading. In light of its centralized CO2 emission rights\u2019 portfoliomanagement, for emission rights that are substitutablebetween subsidiaries, the Group\u2019s financial statements reflectthe Group\u2019s net position. If this net position is negative, aprovision is recognized, measured based on the market priceof the CO2 emission rights at the reporting date. Energy savings certificates (ESCs)Energy savings certificates are presented as inventory itemsin Finished goods. They are measured at weighted averagecost. As their cost is not separately identifiable, and as theyare a by-product, they are measured at their net realizablevalue upon initial recognition.NOTE F22EQUITYAccounting policyShare capitalOrdinary shares are classified as equity.Incremental costs directly attributable to the issuance ofnew share capital are directly recognized in equity as adeduction, net of tax, from the equity issuance proceeds.ReservesThe reserves include:\u25cf treasury shares;\u25cf perpetual hybrid bonds that qualify as equity absent anyunavoidable contractual obligation to repay the principaland interest of the perpetual hybrid bonds (no maturity,interest is payable annually but can be deferredindefinitely at the issuer\u2019s discretion);\u25cf retained earnings;\u25cf currency translation differences from the consolidationprocess relating to the translation of the financialstatements of foreign operations prepared in a non-eurofunctional currency to the euro presentation currency;\u25cf the impacts of the fair value remeasurement of equityinstruments measured at fair value through othercomprehensive income;\u25cf the impacts of the fair value remeasurement of financialinstruments documented as hedging instruments in cashflow hedges;\u25cf actuarial gains and losses related to defined benefitplans.Non-controlling interestsThose represent the share of non-controlling interests in thenet assets and comprehensive income of subsidiaries of theGroup, and correspond to the interests in subsidiaries thatare not held by the Company or its subsidiaries.NOTE F24SHARE-BASED PAYMENTSAccounting policySyensqo has set up compensation plans, including equity-settled and cash-settled share-based compensation plans.In its equity-settled plans, the Group receives services asconsideration for its own equity instruments (namelythrough the issuance of share options). The fair value ofservices rendered by employees in consideration for thegranting of equity-instruments represents an expense. Thisexpense is recognized on a straight-line basis in theconsolidated income statement over the vesting periodsrelating to these equity-instruments with the recognition ofa corresponding adjustment in equity. The fair value ofservices rendered is measured based on the fair value ofthe equity-instruments on the grant date. It is notsubsequently remeasured. At each reporting date, theGroup re-estimates the number of share options likely tovest. The impact of the revised estimates is recognized inprofit or loss against a corresponding adjustment in equity.In its cash-settled plans, the Group acquires services byincurring a liability to transfer to its employees renderingthose services amounts that are based on the price (orvalue) of equity instruments (including shares or shareoptions) of the Group (namely through the issuance ofperformance share units). The fair value of services renderedby employees in consideration for the granting of share-based payments represents an expense. This expense isrecognized on a straight-line basis in the consolidated incomestatement over the vesting periods relating to these share-based payments with the recognition of a correspondingadjustment in liabilities. At each reporting date, the Group re-estimates the number of options likely to vest, with theimpact of the revised estimates recognized in profit or loss.The Group measures the services acquired and the liabilityincurred at the fair value of the liability. Until the liability issettled, the Group remeasures the fair value of the liability atthe end of each reporting period and at the date ofsettlement, with any changes in fair value recognized in profitor loss for the period.Service and non-market performance conditions are nottaken into account when determining the grant date fairvalue of awards, but the likelihood of the conditions beingmet is assessed as part of the Group\u2019s best estimate of thenumber of equity instruments that will ultimately vest.Market performance conditions are reflected within thegrant date fair value. Any other conditions attached to anaward, but without an associated service requirement, areconsidered to be non-vesting conditions. Non-vestingconditions are reflected in the fair value of an award andlead to an immediate expensing of an award unless thereare also service and/or performance conditions. Noexpense is recognized for awards that do not ultimately vestbecause non-market performance and/or serviceconditions have not been met. Where awards include amarket or non-vesting condition, the transactions aretreated as vested irrespective of whether the market ornon-vesting condition is satisfied, provided that all otherperformance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected asadditional share dilution in the computation of dilutedearnings per share (further details are given in Note F7Earnings per share).Awards on shares of the Solvay GroupThe awards granted on shares of the Solvay Group are notin scope of IFRS 2 Share based payment plans.Management has established the below accounting policyfor these awards. For the awards granted on Solvay Group shares, a liability isrecognized and measured based on the fair value of theSolvay Group awards at each reporting date. On initialrecognition of the liability at the Partial Demerger date, acorresponding entry is recognized in equity for the vestingperiod that has passed to date and the remaining amountis recognized as Other Receivables. This asset representsthe services that have yet to be rendered by the beneficiaries.The asset will be amortized to the consolidated incomestatement over the remaining vesting period of the plans.The costs of the awards related to the Solvay Group arepresented within operational (Administrative) expenses. Thefair value fluctuation on the liability will be presented inFinancial Results together with the fair value fluctuation onthe hedging options/shares, which will partially hedge theimpact.The liability will be remeasured to its fair value at eachreporting date. This applies equally to vested plans so longas there remains outstanding (unexercised) options.The liabilities related to the fully vested plans are disclosedas current given that the beneficiaries may exercise theirawards at any time. The liabilities related to the unvestedplans are disclosed as non-current.Effects of the Partial Demerger \u2013 amendments to the plansAs part of the Partial Demerger, amendments were made to theexisting long term incentive plans. The long term incentive planswere modified by the Board, based on either of the two followingapproaches:1. Shareholder approach \u2013 Existing awards were adjusted toentitle beneficiaries to receive one share of the Solvay Groupand one share of the Syensqo Group.2. Employer approach \u2013 Existing awards were adjusted toentitle beneficiaries to receive a certain number of awardsof their future employer (i.e. either the Syensqo Group or theSolvay Group).NOTE F25EMPLOYEE BENEFITSAccounting policy GeneralThe Group\u2019s employees are offered various post-employmentbenefits, other long-term employee benefits, and terminationbenefits as a result of legislation applicable in certaincountries, and contractual agreements entered into by theGroup with its employees or constructive obligations.The post-employment benefits are classified as definedcontribution or defined benefit plans.Defined contribution plansDefined contribution plans involve the payment of fixedcontributions to a separate entity, and release the employerfrom any subsequent obligation, as this separate entity issolely responsible for paying the amounts due to theemployee. The expense is recognized when an employeehas rendered services to the Group during the period.Defined benefit plansDefined benefit plans concern all plans other than definedcontribution plans, and include:\u25cf Post-employment benefits: pension plans, other post-employment obligations and supplemental benefits suchas post-employment medical plans.Taking into account projected final salaries on an individualbasis, post-employment benefits are measured by applyinga method (projected unit credit method) using assumptionsinvolving discount rate, life expectancy, turnover, wages,annuity revaluation and medical cost inflation. Theassumptions specific to each plan take into account thelocal economic and demographic contexts.The discount rates are interest rates of high-quality corporatebonds that are denominated in the currency in which thebenefits will be paid, and that have terms to maturityapproximating the terms of the related pension obligation.The amount recognized under post-employment obligationscorresponds to the difference between the present value offuture obligations and the fair value of the plan assetsfunding the plan, if any. If this calculation gives rise to adeficit, an obligation is recognized in liabilities. Otherwise, anet asset limited to the lower of the surplus in the definedbenefit plan and the present value of any future planrefunds or any reduction in future contributions to the planis recognized. Therefore the amount at which such an assetis recognized in the statement of financial position may besubject to a ceiling.The defined benefit cost consists of service cost and netinterest expense (based on discount rate) on the net liability orasset, both recognized in profit or loss, and remeasurementsof the net liability or asset, recognized in other comprehensiveincome.Service cost consists of current service cost, past servicecost resulting from plan amendments or curtailments andsettlement gains or losses.The interest expenses arising from the reverse discountingof the benefit obligations, the financial income on planassets (determined by multiplying the fair value of the planassets by the discount rate) as well as interest on the effectof the asset ceiling are recognized on a net basis in the netfinancial charges (cost of discounting of provisions).Remeasurements of the net liability or asset consist of:\u25cf actuarial gains and losses on the benefit obligationsarising from experience adjustments and/or changes inactuarial assumptions (including the effect of changes inthe discount rate) recognized in other comprehensiveincome;\u25cf changes as a consequence of plan amendments,recognized in profit or loss; \u25cf the return on plan assets (excluding amounts in netinterest) and changes in the limitation of the net assetrecognized.Other long-term employee and terminationbenefits\u25cf Other long-term employee benefits related to longservice benefits granted to employees according to theirseniority in the Group. Termination benefits include earlypension plans. Other long-term employee andtermination benefits are accounted for in the same wayas post-employment benefits but remeasurements arefully recognized in the net financial charges during theperiod in which they occur.\u25cf The actuarial calculations of the main post-employmentobligations and other long-term benefits are performedby independent actuaries.NOTE F26PROVISIONSAccounting policyGeneralProvisions are recognized when (a) the Group has a presentobligation (legal or constructive) as a result of a past event,(b) it is probable that the Group will be required to settlethe obligation, and (c) a reliable estimate can be made ofthe amount of the obligation.The amount recognized as a provision is the best estimateof the consideration required to settle the present obligationat the end of the reporting period, taking into account therisks and uncertainties surrounding the obligation. Wherethe effect of the time value of money is material, theamount is the present value of expenditures required tosettle the obligation. Impacts of changes in discount ratesare generally recognized in the financial result.When some or all of the economic benefits required tosettle a provision are expected to be recovered from a thirdparty, a receivable is recognized as an asset if it is virtuallycertain that reimbursement will be received when the Groupsettles the obligation.RestructuringsA restructuring provision is recognized when the Group hasdeveloped a detailed formal plan for the restructuring andhas raised a valid expectation in those affected that it willcarry out the restructuring by starting to implement the planor announcing its main features to those affected by it. Themeasurement of a restructuring provision includes only thedirect expenditures arising from the restructuring, which arethose amounts that are both necessarily entailed by therestructuring and not associated with the ongoing activitiesof the entity.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoingactivities (shut-down sites, discontinued activities or divestedactivities where Syensqo maintains certain commitments)and, to a lower extent, to ongoing activities (see commentsbelow).An environmental provision is recognized, in accordancewith IAS 37, when there is a current legal or constructiveobligation resulting from past events which will result in aprobable outflow of resources (expenses/cash outs) tosettle it and for which a reliable estimate of such outflowsand timing can be made.The environmental expenses encompass, but are notlimited to, the following key matters \u25cf Sampling and analytical costs for soil and ground watermonitoring\u25cf Cost related to dismantling when required to meet aremediation or permit obligation\u25cf Asbestos removal when obligated by regulation\u25cf Environmental investigations and studies (Risk Assessments,Phase I and II soil and groundwater) The closing amount of the environmental provisions isbased on the net present value of the future cash flowsneeded, for current and future years, to settle remediationobligations. Forecast expenditures are based on externalconsultant estimates, where appropriate and possible.Future expenditures are forecast and revised biannually andvalidated quarterly by Syensqo finance and suitablyqualified industrial experts led by the Group Health, Safetyand Environment (\u201cHSE\u201d) Director and benefit from inputs oflegal department staff for the evolution of EnvironmentalRegulations.In the absence of probable obligations, a contingent liabilitymay be disclosed to represent the future possible liability. Insome cases, contingent liabilities cannot be quantified. SeeNote F31 Contingent assets, liabilities and financial guarantees.NOTE F27FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, andonly when the Group becomes a party to the contractualprovisions of the instrument. Financial assetsFinancial assets are classified, at initial recognition, andsubsequently measured at amortized cost, fair valuethrough other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognitiondepends on the financial asset\u2019s contractual cash flowcharacteristics and the Group\u2019s business model formanaging them. With the exception of trade receivablesthat do not contain a significant financing component or forwhich the Group has applied the practical expedient, theGroup initially measures a financial asset at its fair valueplus, in the case of a financial asset not at fair value throughprofit or loss, transaction costs. Trade receivables that donot contain a significant financing component or for whichthe Group has applied the practical expedient aremeasured at the transaction price, which is the case forsubstantially all trade receivables.A financial asset is classified as current when the cash flowsexpected to flow from the instrument mature within one year.In order for a financial asset to be classified and measuredat amortized cost or fair value through OCI, it needs to giverise to cash flows that are \u2018solely payments of principal andinterest (SPPI)\u2019 on the principal amount outstanding. Thisassessment is referred to as the SPPI test and is performedat an instrument level. Financial assets with cash flows thatare not SPPI are classified and measured at fair valuethrough profit or loss, irrespective of the business model.The Group\u2019s business model for managing financial assetsrefers to how it manages its financial assets in order togenerate cash flows. The business model determineswhether cash flows will result from collecting contractualcash flows, selling the financial assets, or both. Financialassets classified and measured at amortised cost are heldwithin a business model with the objective to hold financialassets in order to collect contractual cash flows whilefinancial assets classified and measured at fair valuethrough OCI are held within a business model with theobjective of both holding to collect contractual cash flowsand selling.For purposes of subsequent measurement, financial assetsare classified in four categories:\u25cf Financial assets at amortized cost (debt instruments)\u25cf Financial assets at fair value through OCI with recycling ofcumulative gains and losses (debt instruments). TheGroup does not have any debt instruments measured atfair value through OCI.\u25cf Financial assets designated at fair value through OCI withno recycling of cumulative gains and losses uponderecognition (equity instruments)\u25cf Financial assets at fair value through profit or loss Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measuredusing the effective interest (EIR) method and are subject toimpairment. Gains and losses are recognised in profit or losswhen the asset is derecognised, modified or impaired. TheGroup\u2019s financial assets at amortized cost includes tradereceivables, loans and other marketable securities.Financial assets designated at fair value through OCI(equity instruments) Upon initial recognition, the Group can elect to classifyirrevocably its equity investments as equity instrumentsdesignated at fair value through OCI when they meet thedefinition of equity under IAS 32 Financial Instruments:Presentation and are not held for trading. The classificationis determined on an instrument-by-instrument basis. Gainsand losses on these financial assets are never recycled toprofit or loss. Dividends are recognised as other income inthe statement of profit or loss when the right of paymenthas been established, except when the Group benefits fromsuch proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI. Equity instruments designated at fair value through OCIare not subject to impairment assessment. The Groupelected to classify irrevocably its non-listed equityinvestments under this category.Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss arecarried in the statement of financial position at fair valuewith net changes in fair value recognised in the statementof profit or loss. This category includes derivativeinstruments and listed equity investments which the Grouphad not irrevocably elected to classify at fair value throughOCI. Dividends on listed equity investments are recognisedas other income in the statement of profit or loss when theright of payment has been established. Equity investments in partnerships of investment funds aremeasured in the consolidated statement of financialposition at fair value with gains and losses recognized inprofit or loss. Based on the analysis of the characteristics ofthese funds the Group determined that they were noteligible for the FVTOCI option and therefore are accountedfor at FVTPL. A derivative embedded in a hybrid contract, with a financialliability or non-financial host, is separated from the host andaccounted for as a separate derivative if: the economiccharacteristics and risks are not closely related to the host;a separate instrument with the same terms as theembedded derivative would meet the definition of aderivative; and the hybrid contract is not measured at fairvalue through profit or loss. Embedded derivatives aremeasured at fair value with changes in fair valuerecognised in profit or loss. Reassessment only occurs ifthere is either a change in the terms of the contract thatsignificantly modifies the cash flows that would otherwisebe required or a reclassification of a financial asset out ofthe fair value through profit or loss category.For instruments quoted in an active market, the fair valuecorresponds to a market price (level 1). For instruments thatare not quoted in an active market, the fair value isdetermined using valuation techniques including referenceto recent arm\u2019s length market transactions or transactionsinvolving instruments which are substantially the same(level 2), or discounted cash flow analysis including, to thegreatest possible extent, assumptions consistent withobservable market data (level 3). However, in limitedcircumstances, cost of equity instruments may be anappropriate estimate of their fair value. That may be thecase if insufficient more recent information is available tomeasure fair value, or if there is a wide range of possible fairvalue measurements and cost represents the bestestimate of fair value within that range.Impairment of financial assetsThe impairment loss of a financial asset measured atamortized cost is calculated based on the expected lossmodel, representing the weighted average of credit losseswith the respective risks of a default occurring as theweights. Expected credit losses are based on the differencebetween the contractual cash flows due in accordance withthe contract and all the cash flows that the Group expectsto receive, discounted at an approximation of the originaleffective interest rate.For trade receivables that do not contain a significantfinancing component (i.e. substantially all trade receivables),the loss allowance is measured at an amount equal tolifetime expected credit losses. Those are the expected creditlosses that result from all possible default events over theexpected life of those trade receivables, using a provisionmatrix that takes into account historical information ondefaults adjusted for the forward-looking information percustomer. The Group considers a financial asset in defaultwhen contractual payments are 60 days past due. However,in certain cases, the Group may also consider a financialasset to be in default when internal or external informationindicates that the Group is unlikely to receive theoutstanding contractual amounts in full before taking intoaccount any credit enhancements held by the Group. Afinancial asset is fully impaired when there is no reasonableexpectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidatedincome statement.Financial liabilitiesFinancial liabilities are classified, at initial recognition, asfinancial liabilities at fair value through profit or loss, loansand borrowings, payables, or as derivatives designated ashedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair valueand, in the case of loans and borrowings and payables, netof directly attributable transaction costs. The Group\u2019s financial liabilities include trade and otherpayables, loans and borrowings and derivative financialinstruments.The Group classifies financial liabilities that arise fromsupplier finance arrangements within Trade and otherpayables in the statement of financial position if they havea similar nature and function to trade payables. This is thecase if the supplier finance arrangement is part of theworking capital used in the Group\u2019s normal operating cycle,the level of security provided is similar to trade payablesand the terms of the liabilities that are part of the supplychain finance arrangement are not substantially differentfrom the terms of trade payables that are not part of thearrangement. Cash flows related to liabilities arising fromsupplier finance arrangements that are classified in Tradeand other payables in the consolidated statement offinancial position are included in operating activities in theconsolidated statement of cash flows.For the purposes of subsequent measurement, financialliabilities are classified in two categories:\u25cf Financial liabilities at fair value through profit or lossThis category includes financial guarantee contracts andderivative financial instruments entered into by the Groupthat are not designated as hedging instruments in hedgerelationships as defined by IFRS 9. Separated embeddedderivatives are also classified as held for trading unlessthey are designated as effective hedging instruments.The Group has not designated any financial liability as atfair value through profit or loss.\u25cf Financial liabilities at amortized cost (loans and borrowings)This is the category most relevant to the Group. Afterinitial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using theEIR method. Gains and losses are recognised in profit orloss when the liabilities are derecognised as well asthrough the EIR amortization process. Amortised cost iscalculated by taking into account any discount orpremium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included asfinance costs in the statement of profit or loss.Derivative financial instrumentsThe Group enters into a variety of derivative financialinstruments (forward, future, option, collars and swapcontracts) to manage its exposure to interest rate risk,foreign exchange rate risk, and commodity risk (mainlyutility and CO2 emission rights price risks).As explained above, derivatives are initially recognized atfair value at the date a derivative contract is entered intoand are subsequently remeasured to their fair value at theend of each reporting period. The resulting gain or loss isrecognized in income or expense, unless the derivative isdesignated and effective as a hedging instrument. TheGroup designates certain derivatives as hedging instrumentsof the exposure to variability in cash flows with respect to arecognized asset or liability or a highly probable forecasttransaction that could affect profit or loss (cash flowhedges).A derivative with a positive fair value is recognized as afinancial asset whereas a derivative with a negative fairvalue is recognized as a financial liability. Derivativeinstruments (or portions of them) are presented as non-current assets or non-current liabilities if the remainingmaturity of the underlying settlements is more than twelvemonths after the reporting period. Other derivativeinstruments (or portions of them) are presented as currentassets or current liabilities.Hedge accountingThe Group designates certain derivatives and embeddedderivatives, in respect of interest rate risk, foreign exchangerate risk, Syensqo share price risk, and commodity risk(mainly utility and CO2 emission rights price risks), ashedging instruments in a cash flow hedge relationship.At the inception of the hedge relationship, there is a formaldesignation and documentation of the hedging relationshipand the Group\u2019s risk management objective and strategyfor undertaking the hedge. So to apply hedge accounting:(a) there is an economic relationship between the hedgeditem and the hedging instrument, (b) the effect of credit riskdoes not dominate the value changes that result from thateconomic relationship, and (c) the hedge ratio of thehedging relationship is the same as that resulting from thequantity of the hedged item that the Group actually hedgesand the quantity of the hedging instrument that the Groupactually uses to hedge that quantity of hedged item.The requirement under (a) above that an economicrelationship exists means that there is an expectation thatthe value of the hedging instrument and the value of thehedged item will systematically change in the oppositedirection in response to movements in either the sameunderlying (or underlyings that are economically related insuch a way that they respond in a similar way to the riskthat is being hedged).Cash flow hedgesThe effective portion of changes in the fair value of hedginginstruments that are designated in a cash flow hedge isrecognized in other comprehensive income.The gain or loss relating to the ineffective portion isrecognized immediately in profit or loss.The cash flow hedge reserve is adjusted to the lower of thefollowing (in absolute amounts):(a) the cumulative gain or loss on the hedging instrumentfrom inception of the hedge; and(b) the cumulative change in fair value (present value) ofthe hedged item (i.e. The present value of the cumulativechange in the hedged expected future cash flows)from inception of the hedge.The amount that has been accumulated in the cash flowhedge reserve is accounted for as follows:(a) if a hedged forecast transaction subsequently results inthe recognition of a non-financial asset or a non-financial liability, the Group removes that amount fromthe cash flow hedge reserve and includes it directly inthe initial cost or other carrying amount of the asset orthe liability. This is not a reclassification adjustment andhence it does not affect other comprehensive income;(b) for cash flow hedges other than those covered by i),that amount is reclassified from the cash flow hedgereserve to profit or loss as a reclassification adjustmentin the same period or periods during which the hedgedexpected future cash flows affect profit or loss (forexample, in the periods that interest income or interestexpense is recognized or when a forecast sale occurs);(c) however, if that amount is a loss and the Group expectsthat all or a portion of that loss will not be recovered inone or more future periods, it immediately reclassifiesthe amount that is not expected to be recovered intoprofit or loss as a reclassification adjustment.Most hedged items are transaction related. The time valueof options, forward elements of forward contracts, andforeign currency basis spreads of financial instruments thatare hedging the items affect profit or loss at the same timeas those hedged items.Hedge accounting is discontinued prospectively when thehedging relationship (or a part of a hedging relationship)ceases to meet the qualifying criteria (after taking intoaccount any rebalancing of the hedging relationship, ifapplicable). This includes instances when the hedginginstrument expires or is sold, terminated or exercised. When the Group discontinues hedge accounting for a cashflow hedge it accounts for the amount that has beenaccumulated in the cash flow hedge reserve as follows:\u25cf if the hedged future cash flows are still expected to occur,that amount remains in the cash flow hedge reserve untilthe future cash flows occur. However, if that amount is aloss and the Group expects that all or a portion of thatloss will not be recovered in one or more future periods, itimmediately reclassifies the amount that is not expectedto be recovered into profit or loss as a reclassificationadjustment; \u25cf if the hedged future cash flows are no longer expected tooccur, that amount is immediately reclassified from thecash flow hedge reserve to profit or loss as a reclassificationadjustment. A hedged future cash flow that is no longerhighly probable to occur may still be expected to occur.F27.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fairvalue.Accounting policyQuoted market prices are available for financial assets andfinancial liabilities with standard terms and conditions thatare traded on active markets. The fair values of derivativefinancial instruments are equal to their quoted prices, ifavailable. In case such quoted prices are not available, thefair value of the financial instruments is determined basedon a discounted cash flow analysis using the applicableyield curve derived from quoted interest rates matchingmaturities of the contracts for non-optional derivatives.Optional derivatives are fair valued based on option pricingmodels, taking into account the present value of probabilityweighted expected future payoffs, using market referenceformulas.The fair values of other financial assets and financialliabilities are determined in accordance with generallyaccepted pricing models based on discounted cash flowanalysis.NOTE F34EVENTS AFTER THE REPORTING PERIODAccounting policyEvents after the reporting period which provide evidence ofconditions that existed at the end of the reporting period(adjusting events) are recognized in the consolidatedfinancial statements. Events indicative of conditions thatarose after the reporting period are non-adjusting eventsand are disclosed in the notes if material.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__24": {
"value": "6.2.1.3 Principles of consolidation6.2.1.3.1 Consolidation scopeGeneralThe consolidated financial statements incorporate the financialstatements of the Company, and:\u25cf entities controlled by the Company (including through itssubsidiaries) and that hence qualify as subsidiaries (see 3.1.2.below);\u25cf arrangements over which the Company (including through itssubsidiaries) exercises joint control, and that qualify as jointventures (see 3.1.3. below);\u25cf entities over which the Company (including through itssubsidiaries) has significant influence and that hence qualifyas associates (see 3.1.3. below).Where necessary, adjustments are made to the financial statementsof the investees so as to align their accounting policies with those ofthe Group.In accordance with the principle of materiality, certaincompanies, which are not of a significant size, have not beenincluded in the consolidation scope. Companies are deemednot to be significant when, during two consecutive years, they donot exceed any of the three following thresholds in terms of theircontribution to the Group\u2019s accounts:\u25cf sales of \u20ac15 million;\u25cf total assets of \u20ac7.5 million;\u25cf headcount of 75 persons.Companies that do not meet these criteria are, nevertheless,consolidated where the Group believes that they have a potentialfor rapid development, or where they hold shares in othercompanies that are consolidated based on the above criteria.In the aggregate, the non-consolidated companies have animmaterial impact on the consolidated financial statements ofthe Group including the operating cash flows and earningsbefore interest and tax.The full list of companies can be obtained at the Company\u2019shead office.Investments in subsidiariesA subsidiary is an entity over which the Group has control.Control is achieved when the Group has (a) power over aninvestee, (b) exposure, or rights, to variable returns from itsinvolvement with the investee, and (c) the ability to use its powerover the investee to affect the amount of the investor\u2019s returns.To assess whether the Group has control, potential voting rightsare taken into account. Subsidiaries are fully consolidated. Theresults of subsidiaries acquired or disposed of during the yearare included in the consolidated income statement from theeffective date of acquisition and up to the effective date ofdisposal.Intra-group transactions, balances, income and expenses areeliminated on consolidation.Non-controlling interests in subsidiaries are presented separatelyfrom the Group\u2019s equity. Non-controlling interests are initiallymeasured, either at fair value (full goodwill method), or at thenon-controlling interests\u2019 proportionate share in the recognizedamounts of the acquiree\u2019s identifiable net assets (proportionategoodwill method). The choice of measurement is made on anacquisition-by-acquisition basis. Subsequent to the acquisition,the carrying amount of non-controlling interests is the amount ofthose interests at initial recognition plus the non-controllinginterests\u2019 share of subsequent changes in equity. Totalcomprehensive income is attributed to non-controlling interestseven if this results in the non-controlling interests having a deficitbalance.Changes in the Group\u2019s equity interest in a subsidiary that do notresult in a loss of control are accounted for as equitytransactions. The carrying amounts of the Group\u2019s interests andthe non-controlling interests are adjusted to reflect the changesin their relative interests in the subsidiary. Any differencebetween the amount by which the non-controlling interests areadjusted and the fair value of the consideration paid or receivedis recognized directly in equity.Investments in associates and joint venturesAn associate is an entity over which the Group has significantinfluence. Significant influence is the power to participate in thefinancial and operating policy decisions of the investee but isnot control or joint control over those policies.A joint venture is a joint arrangement whereby the parties thathave joint control of the arrangement have rights to the netassets of the arrangement. Joint control is the contractuallyagreed sharing of control of an arrangement, which exists onlywhen decisions about relevant activities require the unanimousconsent of the parties sharing control.The results, assets and liabilities of associates and joint venturesare incorporated in the consolidated financial statements usingthe equity method of accounting. Under the equity method, oninitial recognition, investments in associates and joint venturesare recognized in the consolidated statement of financialposition at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of theassociate or joint venture, less any impairment of the value ofindividual investments. Goodwill relating to the associate or jointventure is included within the carrying amount of the investmentand is assessed for impairment as part of that investment.Losses of an associate or joint venture in excess of the Group\u2019sinterest in that associate or joint venture (which includes anylong-term interests that, in substance, form part of the Group\u2019snet investment in the associate or joint venture) are recognizedonly to the extent that the Group has incurred legal orconstructive obligations or made payments on behalf of theassociate or joint venture.Where a Group entity transacts with an associate or jointventure of the Group, profits and losses are eliminated to theextent of the Group\u2019s interest in the relevant associate or jointventure.After application of the equity method, the Group reviews itsinvestments in associates and joint ventures for impairment. Ateach reporting date, the Group determines whether there isobjective evidence that the investment in the associate or jointventure is impaired. If there is such evidence, the Groupperforms its analysis and calculates any impairment as thedifference between the recoverable amount of the associate orjoint venture and its carrying value, and then recognizes the lossin the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__25": {
"value": "Investments in subsidiariesA subsidiary is an entity over which the Group has control.Control is achieved when the Group has (a) power over aninvestee, (b) exposure, or rights, to variable returns from itsinvolvement with the investee, and (c) the ability to use its powerover the investee to affect the amount of the investor\u2019s returns.To assess whether the Group has control, potential voting rightsare taken into account. Subsidiaries are fully consolidated. Theresults of subsidiaries acquired or disposed of during the yearare included in the consolidated income statement from theeffective date of acquisition and up to the effective date ofdisposal.Intra-group transactions, balances, income and expenses areeliminated on consolidation.Non-controlling interests in subsidiaries are presented separatelyfrom the Group\u2019s equity. Non-controlling interests are initiallymeasured, either at fair value (full goodwill method), or at thenon-controlling interests\u2019 proportionate share in the recognizedamounts of the acquiree\u2019s identifiable net assets (proportionategoodwill method). The choice of measurement is made on anacquisition-by-acquisition basis. Subsequent to the acquisition,the carrying amount of non-controlling interests is the amount ofthose interests at initial recognition plus the non-controllinginterests\u2019 share of subsequent changes in equity. Totalcomprehensive income is attributed to non-controlling interestseven if this results in the non-controlling interests having a deficitbalance.Changes in the Group\u2019s equity interest in a subsidiary that do notresult in a loss of control are accounted for as equitytransactions. The carrying amounts of the Group\u2019s interests andthe non-controlling interests are adjusted to reflect the changesin their relative interests in the subsidiary. Any differencebetween the amount by which the non-controlling interests areadjusted and the fair value of the consideration paid or receivedis recognized directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__28": {
"value": "Investments in associates and joint venturesAn associate is an entity over which the Group has significantinfluence. Significant influence is the power to participate in thefinancial and operating policy decisions of the investee but isnot control or joint control over those policies.A joint venture is a joint arrangement whereby the parties thathave joint control of the arrangement have rights to the netassets of the arrangement. Joint control is the contractuallyagreed sharing of control of an arrangement, which exists onlywhen decisions about relevant activities require the unanimousconsent of the parties sharing control.The results, assets and liabilities of associates and joint venturesare incorporated in the consolidated financial statements usingthe equity method of accounting. Under the equity method, oninitial recognition, investments in associates and joint venturesare recognized in the consolidated statement of financialposition at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of theassociate or joint venture, less any impairment of the value ofindividual investments. Goodwill relating to the associate or jointventure is included within the carrying amount of the investmentand is assessed for impairment as part of that investment.Losses of an associate or joint venture in excess of the Group\u2019sinterest in that associate or joint venture (which includes anylong-term interests that, in substance, form part of the Group\u2019snet investment in the associate or joint venture) are recognizedonly to the extent that the Group has incurred legal orconstructive obligations or made payments on behalf of theassociate or joint venture.Where a Group entity transacts with an associate or jointventure of the Group, profits and losses are eliminated to theextent of the Group\u2019s interest in the relevant associate or jointventure.After application of the equity method, the Group reviews itsinvestments in associates and joint ventures for impairment. Ateach reporting date, the Group determines whether there isobjective evidence that the investment in the associate or jointventure is impaired. If there is such evidence, the Groupperforms its analysis and calculates any impairment as thedifference between the recoverable amount of the associate orjoint venture and its carrying value, and then recognizes the lossin the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__27": {
"value": "Investments in associates and joint venturesAn associate is an entity over which the Group has significantinfluence. Significant influence is the power to participate in thefinancial and operating policy decisions of the investee but isnot control or joint control over those policies.A joint venture is a joint arrangement whereby the parties thathave joint control of the arrangement have rights to the netassets of the arrangement. Joint control is the contractuallyagreed sharing of control of an arrangement, which exists onlywhen decisions about relevant activities require the unanimousconsent of the parties sharing control.The results, assets and liabilities of associates and joint venturesare incorporated in the consolidated financial statements usingthe equity method of accounting. Under the equity method, oninitial recognition, investments in associates and joint venturesare recognized in the consolidated statement of financialposition at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of theassociate or joint venture, less any impairment of the value ofindividual investments. Goodwill relating to the associate or jointventure is included within the carrying amount of the investmentand is assessed for impairment as part of that investment.Losses of an associate or joint venture in excess of the Group\u2019sinterest in that associate or joint venture (which includes anylong-term interests that, in substance, form part of the Group\u2019snet investment in the associate or joint venture) are recognizedonly to the extent that the Group has incurred legal orconstructive obligations or made payments on behalf of theassociate or joint venture.Where a Group entity transacts with an associate or jointventure of the Group, profits and losses are eliminated to theextent of the Group\u2019s interest in the relevant associate or jointventure.After application of the equity method, the Group reviews itsinvestments in associates and joint ventures for impairment. Ateach reporting date, the Group determines whether there isobjective evidence that the investment in the associate or jointventure is impaired. If there is such evidence, the Groupperforms its analysis and calculates any impairment as thedifference between the recoverable amount of the associate orjoint venture and its carrying value, and then recognizes the lossin the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__26": {
"value": "Investments in associates and joint venturesAn associate is an entity over which the Group has significantinfluence. Significant influence is the power to participate in thefinancial and operating policy decisions of the investee but isnot control or joint control over those policies.A joint venture is a joint arrangement whereby the parties thathave joint control of the arrangement have rights to the netassets of the arrangement. Joint control is the contractuallyagreed sharing of control of an arrangement, which exists onlywhen decisions about relevant activities require the unanimousconsent of the parties sharing control.The results, assets and liabilities of associates and joint venturesare incorporated in the consolidated financial statements usingthe equity method of accounting. Under the equity method, oninitial recognition, investments in associates and joint venturesare recognized in the consolidated statement of financialposition at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of theassociate or joint venture, less any impairment of the value ofindividual investments. Goodwill relating to the associate or jointventure is included within the carrying amount of the investmentand is assessed for impairment as part of that investment.Losses of an associate or joint venture in excess of the Group\u2019sinterest in that associate or joint venture (which includes anylong-term interests that, in substance, form part of the Group\u2019snet investment in the associate or joint venture) are recognizedonly to the extent that the Group has incurred legal orconstructive obligations or made payments on behalf of theassociate or joint venture.Where a Group entity transacts with an associate or jointventure of the Group, profits and losses are eliminated to theextent of the Group\u2019s interest in the relevant associate or jointventure.After application of the equity method, the Group reviews itsinvestments in associates and joint ventures for impairment. Ateach reporting date, the Group determines whether there isobjective evidence that the investment in the associate or jointventure is impaired. If there is such evidence, the Groupperforms its analysis and calculates any impairment as thedifference between the recoverable amount of the associate orjoint venture and its carrying value, and then recognizes the lossin the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__29-1": {
"value": "6.2.1.4 Foreign currenciesThe individual financial statements of each Group entity areprepared in the currency of the primary economic environmentin which the entity operates (its functional currency). For thepurpose of the consolidated financial statements, the resultsand financial position of each Group entity are expressed ineuros (EUR), which is the presentation currency of the Group\u2019sconsolidated financial statements.In preparing the financial statements of the individual entities,transactions in currencies other than the entities\u2019 functionalcurrency are recognized at the exchange rates prevailing at thedates of the transactions. At the end of each reporting period,monetary items denominated in foreign currencies are translatedat the closing rate. Non-monetary items carried at fair value thatare denominated in foreign currencies are translated at the ratewhen the fair value was measured. Non-monetary items that aremeasured in terms of historical cost in a foreign currency aretranslated using the exchange rates at the date of the initialtransactions.Exchange differences are recognized in profit or loss in theperiod in which they arise except for:\u25cf exchange differences on monetary items receivable from orpayable to a foreign operation for which settlement is neitherplanned nor likely to occur in the foreseeable future (thereforeforming part of the net investment in the foreign operation),which are recognized initially in other comprehensive incomeunder \u201ccurrency translation differences\u201d; and\u25cf exchange differences on transactions entered into in order tohedge certain foreign currency risks (see note F27 Financialinstruments and financial risk management for hedgeaccounting policies).The main exchange rates used are:Year-end rate Average rate1 Euro = December 31, 2024 December 31, 2023 2024 2023Brazilian Real BRL 6.421 5.361 5.824 5.401Yuan Renminbi CNY 7.586 7.838 7.788 7.661Pound Sterling GBP 0.829 0.869 0.847 0.870Indian Rupee INR 88.983 91.968 90.550 89.311Japanese Yen JPY 163.048 156.342 163.845 151.982Korean Won KRW 1,530.079 1,423.387 1,474.903 1,412.478Mexican Peso MXN 21.545 18.736 19.816 19.185US Dollar USD 1.039 1.105 1.082 1.081CURRENCY TRANSLATION DIFFERENCESAccounting policyFor the purpose of presenting consolidated financialstatements at the end of each reporting period, the assetsand liabilities of the Group\u2019s foreign operations areexpressed in euros using closing rates. Income and expenseitems are translated at the average exchange rates for theperiod except when the impact of applying the averagerate is materially different from applying the spot rate at therespective transactions\u2019 dates, in which case the latter isapplied. Exchange differences arising, if any, are recognizedin other comprehensive income as \u201ccurrency translationdifferences\u201d.In case of a capital decrease of a subsidiary without loss ofcontrol, or a capital decrease of an equity method investeeor a joint operation without modification of the share of theequity interest held in that investee, then no accumulatedexchange differences are reclassified from equity to profitor loss.Goodwill and fair value adjustments arising on theacquisition of a foreign operation are treated as assets andliabilities of the foreign operation and translated into theGroup\u2019s presentation currency at the closing rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__33-1": {
"value": "6.3.2 Key sources of estimation uncertaintyImpairmentThe Group performs annual impairment tests on (groups of)CGUs to which goodwill has been allocated, and each time thereare indicators that their carrying amount might be higher thantheir recoverable amount. This analysis requires management toestimate the future cash flows expected to be generated by theCGUs and a suitable discount rate in order to calculate presentvalue. The recoverable amount is highly sensitive to discountand growth rates.Further details are provided in note F15 Goodwill and F19 Impairment.NOTE F9OTHER NON OPERATING AND NON CASH ITEMSThe other non-operating and non-cash items in 2024 (\u20ac7 million) mainly relate to long-term incentives and other non-cash gains. In2023 (\u20ac(62) million) they mainly related to non-cash results of HSE indemnification assets (\u20ac51 million), PFAS insurance receivable(\u20ac32 million) and long-term incentives.NOTE F14INTANGIBLE ASSETSAccounting policyIntangible assets acquired or developed internally are initiallymeasured at cost. The cost of an acquired intangible assetcomprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discountsand rebates, and any directly attributable cost of preparingthe asset for its intended use. Subsequent expenditure onintangible assets is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured atcost less accumulated amortization and impairment losses,if any.The asset is tested for impairment if (a) there is a trigger forimpairment, and (b) annually for projects underdevelopment (see note F19 Impairment).Intangible assets are derecognized from the consolidatedstatement of financial position on disposal or when nofuture economic benefits are expected from their use ordisposal. The gain or loss arising from the derecognition ofan intangible asset is recognized in profit or loss at themoment of derecognition.In \u20ac million DevelopmentPatents andCustomerOther intangibleTotalcoststrademarksrelationshipsassetsGross carrying amountDecember 31, 2022 482 1,136 1,818 669 4,106Additions 62 3 22 88Disposals and closures -59 -69 -94 -221Currency translation differences -6 -31 -55 -20 -112Other 4 32 7 44December 31, 2023 484 1,071 1,763 585 3,904Additions 82 1 32 115Disposals and closures -20 -1 -1 -22Currency translation differences 14 52 99 31 196Other 1 25 -20 5DECEMBER 31, 2024 562 1,148 1,862 627 4,199Accumulated amortizationDecember 31, 2022 -239 -674 -819 -557 -2,289Amortization -48 -60 -91 -12 -210Impairment -7 -7Disposals and closures 59 69 94 221Currency translation differences 2 17 24 17 60Other 2 -4 -19 -21December 31, 2023 -231 -652 -886 -477 -2,245Amortization -47 -63 -91 -12 -213Impairment -11 -11Disposals and closures 20 1 1 22Currency translation differences -5 -29 -49 -27 -111Other 0 -25 22 -3DECEMBER 31, 2024 -263 -744 -1,050 -504 -2,560Net carrying amountDecember 31, 2022 243 462 999 112 1,817December 31, 2023 253 419 877 109 1,659DECEMBER 31, 2024 299 404 812 124 1,639Intangibles mainly relate to the intangibles acquired through theacquisition of Cytec. The average remaining useful life of Cytec\u2019sassets is 8 years. The impairment loss in 2024 relates to the intangible assets inCGU Oil and Gas. The impairment loss in 2023 relates to theintangible assets in CGU Aroma Performance (see note F19Impairment).The line \u201cOther\u201d in Gross carrying amount mainly includesreclassification of intangible assets under construction (reportedas part of the Other intangible assets) to the appropriatecategories when they are ready for intended use in 2024. In 2023,this mainly related to the change in scope following the PartialDemerger.NOTE F15GOODWILLAccounting policyGoodwillGoodwill arising in a business combination is recognized asan asset at the date that control is obtained (the acquisitiondate). Goodwill is measured as the excess of the sum of:(a) the consideration transferred;(b) the amount of any non-controlling interests in theacquiree; and(c) in a business combination achieved in stages, theacquisition date fair value of the previously held equityinterest in the acquiree, over the share acquired by theGroup in the fair value of the entity\u2019s identifiable netassets at the acquisition date.Goodwill is not amortized but is tested for impairment on anannual basis, and more frequently if there are anyimpairment triggers identified.For the purpose of impairment testing, goodwill is allocated toeach of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment ofAssets.These tests consist of comparing the carrying amount ofthe assets or (groups of) CGUs with their recoverableamount. The recoverable amount of an asset or a (groupof) CGU(s) is the higher of its fair value less costs of disposaland its value in use. If the recoverable amount of the CGU isless than its carrying amount, the impairment loss isallocated first to reduce the carrying amount of anygoodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount ofeach asset in the unit. An impairment loss recognized ongoodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwillhas been allocated, the goodwill associated with theoperation disposed of is included in the determination of theprofit or loss on disposal. It is measured on the basis of therelative values of the operation disposed of and the portionof the CGU retained, unless another method better reflectsthe goodwill associated with the operation disposed of.Goodwill \u2013 overviewIn \u20ac million TotalDecember 31, 2022 2,671Acquisitions 2Impairment -59Currency translation differences -54December 31, 2023 2,560Acquisitions 7Impairment -2Currency translation differences 94DECEMBER 31, 2024 2,659In 2023, goodwill impairment relates to the CGU Aroma (see noteF19 Impairment).The currency translation differences in 2024 and 2023 mainlyrelate to the Cytec goodwill expressed in US dollars.Goodwill by (groups of) CGU(s) Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from that businesscombination.2024At beginning ofAcquisitions Impairment Reclassification CurrencyAt the end ofthe periodtranslationthe periodIn \u20ac milliondifferences(Groups of) CGUsComposite Materials 646 39 684Novecare 656 7 -2 8 668Technology Solutions 803 46 848Specialty Polymers 444 2 446Energy Services 12 12Total goodwill 2,560 7 -2 94 2,659In the context of the Partial Demerger, management hadreassessed the allocation of goodwill at the level of thesegments. At the time of the Rhodia acquisition, a portion of the goodwillrelated to synergies for corporate functions, was allocated at thehigher level of the segment and tested as such instead of at thelevel of each individual CGU. Considering that goodwill is notamortized under IFRS, and the Syensqo segment goodwill ismore than 10 years old, management had tested it at the lowestlevel (i.e. CGU). Consequently, the total segment goodwill of\u20ac540 million (\u20ac341 million for Materials, \u20ac199 million forConsumer & Resources) was reallocated to the different CGUs/groups of CGUs based on their relative value in use at December31, 2023, as detailed in the table below.The reallocation of the goodwill at segment level did not changethe conclusions of the impairment tests at December 31, 2023.2023At beginning ofAcquisitions Impairment Reclassification CurrencyAt the end ofthe periodtranslationthe periodIn \u20ac milliondifferencesOperating segments - Groups of CGUsMaterials 341 -341Consumer & Resources 199 -199(Groups of) CGUsComposite Materials 591 76 -22 646Novecare 565 2 94 -5 656Technology Solutions 734 95 -26 803Specialty Polymers 180 265 -1 444Aroma Performance 49 -59 10Energy Services 12 12Total goodwill 2,671 2 -59 0 -54 2,560See note F19 Impairment.NOTE F16PROPERTY, PLANT AND EQUIPMENTAccounting policyItems of property, plant and equipment are initially measuredat cost. The cost of an item of property, plant and equipmentcomprises its purchase price and any costs directlyattributable to bringing the asset to the location and conditionnecessary for it to be capable of operating in the mannerintended by management. If applicable, the cost comprisesborrowing costs during the construction period.After initial recognition, items of property, plant and equipmentare measured at cost less accumulated depreciation andimpairment losses, if any. Items of property, plant and equipment are depreciated ona straight-line basis over their estimated useful lives. Thecomponents of an item of property, plant and equipmentwith different useful lives are depreciated separately. Land isnot depreciated. The estimated useful lives, residual valuesand depreciation methods are reviewed at each year end,also taking into account the potential impact of climatechange including the execution of the One Planet Strategy(see Note Climate Change in the IFRS general accountingpolicies). Any changes in estimates are accounted forprospectively.Buildings 30-40 yearsFixtures and equipment\u25cf IT equipment 3-5 years\u25cf Machinery and equipment 10-20 years\u25cf Transportation equipment 5-20 yearsDepreciation expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, and R&D costs.The asset is tested for impairment if there is a trigger forimpairment (see note F19 Impairment).Items of property, plant and equipment are derecognizedfrom the consolidated statement of financial position ondisposal or when no future economic benefits are expectedfrom their use or disposal. The gain or loss arising from thederecognition of an item of property, plant and equipment isrecognized in profit or loss at the moment of derecognition.Subsequent expenditureSubsequent expenditure related to items of property, plantand equipment is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.Subsequent expenditure incurred for the replacement of acomponent of an item of property, plant and equipment isonly recognized as an asset when it satisfies the recognitioncriteria mentioned above. The carrying amount of replaceditems is derecognized.Repair and maintenance costs are recognized in theconsolidated income statement as incurred.Regarding its industrial activity, Syensqo incurs expenditurefor major repairs over several years for most of its sites. Thepurpose of this expenditure is to maintain the properworking order of certain installations without altering theiruseful life. This expenditure is considered as a specificcomponent of the item of property, plant and equipmentand is depreciated over the period during which theeconomic benefits are expected to be obtained, i.e. themajor repairs\u2019 intervals.Dismantling and restoration costsDismantling and restoration costs are included in the costof an item of property, plant and equipment if the Grouphas a legal or constructive obligation to dismantle orrestore. They are depreciated over the useful life of theitems to which they pertain.Generally, Syensqo\u2019s obligation to dismantle and/or restoreits operating sites is only likely to arise upon thediscontinuation of a site\u2019s activities. A provision for dismantlingof discontinued sites or installations is recognized when thereis a legal obligation (due to a request or injunction from therelevant authorities), or when there is no technicalalternative than to dismantle, so as to ensure the safetycompliance of the discontinued sites or installations.Land andFixtures andOther tangibleProperty, plantTotalbuildingsequipmentassetsand equipmentunderIn \u20ac millionconstructionGross carrying amountDecember 31, 2022 1,412 5,225 169 676 7,481Additions 70 78 2 597 747Disposals and closures -11 -97 -12 -120Increase through business 1 1combinationsCurrency translation differences -35 -121 -4 -13 -173Other 92 432 32 -321 236December 31, 2023 1,528 5,518 186 939 8,172Additions 14 76 4 471 565Disposals and closures -3 -87 -8 -98Currency translation differences 48 186 5 15 254Other 63 382 25 -469 2DECEMBER 31, 2024 1,650 6,076 212 957 8,895Accumulated depreciationDecember 31, 2022 -653 -3,542 -135 -4,329Depreciation -46 -296 -11 -352Impairment -7 -45 -1 -53Disposals and closures 7 97 12 116Currency translation differences 15 79 3 97Other -17 -118 -22 -156December 31, 2023 -700 -3,825 -152 -4,678Depreciation -50 -314 -17 -381Impairment -11 -47 0 -59Reversal of impairment 1 5 7Disposals and closures 3 87 8 98Currency translation differences -21 -124 -5 -150Other -1 0 -1 -3DECEMBER 31, 2024 -779 -4,220 -167 -5,166Net carrying amountDecember 31, 2022 759 1,683 34 676 3,152December 31, 2023 828 1,693 34 939 3,494DECEMBER 31, 2024 871 1,856 45 957 3,729Cash flows related to major investments are disclosed in note F11Cash flows from investing activities \u2013 acquisition/disposal ofassets and investments. The impairment loss in 2024 mainly relates to the tangible fixedassets in CGU Oil and Gas for \u20ac44 million.The impairment loss in 2023 mainly relates to the tangible fixedassets in CGU Aroma Performance for \u20ac48 million (see note F19Impairment).The line \u201cOther\u201d in Gross carrying amount mainly includesreclassification of property, plant and equipment underconstruction to the appropriate categories when they are readyfor intended use, and the consolidation of the tangible fixedassets of the Zhenjiang entity for \u20ac55 million in 2023.NOTE F19IMPAIRMENTAccounting policyGeneralAt the end of each reporting period, the Group reviewswhether there is any indication that assets have suffered animpairment loss. If any such indication exists, therecoverable amount of the asset is estimated in order todetermine the extent of the impairment loss (if any). Whereit is not possible to estimate the recoverable amount of anindividual asset, the Group estimates the recoverableamount of the CGU to which the asset belongs. Where areasonable and consistent basis of allocation can beidentified, corporate assets are allocated to individual CGUs,or otherwise they are allocated to the smallest group ofCGUs for which a reasonable and consistent allocationbasis can be identified.The recoverable amount is the higher of fair value less costsof disposal and value in use. In assessing value in use, theestimated future cash flows are discounted to their presentvalue using a pre-tax discount rate. Future cash flows areadjusted for risks not incorporated into the discount rate.If the recoverable amount of an asset (or CGU) is estimatedto be less than its carrying amount, the carrying amount ofthe asset (or CGU) is reduced to its recoverable amount. Animpairment loss is recognized immediately in profit or loss.When an impairment loss subsequently reverses, thecarrying amount of the asset (or CGU) is increased to therevised estimate of its recoverable amount, but so that theincreased carrying amount does not exceed the carryingamount that would have been determined (net ofamortization or depreciation) had no impairment loss beenrecognized for the asset (or CGU) in prior years. A reversal ofan impairment loss is recognized immediately in profit orloss. An impairment loss recognized for goodwill shall not bereversed in a subsequent period.Assets other than non-current assets held for saleIn accordance with IAS 36 Impairment of Assets, therecoverable amount of property, plant and equipment,intangible assets, right-of-use assets, CGUs or groups ofCGUs, including goodwill, and equity method investeescorresponds to the higher of their fair value less costs ofdisposal, and their value in use. The latter equals the presentvalue of the future cash flows expected to be derived fromeach asset, CGU or group of CGUs, and equity methodinvestees and is determined using the following inputs:\u25cf business plan approved by management based ongrowth and profitability assumptions, taking into accountpast performances, forecast changes in the economicenvironment and expected market developments,including opportunity and risks resulting from climatechange (taking into account the One Planet strategy -see note Climate change in the IFRS general accountingpolicies) and environmental regulations such as productsphasing out. For further details, refer to the RiskManagement Section. Such business plan generallycovers five years, unless management is confident thatprojections over a longer period are reliable;\u25cf consideration of a terminal value determined based onthe cash flows obtained by extrapolating the cash flowsof the last years of the business plan referred to above,affected by a long-term growth rate deemedappropriate for the activity and the location of the assets;\u25cf discounting of expected cash flows at a rate determinedusing the weighted average cost of capital formula.Discount rateWeighted average cost of capital (WACC) for 2024 wascomputed considering a set of peers for the Syensqo Group andis based on the same methodology applied in 2023. Short termWACC, used to discount the expected cash flows of the initialfour years, was computed based on prevailing discount ratesand long term WACC, used to discount the expected cash flowsof the fifth year and the Terminal Value, was based on a 2-yearaverage of equity risk premiums, risk free interest rates anddefault spreads. 2024 2023Short term WACC 8.2% 9.4%Long term WACC 8.5% 8.6%Long-term growth ratesThe long-term growth rates used for the impairment testsremain unchanged versus the prior period.Based on the long-term growth prospects, the long-term growthrates were thus set for all the periods presented, at:\u25cf 2% for the Specialty Polymers CGU and 3% for the CompositeMaterials CGU;\u25cf 1% for the other CGUs in the segment Consumer & Resources(excluding Technology Solutions, for which 1.5% was used).Other key assumptions are specific to each CGU (utility price,volumes, margin, etc.).Impairment Test 2024The impairment tests performed at CGU level at December 31,2024, using value in use, were based on the budgets approvedby the Syensqo Board and the Mid Term Plans. The tests resultedin an impairment loss recognized for the group of CGUs Oil &Gas (Consumer & Resources) following the subdued businessperformance in 2024 driven by continuous decline in thestimulation segment materialised in reduced volumes sold forfriction reducers, together with increased competition and acustomer shift toward more cost-effective products. This had acompounding effect on the terminal value even if the long termgrowth rate assumption for this business remains unchanged.The impairment loss of \u20ac55 million was allocated to intangiblefixed assets (\u20ac11 million) and tangible fixed assets (\u20ac44 million).Regarding the Aroma Performance CGU, although theprofitability has improved, the long-term prospects remainuncertain and the impairments recorded in 2023 were notreversed in 2024.Impairment Test 2023The impairment tests performed at CGU level at December 31,2023, using value in use, were based on the budgets approvedby the Syensqo Board and the Mid Term Plans. The tests resultedin an impairment loss recognized for the CGU AromaPerformance (Consumer & Resources) following the increase inthe discount rate and continued lower demand for syntheticvanillin, customer destocking and strong competition in the food,flavor & fragrance markets, despite the expected improvementsfrom actions taken on fixed costs.The total impairment loss of \u20ac114 million was allocated togoodwill (\u20ac59 million), tangible fixed assets (\u20ac48 million) andintangible fixed assets (\u20ac7 million).Sensitivity and break-even AnalysisConsidering the impairment losses for Composite Materials andTechnology Solutions recorded in 2020 and the consequentlyhigher risk of impairment in case of changes in the Discount rateand Long-term growth assumptions used for their test, thefollowing sensitivity analyses are reported for these two groupsof CGUs. For Technology Solutions, management developed multiplescenarios to address the uncertainty related to the businessplan assumptions related to sales growth and operatingmargins under the current competitive environment anddemand trends, in particular in the mining market. This led to adecrease in the headroom for this CGU compared to December31, 2023: any reduction of more than 5% of the cash flowexpected for the last year of the explicit period, basis for theterminal value, would lead to an impairment loss. Composite Materials (Materials)December 31, 2024 December 31, 2023Assumptions: Assumptions:Discount rate = 8.5% Discount rate = 8.6%In \u20ac billionLong term growth rate = 3% Long term growth rate = 3%Sensitivity to: Impact onRevisedImpact onRevisedrecoverableheadroomrecoverableheadroomamountamountDiscount rate -1% 0.6 0.9 0.6 0.8Discount rate +1% -0.4 -0.2 -0.4 -0.3Long term growth rate -1% -0.3 -0.1 -0.3 -0.1Long term growth rate +1% 0.5 0.7 0.5 0.6Discount rate Long term growth rateBase rate Break-even rate Base rate Break-even rateDECEMBER 31, 2024 8.5% 8.9% 3.0% 2.4%December 31, 2023 8.6% 8.9% 3.0% 2.5%Technology Solutions (Consumer & Resources)December 31, 2024 December 31, 2023Assumptions: Assumptions:Discount rate = 8.5% Discount rate = 8.6%In \u20ac billionLong term growth rate = 1.5% Long term growth rate = 1.5%Sensitivity to: Impact onRevisedImpact onRevisedrecoverableheadroomrecoverableheadroomamountamountDiscount rate -1% 0.3 0.4 0.3 0.5Discount rate +1% -0.2 -0.2 -0.3 -0.1Long term growth rate -1% -0.2 -0.1 -0.2 0.0Long term growth rate +1% 0.2 0.3 0.2 0.4Discount rate Long term growth rateBase rate Break-even rate Base rate Break-even rateDECEMBER 31, 2024 8.5% 8.8% 1.5% 1.1%December 31, 2023 8.6% 9.3% 1.5% 0.5%",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__35-1": {
"value": "Deferred tax assetsDeferred tax assets are recognized for unused tax losses to theextent that it is probable that taxable profits will be availableagainst which the losses can be utilized. Significant managementjudgment is required to determine the amount of deferred taxassets that can be recognized, based upon the likely timing andthe level of future taxable profits.The Group has \u20ac5.3 billion (\u20ac4.7 billion in 2023) of tax lossescarried forward for which no deferred tax assets wererecognized. These losses relate to subsidiaries that have ahistory of losses, do not expire, and may not be used to offsettaxable income elsewhere in the Group. The subsidiaries do nothave any taxable temporary differences that could partlysupport the recognition of these losses as deferred tax assets.On this basis, the Group has determined that it cannot recognizedeferred tax assets on these tax losses carried forward.Further details are provided in Note F6.C. Deferred taxes in theconsolidated statement of financial position and F6.D OtherInformation.NOTE F6INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITIONAccounting policyCurrent taxesThe current tax payable is based on taxable profit of theyear. Taxable profit differs from profit as reported in theconsolidated income statement because of items ofincome or expense that are taxable or deductible in otheryears and items that are never taxable or deductible. TheGroup\u2019s liability for current tax is calculated using tax ratesthat have been enacted or substantively enacted by theend of the reporting period.Deferred taxesDeferred taxes are recognized for temporary differencesbetween the carrying amounts of assets and liabilities in theconsolidated financial statements and their correspondingtax bases used in the computation of taxable profit.Deferred tax assets are generally recognized for alldeductible temporary differences, to the extent that it isprobable that taxable profits will be available against whichthose deductible temporary differences can be utilized.Deferred tax liabilities are generally recognized for alltaxable temporary differences.No deferred tax liabilities are recognized following the initialrecognition of goodwill. In addition, no deferred tax assets orliabilities are recognized with respect to the initialrecognition of an asset or liability in a transaction, which isnot a business combination and affects neither accountingprofit nor taxable profit.Deferred tax liabilities are recognized for taxable temporarydifferences associated with investments in subsidiaries, jointventures, and associates, except where the Group is able tocontrol the timing of the reversal of the temporarydifference and it is probable that the temporary differencewill not reverse in the foreseeable future.The carrying amount of deferred tax assets is reviewed ateach reporting date and reduced to the extent that it is nolonger probable that sufficient taxable profit will beavailable to allow all or part of the deferred tax asset to beutilized. Unrecognized deferred tax assets are re-assessedat each reporting date and are recognized to the extentthat it has become probable that future taxable profits willallow the deferred tax asset to be recovered.Deferred tax assets other than tax loss carryforwards areanalyzed on a case by case basis, taking into account allrelevant facts and circumstances. For example, a zerotaxable profit, after deducting the amounts paid to retireesunder a defined benefit plan and for which a deductibletemporary difference existed, can justify the recognition ofthe underlying deferred tax assets. Recognition of deferredtax assets for tax loss carryforwards requires a positivetaxable profit during the year that enables the utilization oftax losses that originated in the past. Because ofuncertainties inherent to predicting such positive taxableprofit, recognition of deferred tax assets from tax losscarryforwards is based on a case by case analysis, which isusually based on five-year profit forecasts.The corporate tax reporting team, which monitors the Groupdeferred tax positions, is involved in assessing deferred taxassets.Further details are provided in note F6.C.Deferred tax assets and liabilities are measured at the taxrates that are expected to apply in the period in which theliability is settled or the asset is realized, based on tax rates(and tax laws) that have been enacted or substantivelyenacted by the end of the reporting period. Themeasurement of deferred tax liabilities and assets reflectsthe tax consequences that would follow from the manner inwhich the Group expects, at the end of the reporting period,to recover or settle the carrying amount of its assets andliabilities.Current tax assets and liabilities are offset when there is alegally enforceable right to set off the recognized amountsand when the Group intends to settle its current tax assetsand liabilities on a net basis.Deferred tax assets and liabilities are offset when there is alegally enforceable right to set off current tax assets againstcurrent tax liabilities and when they relate to income taxeslevied by the same taxation authority and the Group intendsto settle its current tax assets and liabilities on a net basis.Current and deferred taxes for the periodCurrent and deferred taxes for the period are recognized asan expense or income in profit or loss, except when theyrelate to items that are recognized outside profit or loss(whether in other comprehensive income or directly inequity), in which case the tax is also recognized outsideprofit or loss, or when they arise from the initial accountingfor a business combination. In the case of a businesscombination, the tax effect is taken into account in theaccounting for the business combination.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__34-1": {
"value": "Deferred tax assetsDeferred tax assets are recognized for unused tax losses to theextent that it is probable that taxable profits will be availableagainst which the losses can be utilized. Significant managementjudgment is required to determine the amount of deferred taxassets that can be recognized, based upon the likely timing andthe level of future taxable profits.The Group has \u20ac5.3 billion (\u20ac4.7 billion in 2023) of tax lossescarried forward for which no deferred tax assets wererecognized. These losses relate to subsidiaries that have ahistory of losses, do not expire, and may not be used to offsettaxable income elsewhere in the Group. The subsidiaries do nothave any taxable temporary differences that could partlysupport the recognition of these losses as deferred tax assets.On this basis, the Group has determined that it cannot recognizedeferred tax assets on these tax losses carried forward.Further details are provided in Note F6.C. Deferred taxes in theconsolidated statement of financial position and F6.D OtherInformation.NOTE F6INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITIONAccounting policyCurrent taxesThe current tax payable is based on taxable profit of theyear. Taxable profit differs from profit as reported in theconsolidated income statement because of items ofincome or expense that are taxable or deductible in otheryears and items that are never taxable or deductible. TheGroup\u2019s liability for current tax is calculated using tax ratesthat have been enacted or substantively enacted by theend of the reporting period.Deferred taxesDeferred taxes are recognized for temporary differencesbetween the carrying amounts of assets and liabilities in theconsolidated financial statements and their correspondingtax bases used in the computation of taxable profit.Deferred tax assets are generally recognized for alldeductible temporary differences, to the extent that it isprobable that taxable profits will be available against whichthose deductible temporary differences can be utilized.Deferred tax liabilities are generally recognized for alltaxable temporary differences.No deferred tax liabilities are recognized following the initialrecognition of goodwill. In addition, no deferred tax assets orliabilities are recognized with respect to the initialrecognition of an asset or liability in a transaction, which isnot a business combination and affects neither accountingprofit nor taxable profit.Deferred tax liabilities are recognized for taxable temporarydifferences associated with investments in subsidiaries, jointventures, and associates, except where the Group is able tocontrol the timing of the reversal of the temporarydifference and it is probable that the temporary differencewill not reverse in the foreseeable future.The carrying amount of deferred tax assets is reviewed ateach reporting date and reduced to the extent that it is nolonger probable that sufficient taxable profit will beavailable to allow all or part of the deferred tax asset to beutilized. Unrecognized deferred tax assets are re-assessedat each reporting date and are recognized to the extentthat it has become probable that future taxable profits willallow the deferred tax asset to be recovered.Deferred tax assets other than tax loss carryforwards areanalyzed on a case by case basis, taking into account allrelevant facts and circumstances. For example, a zerotaxable profit, after deducting the amounts paid to retireesunder a defined benefit plan and for which a deductibletemporary difference existed, can justify the recognition ofthe underlying deferred tax assets. Recognition of deferredtax assets for tax loss carryforwards requires a positivetaxable profit during the year that enables the utilization oftax losses that originated in the past. Because ofuncertainties inherent to predicting such positive taxableprofit, recognition of deferred tax assets from tax losscarryforwards is based on a case by case analysis, which isusually based on five-year profit forecasts.The corporate tax reporting team, which monitors the Groupdeferred tax positions, is involved in assessing deferred taxassets.Further details are provided in note F6.C.Deferred tax assets and liabilities are measured at the taxrates that are expected to apply in the period in which theliability is settled or the asset is realized, based on tax rates(and tax laws) that have been enacted or substantivelyenacted by the end of the reporting period. Themeasurement of deferred tax liabilities and assets reflectsthe tax consequences that would follow from the manner inwhich the Group expects, at the end of the reporting period,to recover or settle the carrying amount of its assets andliabilities.Current tax assets and liabilities are offset when there is alegally enforceable right to set off the recognized amountsand when the Group intends to settle its current tax assetsand liabilities on a net basis.Deferred tax assets and liabilities are offset when there is alegally enforceable right to set off current tax assets againstcurrent tax liabilities and when they relate to income taxeslevied by the same taxation authority and the Group intendsto settle its current tax assets and liabilities on a net basis.Current and deferred taxes for the periodCurrent and deferred taxes for the period are recognized asan expense or income in profit or loss, except when theyrelate to items that are recognized outside profit or loss(whether in other comprehensive income or directly inequity), in which case the tax is also recognized outsideprofit or loss, or when they arise from the initial accountingfor a business combination. In the case of a businesscombination, the tax effect is taken into account in theaccounting for the business combination.",
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"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__36-1": {
"value": "Leases \u2013 Identifying whether a contract includes a leaseThe Group enters into various contracts to obtain goods andservices. Determining whether those contracts include a leaserequires judgment. Elements that are considered includeassessing whether or not there is an identified asset. To makethe determination the Group considers whether or not it has theright to obtain substantially all of the economic benefit of theasset(s) throughout the period of use. Additionally, the Groupassesses the extent of its decision-making rights and theexistence of any substantive substitution rights. All facts andcircumstances relevant to the assessment are considered andthe identification of a lease is determined with the support of thedepartments that have the relevant knowledge, and whichmainly includes the GBU management. Refer to note F17 Right-of-use assets and lease obligations for the leases that wereidentified by the Group and accounted for in accordance withIFRS 16 Leases.Leases \u2013 Assessment of lease termDetermining the lease term requires judgment. Elements thatare considered include assessing the probability that earlytermination options or extension options will be exercised. Allfacts and circumstances relevant to the assessment areconsidered, and the main ones have been described in note F17Right-of-use assets and lease obligations. Lease terms aredetermined with the support of the departments that have therelevant knowledge, and that mainly includes the Purchasingdepartment, and the Facilities department.NOTE F17RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONSAccounting policyDefinition of a lease At inception of a contract, which generally coincides withthe date the contract is signed, the Group assesses whethera contract is, or contains, a lease. A contract is, or contains,a lease if the contract conveys the right to control the use ofan identified asset for a period of time in exchange forconsideration.The Group\u2019s leased assets relate mainly to buildings,transportation equipment, and industrial equipment.Lease termThe Group determines the lease term as the non-cancellableperiod of a lease, together with both:\u25cf periods covered by an option to extend the lease if theGroup is reasonably certain to exercise that option; and\u25cf periods covered by an option to terminate the lease if theGroup is reasonably certain not to exercise that option.In its assessment, the Group considers the impact of thefollowing factors (non-exhaustive):\u25cf contractual terms and conditions for the optional periods,compared with market rates;\u25cf significant leasehold improvements undertaken (orexpected to be undertaken) over the term of the contract;\u25cf costs relating to the termination of the lease, includingrelocation costs, costs of identifying another underlyingasset suitable for the Group\u2019s needs, costs of integratinga new asset into the Group\u2019s operations, and terminationpenalties;\u25cf the importance of that underlying asset to the Group\u2019soperations, including the availability of suitable alternatives;\u25cf conditionality associated with exercising the option (i.e.When the option can be exercised only if one or moreconditions are met), and the likelihood that those conditionswill exist; and\u25cf past practice.Right-of-use asset and lease liabilityThe Group recognizes a right-of-use asset and a leaseliability at the lease commencement date, which is the datethat the lessor makes the asset available for use by theGroup except for short-term leases (defined as leases witha lease term of 12 months or less) and leases of low valueassets. The right-of-use assets are presented separately inthe consolidated statement of financial position, and thelease liabilities are presented as part of financial debt.Right-of-use assetThe right-of-use asset is initially measured at cost, whichcomprises:\u25cf the amount of the initial measurement of the lease liability;\u25cf any lease payments made at or before the commencementdate, less any lease incentive received; and\u25cf any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset ismeasured at cost less any accumulated depreciation andany accumulated impairment losses. Right-of-use assetsare depreciated using the straight-line depreciationmethod, from the commencement date to (a) the end ofthe useful life of the underlying asset, in case the leasetransfers ownership of the underlying asset to the Group bythe end of the lease term, or the lease contains a purchaseoption that the Group is reasonably certain to exercise, or(b) the earlier of the end of the useful life and the end of thelease term, in all other cases. Lease liabilityThe lease liability is initially measured at the present value ofthe lease payments that are not paid at the commencementdate, discounted using the interest rate implicit in the leaseor, if that rate cannot be readily determined, the respectiveGroup entity\u2019s incremental borrowing rate. Lease paymentsincluded in the measurement of the lease liability comprisethe following:\u25cf fixed payments, less any lease incentives receivable;\u25cf variable lease payments that depend on an index or arate, initially measured using the index or rate as at thecommencement date;\u25cf amounts expected to be payable by the Group underresidual value guarantees;\u25cf the exercise price of a purchase option if the Group isreasonably certain to exercise that option; and\u25cf payments of penalties for early terminating the lease, ifthe Group is reasonably certain to exercise an option toearly terminate the lease.Service components (e.g. Utilities, maintenance, insurance,\u2026) are excluded from the measurement of the lease liability. After the commencement date, the lease liability ismeasured by:\u25cf increasing the carrying amount to reflect interest on thelease liability;\u25cf reducing the carrying amount to reflect the leasepayments made; and\u25cf remeasuring the carrying amount to reflect anyreassessment or lease modifications, or to reflect theimpact from a revised index or rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__41": {
"value": "NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyRevenue from contracts with customers is recognized whencontrol of the goods or services are transferred to thecustomer at an amount that reflects the consideration towhich the Group expects to be entitled in exchange fortransferring goods or services to a customer.Sale of goods: Contracts can be short term (includingbased only on a purchase order) or long term, some haveminimum off-take requirements. As the Group is in thebusiness of selling advanced materials and specialtychemicals, contracts with customers generally concern thesale of goods. As a result, revenue recognition generallyoccurs at a point in time when control of the chemicals istransferred to the customer, generally on delivery of thegoods.Contracts that contain minimum off-take requirementsobligate customers to pay shortfall payments if the requiredvolumes, as defined in the contracts, are not purchased.Shortfall payments are recognized as revenue when thelikelihood of the customer purchasing the minimum volumebecomes remote subject to renegotiation of the contractand collectability.The revenue of the Group consists mainly of sales ofchemicals, which qualify as separate performanceobligations. Value-added services \u2013 mainly customerassistance services \u2013 corresponding to Syensqo\u2019s know-how are rendered predominantly over the period that thecorresponding goods are sold to the customer.Variable consideration: some contracts with customersprovide trade discounts or volume rebates. Trade discountsand volume rebates give rise to variable considerationunder IFRS 15, and are required to be estimated at contractinception and subsequently at each reporting date. IFRS 15requires the estimated variable consideration to beconstrained to prevent overstatement of revenue.Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligationby transferring a promised good or service (i.e. an asset) toa customer. An asset is transferred when (or as) thecustomer obtains control of that asset. Substantially allrevenue stems from performance obligations satisfied at apoint in time, i.e. The sale of goods. Revenue recognition forthose takes into account the following:\u25cf The Group has a present right to payment for the asset;\u25cf The customer has legal title to the asset;\u25cf The Group has transferred physical possession of theasset;\u25cf The customer has the significant risks and rewards ofownership of the asset (in this respect, incoterms areconsidered); and\u25cf The customer has accepted the asset.Products sold to customers generally cannot be returned,other than for performance deficiencies. Customeracceptance clauses are in many cases a formality thatwould not affect the Group\u2019s determination of when thecustomer has obtained control of the goods. Revenue fromservices is recognized in the period those services havebeen rendered.The Group sells its chemicals to its customers, (a) directly,(b) through distributors, and (c) with the assistance ofagents. When the Group delivers a product to distributorsfor sale to end customers, the Group evaluates whether thatdistributor has obtained control of the product at that pointin time. No revenue is recognized upon delivery of aproduct to a customer or distributor if the delivered productis held on consignment. Indicators of consignment inventoryinclude:\u25cf The product is controlled by the Group until a specifiedevent occurs, such as the sale of the product to acustomer of the distributor or until a specified periodexpires;\u25cf The Group is able to require the return of the product ortransfer the product to a third party (such as anotherdistributor); and\u25cf The distributor does not have an unconditional obligationto pay for the product (although he might be required topay a deposit).\u25cf Agents facilitate sales and do not purchase and resell thegoods to the end customer.Warranties: warranties provide a customer with assurancethat the related product will function as the parties intendedbecause it complies with agreed-upon specifications.Substantially all warranties do not provide the customerwith a service in addition to the assurance that the productcomplies with agreed-upon specifications, and are henceaccounted for in accordance with IAS 37 Provisions,Contingent Liabilities and Contingent Assets.Licensing: In case of performance obligations relating tolicensing intellectual property (IP), the Group assesses if itgrants a right to access the IP as it exists throughout thelicense period or a right to use the IP as it exists at the pointin time at which the license is granted. If the performanceobligation is to grant a right to access, then the relatedrevenue is recognized over the license period; otherwise, it isrecognized at a point in time, i.e. when the license periodstarts or when the customer starts using the IP. The Groupassesses if the license provided can be considered as beingdistinct in the context of the contract. If not, the license willhave to be bundled with other goods or services provided inthe contract.An Operating Segment is a component of the Group thatengages in business activities from which it may earnrevenues and incur expenses, whose operating results areregularly reviewed by the entity\u2019s chief operating decisionmaker and for which discrete financial information isavailable. Syensqo\u2019s chief operating decision maker is theChief Executive Officer.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__40": {
"value": "NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyRevenue from contracts with customers is recognized whencontrol of the goods or services are transferred to thecustomer at an amount that reflects the consideration towhich the Group expects to be entitled in exchange fortransferring goods or services to a customer.Sale of goods: Contracts can be short term (includingbased only on a purchase order) or long term, some haveminimum off-take requirements. As the Group is in thebusiness of selling advanced materials and specialtychemicals, contracts with customers generally concern thesale of goods. As a result, revenue recognition generallyoccurs at a point in time when control of the chemicals istransferred to the customer, generally on delivery of thegoods.Contracts that contain minimum off-take requirementsobligate customers to pay shortfall payments if the requiredvolumes, as defined in the contracts, are not purchased.Shortfall payments are recognized as revenue when thelikelihood of the customer purchasing the minimum volumebecomes remote subject to renegotiation of the contractand collectability.The revenue of the Group consists mainly of sales ofchemicals, which qualify as separate performanceobligations. Value-added services \u2013 mainly customerassistance services \u2013 corresponding to Syensqo\u2019s know-how are rendered predominantly over the period that thecorresponding goods are sold to the customer.Variable consideration: some contracts with customersprovide trade discounts or volume rebates. Trade discountsand volume rebates give rise to variable considerationunder IFRS 15, and are required to be estimated at contractinception and subsequently at each reporting date. IFRS 15requires the estimated variable consideration to beconstrained to prevent overstatement of revenue.Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligationby transferring a promised good or service (i.e. an asset) toa customer. An asset is transferred when (or as) thecustomer obtains control of that asset. Substantially allrevenue stems from performance obligations satisfied at apoint in time, i.e. The sale of goods. Revenue recognition forthose takes into account the following:\u25cf The Group has a present right to payment for the asset;\u25cf The customer has legal title to the asset;\u25cf The Group has transferred physical possession of theasset;\u25cf The customer has the significant risks and rewards ofownership of the asset (in this respect, incoterms areconsidered); and\u25cf The customer has accepted the asset.Products sold to customers generally cannot be returned,other than for performance deficiencies. Customeracceptance clauses are in many cases a formality thatwould not affect the Group\u2019s determination of when thecustomer has obtained control of the goods. Revenue fromservices is recognized in the period those services havebeen rendered.The Group sells its chemicals to its customers, (a) directly,(b) through distributors, and (c) with the assistance ofagents. When the Group delivers a product to distributorsfor sale to end customers, the Group evaluates whether thatdistributor has obtained control of the product at that pointin time. No revenue is recognized upon delivery of aproduct to a customer or distributor if the delivered productis held on consignment. Indicators of consignment inventoryinclude:\u25cf The product is controlled by the Group until a specifiedevent occurs, such as the sale of the product to acustomer of the distributor or until a specified periodexpires;\u25cf The Group is able to require the return of the product ortransfer the product to a third party (such as anotherdistributor); and\u25cf The distributor does not have an unconditional obligationto pay for the product (although he might be required topay a deposit).\u25cf Agents facilitate sales and do not purchase and resell thegoods to the end customer.Warranties: warranties provide a customer with assurancethat the related product will function as the parties intendedbecause it complies with agreed-upon specifications.Substantially all warranties do not provide the customerwith a service in addition to the assurance that the productcomplies with agreed-upon specifications, and are henceaccounted for in accordance with IAS 37 Provisions,Contingent Liabilities and Contingent Assets.Licensing: In case of performance obligations relating tolicensing intellectual property (IP), the Group assesses if itgrants a right to access the IP as it exists throughout thelicense period or a right to use the IP as it exists at the pointin time at which the license is granted. If the performanceobligation is to grant a right to access, then the relatedrevenue is recognized over the license period; otherwise, it isrecognized at a point in time, i.e. when the license periodstarts or when the customer starts using the IP. The Groupassesses if the license provided can be considered as beingdistinct in the context of the contract. If not, the license willhave to be bundled with other goods or services provided inthe contract.An Operating Segment is a component of the Group thatengages in business activities from which it may earnrevenues and incur expenses, whose operating results areregularly reviewed by the entity\u2019s chief operating decisionmaker and for which discrete financial information isavailable. Syensqo\u2019s chief operating decision maker is theChief Executive Officer.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
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"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__39-1": {
"value": "NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyRevenue from contracts with customers is recognized whencontrol of the goods or services are transferred to thecustomer at an amount that reflects the consideration towhich the Group expects to be entitled in exchange fortransferring goods or services to a customer.Sale of goods: Contracts can be short term (includingbased only on a purchase order) or long term, some haveminimum off-take requirements. As the Group is in thebusiness of selling advanced materials and specialtychemicals, contracts with customers generally concern thesale of goods. As a result, revenue recognition generallyoccurs at a point in time when control of the chemicals istransferred to the customer, generally on delivery of thegoods.Contracts that contain minimum off-take requirementsobligate customers to pay shortfall payments if the requiredvolumes, as defined in the contracts, are not purchased.Shortfall payments are recognized as revenue when thelikelihood of the customer purchasing the minimum volumebecomes remote subject to renegotiation of the contractand collectability.The revenue of the Group consists mainly of sales ofchemicals, which qualify as separate performanceobligations. Value-added services \u2013 mainly customerassistance services \u2013 corresponding to Syensqo\u2019s know-how are rendered predominantly over the period that thecorresponding goods are sold to the customer.Variable consideration: some contracts with customersprovide trade discounts or volume rebates. Trade discountsand volume rebates give rise to variable considerationunder IFRS 15, and are required to be estimated at contractinception and subsequently at each reporting date. IFRS 15requires the estimated variable consideration to beconstrained to prevent overstatement of revenue.Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligationby transferring a promised good or service (i.e. an asset) toa customer. An asset is transferred when (or as) thecustomer obtains control of that asset. Substantially allrevenue stems from performance obligations satisfied at apoint in time, i.e. The sale of goods. Revenue recognition forthose takes into account the following:\u25cf The Group has a present right to payment for the asset;\u25cf The customer has legal title to the asset;\u25cf The Group has transferred physical possession of theasset;\u25cf The customer has the significant risks and rewards ofownership of the asset (in this respect, incoterms areconsidered); and\u25cf The customer has accepted the asset.Products sold to customers generally cannot be returned,other than for performance deficiencies. Customeracceptance clauses are in many cases a formality thatwould not affect the Group\u2019s determination of when thecustomer has obtained control of the goods. Revenue fromservices is recognized in the period those services havebeen rendered.The Group sells its chemicals to its customers, (a) directly,(b) through distributors, and (c) with the assistance ofagents. When the Group delivers a product to distributorsfor sale to end customers, the Group evaluates whether thatdistributor has obtained control of the product at that pointin time. No revenue is recognized upon delivery of aproduct to a customer or distributor if the delivered productis held on consignment. Indicators of consignment inventoryinclude:\u25cf The product is controlled by the Group until a specifiedevent occurs, such as the sale of the product to acustomer of the distributor or until a specified periodexpires;\u25cf The Group is able to require the return of the product ortransfer the product to a third party (such as anotherdistributor); and\u25cf The distributor does not have an unconditional obligationto pay for the product (although he might be required topay a deposit).\u25cf Agents facilitate sales and do not purchase and resell thegoods to the end customer.Warranties: warranties provide a customer with assurancethat the related product will function as the parties intendedbecause it complies with agreed-upon specifications.Substantially all warranties do not provide the customerwith a service in addition to the assurance that the productcomplies with agreed-upon specifications, and are henceaccounted for in accordance with IAS 37 Provisions,Contingent Liabilities and Contingent Assets.Licensing: In case of performance obligations relating tolicensing intellectual property (IP), the Group assesses if itgrants a right to access the IP as it exists throughout thelicense period or a right to use the IP as it exists at the pointin time at which the license is granted. If the performanceobligation is to grant a right to access, then the relatedrevenue is recognized over the license period; otherwise, it isrecognized at a point in time, i.e. when the license periodstarts or when the customer starts using the IP. The Groupassesses if the license provided can be considered as beingdistinct in the context of the contract. If not, the license willhave to be bundled with other goods or services provided inthe contract.An Operating Segment is a component of the Group thatengages in business activities from which it may earnrevenues and incur expenses, whose operating results areregularly reviewed by the entity\u2019s chief operating decisionmaker and for which discrete financial information isavailable. Syensqo\u2019s chief operating decision maker is theChief Executive Officer.External net sales by segment and by GBUIn \u20ac million 2024 2023Materials 3,772 4,004Specialty Polymers 2,590 2,936Composite Materials 1,182 1,069Consumer & Resources 2,791 2,826Novecare 1,390 1,367Technology Solutions 680 687Aroma Performance 321 347Oil and Gas 401 424Corporate & Business Services 0 4CBS and NBD 0 4TOTAL 6,563 6,834There are no individual customers that contribute 10% or more tothe Group\u2019s revenue or any individual segment\u2019s revenue ineither 2024 or 2023.Sales by marketSales by market are presented in the Business Review, seenote B1.Revenue from non-core activitiesThis revenue primarily comprises commodity and utility thirdparty transactions, and other revenue, considered to notcorrespond to Syensqo\u2019s core business, such as the sales of thePeroxides business in the Zhenjiang entity.Total consolidated sales, including revenue from non-coreactivities for a total amount of \u20ac6.846 million are used as thedenominator in the computation of the Eligible Turnover KPI forthe EU Taxonomy in the Sustainability Statements.Net sales by country and regionThe sales disclosed below are allocated based on the customers\u2019 location.In \u20ac million 2024 % 2023 %Belgium 58 1% 67 1%Germany 416 6% 456 7%Italy 238 4% 254 4%France 195 3% 201 3%Netherlands 33 1% 46 1%Spain 61 1% 55 1%European Union - Other 275 4% 325 5%European Union 1,276 19% 1,403 21%Europe \u2013 Other 266 4% 289 4%United States 2,047 31% 2,139 31%Canada 93 1% 92 1%North America 2,140 33% 2,232 33%Brazil 253 4% 248 4%Mexico 161 2% 151 2%Latin America - Other 145 2% 155 2%Latin America 558 9% 553 8%Australia 69 1% 72 1%China 964 15% 941 14%Hong Kong 80 1% 69 1%India 165 3% 165 2%Indonesia 68 1% 66 1%Japan 272 4% 344 5%Saudi Arabia 16 0% 11 0%South Korea 222 3% 229 3%Thailand 45 1% 46 1%Turkey 53 1% 49 1%Other 368 6% 366 5%Asia and rest of the world 2,323 35% 2,357 34%TOTAL 6,563 100% 6,834 100%Information per segment2024 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 3,772 2,795 0 6,567 - Inter-segment sales 0 -4 0 -4Net sales 3,772 2,791 0 6,563Revenue from non-core activities 142 27 114 283Gross profit 1,474 733 12 2,219Depreciation, amortization and impairments 390 1,008 79 1,477Earnings from associates and joint ventures 11 8 2 21(1)Underlying EBITDA1,185 449 -222 1,412Depreciation and amortization (other than amounts reflected -5below)Underlying EBIT 879Corporate costs allocation 0Other operating gains and losses -14Amortization of intangible assets resulting from PPA -134Results from legacy remediation and major litigation -18Results from portfolio management and major restructuring -243EBIT 471Net financial charges -119Income taxes -357Profit/(loss) for the year -52024 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesStatement of financial position and other items(2)Capital expenditures436 143 91 671Investments 0 2 5 7Working capitalInventories 815 452 6 1,273Trade receivables 534 404 9 948Trade payables 422 393 187 1,001(1) Underlying EBITDA is a key performance indicator followed by management (see Business Review section for further details).(2) Capital expenditures include Acquisitions of property, plant and equipment, Acquisition of intangible assets and Payments of lease liabilities. This is also the amount used as the denominator of the Eligibility Capex ratio presented in the Taxonomy KPIs in the Sustainability Statements.2023 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 4,004 2,826 4 6,834 - Inter-segment salesNet sales 4,004 2,826 4 6,834Revenue from non-core activities 144 28 59 231Gross profit 1,631 745 -2 2,375Depreciation, amortization and impairments 383 310 46 739Earnings from associates and joint ventures 9 9 7 25(1)Underlying EBITDA1,312 457 -151 1,618Depreciation and amortization (other than amounts reflected -484below)Underlying EBIT 1,134Corporate costs allocation 67Other operating gains and losses related to Partial Demerger 38Amortization of intangible assets resulting from PPA -136Results from legacy remediation and major litigation -168Results from portfolio management and major restructuring -388EBIT 547Net financial charges -158Income taxes -192Profit/(loss) for the year 1972023 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesStatement of financial position and other items(2)Capital expenditures557 217 73 848Investments 0 1 14 16Working capitalInventories 792 444 9 1,244Trade receivables 485 380 42 907Trade payables 392 357 169 918(1) Underlying EBITDA is a key performance indicator followed by management (see Business Review section for further details).(2) Capital expenditures include Acquisitions of property, plant and equipment, Acquisition of intangible assets and Payments of lease liabilities.This is also the amount used as the denominator of the Eligibility Capex ratio presented in the Taxonomy KPIs in the Sustainability Statements.NON-CURRENT ASSETS, CAPITAL EXPENDITURES AND INVESTMENTS BY COUNTRY AND REGION Non-current assets Capital expenditures and investmentsDecember% December% 2024 % 2023 %In \u20ac million31, 202431, 2023Belgium 212 2% 195 2% -4 1% -21 2%Germany 43 1% 42 1% -3 0% -3 0%Italy 467 5% 444 5% -82 12% -109 13%France 2,025 24% 1,902 23% -258 38% -302 35%European Union - Other 51 1% 46 1% -4 1% -9 1%European Union 2,798 33% 2,630 32% -352 52% -444 51%Europe - Other 159 2% 147 2% -22 3% -20 2%United States 4,501 53% 4,404 54% -221 33% -286 33%Canada 181 2% 179 2% -18 3% -20 2%North America 4,682 55% 4,583 56% -229 35% -306 35%Brazil 39 1% 46 1% -4 1% -3 0%Latin America - Other 10 0% 9 0% -5 1% -4 0%Latin America 49 1% 55 1% -9 1% -6 1%Thailand 8 0% 7 0% -1 0% -1 0%China 518 6% 503 6% -40 6% -68 8%South Korea 20 0% 13 0% -4 1% -2 0%India 228 3% 231 3% -11 2% -13 1%Singapore 2 0% 1 0% 0 0% -1 0%Japan 2 0% 2 0% -1 0% -1 0%Other 53 1% 47 1% -1 0% -1 0%Asia and rest of the world 831 10% 806 10% -57 8% -87 10%TOTAL 8,521 100% 8,221 100% -678 100% -864 100%Non-current assets are those other than deferred tax assets,loans and other assets, other financial instruments and post-employment benefit assets. Capital expenditures and investmentsinclude acquisitions of property, plant and equipment, right-of-useassets, intangible assets and investments in subsidiaries andother investments (joint ventures and associates).",
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"entity": "scheme:549300060XNJ90PLNS10",
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}
},
"f1__s8__7__38-1": {
"value": "NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyRevenue from contracts with customers is recognized whencontrol of the goods or services are transferred to thecustomer at an amount that reflects the consideration towhich the Group expects to be entitled in exchange fortransferring goods or services to a customer.Sale of goods: Contracts can be short term (includingbased only on a purchase order) or long term, some haveminimum off-take requirements. As the Group is in thebusiness of selling advanced materials and specialtychemicals, contracts with customers generally concern thesale of goods. As a result, revenue recognition generallyoccurs at a point in time when control of the chemicals istransferred to the customer, generally on delivery of thegoods.Contracts that contain minimum off-take requirementsobligate customers to pay shortfall payments if the requiredvolumes, as defined in the contracts, are not purchased.Shortfall payments are recognized as revenue when thelikelihood of the customer purchasing the minimum volumebecomes remote subject to renegotiation of the contractand collectability.The revenue of the Group consists mainly of sales ofchemicals, which qualify as separate performanceobligations. Value-added services \u2013 mainly customerassistance services \u2013 corresponding to Syensqo\u2019s know-how are rendered predominantly over the period that thecorresponding goods are sold to the customer.Variable consideration: some contracts with customersprovide trade discounts or volume rebates. Trade discountsand volume rebates give rise to variable considerationunder IFRS 15, and are required to be estimated at contractinception and subsequently at each reporting date. IFRS 15requires the estimated variable consideration to beconstrained to prevent overstatement of revenue.Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligationby transferring a promised good or service (i.e. an asset) toa customer. An asset is transferred when (or as) thecustomer obtains control of that asset. Substantially allrevenue stems from performance obligations satisfied at apoint in time, i.e. The sale of goods. Revenue recognition forthose takes into account the following:\u25cf The Group has a present right to payment for the asset;\u25cf The customer has legal title to the asset;\u25cf The Group has transferred physical possession of theasset;\u25cf The customer has the significant risks and rewards ofownership of the asset (in this respect, incoterms areconsidered); and\u25cf The customer has accepted the asset.Products sold to customers generally cannot be returned,other than for performance deficiencies. Customeracceptance clauses are in many cases a formality thatwould not affect the Group\u2019s determination of when thecustomer has obtained control of the goods. Revenue fromservices is recognized in the period those services havebeen rendered.The Group sells its chemicals to its customers, (a) directly,(b) through distributors, and (c) with the assistance ofagents. When the Group delivers a product to distributorsfor sale to end customers, the Group evaluates whether thatdistributor has obtained control of the product at that pointin time. No revenue is recognized upon delivery of aproduct to a customer or distributor if the delivered productis held on consignment. Indicators of consignment inventoryinclude:\u25cf The product is controlled by the Group until a specifiedevent occurs, such as the sale of the product to acustomer of the distributor or until a specified periodexpires;\u25cf The Group is able to require the return of the product ortransfer the product to a third party (such as anotherdistributor); and\u25cf The distributor does not have an unconditional obligationto pay for the product (although he might be required topay a deposit).\u25cf Agents facilitate sales and do not purchase and resell thegoods to the end customer.Warranties: warranties provide a customer with assurancethat the related product will function as the parties intendedbecause it complies with agreed-upon specifications.Substantially all warranties do not provide the customerwith a service in addition to the assurance that the productcomplies with agreed-upon specifications, and are henceaccounted for in accordance with IAS 37 Provisions,Contingent Liabilities and Contingent Assets.Licensing: In case of performance obligations relating tolicensing intellectual property (IP), the Group assesses if itgrants a right to access the IP as it exists throughout thelicense period or a right to use the IP as it exists at the pointin time at which the license is granted. If the performanceobligation is to grant a right to access, then the relatedrevenue is recognized over the license period; otherwise, it isrecognized at a point in time, i.e. when the license periodstarts or when the customer starts using the IP. The Groupassesses if the license provided can be considered as beingdistinct in the context of the contract. If not, the license willhave to be bundled with other goods or services provided inthe contract.An Operating Segment is a component of the Group thatengages in business activities from which it may earnrevenues and incur expenses, whose operating results areregularly reviewed by the entity\u2019s chief operating decisionmaker and for which discrete financial information isavailable. Syensqo\u2019s chief operating decision maker is theChief Executive Officer.External net sales by segment and by GBUIn \u20ac million 2024 2023Materials 3,772 4,004Specialty Polymers 2,590 2,936Composite Materials 1,182 1,069Consumer & Resources 2,791 2,826Novecare 1,390 1,367Technology Solutions 680 687Aroma Performance 321 347Oil and Gas 401 424Corporate & Business Services 0 4CBS and NBD 0 4TOTAL 6,563 6,834There are no individual customers that contribute 10% or more tothe Group\u2019s revenue or any individual segment\u2019s revenue ineither 2024 or 2023.Sales by marketSales by market are presented in the Business Review, seenote B1.Revenue from non-core activitiesThis revenue primarily comprises commodity and utility thirdparty transactions, and other revenue, considered to notcorrespond to Syensqo\u2019s core business, such as the sales of thePeroxides business in the Zhenjiang entity.Total consolidated sales, including revenue from non-coreactivities for a total amount of \u20ac6.846 million are used as thedenominator in the computation of the Eligible Turnover KPI forthe EU Taxonomy in the Sustainability Statements.Net sales by country and regionThe sales disclosed below are allocated based on the customers\u2019 location.In \u20ac million 2024 % 2023 %Belgium 58 1% 67 1%Germany 416 6% 456 7%Italy 238 4% 254 4%France 195 3% 201 3%Netherlands 33 1% 46 1%Spain 61 1% 55 1%European Union - Other 275 4% 325 5%European Union 1,276 19% 1,403 21%Europe \u2013 Other 266 4% 289 4%United States 2,047 31% 2,139 31%Canada 93 1% 92 1%North America 2,140 33% 2,232 33%Brazil 253 4% 248 4%Mexico 161 2% 151 2%Latin America - Other 145 2% 155 2%Latin America 558 9% 553 8%Australia 69 1% 72 1%China 964 15% 941 14%Hong Kong 80 1% 69 1%India 165 3% 165 2%Indonesia 68 1% 66 1%Japan 272 4% 344 5%Saudi Arabia 16 0% 11 0%South Korea 222 3% 229 3%Thailand 45 1% 46 1%Turkey 53 1% 49 1%Other 368 6% 366 5%Asia and rest of the world 2,323 35% 2,357 34%TOTAL 6,563 100% 6,834 100%Information per segment2024 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 3,772 2,795 0 6,567 - Inter-segment sales 0 -4 0 -4Net sales 3,772 2,791 0 6,563Revenue from non-core activities 142 27 114 283Gross profit 1,474 733 12 2,219Depreciation, amortization and impairments 390 1,008 79 1,477Earnings from associates and joint ventures 11 8 2 21(1)Underlying EBITDA1,185 449 -222 1,412Depreciation and amortization (other than amounts reflected -5below)Underlying EBIT 879Corporate costs allocation 0Other operating gains and losses -14Amortization of intangible assets resulting from PPA -134Results from legacy remediation and major litigation -18Results from portfolio management and major restructuring -243EBIT 471Net financial charges -119Income taxes -357Profit/(loss) for the year -52024 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesStatement of financial position and other items(2)Capital expenditures436 143 91 671Investments 0 2 5 7Working capitalInventories 815 452 6 1,273Trade receivables 534 404 9 948Trade payables 422 393 187 1,001(1) Underlying EBITDA is a key performance indicator followed by management (see Business Review section for further details).(2) Capital expenditures include Acquisitions of property, plant and equipment, Acquisition of intangible assets and Payments of lease liabilities. This is also the amount used as the denominator of the Eligibility Capex ratio presented in the Taxonomy KPIs in the Sustainability Statements.2023 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 4,004 2,826 4 6,834 - Inter-segment salesNet sales 4,004 2,826 4 6,834Revenue from non-core activities 144 28 59 231Gross profit 1,631 745 -2 2,375Depreciation, amortization and impairments 383 310 46 739Earnings from associates and joint ventures 9 9 7 25(1)Underlying EBITDA1,312 457 -151 1,618Depreciation and amortization (other than amounts reflected -484below)Underlying EBIT 1,134Corporate costs allocation 67Other operating gains and losses related to Partial Demerger 38Amortization of intangible assets resulting from PPA -136Results from legacy remediation and major litigation -168Results from portfolio management and major restructuring -388EBIT 547Net financial charges -158Income taxes -192Profit/(loss) for the year 1972023 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesStatement of financial position and other items(2)Capital expenditures557 217 73 848Investments 0 1 14 16Working capitalInventories 792 444 9 1,244Trade receivables 485 380 42 907Trade payables 392 357 169 918(1) Underlying EBITDA is a key performance indicator followed by management (see Business Review section for further details).(2) Capital expenditures include Acquisitions of property, plant and equipment, Acquisition of intangible assets and Payments of lease liabilities.This is also the amount used as the denominator of the Eligibility Capex ratio presented in the Taxonomy KPIs in the Sustainability Statements.NON-CURRENT ASSETS, CAPITAL EXPENDITURES AND INVESTMENTS BY COUNTRY AND REGION Non-current assets Capital expenditures and investmentsDecember% December% 2024 % 2023 %In \u20ac million31, 202431, 2023Belgium 212 2% 195 2% -4 1% -21 2%Germany 43 1% 42 1% -3 0% -3 0%Italy 467 5% 444 5% -82 12% -109 13%France 2,025 24% 1,902 23% -258 38% -302 35%European Union - Other 51 1% 46 1% -4 1% -9 1%European Union 2,798 33% 2,630 32% -352 52% -444 51%Europe - Other 159 2% 147 2% -22 3% -20 2%United States 4,501 53% 4,404 54% -221 33% -286 33%Canada 181 2% 179 2% -18 3% -20 2%North America 4,682 55% 4,583 56% -229 35% -306 35%Brazil 39 1% 46 1% -4 1% -3 0%Latin America - Other 10 0% 9 0% -5 1% -4 0%Latin America 49 1% 55 1% -9 1% -6 1%Thailand 8 0% 7 0% -1 0% -1 0%China 518 6% 503 6% -40 6% -68 8%South Korea 20 0% 13 0% -4 1% -2 0%India 228 3% 231 3% -11 2% -13 1%Singapore 2 0% 1 0% 0 0% -1 0%Japan 2 0% 2 0% -1 0% -1 0%Other 53 1% 47 1% -1 0% -1 0%Asia and rest of the world 831 10% 806 10% -57 8% -87 10%TOTAL 8,521 100% 8,221 100% -678 100% -864 100%Non-current assets are those other than deferred tax assets,loans and other assets, other financial instruments and post-employment benefit assets. Capital expenditures and investmentsinclude acquisitions of property, plant and equipment, right-of-useassets, intangible assets and investments in subsidiaries andother investments (joint ventures and associates).",
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"value": "NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyRevenue from contracts with customers is recognized whencontrol of the goods or services are transferred to thecustomer at an amount that reflects the consideration towhich the Group expects to be entitled in exchange fortransferring goods or services to a customer.Sale of goods: Contracts can be short term (includingbased only on a purchase order) or long term, some haveminimum off-take requirements. As the Group is in thebusiness of selling advanced materials and specialtychemicals, contracts with customers generally concern thesale of goods. As a result, revenue recognition generallyoccurs at a point in time when control of the chemicals istransferred to the customer, generally on delivery of thegoods.Contracts that contain minimum off-take requirementsobligate customers to pay shortfall payments if the requiredvolumes, as defined in the contracts, are not purchased.Shortfall payments are recognized as revenue when thelikelihood of the customer purchasing the minimum volumebecomes remote subject to renegotiation of the contractand collectability.The revenue of the Group consists mainly of sales ofchemicals, which qualify as separate performanceobligations. Value-added services \u2013 mainly customerassistance services \u2013 corresponding to Syensqo\u2019s know-how are rendered predominantly over the period that thecorresponding goods are sold to the customer.Variable consideration: some contracts with customersprovide trade discounts or volume rebates. Trade discountsand volume rebates give rise to variable considerationunder IFRS 15, and are required to be estimated at contractinception and subsequently at each reporting date. IFRS 15requires the estimated variable consideration to beconstrained to prevent overstatement of revenue.Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligationby transferring a promised good or service (i.e. an asset) toa customer. An asset is transferred when (or as) thecustomer obtains control of that asset. Substantially allrevenue stems from performance obligations satisfied at apoint in time, i.e. The sale of goods. Revenue recognition forthose takes into account the following:\u25cf The Group has a present right to payment for the asset;\u25cf The customer has legal title to the asset;\u25cf The Group has transferred physical possession of theasset;\u25cf The customer has the significant risks and rewards ofownership of the asset (in this respect, incoterms areconsidered); and\u25cf The customer has accepted the asset.Products sold to customers generally cannot be returned,other than for performance deficiencies. Customeracceptance clauses are in many cases a formality thatwould not affect the Group\u2019s determination of when thecustomer has obtained control of the goods. Revenue fromservices is recognized in the period those services havebeen rendered.The Group sells its chemicals to its customers, (a) directly,(b) through distributors, and (c) with the assistance ofagents. When the Group delivers a product to distributorsfor sale to end customers, the Group evaluates whether thatdistributor has obtained control of the product at that pointin time. No revenue is recognized upon delivery of aproduct to a customer or distributor if the delivered productis held on consignment. Indicators of consignment inventoryinclude:\u25cf The product is controlled by the Group until a specifiedevent occurs, such as the sale of the product to acustomer of the distributor or until a specified periodexpires;\u25cf The Group is able to require the return of the product ortransfer the product to a third party (such as anotherdistributor); and\u25cf The distributor does not have an unconditional obligationto pay for the product (although he might be required topay a deposit).\u25cf Agents facilitate sales and do not purchase and resell thegoods to the end customer.Warranties: warranties provide a customer with assurancethat the related product will function as the parties intendedbecause it complies with agreed-upon specifications.Substantially all warranties do not provide the customerwith a service in addition to the assurance that the productcomplies with agreed-upon specifications, and are henceaccounted for in accordance with IAS 37 Provisions,Contingent Liabilities and Contingent Assets.Licensing: In case of performance obligations relating tolicensing intellectual property (IP), the Group assesses if itgrants a right to access the IP as it exists throughout thelicense period or a right to use the IP as it exists at the pointin time at which the license is granted. If the performanceobligation is to grant a right to access, then the relatedrevenue is recognized over the license period; otherwise, it isrecognized at a point in time, i.e. when the license periodstarts or when the customer starts using the IP. The Groupassesses if the license provided can be considered as beingdistinct in the context of the contract. If not, the license willhave to be bundled with other goods or services provided inthe contract.An Operating Segment is a component of the Group thatengages in business activities from which it may earnrevenues and incur expenses, whose operating results areregularly reviewed by the entity\u2019s chief operating decisionmaker and for which discrete financial information isavailable. Syensqo\u2019s chief operating decision maker is theChief Executive Officer.GeneralThe Group organizes its structure and groups the businessesaround their similarities in financial performance, products andproduction processes. These groups of businesses (\u2018theoperating segments\u2019) are aggregated into reportable segmentswhen they are similar with respect to their underlying business,competencies and technologies, application, productcharacteristics and customer portfolio. The Group has identifiedthree reportable segments:\u25cf Materials, consisting of the GBUs Composite Materials andSpecialty Polymers. The Materials segment offers a uniqueportfolio of high-performance polymers and compositetechnologies used primarily in sustainable mobility applications.Its solutions enable weight reduction and enhance performancewhile improving CO2 and energy efficiency. Major markets servedinclude next-generation mobility in automotive and aerospace,healthcare and electronics.\u25cf Consumer and Resources offer a unique formulation andapplication expertise through customized specialtyformulations for surface chemistry and liquid behavior,maximizing yield and efficiency of the processes they areused in while minimizing the eco-impact. Novecare,Technology Solutions, Aroma, and Oil & Gas focus on specificareas such as resources (improving the extraction yield ofmetals, minerals and oil), industrial applications (such ascoatings) or consumer goods and healthcare (includingvanillin and guar for home and personal care).\u25cf Corporate & Business Services includes corporate and otherbusiness services, such as research and innovation,cogeneration units dedicated to the Syensqo activities, newbusiness development activities (NBD) and the Peroxidesactivities in the Zhenjiang entity.External net sales by segment and by GBUIn \u20ac million 2024 2023Materials 3,772 4,004Specialty Polymers 2,590 2,936Composite Materials 1,182 1,069Consumer & Resources 2,791 2,826Novecare 1,390 1,367Technology Solutions 680 687Aroma Performance 321 347Oil and Gas 401 424Corporate & Business Services 0 4CBS and NBD 0 4TOTAL 6,563 6,834There are no individual customers that contribute 10% or more tothe Group\u2019s revenue or any individual segment\u2019s revenue ineither 2024 or 2023.Sales by marketSales by market are presented in the Business Review, seenote B1.Revenue from non-core activitiesThis revenue primarily comprises commodity and utility thirdparty transactions, and other revenue, considered to notcorrespond to Syensqo\u2019s core business, such as the sales of thePeroxides business in the Zhenjiang entity.Total consolidated sales, including revenue from non-coreactivities for a total amount of \u20ac6.846 million are used as thedenominator in the computation of the Eligible Turnover KPI forthe EU Taxonomy in the Sustainability Statements.Net sales by country and regionThe sales disclosed below are allocated based on the customers\u2019 location.In \u20ac million 2024 % 2023 %Belgium 58 1% 67 1%Germany 416 6% 456 7%Italy 238 4% 254 4%France 195 3% 201 3%Netherlands 33 1% 46 1%Spain 61 1% 55 1%European Union - Other 275 4% 325 5%European Union 1,276 19% 1,403 21%Europe \u2013 Other 266 4% 289 4%United States 2,047 31% 2,139 31%Canada 93 1% 92 1%North America 2,140 33% 2,232 33%Brazil 253 4% 248 4%Mexico 161 2% 151 2%Latin America - Other 145 2% 155 2%Latin America 558 9% 553 8%Australia 69 1% 72 1%China 964 15% 941 14%Hong Kong 80 1% 69 1%India 165 3% 165 2%Indonesia 68 1% 66 1%Japan 272 4% 344 5%Saudi Arabia 16 0% 11 0%South Korea 222 3% 229 3%Thailand 45 1% 46 1%Turkey 53 1% 49 1%Other 368 6% 366 5%Asia and rest of the world 2,323 35% 2,357 34%TOTAL 6,563 100% 6,834 100%Information per segment2024 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 3,772 2,795 0 6,567 - Inter-segment sales 0 -4 0 -4Net sales 3,772 2,791 0 6,563Revenue from non-core activities 142 27 114 283Gross profit 1,474 733 12 2,219Depreciation, amortization and impairments 390 1,008 79 1,477Earnings from associates and joint ventures 11 8 2 21(1)Underlying EBITDA1,185 449 -222 1,412Depreciation and amortization (other than amounts reflected -5below)Underlying EBIT 879Corporate costs allocation 0Other operating gains and losses -14Amortization of intangible assets resulting from PPA -134Results from legacy remediation and major litigation -18Results from portfolio management and major restructuring -243EBIT 471Net financial charges -119Income taxes -357Profit/(loss) for the year -52024 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesStatement of financial position and other items(2)Capital expenditures436 143 91 671Investments 0 2 5 7Working capitalInventories 815 452 6 1,273Trade receivables 534 404 9 948Trade payables 422 393 187 1,001(1) Underlying EBITDA is a key performance indicator followed by management (see Business Review section for further details).(2) Capital expenditures include Acquisitions of property, plant and equipment, Acquisition of intangible assets and Payments of lease liabilities. This is also the amount used as the denominator of the Eligibility Capex ratio presented in the Taxonomy KPIs in the Sustainability Statements.2023 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 4,004 2,826 4 6,834 - Inter-segment salesNet sales 4,004 2,826 4 6,834Revenue from non-core activities 144 28 59 231Gross profit 1,631 745 -2 2,375Depreciation, amortization and impairments 383 310 46 739Earnings from associates and joint ventures 9 9 7 25(1)Underlying EBITDA1,312 457 -151 1,618Depreciation and amortization (other than amounts reflected -484below)Underlying EBIT 1,134Corporate costs allocation 67Other operating gains and losses related to Partial Demerger 38Amortization of intangible assets resulting from PPA -136Results from legacy remediation and major litigation -168Results from portfolio management and major restructuring -388EBIT 547Net financial charges -158Income taxes -192Profit/(loss) for the year 1972023 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesStatement of financial position and other items(2)Capital expenditures557 217 73 848Investments 0 1 14 16Working capitalInventories 792 444 9 1,244Trade receivables 485 380 42 907Trade payables 392 357 169 918(1) Underlying EBITDA is a key performance indicator followed by management (see Business Review section for further details).(2) Capital expenditures include Acquisitions of property, plant and equipment, Acquisition of intangible assets and Payments of lease liabilities.This is also the amount used as the denominator of the Eligibility Capex ratio presented in the Taxonomy KPIs in the Sustainability Statements.NON-CURRENT ASSETS, CAPITAL EXPENDITURES AND INVESTMENTS BY COUNTRY AND REGION Non-current assets Capital expenditures and investmentsDecember% December% 2024 % 2023 %In \u20ac million31, 202431, 2023Belgium 212 2% 195 2% -4 1% -21 2%Germany 43 1% 42 1% -3 0% -3 0%Italy 467 5% 444 5% -82 12% -109 13%France 2,025 24% 1,902 23% -258 38% -302 35%European Union - Other 51 1% 46 1% -4 1% -9 1%European Union 2,798 33% 2,630 32% -352 52% -444 51%Europe - Other 159 2% 147 2% -22 3% -20 2%United States 4,501 53% 4,404 54% -221 33% -286 33%Canada 181 2% 179 2% -18 3% -20 2%North America 4,682 55% 4,583 56% -229 35% -306 35%Brazil 39 1% 46 1% -4 1% -3 0%Latin America - Other 10 0% 9 0% -5 1% -4 0%Latin America 49 1% 55 1% -9 1% -6 1%Thailand 8 0% 7 0% -1 0% -1 0%China 518 6% 503 6% -40 6% -68 8%South Korea 20 0% 13 0% -4 1% -2 0%India 228 3% 231 3% -11 2% -13 1%Singapore 2 0% 1 0% 0 0% -1 0%Japan 2 0% 2 0% -1 0% -1 0%Other 53 1% 47 1% -1 0% -1 0%Asia and rest of the world 831 10% 806 10% -57 8% -87 10%TOTAL 8,521 100% 8,221 100% -678 100% -864 100%Non-current assets are those other than deferred tax assets,loans and other assets, other financial instruments and post-employment benefit assets. Capital expenditures and investmentsinclude acquisitions of property, plant and equipment, right-of-useassets, intangible assets and investments in subsidiaries andother investments (joint ventures and associates).",
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"value": "GeneralThe Group organizes its structure and groups the businessesaround their similarities in financial performance, products andproduction processes. These groups of businesses (\u2018theoperating segments\u2019) are aggregated into reportable segmentswhen they are similar with respect to their underlying business,competencies and technologies, application, productcharacteristics and customer portfolio. The Group has identifiedthree reportable segments:\u25cf Materials, consisting of the GBUs Composite Materials andSpecialty Polymers. The Materials segment offers a uniqueportfolio of high-performance polymers and compositetechnologies used primarily in sustainable mobility applications.Its solutions enable weight reduction and enhance performancewhile improving CO2 and energy efficiency. Major markets servedinclude next-generation mobility in automotive and aerospace,healthcare and electronics.\u25cf Consumer and Resources offer a unique formulation andapplication expertise through customized specialtyformulations for surface chemistry and liquid behavior,maximizing yield and efficiency of the processes they areused in while minimizing the eco-impact. Novecare,Technology Solutions, Aroma, and Oil & Gas focus on specificareas such as resources (improving the extraction yield ofmetals, minerals and oil), industrial applications (such ascoatings) or consumer goods and healthcare (includingvanillin and guar for home and personal care).\u25cf Corporate & Business Services includes corporate and otherbusiness services, such as research and innovation,cogeneration units dedicated to the Syensqo activities, newbusiness development activities (NBD) and the Peroxidesactivities in the Zhenjiang entity.",
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"f1__s8__7__45-1": {
"value": "Information per segment2024 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 3,772 2,795 0 6,567 - Inter-segment sales 0 -4 0 -4Net sales 3,772 2,791 0 6,563Revenue from non-core activities 142 27 114 283Gross profit 1,474 733 12 2,219Depreciation, amortization and impairments 390 1,008 79 1,477Earnings from associates and joint ventures 11 8 2 21(1)Underlying EBITDA1,185 449 -222 1,412Depreciation and amortization (other than amounts reflected -5below)Underlying EBIT 879Corporate costs allocation 0Other operating gains and losses -14Amortization of intangible assets resulting from PPA -134Results from legacy remediation and major litigation -18Results from portfolio management and major restructuring -243EBIT 471Net financial charges -119Income taxes -357Profit/(loss) for the year -52023 - In \u20ac million Materials Consumer &Corporate &Group TotalResourcesBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 4,004 2,826 4 6,834 - Inter-segment salesNet sales 4,004 2,826 4 6,834Revenue from non-core activities 144 28 59 231Gross profit 1,631 745 -2 2,375Depreciation, amortization and impairments 383 310 46 739Earnings from associates and joint ventures 9 9 7 25(1)Underlying EBITDA1,312 457 -151 1,618Depreciation and amortization (other than amounts reflected -484below)Underlying EBIT 1,134Corporate costs allocation 67Other operating gains and losses related to Partial Demerger 38Amortization of intangible assets resulting from PPA -136Results from legacy remediation and major litigation -168Results from portfolio management and major restructuring -388EBIT 547Net financial charges -158Income taxes -192Profit/(loss) for the year 197NOTE F2CONSOLIDATED INCOME STATEMENT BY NATUREIn \u20ac million Notes 2024 2023Net sales (F1) 6,563 6,834Revenue from non-core activities (F1) 283 231Raw materials, utilities and consumables used -2,940 -2,931Changes in inventories 8 -114Personnel expenses -1,525 -1,591Wages and direct social benefits -1,175 -1,219Employer's contribution for social insurance -270 -276Pensions and insurance benefits -59 -74Other personnel expenses -20 -22Depreciation, amortization and impairments -732 -739Other variable logistics expenses -209 -181Other fixed expenses -823 -605Addition and reversal of provisions (excluding employee benefit obligations) (F26) -92 -387Income from Cross indemnities, PFAS insurance indemnities, Energy hedging (F3,F26) 0 213novation and Edison partial awardM&A costs and gains and losses on disposals (F4) -83 -208Earnings from associates and joint ventures (F18) 21 25EBIT 471 547Prior to the Partial Demerger, Solvay SA and other entities withinthe Solvay Group provided various shared services to theSyensqo businesses. These services included, but were not limitedto: accounting, human resources, information technology, legal,tax, risk management and treasury services. The costs of suchservices that historically were charged to Syensqo businesseshave been included in the Consolidated Income Statement priorto the Partial Demerger based on their historical amounts.The costs of such services that historically were not charged toSyensqo businesses and that were reported as part of theresults of the Corporate and Business Services segment in theSolvay Group Consolidated Financial Statements have beenincluded in the pre-Partial Demerger figures based on historicalrelative usage.The costs related to corporate functions that were incurred forthe benefit of the Solvay Group as a whole, including but not limitedto costs for Solvay SA\u2019s Board of Directors, Executive LeadershipTeam, Investor Relations and Corporate Communications have notbeen included in the pre-Partial Demerger figures. Other fixed expenses mainly include costs of services, licenses,and professional fees.DEPRECIATION, AMORTIZATION AND IMPAIRMENTSin \u20ac million 2024 2023Cost of goods sold 366 352Administrative costs 59 39Research and development 89 84Other operating gains and losses 153144(of which PPA 134) (of which PPA 134)Net impairment 64 119TOTAL 732 739See note F19 Impairments for more details on impairment losses.NOTE F14INTANGIBLE ASSETSAccounting policyIntangible assets acquired or developed internally are initiallymeasured at cost. The cost of an acquired intangible assetcomprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discountsand rebates, and any directly attributable cost of preparingthe asset for its intended use. Subsequent expenditure onintangible assets is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured atcost less accumulated amortization and impairment losses,if any.Intangible assets are amortized on a straight-line basis overtheir estimated useful lives, which do not exceed thecontractual period, if any. The estimated useful lives, residualvalues and amortization methods are reviewed at eachyear-end, and any changes in estimates are accounted forprospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets - 5-20 yearsTechnologiesAmortization expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, research and development costs and other operatinggains and losses.The asset is tested for impairment if (a) there is a trigger forimpairment, and (b) annually for projects underdevelopment (see note F19 Impairment).Intangible assets are derecognized from the consolidatedstatement of financial position on disposal or when nofuture economic benefits are expected from their use ordisposal. The gain or loss arising from the derecognition ofan intangible asset is recognized in profit or loss at themoment of derecognition.In \u20ac million DevelopmentPatents andCustomerOther intangibleTotalcoststrademarksrelationshipsassetsGross carrying amountDecember 31, 2022 482 1,136 1,818 669 4,106Additions 62 3 22 88Disposals and closures -59 -69 -94 -221Currency translation differences -6 -31 -55 -20 -112Other 4 32 7 44December 31, 2023 484 1,071 1,763 585 3,904Additions 82 1 32 115Disposals and closures -20 -1 -1 -22Currency translation differences 14 52 99 31 196Other 1 25 -20 5DECEMBER 31, 2024 562 1,148 1,862 627 4,199Accumulated amortizationDecember 31, 2022 -239 -674 -819 -557 -2,289Amortization -48 -60 -91 -12 -210Impairment -7 -7Disposals and closures 59 69 94 221Currency translation differences 2 17 24 17 60Other 2 -4 -19 -21December 31, 2023 -231 -652 -886 -477 -2,245Amortization -47 -63 -91 -12 -213Impairment -11 -11Disposals and closures 20 1 1 22Currency translation differences -5 -29 -49 -27 -111Other 0 -25 22 -3DECEMBER 31, 2024 -263 -744 -1,050 -504 -2,560Net carrying amountDecember 31, 2022 243 462 999 112 1,817December 31, 2023 253 419 877 109 1,659DECEMBER 31, 2024 299 404 812 124 1,639Intangibles mainly relate to the intangibles acquired through theacquisition of Cytec. The average remaining useful life of Cytec\u2019sassets is 8 years. The impairment loss in 2024 relates to the intangible assets inCGU Oil and Gas. The impairment loss in 2023 relates to theintangible assets in CGU Aroma Performance (see note F19Impairment).The line \u201cOther\u201d in Gross carrying amount mainly includesreclassification of intangible assets under construction (reportedas part of the Other intangible assets) to the appropriatecategories when they are ready for intended use in 2024. In 2023,this mainly related to the change in scope following the PartialDemerger.NOTE F16PROPERTY, PLANT AND EQUIPMENTAccounting policyItems of property, plant and equipment are initially measuredat cost. The cost of an item of property, plant and equipmentcomprises its purchase price and any costs directlyattributable to bringing the asset to the location and conditionnecessary for it to be capable of operating in the mannerintended by management. If applicable, the cost comprisesborrowing costs during the construction period.After initial recognition, items of property, plant and equipmentare measured at cost less accumulated depreciation andimpairment losses, if any. Items of property, plant and equipment are depreciated ona straight-line basis over their estimated useful lives. Thecomponents of an item of property, plant and equipmentwith different useful lives are depreciated separately. Land isnot depreciated. The estimated useful lives, residual valuesand depreciation methods are reviewed at each year end,also taking into account the potential impact of climatechange including the execution of the One Planet Strategy(see Note Climate Change in the IFRS general accountingpolicies). Any changes in estimates are accounted forprospectively.Buildings 30-40 yearsFixtures and equipment\u25cf IT equipment 3-5 years\u25cf Machinery and equipment 10-20 years\u25cf Transportation equipment 5-20 yearsDepreciation expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, and R&D costs.Dismantling and restoration costsDismantling and restoration costs are included in the costof an item of property, plant and equipment if the Grouphas a legal or constructive obligation to dismantle orrestore. They are depreciated over the useful life of theitems to which they pertain.Generally, Syensqo\u2019s obligation to dismantle and/or restoreits operating sites is only likely to arise upon thediscontinuation of a site\u2019s activities. A provision for dismantlingof discontinued sites or installations is recognized when thereis a legal obligation (due to a request or injunction from therelevant authorities), or when there is no technicalalternative than to dismantle, so as to ensure the safetycompliance of the discontinued sites or installations.Land andFixtures andOther tangibleProperty, plantTotalbuildingsequipmentassetsand equipmentunderIn \u20ac millionconstructionGross carrying amountDecember 31, 2022 1,412 5,225 169 676 7,481Additions 70 78 2 597 747Disposals and closures -11 -97 -12 -120Increase through business 1 1combinationsCurrency translation differences -35 -121 -4 -13 -173Other 92 432 32 -321 236December 31, 2023 1,528 5,518 186 939 8,172Additions 14 76 4 471 565Disposals and closures -3 -87 -8 -98Currency translation differences 48 186 5 15 254Other 63 382 25 -469 2DECEMBER 31, 2024 1,650 6,076 212 957 8,895Accumulated depreciationDecember 31, 2022 -653 -3,542 -135 -4,329Depreciation -46 -296 -11 -352Impairment -7 -45 -1 -53Disposals and closures 7 97 12 116Currency translation differences 15 79 3 97Other -17 -118 -22 -156December 31, 2023 -700 -3,825 -152 -4,678Depreciation -50 -314 -17 -381Impairment -11 -47 0 -59Reversal of impairment 1 5 7Disposals and closures 3 87 8 98Currency translation differences -21 -124 -5 -150Other -1 0 -1 -3DECEMBER 31, 2024 -779 -4,220 -167 -5,166Net carrying amountDecember 31, 2022 759 1,683 34 676 3,152December 31, 2023 828 1,693 34 939 3,494DECEMBER 31, 2024 871 1,856 45 957 3,729Cash flows related to major investments are disclosed in note F11Cash flows from investing activities \u2013 acquisition/disposal ofassets and investments. The impairment loss in 2024 mainly relates to the tangible fixedassets in CGU Oil and Gas for \u20ac44 million.The impairment loss in 2023 mainly relates to the tangible fixedassets in CGU Aroma Performance for \u20ac48 million (see note F19Impairment).The line \u201cOther\u201d in Gross carrying amount mainly includesreclassification of property, plant and equipment underconstruction to the appropriate categories when they are readyfor intended use, and the consolidation of the tangible fixedassets of the Zhenjiang entity for \u20ac55 million in 2023.NOTE F17RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONSRight-of-use assetThe right-of-use asset is initially measured at cost, whichcomprises:\u25cf the amount of the initial measurement of the lease liability;\u25cf any lease payments made at or before the commencementdate, less any lease incentive received; and\u25cf any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset ismeasured at cost less any accumulated depreciation andany accumulated impairment losses. Right-of-use assetsare depreciated using the straight-line depreciationmethod, from the commencement date to (a) the end ofthe useful life of the underlying asset, in case the leasetransfers ownership of the underlying asset to the Group bythe end of the lease term, or the lease contains a purchaseoption that the Group is reasonably certain to exercise, or(b) the earlier of the end of the useful life and the end of thelease term, in all other cases. Lease liabilityThe lease liability is initially measured at the present value ofthe lease payments that are not paid at the commencementdate, discounted using the interest rate implicit in the leaseor, if that rate cannot be readily determined, the respectiveGroup entity\u2019s incremental borrowing rate. Lease paymentsincluded in the measurement of the lease liability comprisethe following:\u25cf fixed payments, less any lease incentives receivable;\u25cf variable lease payments that depend on an index or arate, initially measured using the index or rate as at thecommencement date;\u25cf amounts expected to be payable by the Group underresidual value guarantees;\u25cf the exercise price of a purchase option if the Group isreasonably certain to exercise that option; and\u25cf payments of penalties for early terminating the lease, ifthe Group is reasonably certain to exercise an option toearly terminate the lease.Service components (e.g. Utilities, maintenance, insurance,\u2026) are excluded from the measurement of the lease liability. After the commencement date, the lease liability ismeasured by:\u25cf increasing the carrying amount to reflect interest on thelease liability;\u25cf reducing the carrying amount to reflect the leasepayments made; and\u25cf remeasuring the carrying amount to reflect anyreassessment or lease modifications, or to reflect theimpact from a revised index or rate.In \u20ac million Land andTransportationIndustrialOther tangibleTotalbuildingsequipmentequipmentassetsGross carrying amountDecember 31, 2022 187 59 128 10 384Additions 15 15 15 4 49Disposals and closures -24 -6 -3 -2 -35Currency translation differences -4 -2 -3 0 -9Other 2 19 -2 1 20December 31, 2023 176 85 134 13 407Additions 16 12 9 4 42Disposals and closures -9 -7 -3 -1 -20Currency translation differences 5 2 6 1 14Other 8 5 10 0 24DECEMBER 31, 2024 195 98 156 17 467Accumulated depreciationDecember 31, 2022 -87 -39 -58 -5 -188Depreciation -22 -16 -17 -2 -57Impairment 0 0Disposals and closures 15 6 3 2 26Currency translation differences 2 1 2 0 5Other 2 -7 1 -1 -5December 31, 2023 -89 -55 -68 -5 -219Depreciation -33 -17 -19 -3 -72Disposals and closures 9 7 3 1 20Currency translation differences -3 -2 -3 -9Other 1 1DECEMBER 31, 2024 -117 -67 -88 -8 -279Net carrying amountDecember 31, 2022 101 20 70 5 196December 31, 2023 86 30 66 8 188DECEMBER 31, 2024 79 31 69 9 188The Group primarily leases buildings that include office buildings,and warehouses. Those leases are generally long-term leasesand may include extension options. The Group leasestransportation equipment, which mainly relate to utility assets. Lease contracts generally are negotiated by the local teams,and contain a wide range of different terms and conditions.Many lease contracts contain extension options and/or earlytermination options to provide the Group with operationalflexibility. Such options are taken into account when determiningthe lease term and the lease liability when it is reasonablycertain that they will be exercised. If the Group exercised its extension options not currentlyincluded in the lease liability, the present value of additionalpayments would amount to \u20ac55 million at December 31, 2024(\u20ac71 million at December 31, 2023). There are no lease contracts signed but not yet commenced atDecember 31, 2024 and December 31, 2023.Total cash outflows for leases amount to \u20ac74 million for 2024, ofwhich \u20ac61 million related to payment of lease liabilities and \u20ac13million of finance expenses. Information on the correspondinglease liabilities (\u20ac230 million) can be found in the note F28 Netindebtedness. Information on the finance expense related tolease liabilities can be found in note F5 Net financial charges.",
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"value": "NOTE F2CONSOLIDATED INCOME STATEMENT BY NATUREIn \u20ac million Notes 2024 2023Net sales (F1) 6,563 6,834Revenue from non-core activities (F1) 283 231Raw materials, utilities and consumables used -2,940 -2,931Changes in inventories 8 -114Personnel expenses -1,525 -1,591Wages and direct social benefits -1,175 -1,219Employer's contribution for social insurance -270 -276Pensions and insurance benefits -59 -74Other personnel expenses -20 -22Depreciation, amortization and impairments -732 -739Other variable logistics expenses -209 -181Other fixed expenses -823 -605Addition and reversal of provisions (excluding employee benefit obligations) (F26) -92 -387Income from Cross indemnities, PFAS insurance indemnities, Energy hedging (F3,F26) 0 213novation and Edison partial awardM&A costs and gains and losses on disposals (F4) -83 -208Earnings from associates and joint ventures (F18) 21 25EBIT 471 547Prior to the Partial Demerger, Solvay SA and other entities withinthe Solvay Group provided various shared services to theSyensqo businesses. These services included, but were not limitedto: accounting, human resources, information technology, legal,tax, risk management and treasury services. The costs of suchservices that historically were charged to Syensqo businesseshave been included in the Consolidated Income Statement priorto the Partial Demerger based on their historical amounts.The costs of such services that historically were not charged toSyensqo businesses and that were reported as part of theresults of the Corporate and Business Services segment in theSolvay Group Consolidated Financial Statements have beenincluded in the pre-Partial Demerger figures based on historicalrelative usage.The costs related to corporate functions that were incurred forthe benefit of the Solvay Group as a whole, including but not limitedto costs for Solvay SA\u2019s Board of Directors, Executive LeadershipTeam, Investor Relations and Corporate Communications have notbeen included in the pre-Partial Demerger figures. Other fixed expenses mainly include costs of services, licenses,and professional fees.DEPRECIATION, AMORTIZATION AND IMPAIRMENTSin \u20ac million 2024 2023Cost of goods sold 366 352Administrative costs 59 39Research and development 89 84Other operating gains and losses 153144(of which PPA 134) (of which PPA 134)Net impairment 64 119TOTAL 732 739See note F19 Impairments for more details on impairment losses.",
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"f1__s8__7__48": {
"value": "NOTE F2CONSOLIDATED INCOME STATEMENT BY NATUREIn \u20ac million Notes 2024 2023Net sales (F1) 6,563 6,834Revenue from non-core activities (F1) 283 231Raw materials, utilities and consumables used -2,940 -2,931Changes in inventories 8 -114Personnel expenses -1,525 -1,591Wages and direct social benefits -1,175 -1,219Employer's contribution for social insurance -270 -276Pensions and insurance benefits -59 -74Other personnel expenses -20 -22Depreciation, amortization and impairments -732 -739Other variable logistics expenses -209 -181Other fixed expenses -823 -605Addition and reversal of provisions (excluding employee benefit obligations) (F26) -92 -387Income from Cross indemnities, PFAS insurance indemnities, Energy hedging (F3,F26) 0 213novation and Edison partial awardM&A costs and gains and losses on disposals (F4) -83 -208Earnings from associates and joint ventures (F18) 21 25EBIT 471 547Prior to the Partial Demerger, Solvay SA and other entities withinthe Solvay Group provided various shared services to theSyensqo businesses. These services included, but were not limitedto: accounting, human resources, information technology, legal,tax, risk management and treasury services. The costs of suchservices that historically were charged to Syensqo businesseshave been included in the Consolidated Income Statement priorto the Partial Demerger based on their historical amounts.The costs of such services that historically were not charged toSyensqo businesses and that were reported as part of theresults of the Corporate and Business Services segment in theSolvay Group Consolidated Financial Statements have beenincluded in the pre-Partial Demerger figures based on historicalrelative usage.The costs related to corporate functions that were incurred forthe benefit of the Solvay Group as a whole, including but not limitedto costs for Solvay SA\u2019s Board of Directors, Executive LeadershipTeam, Investor Relations and Corporate Communications have notbeen included in the pre-Partial Demerger figures. Other fixed expenses mainly include costs of services, licenses,and professional fees.DEPRECIATION, AMORTIZATION AND IMPAIRMENTSin \u20ac million 2024 2023Cost of goods sold 366 352Administrative costs 59 39Research and development 89 84Other operating gains and losses 153144(of which PPA 134) (of which PPA 134)Net impairment 64 119TOTAL 732 739See note F19 Impairments for more details on impairment losses.",
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"f1__s8__7__47": {
"value": "NOTE F2CONSOLIDATED INCOME STATEMENT BY NATUREIn \u20ac million Notes 2024 2023Net sales (F1) 6,563 6,834Revenue from non-core activities (F1) 283 231Raw materials, utilities and consumables used -2,940 -2,931Changes in inventories 8 -114Personnel expenses -1,525 -1,591Wages and direct social benefits -1,175 -1,219Employer's contribution for social insurance -270 -276Pensions and insurance benefits -59 -74Other personnel expenses -20 -22Depreciation, amortization and impairments -732 -739Other variable logistics expenses -209 -181Other fixed expenses -823 -605Addition and reversal of provisions (excluding employee benefit obligations) (F26) -92 -387Income from Cross indemnities, PFAS insurance indemnities, Energy hedging (F3,F26) 0 213novation and Edison partial awardM&A costs and gains and losses on disposals (F4) -83 -208Earnings from associates and joint ventures (F18) 21 25EBIT 471 547Prior to the Partial Demerger, Solvay SA and other entities withinthe Solvay Group provided various shared services to theSyensqo businesses. These services included, but were not limitedto: accounting, human resources, information technology, legal,tax, risk management and treasury services. The costs of suchservices that historically were charged to Syensqo businesseshave been included in the Consolidated Income Statement priorto the Partial Demerger based on their historical amounts.The costs of such services that historically were not charged toSyensqo businesses and that were reported as part of theresults of the Corporate and Business Services segment in theSolvay Group Consolidated Financial Statements have beenincluded in the pre-Partial Demerger figures based on historicalrelative usage.The costs related to corporate functions that were incurred forthe benefit of the Solvay Group as a whole, including but not limitedto costs for Solvay SA\u2019s Board of Directors, Executive LeadershipTeam, Investor Relations and Corporate Communications have notbeen included in the pre-Partial Demerger figures. Other fixed expenses mainly include costs of services, licenses,and professional fees.DEPRECIATION, AMORTIZATION AND IMPAIRMENTSin \u20ac million 2024 2023Cost of goods sold 366 352Administrative costs 59 39Research and development 89 84Other operating gains and losses 153144(of which PPA 134) (of which PPA 134)Net impairment 64 119TOTAL 732 739See note F19 Impairments for more details on impairment losses.",
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"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__53-1": {
"value": "NOTE F3OTHER OPERATING GAINS AND LOSSESIn \u20ac million 2024 2023Start-up and preliminary study costs -24 -25Capital gains/losses on sales of property, plant and equipment and intangible assets 1 0Net foreign exchange gains and losses -5 -6Amortization of intangible assets resulting from PPA -134 -134Other 0 24Other operating gains and losses -161 -141Prior to the Partial Demerger, the financial instruments held bySolvay Energy Services for Syensqo CO2 emissions met theconditions to be treated as \u201cown use\u201d contracts in the SyensqoGroup Combined Financial Statements for the years endedDecember 31, 2022, 2021 and 2020. In the context of the PartialDemerger, these contracts were settled by Solvay EnergyServices and reentered into, at current market prices, by theSyensqo Group. The positive difference between the instrumentsthat were renegotiated and their carrying amount in the SolvayGroup was transferred in cash to the Syensqo Group and therealized result on this contract novation (\u20ac38 million) wasincluded in Other Operating Gains and Losses in 2023.NOTE F4RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS, LEGACY REMEDIATION AND MAJOR LITIGATIONSAccounting policyResults from portfolio management and majorrestructurings include:\u25cf gains and losses on the sale of subsidiaries, joint ventures,and associates that do not qualify as discontinuedoperations;\u25cf acquisition costs of new businesses;\u25cf one-off operating costs related to internal managementof portfolio (carve-out of major lines of businesses);\u25cf gains and losses on the sale of real estate not directlylinked to an operating activity;\u25cf restructuring charges driven by portfolio managementand by major reorganizations of business activities,including impairment losses resulting from the shutdownof an activity or a plant;\u25cf impairment losses (reversals) resulting from testing ofCGUs.Results from legacy remediation and major litigationsinclude:\u25cf the remediation costs not generated by on-goingproduction facilities (shut-down of sites, discontinuedproductions, previous years\u2019 pollution); and\u25cf the impact of significant litigations.RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGIn \u20ac million 2024 2023Restructuring costs and impairment -158 -181Impairment -64 -119Restructuring costs -94 -62M&A costs and gains and losses on disposals -85 -208Results from portfolio management and major restructuring -243 -388In 2024, impairment losses mainly related to the CGU Oil & Gas(Consumer and Resources) for \u20ac55 million and other nonperforming assets for \u20ac9 million. See note F19 Impairment.In 2023, the CGU Aroma Performance (Consumer andResources) was impaired for \u20ac114 million following the increasein the discount rate and continued lower demand for syntheticvanillin, customer destocking and strong competition in the food,flavor & fragrance markets, despite the expected improvementsfrom actions taken on fixed costs. See note F19 Impairment.The restructuring costs are primarily related to the right-sizingplan announced by the Group in November 2024 to adapt itsorganization, better meet the evolving needs of its customersand focus on projects that will accelerate growth. The relatedrestructuring provision is based on a reduction of approximately400 positions, primarily in France, the United States, Belgium andItaly. See note F26 Provisions.In 2024, M&A costs mainly relate to separation costs related toinformation technology, following the Partial Demerger from Solvay.In 2023, the M&A costs are mainly explained by the costsincurred for the Partial Demerger and includes \u20ac51 million forrestructuring costs that were recognized in the context of theTSA (see note F26 Other Provisions).Prior to the Partial Demerger, Results from portfolio management,major restructuring, legacy remediation and litigation have beenallocated to the Syensqo Group according to the GBUs in scope.In addition, a proportion of the restructuring costs attributable toCBS and shared services have been allocated to the SyensqoGroup based on the assumption that restructuring costs wereproportional to the historical usage of shared services bySyensqo and the remaining Solvay Group.RESULTS FROM LEGACY REMEDIATION AND MAJOR LITIGATIONSIn \u20ac million 2024 2023Major litigations -27 39Remediation costs and other costs related to non-ongoing activities 9 -207Results from legacy remediation and major litigations -18 -168Following an arbitration procedure that began in 2012, on June22, 2021, the ICC Arbitration Court in Geneva (CH) issued a partialaward in favor of Solvay Specialty Polymers Italy S.p.A, orderingEdison S.p.A. (Edison) to pay \u20ac92 million for the losses, damagesand costs incurred up to the end of 2016 in relation to certainenvironmental issues at the Spinetta Marengo and Bussi sites,previously owned and operated by (Mont)Edison S.p.A. andAusimont S.p.A.On January 23, 2023, the Group received a favorable ruling fromthe Court of Appeal of Milan, which rejected Edison's appealagainst the enforcement of the partial award, making itdefinitively enforceable in Italy. On February 8, 2023, Edisonsettled the \u20ac92 million partial award in full with the Group andthis was included in the Major litigations\u2019 results in 2023.For the remaining movement in litigation costs please refer tothe note F26 Provisions.In 2024, the remediation results reflect the net reversal ofenvironmental provisions following a revision in the estimates forfuture remediation expenses.In 2023, remediation costs included the \u20ac229 million provisionrecorded in Q2, 2023 related to per- and polyfluoroalkylsubstances (PFAS). The Group submitted certain claims from itsenvironmental liability insurance and received confirmation inDecember 2023 that Solvay Specialty Polymers will receive \u20ac32million as a preliminary settlement of these insurance policyclaims. This was recognized in Other Receivables at December31, 2023 with the corresponding gain included in Results fromlegacy remediation and major litigations. The insurance settlementwas subsequently received in February 2024.In 2023 the remediation cost also included \u20ac51 million HSE crossindemnification asset and \u20ac21 million HSE cross indemnificationliability that were recognized in the context of the SeparationAgreement. See note F26 Provisions.Prior to the Partial Demerger, Results from legacy remediationand litigation have been allocated to the Syensqo Groupaccording to the GBUs in scope.",
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"value": "NOTE F3OTHER OPERATING GAINS AND LOSSESIn \u20ac million 2024 2023Start-up and preliminary study costs -24 -25Capital gains/losses on sales of property, plant and equipment and intangible assets 1 0Net foreign exchange gains and losses -5 -6Amortization of intangible assets resulting from PPA -134 -134Other 0 24Other operating gains and losses -161 -141Prior to the Partial Demerger, the financial instruments held bySolvay Energy Services for Syensqo CO2 emissions met theconditions to be treated as \u201cown use\u201d contracts in the SyensqoGroup Combined Financial Statements for the years endedDecember 31, 2022, 2021 and 2020. In the context of the PartialDemerger, these contracts were settled by Solvay EnergyServices and reentered into, at current market prices, by theSyensqo Group. The positive difference between the instrumentsthat were renegotiated and their carrying amount in the SolvayGroup was transferred in cash to the Syensqo Group and therealized result on this contract novation (\u20ac38 million) wasincluded in Other Operating Gains and Losses in 2023.NOTE F4RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS, LEGACY REMEDIATION AND MAJOR LITIGATIONSAccounting policyResults from portfolio management and majorrestructurings include:\u25cf gains and losses on the sale of subsidiaries, joint ventures,and associates that do not qualify as discontinuedoperations;\u25cf acquisition costs of new businesses;\u25cf one-off operating costs related to internal managementof portfolio (carve-out of major lines of businesses);\u25cf gains and losses on the sale of real estate not directlylinked to an operating activity;\u25cf restructuring charges driven by portfolio managementand by major reorganizations of business activities,including impairment losses resulting from the shutdownof an activity or a plant;\u25cf impairment losses (reversals) resulting from testing ofCGUs.Results from legacy remediation and major litigationsinclude:\u25cf the remediation costs not generated by on-goingproduction facilities (shut-down of sites, discontinuedproductions, previous years\u2019 pollution); and\u25cf the impact of significant litigations.RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGIn \u20ac million 2024 2023Restructuring costs and impairment -158 -181Impairment -64 -119Restructuring costs -94 -62M&A costs and gains and losses on disposals -85 -208Results from portfolio management and major restructuring -243 -388In 2024, impairment losses mainly related to the CGU Oil & Gas(Consumer and Resources) for \u20ac55 million and other nonperforming assets for \u20ac9 million. See note F19 Impairment.In 2023, the CGU Aroma Performance (Consumer andResources) was impaired for \u20ac114 million following the increasein the discount rate and continued lower demand for syntheticvanillin, customer destocking and strong competition in the food,flavor & fragrance markets, despite the expected improvementsfrom actions taken on fixed costs. See note F19 Impairment.The restructuring costs are primarily related to the right-sizingplan announced by the Group in November 2024 to adapt itsorganization, better meet the evolving needs of its customersand focus on projects that will accelerate growth. The relatedrestructuring provision is based on a reduction of approximately400 positions, primarily in France, the United States, Belgium andItaly. See note F26 Provisions.In 2024, M&A costs mainly relate to separation costs related toinformation technology, following the Partial Demerger from Solvay.In 2023, the M&A costs are mainly explained by the costsincurred for the Partial Demerger and includes \u20ac51 million forrestructuring costs that were recognized in the context of theTSA (see note F26 Other Provisions).Prior to the Partial Demerger, Results from portfolio management,major restructuring, legacy remediation and litigation have beenallocated to the Syensqo Group according to the GBUs in scope.In addition, a proportion of the restructuring costs attributable toCBS and shared services have been allocated to the SyensqoGroup based on the assumption that restructuring costs wereproportional to the historical usage of shared services bySyensqo and the remaining Solvay Group.RESULTS FROM LEGACY REMEDIATION AND MAJOR LITIGATIONSIn \u20ac million 2024 2023Major litigations -27 39Remediation costs and other costs related to non-ongoing activities 9 -207Results from legacy remediation and major litigations -18 -168Following an arbitration procedure that began in 2012, on June22, 2021, the ICC Arbitration Court in Geneva (CH) issued a partialaward in favor of Solvay Specialty Polymers Italy S.p.A, orderingEdison S.p.A. (Edison) to pay \u20ac92 million for the losses, damagesand costs incurred up to the end of 2016 in relation to certainenvironmental issues at the Spinetta Marengo and Bussi sites,previously owned and operated by (Mont)Edison S.p.A. andAusimont S.p.A.On January 23, 2023, the Group received a favorable ruling fromthe Court of Appeal of Milan, which rejected Edison's appealagainst the enforcement of the partial award, making itdefinitively enforceable in Italy. On February 8, 2023, Edisonsettled the \u20ac92 million partial award in full with the Group andthis was included in the Major litigations\u2019 results in 2023.For the remaining movement in litigation costs please refer tothe note F26 Provisions.In 2024, the remediation results reflect the net reversal ofenvironmental provisions following a revision in the estimates forfuture remediation expenses.In 2023, remediation costs included the \u20ac229 million provisionrecorded in Q2, 2023 related to per- and polyfluoroalkylsubstances (PFAS). The Group submitted certain claims from itsenvironmental liability insurance and received confirmation inDecember 2023 that Solvay Specialty Polymers will receive \u20ac32million as a preliminary settlement of these insurance policyclaims. This was recognized in Other Receivables at December31, 2023 with the corresponding gain included in Results fromlegacy remediation and major litigations. The insurance settlementwas subsequently received in February 2024.In 2023 the remediation cost also included \u20ac51 million HSE crossindemnification asset and \u20ac21 million HSE cross indemnificationliability that were recognized in the context of the SeparationAgreement. See note F26 Provisions.Prior to the Partial Demerger, Results from legacy remediationand litigation have been allocated to the Syensqo Groupaccording to the GBUs in scope.",
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"f1__s8__7__51-1": {
"value": "NOTE F3OTHER OPERATING GAINS AND LOSSESIn \u20ac million 2024 2023Start-up and preliminary study costs -24 -25Capital gains/losses on sales of property, plant and equipment and intangible assets 1 0Net foreign exchange gains and losses -5 -6Amortization of intangible assets resulting from PPA -134 -134Other 0 24Other operating gains and losses -161 -141Prior to the Partial Demerger, the financial instruments held bySolvay Energy Services for Syensqo CO2 emissions met theconditions to be treated as \u201cown use\u201d contracts in the SyensqoGroup Combined Financial Statements for the years endedDecember 31, 2022, 2021 and 2020. In the context of the PartialDemerger, these contracts were settled by Solvay EnergyServices and reentered into, at current market prices, by theSyensqo Group. The positive difference between the instrumentsthat were renegotiated and their carrying amount in the SolvayGroup was transferred in cash to the Syensqo Group and therealized result on this contract novation (\u20ac38 million) wasincluded in Other Operating Gains and Losses in 2023.NOTE F4RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS, LEGACY REMEDIATION AND MAJOR LITIGATIONSAccounting policyResults from portfolio management and majorrestructurings include:\u25cf gains and losses on the sale of subsidiaries, joint ventures,and associates that do not qualify as discontinuedoperations;\u25cf acquisition costs of new businesses;\u25cf one-off operating costs related to internal managementof portfolio (carve-out of major lines of businesses);\u25cf gains and losses on the sale of real estate not directlylinked to an operating activity;\u25cf restructuring charges driven by portfolio managementand by major reorganizations of business activities,including impairment losses resulting from the shutdownof an activity or a plant;\u25cf impairment losses (reversals) resulting from testing ofCGUs.Results from legacy remediation and major litigationsinclude:\u25cf the remediation costs not generated by on-goingproduction facilities (shut-down of sites, discontinuedproductions, previous years\u2019 pollution); and\u25cf the impact of significant litigations.RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGIn \u20ac million 2024 2023Restructuring costs and impairment -158 -181Impairment -64 -119Restructuring costs -94 -62M&A costs and gains and losses on disposals -85 -208Results from portfolio management and major restructuring -243 -388In 2024, impairment losses mainly related to the CGU Oil & Gas(Consumer and Resources) for \u20ac55 million and other nonperforming assets for \u20ac9 million. See note F19 Impairment.In 2023, the CGU Aroma Performance (Consumer andResources) was impaired for \u20ac114 million following the increasein the discount rate and continued lower demand for syntheticvanillin, customer destocking and strong competition in the food,flavor & fragrance markets, despite the expected improvementsfrom actions taken on fixed costs. See note F19 Impairment.The restructuring costs are primarily related to the right-sizingplan announced by the Group in November 2024 to adapt itsorganization, better meet the evolving needs of its customersand focus on projects that will accelerate growth. The relatedrestructuring provision is based on a reduction of approximately400 positions, primarily in France, the United States, Belgium andItaly. See note F26 Provisions.In 2024, M&A costs mainly relate to separation costs related toinformation technology, following the Partial Demerger from Solvay.In 2023, the M&A costs are mainly explained by the costsincurred for the Partial Demerger and includes \u20ac51 million forrestructuring costs that were recognized in the context of theTSA (see note F26 Other Provisions).Prior to the Partial Demerger, Results from portfolio management,major restructuring, legacy remediation and litigation have beenallocated to the Syensqo Group according to the GBUs in scope.In addition, a proportion of the restructuring costs attributable toCBS and shared services have been allocated to the SyensqoGroup based on the assumption that restructuring costs wereproportional to the historical usage of shared services bySyensqo and the remaining Solvay Group.RESULTS FROM LEGACY REMEDIATION AND MAJOR LITIGATIONSIn \u20ac million 2024 2023Major litigations -27 39Remediation costs and other costs related to non-ongoing activities 9 -207Results from legacy remediation and major litigations -18 -168Following an arbitration procedure that began in 2012, on June22, 2021, the ICC Arbitration Court in Geneva (CH) issued a partialaward in favor of Solvay Specialty Polymers Italy S.p.A, orderingEdison S.p.A. (Edison) to pay \u20ac92 million for the losses, damagesand costs incurred up to the end of 2016 in relation to certainenvironmental issues at the Spinetta Marengo and Bussi sites,previously owned and operated by (Mont)Edison S.p.A. andAusimont S.p.A.On January 23, 2023, the Group received a favorable ruling fromthe Court of Appeal of Milan, which rejected Edison's appealagainst the enforcement of the partial award, making itdefinitively enforceable in Italy. On February 8, 2023, Edisonsettled the \u20ac92 million partial award in full with the Group andthis was included in the Major litigations\u2019 results in 2023.For the remaining movement in litigation costs please refer tothe note F26 Provisions.In 2024, the remediation results reflect the net reversal ofenvironmental provisions following a revision in the estimates forfuture remediation expenses.In 2023, remediation costs included the \u20ac229 million provisionrecorded in Q2, 2023 related to per- and polyfluoroalkylsubstances (PFAS). The Group submitted certain claims from itsenvironmental liability insurance and received confirmation inDecember 2023 that Solvay Specialty Polymers will receive \u20ac32million as a preliminary settlement of these insurance policyclaims. This was recognized in Other Receivables at December31, 2023 with the corresponding gain included in Results fromlegacy remediation and major litigations. The insurance settlementwas subsequently received in February 2024.In 2023 the remediation cost also included \u20ac51 million HSE crossindemnification asset and \u20ac21 million HSE cross indemnificationliability that were recognized in the context of the SeparationAgreement. See note F26 Provisions.Prior to the Partial Demerger, Results from legacy remediationand litigation have been allocated to the Syensqo Groupaccording to the GBUs in scope.",
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"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__55": {
"value": "NOTE F4RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS, LEGACY REMEDIATION AND MAJOR LITIGATIONSAccounting policyResults from portfolio management and majorrestructurings include:\u25cf gains and losses on the sale of subsidiaries, joint ventures,and associates that do not qualify as discontinuedoperations;\u25cf acquisition costs of new businesses;\u25cf one-off operating costs related to internal managementof portfolio (carve-out of major lines of businesses);\u25cf gains and losses on the sale of real estate not directlylinked to an operating activity;\u25cf restructuring charges driven by portfolio managementand by major reorganizations of business activities,including impairment losses resulting from the shutdownof an activity or a plant;\u25cf impairment losses (reversals) resulting from testing ofCGUs.Results from legacy remediation and major litigationsinclude:\u25cf the remediation costs not generated by on-goingproduction facilities (shut-down of sites, discontinuedproductions, previous years\u2019 pollution); and\u25cf the impact of significant litigations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__69": {
"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__68": {
"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__67": {
"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__66": {
"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__65": {
"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.In \u20ac million 2024 2023Cost of borrowings -101 -178Result on Settlement of Cash Flow Hedges 1 0Interest expense on lease liabilities -13 -12Interest on loans and short term deposits 22 81Foreign exchange gains / losses 1 -7Interest element of Financial Instruments -6 -10Other gains and losses on net indebtedness 1 -14Net cost of borrowings -95 -140Cost of discounting provisions -38 -26Impact of change of discount rate on provisions 20 -2Result from equity instruments measured at fair value -6 10Net financial charges -120 -158The change in the net cost of borrowings between 2023 and2024 is mainly explained by the execution of the Grouprefinancing, in 2024, after the Partial Demerger.Cost of borrowings:\u2014 In 2024, the Syensqo Group recorded in the cost ofborrowing \u20ac57 million of interests related to the seniornotes, of which \u20ac36 million related to the US$1.2 billion seniornotes issued in June 2024 (see Main Events). Converserly, in2023, the Group recorded \u20ac126 million of financial chargesresulting from intercompany loans in place with the formerSolvay Group entities prior to the Partial Demerger;\u2014 The two drawdowns on the \"bridge-to-bond\" credit facilitiesin place before the June refinancing have generated\u20ac31 million in financial charges in 2024; \u2014 Interests on the commercial papers amounted to \u20ac2 million. \u25cf Interest on loans and short term deposits:The decrease in 2024 is explained mainly by the interest incomefrom the internal bank accounts in place with Solvay recorded in2023 before the Partial Demerger and by the lower level of cashavailable in 2024, since the two drawdowns under the \u201cbridge tobond\u201d credit facilities were repaid. Additional details areincluded in the note F28 Net Indebtedness. \u25cf The movement in Other gains and losses on net indebtednessis largely attributable in 2023 to the guarantee fees invoicedby Solvay to Syensqo.\u25cf The cost of discounting provisions relates to post-employmentbenefits (net of the expected return on plan assets) and toenvironmental provisions and its increase is largely attributableto the evolution of the applicable discount rates (see also noteF25 Employee Benefits and note F26 Provisions).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__64": {
"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.In \u20ac million 2024 2023Cost of borrowings -101 -178Result on Settlement of Cash Flow Hedges 1 0Interest expense on lease liabilities -13 -12Interest on loans and short term deposits 22 81Foreign exchange gains / losses 1 -7Interest element of Financial Instruments -6 -10Other gains and losses on net indebtedness 1 -14Net cost of borrowings -95 -140Cost of discounting provisions -38 -26Impact of change of discount rate on provisions 20 -2Result from equity instruments measured at fair value -6 10Net financial charges -120 -158The change in the net cost of borrowings between 2023 and2024 is mainly explained by the execution of the Grouprefinancing, in 2024, after the Partial Demerger.Cost of borrowings:\u2014 In 2024, the Syensqo Group recorded in the cost ofborrowing \u20ac57 million of interests related to the seniornotes, of which \u20ac36 million related to the US$1.2 billion seniornotes issued in June 2024 (see Main Events). Converserly, in2023, the Group recorded \u20ac126 million of financial chargesresulting from intercompany loans in place with the formerSolvay Group entities prior to the Partial Demerger;\u2014 The two drawdowns on the \"bridge-to-bond\" credit facilitiesin place before the June refinancing have generated\u20ac31 million in financial charges in 2024; \u2014 Interests on the commercial papers amounted to \u20ac2 million. \u25cf Interest on loans and short term deposits:The decrease in 2024 is explained mainly by the interest incomefrom the internal bank accounts in place with Solvay recorded in2023 before the Partial Demerger and by the lower level of cashavailable in 2024, since the two drawdowns under the \u201cbridge tobond\u201d credit facilities were repaid. Additional details areincluded in the note F28 Net Indebtedness. \u25cf The movement in Other gains and losses on net indebtednessis largely attributable in 2023 to the guarantee fees invoicedby Solvay to Syensqo.\u25cf The cost of discounting provisions relates to post-employmentbenefits (net of the expected return on plan assets) and toenvironmental provisions and its increase is largely attributableto the evolution of the applicable discount rates (see also noteF25 Employee Benefits and note F26 Provisions).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__63": {
"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.In \u20ac million 2024 2023Cost of borrowings -101 -178Result on Settlement of Cash Flow Hedges 1 0Interest expense on lease liabilities -13 -12Interest on loans and short term deposits 22 81Foreign exchange gains / losses 1 -7Interest element of Financial Instruments -6 -10Other gains and losses on net indebtedness 1 -14Net cost of borrowings -95 -140Cost of discounting provisions -38 -26Impact of change of discount rate on provisions 20 -2Result from equity instruments measured at fair value -6 10Net financial charges -120 -158The change in the net cost of borrowings between 2023 and2024 is mainly explained by the execution of the Grouprefinancing, in 2024, after the Partial Demerger.Cost of borrowings:\u2014 In 2024, the Syensqo Group recorded in the cost ofborrowing \u20ac57 million of interests related to the seniornotes, of which \u20ac36 million related to the US$1.2 billion seniornotes issued in June 2024 (see Main Events). Converserly, in2023, the Group recorded \u20ac126 million of financial chargesresulting from intercompany loans in place with the formerSolvay Group entities prior to the Partial Demerger;\u2014 The two drawdowns on the \"bridge-to-bond\" credit facilitiesin place before the June refinancing have generated\u20ac31 million in financial charges in 2024; \u2014 Interests on the commercial papers amounted to \u20ac2 million. \u25cf Interest on loans and short term deposits:The decrease in 2024 is explained mainly by the interest incomefrom the internal bank accounts in place with Solvay recorded in2023 before the Partial Demerger and by the lower level of cashavailable in 2024, since the two drawdowns under the \u201cbridge tobond\u201d credit facilities were repaid. Additional details areincluded in the note F28 Net Indebtedness. \u25cf The movement in Other gains and losses on net indebtednessis largely attributable in 2023 to the guarantee fees invoicedby Solvay to Syensqo.\u25cf The cost of discounting provisions relates to post-employmentbenefits (net of the expected return on plan assets) and toenvironmental provisions and its increase is largely attributableto the evolution of the applicable discount rates (see also noteF25 Employee Benefits and note F26 Provisions).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__62-1": {
"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.In \u20ac million 2024 2023Cost of borrowings -101 -178Result on Settlement of Cash Flow Hedges 1 0Interest expense on lease liabilities -13 -12Interest on loans and short term deposits 22 81Foreign exchange gains / losses 1 -7Interest element of Financial Instruments -6 -10Other gains and losses on net indebtedness 1 -14Net cost of borrowings -95 -140Cost of discounting provisions -38 -26Impact of change of discount rate on provisions 20 -2Result from equity instruments measured at fair value -6 10Net financial charges -120 -158The change in the net cost of borrowings between 2023 and2024 is mainly explained by the execution of the Grouprefinancing, in 2024, after the Partial Demerger.Cost of borrowings:\u2014 In 2024, the Syensqo Group recorded in the cost ofborrowing \u20ac57 million of interests related to the seniornotes, of which \u20ac36 million related to the US$1.2 billion seniornotes issued in June 2024 (see Main Events). Converserly, in2023, the Group recorded \u20ac126 million of financial chargesresulting from intercompany loans in place with the formerSolvay Group entities prior to the Partial Demerger;\u2014 The two drawdowns on the \"bridge-to-bond\" credit facilitiesin place before the June refinancing have generated\u20ac31 million in financial charges in 2024; \u2014 Interests on the commercial papers amounted to \u20ac2 million. \u25cf Interest on loans and short term deposits:The decrease in 2024 is explained mainly by the interest incomefrom the internal bank accounts in place with Solvay recorded in2023 before the Partial Demerger and by the lower level of cashavailable in 2024, since the two drawdowns under the \u201cbridge tobond\u201d credit facilities were repaid. Additional details areincluded in the note F28 Net Indebtedness. \u25cf The movement in Other gains and losses on net indebtednessis largely attributable in 2023 to the guarantee fees invoicedby Solvay to Syensqo.\u25cf The cost of discounting provisions relates to post-employmentbenefits (net of the expected return on plan assets) and toenvironmental provisions and its increase is largely attributableto the evolution of the applicable discount rates (see also noteF25 Employee Benefits and note F26 Provisions).CURRENCY TRANSLATION DIFFERENCESAccounting policyFor the purpose of presenting consolidated financialstatements at the end of each reporting period, the assetsand liabilities of the Group\u2019s foreign operations areexpressed in euros using closing rates. Income and expenseitems are translated at the average exchange rates for theperiod except when the impact of applying the averagerate is materially different from applying the spot rate at therespective transactions\u2019 dates, in which case the latter isapplied. Exchange differences arising, if any, are recognizedin other comprehensive income as \u201ccurrency translationdifferences\u201d.In case of a capital decrease of a subsidiary without loss ofcontrol, or a capital decrease of an equity method investeeor a joint operation without modification of the share of theequity interest held in that investee, then no accumulatedexchange differences are reclassified from equity to profitor loss.Goodwill and fair value adjustments arising on theacquisition of a foreign operation are treated as assets andliabilities of the foreign operation and translated into theGroup\u2019s presentation currency at the closing rate.In 2024, the total currency translation gain was \u20ac217 million,which compares to a loss of \u20ac173 million in 2023. This gain isprimarily attributed to the revaluation of the US dollar comparedto the Euro, which resulted in \u20ac242 million gain in 2024compared to a loss of \u20ac125 million in 2023. Additionally,compared to the Euro, the devaluation of the Brazilian Real led toa loss of \u20ac14 million in 2024, and the Mexican Peso's devaluationresulted in a loss of \u20ac9 million in 2024.The Group has assessed Argentina as a hyperinflationaryeconomy in the context of IAS 29 Financial Reporting inHyperinflationary Economies (\u201cIAS 29\u201d). Accordingly, the Grouphas reviewed the reporting from its affiliates in Argentina andwhere necessary restated them in line with IAS 29 using an indexbased on the IPC (Consumer Price Index) published by theNational Institute of Statistics and Censuses (INDEC). Theadjustments resulting from the application of IAS 29 do not havea significant impact on the Group\u2019s consolidated financialstatements.NOTE F15GOODWILLGoodwill \u2013 overviewIn \u20ac million TotalDecember 31, 2022 2,671Acquisitions 2Impairment -59Currency translation differences -54December 31, 2023 2,560Acquisitions 7Impairment -2Currency translation differences 94DECEMBER 31, 2024 2,659In 2023, goodwill impairment relates to the CGU Aroma (see noteF19 Impairment).The currency translation differences in 2024 and 2023 mainlyrelate to the Cytec goodwill expressed in US dollars.Goodwill by (groups of) CGU(s) Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from that businesscombination.2024At beginning ofAcquisitions Impairment Reclassification CurrencyAt the end ofthe periodtranslationthe periodIn \u20ac milliondifferences(Groups of) CGUsComposite Materials 646 39 684Novecare 656 7 -2 8 668Technology Solutions 803 46 848Specialty Polymers 444 2 446Energy Services 12 12Total goodwill 2,560 7 -2 94 2,659In the context of the Partial Demerger, management hadreassessed the allocation of goodwill at the level of thesegments. At the time of the Rhodia acquisition, a portion of the goodwillrelated to synergies for corporate functions, was allocated at thehigher level of the segment and tested as such instead of at thelevel of each individual CGU. Considering that goodwill is notamortized under IFRS, and the Syensqo segment goodwill ismore than 10 years old, management had tested it at the lowestlevel (i.e. CGU). Consequently, the total segment goodwill of\u20ac540 million (\u20ac341 million for Materials, \u20ac199 million forConsumer & Resources) was reallocated to the different CGUs/groups of CGUs based on their relative value in use at December31, 2023, as detailed in the table below.The reallocation of the goodwill at segment level did not changethe conclusions of the impairment tests at December 31, 2023.2023At beginning ofAcquisitions Impairment Reclassification CurrencyAt the end ofthe periodtranslationthe periodIn \u20ac milliondifferencesOperating segments - Groups of CGUsMaterials 341 -341Consumer & Resources 199 -199(Groups of) CGUsComposite Materials 591 76 -22 646Novecare 565 2 94 -5 656Technology Solutions 734 95 -26 803Specialty Polymers 180 265 -1 444Aroma Performance 49 -59 10Energy Services 12 12Total goodwill 2,671 2 -59 0 -54 2,560See note F19 Impairment.NOTE F16PROPERTY, PLANT AND EQUIPMENTLand andFixtures andOther tangibleProperty, plantTotalbuildingsequipmentassetsand equipmentunderIn \u20ac millionconstructionGross carrying amountDecember 31, 2022 1,412 5,225 169 676 7,481Additions 70 78 2 597 747Disposals and closures -11 -97 -12 -120Increase through business 1 1combinationsCurrency translation differences -35 -121 -4 -13 -173Other 92 432 32 -321 236December 31, 2023 1,528 5,518 186 939 8,172Additions 14 76 4 471 565Disposals and closures -3 -87 -8 -98Currency translation differences 48 186 5 15 254Other 63 382 25 -469 2DECEMBER 31, 2024 1,650 6,076 212 957 8,895Accumulated depreciationDecember 31, 2022 -653 -3,542 -135 -4,329Depreciation -46 -296 -11 -352Impairment -7 -45 -1 -53Disposals and closures 7 97 12 116Currency translation differences 15 79 3 97Other -17 -118 -22 -156December 31, 2023 -700 -3,825 -152 -4,678Depreciation -50 -314 -17 -381Impairment -11 -47 0 -59Reversal of impairment 1 5 7Disposals and closures 3 87 8 98Currency translation differences -21 -124 -5 -150Other -1 0 -1 -3DECEMBER 31, 2024 -779 -4,220 -167 -5,166Net carrying amountDecember 31, 2022 759 1,683 34 676 3,152December 31, 2023 828 1,693 34 939 3,494DECEMBER 31, 2024 871 1,856 45 957 3,729Cash flows related to major investments are disclosed in note F11Cash flows from investing activities \u2013 acquisition/disposal ofassets and investments. The impairment loss in 2024 mainly relates to the tangible fixedassets in CGU Oil and Gas for \u20ac44 million.The impairment loss in 2023 mainly relates to the tangible fixedassets in CGU Aroma Performance for \u20ac48 million (see note F19Impairment).The line \u201cOther\u201d in Gross carrying amount mainly includesreclassification of property, plant and equipment underconstruction to the appropriate categories when they are readyfor intended use, and the consolidation of the tangible fixedassets of the Zhenjiang entity for \u20ac55 million in 2023.NOTE F17RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONSAccounting policyDefinition of a lease At inception of a contract, which generally coincides withthe date the contract is signed, the Group assesses whethera contract is, or contains, a lease. A contract is, or contains,a lease if the contract conveys the right to control the use ofan identified asset for a period of time in exchange forconsideration.The Group\u2019s leased assets relate mainly to buildings,transportation equipment, and industrial equipment.Lease termThe Group determines the lease term as the non-cancellableperiod of a lease, together with both:\u25cf periods covered by an option to extend the lease if theGroup is reasonably certain to exercise that option; and\u25cf periods covered by an option to terminate the lease if theGroup is reasonably certain not to exercise that option.In its assessment, the Group considers the impact of thefollowing factors (non-exhaustive):\u25cf contractual terms and conditions for the optional periods,compared with market rates;\u25cf significant leasehold improvements undertaken (orexpected to be undertaken) over the term of the contract;\u25cf costs relating to the termination of the lease, includingrelocation costs, costs of identifying another underlyingasset suitable for the Group\u2019s needs, costs of integratinga new asset into the Group\u2019s operations, and terminationpenalties;\u25cf the importance of that underlying asset to the Group\u2019soperations, including the availability of suitable alternatives;\u25cf conditionality associated with exercising the option (i.e.When the option can be exercised only if one or moreconditions are met), and the likelihood that those conditionswill exist; and\u25cf past practice.Right-of-use asset and lease liabilityThe Group recognizes a right-of-use asset and a leaseliability at the lease commencement date, which is the datethat the lessor makes the asset available for use by theGroup except for short-term leases (defined as leases witha lease term of 12 months or less) and leases of low valueassets. The right-of-use assets are presented separately inthe consolidated statement of financial position, and thelease liabilities are presented as part of financial debt.Right-of-use assetThe right-of-use asset is initially measured at cost, whichcomprises:\u25cf the amount of the initial measurement of the lease liability;\u25cf any lease payments made at or before the commencementdate, less any lease incentive received; and\u25cf any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset ismeasured at cost less any accumulated depreciation andany accumulated impairment losses. Right-of-use assetsare depreciated using the straight-line depreciationmethod, from the commencement date to (a) the end ofthe useful life of the underlying asset, in case the leasetransfers ownership of the underlying asset to the Group bythe end of the lease term, or the lease contains a purchaseoption that the Group is reasonably certain to exercise, or(b) the earlier of the end of the useful life and the end of thelease term, in all other cases. Lease liabilityThe lease liability is initially measured at the present value ofthe lease payments that are not paid at the commencementdate, discounted using the interest rate implicit in the leaseor, if that rate cannot be readily determined, the respectiveGroup entity\u2019s incremental borrowing rate. Lease paymentsincluded in the measurement of the lease liability comprisethe following:\u25cf fixed payments, less any lease incentives receivable;\u25cf variable lease payments that depend on an index or arate, initially measured using the index or rate as at thecommencement date;\u25cf amounts expected to be payable by the Group underresidual value guarantees;\u25cf the exercise price of a purchase option if the Group isreasonably certain to exercise that option; and\u25cf payments of penalties for early terminating the lease, ifthe Group is reasonably certain to exercise an option toearly terminate the lease.Service components (e.g. Utilities, maintenance, insurance,\u2026) are excluded from the measurement of the lease liability. After the commencement date, the lease liability ismeasured by:\u25cf increasing the carrying amount to reflect interest on thelease liability;\u25cf reducing the carrying amount to reflect the leasepayments made; and\u25cf remeasuring the carrying amount to reflect anyreassessment or lease modifications, or to reflect theimpact from a revised index or rate.In \u20ac million Land andTransportationIndustrialOther tangibleTotalbuildingsequipmentequipmentassetsGross carrying amountDecember 31, 2022 187 59 128 10 384Additions 15 15 15 4 49Disposals and closures -24 -6 -3 -2 -35Currency translation differences -4 -2 -3 0 -9Other 2 19 -2 1 20December 31, 2023 176 85 134 13 407Additions 16 12 9 4 42Disposals and closures -9 -7 -3 -1 -20Currency translation differences 5 2 6 1 14Other 8 5 10 0 24DECEMBER 31, 2024 195 98 156 17 467Accumulated depreciationDecember 31, 2022 -87 -39 -58 -5 -188Depreciation -22 -16 -17 -2 -57Impairment 0 0Disposals and closures 15 6 3 2 26Currency translation differences 2 1 2 0 5Other 2 -7 1 -1 -5December 31, 2023 -89 -55 -68 -5 -219Depreciation -33 -17 -19 -3 -72Disposals and closures 9 7 3 1 20Currency translation differences -3 -2 -3 -9Other 1 1DECEMBER 31, 2024 -117 -67 -88 -8 -279Net carrying amountDecember 31, 2022 101 20 70 5 196December 31, 2023 86 30 66 8 188DECEMBER 31, 2024 79 31 69 9 188The Group primarily leases buildings that include office buildings,and warehouses. Those leases are generally long-term leasesand may include extension options. The Group leasestransportation equipment, which mainly relate to utility assets. Lease contracts generally are negotiated by the local teams,and contain a wide range of different terms and conditions.Many lease contracts contain extension options and/or earlytermination options to provide the Group with operationalflexibility. Such options are taken into account when determiningthe lease term and the lease liability when it is reasonablycertain that they will be exercised. If the Group exercised its extension options not currentlyincluded in the lease liability, the present value of additionalpayments would amount to \u20ac55 million at December 31, 2024(\u20ac71 million at December 31, 2023). There are no lease contracts signed but not yet commenced atDecember 31, 2024 and December 31, 2023.Total cash outflows for leases amount to \u20ac74 million for 2024, ofwhich \u20ac61 million related to payment of lease liabilities and \u20ac13million of finance expenses. Information on the correspondinglease liabilities (\u20ac230 million) can be found in the note F28 Netindebtedness. Information on the finance expense related tolease liabilities can be found in note F5 Net financial charges.NOTE F18INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe list of associates and joint ventures is available in the noteF36 List of companies included in the consolidation scope.The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equitymethod of accounting.December 31, 2024 December 31, 2023Associates JointTotal Associates JointTotalIn \u20ac millionventuresventuresInvestments in associates and joint ventures 8 200 208 6 201 207Earnings from associates and joint ventures 2 19 21 25 25INVESTMENTS IN ASSOCIATESThe only associate of the Group in 2024 and 2023 is the consortium Exeltium in France.In \u20ac million 2024 2023January 1 6 5Profit for the year 2Other 1DECEMBER 31 8 6In \u20ac million December 31, 2024 December 31, 2023Statement of financial positionNon-current assets 568 658Current assets 440 440of which cash and cash equivalents 207 185Non-current liabilities 724 830of which non-current financial debt 724 830Current liabilities 218 218of which current financial debt 0 0Investments in associates 8 6In \u20ac million 2024 2023Income statementSales 689 449Depreciation and amortization 0 0Interest on loans and short term deposits -42 -49Profit for the year from continuing operations 17 9Profit for the year 17 9TOTAL COMPREHENSIVE INCOME 17 9Dividends received 0 0INVESTMENTS IN JOINT VENTURESIn \u20ac million 2024 2023January 1 201 199Capital increase / (decrease) -7 -8Profit for the year 19 25Dividends received -20 -6Currency translation differences 8 -7Other 0 -1DECEMBER 31 200 201In 2024 and 2023, the currency translation differences mainlyrelate to the evolution of the Indian rupee compared to the euro.The joint ventures had no contingent liabilities or capitalcommitments as at December 31, 2024 and 2023.The tables below present the summary of the statement offinancial position and income statement of the material jointventures.December 31, 2024Hindustan Gum &EECO HoldingStrata - SolvaySolvay Manyar,Chemicals Ltd.andsubsidiariesAdvancedGresikIn \u20ac millionMaterial JV LLCOwnership interest 50% 33% 50% 50%Operating Segment Consumer &Corporate &Materials Consumer &ResourcesBusiness ServicesResourcesStatement of financial positionNon-current assets 14 26 82 1Current assets 291 21 14 12Cash and cash equivalents 258 4 10 5Non-current liabilities 8 0 1Non-current financial debt 0Current liabilities 20 18 1Current financial debt 17Investments in joint ventures 139 8 48 52024 income statementSales 49 31 20Depreciation and amortization -1 -4 0 0Cost of borrowings -1Interest on loans and short-term deposits 19 1 0Income taxes -5 -1 0Profit for the year from continuing operations 14 5 20 2Profit for the year 14 5 20 1Other comprehensive income 2 0TOTAL COMPREHENSIVE INCOME 14 6 22 1Dividends received 18 1 0Other comprehensive income mainly comprises the currency translation differences.December 31, 2023Hindustan Gum &EECO HoldingStrata - SolvaySolvay Manyar,Chemicals Ltd.andsubsidiariesAdvancedGresikIn \u20ac millionMaterial JV LLCOwnership interest 50% 33% 50% 50%Operating Segment Consumer &Corporate &Materials Consumer &ResourcesBusiness ServicesResourcesStatement of financial positionNon-current assets 8 28 73 1Current assets 304 31 14 12Cash and cash equivalents 277 5 11 5Non-current liabilities 10 9 1Non-current financial debt 9Current liabilities 13 19 2 2Current financial debt 20Investments in joint ventures 145 10 43 52023 income statementSales 40 25 22Depreciation and amortization -1 -4 0 0Cost of borrowings -1Interest on loans and short-term deposits 20 1 0Income taxes -5 -1 0Profit for the year from continuing operations 16 9 18 1Profit for the year 16 9 18 1Other comprehensive income -1 0TOTAL COMPREHENSIVE INCOME 16 11 17 1Dividends received 4 1 1Other comprehensive income mainly comprises the currency translation differences.In \u20ac million Restructuring Environment Litigation Other TotalDecember 31, 2023 48 500 36 118 702Additions 104 18 0 30 152Reversals of unused amounts 0 -33 -4 -33 -70Uses -49 -47 0 -15 -110Increase/decrease through discounting 0 1 0 0 1Currency translation differences 1 20 2 1 23Acquisitions and changes in consolidation scope 0 0 0 1 1Other 0 -167 0 0 -166DECEMBER 31, 2024 104 292 34 103 533Of which current provisions 72 63 33 51 219Management expects provisions to be used (cash outlays) as follows:In \u20ac million up to 5 years between 5beyond 10Totaland 10 yearsyearsTotal provisions for environment 162 42 88 292Total provisions for litigation 34 34Total provisions for restructuring and other 208 208DECEMBER 31, 2024 404 42 88 533Restructuring provisionsIn 2024, these provisions amount to \u20ac104 million, compared with\u20ac48 million at the end of 2023. The increase is mainly due to thenew restructuring initiatives that were launched in 2024 to adaptthe organization to better meet the evolving needs of itscustomers and focus on projects that will accelerate growth.Environmental provisionsThese provisions amount to \u20ac292 million at the end of 2024,compared with \u20ac500 million at the end of 2023.The environmental provisions in 2024 relate mainly to remedialactivities pertaining to the per- and polyfluoroalkyl substances(PFAS) related to the West Deptford, New Jersey site (\u20ac126million). On June 28, 2023, Solvay Specialty Polymers USA, LLC(\u201cSolvay Specialty Polymers\u201d), a subsidiary of Syensqo SA, andthe New Jersey Department of Environmental Protection (NJDEP)announced an agreement resolving certain PFAS related claimsin New Jersey.The agreement, which is not an admission of liability, wasstructured as a Judicial Consent Order and it was presented tothe US Court for review and approval following a publiccomment period. The Court Approval was obtained on March 1,2024 and became final and binding.Under the terms of the agreement, Solvay Specialty Polymerspaid US$75 million to NJDEP for Natural Resource Damages(NRDs) and US$100 million to fund NJDEP PFAS remediationprojects in areas of New Jersey near the Reporting Entity\u2019s WestDeptford site. The settlement includes commitments for SolvaySpecialty Polymers to complete remediation activities thatbegan in 2013, including testing water and soil near the WestDeptford site. Solvay Specialty Polymers established a remedialfunding source in the initial amount of US$214 million to fundthose activities. As a result of this settlement, Solvay SpecialtyPolymers had increased its current provision by around US$ 250million (\u20ac229 million) in 2023.The line \"Other\" in the table above is explained by the approval ofthe Judicial Consent Order by the US Court. As a consequenceof the approval, an amount of US$180 million (EUR 167 million)was reclassified from \u201cOther (current) provisions\u201d to \u201cOther(current) liabilities\u201d as of March 31, 2024 and that amount waspaid in April 2024 (in the Statement of Cash flows, it is included inthe Changes in working capital). The balance of the provisionwill be spent over a 30-year period and is included in Other non-current provisions.The environmental provision recorded is based on the netpresent value of the cash flow forecast needed, for current andfuture years, to settle the remediation obligations. This provisionrepresents the estimated cash out and does not reflectexpected recoveries from third-party contributors nor does itreflect the potential insurance proceeds, the combination ofwhich could significantly reduce the resultant costs.The Group submitted certain claims from its environmentalliability insurance and received and recognized \u20ac32 million as apreliminary settlement of these insurance policy claims inFebruary 2024. Other unrecognized insurance proceeds andrecovery from third-party contributors are still under discussion.The variation of Environmental provisions was also impacted by \u25cf the reversal of unused amounts for \u20ac(33) million mainly dueto the downward revision of future remediation expenses(\u20ac(28) million) and the transfer to Solvay of two sites in theUnited Kingdom (\u20ac(6) million);\u25cf the impact of currency translation and the revisedassumptions of discount rates increasing the present value ofthe overall liability by \u20ac21 million. The estimated amounts arediscounted based on the probable date of settlement, andare periodically adjusted to reflect the passage of time.The breakdown of the environmental provisions and related uses for the main Countries/Regions is reported here below:December 31, 2024 December 31, 2023Provisions In % Use ofProvisions In % Use ofIn \u20ac millionprovisionsprovisionsItaly 28 10% -4 36 7% -6Rest of Europe 7 2% -2 14 3% -7North America 254 87% -41 447 89% -19Rest of the world 3 1% 0 3 1% 0TOTAL 292 100% -47 500 100% -32HSE cross-indemnities The Separation Agreement signed in 2023 contains provisionsallocated to the Syensqo Group for certain operating costs,closed or divested sites, including sites for which provisions havebeen established in the Solvay Group\u2019s consolidated financialstatements, and cross-indemnity obligations applicable where aparty incurs claims, liabilities or expenses for sites allocated tothe other party in the Separation Agreement.The cross-indemnity provision within the Separation Agreementdefines the nature of the environmental liabilities and costs thatare indemnified. Such costs include management ofenvironmental claims, remediation obligations and relatedactions. The Separation Agreement also provides additionalprovisions such as submitting claims and protections aimed atavoiding double recoveries.At the end of 2024, the cross-indemnity provision amounted to\u20ac47 million (\u20ac51 million in 2023) and the related indemnificationassets have been recognized in Other non-current assets andOther Receivables.Provisions for litigationProvisions for litigation refer to indirect tax and legal exposures.They amount to \u20ac34 million in 2024 (\u20ac36 million in 2023). Other provisionsOther provisions amount to \u20ac103 million in 2024 (\u20ac118 million in2023).The Syensqo Group and the Solvay Group have entered into atransition services agreement (the \u201cTSA\u201d), effective from the dateof the Partial Demerger for a non-renewable term of 24 months,whereby the Syensqo Group and the Solvay Group will, to theextent that certain business functions and corporate functionshave not been separated prior to the Partial Demerger date,each provide to the other various services and support on aninterim transitional basis. In particular, given that the SyensqoGroup will not have certain internal corporate functions fully inplace at the date of the Partial Demerger (such as finance, legal,tax, human resources, payroll, IT and other support services), theSolvay Group will provide support with such matters under theterms of the TSA. Upon termination of the TSA, the SyensqoGroup will bear wind-down charges covering certainrestructuring costs incurred by the Solvay Group.The cross-indemnity provisions for \u20ac21 million and the wind-down charges covering certain restructuring costs that will beincurred by Solvay Group upon termination of the transitionservices agreement for \u20ac51 million that were added in 2023,were revised in 2024 and amount respectively to \u20ac24 million and\u20ac39 million at the end of 2024.NOTE F28NET INDEBTEDNESSThe Group\u2019s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.In \u20ac million December 31, 2024 December 31, 2023Financial debt 2,115 2,313Cash and cash equivalents -659 -1,151Other financial instruments -97 -78Net indebtedness 1,359 1,084The financial debt at the end of 2024 is composed by:\u25cf the senior EUR bonds 2027 (\u20ac500 million nominal), senior US$Cytec bonds 2025 (US$163 million nominal), senior US$ 144Anotes 2029 (US$600 million nominal) and senior US$ 144Anotes 2034 (US$600 million nominal),\u25cf the IFRS 16 lease liabilities (\u20ac230 million),\u25cf commercial paper (\u20ac50 million nominal),\u25cf other financial debt (\u20ac30 million, excluding lease debt) mainlyshort term.Syensqo is Investment Grade rating Baa1/P2 (stable outlook) byMoody\u2019s and BBB+/A2 (stable outlook) by Standard & Poor\u2019s as ofthe 2024 closing.Financial debt: main borrowings December 31, 2024 December 31, 2023NominalCoupon Maturity Secured Amount atFairAmount atFairamount amortizedvalue amortizedvalueIn \u20ac million (except where indicated) cost costSenior EUR bonds Syensqo SA (issuance 500 2.75% 2027 No 498 501 498 492\u20ac500m)Senior US$ senior notes Cytec Industries Inc. 157 3.95% 2025 No 157 157 147 145(issuance US$250 million)Senior US$ notes (144A;US$600 million) 577 5.65% 2029 No 576 586Senior US$ notes (144A;US$600 million) 577 5.85% 2034 No 574 586Total senior US$ senior notes 1,311 1,307 1,329 147 145Credit facility (\u20ac600 million)* Floating2024 No 600 600RateCredit facility (US$816 million)* Floating2024 No 738 738RateTotal Credit facility (as above) 1,338 1,338Commercial Paper 50 2.89% 2025 No 50 50Other borrowings from third parties 30 30 111 111Lease debt 230 230 219 219TOTAL 2,115 2,140 2,313 2,305* Fully repaid in June 2024.There are no instances of default on the above-mentionedfinancial debts. There are no financial covenants, neither onSyensqo SA, nor on any of the Group\u2019s holding companies.Solvay SA remains the guarantor of the Cytec 2025 senior notes(effective since the date of the Partial Demerger). Syensqoprovides a counter-guarantee to Solvay for any payments to bemade under the Cytec 2025 senior notes. There is no accountingimpact of the counter-guarantee in the Syensqo consolidatedfinancial statements.In December, 2024, the Group announced that it had delivered anotice of early redemption in full to holders of the Cytec 2025senior notes. The redemption was implemented in accordancewith the terms and conditions of the bonds. The bonds wereredeemed on February 1, 2025 at a price of 100% of the principalamount (US$163 million \u20ac157 million), plus accrued and unpaidinterest thereon to, but not including, the redemption date(being US$2 million \u20ac2 million).Other financial instrumentsIn \u20ac million December 31, 2024 December 31, 2023Non-current other financial instruments 30 30Current other financial instruments 67 48Currency swaps 1 3Other marketable securities > 3 months 60 37Other current financial assets 6 9Other financial instruments 97 78The other marketable securities > 3 months include the bank drafts position.The other current financial assets mainly relate to current accounts with related parties.Cash and cash equivalentsIn \u20ac million December 31, 2024 December 31, 2023Cash 476 628Term deposits 182 523Cash and cash equivalents 659 1,151By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value.Changes in financial debt and in other financial instruments arising from financing activities2023 2024 Total Cash flows Cash flows Changes inChanges in TransferPaymentOther Totalfromfromforeignother currentfrom non-of leaseincrease ofrepayment ofexchange financialcurrent toliabilitiesIn \u20ac millionborrowings borrowingsratesassetscurrentBonds/Senior notes 645 1,104 49 -151 1,647Other non-current debts 1,348 16 -1,357 7Long term leasing debt 166 5 -70 67 168Non-current financial debt 2,159 1,104 70 -1,578 67 1,822Current financial debt 154 211 -1,566 8 1,578 -62 -30 293Total financial debt 2,313 1,315 -1,566 78 -62 37 2,115Other non-current financial instruments -30 -30Currency swaps -3 2 -1Other marketable securities > 3 months -37 -1 -22 -60Other current financial assets -9 3 -6Other financial instruments -79 -1 -22 5 -97TOTAL 2,234 1,315 -1,566 77 -22 -62 42 2,018The financial debt decreased from \u20ac2,313 million at the end of2023 to \u20ac2,115 million at the end of 2024.The Other non-current financial instruments remainedunchanged.The other financial instruments increased from \u20ac(79) million atthe end of 2023 to \u20ac(97) million at the end of 2024.The above variations are explained by:\u25cf Cash flows from increase of borrowings \u20ac1,315 million is mainlyexplained by the issuance of US$1,200 million of Senior Debtand the issuance of \u20ac150 million commercial paper of which\u20ac50 million have been extended until June 2025. Thisextension was reflected as an increase and decrease in thecash flow from borrowings;\u25cf Cash flows from repayment of borrowings \u20ac(1,566) million ismainly explained by the repayment of the bridge-to-bondfacilities \u20ac(1,355) million, repayment of the commercial paper\u20ac(100) million and reduction in working capital facilities inBrazil, India and Peru \u20ac(28) million;\u25cf Impact due to conversion of instruments denominated incurrencies different from the EURO of \u20ac77 million, whichincludes \u20ac78 million in the Financial debt and \u20ac(1) million inother financial instruments;\u25cf Changes in other current financial assets represented \u20ac(22)million mainly explained by the increase of Chinese bankdrafts in \u20ac(22) million;\u25cf In 2024 a total amount of \u20ac(1,578) million was transferred fromnon-current to current:\u2014 Bridge-to-bond facility: two drawdowns (\u20ac(600) million andUS$(816) million);\u2014 Senior note of Cytec for US$(163) million;\u2014 Leases \u20ac(70) million;\u25cf Payment of lease liabilities (\u20ac62 million);\u25cf Other changes in financial debt for a total of \u20ac42 million weremainly due to the increase of the lease obligations (\u20ac67million), partially compensated by settlement of the interestrate hedging instrument (Treasury Lock, valued at \u20ac(29)million at 31 December 2023) and \u20ac3 million are related toaccrued interest receivables.",
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"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.In \u20ac million 2024 2023Cost of borrowings -101 -178Result on Settlement of Cash Flow Hedges 1 0Interest expense on lease liabilities -13 -12Interest on loans and short term deposits 22 81Foreign exchange gains / losses 1 -7Interest element of Financial Instruments -6 -10Other gains and losses on net indebtedness 1 -14Net cost of borrowings -95 -140Cost of discounting provisions -38 -26Impact of change of discount rate on provisions 20 -2Result from equity instruments measured at fair value -6 10Net financial charges -120 -158The change in the net cost of borrowings between 2023 and2024 is mainly explained by the execution of the Grouprefinancing, in 2024, after the Partial Demerger.Cost of borrowings:\u2014 In 2024, the Syensqo Group recorded in the cost ofborrowing \u20ac57 million of interests related to the seniornotes, of which \u20ac36 million related to the US$1.2 billion seniornotes issued in June 2024 (see Main Events). Converserly, in2023, the Group recorded \u20ac126 million of financial chargesresulting from intercompany loans in place with the formerSolvay Group entities prior to the Partial Demerger;\u2014 The two drawdowns on the \"bridge-to-bond\" credit facilitiesin place before the June refinancing have generated\u20ac31 million in financial charges in 2024; \u2014 Interests on the commercial papers amounted to \u20ac2 million. \u25cf Interest on loans and short term deposits:The decrease in 2024 is explained mainly by the interest incomefrom the internal bank accounts in place with Solvay recorded in2023 before the Partial Demerger and by the lower level of cashavailable in 2024, since the two drawdowns under the \u201cbridge tobond\u201d credit facilities were repaid. Additional details areincluded in the note F28 Net Indebtedness. \u25cf The movement in Other gains and losses on net indebtednessis largely attributable in 2023 to the guarantee fees invoicedby Solvay to Syensqo.\u25cf The cost of discounting provisions relates to post-employmentbenefits (net of the expected return on plan assets) and toenvironmental provisions and its increase is largely attributableto the evolution of the applicable discount rates (see also noteF25 Employee Benefits and note F26 Provisions).",
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"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.In \u20ac million 2024 2023Cost of borrowings -101 -178Result on Settlement of Cash Flow Hedges 1 0Interest expense on lease liabilities -13 -12Interest on loans and short term deposits 22 81Foreign exchange gains / losses 1 -7Interest element of Financial Instruments -6 -10Other gains and losses on net indebtedness 1 -14Net cost of borrowings -95 -140Cost of discounting provisions -38 -26Impact of change of discount rate on provisions 20 -2Result from equity instruments measured at fair value -6 10Net financial charges -120 -158The change in the net cost of borrowings between 2023 and2024 is mainly explained by the execution of the Grouprefinancing, in 2024, after the Partial Demerger.Cost of borrowings:\u2014 In 2024, the Syensqo Group recorded in the cost ofborrowing \u20ac57 million of interests related to the seniornotes, of which \u20ac36 million related to the US$1.2 billion seniornotes issued in June 2024 (see Main Events). Converserly, in2023, the Group recorded \u20ac126 million of financial chargesresulting from intercompany loans in place with the formerSolvay Group entities prior to the Partial Demerger;\u2014 The two drawdowns on the \"bridge-to-bond\" credit facilitiesin place before the June refinancing have generated\u20ac31 million in financial charges in 2024; \u2014 Interests on the commercial papers amounted to \u20ac2 million. \u25cf Interest on loans and short term deposits:The decrease in 2024 is explained mainly by the interest incomefrom the internal bank accounts in place with Solvay recorded in2023 before the Partial Demerger and by the lower level of cashavailable in 2024, since the two drawdowns under the \u201cbridge tobond\u201d credit facilities were repaid. Additional details areincluded in the note F28 Net Indebtedness. \u25cf The movement in Other gains and losses on net indebtednessis largely attributable in 2023 to the guarantee fees invoicedby Solvay to Syensqo.\u25cf The cost of discounting provisions relates to post-employmentbenefits (net of the expected return on plan assets) and toenvironmental provisions and its increase is largely attributableto the evolution of the applicable discount rates (see also noteF25 Employee Benefits and note F26 Provisions).",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__59": {
"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.In \u20ac million 2024 2023Cost of borrowings -101 -178Result on Settlement of Cash Flow Hedges 1 0Interest expense on lease liabilities -13 -12Interest on loans and short term deposits 22 81Foreign exchange gains / losses 1 -7Interest element of Financial Instruments -6 -10Other gains and losses on net indebtedness 1 -14Net cost of borrowings -95 -140Cost of discounting provisions -38 -26Impact of change of discount rate on provisions 20 -2Result from equity instruments measured at fair value -6 10Net financial charges -120 -158The change in the net cost of borrowings between 2023 and2024 is mainly explained by the execution of the Grouprefinancing, in 2024, after the Partial Demerger.Cost of borrowings:\u2014 In 2024, the Syensqo Group recorded in the cost ofborrowing \u20ac57 million of interests related to the seniornotes, of which \u20ac36 million related to the US$1.2 billion seniornotes issued in June 2024 (see Main Events). Converserly, in2023, the Group recorded \u20ac126 million of financial chargesresulting from intercompany loans in place with the formerSolvay Group entities prior to the Partial Demerger;\u2014 The two drawdowns on the \"bridge-to-bond\" credit facilitiesin place before the June refinancing have generated\u20ac31 million in financial charges in 2024; \u2014 Interests on the commercial papers amounted to \u20ac2 million. \u25cf Interest on loans and short term deposits:The decrease in 2024 is explained mainly by the interest incomefrom the internal bank accounts in place with Solvay recorded in2023 before the Partial Demerger and by the lower level of cashavailable in 2024, since the two drawdowns under the \u201cbridge tobond\u201d credit facilities were repaid. Additional details areincluded in the note F28 Net Indebtedness. \u25cf The movement in Other gains and losses on net indebtednessis largely attributable in 2023 to the guarantee fees invoicedby Solvay to Syensqo.\u25cf The cost of discounting provisions relates to post-employmentbenefits (net of the expected return on plan assets) and toenvironmental provisions and its increase is largely attributableto the evolution of the applicable discount rates (see also noteF25 Employee Benefits and note F26 Provisions).",
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"f1__s8__7__58": {
"value": "NOTE F5NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowingsas incurred, with the exception of borrowing costs directlyattributable to the acquisition, construction and productionof qualifying assets (see note F16 Property, Plant andEquipment).Net foreign exchange gains or losses on financial items andchanges in fair value of derivative financial instrumentsrelated to net indebtedness are presented in \u201cOther gainsand losses on net indebtedness\u201d, with the exception ofchanges in fair value of derivative financial instruments thatare hedging instruments in a cash flow hedge relationship,and which are recognized on the same line as the hedgeditem, when the latter affects profit or loss.In \u20ac million 2024 2023Cost of borrowings -101 -178Result on Settlement of Cash Flow Hedges 1 0Interest expense on lease liabilities -13 -12Interest on loans and short term deposits 22 81Foreign exchange gains / losses 1 -7Interest element of Financial Instruments -6 -10Other gains and losses on net indebtedness 1 -14Net cost of borrowings -95 -140Cost of discounting provisions -38 -26Impact of change of discount rate on provisions 20 -2Result from equity instruments measured at fair value -6 10Net financial charges -120 -158The change in the net cost of borrowings between 2023 and2024 is mainly explained by the execution of the Grouprefinancing, in 2024, after the Partial Demerger.Cost of borrowings:\u2014 In 2024, the Syensqo Group recorded in the cost ofborrowing \u20ac57 million of interests related to the seniornotes, of which \u20ac36 million related to the US$1.2 billion seniornotes issued in June 2024 (see Main Events). Converserly, in2023, the Group recorded \u20ac126 million of financial chargesresulting from intercompany loans in place with the formerSolvay Group entities prior to the Partial Demerger;\u2014 The two drawdowns on the \"bridge-to-bond\" credit facilitiesin place before the June refinancing have generated\u20ac31 million in financial charges in 2024; \u2014 Interests on the commercial papers amounted to \u20ac2 million. \u25cf Interest on loans and short term deposits:The decrease in 2024 is explained mainly by the interest incomefrom the internal bank accounts in place with Solvay recorded in2023 before the Partial Demerger and by the lower level of cashavailable in 2024, since the two drawdowns under the \u201cbridge tobond\u201d credit facilities were repaid. Additional details areincluded in the note F28 Net Indebtedness. \u25cf The movement in Other gains and losses on net indebtednessis largely attributable in 2023 to the guarantee fees invoicedby Solvay to Syensqo.\u25cf The cost of discounting provisions relates to post-employmentbenefits (net of the expected return on plan assets) and toenvironmental provisions and its increase is largely attributableto the evolution of the applicable discount rates (see also noteF25 Employee Benefits and note F26 Provisions).",
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"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__71": {
"value": "NOTE F6INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITIONAccounting policyCurrent taxesThe current tax payable is based on taxable profit of theyear. Taxable profit differs from profit as reported in theconsolidated income statement because of items ofincome or expense that are taxable or deductible in otheryears and items that are never taxable or deductible. TheGroup\u2019s liability for current tax is calculated using tax ratesthat have been enacted or substantively enacted by theend of the reporting period.Deferred taxesDeferred taxes are recognized for temporary differencesbetween the carrying amounts of assets and liabilities in theconsolidated financial statements and their correspondingtax bases used in the computation of taxable profit.Deferred tax assets are generally recognized for alldeductible temporary differences, to the extent that it isprobable that taxable profits will be available against whichthose deductible temporary differences can be utilized.Deferred tax liabilities are generally recognized for alltaxable temporary differences.No deferred tax liabilities are recognized following the initialrecognition of goodwill. In addition, no deferred tax assets orliabilities are recognized with respect to the initialrecognition of an asset or liability in a transaction, which isnot a business combination and affects neither accountingprofit nor taxable profit.Deferred tax liabilities are recognized for taxable temporarydifferences associated with investments in subsidiaries, jointventures, and associates, except where the Group is able tocontrol the timing of the reversal of the temporarydifference and it is probable that the temporary differencewill not reverse in the foreseeable future.The carrying amount of deferred tax assets is reviewed ateach reporting date and reduced to the extent that it is nolonger probable that sufficient taxable profit will beavailable to allow all or part of the deferred tax asset to beutilized. Unrecognized deferred tax assets are re-assessedat each reporting date and are recognized to the extentthat it has become probable that future taxable profits willallow the deferred tax asset to be recovered.Deferred tax assets other than tax loss carryforwards areanalyzed on a case by case basis, taking into account allrelevant facts and circumstances. For example, a zerotaxable profit, after deducting the amounts paid to retireesunder a defined benefit plan and for which a deductibletemporary difference existed, can justify the recognition ofthe underlying deferred tax assets. Recognition of deferredtax assets for tax loss carryforwards requires a positivetaxable profit during the year that enables the utilization oftax losses that originated in the past. Because ofuncertainties inherent to predicting such positive taxableprofit, recognition of deferred tax assets from tax losscarryforwards is based on a case by case analysis, which isusually based on five-year profit forecasts.The corporate tax reporting team, which monitors the Groupdeferred tax positions, is involved in assessing deferred taxassets.Further details are provided in note F6.C.Deferred tax assets and liabilities are measured at the taxrates that are expected to apply in the period in which theliability is settled or the asset is realized, based on tax rates(and tax laws) that have been enacted or substantivelyenacted by the end of the reporting period. Themeasurement of deferred tax liabilities and assets reflectsthe tax consequences that would follow from the manner inwhich the Group expects, at the end of the reporting period,to recover or settle the carrying amount of its assets andliabilities.Current tax assets and liabilities are offset when there is alegally enforceable right to set off the recognized amountsand when the Group intends to settle its current tax assetsand liabilities on a net basis.Deferred tax assets and liabilities are offset when there is alegally enforceable right to set off current tax assets againstcurrent tax liabilities and when they relate to income taxeslevied by the same taxation authority and the Group intendsto settle its current tax assets and liabilities on a net basis.Current and deferred taxes for the periodCurrent and deferred taxes for the period are recognized asan expense or income in profit or loss, except when theyrelate to items that are recognized outside profit or loss(whether in other comprehensive income or directly inequity), in which case the tax is also recognized outsideprofit or loss, or when they arise from the initial accountingfor a business combination. In the case of a businesscombination, the tax effect is taken into account in theaccounting for the business combination.F6.A. Income taxesThe income taxes (net expense) recognized in the consolidated income statement increased by \u20ac(165) million in 2024 compared to 2023.The income taxes (net expense) recognized in other comprehensive income increased by \u20ac(38) million in 2024 compared to 2023,mainly due to the movement in employee benefit liabilities (see note F25 Employee benefits) and in financial instruments (see note F27Financial instruments and financial risk management).In \u20ac million 2024 2023Current taxes related to current year -148 -266Provisions for tax litigations -5 0Other current taxes related to prior years 1 12Current taxes -151 -254Changes in deferred tax assets recognition (a) -173 26Deferred tax income on amortization of PPA step-ups 32 32Deferred tax impact of changes in the nominal tax rates 1 0Deferred taxes related to prior years 3 -7Other deferred taxes (b) -69 11Deferred taxes -206 62Income taxes recognized in the consolidated income statement -357 -192Income taxes on items recognized in other comprehensive income -10 28The expense for current taxes decreased in 2024 compared to2023 mainly due to the decrease of the results. The current taxesinclude \u20ac2 million of Top-Up Tax (see below).(a) The changes in the deferred tax assets recognition mainlyresults from the valuation allowance on the disallowedinterest in the United States (\u20ac(54) million) and from arevision of the forecasts of utilization of tax losses carriedforward in the holding companies (\u20ac(111) million in 2024,\u20ac30 million in 2023).(b) The other deferred taxes mainly include:\u2014 the utilization of deferred taxes on environmentalprovisions in the United States (\u20ac(44) million) and thelimited utilization of deferred taxes on tax losses and taxcredits carried forward in the holding companies (\u20ac(15)million in 2024, (\u20ac(59) million in 2023);\u2014 other net increases and reversals of other temporarydifferences.U.S. Tax Matters AgreementIn connection with the Partial Demerger, Syensqo and Solvayentered into a U.S. Tax Matters Agreement (the \u201cU.S. TMA\u201d)intended to (among other things) preserve the tax-freetreatment of the Partial Demerger and of the separation of theU.S. Specialty Businesses and the U.S. Essential Businesses (the\"U.S. Spin-Off\") for U.S. federal income tax purposes.Under the U.S. TMA, Syensqo and Solvay will generally be requiredto indemnify the other for any U.S. taxes and certain relatedlosses resulting from (or relating to) the failure of the U.S. Spin-Off and the Partial Demerger (and certain associatedtransactions) to qualify for their intended U.S. tax treatment,where such taxes or losses are attributable to (1) untruerepresentations and breaches of covenants made in connectionwith the U.S. Spin-Off, the Partial Demerger or the U.S. TMA(including in the IRS ruling and tax opinion described above), (2)the application of certain provisions of U.S. federal income taxlaw to the U.S. Spin-Off or the Partial Demerger (for example, inconnection with a change of control of either party) or (3) otheractions or omissions within the party\u2019s control which give rise toU.S. taxes (or related losses) in connection with the U.S. Spin-Offand the Partial Demerger.Under the U.S. TMA, Syensqo and Solvay are prohibited fromtaking actions that are reasonably expected to cause the PartialDemerger or U.S. Spin-Off (or certain associated transactions) tofail to qualify for their intended U.S. tax treatment, or that couldjeopardize the conclusions of, or that are inconsistent with, theIRS ruling or the tax opinion discussed above.Additionally, the parties are generally prohibited (subject tocertain exceptions in the U.S. TMA), for the two-year periodfollowing completion of the Partial Demerger, from engaging incertain acquisitions, mergers, liquidations, sales, and redemptiontransactions with respect to their respective stock and assetsthat could jeopardize the tax-free status of the Partial Demergeror the U.S. Spin-Off for U.S. federal income tax purposes. NeitherSolvay\u2019s nor Syensqo\u2019s obligations under the U.S. TMA are limitedin amount or subject to any cap.As of December 31, 2024, Syensqo was not aware of any breachor alleged breach by it of its obligations under the U.S. TMA, andhad not received any notice from Solvay relating to a breach oralleged breach thereof.Developments in International TaxationPillar Two legislation has been enacted or substantively enactedin certain jurisdictions in which the Group operates, notably inBelgium where the ultimate parent entity is located. Thelegislation is effective for the Group\u2019s financial year beginningJanuary 1, 2024.Syensqo SA is closely monitoring the laws which the variousjurisdictions are adopting following the Organization forEconomic Co-operation and Development (\u2018OECD\u2019) and EU-initiatives regarding the Pillar Two Global Minimum Tax of 15%and the potential impact thereof.The Group has performed the 2024 Transitional CbCR SafeHarbour (TCSH) calculations based on 2024 figures and the Pillartwo entity classification, under the reasonable assumption thatthe Group will benefit from the CbCR qualification (\u2018QualifiedCbCR\u2019) for eligibility under the Pillar 2 Safe Harbour.Based on our assessment, Chile, United Arab Emirates andLuxembourg are the only jurisdictions that would fall out ofscope for the TCSH. Based on the full Pillar two calculation thatwas performed, \u20ac2 million Top-Up Tax has been accrued for inthe current taxes in 2024. The exception to recognise and disclose information aboutdeferred tax assets and liabilities related to Pillar Two wasapplied.The data for non-consolidated entities (including GloBE JVs) hasnot been captured in the analysis but the impacts are notexpected to be material.F6.B. Reconciliation of the income tax expenseThe effective income tax expense has been reconciled with the theoretical tax expense obtained by applying to the pre-tax profit of eachGroup entity the nominal tax rate prevailing in the country in which it operates.In \u20ac million 2024 2023Profit/(Loss) for the year before taxes 352 389Earnings from associates and joint ventures 21 25Profit/(Loss) for the year before taxes excluding earnings from associates and joint ventures 331 365Reconciliation of the tax income/(expense)Total tax income/(expense) of the Group entities computed on the basis of the respective local -102 -109nominal ratesWeighted average nominal rate 31% 30%Withholding taxes -43 -31Tax effect of changes in nominal tax rates 1 0Changes in deferred tax assets recognition -173 26Tax effect of permanent differences -27 -32Gain and losses with no tax expense and income -8 -23Non-deductible impairment of goodwill 0 -15US taxes disconnected from profit for the year before taxes -1 -8Provisions for tax litigations -5 0Other tax effect of current and deferred tax adjustments related to prior years 4 5Tax effect on distribution of dividends -4 -6Effective tax income/(expense) -357 -192Effective tax rate 102% 49%The change in the effective tax rate in 2024 compared to 2023 is mainly due to the changes in the recognition of deferred tax assets.F6.C.Deferred taxes in the consolidated statement of financial position2024 - In \u20ac million Opening balance RecognizedRecognizedExchangeOtherClosing balancein incomein otherrate effectacquisition/statementcomprehensivedisposalincomeTemporary differencesEmployee benefits obligations 36 27 -1 0 0 63Provisions 149 -33 0 5 0 121Property, plant and equipment -139 -33 0 -7 0 -178Intangible assets -139 24 0 -8 0 -123Right-of-use assets -34 6 0 -1 0 -30Lease liabilities 33 -3 0 1 0 32Goodwill 46 -16 0 3 0 33Other temporary differences 8 -57 -10 0 1 -59Tax losses 260 -118 0 1 0 143Tax credits 12 -3 0 1 0 9TOTAL (NET AMOUNT) 233 -206 -10 -6 0 112023 - In \u20ac million Opening balance RecognizedRecognizedExchangeOther Closing balancein incomein otherrate effectstatementcomprehensiveincomeTemporary differencesEmployee benefits obligations 46 -7 3 -2 -4 36Provisions 105 51 -3 -3 149Property, plant and equipment -167 12 6 11 -139Intangible assets -188 52 6 -9 -139Right-of-use assets -35 -7 1 7 -34Lease liabilities 35 8 -1 -9 33Goodwill 58 -10 -2 0 46Other temporary differences -5 -11 25 -2 0 8Tax losses 279 -24 -1 6 260Tax credits 15 -2 0 12TOTAL (NET AMOUNT) 144 62 28 2 -2 233The significant components of the deferred tax assets and deferred tax liabilities at the end of 2024 and 2023 are as follows:2024Deferred tax assets Deferred taxNet deferred taxesWrite-down ofNet deferred taxesliabilitiesbefore write-downdeferred tax assets(unrecognizedIn \u20ac millionportion)Employee benefits obligations 97 -64 33 29 63Provisions 122 -1 121 0 121Property, plant and equipment 84 -193 -109 -69 -178Intangible assets 255 -309 -54 -68 -123Right-of-use assets -1 -29 -30 1 -30Lease liabilities 34 -1 33 -1 32Goodwill 35 35 -1 33Other 134 -137 -3 -56 -59Temporary differences 760 -736 25 -166 -141Operational losses 1,325 1,325 -1,197 128Non-operational losses 226 226 -211 15Tax losses 1.551 1,551 -1,408 143Tax credits carried forward 78 78 -69 9Netting deferred taxes -355 355 0 0Deferred taxes 2,033 -381 1,653 -1,642 112023Deferred tax assets Deferred taxNet deferred taxesWrite-down ofNet deferred taxesliabilitiesbefore write-downdeferred tax assets(unrecognizedIn \u20ac millionportion)Employee benefits obligations 129 -93 36 0 36Provisions 151 -1 150 -1 149Property, plant and equipment 93 -197 -104 -35 -139Intangible assets 259 -328 -68 -70 -139Right-of-use assets 0 -34 -34 0 -34Lease liabilities 34 0 34 0 34Goodwill 46 0 46 0 46Other 71 -64 7 0 7Temporary differences 783 -716 67 -107 -39Operational losses 1,260 0 1,260 -1,051 209Non-operational losses 273 0 273 -222 51Tax losses 1,533 0 1,533 -1,273 260Tax credits carried forward 66 0 66 -54 12Netting deferred taxes -288 288 0 0 0Deferred taxes 2,095 -428 1,667 -1,433 233The evolution of the net deferred taxes between 2024 and 2023mainly relates to the following items:\u25cf deferred taxes on employee benefit obligations: \u20ac63million atyear-end 2024, \u20ac36 million at year-end 2023. The increase ismainly explained by the reversal of the deferred tax liability onplan asset surplus, offset by the write-down on deferred taxeson capital allowances (Property, plant and equipment) in theUnited Kingdom for \u20ac32 million;\u25cf deferred taxes on provisions: \u20ac121 million at year-end 2024,\u20ac149 million at year-end 2023. The decrease is mainly due tothe reversal of the environmental provision related to the WestDeptford, New Jersey site that was partially settled in early2024 (see note F26 Provisions);\u25cf deferred taxes on intangible assets: \u20ac(123) million at year-end2024, \u20ac(139) million at year-end 2023. The evolution mainlyreflects the tax impact of amortization of the step-up ofintangible assets resulting from Purchase Price Allocation(\u20ac33 million) partially offset by exchange rate impacts;\u25cf deferred taxes on tax amortization of Oil & Gas goodwill andintangibles in the United States;\u25cf deferred taxes on other temporary differences: \u20ac(59) millionat year-end 2024 (\u20ac8 million at year-end 2023). The decreaseis mainly due to the valuation allowances on the disallowedinterest in the United States (\u20ac(54) million);\u25cf deferred taxes on operational and non-operational tax losses:\u20ac143 million at year-end 2024 (\u20ac260 million at year-end 2023).Deferred tax liabilities on unremitted earnings were recognized inthe Other Temporary differences for \u20ac(65) million at year-end2024 (\u20ac(38) million at year-end 2023). The main increase relatesto the one-time recognition of deferred tax liabilities on theunremitted earnings of Hindustan Gum & Chemicals Ltd. in 2024(\u20ac(23) million). The amounts of deferred tax liabilities notrecognized, provided that the Group controls the timing of thereversal of the temporary differences and it is probable that theywill not reverse in the foreseeable future were: \u20ac12 million atyear-end 2024 (\u20ac9 million at year-end 2023).Recognized deferred taxes for which utilization depends onfuture taxable profits in excess of the profit arising from thereversal of existing taxable temporary differences within entitiesthat have suffered a tax loss in either current or preceding yearsin the related tax jurisdiction, amount to \u20ac40 million at year-end2024 (\u20ac71 million at year-end 2023). The decrease is mainly dueto lower deferred taxes in 2024. This recognition is supported byfavorable expectations of future taxable profits.F6.D. Other informationFor the majority of the Group\u2019s tax loss carryforwards, deferredtax assets were written down. The unrecognized tax losses aremainly located in countries where they can be carried forwardindefinitely.The tax losses carried forward generating deferred tax assetsare given below by expiration date.In \u20ac million 2024 2023Within 1 year 10 0Within 2 years 1 2Within 3 years 0 5Within 4 years 6 0Within 5 or more years 86 29No time limit 456 966TOTAL OF LOSSES CARRIED FORWARD WHICH HAVE GENERATED RECOGNIZED DEFERRED TAX ASSETS 559 1,002Tax losses carried forward for which deferred tax assets were written-down (unrecognized portion) 5,268 4,688TOTAL OF TAX LOSSES CARRIED FORWARD 5,827 5,690At the end of 2024, the tax losses carried forward of \u20ac559 million (\u20ac1,002 million in 2023) have generated deferred tax assets for \u20ac143 million(\u20ac260 million in 2023). The tax losses carried forward on which the deferred tax assets were written-down are largely due to the holdingcompanies. The increase of tax losses carried forward for which deferred tax assets were written-down in 2024 compared to 2023 is due toreduced expected utilization of tax losses carried forward in the next five years in the holding companies.F6.E Presentation of the tax effect relating to each item of other comprehensive incomeNote: the below table presents the total other comprehensive income items for the aggregate of the shares of Syensqo and the non-controlling interests.2024Before-taxTax expense (-)/Net of taxIn \u20ac millionamountincomeamountEffective portion of gains and losses on hedging instruments in a cash flow hedge 25 -2 23Recycling to the income statement 15 15Gains and losses on hedging instruments in a cash flow hedge (see note F27) 40 -2 38Currency translation differences arising during the year 211 211Other movement of currency translation differences (NCI) relating to foreign operations 2 2Currency translation differences - Subsidiaries 213 213Share of other comprehensive income of associates and joint ventures 6 6Recyclable components 260 -2 257Gains and losses on equity instruments measured at fair value through other -3 -7 -10comprehensive incomeRemeasurements of the net defined benefit liability (see notes F6 & F25) -78 -1 -79Non-recyclable components -81 -8 -89Other comprehensive income/(loss) 178 -10 1682023Before-taxTax expense (-)/Net of taxIn \u20ac millionamountincomeamountEffective portion of gains and losses on hedging instruments in a cash flow hedge -14 17 3Recycling to the income statement -36 -36Gains and losses on hedging instruments in a cash flow hedge (see note F27) -50 17 -33Currency translation differences arising during the year -168 -168Other movement of currency translation differences (NCI) relating to foreign operations -2 -2Currency translation differences - Subsidiaries -169 -169Share of other comprehensive income of associates and joint ventures -6 -6Recyclable components -225 17 -28Gains and losses on equity instruments measured at fair value through other -6 9 3comprehensive incomeRemeasurements of the net defined benefit liability (see notes F6 & F25) -35 2 -33Non-recyclable components -41 11 -29Other comprehensive income/(loss) -266 28 -238F6.F Income taxes in the consolidated statement of cash flowsIncome tax expense in 2024 amounts to \u20ac357 million (\u20ac192million in 2023).Income tax paid in 2024 amounts to \u20ac181 million (\u20ac288 million in2023). The income tax paid has decreased compared toprevious years due to decreased profits mainly in the UnitedStates and Italy and it includes \u20ac10 million of remaining taxespaid due to the Partial Demerger and the Legal Reorganization.",
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"f1__s8__7__70": {
"value": "NOTE F6INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITIONAccounting policyCurrent taxesThe current tax payable is based on taxable profit of theyear. Taxable profit differs from profit as reported in theconsolidated income statement because of items ofincome or expense that are taxable or deductible in otheryears and items that are never taxable or deductible. TheGroup\u2019s liability for current tax is calculated using tax ratesthat have been enacted or substantively enacted by theend of the reporting period.Deferred taxesDeferred taxes are recognized for temporary differencesbetween the carrying amounts of assets and liabilities in theconsolidated financial statements and their correspondingtax bases used in the computation of taxable profit.Deferred tax assets are generally recognized for alldeductible temporary differences, to the extent that it isprobable that taxable profits will be available against whichthose deductible temporary differences can be utilized.Deferred tax liabilities are generally recognized for alltaxable temporary differences.No deferred tax liabilities are recognized following the initialrecognition of goodwill. In addition, no deferred tax assets orliabilities are recognized with respect to the initialrecognition of an asset or liability in a transaction, which isnot a business combination and affects neither accountingprofit nor taxable profit.Deferred tax liabilities are recognized for taxable temporarydifferences associated with investments in subsidiaries, jointventures, and associates, except where the Group is able tocontrol the timing of the reversal of the temporarydifference and it is probable that the temporary differencewill not reverse in the foreseeable future.The carrying amount of deferred tax assets is reviewed ateach reporting date and reduced to the extent that it is nolonger probable that sufficient taxable profit will beavailable to allow all or part of the deferred tax asset to beutilized. Unrecognized deferred tax assets are re-assessedat each reporting date and are recognized to the extentthat it has become probable that future taxable profits willallow the deferred tax asset to be recovered.Deferred tax assets other than tax loss carryforwards areanalyzed on a case by case basis, taking into account allrelevant facts and circumstances. For example, a zerotaxable profit, after deducting the amounts paid to retireesunder a defined benefit plan and for which a deductibletemporary difference existed, can justify the recognition ofthe underlying deferred tax assets. Recognition of deferredtax assets for tax loss carryforwards requires a positivetaxable profit during the year that enables the utilization oftax losses that originated in the past. Because ofuncertainties inherent to predicting such positive taxableprofit, recognition of deferred tax assets from tax losscarryforwards is based on a case by case analysis, which isusually based on five-year profit forecasts.The corporate tax reporting team, which monitors the Groupdeferred tax positions, is involved in assessing deferred taxassets.Further details are provided in note F6.C.Deferred tax assets and liabilities are measured at the taxrates that are expected to apply in the period in which theliability is settled or the asset is realized, based on tax rates(and tax laws) that have been enacted or substantivelyenacted by the end of the reporting period. Themeasurement of deferred tax liabilities and assets reflectsthe tax consequences that would follow from the manner inwhich the Group expects, at the end of the reporting period,to recover or settle the carrying amount of its assets andliabilities.Current tax assets and liabilities are offset when there is alegally enforceable right to set off the recognized amountsand when the Group intends to settle its current tax assetsand liabilities on a net basis.Deferred tax assets and liabilities are offset when there is alegally enforceable right to set off current tax assets againstcurrent tax liabilities and when they relate to income taxeslevied by the same taxation authority and the Group intendsto settle its current tax assets and liabilities on a net basis.Current and deferred taxes for the periodCurrent and deferred taxes for the period are recognized asan expense or income in profit or loss, except when theyrelate to items that are recognized outside profit or loss(whether in other comprehensive income or directly inequity), in which case the tax is also recognized outsideprofit or loss, or when they arise from the initial accountingfor a business combination. In the case of a businesscombination, the tax effect is taken into account in theaccounting for the business combination.F6.A. Income taxesThe income taxes (net expense) recognized in the consolidated income statement increased by \u20ac(165) million in 2024 compared to 2023.The income taxes (net expense) recognized in other comprehensive income increased by \u20ac(38) million in 2024 compared to 2023,mainly due to the movement in employee benefit liabilities (see note F25 Employee benefits) and in financial instruments (see note F27Financial instruments and financial risk management).In \u20ac million 2024 2023Current taxes related to current year -148 -266Provisions for tax litigations -5 0Other current taxes related to prior years 1 12Current taxes -151 -254Changes in deferred tax assets recognition (a) -173 26Deferred tax income on amortization of PPA step-ups 32 32Deferred tax impact of changes in the nominal tax rates 1 0Deferred taxes related to prior years 3 -7Other deferred taxes (b) -69 11Deferred taxes -206 62Income taxes recognized in the consolidated income statement -357 -192Income taxes on items recognized in other comprehensive income -10 28The expense for current taxes decreased in 2024 compared to2023 mainly due to the decrease of the results. The current taxesinclude \u20ac2 million of Top-Up Tax (see below).(a) The changes in the deferred tax assets recognition mainlyresults from the valuation allowance on the disallowedinterest in the United States (\u20ac(54) million) and from arevision of the forecasts of utilization of tax losses carriedforward in the holding companies (\u20ac(111) million in 2024,\u20ac30 million in 2023).(b) The other deferred taxes mainly include:\u2014 the utilization of deferred taxes on environmentalprovisions in the United States (\u20ac(44) million) and thelimited utilization of deferred taxes on tax losses and taxcredits carried forward in the holding companies (\u20ac(15)million in 2024, (\u20ac(59) million in 2023);\u2014 other net increases and reversals of other temporarydifferences.U.S. Tax Matters AgreementIn connection with the Partial Demerger, Syensqo and Solvayentered into a U.S. Tax Matters Agreement (the \u201cU.S. TMA\u201d)intended to (among other things) preserve the tax-freetreatment of the Partial Demerger and of the separation of theU.S. Specialty Businesses and the U.S. Essential Businesses (the\"U.S. Spin-Off\") for U.S. federal income tax purposes.Under the U.S. TMA, Syensqo and Solvay will generally be requiredto indemnify the other for any U.S. taxes and certain relatedlosses resulting from (or relating to) the failure of the U.S. Spin-Off and the Partial Demerger (and certain associatedtransactions) to qualify for their intended U.S. tax treatment,where such taxes or losses are attributable to (1) untruerepresentations and breaches of covenants made in connectionwith the U.S. Spin-Off, the Partial Demerger or the U.S. TMA(including in the IRS ruling and tax opinion described above), (2)the application of certain provisions of U.S. federal income taxlaw to the U.S. Spin-Off or the Partial Demerger (for example, inconnection with a change of control of either party) or (3) otheractions or omissions within the party\u2019s control which give rise toU.S. taxes (or related losses) in connection with the U.S. Spin-Offand the Partial Demerger.Under the U.S. TMA, Syensqo and Solvay are prohibited fromtaking actions that are reasonably expected to cause the PartialDemerger or U.S. Spin-Off (or certain associated transactions) tofail to qualify for their intended U.S. tax treatment, or that couldjeopardize the conclusions of, or that are inconsistent with, theIRS ruling or the tax opinion discussed above.Additionally, the parties are generally prohibited (subject tocertain exceptions in the U.S. TMA), for the two-year periodfollowing completion of the Partial Demerger, from engaging incertain acquisitions, mergers, liquidations, sales, and redemptiontransactions with respect to their respective stock and assetsthat could jeopardize the tax-free status of the Partial Demergeror the U.S. Spin-Off for U.S. federal income tax purposes. NeitherSolvay\u2019s nor Syensqo\u2019s obligations under the U.S. TMA are limitedin amount or subject to any cap.As of December 31, 2024, Syensqo was not aware of any breachor alleged breach by it of its obligations under the U.S. TMA, andhad not received any notice from Solvay relating to a breach oralleged breach thereof.Developments in International TaxationPillar Two legislation has been enacted or substantively enactedin certain jurisdictions in which the Group operates, notably inBelgium where the ultimate parent entity is located. Thelegislation is effective for the Group\u2019s financial year beginningJanuary 1, 2024.Syensqo SA is closely monitoring the laws which the variousjurisdictions are adopting following the Organization forEconomic Co-operation and Development (\u2018OECD\u2019) and EU-initiatives regarding the Pillar Two Global Minimum Tax of 15%and the potential impact thereof.The Group has performed the 2024 Transitional CbCR SafeHarbour (TCSH) calculations based on 2024 figures and the Pillartwo entity classification, under the reasonable assumption thatthe Group will benefit from the CbCR qualification (\u2018QualifiedCbCR\u2019) for eligibility under the Pillar 2 Safe Harbour.Based on our assessment, Chile, United Arab Emirates andLuxembourg are the only jurisdictions that would fall out ofscope for the TCSH. Based on the full Pillar two calculation thatwas performed, \u20ac2 million Top-Up Tax has been accrued for inthe current taxes in 2024. The exception to recognise and disclose information aboutdeferred tax assets and liabilities related to Pillar Two wasapplied.The data for non-consolidated entities (including GloBE JVs) hasnot been captured in the analysis but the impacts are notexpected to be material.F6.B. Reconciliation of the income tax expenseThe effective income tax expense has been reconciled with the theoretical tax expense obtained by applying to the pre-tax profit of eachGroup entity the nominal tax rate prevailing in the country in which it operates.In \u20ac million 2024 2023Profit/(Loss) for the year before taxes 352 389Earnings from associates and joint ventures 21 25Profit/(Loss) for the year before taxes excluding earnings from associates and joint ventures 331 365Reconciliation of the tax income/(expense)Total tax income/(expense) of the Group entities computed on the basis of the respective local -102 -109nominal ratesWeighted average nominal rate 31% 30%Withholding taxes -43 -31Tax effect of changes in nominal tax rates 1 0Changes in deferred tax assets recognition -173 26Tax effect of permanent differences -27 -32Gain and losses with no tax expense and income -8 -23Non-deductible impairment of goodwill 0 -15US taxes disconnected from profit for the year before taxes -1 -8Provisions for tax litigations -5 0Other tax effect of current and deferred tax adjustments related to prior years 4 5Tax effect on distribution of dividends -4 -6Effective tax income/(expense) -357 -192Effective tax rate 102% 49%The change in the effective tax rate in 2024 compared to 2023 is mainly due to the changes in the recognition of deferred tax assets.F6.C.Deferred taxes in the consolidated statement of financial position2024 - In \u20ac million Opening balance RecognizedRecognizedExchangeOtherClosing balancein incomein otherrate effectacquisition/statementcomprehensivedisposalincomeTemporary differencesEmployee benefits obligations 36 27 -1 0 0 63Provisions 149 -33 0 5 0 121Property, plant and equipment -139 -33 0 -7 0 -178Intangible assets -139 24 0 -8 0 -123Right-of-use assets -34 6 0 -1 0 -30Lease liabilities 33 -3 0 1 0 32Goodwill 46 -16 0 3 0 33Other temporary differences 8 -57 -10 0 1 -59Tax losses 260 -118 0 1 0 143Tax credits 12 -3 0 1 0 9TOTAL (NET AMOUNT) 233 -206 -10 -6 0 112023 - In \u20ac million Opening balance RecognizedRecognizedExchangeOther Closing balancein incomein otherrate effectstatementcomprehensiveincomeTemporary differencesEmployee benefits obligations 46 -7 3 -2 -4 36Provisions 105 51 -3 -3 149Property, plant and equipment -167 12 6 11 -139Intangible assets -188 52 6 -9 -139Right-of-use assets -35 -7 1 7 -34Lease liabilities 35 8 -1 -9 33Goodwill 58 -10 -2 0 46Other temporary differences -5 -11 25 -2 0 8Tax losses 279 -24 -1 6 260Tax credits 15 -2 0 12TOTAL (NET AMOUNT) 144 62 28 2 -2 233The significant components of the deferred tax assets and deferred tax liabilities at the end of 2024 and 2023 are as follows:2024Deferred tax assets Deferred taxNet deferred taxesWrite-down ofNet deferred taxesliabilitiesbefore write-downdeferred tax assets(unrecognizedIn \u20ac millionportion)Employee benefits obligations 97 -64 33 29 63Provisions 122 -1 121 0 121Property, plant and equipment 84 -193 -109 -69 -178Intangible assets 255 -309 -54 -68 -123Right-of-use assets -1 -29 -30 1 -30Lease liabilities 34 -1 33 -1 32Goodwill 35 35 -1 33Other 134 -137 -3 -56 -59Temporary differences 760 -736 25 -166 -141Operational losses 1,325 1,325 -1,197 128Non-operational losses 226 226 -211 15Tax losses 1.551 1,551 -1,408 143Tax credits carried forward 78 78 -69 9Netting deferred taxes -355 355 0 0Deferred taxes 2,033 -381 1,653 -1,642 112023Deferred tax assets Deferred taxNet deferred taxesWrite-down ofNet deferred taxesliabilitiesbefore write-downdeferred tax assets(unrecognizedIn \u20ac millionportion)Employee benefits obligations 129 -93 36 0 36Provisions 151 -1 150 -1 149Property, plant and equipment 93 -197 -104 -35 -139Intangible assets 259 -328 -68 -70 -139Right-of-use assets 0 -34 -34 0 -34Lease liabilities 34 0 34 0 34Goodwill 46 0 46 0 46Other 71 -64 7 0 7Temporary differences 783 -716 67 -107 -39Operational losses 1,260 0 1,260 -1,051 209Non-operational losses 273 0 273 -222 51Tax losses 1,533 0 1,533 -1,273 260Tax credits carried forward 66 0 66 -54 12Netting deferred taxes -288 288 0 0 0Deferred taxes 2,095 -428 1,667 -1,433 233The evolution of the net deferred taxes between 2024 and 2023mainly relates to the following items:\u25cf deferred taxes on employee benefit obligations: \u20ac63million atyear-end 2024, \u20ac36 million at year-end 2023. The increase ismainly explained by the reversal of the deferred tax liability onplan asset surplus, offset by the write-down on deferred taxeson capital allowances (Property, plant and equipment) in theUnited Kingdom for \u20ac32 million;\u25cf deferred taxes on provisions: \u20ac121 million at year-end 2024,\u20ac149 million at year-end 2023. The decrease is mainly due tothe reversal of the environmental provision related to the WestDeptford, New Jersey site that was partially settled in early2024 (see note F26 Provisions);\u25cf deferred taxes on intangible assets: \u20ac(123) million at year-end2024, \u20ac(139) million at year-end 2023. The evolution mainlyreflects the tax impact of amortization of the step-up ofintangible assets resulting from Purchase Price Allocation(\u20ac33 million) partially offset by exchange rate impacts;\u25cf deferred taxes on tax amortization of Oil & Gas goodwill andintangibles in the United States;\u25cf deferred taxes on other temporary differences: \u20ac(59) millionat year-end 2024 (\u20ac8 million at year-end 2023). The decreaseis mainly due to the valuation allowances on the disallowedinterest in the United States (\u20ac(54) million);\u25cf deferred taxes on operational and non-operational tax losses:\u20ac143 million at year-end 2024 (\u20ac260 million at year-end 2023).Deferred tax liabilities on unremitted earnings were recognized inthe Other Temporary differences for \u20ac(65) million at year-end2024 (\u20ac(38) million at year-end 2023). The main increase relatesto the one-time recognition of deferred tax liabilities on theunremitted earnings of Hindustan Gum & Chemicals Ltd. in 2024(\u20ac(23) million). The amounts of deferred tax liabilities notrecognized, provided that the Group controls the timing of thereversal of the temporary differences and it is probable that theywill not reverse in the foreseeable future were: \u20ac12 million atyear-end 2024 (\u20ac9 million at year-end 2023).Recognized deferred taxes for which utilization depends onfuture taxable profits in excess of the profit arising from thereversal of existing taxable temporary differences within entitiesthat have suffered a tax loss in either current or preceding yearsin the related tax jurisdiction, amount to \u20ac40 million at year-end2024 (\u20ac71 million at year-end 2023). The decrease is mainly dueto lower deferred taxes in 2024. This recognition is supported byfavorable expectations of future taxable profits.F6.D. Other informationFor the majority of the Group\u2019s tax loss carryforwards, deferredtax assets were written down. The unrecognized tax losses aremainly located in countries where they can be carried forwardindefinitely.The tax losses carried forward generating deferred tax assetsare given below by expiration date.In \u20ac million 2024 2023Within 1 year 10 0Within 2 years 1 2Within 3 years 0 5Within 4 years 6 0Within 5 or more years 86 29No time limit 456 966TOTAL OF LOSSES CARRIED FORWARD WHICH HAVE GENERATED RECOGNIZED DEFERRED TAX ASSETS 559 1,002Tax losses carried forward for which deferred tax assets were written-down (unrecognized portion) 5,268 4,688TOTAL OF TAX LOSSES CARRIED FORWARD 5,827 5,690At the end of 2024, the tax losses carried forward of \u20ac559 million (\u20ac1,002 million in 2023) have generated deferred tax assets for \u20ac143 million(\u20ac260 million in 2023). The tax losses carried forward on which the deferred tax assets were written-down are largely due to the holdingcompanies. The increase of tax losses carried forward for which deferred tax assets were written-down in 2024 compared to 2023 is due toreduced expected utilization of tax losses carried forward in the next five years in the holding companies.F6.E Presentation of the tax effect relating to each item of other comprehensive incomeNote: the below table presents the total other comprehensive income items for the aggregate of the shares of Syensqo and the non-controlling interests.2024Before-taxTax expense (-)/Net of taxIn \u20ac millionamountincomeamountEffective portion of gains and losses on hedging instruments in a cash flow hedge 25 -2 23Recycling to the income statement 15 15Gains and losses on hedging instruments in a cash flow hedge (see note F27) 40 -2 38Currency translation differences arising during the year 211 211Other movement of currency translation differences (NCI) relating to foreign operations 2 2Currency translation differences - Subsidiaries 213 213Share of other comprehensive income of associates and joint ventures 6 6Recyclable components 260 -2 257Gains and losses on equity instruments measured at fair value through other -3 -7 -10comprehensive incomeRemeasurements of the net defined benefit liability (see notes F6 & F25) -78 -1 -79Non-recyclable components -81 -8 -89Other comprehensive income/(loss) 178 -10 1682023Before-taxTax expense (-)/Net of taxIn \u20ac millionamountincomeamountEffective portion of gains and losses on hedging instruments in a cash flow hedge -14 17 3Recycling to the income statement -36 -36Gains and losses on hedging instruments in a cash flow hedge (see note F27) -50 17 -33Currency translation differences arising during the year -168 -168Other movement of currency translation differences (NCI) relating to foreign operations -2 -2Currency translation differences - Subsidiaries -169 -169Share of other comprehensive income of associates and joint ventures -6 -6Recyclable components -225 17 -28Gains and losses on equity instruments measured at fair value through other -6 9 3comprehensive incomeRemeasurements of the net defined benefit liability (see notes F6 & F25) -35 2 -33Non-recyclable components -41 11 -29Other comprehensive income/(loss) -266 28 -238F6.F Income taxes in the consolidated statement of cash flowsIncome tax expense in 2024 amounts to \u20ac357 million (\u20ac192million in 2023).Income tax paid in 2024 amounts to \u20ac181 million (\u20ac288 million in2023). The income tax paid has decreased compared toprevious years due to decreased profits mainly in the UnitedStates and Italy and it includes \u20ac10 million of remaining taxespaid due to the Partial Demerger and the Legal Reorganization.",
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"value": "NOTE F7EARNINGS PER SHAREAccounting policyThe basic earnings per share are obtained by dividing profitfor the year by the weighted average number of ordinaryshares outstanding during the reporting period. Theweighted average number of ordinary shares excludes thetreasury shares held by the Group over the reporting period.The diluted earnings per share are obtained by dividingprofit for the year, adjusted for the effects of dilutivepotential ordinary shares, by the weighted average numberof ordinary shares, also adjusted by the number of dilutivepotential ordinary shares attached to the issuance of shareoptions.The number of dilutive potential ordinary shares iscalculated for the weighted average number of shareoptions outstanding during the reporting period as thedifference between the average market price of ordinaryshares during the reporting period and the exercise price ofthe share option. Share options have a dilutive effect onlywhen the average market price is above the exercise price(share options are \u201cin the money\u201d).",
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"f1__s8__7__74": {
"value": "NOTE F7EARNINGS PER SHAREAccounting policyThe basic earnings per share are obtained by dividing profitfor the year by the weighted average number of ordinaryshares outstanding during the reporting period. Theweighted average number of ordinary shares excludes thetreasury shares held by the Group over the reporting period.The diluted earnings per share are obtained by dividingprofit for the year, adjusted for the effects of dilutivepotential ordinary shares, by the weighted average numberof ordinary shares, also adjusted by the number of dilutivepotential ordinary shares attached to the issuance of shareoptions.The number of dilutive potential ordinary shares iscalculated for the weighted average number of shareoptions outstanding during the reporting period as thedifference between the average market price of ordinaryshares during the reporting period and the exercise price ofthe share option. Share options have a dilutive effect onlywhen the average market price is above the exercise price(share options are \u201cin the money\u201d).Number of shares (in units) 2024 2023Weighted average number of ordinary shares (basic) 104,769,297 105,834,886Dilution effect 654,281 480,848Weighted average number of ordinary shares (diluted) 105,423,578 106,315,7342024 2023Basic Diluted Basic DilutedProfit/(loss) for the year (in \u20ac thousands) -5,211 -5,211 193,341 193,341Earnings per share (in \u20ac) -0.05 -0.05 1.83 1.82Full data per share, including dividend per share, can be found inthe Business Review section.The average market price during 2024 was \u20ac80.99 (\u20ac95.86 for2023) per share.For the purpose of calculating diluted earnings per share, therewere no adjusting elements to the profit for the year (Syensqoshare).Share options that were out of the money, and thereforeantidilutive for the period presented were excluded from thecalculation of diluted earnings per share (see note F24 Share-based payments). In 2023, no share options were \"out of themoney\" and therefore antidilutive.In 2024, the following share options were out of the money, andtherefore antidilutive for the period presented, but couldpotentially dilute basic earnings per share in the future.Antidilutive share options per plan Date granted Exercise priceNumber of shareNumber of share (in \u20ac)options grantedoptionsoutstanding2017 February 23, 2017 92.09 65,107 61,1982018 February 27, 2018 93.60 111,381 103,0042022 September 28, 2022 84.34 271,500 271,500TOTAL 447,988 435,702",
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"f1__s8__7__77-1": {
"value": "CURRENCY TRANSLATION DIFFERENCESAccounting policyFor the purpose of presenting consolidated financialstatements at the end of each reporting period, the assetsand liabilities of the Group\u2019s foreign operations areexpressed in euros using closing rates. Income and expenseitems are translated at the average exchange rates for theperiod except when the impact of applying the averagerate is materially different from applying the spot rate at therespective transactions\u2019 dates, in which case the latter isapplied. Exchange differences arising, if any, are recognizedin other comprehensive income as \u201ccurrency translationdifferences\u201d.In case of a capital decrease of a subsidiary without loss ofcontrol, or a capital decrease of an equity method investeeor a joint operation without modification of the share of theequity interest held in that investee, then no accumulatedexchange differences are reclassified from equity to profitor loss.Goodwill and fair value adjustments arising on theacquisition of a foreign operation are treated as assets andliabilities of the foreign operation and translated into theGroup\u2019s presentation currency at the closing rate.In 2024, the total currency translation gain was \u20ac217 million,which compares to a loss of \u20ac173 million in 2023. This gain isprimarily attributed to the revaluation of the US dollar comparedto the Euro, which resulted in \u20ac242 million gain in 2024compared to a loss of \u20ac125 million in 2023. Additionally,compared to the Euro, the devaluation of the Brazilian Real led toa loss of \u20ac14 million in 2024, and the Mexican Peso's devaluationresulted in a loss of \u20ac9 million in 2024.The Group has assessed Argentina as a hyperinflationaryeconomy in the context of IAS 29 Financial Reporting inHyperinflationary Economies (\u201cIAS 29\u201d). Accordingly, the Grouphas reviewed the reporting from its affiliates in Argentina andwhere necessary restated them in line with IAS 29 using an indexbased on the IPC (Consumer Price Index) published by theNational Institute of Statistics and Censuses (INDEC). Theadjustments resulting from the application of IAS 29 do not havea significant impact on the Group\u2019s consolidated financialstatements.NOTE F22EQUITYReservesThe reserves include:\u25cf treasury shares;\u25cf perpetual hybrid bonds that qualify as equity absent anyunavoidable contractual obligation to repay the principaland interest of the perpetual hybrid bonds (no maturity,interest is payable annually but can be deferredindefinitely at the issuer\u2019s discretion);\u25cf retained earnings;\u25cf currency translation differences from the consolidationprocess relating to the translation of the financialstatements of foreign operations prepared in a non-eurofunctional currency to the euro presentation currency;\u25cf the impacts of the fair value remeasurement of equityinstruments measured at fair value through othercomprehensive income;\u25cf the impacts of the fair value remeasurement of financialinstruments documented as hedging instruments in cashflow hedges;\u25cf actuarial gains and losses related to defined benefitplans.NUMBER OF SHARES (IN UNITS)December 31, 2024 December 31, 2023Shares issued and fully paid 105,032,929 105,876,417Treasury shares held 1,579,830 655,072As of December 31, 2024, the capital of the Company amountedto \u20ac1,352 million, represented by 105,032,929 ordinary shares withno designated par value, fully paid up. Share premium of \u20ac1,022million resulted from a percentage allocation of the total sharepremium that existed in the Solvay Group prior to the PartialDemerger. The percentage applied (85.10%) was based on thefiscal percentage dictated by the Belgian law for partialdemergers (\u201cscission partielle\u201d).In 2024 the Group launched two share buyback programs: 1. The first share buyback program launched on June 25, 2024and completed on October 23, 2024 to cover current andfuture obligations under Syensqo\u2019s current Long TermIncentive Plans for its employees. The Group repurchased983,000 shares for a total of \u20ac74 million. 2. The second share buyback program commenced onNovember 5, 2024 to return up to \u20ac300 million to shareholdersto further enhance Syensqo\u2019s capital structure and efficiencyby cancelling all shares bought back under the program. TheGroup repurchased 843,488 Syensqo shares for a total of\u20ac64 million. All the acquired shares were canceled. Refer to Main Events for further details on the share buybackprograms.All treasury shares have been deducted from consolidatedshareholder\u2019s equity.Perpetual hybrid bondsAt the effective date of the Partial Demerger, Syensqo wassubstituted as issuer of (i) the \u20ac500,000,000 Undated DeeplySubordinated Fixed to Reset Rate Perp-NC5.5 Bonds with first calldate on December 2, 2025 (ISIN: BE6324000858) (the \u201c2025Hybrid Bonds\u201d).In \u20ac million Issuance date Nominal value % Annual coupon First call / reset dateHybrid bond NC5.5* September 2, 2020 500 2.500% 13 December 2, 2025/ March 2, 2026All perpetual hybrid bonds are classified as equity absent anyunavoidable contractual obligation to repay the principal andinterest of the perpetual hybrid bonds, specifically:\u25cf No maturity, yet the issuer has a call option at every reset dateto redeem the instrument;\u25cf At the option of the issuer, interest payments can be deferredindefinitely.The coupons related to the perpetual hybrid bonds arerecognized as equity transactions and are deducted from equityupon declaration (see consolidated statement of changes inequity).Should Syensqo have elected not to pay any interest to theperpetual hybrid bondholders, then any payment of dividends tothe ordinary shareholders or repayment of ordinary shareswould trigger a contractual obligation to pay previously unpaidinterests to the perpetual hybrid bondholders.Tax impacts related to the perpetual hybrid bonds arerecognized in profit or loss.",
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"f1__s8__7__76-1": {
"value": "CURRENCY TRANSLATION DIFFERENCESAccounting policyFor the purpose of presenting consolidated financialstatements at the end of each reporting period, the assetsand liabilities of the Group\u2019s foreign operations areexpressed in euros using closing rates. Income and expenseitems are translated at the average exchange rates for theperiod except when the impact of applying the averagerate is materially different from applying the spot rate at therespective transactions\u2019 dates, in which case the latter isapplied. Exchange differences arising, if any, are recognizedin other comprehensive income as \u201ccurrency translationdifferences\u201d.In case of a capital decrease of a subsidiary without loss ofcontrol, or a capital decrease of an equity method investeeor a joint operation without modification of the share of theequity interest held in that investee, then no accumulatedexchange differences are reclassified from equity to profitor loss.Goodwill and fair value adjustments arising on theacquisition of a foreign operation are treated as assets andliabilities of the foreign operation and translated into theGroup\u2019s presentation currency at the closing rate.In 2024, the total currency translation gain was \u20ac217 million,which compares to a loss of \u20ac173 million in 2023. This gain isprimarily attributed to the revaluation of the US dollar comparedto the Euro, which resulted in \u20ac242 million gain in 2024compared to a loss of \u20ac125 million in 2023. Additionally,compared to the Euro, the devaluation of the Brazilian Real led toa loss of \u20ac14 million in 2024, and the Mexican Peso's devaluationresulted in a loss of \u20ac9 million in 2024.The Group has assessed Argentina as a hyperinflationaryeconomy in the context of IAS 29 Financial Reporting inHyperinflationary Economies (\u201cIAS 29\u201d). Accordingly, the Grouphas reviewed the reporting from its affiliates in Argentina andwhere necessary restated them in line with IAS 29 using an indexbased on the IPC (Consumer Price Index) published by theNational Institute of Statistics and Censuses (INDEC). Theadjustments resulting from the application of IAS 29 do not havea significant impact on the Group\u2019s consolidated financialstatements.NOTE F22EQUITYAccounting policyShare capitalOrdinary shares are classified as equity.Incremental costs directly attributable to the issuance ofnew share capital are directly recognized in equity as adeduction, net of tax, from the equity issuance proceeds.ReservesThe reserves include:\u25cf treasury shares;\u25cf perpetual hybrid bonds that qualify as equity absent anyunavoidable contractual obligation to repay the principaland interest of the perpetual hybrid bonds (no maturity,interest is payable annually but can be deferredindefinitely at the issuer\u2019s discretion);\u25cf retained earnings;\u25cf currency translation differences from the consolidationprocess relating to the translation of the financialstatements of foreign operations prepared in a non-eurofunctional currency to the euro presentation currency;\u25cf the impacts of the fair value remeasurement of equityinstruments measured at fair value through othercomprehensive income;\u25cf the impacts of the fair value remeasurement of financialinstruments documented as hedging instruments in cashflow hedges;\u25cf actuarial gains and losses related to defined benefitplans.Non-controlling interestsThose represent the share of non-controlling interests in thenet assets and comprehensive income of subsidiaries of theGroup, and correspond to the interests in subsidiaries thatare not held by the Company or its subsidiaries.NUMBER OF SHARES (IN UNITS)December 31, 2024 December 31, 2023Shares issued and fully paid 105,032,929 105,876,417Treasury shares held 1,579,830 655,072As of December 31, 2024, the capital of the Company amountedto \u20ac1,352 million, represented by 105,032,929 ordinary shares withno designated par value, fully paid up. Share premium of \u20ac1,022million resulted from a percentage allocation of the total sharepremium that existed in the Solvay Group prior to the PartialDemerger. The percentage applied (85.10%) was based on thefiscal percentage dictated by the Belgian law for partialdemergers (\u201cscission partielle\u201d).In 2024 the Group launched two share buyback programs: 1. The first share buyback program launched on June 25, 2024and completed on October 23, 2024 to cover current andfuture obligations under Syensqo\u2019s current Long TermIncentive Plans for its employees. The Group repurchased983,000 shares for a total of \u20ac74 million. 2. The second share buyback program commenced onNovember 5, 2024 to return up to \u20ac300 million to shareholdersto further enhance Syensqo\u2019s capital structure and efficiencyby cancelling all shares bought back under the program. TheGroup repurchased 843,488 Syensqo shares for a total of\u20ac64 million. All the acquired shares were canceled. Refer to Main Events for further details on the share buybackprograms.All treasury shares have been deducted from consolidatedshareholder\u2019s equity.Perpetual hybrid bondsAt the effective date of the Partial Demerger, Syensqo wassubstituted as issuer of (i) the \u20ac500,000,000 Undated DeeplySubordinated Fixed to Reset Rate Perp-NC5.5 Bonds with first calldate on December 2, 2025 (ISIN: BE6324000858) (the \u201c2025Hybrid Bonds\u201d).In \u20ac million Issuance date Nominal value % Annual coupon First call / reset dateHybrid bond NC5.5* September 2, 2020 500 2.500% 13 December 2, 2025/ March 2, 2026All perpetual hybrid bonds are classified as equity absent anyunavoidable contractual obligation to repay the principal andinterest of the perpetual hybrid bonds, specifically:\u25cf No maturity, yet the issuer has a call option at every reset dateto redeem the instrument;\u25cf At the option of the issuer, interest payments can be deferredindefinitely.The coupons related to the perpetual hybrid bonds arerecognized as equity transactions and are deducted from equityupon declaration (see consolidated statement of changes inequity).Should Syensqo have elected not to pay any interest to theperpetual hybrid bondholders, then any payment of dividends tothe ordinary shareholders or repayment of ordinary shareswould trigger a contractual obligation to pay previously unpaidinterests to the perpetual hybrid bondholders.Tax impacts related to the perpetual hybrid bonds arerecognized in profit or loss.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__81-1": {
"value": "Notes to the consolidated statement of cash flowsNOTE F9OTHER NON OPERATING AND NON CASH ITEMSThe other non-operating and non-cash items in 2024 (\u20ac7 million) mainly relate to long-term incentives and other non-cash gains. In2023 (\u20ac(62) million) they mainly related to non-cash results of HSE indemnification assets (\u20ac51 million), PFAS insurance receivable(\u20ac32 million) and long-term incentives.NOTE F10CHANGES IN WORKING CAPITALIn \u20ac million 2024 2023Inventories 2 114Trade receivables -39 149Trade payables 44 -81Other receivables/payables -130 -72Changes in working capital -123 108In 2024 the changes in working capital (\u201cOther receivables/payables\u201d) include the payment to the New Jersey Department ofEnvironmental Protection (\u20ac(167) million) for the remediation agreement resolving certain PFAS related claims in the area near theGroup\u2019s West Deptford site.NOTE F11CASH FLOWS FROM INVESTING ACTIVITIES \u2013 ACQUISITION/DISPOSAL OF ASSETS AND INVESTMENTS2024 - In \u20ac million Acquisitions Disposals TotalInvestments -7 13 6Subsidiaries -4 9 5Other -3 4 1Property, plant and equipment/Intangible assets -624 9 -615TOTAL -631 22 -6092023 - In \u20ac million Acquisitions Disposals TotalInvestments -16 32 16Subsidiaries -2 30 28Other -14 2 -12Property, plant and equipment/Intangible assets -850 1 -849TOTAL -866 33 -8332024The acquisition of property, plant and equipment and intangibleassets (\u20ac(624) million) relates to the maintenance of productionsites (Maintenance, Safety, HSE), R&I (lab equipment, pilot units,research costs capitalization) and capacity expansion projects,of which the main ones are:\u25cf Specialty Polymers: Polyvinylidene Fluoride (PVDF) capacityincrease in Tavaux (France)\u25cf Novecare: IRIS solvents intermediate chemical production inMelle (France)\u25cf O&G: Friction reducers\u2019 production capacity in West Texas(USA)2023The acquisition of property, plant and equipment and intangibleassets (\u20ac(850) million) relates to the new headquarters ofSyensqo in Brussels, maintenance of production sites(Maintenance, Safety, HSE), R&I (lab equipment, pilot units) andcapacity expansion projects, of which the main ones are:\u25cf Specialty Polymers: Polyvinylidene Fluoride (PVDF) capacityincrease in Tavaux (France)\u25cf Specialty Polymers: Dichlorodiphenyl sulfone (DCDPS)monomer capacity increase in Augusta (USA)\u25cf Specialty Polymers: Udel polysulfone capacity increase inMarietta (USA)\u25cf Specialty Polymers: Compounding capacity increase atChangshu (PRC)\u25cf Specialty Polymers: Waste water treatment units at Tavaux(France) and Changshu (PRC)\u25cf Novecare: internalization of IRIS' solvents intermediatechemical production in Melle (France)\u25cf Aroma performance: internalization of natural vanillinfermentation (Portugal) and purification (France)\u25cf Technology Solutions: Aldoxime capacity increase in MountPleasant (USA)\u25cf O&G: Friction reducers\u2019 production capacity in West Texas(USA)NOTE F13OTHER CASH FLOWS FROM FINANCING ACTIVITIESThe other cash flows from financing activities \u20ac(9) million in 2023 mainly related to other financial expenses.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__86-1": {
"value": "NOTE F10CHANGES IN WORKING CAPITALIn \u20ac million 2024 2023Inventories 2 114Trade receivables -39 149Trade payables 44 -81Other receivables/payables -130 -72Changes in working capital -123 108In 2024 the changes in working capital (\u201cOther receivables/payables\u201d) include the payment to the New Jersey Department ofEnvironmental Protection (\u20ac(167) million) for the remediation agreement resolving certain PFAS related claims in the area near theGroup\u2019s West Deptford site.NOTE F29OTHER LIABILITIES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023Wages and benefits debts 185 183VAT and other taxes 62 66Social security 31 26Financial instruments - operational 19 19Insurance premiums 14 39Advances from customers 29 37Other 53 37Other current liabilities 392 407Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F27.A. Overview of financial instruments).",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__85-1": {
"value": "NOTE F10CHANGES IN WORKING CAPITALIn \u20ac million 2024 2023Inventories 2 114Trade receivables -39 149Trade payables 44 -81Other receivables/payables -130 -72Changes in working capital -123 108In 2024 the changes in working capital (\u201cOther receivables/payables\u201d) include the payment to the New Jersey Department ofEnvironmental Protection (\u20ac(167) million) for the remediation agreement resolving certain PFAS related claims in the area near theGroup\u2019s West Deptford site.NOTE F21OTHER RECEIVABLES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023VAT and other taxes 189 174Advances to suppliers 21 44Financial instruments \u2013 operational 14 25Insurance premiums 21 43Loan receivables 4 3Other 47 95Other current receivables 297 385Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F27.A. Overview of financialinstruments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__84-1": {
"value": "NOTE F10CHANGES IN WORKING CAPITALIn \u20ac million 2024 2023Inventories 2 114Trade receivables -39 149Trade payables 44 -81Other receivables/payables -130 -72Changes in working capital -123 108In 2024 the changes in working capital (\u201cOther receivables/payables\u201d) include the payment to the New Jersey Department ofEnvironmental Protection (\u20ac(167) million) for the remediation agreement resolving certain PFAS related claims in the area near theGroup\u2019s West Deptford site.NOTE F21OTHER RECEIVABLES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023VAT and other taxes 189 174Advances to suppliers 21 44Financial instruments \u2013 operational 14 25Insurance premiums 21 43Loan receivables 4 3Other 47 95Other current receivables 297 385Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F27.A. Overview of financialinstruments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__89-1": {
"value": "NOTE F12DIVIDENDS PAID TO / RECEIVED FROM THE SOLVAY GROUP AND OTHER TRANSACTIONS WITH REMAINING SOLVAY GROUPPrior to the Partial Demerger, Syensqo was not constituted as aGroup under a unique holding company and SyensqoDedicated and Mixed entities held investments in subsidiaries ofthe Remaining Solvay Group and vice-versa.These investments in subsidiaries of the Remaining Solvay Groupwere eliminated against equity in the period prior to the PartialDemerger. As a result, the cash from dividends paid byDedicated or Mixed Syensqo Entities to the Remaining SolvayGroup or received by Syensqo from subsidiaries of theRemaining Solvay Group are presented in the line \u201cDividendspaid to Solvay Group\u201d and \u201cDividends received from SolvayGroup\u201d, respectively, in the Consolidated Statements of CashFlows. They are also included as \u201cTransactions with SolvayGroup\u201d in the Consolidated Statement of Changes in Equity.Cash flows associated with capital increases, capitalreimbursements or transfers of those investments in subsidiariesof the Remaining Solvay Group are also presented in the \u201cOtherTransactions with Solvay Group\u201d in the Consolidated Statementsof Cash Flows and as part of the \u201cTransactions with SolvayGroup\u201d in the Consolidated Statement of Changes in Equity.Certain operating and investing transactions of Syensqo arepresented on a \u201cgross basis\u201d:1. operating expenses and income are presented as operatingcash flows;2. acquisitions and sales of property, plant and equipment,intangible assets, subsidiaries and other investments arepresented as investing cash flows and simultaneously,contributions from / distributions to the Remaining SolvayGroup are presented in the cash flow from financingactivities as \u201cOther Transactions with Solvay Group\u201d,whenever those transactions do not ultimately result inmovements of \u201cCash and cash equivalents\u201d for Syensqo.This happens for the carve-out of the above Syensqotransactions in Mixed Entities that became part of the RemainingSolvay Group as the \u201cCash and cash equivalents\u201d of thoseentities is not included in the Consolidated Statements ofFinancial Position.Current taxes from Syensqo\u2019s results in Mixed Entities of theRemaining Solvay Group, restructuring costs related toprovisions settled by the Remaining Solvay Group, employeebenefit charges for defined benefit obligations kept by theRemaining Solvay Group and charges for the usage of sharedassets of Mixed Entities are additional examples of transactionsconsidered to be immediately settled by the Remaining SolvayGroup and grossed-up in the Consolidated Statement of CashFlows.The presentation on a \u201cgross basis\u201d is considered to betterreflect the business performance in terms of cash flowgeneration.Movements of cash and cash equivalents resulting fromoperating and investing cash flows of the businesses of theRemaining Solvay Group, which occurred in Mixed Entities thatbecame part of Syensqo based on the Legal reorganization, arenot included in the cash flows from operating and investingactivities. Rather they are presented in the line \u201cOther Transactionswith the Solvay Group\u201d in the Consolidated Statement of CashFlows and the Consolidated Statement of Changes in Equity asthe related change in \u201cCash and cash equivalents\u201d is included inthe Consolidated Statements of Financial Position.The \u201cOther transaction with Solvay Group in the Statement ofchanges in equity\u201d for the period ended December 31, 2023include also:\u25cf the 2025 Hybrid Bonds for the nominal amount of \u20ac500 million,as described in the Liability Management Section;\u25cf the treasury shares contributed as part of the PartialDemerger and valued at their fair value on demerger date(\u20ac62 million);\u25cf the other financial debt transferred upon the Partial Demerger,including: the 2027 Bonds (nominal value \u20ac500 million), thenew financing for \u20ac600 million used primarily by the SolvayGroup to refinance existing bonds, and all the loans andborrowings related to the internal bank accounts or structuredfinancings outstanding between Syensqo and Solvay on thePartial Demerger date.The amount of \u20ac542 million presented in the line \u201cOther\u201d in thetable below mainly reflects the settlement of a Syensqo financialdebt vis \u00e0 vis the remaining Solvay Group realized via thetransfer of shares of a Solvay Group subsidiary, held by aSyensqo Group subsidiary in France.The details about the \u201cOther transactions with Solvay Group\u201d lineand the reconciliation between the related amounts in theConsolidated Statements of Cash Flow and ConsolidatedStatements of Changes in Equity are presented in the tablebelow. See also note F27 and F28.\u20ac million 2024 2023Carve out of Mixed Entities - 250Capital increase / decrease, transfer of shares with remaining Solvay Group - 216Cash & cash equivalents transferred upon the Partial Demerger - 1,210Restructuring costs - 9Current Taxes - -28TOTAL OTHER TRANSACTIONS WITH SOLVAY GROUP IN STATEMENTS OF CASH FLOW - 1,656Dividends paid to Solvay Group - -436Dividends received from Solvay Group - 1,305Deferred taxes - -14Hybrid bonds transferred upon demerger - 494Treasury shares - -62Other financial debt transferred upon demerger - -794Other - 542TOTAL TRANSACTIONS WITH SOLVAY GROUP IN STATEMENT OF CHANGES IN EQUITY - 2,692NOTE F33DIVIDENDS PROPOSED FOR DISTRIBUTION The Board of Directors will propose to the \u201cGeneral Shareholders\u2019Meeting\u201d a gross dividend of \u20ac1.62 per share.The dividends proposed for distribution, but not yet recognizedas a distribution to equity holders amount to \u20ac168 million.",
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"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__104": {
"value": "NOTE F14INTANGIBLE ASSETSAccounting policyIntangible assets acquired or developed internally are initiallymeasured at cost. The cost of an acquired intangible assetcomprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discountsand rebates, and any directly attributable cost of preparingthe asset for its intended use. Subsequent expenditure onintangible assets is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured atcost less accumulated amortization and impairment losses,if any.Intangible assets are amortized on a straight-line basis overtheir estimated useful lives, which do not exceed thecontractual period, if any. The estimated useful lives, residualvalues and amortization methods are reviewed at eachyear-end, and any changes in estimates are accounted forprospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets - 5-20 yearsTechnologiesAmortization expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, research and development costs and other operatinggains and losses.The asset is tested for impairment if (a) there is a trigger forimpairment, and (b) annually for projects underdevelopment (see note F19 Impairment).Intangible assets are derecognized from the consolidatedstatement of financial position on disposal or when nofuture economic benefits are expected from their use ordisposal. The gain or loss arising from the derecognition ofan intangible asset is recognized in profit or loss at themoment of derecognition.Research and development (R&D) costsResearch costs are expensed in the period in which they areincurred.Development costs are capitalized if, and only if, all the followingconditions are fulfilled:\u25cf the cost of the asset can be reliably measured;\u25cf the technical feasibility of the product has beendemonstrated;\u25cf the product or process will be placed on the market orused internally;\u25cf the assets will generate future economic benefits (apotential market exists for the product or, where it is to beused internally, its future utility has been demonstrated);\u25cf the technical, financial and other resources required tocomplete the project are available.The Group distinguishes between the following phases of anR&D project, depending on whether it is a new product/process or a customization for incremental innovation:\u25cf Feasibility is the research phase during which the technical,industrial, market and business feasibility are assessed.\u25cf Scale up followed by Industrialization are part of thedevelopment phase during which it is continuouslyassessed whether the criteria for capitalization are met.\u25cf The last phase is Production and Commercialization.When this phase is reached, capitalization stops andamortization commences.Development costs comprise employee expenses, the costof materials and services directly attributable to theprojects, and an appropriate share of directly attributablefixed costs including, and where applicable, borrowingcosts. The intangible assets are amortized as from themoment they are available for use, i.e. When they are in thelocation and condition necessary for them to be capable ofoperating in the manner intended by management.Development costs, which do not satisfy the aboveconditions are expensed as incurred.Patents, trademarks and customer relationshipsThose intangible assets have mainly been acquired throughbusiness combinations. Customer relationships consist ofcustomer lists.Other intangible assetsOther intangible assets mainly include technology acquiredseparately or in a business combination.In \u20ac million DevelopmentPatents andCustomerOther intangibleTotalcoststrademarksrelationshipsassetsGross carrying amountDecember 31, 2022 482 1,136 1,818 669 4,106Additions 62 3 22 88Disposals and closures -59 -69 -94 -221Currency translation differences -6 -31 -55 -20 -112Other 4 32 7 44December 31, 2023 484 1,071 1,763 585 3,904Additions 82 1 32 115Disposals and closures -20 -1 -1 -22Currency translation differences 14 52 99 31 196Other 1 25 -20 5DECEMBER 31, 2024 562 1,148 1,862 627 4,199Accumulated amortizationDecember 31, 2022 -239 -674 -819 -557 -2,289Amortization -48 -60 -91 -12 -210Impairment -7 -7Disposals and closures 59 69 94 221Currency translation differences 2 17 24 17 60Other 2 -4 -19 -21December 31, 2023 -231 -652 -886 -477 -2,245Amortization -47 -63 -91 -12 -213Impairment -11 -11Disposals and closures 20 1 1 22Currency translation differences -5 -29 -49 -27 -111Other 0 -25 22 -3DECEMBER 31, 2024 -263 -744 -1,050 -504 -2,560Net carrying amountDecember 31, 2022 243 462 999 112 1,817December 31, 2023 253 419 877 109 1,659DECEMBER 31, 2024 299 404 812 124 1,639Intangibles mainly relate to the intangibles acquired through theacquisition of Cytec. The average remaining useful life of Cytec\u2019sassets is 8 years. The impairment loss in 2024 relates to the intangible assets inCGU Oil and Gas. The impairment loss in 2023 relates to theintangible assets in CGU Aroma Performance (see note F19Impairment).The line \u201cOther\u201d in Gross carrying amount mainly includesreclassification of intangible assets under construction (reportedas part of the Other intangible assets) to the appropriatecategories when they are ready for intended use in 2024. In 2023,this mainly related to the change in scope following the PartialDemerger.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
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"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__103-1": {
"value": "NOTE F14INTANGIBLE ASSETSAccounting policyIntangible assets acquired or developed internally are initiallymeasured at cost. The cost of an acquired intangible assetcomprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discountsand rebates, and any directly attributable cost of preparingthe asset for its intended use. Subsequent expenditure onintangible assets is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured atcost less accumulated amortization and impairment losses,if any.Intangible assets are amortized on a straight-line basis overtheir estimated useful lives, which do not exceed thecontractual period, if any. The estimated useful lives, residualvalues and amortization methods are reviewed at eachyear-end, and any changes in estimates are accounted forprospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets - 5-20 yearsTechnologiesAmortization expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, research and development costs and other operatinggains and losses.The asset is tested for impairment if (a) there is a trigger forimpairment, and (b) annually for projects underdevelopment (see note F19 Impairment).Intangible assets are derecognized from the consolidatedstatement of financial position on disposal or when nofuture economic benefits are expected from their use ordisposal. The gain or loss arising from the derecognition ofan intangible asset is recognized in profit or loss at themoment of derecognition.Research and development (R&D) costsResearch costs are expensed in the period in which they areincurred.Development costs are capitalized if, and only if, all the followingconditions are fulfilled:\u25cf the cost of the asset can be reliably measured;\u25cf the technical feasibility of the product has beendemonstrated;\u25cf the product or process will be placed on the market orused internally;\u25cf the assets will generate future economic benefits (apotential market exists for the product or, where it is to beused internally, its future utility has been demonstrated);\u25cf the technical, financial and other resources required tocomplete the project are available.The Group distinguishes between the following phases of anR&D project, depending on whether it is a new product/process or a customization for incremental innovation:\u25cf Feasibility is the research phase during which the technical,industrial, market and business feasibility are assessed.\u25cf Scale up followed by Industrialization are part of thedevelopment phase during which it is continuouslyassessed whether the criteria for capitalization are met.\u25cf The last phase is Production and Commercialization.When this phase is reached, capitalization stops andamortization commences.Development costs comprise employee expenses, the costof materials and services directly attributable to theprojects, and an appropriate share of directly attributablefixed costs including, and where applicable, borrowingcosts. The intangible assets are amortized as from themoment they are available for use, i.e. When they are in thelocation and condition necessary for them to be capable ofoperating in the manner intended by management.Development costs, which do not satisfy the aboveconditions are expensed as incurred.Patents, trademarks and customer relationshipsThose intangible assets have mainly been acquired throughbusiness combinations. Customer relationships consist ofcustomer lists.Other intangible assetsOther intangible assets mainly include technology acquiredseparately or in a business combination.In \u20ac million DevelopmentPatents andCustomerOther intangibleTotalcoststrademarksrelationshipsassetsGross carrying amountDecember 31, 2022 482 1,136 1,818 669 4,106Additions 62 3 22 88Disposals and closures -59 -69 -94 -221Currency translation differences -6 -31 -55 -20 -112Other 4 32 7 44December 31, 2023 484 1,071 1,763 585 3,904Additions 82 1 32 115Disposals and closures -20 -1 -1 -22Currency translation differences 14 52 99 31 196Other 1 25 -20 5DECEMBER 31, 2024 562 1,148 1,862 627 4,199Accumulated amortizationDecember 31, 2022 -239 -674 -819 -557 -2,289Amortization -48 -60 -91 -12 -210Impairment -7 -7Disposals and closures 59 69 94 221Currency translation differences 2 17 24 17 60Other 2 -4 -19 -21December 31, 2023 -231 -652 -886 -477 -2,245Amortization -47 -63 -91 -12 -213Impairment -11 -11Disposals and closures 20 1 1 22Currency translation differences -5 -29 -49 -27 -111Other 0 -25 22 -3DECEMBER 31, 2024 -263 -744 -1,050 -504 -2,560Net carrying amountDecember 31, 2022 243 462 999 112 1,817December 31, 2023 253 419 877 109 1,659DECEMBER 31, 2024 299 404 812 124 1,639Intangibles mainly relate to the intangibles acquired through theacquisition of Cytec. The average remaining useful life of Cytec\u2019sassets is 8 years. The impairment loss in 2024 relates to the intangible assets inCGU Oil and Gas. The impairment loss in 2023 relates to theintangible assets in CGU Aroma Performance (see note F19Impairment).The line \u201cOther\u201d in Gross carrying amount mainly includesreclassification of intangible assets under construction (reportedas part of the Other intangible assets) to the appropriatecategories when they are ready for intended use in 2024. In 2023,this mainly related to the change in scope following the PartialDemerger.NOTE F15GOODWILLGoodwillGoodwill arising in a business combination is recognized asan asset at the date that control is obtained (the acquisitiondate). Goodwill is measured as the excess of the sum of:(a) the consideration transferred;(b) the amount of any non-controlling interests in theacquiree; and(c) in a business combination achieved in stages, theacquisition date fair value of the previously held equityinterest in the acquiree, over the share acquired by theGroup in the fair value of the entity\u2019s identifiable netassets at the acquisition date.Goodwill is not amortized but is tested for impairment on anannual basis, and more frequently if there are anyimpairment triggers identified.For the purpose of impairment testing, goodwill is allocated toeach of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment ofAssets.These tests consist of comparing the carrying amount ofthe assets or (groups of) CGUs with their recoverableamount. The recoverable amount of an asset or a (groupof) CGU(s) is the higher of its fair value less costs of disposaland its value in use. If the recoverable amount of the CGU isless than its carrying amount, the impairment loss isallocated first to reduce the carrying amount of anygoodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount ofeach asset in the unit. An impairment loss recognized ongoodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwillhas been allocated, the goodwill associated with theoperation disposed of is included in the determination of theprofit or loss on disposal. It is measured on the basis of therelative values of the operation disposed of and the portionof the CGU retained, unless another method better reflectsthe goodwill associated with the operation disposed of.Goodwill \u2013 overviewIn \u20ac million TotalDecember 31, 2022 2,671Acquisitions 2Impairment -59Currency translation differences -54December 31, 2023 2,560Acquisitions 7Impairment -2Currency translation differences 94DECEMBER 31, 2024 2,659In 2023, goodwill impairment relates to the CGU Aroma (see noteF19 Impairment).The currency translation differences in 2024 and 2023 mainlyrelate to the Cytec goodwill expressed in US dollars.Goodwill by (groups of) CGU(s) Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from that businesscombination.2024At beginning ofAcquisitions Impairment Reclassification CurrencyAt the end ofthe periodtranslationthe periodIn \u20ac milliondifferences(Groups of) CGUsComposite Materials 646 39 684Novecare 656 7 -2 8 668Technology Solutions 803 46 848Specialty Polymers 444 2 446Energy Services 12 12Total goodwill 2,560 7 -2 94 2,659In the context of the Partial Demerger, management hadreassessed the allocation of goodwill at the level of thesegments. At the time of the Rhodia acquisition, a portion of the goodwillrelated to synergies for corporate functions, was allocated at thehigher level of the segment and tested as such instead of at thelevel of each individual CGU. Considering that goodwill is notamortized under IFRS, and the Syensqo segment goodwill ismore than 10 years old, management had tested it at the lowestlevel (i.e. CGU). Consequently, the total segment goodwill of\u20ac540 million (\u20ac341 million for Materials, \u20ac199 million forConsumer & Resources) was reallocated to the different CGUs/groups of CGUs based on their relative value in use at December31, 2023, as detailed in the table below.The reallocation of the goodwill at segment level did not changethe conclusions of the impairment tests at December 31, 2023.2023At beginning ofAcquisitions Impairment Reclassification CurrencyAt the end ofthe periodtranslationthe periodIn \u20ac milliondifferencesOperating segments - Groups of CGUsMaterials 341 -341Consumer & Resources 199 -199(Groups of) CGUsComposite Materials 591 76 -22 646Novecare 565 2 94 -5 656Technology Solutions 734 95 -26 803Specialty Polymers 180 265 -1 444Aroma Performance 49 -59 10Energy Services 12 12Total goodwill 2,671 2 -59 0 -54 2,560See note F19 Impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__96-1": {
"value": "NOTE F14INTANGIBLE ASSETSAccounting policyIntangible assets acquired or developed internally are initiallymeasured at cost. The cost of an acquired intangible assetcomprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discountsand rebates, and any directly attributable cost of preparingthe asset for its intended use. Subsequent expenditure onintangible assets is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured atcost less accumulated amortization and impairment losses,if any.Intangible assets are amortized on a straight-line basis overtheir estimated useful lives, which do not exceed thecontractual period, if any. The estimated useful lives, residualvalues and amortization methods are reviewed at eachyear-end, and any changes in estimates are accounted forprospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets - 5-20 yearsTechnologiesAmortization expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, research and development costs and other operatinggains and losses.Items of property, plant and equipment are initially measuredat cost. The cost of an item of property, plant and equipmentcomprises its purchase price and any costs directlyattributable to bringing the asset to the location and conditionnecessary for it to be capable of operating in the mannerintended by management. If applicable, the cost comprisesborrowing costs during the construction period.After initial recognition, items of property, plant and equipmentare measured at cost less accumulated depreciation andimpairment losses, if any. Items of property, plant and equipment are depreciated ona straight-line basis over their estimated useful lives. Thecomponents of an item of property, plant and equipmentwith different useful lives are depreciated separately. Land isnot depreciated. The estimated useful lives, residual valuesand depreciation methods are reviewed at each year end,also taking into account the potential impact of climatechange including the execution of the One Planet Strategy(see Note Climate Change in the IFRS general accountingpolicies). Any changes in estimates are accounted forprospectively.Buildings 30-40 yearsFixtures and equipment\u25cf IT equipment 3-5 years\u25cf Machinery and equipment 10-20 years\u25cf Transportation equipment 5-20 yearsDepreciation expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, and R&D costs.Dismantling and restoration costsDismantling and restoration costs are included in the costof an item of property, plant and equipment if the Grouphas a legal or constructive obligation to dismantle orrestore. They are depreciated over the useful life of theitems to which they pertain.Generally, Syensqo\u2019s obligation to dismantle and/or restoreits operating sites is only likely to arise upon thediscontinuation of a site\u2019s activities. A provision for dismantlingof discontinued sites or installations is recognized when thereis a legal obligation (due to a request or injunction from therelevant authorities), or when there is no technicalalternative than to dismantle, so as to ensure the safetycompliance of the discontinued sites or installations.Right-of-use assetThe right-of-use asset is initially measured at cost, whichcomprises:\u25cf the amount of the initial measurement of the lease liability;\u25cf any lease payments made at or before the commencementdate, less any lease incentive received; and\u25cf any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset ismeasured at cost less any accumulated depreciation andany accumulated impairment losses. Right-of-use assetsare depreciated using the straight-line depreciationmethod, from the commencement date to (a) the end ofthe useful life of the underlying asset, in case the leasetransfers ownership of the underlying asset to the Group bythe end of the lease term, or the lease contains a purchaseoption that the Group is reasonably certain to exercise, or(b) the earlier of the end of the useful life and the end of thelease term, in all other cases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__94-1": {
"value": "NOTE F14INTANGIBLE ASSETSAccounting policyIntangible assets acquired or developed internally are initiallymeasured at cost. The cost of an acquired intangible assetcomprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discountsand rebates, and any directly attributable cost of preparingthe asset for its intended use. Subsequent expenditure onintangible assets is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured atcost less accumulated amortization and impairment losses,if any.Intangible assets are amortized on a straight-line basis overtheir estimated useful lives, which do not exceed thecontractual period, if any. The estimated useful lives, residualvalues and amortization methods are reviewed at eachyear-end, and any changes in estimates are accounted forprospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets - 5-20 yearsTechnologiesAmortization expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, research and development costs and other operatinggains and losses.The asset is tested for impairment if (a) there is a trigger forimpairment, and (b) annually for projects underdevelopment (see note F19 Impairment).Intangible assets are derecognized from the consolidatedstatement of financial position on disposal or when nofuture economic benefits are expected from their use ordisposal. The gain or loss arising from the derecognition ofan intangible asset is recognized in profit or loss at themoment of derecognition.Research and development (R&D) costsResearch costs are expensed in the period in which they areincurred.Development costs are capitalized if, and only if, all the followingconditions are fulfilled:\u25cf the cost of the asset can be reliably measured;\u25cf the technical feasibility of the product has beendemonstrated;\u25cf the product or process will be placed on the market orused internally;\u25cf the assets will generate future economic benefits (apotential market exists for the product or, where it is to beused internally, its future utility has been demonstrated);\u25cf the technical, financial and other resources required tocomplete the project are available.The Group distinguishes between the following phases of anR&D project, depending on whether it is a new product/process or a customization for incremental innovation:\u25cf Feasibility is the research phase during which the technical,industrial, market and business feasibility are assessed.\u25cf Scale up followed by Industrialization are part of thedevelopment phase during which it is continuouslyassessed whether the criteria for capitalization are met.\u25cf The last phase is Production and Commercialization.When this phase is reached, capitalization stops andamortization commences.Development costs comprise employee expenses, the costof materials and services directly attributable to theprojects, and an appropriate share of directly attributablefixed costs including, and where applicable, borrowingcosts. The intangible assets are amortized as from themoment they are available for use, i.e. When they are in thelocation and condition necessary for them to be capable ofoperating in the manner intended by management.Development costs, which do not satisfy the aboveconditions are expensed as incurred.Patents, trademarks and customer relationshipsThose intangible assets have mainly been acquired throughbusiness combinations. Customer relationships consist ofcustomer lists.Other intangible assetsOther intangible assets mainly include technology acquiredseparately or in a business combination.GoodwillGoodwill arising in a business combination is recognized asan asset at the date that control is obtained (the acquisitiondate). Goodwill is measured as the excess of the sum of:(a) the consideration transferred;(b) the amount of any non-controlling interests in theacquiree; and(c) in a business combination achieved in stages, theacquisition date fair value of the previously held equityinterest in the acquiree, over the share acquired by theGroup in the fair value of the entity\u2019s identifiable netassets at the acquisition date.Goodwill is not amortized but is tested for impairment on anannual basis, and more frequently if there are anyimpairment triggers identified.For the purpose of impairment testing, goodwill is allocated toeach of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment ofAssets.These tests consist of comparing the carrying amount ofthe assets or (groups of) CGUs with their recoverableamount. The recoverable amount of an asset or a (groupof) CGU(s) is the higher of its fair value less costs of disposaland its value in use. If the recoverable amount of the CGU isless than its carrying amount, the impairment loss isallocated first to reduce the carrying amount of anygoodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount ofeach asset in the unit. An impairment loss recognized ongoodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwillhas been allocated, the goodwill associated with theoperation disposed of is included in the determination of theprofit or loss on disposal. It is measured on the basis of therelative values of the operation disposed of and the portionof the CGU retained, unless another method better reflectsthe goodwill associated with the operation disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__92-1": {
"value": "NOTE F14INTANGIBLE ASSETSAccounting policyIntangible assets acquired or developed internally are initiallymeasured at cost. The cost of an acquired intangible assetcomprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discountsand rebates, and any directly attributable cost of preparingthe asset for its intended use. Subsequent expenditure onintangible assets is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured atcost less accumulated amortization and impairment losses,if any.The asset is tested for impairment if (a) there is a trigger forimpairment, and (b) annually for projects underdevelopment (see note F19 Impairment).Intangible assets are derecognized from the consolidatedstatement of financial position on disposal or when nofuture economic benefits are expected from their use ordisposal. The gain or loss arising from the derecognition ofan intangible asset is recognized in profit or loss at themoment of derecognition.Goodwill is not amortized but is tested for impairment on anannual basis, and more frequently if there are anyimpairment triggers identified.For the purpose of impairment testing, goodwill is allocated toeach of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment ofAssets.These tests consist of comparing the carrying amount ofthe assets or (groups of) CGUs with their recoverableamount. The recoverable amount of an asset or a (groupof) CGU(s) is the higher of its fair value less costs of disposaland its value in use. If the recoverable amount of the CGU isless than its carrying amount, the impairment loss isallocated first to reduce the carrying amount of anygoodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount ofeach asset in the unit. An impairment loss recognized ongoodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwillhas been allocated, the goodwill associated with theoperation disposed of is included in the determination of theprofit or loss on disposal. It is measured on the basis of therelative values of the operation disposed of and the portionof the CGU retained, unless another method better reflectsthe goodwill associated with the operation disposed of.NOTE F19IMPAIRMENTAccounting policyGeneralAt the end of each reporting period, the Group reviewswhether there is any indication that assets have suffered animpairment loss. If any such indication exists, therecoverable amount of the asset is estimated in order todetermine the extent of the impairment loss (if any). Whereit is not possible to estimate the recoverable amount of anindividual asset, the Group estimates the recoverableamount of the CGU to which the asset belongs. Where areasonable and consistent basis of allocation can beidentified, corporate assets are allocated to individual CGUs,or otherwise they are allocated to the smallest group ofCGUs for which a reasonable and consistent allocationbasis can be identified.The recoverable amount is the higher of fair value less costsof disposal and value in use. In assessing value in use, theestimated future cash flows are discounted to their presentvalue using a pre-tax discount rate. Future cash flows areadjusted for risks not incorporated into the discount rate.If the recoverable amount of an asset (or CGU) is estimatedto be less than its carrying amount, the carrying amount ofthe asset (or CGU) is reduced to its recoverable amount. Animpairment loss is recognized immediately in profit or loss.When an impairment loss subsequently reverses, thecarrying amount of the asset (or CGU) is increased to therevised estimate of its recoverable amount, but so that theincreased carrying amount does not exceed the carryingamount that would have been determined (net ofamortization or depreciation) had no impairment loss beenrecognized for the asset (or CGU) in prior years. A reversal ofan impairment loss is recognized immediately in profit orloss. An impairment loss recognized for goodwill shall not bereversed in a subsequent period.Assets other than non-current assets held for saleIn accordance with IAS 36 Impairment of Assets, therecoverable amount of property, plant and equipment,intangible assets, right-of-use assets, CGUs or groups ofCGUs, including goodwill, and equity method investeescorresponds to the higher of their fair value less costs ofdisposal, and their value in use. The latter equals the presentvalue of the future cash flows expected to be derived fromeach asset, CGU or group of CGUs, and equity methodinvestees and is determined using the following inputs:\u25cf business plan approved by management based ongrowth and profitability assumptions, taking into accountpast performances, forecast changes in the economicenvironment and expected market developments,including opportunity and risks resulting from climatechange (taking into account the One Planet strategy -see note Climate change in the IFRS general accountingpolicies) and environmental regulations such as productsphasing out. For further details, refer to the RiskManagement Section. Such business plan generallycovers five years, unless management is confident thatprojections over a longer period are reliable;\u25cf consideration of a terminal value determined based onthe cash flows obtained by extrapolating the cash flowsof the last years of the business plan referred to above,affected by a long-term growth rate deemedappropriate for the activity and the location of the assets;\u25cf discounting of expected cash flows at a rate determinedusing the weighted average cost of capital formula.Impairment of financial assetsThe impairment loss of a financial asset measured atamortized cost is calculated based on the expected lossmodel, representing the weighted average of credit losseswith the respective risks of a default occurring as theweights. Expected credit losses are based on the differencebetween the contractual cash flows due in accordance withthe contract and all the cash flows that the Group expectsto receive, discounted at an approximation of the originaleffective interest rate.For trade receivables that do not contain a significantfinancing component (i.e. substantially all trade receivables),the loss allowance is measured at an amount equal tolifetime expected credit losses. Those are the expected creditlosses that result from all possible default events over theexpected life of those trade receivables, using a provisionmatrix that takes into account historical information ondefaults adjusted for the forward-looking information percustomer. The Group considers a financial asset in defaultwhen contractual payments are 60 days past due. However,in certain cases, the Group may also consider a financialasset to be in default when internal or external informationindicates that the Group is unlikely to receive theoutstanding contractual amounts in full before taking intoaccount any credit enhancements held by the Group. Afinancial asset is fully impaired when there is no reasonableexpectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidatedincome statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__91": {
"value": "NOTE F14INTANGIBLE ASSETSAccounting policyIntangible assets acquired or developed internally are initiallymeasured at cost. The cost of an acquired intangible assetcomprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discountsand rebates, and any directly attributable cost of preparingthe asset for its intended use. Subsequent expenditure onintangible assets is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured atcost less accumulated amortization and impairment losses,if any.Intangible assets are amortized on a straight-line basis overtheir estimated useful lives, which do not exceed thecontractual period, if any. The estimated useful lives, residualvalues and amortization methods are reviewed at eachyear-end, and any changes in estimates are accounted forprospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets - 5-20 yearsTechnologiesAmortization expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, research and development costs and other operatinggains and losses.The asset is tested for impairment if (a) there is a trigger forimpairment, and (b) annually for projects underdevelopment (see note F19 Impairment).Intangible assets are derecognized from the consolidatedstatement of financial position on disposal or when nofuture economic benefits are expected from their use ordisposal. The gain or loss arising from the derecognition ofan intangible asset is recognized in profit or loss at themoment of derecognition.Research and development (R&D) costsResearch costs are expensed in the period in which they areincurred.Development costs are capitalized if, and only if, all the followingconditions are fulfilled:\u25cf the cost of the asset can be reliably measured;\u25cf the technical feasibility of the product has beendemonstrated;\u25cf the product or process will be placed on the market orused internally;\u25cf the assets will generate future economic benefits (apotential market exists for the product or, where it is to beused internally, its future utility has been demonstrated);\u25cf the technical, financial and other resources required tocomplete the project are available.The Group distinguishes between the following phases of anR&D project, depending on whether it is a new product/process or a customization for incremental innovation:\u25cf Feasibility is the research phase during which the technical,industrial, market and business feasibility are assessed.\u25cf Scale up followed by Industrialization are part of thedevelopment phase during which it is continuouslyassessed whether the criteria for capitalization are met.\u25cf The last phase is Production and Commercialization.When this phase is reached, capitalization stops andamortization commences.Development costs comprise employee expenses, the costof materials and services directly attributable to theprojects, and an appropriate share of directly attributablefixed costs including, and where applicable, borrowingcosts. The intangible assets are amortized as from themoment they are available for use, i.e. When they are in thelocation and condition necessary for them to be capable ofoperating in the manner intended by management.Development costs, which do not satisfy the aboveconditions are expensed as incurred.Patents, trademarks and customer relationshipsThose intangible assets have mainly been acquired throughbusiness combinations. Customer relationships consist ofcustomer lists.Other intangible assetsOther intangible assets mainly include technology acquiredseparately or in a business combination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__99-1": {
"value": "The asset is tested for impairment if (a) there is a trigger forimpairment, and (b) annually for projects underdevelopment (see note F19 Impairment).Intangible assets are derecognized from the consolidatedstatement of financial position on disposal or when nofuture economic benefits are expected from their use ordisposal. The gain or loss arising from the derecognition ofan intangible asset is recognized in profit or loss at themoment of derecognition.Goodwill is not amortized but is tested for impairment on anannual basis, and more frequently if there are anyimpairment triggers identified.For the purpose of impairment testing, goodwill is allocated toeach of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment ofAssets.These tests consist of comparing the carrying amount ofthe assets or (groups of) CGUs with their recoverableamount. The recoverable amount of an asset or a (groupof) CGU(s) is the higher of its fair value less costs of disposaland its value in use. If the recoverable amount of the CGU isless than its carrying amount, the impairment loss isallocated first to reduce the carrying amount of anygoodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount ofeach asset in the unit. An impairment loss recognized ongoodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwillhas been allocated, the goodwill associated with theoperation disposed of is included in the determination of theprofit or loss on disposal. It is measured on the basis of therelative values of the operation disposed of and the portionof the CGU retained, unless another method better reflectsthe goodwill associated with the operation disposed of.NOTE F19IMPAIRMENTAccounting policyGeneralAt the end of each reporting period, the Group reviewswhether there is any indication that assets have suffered animpairment loss. If any such indication exists, therecoverable amount of the asset is estimated in order todetermine the extent of the impairment loss (if any). Whereit is not possible to estimate the recoverable amount of anindividual asset, the Group estimates the recoverableamount of the CGU to which the asset belongs. Where areasonable and consistent basis of allocation can beidentified, corporate assets are allocated to individual CGUs,or otherwise they are allocated to the smallest group ofCGUs for which a reasonable and consistent allocationbasis can be identified.The recoverable amount is the higher of fair value less costsof disposal and value in use. In assessing value in use, theestimated future cash flows are discounted to their presentvalue using a pre-tax discount rate. Future cash flows areadjusted for risks not incorporated into the discount rate.If the recoverable amount of an asset (or CGU) is estimatedto be less than its carrying amount, the carrying amount ofthe asset (or CGU) is reduced to its recoverable amount. Animpairment loss is recognized immediately in profit or loss.When an impairment loss subsequently reverses, thecarrying amount of the asset (or CGU) is increased to therevised estimate of its recoverable amount, but so that theincreased carrying amount does not exceed the carryingamount that would have been determined (net ofamortization or depreciation) had no impairment loss beenrecognized for the asset (or CGU) in prior years. A reversal ofan impairment loss is recognized immediately in profit orloss. An impairment loss recognized for goodwill shall not bereversed in a subsequent period.Assets other than non-current assets held for saleIn accordance with IAS 36 Impairment of Assets, therecoverable amount of property, plant and equipment,intangible assets, right-of-use assets, CGUs or groups ofCGUs, including goodwill, and equity method investeescorresponds to the higher of their fair value less costs ofdisposal, and their value in use. The latter equals the presentvalue of the future cash flows expected to be derived fromeach asset, CGU or group of CGUs, and equity methodinvestees and is determined using the following inputs:\u25cf business plan approved by management based ongrowth and profitability assumptions, taking into accountpast performances, forecast changes in the economicenvironment and expected market developments,including opportunity and risks resulting from climatechange (taking into account the One Planet strategy -see note Climate change in the IFRS general accountingpolicies) and environmental regulations such as productsphasing out. For further details, refer to the RiskManagement Section. Such business plan generallycovers five years, unless management is confident thatprojections over a longer period are reliable;\u25cf consideration of a terminal value determined based onthe cash flows obtained by extrapolating the cash flowsof the last years of the business plan referred to above,affected by a long-term growth rate deemedappropriate for the activity and the location of the assets;\u25cf discounting of expected cash flows at a rate determinedusing the weighted average cost of capital formula.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__95": {
"value": "Research and development (R&D) costsResearch costs are expensed in the period in which they areincurred.Development costs are capitalized if, and only if, all the followingconditions are fulfilled:\u25cf the cost of the asset can be reliably measured;\u25cf the technical feasibility of the product has beendemonstrated;\u25cf the product or process will be placed on the market orused internally;\u25cf the assets will generate future economic benefits (apotential market exists for the product or, where it is to beused internally, its future utility has been demonstrated);\u25cf the technical, financial and other resources required tocomplete the project are available.The Group distinguishes between the following phases of anR&D project, depending on whether it is a new product/process or a customization for incremental innovation:\u25cf Feasibility is the research phase during which the technical,industrial, market and business feasibility are assessed.\u25cf Scale up followed by Industrialization are part of thedevelopment phase during which it is continuouslyassessed whether the criteria for capitalization are met.\u25cf The last phase is Production and Commercialization.When this phase is reached, capitalization stops andamortization commences.Development costs comprise employee expenses, the costof materials and services directly attributable to theprojects, and an appropriate share of directly attributablefixed costs including, and where applicable, borrowingcosts. The intangible assets are amortized as from themoment they are available for use, i.e. When they are in thelocation and condition necessary for them to be capable ofoperating in the manner intended by management.Development costs, which do not satisfy the aboveconditions are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__113": {
"value": "NOTE F15GOODWILLAccounting policyGoodwillGoodwill arising in a business combination is recognized asan asset at the date that control is obtained (the acquisitiondate). Goodwill is measured as the excess of the sum of:(a) the consideration transferred;(b) the amount of any non-controlling interests in theacquiree; and(c) in a business combination achieved in stages, theacquisition date fair value of the previously held equityinterest in the acquiree, over the share acquired by theGroup in the fair value of the entity\u2019s identifiable netassets at the acquisition date.Goodwill is not amortized but is tested for impairment on anannual basis, and more frequently if there are anyimpairment triggers identified.For the purpose of impairment testing, goodwill is allocated toeach of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment ofAssets.These tests consist of comparing the carrying amount ofthe assets or (groups of) CGUs with their recoverableamount. The recoverable amount of an asset or a (groupof) CGU(s) is the higher of its fair value less costs of disposaland its value in use. If the recoverable amount of the CGU isless than its carrying amount, the impairment loss isallocated first to reduce the carrying amount of anygoodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount ofeach asset in the unit. An impairment loss recognized ongoodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwillhas been allocated, the goodwill associated with theoperation disposed of is included in the determination of theprofit or loss on disposal. It is measured on the basis of therelative values of the operation disposed of and the portionof the CGU retained, unless another method better reflectsthe goodwill associated with the operation disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__112": {
"value": "NOTE F15GOODWILLAccounting policyGoodwillGoodwill arising in a business combination is recognized asan asset at the date that control is obtained (the acquisitiondate). Goodwill is measured as the excess of the sum of:(a) the consideration transferred;(b) the amount of any non-controlling interests in theacquiree; and(c) in a business combination achieved in stages, theacquisition date fair value of the previously held equityinterest in the acquiree, over the share acquired by theGroup in the fair value of the entity\u2019s identifiable netassets at the acquisition date.Goodwill is not amortized but is tested for impairment on anannual basis, and more frequently if there are anyimpairment triggers identified.For the purpose of impairment testing, goodwill is allocated toeach of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment ofAssets.These tests consist of comparing the carrying amount ofthe assets or (groups of) CGUs with their recoverableamount. The recoverable amount of an asset or a (groupof) CGU(s) is the higher of its fair value less costs of disposaland its value in use. If the recoverable amount of the CGU isless than its carrying amount, the impairment loss isallocated first to reduce the carrying amount of anygoodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount ofeach asset in the unit. An impairment loss recognized ongoodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwillhas been allocated, the goodwill associated with theoperation disposed of is included in the determination of theprofit or loss on disposal. It is measured on the basis of therelative values of the operation disposed of and the portionof the CGU retained, unless another method better reflectsthe goodwill associated with the operation disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__109": {
"value": "NOTE F15GOODWILLAccounting policyGoodwillGoodwill arising in a business combination is recognized asan asset at the date that control is obtained (the acquisitiondate). Goodwill is measured as the excess of the sum of:(a) the consideration transferred;(b) the amount of any non-controlling interests in theacquiree; and(c) in a business combination achieved in stages, theacquisition date fair value of the previously held equityinterest in the acquiree, over the share acquired by theGroup in the fair value of the entity\u2019s identifiable netassets at the acquisition date.Goodwill is not amortized but is tested for impairment on anannual basis, and more frequently if there are anyimpairment triggers identified.For the purpose of impairment testing, goodwill is allocated toeach of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment ofAssets.These tests consist of comparing the carrying amount ofthe assets or (groups of) CGUs with their recoverableamount. The recoverable amount of an asset or a (groupof) CGU(s) is the higher of its fair value less costs of disposaland its value in use. If the recoverable amount of the CGU isless than its carrying amount, the impairment loss isallocated first to reduce the carrying amount of anygoodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount ofeach asset in the unit. An impairment loss recognized ongoodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwillhas been allocated, the goodwill associated with theoperation disposed of is included in the determination of theprofit or loss on disposal. It is measured on the basis of therelative values of the operation disposed of and the portionof the CGU retained, unless another method better reflectsthe goodwill associated with the operation disposed of.Goodwill \u2013 overviewIn \u20ac million TotalDecember 31, 2022 2,671Acquisitions 2Impairment -59Currency translation differences -54December 31, 2023 2,560Acquisitions 7Impairment -2Currency translation differences 94DECEMBER 31, 2024 2,659In 2023, goodwill impairment relates to the CGU Aroma (see noteF19 Impairment).The currency translation differences in 2024 and 2023 mainlyrelate to the Cytec goodwill expressed in US dollars.Goodwill by (groups of) CGU(s) Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from that businesscombination.2024At beginning ofAcquisitions Impairment Reclassification CurrencyAt the end ofthe periodtranslationthe periodIn \u20ac milliondifferences(Groups of) CGUsComposite Materials 646 39 684Novecare 656 7 -2 8 668Technology Solutions 803 46 848Specialty Polymers 444 2 446Energy Services 12 12Total goodwill 2,560 7 -2 94 2,659In the context of the Partial Demerger, management hadreassessed the allocation of goodwill at the level of thesegments. At the time of the Rhodia acquisition, a portion of the goodwillrelated to synergies for corporate functions, was allocated at thehigher level of the segment and tested as such instead of at thelevel of each individual CGU. Considering that goodwill is notamortized under IFRS, and the Syensqo segment goodwill ismore than 10 years old, management had tested it at the lowestlevel (i.e. CGU). Consequently, the total segment goodwill of\u20ac540 million (\u20ac341 million for Materials, \u20ac199 million forConsumer & Resources) was reallocated to the different CGUs/groups of CGUs based on their relative value in use at December31, 2023, as detailed in the table below.The reallocation of the goodwill at segment level did not changethe conclusions of the impairment tests at December 31, 2023.2023At beginning ofAcquisitions Impairment Reclassification CurrencyAt the end ofthe periodtranslationthe periodIn \u20ac milliondifferencesOperating segments - Groups of CGUsMaterials 341 -341Consumer & Resources 199 -199(Groups of) CGUsComposite Materials 591 76 -22 646Novecare 565 2 94 -5 656Technology Solutions 734 95 -26 803Specialty Polymers 180 265 -1 444Aroma Performance 49 -59 10Energy Services 12 12Total goodwill 2,671 2 -59 0 -54 2,560See note F19 Impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__105": {
"value": "NOTE F15GOODWILLAccounting policyGoodwillGoodwill arising in a business combination is recognized asan asset at the date that control is obtained (the acquisitiondate). Goodwill is measured as the excess of the sum of:(a) the consideration transferred;(b) the amount of any non-controlling interests in theacquiree; and(c) in a business combination achieved in stages, theacquisition date fair value of the previously held equityinterest in the acquiree, over the share acquired by theGroup in the fair value of the entity\u2019s identifiable netassets at the acquisition date.Goodwill is not amortized but is tested for impairment on anannual basis, and more frequently if there are anyimpairment triggers identified.For the purpose of impairment testing, goodwill is allocated toeach of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment ofAssets.These tests consist of comparing the carrying amount ofthe assets or (groups of) CGUs with their recoverableamount. The recoverable amount of an asset or a (groupof) CGU(s) is the higher of its fair value less costs of disposaland its value in use. If the recoverable amount of the CGU isless than its carrying amount, the impairment loss isallocated first to reduce the carrying amount of anygoodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount ofeach asset in the unit. An impairment loss recognized ongoodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwillhas been allocated, the goodwill associated with theoperation disposed of is included in the determination of theprofit or loss on disposal. It is measured on the basis of therelative values of the operation disposed of and the portionof the CGU retained, unless another method better reflectsthe goodwill associated with the operation disposed of.Goodwill \u2013 overviewIn \u20ac million TotalDecember 31, 2022 2,671Acquisitions 2Impairment -59Currency translation differences -54December 31, 2023 2,560Acquisitions 7Impairment -2Currency translation differences 94DECEMBER 31, 2024 2,659In 2023, goodwill impairment relates to the CGU Aroma (see noteF19 Impairment).The currency translation differences in 2024 and 2023 mainlyrelate to the Cytec goodwill expressed in US dollars.Goodwill by (groups of) CGU(s) Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from that businesscombination.2024At beginning ofAcquisitions Impairment Reclassification CurrencyAt the end ofthe periodtranslationthe periodIn \u20ac milliondifferences(Groups of) CGUsComposite Materials 646 39 684Novecare 656 7 -2 8 668Technology Solutions 803 46 848Specialty Polymers 444 2 446Energy Services 12 12Total goodwill 2,560 7 -2 94 2,659In the context of the Partial Demerger, management hadreassessed the allocation of goodwill at the level of thesegments. At the time of the Rhodia acquisition, a portion of the goodwillrelated to synergies for corporate functions, was allocated at thehigher level of the segment and tested as such instead of at thelevel of each individual CGU. Considering that goodwill is notamortized under IFRS, and the Syensqo segment goodwill ismore than 10 years old, management had tested it at the lowestlevel (i.e. CGU). Consequently, the total segment goodwill of\u20ac540 million (\u20ac341 million for Materials, \u20ac199 million forConsumer & Resources) was reallocated to the different CGUs/groups of CGUs based on their relative value in use at December31, 2023, as detailed in the table below.The reallocation of the goodwill at segment level did not changethe conclusions of the impairment tests at December 31, 2023.2023At beginning ofAcquisitions Impairment Reclassification CurrencyAt the end ofthe periodtranslationthe periodIn \u20ac milliondifferencesOperating segments - Groups of CGUsMaterials 341 -341Consumer & Resources 199 -199(Groups of) CGUsComposite Materials 591 76 -22 646Novecare 565 2 94 -5 656Technology Solutions 734 95 -26 803Specialty Polymers 180 265 -1 444Aroma Performance 49 -59 10Energy Services 12 12Total goodwill 2,671 2 -59 0 -54 2,560See note F19 Impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__114": {
"value": "GoodwillGoodwill arising in a business combination is recognized asan asset at the date that control is obtained (the acquisitiondate). Goodwill is measured as the excess of the sum of:(a) the consideration transferred;(b) the amount of any non-controlling interests in theacquiree; and(c) in a business combination achieved in stages, theacquisition date fair value of the previously held equityinterest in the acquiree, over the share acquired by theGroup in the fair value of the entity\u2019s identifiable netassets at the acquisition date.Goodwill is not amortized but is tested for impairment on anannual basis, and more frequently if there are anyimpairment triggers identified.For the purpose of impairment testing, goodwill is allocated toeach of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment ofAssets.These tests consist of comparing the carrying amount ofthe assets or (groups of) CGUs with their recoverableamount. The recoverable amount of an asset or a (groupof) CGU(s) is the higher of its fair value less costs of disposaland its value in use. If the recoverable amount of the CGU isless than its carrying amount, the impairment loss isallocated first to reduce the carrying amount of anygoodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount ofeach asset in the unit. An impairment loss recognized ongoodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwillhas been allocated, the goodwill associated with theoperation disposed of is included in the determination of theprofit or loss on disposal. It is measured on the basis of therelative values of the operation disposed of and the portionof the CGU retained, unless another method better reflectsthe goodwill associated with the operation disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__120": {
"value": "NOTE F16PROPERTY, PLANT AND EQUIPMENTAccounting policyItems of property, plant and equipment are initially measuredat cost. The cost of an item of property, plant and equipmentcomprises its purchase price and any costs directlyattributable to bringing the asset to the location and conditionnecessary for it to be capable of operating in the mannerintended by management. If applicable, the cost comprisesborrowing costs during the construction period.After initial recognition, items of property, plant and equipmentare measured at cost less accumulated depreciation andimpairment losses, if any. Items of property, plant and equipment are depreciated ona straight-line basis over their estimated useful lives. Thecomponents of an item of property, plant and equipmentwith different useful lives are depreciated separately. Land isnot depreciated. The estimated useful lives, residual valuesand depreciation methods are reviewed at each year end,also taking into account the potential impact of climatechange including the execution of the One Planet Strategy(see Note Climate Change in the IFRS general accountingpolicies). Any changes in estimates are accounted forprospectively.Buildings 30-40 yearsFixtures and equipment\u25cf IT equipment 3-5 years\u25cf Machinery and equipment 10-20 years\u25cf Transportation equipment 5-20 yearsDepreciation expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, and R&D costs.The asset is tested for impairment if there is a trigger forimpairment (see note F19 Impairment).Items of property, plant and equipment are derecognizedfrom the consolidated statement of financial position ondisposal or when no future economic benefits are expectedfrom their use or disposal. The gain or loss arising from thederecognition of an item of property, plant and equipment isrecognized in profit or loss at the moment of derecognition.Subsequent expenditureSubsequent expenditure related to items of property, plantand equipment is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.Subsequent expenditure incurred for the replacement of acomponent of an item of property, plant and equipment isonly recognized as an asset when it satisfies the recognitioncriteria mentioned above. The carrying amount of replaceditems is derecognized.Repair and maintenance costs are recognized in theconsolidated income statement as incurred.Regarding its industrial activity, Syensqo incurs expenditurefor major repairs over several years for most of its sites. Thepurpose of this expenditure is to maintain the properworking order of certain installations without altering theiruseful life. This expenditure is considered as a specificcomponent of the item of property, plant and equipmentand is depreciated over the period during which theeconomic benefits are expected to be obtained, i.e. themajor repairs\u2019 intervals.Dismantling and restoration costsDismantling and restoration costs are included in the costof an item of property, plant and equipment if the Grouphas a legal or constructive obligation to dismantle orrestore. They are depreciated over the useful life of theitems to which they pertain.Generally, Syensqo\u2019s obligation to dismantle and/or restoreits operating sites is only likely to arise upon thediscontinuation of a site\u2019s activities. A provision for dismantlingof discontinued sites or installations is recognized when thereis a legal obligation (due to a request or injunction from therelevant authorities), or when there is no technicalalternative than to dismantle, so as to ensure the safetycompliance of the discontinued sites or installations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__118": {
"value": "NOTE F16PROPERTY, PLANT AND EQUIPMENTAccounting policyItems of property, plant and equipment are initially measuredat cost. The cost of an item of property, plant and equipmentcomprises its purchase price and any costs directlyattributable to bringing the asset to the location and conditionnecessary for it to be capable of operating in the mannerintended by management. If applicable, the cost comprisesborrowing costs during the construction period.After initial recognition, items of property, plant and equipmentare measured at cost less accumulated depreciation andimpairment losses, if any. Items of property, plant and equipment are depreciated ona straight-line basis over their estimated useful lives. Thecomponents of an item of property, plant and equipmentwith different useful lives are depreciated separately. Land isnot depreciated. The estimated useful lives, residual valuesand depreciation methods are reviewed at each year end,also taking into account the potential impact of climatechange including the execution of the One Planet Strategy(see Note Climate Change in the IFRS general accountingpolicies). Any changes in estimates are accounted forprospectively.Buildings 30-40 yearsFixtures and equipment\u25cf IT equipment 3-5 years\u25cf Machinery and equipment 10-20 years\u25cf Transportation equipment 5-20 yearsDepreciation expense is included in the consolidatedincome statement within cost of goods sold, administrativecosts, and R&D costs.The asset is tested for impairment if there is a trigger forimpairment (see note F19 Impairment).Items of property, plant and equipment are derecognizedfrom the consolidated statement of financial position ondisposal or when no future economic benefits are expectedfrom their use or disposal. The gain or loss arising from thederecognition of an item of property, plant and equipment isrecognized in profit or loss at the moment of derecognition.Subsequent expenditureSubsequent expenditure related to items of property, plantand equipment is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.Subsequent expenditure incurred for the replacement of acomponent of an item of property, plant and equipment isonly recognized as an asset when it satisfies the recognitioncriteria mentioned above. The carrying amount of replaceditems is derecognized.Repair and maintenance costs are recognized in theconsolidated income statement as incurred.Regarding its industrial activity, Syensqo incurs expenditurefor major repairs over several years for most of its sites. Thepurpose of this expenditure is to maintain the properworking order of certain installations without altering theiruseful life. This expenditure is considered as a specificcomponent of the item of property, plant and equipmentand is depreciated over the period during which theeconomic benefits are expected to be obtained, i.e. themajor repairs\u2019 intervals.Dismantling and restoration costsDismantling and restoration costs are included in the costof an item of property, plant and equipment if the Grouphas a legal or constructive obligation to dismantle orrestore. They are depreciated over the useful life of theitems to which they pertain.Generally, Syensqo\u2019s obligation to dismantle and/or restoreits operating sites is only likely to arise upon thediscontinuation of a site\u2019s activities. A provision for dismantlingof discontinued sites or installations is recognized when thereis a legal obligation (due to a request or injunction from therelevant authorities), or when there is no technicalalternative than to dismantle, so as to ensure the safetycompliance of the discontinued sites or installations.Land andFixtures andOther tangibleProperty, plantTotalbuildingsequipmentassetsand equipmentunderIn \u20ac millionconstructionGross carrying amountDecember 31, 2022 1,412 5,225 169 676 7,481Additions 70 78 2 597 747Disposals and closures -11 -97 -12 -120Increase through business 1 1combinationsCurrency translation differences -35 -121 -4 -13 -173Other 92 432 32 -321 236December 31, 2023 1,528 5,518 186 939 8,172Additions 14 76 4 471 565Disposals and closures -3 -87 -8 -98Currency translation differences 48 186 5 15 254Other 63 382 25 -469 2DECEMBER 31, 2024 1,650 6,076 212 957 8,895Accumulated depreciationDecember 31, 2022 -653 -3,542 -135 -4,329Depreciation -46 -296 -11 -352Impairment -7 -45 -1 -53Disposals and closures 7 97 12 116Currency translation differences 15 79 3 97Other -17 -118 -22 -156December 31, 2023 -700 -3,825 -152 -4,678Depreciation -50 -314 -17 -381Impairment -11 -47 0 -59Reversal of impairment 1 5 7Disposals and closures 3 87 8 98Currency translation differences -21 -124 -5 -150Other -1 0 -1 -3DECEMBER 31, 2024 -779 -4,220 -167 -5,166Net carrying amountDecember 31, 2022 759 1,683 34 676 3,152December 31, 2023 828 1,693 34 939 3,494DECEMBER 31, 2024 871 1,856 45 957 3,729Cash flows related to major investments are disclosed in note F11Cash flows from investing activities \u2013 acquisition/disposal ofassets and investments. The impairment loss in 2024 mainly relates to the tangible fixedassets in CGU Oil and Gas for \u20ac44 million.The impairment loss in 2023 mainly relates to the tangible fixedassets in CGU Aroma Performance for \u20ac48 million (see note F19Impairment).The line \u201cOther\u201d in Gross carrying amount mainly includesreclassification of property, plant and equipment underconstruction to the appropriate categories when they are readyfor intended use, and the consolidation of the tangible fixedassets of the Zhenjiang entity for \u20ac55 million in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__121": {
"value": "Subsequent expenditureSubsequent expenditure related to items of property, plantand equipment is capitalized only if it is probable that it willincrease the future economic benefits associated with thespecific asset. Other expenditure is expensed as incurred.Subsequent expenditure incurred for the replacement of acomponent of an item of property, plant and equipment isonly recognized as an asset when it satisfies the recognitioncriteria mentioned above. The carrying amount of replaceditems is derecognized.Repair and maintenance costs are recognized in theconsolidated income statement as incurred.Regarding its industrial activity, Syensqo incurs expenditurefor major repairs over several years for most of its sites. Thepurpose of this expenditure is to maintain the properworking order of certain installations without altering theiruseful life. This expenditure is considered as a specificcomponent of the item of property, plant and equipmentand is depreciated over the period during which theeconomic benefits are expected to be obtained, i.e. themajor repairs\u2019 intervals.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__122-1": {
"value": "Dismantling and restoration costsDismantling and restoration costs are included in the costof an item of property, plant and equipment if the Grouphas a legal or constructive obligation to dismantle orrestore. They are depreciated over the useful life of theitems to which they pertain.Generally, Syensqo\u2019s obligation to dismantle and/or restoreits operating sites is only likely to arise upon thediscontinuation of a site\u2019s activities. A provision for dismantlingof discontinued sites or installations is recognized when thereis a legal obligation (due to a request or injunction from therelevant authorities), or when there is no technicalalternative than to dismantle, so as to ensure the safetycompliance of the discontinued sites or installations.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoingactivities (shut-down sites, discontinued activities or divestedactivities where Syensqo maintains certain commitments)and, to a lower extent, to ongoing activities (see commentsbelow).An environmental provision is recognized, in accordancewith IAS 37, when there is a current legal or constructiveobligation resulting from past events which will result in aprobable outflow of resources (expenses/cash outs) tosettle it and for which a reliable estimate of such outflowsand timing can be made.The environmental expenses encompass, but are notlimited to, the following key matters \u25cf Sampling and analytical costs for soil and ground watermonitoring\u25cf Cost related to dismantling when required to meet aremediation or permit obligation\u25cf Asbestos removal when obligated by regulation\u25cf Environmental investigations and studies (Risk Assessments,Phase I and II soil and groundwater) The closing amount of the environmental provisions isbased on the net present value of the future cash flowsneeded, for current and future years, to settle remediationobligations. Forecast expenditures are based on externalconsultant estimates, where appropriate and possible.Future expenditures are forecast and revised biannually andvalidated quarterly by Syensqo finance and suitablyqualified industrial experts led by the Group Health, Safetyand Environment (\u201cHSE\u201d) Director and benefit from inputs oflegal department staff for the evolution of EnvironmentalRegulations.In the absence of probable obligations, a contingent liabilitymay be disclosed to represent the future possible liability. Insome cases, contingent liabilities cannot be quantified. SeeNote F31 Contingent assets, liabilities and financial guarantees.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__133": {
"value": "NOTE F17RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONSAccounting policyDefinition of a lease At inception of a contract, which generally coincides withthe date the contract is signed, the Group assesses whethera contract is, or contains, a lease. A contract is, or contains,a lease if the contract conveys the right to control the use ofan identified asset for a period of time in exchange forconsideration.The Group\u2019s leased assets relate mainly to buildings,transportation equipment, and industrial equipment.Lease termThe Group determines the lease term as the non-cancellableperiod of a lease, together with both:\u25cf periods covered by an option to extend the lease if theGroup is reasonably certain to exercise that option; and\u25cf periods covered by an option to terminate the lease if theGroup is reasonably certain not to exercise that option.In its assessment, the Group considers the impact of thefollowing factors (non-exhaustive):\u25cf contractual terms and conditions for the optional periods,compared with market rates;\u25cf significant leasehold improvements undertaken (orexpected to be undertaken) over the term of the contract;\u25cf costs relating to the termination of the lease, includingrelocation costs, costs of identifying another underlyingasset suitable for the Group\u2019s needs, costs of integratinga new asset into the Group\u2019s operations, and terminationpenalties;\u25cf the importance of that underlying asset to the Group\u2019soperations, including the availability of suitable alternatives;\u25cf conditionality associated with exercising the option (i.e.When the option can be exercised only if one or moreconditions are met), and the likelihood that those conditionswill exist; and\u25cf past practice.Right-of-use asset and lease liabilityThe Group recognizes a right-of-use asset and a leaseliability at the lease commencement date, which is the datethat the lessor makes the asset available for use by theGroup except for short-term leases (defined as leases witha lease term of 12 months or less) and leases of low valueassets. The right-of-use assets are presented separately inthe consolidated statement of financial position, and thelease liabilities are presented as part of financial debt.Right-of-use assetThe right-of-use asset is initially measured at cost, whichcomprises:\u25cf the amount of the initial measurement of the lease liability;\u25cf any lease payments made at or before the commencementdate, less any lease incentive received; and\u25cf any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset ismeasured at cost less any accumulated depreciation andany accumulated impairment losses. Right-of-use assetsare depreciated using the straight-line depreciationmethod, from the commencement date to (a) the end ofthe useful life of the underlying asset, in case the leasetransfers ownership of the underlying asset to the Group bythe end of the lease term, or the lease contains a purchaseoption that the Group is reasonably certain to exercise, or(b) the earlier of the end of the useful life and the end of thelease term, in all other cases. Lease liabilityThe lease liability is initially measured at the present value ofthe lease payments that are not paid at the commencementdate, discounted using the interest rate implicit in the leaseor, if that rate cannot be readily determined, the respectiveGroup entity\u2019s incremental borrowing rate. Lease paymentsincluded in the measurement of the lease liability comprisethe following:\u25cf fixed payments, less any lease incentives receivable;\u25cf variable lease payments that depend on an index or arate, initially measured using the index or rate as at thecommencement date;\u25cf amounts expected to be payable by the Group underresidual value guarantees;\u25cf the exercise price of a purchase option if the Group isreasonably certain to exercise that option; and\u25cf payments of penalties for early terminating the lease, ifthe Group is reasonably certain to exercise an option toearly terminate the lease.Service components (e.g. Utilities, maintenance, insurance,\u2026) are excluded from the measurement of the lease liability. After the commencement date, the lease liability ismeasured by:\u25cf increasing the carrying amount to reflect interest on thelease liability;\u25cf reducing the carrying amount to reflect the leasepayments made; and\u25cf remeasuring the carrying amount to reflect anyreassessment or lease modifications, or to reflect theimpact from a revised index or rate.In \u20ac million Land andTransportationIndustrialOther tangibleTotalbuildingsequipmentequipmentassetsGross carrying amountDecember 31, 2022 187 59 128 10 384Additions 15 15 15 4 49Disposals and closures -24 -6 -3 -2 -35Currency translation differences -4 -2 -3 0 -9Other 2 19 -2 1 20December 31, 2023 176 85 134 13 407Additions 16 12 9 4 42Disposals and closures -9 -7 -3 -1 -20Currency translation differences 5 2 6 1 14Other 8 5 10 0 24DECEMBER 31, 2024 195 98 156 17 467Accumulated depreciationDecember 31, 2022 -87 -39 -58 -5 -188Depreciation -22 -16 -17 -2 -57Impairment 0 0Disposals and closures 15 6 3 2 26Currency translation differences 2 1 2 0 5Other 2 -7 1 -1 -5December 31, 2023 -89 -55 -68 -5 -219Depreciation -33 -17 -19 -3 -72Disposals and closures 9 7 3 1 20Currency translation differences -3 -2 -3 -9Other 1 1DECEMBER 31, 2024 -117 -67 -88 -8 -279Net carrying amountDecember 31, 2022 101 20 70 5 196December 31, 2023 86 30 66 8 188DECEMBER 31, 2024 79 31 69 9 188The Group primarily leases buildings that include office buildings,and warehouses. Those leases are generally long-term leasesand may include extension options. The Group leasestransportation equipment, which mainly relate to utility assets. Lease contracts generally are negotiated by the local teams,and contain a wide range of different terms and conditions.Many lease contracts contain extension options and/or earlytermination options to provide the Group with operationalflexibility. Such options are taken into account when determiningthe lease term and the lease liability when it is reasonablycertain that they will be exercised. If the Group exercised its extension options not currentlyincluded in the lease liability, the present value of additionalpayments would amount to \u20ac55 million at December 31, 2024(\u20ac71 million at December 31, 2023). There are no lease contracts signed but not yet commenced atDecember 31, 2024 and December 31, 2023.Total cash outflows for leases amount to \u20ac74 million for 2024, ofwhich \u20ac61 million related to payment of lease liabilities and \u20ac13million of finance expenses. Information on the correspondinglease liabilities (\u20ac230 million) can be found in the note F28 Netindebtedness. Information on the finance expense related tolease liabilities can be found in note F5 Net financial charges.",
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"value": "NOTE F18INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe list of associates and joint ventures is available in the noteF36 List of companies included in the consolidation scope.The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equitymethod of accounting.December 31, 2024 December 31, 2023Associates JointTotal Associates JointTotalIn \u20ac millionventuresventuresInvestments in associates and joint ventures 8 200 208 6 201 207Earnings from associates and joint ventures 2 19 21 25 25INVESTMENTS IN ASSOCIATESThe only associate of the Group in 2024 and 2023 is the consortium Exeltium in France.In \u20ac million 2024 2023January 1 6 5Profit for the year 2Other 1DECEMBER 31 8 6In \u20ac million December 31, 2024 December 31, 2023Statement of financial positionNon-current assets 568 658Current assets 440 440of which cash and cash equivalents 207 185Non-current liabilities 724 830of which non-current financial debt 724 830Current liabilities 218 218of which current financial debt 0 0Investments in associates 8 6In \u20ac million 2024 2023Income statementSales 689 449Depreciation and amortization 0 0Interest on loans and short term deposits -42 -49Profit for the year from continuing operations 17 9Profit for the year 17 9TOTAL COMPREHENSIVE INCOME 17 9Dividends received 0 0INVESTMENTS IN JOINT VENTURESIn \u20ac million 2024 2023January 1 201 199Capital increase / (decrease) -7 -8Profit for the year 19 25Dividends received -20 -6Currency translation differences 8 -7Other 0 -1DECEMBER 31 200 201In 2024 and 2023, the currency translation differences mainlyrelate to the evolution of the Indian rupee compared to the euro.The joint ventures had no contingent liabilities or capitalcommitments as at December 31, 2024 and 2023.The tables below present the summary of the statement offinancial position and income statement of the material jointventures.December 31, 2024Hindustan Gum &EECO HoldingStrata - SolvaySolvay Manyar,Chemicals Ltd.andsubsidiariesAdvancedGresikIn \u20ac millionMaterial JV LLCOwnership interest 50% 33% 50% 50%Operating Segment Consumer &Corporate &Materials Consumer &ResourcesBusiness ServicesResourcesStatement of financial positionNon-current assets 14 26 82 1Current assets 291 21 14 12Cash and cash equivalents 258 4 10 5Non-current liabilities 8 0 1Non-current financial debt 0Current liabilities 20 18 1Current financial debt 17Investments in joint ventures 139 8 48 52024 income statementSales 49 31 20Depreciation and amortization -1 -4 0 0Cost of borrowings -1Interest on loans and short-term deposits 19 1 0Income taxes -5 -1 0Profit for the year from continuing operations 14 5 20 2Profit for the year 14 5 20 1Other comprehensive income 2 0TOTAL COMPREHENSIVE INCOME 14 6 22 1Dividends received 18 1 0Other comprehensive income mainly comprises the currency translation differences.December 31, 2023Hindustan Gum &EECO HoldingStrata - SolvaySolvay Manyar,Chemicals Ltd.andsubsidiariesAdvancedGresikIn \u20ac millionMaterial JV LLCOwnership interest 50% 33% 50% 50%Operating Segment Consumer &Corporate &Materials Consumer &ResourcesBusiness ServicesResourcesStatement of financial positionNon-current assets 8 28 73 1Current assets 304 31 14 12Cash and cash equivalents 277 5 11 5Non-current liabilities 10 9 1Non-current financial debt 9Current liabilities 13 19 2 2Current financial debt 20Investments in joint ventures 145 10 43 52023 income statementSales 40 25 22Depreciation and amortization -1 -4 0 0Cost of borrowings -1Interest on loans and short-term deposits 20 1 0Income taxes -5 -1 0Profit for the year from continuing operations 16 9 18 1Profit for the year 16 9 18 1Other comprehensive income -1 0TOTAL COMPREHENSIVE INCOME 16 11 17 1Dividends received 4 1 1Other comprehensive income mainly comprises the currency translation differences.List of companies accounted for by applying the equity method of accountingIndicating the percentage holding. Joint venturesBELGIUMEECO Holding 33,33INDIAHindustan Gum & Chemicals Ltd. 50INDONESIAPT. Solvay Manyar 50ITALYCogeneration Spinetta S.r.l. 33,33UNITED ARAB EMIRATESStrata - Solvay Advanced Materials Joint-Venture Llc 50AssociatesFRANCEExeltium S.A.S. 11,5",
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"value": "NOTE F18INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe list of associates and joint ventures is available in the noteF36 List of companies included in the consolidation scope.The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equitymethod of accounting.December 31, 2024 December 31, 2023Associates JointTotal Associates JointTotalIn \u20ac millionventuresventuresInvestments in associates and joint ventures 8 200 208 6 201 207Earnings from associates and joint ventures 2 19 21 25 25INVESTMENTS IN JOINT VENTURESIn \u20ac million 2024 2023January 1 201 199Capital increase / (decrease) -7 -8Profit for the year 19 25Dividends received -20 -6Currency translation differences 8 -7Other 0 -1DECEMBER 31 200 201In 2024 and 2023, the currency translation differences mainlyrelate to the evolution of the Indian rupee compared to the euro.The joint ventures had no contingent liabilities or capitalcommitments as at December 31, 2024 and 2023.The tables below present the summary of the statement offinancial position and income statement of the material jointventures.December 31, 2024Hindustan Gum &EECO HoldingStrata - SolvaySolvay Manyar,Chemicals Ltd.andsubsidiariesAdvancedGresikIn \u20ac millionMaterial JV LLCOwnership interest 50% 33% 50% 50%Operating Segment Consumer &Corporate &Materials Consumer &ResourcesBusiness ServicesResourcesStatement of financial positionNon-current assets 14 26 82 1Current assets 291 21 14 12Cash and cash equivalents 258 4 10 5Non-current liabilities 8 0 1Non-current financial debt 0Current liabilities 20 18 1Current financial debt 17Investments in joint ventures 139 8 48 52024 income statementSales 49 31 20Depreciation and amortization -1 -4 0 0Cost of borrowings -1Interest on loans and short-term deposits 19 1 0Income taxes -5 -1 0Profit for the year from continuing operations 14 5 20 2Profit for the year 14 5 20 1Other comprehensive income 2 0TOTAL COMPREHENSIVE INCOME 14 6 22 1Dividends received 18 1 0Other comprehensive income mainly comprises the currency translation differences.December 31, 2023Hindustan Gum &EECO HoldingStrata - SolvaySolvay Manyar,Chemicals Ltd.andsubsidiariesAdvancedGresikIn \u20ac millionMaterial JV LLCOwnership interest 50% 33% 50% 50%Operating Segment Consumer &Corporate &Materials Consumer &ResourcesBusiness ServicesResourcesStatement of financial positionNon-current assets 8 28 73 1Current assets 304 31 14 12Cash and cash equivalents 277 5 11 5Non-current liabilities 10 9 1Non-current financial debt 9Current liabilities 13 19 2 2Current financial debt 20Investments in joint ventures 145 10 43 52023 income statementSales 40 25 22Depreciation and amortization -1 -4 0 0Cost of borrowings -1Interest on loans and short-term deposits 20 1 0Income taxes -5 -1 0Profit for the year from continuing operations 16 9 18 1Profit for the year 16 9 18 1Other comprehensive income -1 0TOTAL COMPREHENSIVE INCOME 16 11 17 1Dividends received 4 1 1Other comprehensive income mainly comprises the currency translation differences.List of companies accounted for by applying the equity method of accountingIndicating the percentage holding. Joint venturesBELGIUMEECO Holding 33,33INDIAHindustan Gum & Chemicals Ltd. 50INDONESIAPT. Solvay Manyar 50ITALYCogeneration Spinetta S.r.l. 33,33UNITED ARAB EMIRATESStrata - Solvay Advanced Materials Joint-Venture Llc 50",
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"value": "NOTE F18INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe list of associates and joint ventures is available in the noteF36 List of companies included in the consolidation scope.The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equitymethod of accounting.December 31, 2024 December 31, 2023Associates JointTotal Associates JointTotalIn \u20ac millionventuresventuresInvestments in associates and joint ventures 8 200 208 6 201 207Earnings from associates and joint ventures 2 19 21 25 25INVESTMENTS IN ASSOCIATESThe only associate of the Group in 2024 and 2023 is the consortium Exeltium in France.In \u20ac million 2024 2023January 1 6 5Profit for the year 2Other 1DECEMBER 31 8 6In \u20ac million December 31, 2024 December 31, 2023Statement of financial positionNon-current assets 568 658Current assets 440 440of which cash and cash equivalents 207 185Non-current liabilities 724 830of which non-current financial debt 724 830Current liabilities 218 218of which current financial debt 0 0Investments in associates 8 6In \u20ac million 2024 2023Income statementSales 689 449Depreciation and amortization 0 0Interest on loans and short term deposits -42 -49Profit for the year from continuing operations 17 9Profit for the year 17 9TOTAL COMPREHENSIVE INCOME 17 9Dividends received 0 0INVESTMENTS IN JOINT VENTURESIn \u20ac million 2024 2023January 1 201 199Capital increase / (decrease) -7 -8Profit for the year 19 25Dividends received -20 -6Currency translation differences 8 -7Other 0 -1DECEMBER 31 200 201In 2024 and 2023, the currency translation differences mainlyrelate to the evolution of the Indian rupee compared to the euro.The joint ventures had no contingent liabilities or capitalcommitments as at December 31, 2024 and 2023.The tables below present the summary of the statement offinancial position and income statement of the material jointventures.December 31, 2024Hindustan Gum &EECO HoldingStrata - SolvaySolvay Manyar,Chemicals Ltd.andsubsidiariesAdvancedGresikIn \u20ac millionMaterial JV LLCOwnership interest 50% 33% 50% 50%Operating Segment Consumer &Corporate &Materials Consumer &ResourcesBusiness ServicesResourcesStatement of financial positionNon-current assets 14 26 82 1Current assets 291 21 14 12Cash and cash equivalents 258 4 10 5Non-current liabilities 8 0 1Non-current financial debt 0Current liabilities 20 18 1Current financial debt 17Investments in joint ventures 139 8 48 52024 income statementSales 49 31 20Depreciation and amortization -1 -4 0 0Cost of borrowings -1Interest on loans and short-term deposits 19 1 0Income taxes -5 -1 0Profit for the year from continuing operations 14 5 20 2Profit for the year 14 5 20 1Other comprehensive income 2 0TOTAL COMPREHENSIVE INCOME 14 6 22 1Dividends received 18 1 0Other comprehensive income mainly comprises the currency translation differences.December 31, 2023Hindustan Gum &EECO HoldingStrata - SolvaySolvay Manyar,Chemicals Ltd.andsubsidiariesAdvancedGresikIn \u20ac millionMaterial JV LLCOwnership interest 50% 33% 50% 50%Operating Segment Consumer &Corporate &Materials Consumer &ResourcesBusiness ServicesResourcesStatement of financial positionNon-current assets 8 28 73 1Current assets 304 31 14 12Cash and cash equivalents 277 5 11 5Non-current liabilities 10 9 1Non-current financial debt 9Current liabilities 13 19 2 2Current financial debt 20Investments in joint ventures 145 10 43 52023 income statementSales 40 25 22Depreciation and amortization -1 -4 0 0Cost of borrowings -1Interest on loans and short-term deposits 20 1 0Income taxes -5 -1 0Profit for the year from continuing operations 16 9 18 1Profit for the year 16 9 18 1Other comprehensive income -1 0TOTAL COMPREHENSIVE INCOME 16 11 17 1Dividends received 4 1 1Other comprehensive income mainly comprises the currency translation differences.AssociatesFRANCEExeltium S.A.S. 11,5",
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"value": "NOTE F18INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe list of associates and joint ventures is available in the noteF36 List of companies included in the consolidation scope.The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equitymethod of accounting.December 31, 2024 December 31, 2023Associates JointTotal Associates JointTotalIn \u20ac millionventuresventuresInvestments in associates and joint ventures 8 200 208 6 201 207Earnings from associates and joint ventures 2 19 21 25 25INVESTMENTS IN ASSOCIATESThe only associate of the Group in 2024 and 2023 is the consortium Exeltium in France.In \u20ac million 2024 2023January 1 6 5Profit for the year 2Other 1DECEMBER 31 8 6In \u20ac million December 31, 2024 December 31, 2023Statement of financial positionNon-current assets 568 658Current assets 440 440of which cash and cash equivalents 207 185Non-current liabilities 724 830of which non-current financial debt 724 830Current liabilities 218 218of which current financial debt 0 0Investments in associates 8 6In \u20ac million 2024 2023Income statementSales 689 449Depreciation and amortization 0 0Interest on loans and short term deposits -42 -49Profit for the year from continuing operations 17 9Profit for the year 17 9TOTAL COMPREHENSIVE INCOME 17 9Dividends received 0 0INVESTMENTS IN JOINT VENTURESIn \u20ac million 2024 2023January 1 201 199Capital increase / (decrease) -7 -8Profit for the year 19 25Dividends received -20 -6Currency translation differences 8 -7Other 0 -1DECEMBER 31 200 201In 2024 and 2023, the currency translation differences mainlyrelate to the evolution of the Indian rupee compared to the euro.The joint ventures had no contingent liabilities or capitalcommitments as at December 31, 2024 and 2023.The tables below present the summary of the statement offinancial position and income statement of the material jointventures.December 31, 2024Hindustan Gum &EECO HoldingStrata - SolvaySolvay Manyar,Chemicals Ltd.andsubsidiariesAdvancedGresikIn \u20ac millionMaterial JV LLCOwnership interest 50% 33% 50% 50%Operating Segment Consumer &Corporate &Materials Consumer &ResourcesBusiness ServicesResourcesStatement of financial positionNon-current assets 14 26 82 1Current assets 291 21 14 12Cash and cash equivalents 258 4 10 5Non-current liabilities 8 0 1Non-current financial debt 0Current liabilities 20 18 1Current financial debt 17Investments in joint ventures 139 8 48 52024 income statementSales 49 31 20Depreciation and amortization -1 -4 0 0Cost of borrowings -1Interest on loans and short-term deposits 19 1 0Income taxes -5 -1 0Profit for the year from continuing operations 14 5 20 2Profit for the year 14 5 20 1Other comprehensive income 2 0TOTAL COMPREHENSIVE INCOME 14 6 22 1Dividends received 18 1 0Other comprehensive income mainly comprises the currency translation differences.December 31, 2023Hindustan Gum &EECO HoldingStrata - SolvaySolvay Manyar,Chemicals Ltd.andsubsidiariesAdvancedGresikIn \u20ac millionMaterial JV LLCOwnership interest 50% 33% 50% 50%Operating Segment Consumer &Corporate &Materials Consumer &ResourcesBusiness ServicesResourcesStatement of financial positionNon-current assets 8 28 73 1Current assets 304 31 14 12Cash and cash equivalents 277 5 11 5Non-current liabilities 10 9 1Non-current financial debt 9Current liabilities 13 19 2 2Current financial debt 20Investments in joint ventures 145 10 43 52023 income statementSales 40 25 22Depreciation and amortization -1 -4 0 0Cost of borrowings -1Interest on loans and short-term deposits 20 1 0Income taxes -5 -1 0Profit for the year from continuing operations 16 9 18 1Profit for the year 16 9 18 1Other comprehensive income -1 0TOTAL COMPREHENSIVE INCOME 16 11 17 1Dividends received 4 1 1Other comprehensive income mainly comprises the currency translation differences.NOTE F23NON-CONTROLLING INTERESTSThe amounts disclosed below are fully consolidated amounts and do not reflect the impacts from elimination of intragroup transactions.At the end of 2024, the following subsidiaries have non-controlling interests totaling \u20ac50 million. SolvaySolvaySolvay Nicca CogenerationSynorb Battery(Zhenjiang)HengchangTavauxMaterialsChemicalsZhangjiagangIn \u20ac millionSpecial ChemNon-controlling ownership interest 9% 30% 40% 67% 49%Statement of financial positionNon-current assets 137 21 0 17 23Current assets 211 79 3 4 4Non-current liabilities 1 1Current liabilities 68 65 0 10 2Income statementSales 231 98 10Profit for the year 26 3 0 3 -7Other comprehensive income 8 1 0 0Total comprehensive income 34 4 0 3 -6Dividends paid to non-controlling 1 1 0interests Share of non-controlling interest in 2 1 0 0 -3the profit for the yearAccumulated non-controlling 21 10 1 6 12interestsSolvaySolvaySolvay Nicca CogenerationSynorb Battery(Zhenjiang)HengchangTavauxMaterialsChemicalsZhangjiagangIn \u20ac millionSpecial ChemNon-controlling ownership interest 9% 30% 40% 67% 49%Cash flow from operating activities 58 12 1 11 -7Cash flow from investing activities -32 -29 _ -3 -15Cash flow from financing activities -27 17 0 -6 18At the end of 2023, the following subsidiaries have non-controlling interests totaling \u20ac42 million.SolvaySolvaySolvay Nicca CogenerationSynorb Battery(Zhenjiang)HengchangTavauxMaterialsChemicalsZhangjiagangIn \u20ac millionSpecial ChemNon-controlling ownership interest 9% 30% 40% 67% 49%Statement of financial positionNon-current assets 129 20 0 18 6Current assets 201 55 3 6 7Non-current liabilities 1 1Current liabilities 61 40 0 16Income statementSales 249 88 12Profit for the year 30 2 0 2Other comprehensive income -10 -1 0 0Total comprehensive income 21 1 0 2 0Dividends paid to non-controlling 6 0 2interests Share of non-controlling interest in 1 1 1the profit for the yearAccumulated non-controlling 19 10 1 6 6interestsSolvaySolvaySolvay Nicca CogenerationSynorb Battery(Zhenjiang)HengchangTavauxMaterialsChemicalsZhangjiagangIn \u20ac millionSpecial ChemNon-controlling ownership interest 9% 30% 40% 67% 49%Cash flow from operating activities -103 -4 1 6 -Cash flow from investing activities 6 12 - -6 -6Cash flow from financing activities -42 -8 0 -3 13NOTE F36LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPEThe Group consists of Syensqo SA and a total of 134 investees.Of these 134 investees, 86 are fully consolidated, 6 are accountedfor under the equity method, whilst the other 42 do not meet thecriteria of significance.In accordance with the concept of materiality, certaincompanies (Other Investments), which are insignificant, havenot been included in the consolidation scope. They aremeasured at cost and tested for impairment on an annual basis,which is considered a good proxy of their fair value. For moreinformation, refer to Principles of consolidation.December 31,2023 December 31,2024ARGENTINASolvay Quimica SA 100 100AUSTRALIACytec Asia Pacific Holdings Pty Ltd. 100 100Cytec Australia Holdings Pty Ltd. 100 100BELGIUMSolvay Participations Belgique S.A. 100 100Syensqo S.A 100 100Syensqo Stock Option Management S.A 100 100Solvay Specialty Polymers Belgium S.A. / NV 100 100BRAZILQuimicos E Solucoes Sustentaveis Do Brasil S.A 100 100CANADACytec Canada Inc 100 100CHINACytec Engineered Materials (Shanghai) Co. Ltd. 100 100Cytec Industries (Shanghai) Co. Ltd. 100 100Syensqo Hong Kong, Ltd. 100 (a) 100Syensqo (Shanghai) international trading Co., Ltd. 100 (a) 100Syensqo (Zhangjiagang) Specialty Chemicals Co. Ltd. 100 (a) 100Solvay (Zhenjiang) Chemicals Co., Ltd. 90.65 90,65Syensqo China Co., Ltd. 100 (a) 100Solvay-Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd. 70 70Solvay Specialty Polymers (Changshu) Co., Ltd. 100 100Zhuhai Syensqo Specialty Chemicals Co., Ltd. 100 (a) 100CHILECytec Chile Ltd.a 100 100December 31,2023 December 31,2024FRANCECog\u00e9n\u00e9ration Tavaux SAS 33,3 33,3Rhodia Energy GHG S.A.S. 100 100Rhodia Laboratoire du Futur S.A.S. 100 100Specialty Operations France S.A.S. 100 100Rhodia Participations S.N.C. 100 100Rhodianyl S.A.S. 100 100Solvay Energie France S.A.S. 100 100Solvay France S.A. 100 100GERMANYCytec Engineered Materials GmbH 100 100European Carbon Fiber GmbH 100 100Syensqo Specialty Polymers Germany GmbH 100 (a) 100INDIASolvay Specialities India Private Limited 100 100INDONESIAPT. Cytec Indonesia 100 100IRELANDSolvay Finance Ireland Unlimited 100 (c) -ITALYSolvay Solutions Italia S.p.A. 100 100Solvay Specialty Polymers Italy S.p.A. 100 100JAPANSolvay Japan KK 100 100Solvay Nicca Ltd. 60 60Solvay Specialty Polymers Japan KK 100 100LUXEMBOURGCytec Luxembourg International Holdings Sarl 100 100Solvay Finance (Luxembourg) SA 100 100Solvay Hortensia S.A 100 100Solvay Luxembourg S.a.r.l 100 100MEXICOCytec de Mexico S.A. de C.V. 100 100December 31,2023 December 31,2024NETHERLANDSCytec Industries B.V. 100 100Solvay Solutions Nederland B.V. 100 100NEW ZEALANDSolvay New Zealand Ltd. 100 100PERUCytec Peru S.A.C. 100 100PORTUGALSolvay Biotecnologia Portugal, Unipessoal,Lda 100 100Slv Specialties Portugal, Unipessoal, Lda 100 100SINGAPORERhodia Amines Chemicals Pte Ltd. 100 100Solvay Specialty Chemicals Asia Pacific Pte. Ltd.. 100 100SOUTH KOREASolvay Specialty Polymers Korea Company Ltd. 100 100Jinyoung Bio Co Ltd. - (b) 100SPAINSolvay Servicios S.L. 100 100SWITZERLANDSpepro Speciality Products Ag 100 100THAILANDSolvay Bangpoo Specialty Chemicals Ltd. 100 100Solvay (Thailand) Ltd. 100 100TURKEYSolvay Istanbul Kimya Ticaret Ve Sanayi Ltd.. STI. 100 100UNITED ARAB EMIRATESCytec Nibras llc 100 100UNITED KINGDOMAdvanced Composites Group Investments Ltd. 100 100Cytec Engineered Materials Ltd. 100 100Cytec Industrial Materials (Derby) Ltd. 100 100Cytec Industrial Materials (Manchester) Ltd. 100 100Cytec Industries UK Holdings Ltd. 100 100McIntyre Group Ltd. 100 (c) -December 31,2023 December 31,2024Oldbury Energy Solutions UK Ltd. 100 100Rhodia Holdings Ltd. 100 100Rhodia International Holdings Ltd. 100 100Rhodia Organique Fine Ltd. 100 (c) -Rhodia Overseas Ltd. 100 (c) -Rhodia Pharma Solutions Holdings Ltd. 100 (c) -Rhodia Pharma Solutions Ltd. 100 100Rhodia Reorganisation Ltd. 100 (c) -Solvay Solutions UK Ltd. 100 100Umeco Composites Ltd. 100 (c) -Umeco Ltd. 100 100UNITED STATESAusimont Industries, Inc. 100 100CEM Defense Materials Llc 100 100Cytec Engineered Materials Inc. 100 100Cytec Global Holdings Inc. 100 100Cytec Industrial Materials (ok) Inc. 100 100Cytec Industries Inc. 100 100Cytec Korea Inc. 100 100Cytec Technology Corp. 100 100Energy Solutions US Llc 100 100Garret Mountain Insurance Co. 100 100Solvay America Llc 100 100Solvay Holding Inc. 100 100Solvay India Holding Inc. 100 100Solvay Specialty Polymers USA, Llc 100 100Solvay USA Llc 100 100Solvay Finance (America) Llc 100 100Synorb Battery Materials Llc 51 51(a) Companies that changed their name in 2024.(b) Companies that entered the scope in 2024.(c) Companies that exited the scope in 2024.List of companies accounted for by applying the equity method of accountingIndicating the percentage holding. Joint venturesBELGIUMEECO Holding 33,33INDIAHindustan Gum & Chemicals Ltd. 50INDONESIAPT. Solvay Manyar 50ITALYCogeneration Spinetta S.r.l. 33,33UNITED ARAB EMIRATESStrata - Solvay Advanced Materials Joint-Venture Llc 50AssociatesFRANCEExeltium S.A.S. 11,5",
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"value": "NOTE F20INVENTORIESAccounting policyCost of inventories includes the purchase, conversion andother costs incurred in bringing the inventories to theirpresent location and condition. The cost of inventories isdetermined by using the weighted average cost method.Inventories are measured at the lower of purchasing cost(raw materials and merchandise) or production cost (workin progress and finished goods) and net realizable value.Net realizable value represents the estimated selling price,less all estimated costs of completion and the estimatedcosts necessary to make the sale.CO2 emission rightsWith respect to the mechanism set up by the EuropeanUnion to encourage manufacturers to reduce theirgreenhouse gas emissions, carbon dioxide (CO2) emissionrights are granted to the Group at no charge. The Group isalso involved in Clean Development Mechanism (CDM)under the Kyoto protocol. Under these projects, the Grouphas deployed facilities in order to reduce greenhouse gasemissions at the relevant sites in return for Certified EmissionReductions (CER).In the absence of any IFRS regulating the accountingtreatment of CO2 emission rights, the Group applies theTrade/Production model, according to which CO2 emissionrights are presented as inventories if they will be consumedin the production process within the next 12 months, or asderivatives if they are held for trading. In light of its centralized CO2 emission rights\u2019 portfoliomanagement, for emission rights that are substitutablebetween subsidiaries, the Group\u2019s financial statements reflectthe Group\u2019s net position. If this net position is negative, aprovision is recognized, measured based on the market priceof the CO2 emission rights at the reporting date. Energy savings certificates (ESCs)Energy savings certificates are presented as inventory itemsin Finished goods. They are measured at weighted averagecost. As their cost is not separately identifiable, and as theyare a by-product, they are measured at their net realizablevalue upon initial recognition.",
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"f1__s8__7__146": {
"value": "NOTE F20INVENTORIESAccounting policyCost of inventories includes the purchase, conversion andother costs incurred in bringing the inventories to theirpresent location and condition. The cost of inventories isdetermined by using the weighted average cost method.Inventories are measured at the lower of purchasing cost(raw materials and merchandise) or production cost (workin progress and finished goods) and net realizable value.Net realizable value represents the estimated selling price,less all estimated costs of completion and the estimatedcosts necessary to make the sale.CO2 emission rightsWith respect to the mechanism set up by the EuropeanUnion to encourage manufacturers to reduce theirgreenhouse gas emissions, carbon dioxide (CO2) emissionrights are granted to the Group at no charge. The Group isalso involved in Clean Development Mechanism (CDM)under the Kyoto protocol. Under these projects, the Grouphas deployed facilities in order to reduce greenhouse gasemissions at the relevant sites in return for Certified EmissionReductions (CER).In the absence of any IFRS regulating the accountingtreatment of CO2 emission rights, the Group applies theTrade/Production model, according to which CO2 emissionrights are presented as inventories if they will be consumedin the production process within the next 12 months, or asderivatives if they are held for trading. In light of its centralized CO2 emission rights\u2019 portfoliomanagement, for emission rights that are substitutablebetween subsidiaries, the Group\u2019s financial statements reflectthe Group\u2019s net position. If this net position is negative, aprovision is recognized, measured based on the market priceof the CO2 emission rights at the reporting date. Energy savings certificates (ESCs)Energy savings certificates are presented as inventory itemsin Finished goods. They are measured at weighted averagecost. As their cost is not separately identifiable, and as theyare a by-product, they are measured at their net realizablevalue upon initial recognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__145": {
"value": "NOTE F20INVENTORIESAccounting policyCost of inventories includes the purchase, conversion andother costs incurred in bringing the inventories to theirpresent location and condition. The cost of inventories isdetermined by using the weighted average cost method.Inventories are measured at the lower of purchasing cost(raw materials and merchandise) or production cost (workin progress and finished goods) and net realizable value.Net realizable value represents the estimated selling price,less all estimated costs of completion and the estimatedcosts necessary to make the sale.CO2 emission rightsWith respect to the mechanism set up by the EuropeanUnion to encourage manufacturers to reduce theirgreenhouse gas emissions, carbon dioxide (CO2) emissionrights are granted to the Group at no charge. The Group isalso involved in Clean Development Mechanism (CDM)under the Kyoto protocol. Under these projects, the Grouphas deployed facilities in order to reduce greenhouse gasemissions at the relevant sites in return for Certified EmissionReductions (CER).In the absence of any IFRS regulating the accountingtreatment of CO2 emission rights, the Group applies theTrade/Production model, according to which CO2 emissionrights are presented as inventories if they will be consumedin the production process within the next 12 months, or asderivatives if they are held for trading. In light of its centralized CO2 emission rights\u2019 portfoliomanagement, for emission rights that are substitutablebetween subsidiaries, the Group\u2019s financial statements reflectthe Group\u2019s net position. If this net position is negative, aprovision is recognized, measured based on the market priceof the CO2 emission rights at the reporting date. Energy savings certificates (ESCs)Energy savings certificates are presented as inventory itemsin Finished goods. They are measured at weighted averagecost. As their cost is not separately identifiable, and as theyare a by-product, they are measured at their net realizablevalue upon initial recognition.In \u20ac million December 31, 2024 December 31, 2023Finished goods 900 880Raw materials and supplies 441 440Work in progress 13 11TOTAL 1,354 1,331Write-downs -81 -88NET TOTAL 1,273 1,244Inventory write-downs are included in the cost of goods sold in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__152": {
"value": "NOTE F21OTHER RECEIVABLES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023VAT and other taxes 189 174Advances to suppliers 21 44Financial instruments \u2013 operational 14 25Insurance premiums 21 43Loan receivables 4 3Other 47 95Other current receivables 297 385Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F27.A. Overview of financialinstruments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__151": {
"value": "NOTE F21OTHER RECEIVABLES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023VAT and other taxes 189 174Advances to suppliers 21 44Financial instruments \u2013 operational 14 25Insurance premiums 21 43Loan receivables 4 3Other 47 95Other current receivables 297 385Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F27.A. Overview of financialinstruments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s8__7__150": {
"value": "NOTE F21OTHER RECEIVABLES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023VAT and other taxes 189 174Advances to suppliers 21 44Financial instruments \u2013 operational 14 25Insurance premiums 21 43Loan receivables 4 3Other 47 95Other current receivables 297 385Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F27.A. Overview of financialinstruments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__149-1": {
"value": "NOTE F21OTHER RECEIVABLES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023VAT and other taxes 189 174Advances to suppliers 21 44Financial instruments \u2013 operational 14 25Insurance premiums 21 43Loan receivables 4 3Other 47 95Other current receivables 297 385Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F27.A. Overview of financialinstruments).F27.A. Overview of financial instrumentsThe following table presents the financial assets and liabilities according to their classification under IFRS 9.December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountNon-current assets - Financial instruments 209 228Equity instruments measured at fair value through Financial assets measured at fair value through 31 26other comprehensive incomeother comprehensive incomeEquity instruments measured at fair value through Financial assets measured at fair value through 55 68profit or lossprofit or lossLoans and other non-current assets (excluding Financial assets measured at amortized cost 122 133pension fund surpluses)Financial instruments - Operational 1 2Derivative financial instruments designated in aCash-flow hedge 1 2cash flow hedge relationshipCurrent assets - Financial instruments 1,691 2,134Trade receivables Financial assets measured at amortized cost 948 907Loans short term portion Financial assets measured at amortized cost 4 3Other financial instruments 67 48Other marketable securities >3 months Financial assets measured at amortized cost 58 30Currency swaps Held for trading 1 3Other current financial assets Financial assets measured at amortized cost 8 16December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountFinancial instruments - Operational 14 25Held for trading Held for trading 5 9Derivative financial instruments designated Cash-flow hedge 9 16in a cash flow hedge relationshipCash and cash equivalents Financial assets measured at amortized cost 659 1,150Total assets - Financial instruments 1,899 2,362Non-current liabilities - Financial instruments 1,865 2,229Financial debt 1,822 2,159Bonds/Senior notes Financial liabilities measured at amortized cost 1,647 645Other non-current debts Financial liabilities measured at amortized cost 7 1,348Lease liabilities IFRS 16 - Non-current portion Lease liabilities measured at amortized cost 168 166Other liabilities Financial liabilities measured at amortized cost 43 68Financial instruments - Operational 0 2Derivative financial instruments designated in aCash-flow hedge 0 2cash flow hedge relationshipCurrent liabilities - Financial instruments 1,312 1,090Financial debt 293 154Short-term financial debt Financial liabilities measured at amortized cost 230 71Currency swaps Held for trading 1 1Derivative financial instruments designated in aCash-flow hedge 0 29cash flow hedge relationshipLease liabilities IFRS 16 - Current portion Lease liabilities measured at amortized cost 62 53Trade payables Financial liabilities measured at amortized cost 1,001 918Financial instruments - Operational 19 19Held for trading Held for trading 4 1Derivative financial instruments designated in aCash-flow hedge 15 18cash flow hedge relationshipTotal liabilities - Financial instruments 3,177 3,320The category \u201cHeld for trading\u201d contains derivative financialinstruments that are used for management of foreign currencyrisk. Contracts which have been documented as hedginginstruments (hedge accounting under IFRS 9 FinancialInstruments) or which meet the exemption criteria for own useare not included in the category \u201cHeld for trading\u201d. Equityinstruments measured at fair value through OCI and throughprofit or loss pertain to the Group\u2019s New Business Development(NBD) activity: the Group has built a Corporate Venturingportfolio, which consists of direct investments in start-upcompanies and of investments in venture capital funds. If theGroup does not have significant influence or joint control, theinvestments are measured at fair value according to thevaluation guidelines published by the European Private Equityand Venture Capital Association. The impacts of the directinvestments are recognized in other comprehensive incomewhile the venture capital funds are generally recognized throughprofit and loss.Equity instruments measured at fair value through profit or lossalso include the Solvay shares (amounting to \u20ac12 million as ofDecember 31, 2024, and \u20ac19 million as of December 31, 2023)contributed upon the Partial Demerger for the Long TermIncentive Plans for which the beneficiaries will receive Solvayshares.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)December 31, 2024 December 31, 2023CarryingFair value CarryingFair valueIn \u20ac millionamountamountNon-current assets - Financial instruments 122 122 133 133Loans and other non-current assets (except pension fund surpluses and 122 122 133 133ong-term inventory balance)Non-current liabilities - Financial instruments -1,697 -1,723 -2,061 -2,053Bonds/Senior notes -1,647 -1,673 -645 -637Other non-current debts -7 -7 -1,348 -1,348Other liabilities -43 -43 -68 -68The carrying amounts of financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term tomaturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in theconsolidated statement of financial position\u201d provides ananalysis of financial instruments that, subsequent to their initialrecognition, are measured at fair value, grouped into Levels 1 to 3based on the degree to which the fair value is observable.Financial instruments, classified as held for trading and ashedging instruments in cash flow hedges are mainly groupedinto Levels 1 and 2. They are fair valued based on forward pricingand swap models using present value calculations. The modelsincorporate various inputs including foreign exchange spot andinterest rates of the respective currencies, currency basisspreads between the respective currencies, interest rate curvesand forward rate curves of the underlying commodity. Theequity instruments measured at fair value through OCI andthrough profit and loss are presented within Level 1 and 3. Thefair value of the instruments presented under Level 3 ismeasured based on the guidelines recommended by TheInternational Private Equity and Venture Capital Valuation (IPEV).In accordance with the Group internal rules, the responsibility formeasuring the fair value level resides with (a) the Treasurydepartment for the non-utility derivative financial instruments,and the non-derivative financial liabilities, (b) the SustainableDevelopment and Energy department for the utility derivativefinancial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorization(based on the lowest level input that is significant to the fairvalue measurement as a whole) at the end of each reportingperiod. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2024In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 6 6Foreign currency risk 1 1Syensqo share price 3 3Index 1 1Equity instruments measured at fair value through profit or loss 12 43 55Solvay Group Shares 12 12New Business Development 43 43Cash flow hedges 10 10Foreign currency risk 3 3Utility risk 7 7Equity instruments measured at fair value through other comprehensive income 31 31New Business Development 31 31Total assets 12 15 74 101Held for trading -4 -4Foreign currency risk -3 -3Index -1 -1Cash flow hedges -15 -15Foreign currency risk -13 -13CO2 risk -3 -3TOTAL LIABILITIES -20 -20December 31, 2023In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 12 12Foreign currency risk 4 4Syensqo share price 8 8Equity instruments measured at fair value through profit or loss 19 49 68Solvay Group Shares 19 19New Business Development 49 49Cash flow hedges 17 17Foreign currency risk 9 9Utility risk 6 6CO2 risk 3 3Equity instruments measured at fair value through26 26other comprehensive incomeNew Business Development 26 26Total assets 19 29 75 122Held for trading -2 -2Foreign currency risk -2 -2Cash flow hedges -49 -49Foreign currency risk -3 -3Interest rate risk -29 -29Utility risk -17 -17TOTAL LIABILITIES -51 -51Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.2024At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 49 26 75Total gains or losses- Recognized in profit or loss -7 -7- Recognized in other comprehensive income -3 -3Acquisitions 0 2 2Capital increases 1 5 6Transfers out of level 3DECEMBER 31 43 31 742023At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 46 24 70Total gains or losses- Recognized in profit or loss 5 5- Recognized in other comprehensive income -5 -5Acquisitions 0 9 9Capital decreases -2 -2 -4Transfers out of level 3DECEMBER 31 49 26 75Income and expenses of financial instruments recognized in other comprehensive incomeIncome and expenses on financial instruments recognized in other comprehensive income include the following:Cash flow hedgesForeign currencyCommodity risk Interest rate risk Total riskIn \u20ac million2024 2023 2024 2023 2024 2023 2024 2023January 1 6 6 -19 -1 -29 -42 5Recycling from other comprehensive income of derivative 1 -13 15 -1 0 15 -14financial instruments designated in a cash flow hedge relationshipEffective portion of changes in fair value of cash flow hedge -16 13 5 -17 36 -29 25 -33DECEMBER 31 -9 6 1 -19 7 -29 -1 -42Conventionally, (+) indicates an increase and (-) a reduction in equity. Foreign Currency and Commodity risks recycling is recognized in the group income statement above gross profit.Interest rate risk recycling is recognized in the group income statement in the charge of net debt.Held for tradingThe transactional risk is managed either by spot or forwardcontracts. Unless documented as hedging instruments (seeabove), derivative financial instruments are classified as held fortrading.In 2024, the notional amounts transacted to manage thetransactional risk are:\u25cf a short position of \u20ac(382) million (compared to \u20ac(586) millionin 2023);\u25cf a long position of \u20ac150 million (compared to \u20ac233 million in2023).The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period:(1)In \u20ac million Notional amountFair value assets Fair value liabilitiesDecember 31 2024 2023 2024 2023 2024 2023Held for trading long position 150 233 0 1 0 -1Held for trading short position -382 -586 1 3 -3 -1TOTAL -232 -353 1 4 -3 -2(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).",
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"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s8__7__148-1": {
"value": "NOTE F21OTHER RECEIVABLES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023VAT and other taxes 189 174Advances to suppliers 21 44Financial instruments \u2013 operational 14 25Insurance premiums 21 43Loan receivables 4 3Other 47 95Other current receivables 297 385Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F27.A. Overview of financialinstruments).F27.A. Overview of financial instrumentsThe following table presents the financial assets and liabilities according to their classification under IFRS 9.December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountNon-current assets - Financial instruments 209 228Equity instruments measured at fair value through Financial assets measured at fair value through 31 26other comprehensive incomeother comprehensive incomeEquity instruments measured at fair value through Financial assets measured at fair value through 55 68profit or lossprofit or lossLoans and other non-current assets (excluding Financial assets measured at amortized cost 122 133pension fund surpluses)Financial instruments - Operational 1 2Derivative financial instruments designated in aCash-flow hedge 1 2cash flow hedge relationshipCurrent assets - Financial instruments 1,691 2,134Trade receivables Financial assets measured at amortized cost 948 907Loans short term portion Financial assets measured at amortized cost 4 3Other financial instruments 67 48Other marketable securities >3 months Financial assets measured at amortized cost 58 30Currency swaps Held for trading 1 3Other current financial assets Financial assets measured at amortized cost 8 16December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountFinancial instruments - Operational 14 25Held for trading Held for trading 5 9Derivative financial instruments designated Cash-flow hedge 9 16in a cash flow hedge relationshipCash and cash equivalents Financial assets measured at amortized cost 659 1,150Total assets - Financial instruments 1,899 2,362Non-current liabilities - Financial instruments 1,865 2,229Financial debt 1,822 2,159Bonds/Senior notes Financial liabilities measured at amortized cost 1,647 645Other non-current debts Financial liabilities measured at amortized cost 7 1,348Lease liabilities IFRS 16 - Non-current portion Lease liabilities measured at amortized cost 168 166Other liabilities Financial liabilities measured at amortized cost 43 68Financial instruments - Operational 0 2Derivative financial instruments designated in aCash-flow hedge 0 2cash flow hedge relationshipCurrent liabilities - Financial instruments 1,312 1,090Financial debt 293 154Short-term financial debt Financial liabilities measured at amortized cost 230 71Currency swaps Held for trading 1 1Derivative financial instruments designated in aCash-flow hedge 0 29cash flow hedge relationshipLease liabilities IFRS 16 - Current portion Lease liabilities measured at amortized cost 62 53Trade payables Financial liabilities measured at amortized cost 1,001 918Financial instruments - Operational 19 19Held for trading Held for trading 4 1Derivative financial instruments designated in aCash-flow hedge 15 18cash flow hedge relationshipTotal liabilities - Financial instruments 3,177 3,320The category \u201cHeld for trading\u201d contains derivative financialinstruments that are used for management of foreign currencyrisk. Contracts which have been documented as hedginginstruments (hedge accounting under IFRS 9 FinancialInstruments) or which meet the exemption criteria for own useare not included in the category \u201cHeld for trading\u201d. Equityinstruments measured at fair value through OCI and throughprofit or loss pertain to the Group\u2019s New Business Development(NBD) activity: the Group has built a Corporate Venturingportfolio, which consists of direct investments in start-upcompanies and of investments in venture capital funds. If theGroup does not have significant influence or joint control, theinvestments are measured at fair value according to thevaluation guidelines published by the European Private Equityand Venture Capital Association. The impacts of the directinvestments are recognized in other comprehensive incomewhile the venture capital funds are generally recognized throughprofit and loss.Equity instruments measured at fair value through profit or lossalso include the Solvay shares (amounting to \u20ac12 million as ofDecember 31, 2024, and \u20ac19 million as of December 31, 2023)contributed upon the Partial Demerger for the Long TermIncentive Plans for which the beneficiaries will receive Solvayshares.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)December 31, 2024 December 31, 2023CarryingFair value CarryingFair valueIn \u20ac millionamountamountNon-current assets - Financial instruments 122 122 133 133Loans and other non-current assets (except pension fund surpluses and 122 122 133 133ong-term inventory balance)Non-current liabilities - Financial instruments -1,697 -1,723 -2,061 -2,053Bonds/Senior notes -1,647 -1,673 -645 -637Other non-current debts -7 -7 -1,348 -1,348Other liabilities -43 -43 -68 -68The carrying amounts of financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term tomaturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in theconsolidated statement of financial position\u201d provides ananalysis of financial instruments that, subsequent to their initialrecognition, are measured at fair value, grouped into Levels 1 to 3based on the degree to which the fair value is observable.Financial instruments, classified as held for trading and ashedging instruments in cash flow hedges are mainly groupedinto Levels 1 and 2. They are fair valued based on forward pricingand swap models using present value calculations. The modelsincorporate various inputs including foreign exchange spot andinterest rates of the respective currencies, currency basisspreads between the respective currencies, interest rate curvesand forward rate curves of the underlying commodity. Theequity instruments measured at fair value through OCI andthrough profit and loss are presented within Level 1 and 3. Thefair value of the instruments presented under Level 3 ismeasured based on the guidelines recommended by TheInternational Private Equity and Venture Capital Valuation (IPEV).In accordance with the Group internal rules, the responsibility formeasuring the fair value level resides with (a) the Treasurydepartment for the non-utility derivative financial instruments,and the non-derivative financial liabilities, (b) the SustainableDevelopment and Energy department for the utility derivativefinancial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorization(based on the lowest level input that is significant to the fairvalue measurement as a whole) at the end of each reportingperiod. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2024In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 6 6Foreign currency risk 1 1Syensqo share price 3 3Index 1 1Equity instruments measured at fair value through profit or loss 12 43 55Solvay Group Shares 12 12New Business Development 43 43Cash flow hedges 10 10Foreign currency risk 3 3Utility risk 7 7Equity instruments measured at fair value through other comprehensive income 31 31New Business Development 31 31Total assets 12 15 74 101Held for trading -4 -4Foreign currency risk -3 -3Index -1 -1Cash flow hedges -15 -15Foreign currency risk -13 -13CO2 risk -3 -3TOTAL LIABILITIES -20 -20December 31, 2023In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 12 12Foreign currency risk 4 4Syensqo share price 8 8Equity instruments measured at fair value through profit or loss 19 49 68Solvay Group Shares 19 19New Business Development 49 49Cash flow hedges 17 17Foreign currency risk 9 9Utility risk 6 6CO2 risk 3 3Equity instruments measured at fair value through26 26other comprehensive incomeNew Business Development 26 26Total assets 19 29 75 122Held for trading -2 -2Foreign currency risk -2 -2Cash flow hedges -49 -49Foreign currency risk -3 -3Interest rate risk -29 -29Utility risk -17 -17TOTAL LIABILITIES -51 -51Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.2024At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 49 26 75Total gains or losses- Recognized in profit or loss -7 -7- Recognized in other comprehensive income -3 -3Acquisitions 0 2 2Capital increases 1 5 6Transfers out of level 3DECEMBER 31 43 31 742023At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 46 24 70Total gains or losses- Recognized in profit or loss 5 5- Recognized in other comprehensive income -5 -5Acquisitions 0 9 9Capital decreases -2 -2 -4Transfers out of level 3DECEMBER 31 49 26 75Income and expenses of financial instruments recognized in other comprehensive incomeIncome and expenses on financial instruments recognized in other comprehensive income include the following:Cash flow hedgesForeign currencyCommodity risk Interest rate risk Total riskIn \u20ac million2024 2023 2024 2023 2024 2023 2024 2023January 1 6 6 -19 -1 -29 -42 5Recycling from other comprehensive income of derivative 1 -13 15 -1 0 15 -14financial instruments designated in a cash flow hedge relationshipEffective portion of changes in fair value of cash flow hedge -16 13 5 -17 36 -29 25 -33DECEMBER 31 -9 6 1 -19 7 -29 -1 -42Conventionally, (+) indicates an increase and (-) a reduction in equity. Foreign Currency and Commodity risks recycling is recognized in the group income statement above gross profit.Interest rate risk recycling is recognized in the group income statement in the charge of net debt.Held for tradingThe transactional risk is managed either by spot or forwardcontracts. Unless documented as hedging instruments (seeabove), derivative financial instruments are classified as held fortrading.In 2024, the notional amounts transacted to manage thetransactional risk are:\u25cf a short position of \u20ac(382) million (compared to \u20ac(586) millionin 2023);\u25cf a long position of \u20ac150 million (compared to \u20ac233 million in2023).The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period:(1)In \u20ac million Notional amountFair value assets Fair value liabilitiesDecember 31 2024 2023 2024 2023 2024 2023Held for trading long position 150 233 0 1 0 -1Held for trading short position -382 -586 1 3 -3 -1TOTAL -232 -353 1 4 -3 -2(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).Interest rate risk hedged by instrument accounted for as held for tradingIn 2024 and 2023, there are no outstanding interest rateinstruments accounted for as held for trading.NOTE F29OTHER LIABILITIES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023Wages and benefits debts 185 183VAT and other taxes 62 66Social security 31 26Financial instruments - operational 19 19Insurance premiums 14 39Advances from customers 29 37Other 53 37Other current liabilities 392 407Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F27.A. Overview of financial instruments).",
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"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__161-1": {
"value": "NOTE F22EQUITYAccounting policyShare capitalOrdinary shares are classified as equity.Incremental costs directly attributable to the issuance ofnew share capital are directly recognized in equity as adeduction, net of tax, from the equity issuance proceeds.NUMBER OF SHARES (IN UNITS)December 31, 2024 December 31, 2023Shares issued and fully paid 105,032,929 105,876,417Treasury shares held 1,579,830 655,072As of December 31, 2024, the capital of the Company amountedto \u20ac1,352 million, represented by 105,032,929 ordinary shares withno designated par value, fully paid up. Share premium of \u20ac1,022million resulted from a percentage allocation of the total sharepremium that existed in the Solvay Group prior to the PartialDemerger. The percentage applied (85.10%) was based on thefiscal percentage dictated by the Belgian law for partialdemergers (\u201cscission partielle\u201d).In 2024 the Group launched two share buyback programs: 1. The first share buyback program launched on June 25, 2024and completed on October 23, 2024 to cover current andfuture obligations under Syensqo\u2019s current Long TermIncentive Plans for its employees. The Group repurchased983,000 shares for a total of \u20ac74 million. 2. The second share buyback program commenced onNovember 5, 2024 to return up to \u20ac300 million to shareholdersto further enhance Syensqo\u2019s capital structure and efficiencyby cancelling all shares bought back under the program. TheGroup repurchased 843,488 Syensqo shares for a total of\u20ac64 million. All the acquired shares were canceled. Refer to Main Events for further details on the share buybackprograms.All treasury shares have been deducted from consolidatedshareholder\u2019s equity.Perpetual hybrid bondsAt the effective date of the Partial Demerger, Syensqo wassubstituted as issuer of (i) the \u20ac500,000,000 Undated DeeplySubordinated Fixed to Reset Rate Perp-NC5.5 Bonds with first calldate on December 2, 2025 (ISIN: BE6324000858) (the \u201c2025Hybrid Bonds\u201d).In \u20ac million Issuance date Nominal value % Annual coupon First call / reset dateHybrid bond NC5.5* September 2, 2020 500 2.500% 13 December 2, 2025/ March 2, 2026All perpetual hybrid bonds are classified as equity absent anyunavoidable contractual obligation to repay the principal andinterest of the perpetual hybrid bonds, specifically:\u25cf No maturity, yet the issuer has a call option at every reset dateto redeem the instrument;\u25cf At the option of the issuer, interest payments can be deferredindefinitely.The coupons related to the perpetual hybrid bonds arerecognized as equity transactions and are deducted from equityupon declaration (see consolidated statement of changes inequity).Should Syensqo have elected not to pay any interest to theperpetual hybrid bondholders, then any payment of dividends tothe ordinary shareholders or repayment of ordinary shareswould trigger a contractual obligation to pay previously unpaidinterests to the perpetual hybrid bondholders.Tax impacts related to the perpetual hybrid bonds arerecognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__155": {
"value": "NOTE F22EQUITYAccounting policyShare capitalOrdinary shares are classified as equity.Incremental costs directly attributable to the issuance ofnew share capital are directly recognized in equity as adeduction, net of tax, from the equity issuance proceeds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__156": {
"value": "Non-controlling interestsThose represent the share of non-controlling interests in thenet assets and comprehensive income of subsidiaries of theGroup, and correspond to the interests in subsidiaries thatare not held by the Company or its subsidiaries.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__163": {
"value": "NUMBER OF SHARES (IN UNITS)December 31, 2024 December 31, 2023Shares issued and fully paid 105,032,929 105,876,417Treasury shares held 1,579,830 655,072As of December 31, 2024, the capital of the Company amountedto \u20ac1,352 million, represented by 105,032,929 ordinary shares withno designated par value, fully paid up. Share premium of \u20ac1,022million resulted from a percentage allocation of the total sharepremium that existed in the Solvay Group prior to the PartialDemerger. The percentage applied (85.10%) was based on thefiscal percentage dictated by the Belgian law for partialdemergers (\u201cscission partielle\u201d).In 2024 the Group launched two share buyback programs: 1. The first share buyback program launched on June 25, 2024and completed on October 23, 2024 to cover current andfuture obligations under Syensqo\u2019s current Long TermIncentive Plans for its employees. The Group repurchased983,000 shares for a total of \u20ac74 million. 2. The second share buyback program commenced onNovember 5, 2024 to return up to \u20ac300 million to shareholdersto further enhance Syensqo\u2019s capital structure and efficiencyby cancelling all shares bought back under the program. TheGroup repurchased 843,488 Syensqo shares for a total of\u20ac64 million. All the acquired shares were canceled. Refer to Main Events for further details on the share buybackprograms.All treasury shares have been deducted from consolidatedshareholder\u2019s equity.Perpetual hybrid bondsAt the effective date of the Partial Demerger, Syensqo wassubstituted as issuer of (i) the \u20ac500,000,000 Undated DeeplySubordinated Fixed to Reset Rate Perp-NC5.5 Bonds with first calldate on December 2, 2025 (ISIN: BE6324000858) (the \u201c2025Hybrid Bonds\u201d).In \u20ac million Issuance date Nominal value % Annual coupon First call / reset dateHybrid bond NC5.5* September 2, 2020 500 2.500% 13 December 2, 2025/ March 2, 2026All perpetual hybrid bonds are classified as equity absent anyunavoidable contractual obligation to repay the principal andinterest of the perpetual hybrid bonds, specifically:\u25cf No maturity, yet the issuer has a call option at every reset dateto redeem the instrument;\u25cf At the option of the issuer, interest payments can be deferredindefinitely.The coupons related to the perpetual hybrid bonds arerecognized as equity transactions and are deducted from equityupon declaration (see consolidated statement of changes inequity).Should Syensqo have elected not to pay any interest to theperpetual hybrid bondholders, then any payment of dividends tothe ordinary shareholders or repayment of ordinary shareswould trigger a contractual obligation to pay previously unpaidinterests to the perpetual hybrid bondholders.Tax impacts related to the perpetual hybrid bonds arerecognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__164": {
"value": "NOTE F23NON-CONTROLLING INTERESTSThe amounts disclosed below are fully consolidated amounts and do not reflect the impacts from elimination of intragroup transactions.At the end of 2024, the following subsidiaries have non-controlling interests totaling \u20ac50 million. SolvaySolvaySolvay Nicca CogenerationSynorb Battery(Zhenjiang)HengchangTavauxMaterialsChemicalsZhangjiagangIn \u20ac millionSpecial ChemNon-controlling ownership interest 9% 30% 40% 67% 49%Statement of financial positionNon-current assets 137 21 0 17 23Current assets 211 79 3 4 4Non-current liabilities 1 1Current liabilities 68 65 0 10 2Income statementSales 231 98 10Profit for the year 26 3 0 3 -7Other comprehensive income 8 1 0 0Total comprehensive income 34 4 0 3 -6Dividends paid to non-controlling 1 1 0interests Share of non-controlling interest in 2 1 0 0 -3the profit for the yearAccumulated non-controlling 21 10 1 6 12interestsSolvaySolvaySolvay Nicca CogenerationSynorb Battery(Zhenjiang)HengchangTavauxMaterialsChemicalsZhangjiagangIn \u20ac millionSpecial ChemNon-controlling ownership interest 9% 30% 40% 67% 49%Cash flow from operating activities 58 12 1 11 -7Cash flow from investing activities -32 -29 _ -3 -15Cash flow from financing activities -27 17 0 -6 18At the end of 2023, the following subsidiaries have non-controlling interests totaling \u20ac42 million.SolvaySolvaySolvay Nicca CogenerationSynorb Battery(Zhenjiang)HengchangTavauxMaterialsChemicalsZhangjiagangIn \u20ac millionSpecial ChemNon-controlling ownership interest 9% 30% 40% 67% 49%Statement of financial positionNon-current assets 129 20 0 18 6Current assets 201 55 3 6 7Non-current liabilities 1 1Current liabilities 61 40 0 16Income statementSales 249 88 12Profit for the year 30 2 0 2Other comprehensive income -10 -1 0 0Total comprehensive income 21 1 0 2 0Dividends paid to non-controlling 6 0 2interests Share of non-controlling interest in 1 1 1the profit for the yearAccumulated non-controlling 19 10 1 6 6interestsSolvaySolvaySolvay Nicca CogenerationSynorb Battery(Zhenjiang)HengchangTavauxMaterialsChemicalsZhangjiagangIn \u20ac millionSpecial ChemNon-controlling ownership interest 9% 30% 40% 67% 49%Cash flow from operating activities -103 -4 1 6 -Cash flow from investing activities 6 12 - -6 -6Cash flow from financing activities -42 -8 0 -3 13",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__167": {
"value": "NOTE F24SHARE-BASED PAYMENTSAccounting policySyensqo has set up compensation plans, including equity-settled and cash-settled share-based compensation plans.In its equity-settled plans, the Group receives services asconsideration for its own equity instruments (namelythrough the issuance of share options). The fair value ofservices rendered by employees in consideration for thegranting of equity-instruments represents an expense. Thisexpense is recognized on a straight-line basis in theconsolidated income statement over the vesting periodsrelating to these equity-instruments with the recognition ofa corresponding adjustment in equity. The fair value ofservices rendered is measured based on the fair value ofthe equity-instruments on the grant date. It is notsubsequently remeasured. At each reporting date, theGroup re-estimates the number of share options likely tovest. The impact of the revised estimates is recognized inprofit or loss against a corresponding adjustment in equity.In its cash-settled plans, the Group acquires services byincurring a liability to transfer to its employees renderingthose services amounts that are based on the price (orvalue) of equity instruments (including shares or shareoptions) of the Group (namely through the issuance ofperformance share units). The fair value of services renderedby employees in consideration for the granting of share-based payments represents an expense. This expense isrecognized on a straight-line basis in the consolidated incomestatement over the vesting periods relating to these share-based payments with the recognition of a correspondingadjustment in liabilities. At each reporting date, the Group re-estimates the number of options likely to vest, with theimpact of the revised estimates recognized in profit or loss.The Group measures the services acquired and the liabilityincurred at the fair value of the liability. Until the liability issettled, the Group remeasures the fair value of the liability atthe end of each reporting period and at the date ofsettlement, with any changes in fair value recognized in profitor loss for the period.Service and non-market performance conditions are nottaken into account when determining the grant date fairvalue of awards, but the likelihood of the conditions beingmet is assessed as part of the Group\u2019s best estimate of thenumber of equity instruments that will ultimately vest.Market performance conditions are reflected within thegrant date fair value. Any other conditions attached to anaward, but without an associated service requirement, areconsidered to be non-vesting conditions. Non-vestingconditions are reflected in the fair value of an award andlead to an immediate expensing of an award unless thereare also service and/or performance conditions. Noexpense is recognized for awards that do not ultimately vestbecause non-market performance and/or serviceconditions have not been met. Where awards include amarket or non-vesting condition, the transactions aretreated as vested irrespective of whether the market ornon-vesting condition is satisfied, provided that all otherperformance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected asadditional share dilution in the computation of dilutedearnings per share (further details are given in Note F7Earnings per share).Awards on shares of the Solvay GroupThe awards granted on shares of the Solvay Group are notin scope of IFRS 2 Share based payment plans.Management has established the below accounting policyfor these awards. For the awards granted on Solvay Group shares, a liability isrecognized and measured based on the fair value of theSolvay Group awards at each reporting date. On initialrecognition of the liability at the Partial Demerger date, acorresponding entry is recognized in equity for the vestingperiod that has passed to date and the remaining amountis recognized as Other Receivables. This asset representsthe services that have yet to be rendered by the beneficiaries.The asset will be amortized to the consolidated incomestatement over the remaining vesting period of the plans.The costs of the awards related to the Solvay Group arepresented within operational (Administrative) expenses. Thefair value fluctuation on the liability will be presented inFinancial Results together with the fair value fluctuation onthe hedging options/shares, which will partially hedge theimpact.The liability will be remeasured to its fair value at eachreporting date. This applies equally to vested plans so longas there remains outstanding (unexercised) options.The liabilities related to the fully vested plans are disclosedas current given that the beneficiaries may exercise theirawards at any time. The liabilities related to the unvestedplans are disclosed as non-current.Effects of the Partial Demerger \u2013 amendments to the plansAs part of the Partial Demerger, amendments were made to theexisting long term incentive plans. The long term incentive planswere modified by the Board, based on either of the two followingapproaches:1. Shareholder approach \u2013 Existing awards were adjusted toentitle beneficiaries to receive one share of the Solvay Groupand one share of the Syensqo Group.2. Employer approach \u2013 Existing awards were adjusted toentitle beneficiaries to receive a certain number of awardsof their future employer (i.e. either the Syensqo Group or theSolvay Group).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__166": {
"value": "NOTE F24SHARE-BASED PAYMENTSAccounting policySyensqo has set up compensation plans, including equity-settled and cash-settled share-based compensation plans.In its equity-settled plans, the Group receives services asconsideration for its own equity instruments (namelythrough the issuance of share options). The fair value ofservices rendered by employees in consideration for thegranting of equity-instruments represents an expense. Thisexpense is recognized on a straight-line basis in theconsolidated income statement over the vesting periodsrelating to these equity-instruments with the recognition ofa corresponding adjustment in equity. The fair value ofservices rendered is measured based on the fair value ofthe equity-instruments on the grant date. It is notsubsequently remeasured. At each reporting date, theGroup re-estimates the number of share options likely tovest. The impact of the revised estimates is recognized inprofit or loss against a corresponding adjustment in equity.In its cash-settled plans, the Group acquires services byincurring a liability to transfer to its employees renderingthose services amounts that are based on the price (orvalue) of equity instruments (including shares or shareoptions) of the Group (namely through the issuance ofperformance share units). The fair value of services renderedby employees in consideration for the granting of share-based payments represents an expense. This expense isrecognized on a straight-line basis in the consolidated incomestatement over the vesting periods relating to these share-based payments with the recognition of a correspondingadjustment in liabilities. At each reporting date, the Group re-estimates the number of options likely to vest, with theimpact of the revised estimates recognized in profit or loss.The Group measures the services acquired and the liabilityincurred at the fair value of the liability. Until the liability issettled, the Group remeasures the fair value of the liability atthe end of each reporting period and at the date ofsettlement, with any changes in fair value recognized in profitor loss for the period.Service and non-market performance conditions are nottaken into account when determining the grant date fairvalue of awards, but the likelihood of the conditions beingmet is assessed as part of the Group\u2019s best estimate of thenumber of equity instruments that will ultimately vest.Market performance conditions are reflected within thegrant date fair value. Any other conditions attached to anaward, but without an associated service requirement, areconsidered to be non-vesting conditions. Non-vestingconditions are reflected in the fair value of an award andlead to an immediate expensing of an award unless thereare also service and/or performance conditions. Noexpense is recognized for awards that do not ultimately vestbecause non-market performance and/or serviceconditions have not been met. Where awards include amarket or non-vesting condition, the transactions aretreated as vested irrespective of whether the market ornon-vesting condition is satisfied, provided that all otherperformance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected asadditional share dilution in the computation of dilutedearnings per share (further details are given in Note F7Earnings per share).Awards on shares of the Solvay GroupThe awards granted on shares of the Solvay Group are notin scope of IFRS 2 Share based payment plans.Management has established the below accounting policyfor these awards. For the awards granted on Solvay Group shares, a liability isrecognized and measured based on the fair value of theSolvay Group awards at each reporting date. On initialrecognition of the liability at the Partial Demerger date, acorresponding entry is recognized in equity for the vestingperiod that has passed to date and the remaining amountis recognized as Other Receivables. This asset representsthe services that have yet to be rendered by the beneficiaries.The asset will be amortized to the consolidated incomestatement over the remaining vesting period of the plans.The costs of the awards related to the Solvay Group arepresented within operational (Administrative) expenses. Thefair value fluctuation on the liability will be presented inFinancial Results together with the fair value fluctuation onthe hedging options/shares, which will partially hedge theimpact.The liability will be remeasured to its fair value at eachreporting date. This applies equally to vested plans so longas there remains outstanding (unexercised) options.The liabilities related to the fully vested plans are disclosedas current given that the beneficiaries may exercise theirawards at any time. The liabilities related to the unvestedplans are disclosed as non-current.Effects of the Partial Demerger \u2013 amendments to the plansAs part of the Partial Demerger, amendments were made to theexisting long term incentive plans. The long term incentive planswere modified by the Board, based on either of the two followingapproaches:1. Shareholder approach \u2013 Existing awards were adjusted toentitle beneficiaries to receive one share of the Solvay Groupand one share of the Syensqo Group.2. Employer approach \u2013 Existing awards were adjusted toentitle beneficiaries to receive a certain number of awardsof their future employer (i.e. either the Syensqo Group or theSolvay Group).Stock option plans (Shareholder approach)All outstanding stock options were converted into options onboth the Solvay Group and Syensqo Group shares. The optionscan be exercised individually on each Group\u2019s shares with theexception of the 2022 SOP, which is a basket option i.e. the optionis exercised on both Group\u2019s shares simultaneously.The 2022 SOP is no longer classified as an equity settled plandue to the basket option feature. This plan is treated similarly tothe awards on Solvay Group shares. At the date of the PartialDemerger, the fair value of the 2022 SOP was recalculated usingthe Monte Carlo model and the plan was reclassified. A liabilityof \u20ac8 million was recognized, with corresponding entries toequity (\u20ac3 million) and Other Receivables (\u20ac5 million).The exercise prices of all the stock options (excluding the 2022SOP) were reset at the Partial Demerger date taking intoconsideration the Solvay Group and Syensqo Group closingshare prices at December 11, 2023. As per Belgian lawrequirements, the sum of new exercise prices of the Solvay andSyensqo options equal the original exercise price of the plans.2022 PSU plan (Shareholder approach)The performance metrics were measured for the full year 2022and 2023. The PSUs were converted to RSUs by applying anextrapolation method to the third performance year (2024). Thevesting period remains unchanged. The RSUs vested at the endof December 2024 and the shares of the Solvay Group and theSyensqo Group will be delivered to the beneficiaries in Q1 2025.2023 PSU and RSU (Employer approach)The performance metrics were measured for the full year 2023.For the performance years 2024 and 2025, new KPIs were set andapproved by the Syensqo Board in Q1 2024. The vesting periodremains unchanged. The PSUs and RSUs will vest at the end ofDecember 2025 and the Syensqo Group shares will be deliveredto the beneficiaries in Q1 2026.To ensure the beneficiaries were not disadvantaged by theamendments to the plan, the number of PSUs and RSUs perbeneficiary was adjusted taking into account the 30 day post-demerger average share price of the Solvay and SyensqoGroups.2022 ESPP (Employer approach)To ensure the beneficiaries were not disadvantaged by theamendments to the plan, the number of free and matchingshares per beneficiary was adjusted taking into account the 30days post-demerger average share price of the Solvay andSyensqo Groups. The vesting period remains unchanged. TheESPP free and matching shares vested at the end of September2024 and were delivered to the participants in October 2024.Awards on Solvay Group sharesFor the awards granted on Solvay Group shares, a liability wasrecognized at the Partial Demerger date based on the fair valueof the Solvay Group awards at that date (\u20ac14 million). Acorresponding entry was recognized in equity (\u20ac7 million) for thevesting period that had passed to date and the remainingamount was recognized as Other Receivables (\u20ac7 million). Thisasset represents the services that have yet to be rendered bythe beneficiaries. The asset will be amortized to operational(Administrative) expenses in the consolidated income statementover the remaining vesting period of the plans.The costs of the awards related to the Solvay Group (\u20ac5 million)(\u20ac1 million in 2023) are presented within operational(administrative) expenses in the IFRS EBIT/EBITDA. The fair valuefluctuation on the liability (\u20ac6 million) is presented in FinancialResults together with the fair value fluctuation on the hedgingoptions/shares (\u20ac11 million). The carrying amount of the liabilityat December 31, 2024 is \u20ac16million (2023: \u20ac22 million).Modification accountingIn accordance with the requirements of IFRS 2 modificationaccounting, the Group obtained updated fair values usingBlack-Scholes models of all the share based payment plans atthe date of the Partial Demerger based on (i) the original termsbut updated to the Partial Demerger date, and (ii) the modifiedterms. The fair values were compared and where there was anincrease in fair value under the modified terms, the Group willrecognize this additional cost over the remaining vesting periodfor the unvested plans. The additional cost related to vestedplans was recognized in full in Administrative Expenses for theyear ended December 31, 2023. The impact of the incrementalfair value for both unvested and vested plans was not materialto the Group.Stock Option PlanPrior to the Partial Demerger, all the stock option plans wereequity settled. Following the Partial Demerger, the Group also hasto account for awards granted on the Solvay Group shares.There were no stock option plans granted in 2023 and 2024.Syensqo - Stock Option PlanFor 2024:Share option plans - Syensqo 2021 2020 2019 2018 2017Number of share options granted and still outstanding at 152,978 214,381 106,390 103,004 61,198December 31, 2023Granted share optionsForfeitures of rights and expiriesShare options exercised -27,578 -8,441Number of share options at December 31, 2024 152,978 186,803 97,949 103,004 61,198Share options exercisable at December 31, 2024 186,803 97,949 103,004 61,198Exercise price of Syensqo options (in \u20ac) 79.09 79.28 80.31 93.60 92.08Fair value of options (in \u20ac) at modification date 20.55 19.77 18.39 11.61 9.362024Number of share options Weighted average exercise priceJanuary 1 637,951 82.95Granted during the yearForfeitures of rights and expiries during the yearExercised during the year -36,019 79.52December 31 601,932 83.15EXERCISABLE AT DECEMBER 31 448,954For 2023:Share option plans - Syensqo 2021 2020 2019 2018 2017 2016Number of share options granted and still 152,978 214,381 119,052 111,381 65,107 7,469outstanding at December 31, 2022Granted share optionsForfeitures of rights and expiriesShare options exercised -12,662 -8,377 -3,909 -7,469Number of share options at December 31, 2023 152,978 214,381 106,390 103,004 61,198Share options exercisable at December 31, 2023 106,390 103,004 61,198Exercise price of Syensqo options (in \u20ac) 79.09 79.28 80.31 93.60 92.08 62.87Fair value of options (in \u20ac) at modification date 20.55 19.77 18.39 11.61 9.36 26.962023Number of share options Weighted average exercise priceJanuary 1 670,368 82.86Granted during the yearForfeitures of rights and expiries during the yearExercised during the year -32,417 81.15December 31 637,951 82.95EXERCISABLE AT DECEMBER 31 270,592Solvay - Stock Option PlanFor 2024:Share option plans - Solvay 2021 2020 2019 2018 2017Number of share options granted and still outstanding at 152,978 214,381 119,052 103,004 60,895December 31, 2023Granted share optionsForfeitures of rights and expiriesShare options exercised -141,437 -54,618 -74,841 -54,107Number of share options at December 31, 2024 152,978 72,944 64,434 28,163 6,788Share options exercisable at December 31, 2024 72,944 64,434 28,163 6,788Exercise price of Solvay options (in \u20ac) 16.49 16.52 16.74 19.51 19.19Fair value of options (in \u20ac) at December 31, 2024 13.11 13.27 13.33 11.23 11.882024Number of share options Weighted average exercise priceJanuary 1 650,310 17.28Granted during the yearForfeitures of rights and expiries during the yearExercised during the year -325,003 17.69December 31 325,307 16.86EXERCISABLE AT DECEMBER 31 172,329For 2023:Share option plans - Solvay 2021 2020 2019 2018 2017 2016Number of share options granted and still 152,978 214,381 119,052 111,381 65,107 7,469outstanding at December 31, 2022Granted share optionsForfeitures of rights and expiriesShare options exercised -8,377 -4,212 -7,469Number of share options at December 31, 2023 152,978 214,381 119,052 103,004 60,895Share options exercisable at December 31, 2023 119,052 103,004 60,895Exercise price of Solvay options (in \u20ac) 16.49 16.52 16.74 19.51 19.19 13.11Fair value of options (in \u20ac) at December 31, 2023 9.94 10.06 10.07 8.21 8.41 14.542023Number of share options Weighted average exercise priceJanuary 1 670,368 17.27Granted during the yearForfeitures of rights and expiries during the yearExercised during the year -20,058 17.06December 31 650,310 17.28EXERCISABLE AT DECEMBER 31 282,951Basket option - Stock Option PlanFor 2024:Share option plans \u2013 Basket options 2022Number of share options granted and still outstanding at December 31, 2023 271,500Granted share optionsForfeitures of rights and expiriesShare options exercisedNumber of share options at December 31, 2024 271,500Share options exercisable at December 31, 2024Exercise price of options (in \u20ac) 84.34Fair value of options (in \u20ac) at December 31, 2024 22.772024Number of share options Weighted average exercise priceJanuary 1 271,500 84.34Granted during the yearForfeitures of rights and expiries during the yearExercised during the yearDecember 31 271,500 84.34EXERCISABLE AT DECEMBER 31For 2023:Share option plans \u2013 Basket options 2022Number of share options granted and still outstanding at December 31, 2022 271,500Granted share optionsForfeitures of rights and expiriesShare options exercisedNumber of share options at December 31, 2023 271,500Share options exercisable at December 31, 2023Exercise price of options (in \u20ac) 84.34Fair value of options (in \u20ac) at December 31, 2023 38.472023Number of share options Weighted average exercise priceJanuary 1 271,500 84.34Granted during the yearForfeitures of rights and expiries during the yearExercised during the yearDecember 31 271,500 84.34EXERCISABLE AT DECEMBER 31In 2024, the share options resulted in a total income of \u20ac3 million(2023: \u20ac1 million of expense) recognized in the consolidatedincome statement as the net of, an expense of \u20ac3 million, aspart of administrative costs and a net financial income relatedto the remeasurement of the liability for \u20ac6 million. The carryingamount of the liability for stock options on Solvay Group sharesat December 31, 2024 is \u20ac10 million (2023: \u20ac17 million).Weighted average remaining contractual life of the share option plans:In years 2024 20232017 0.2 1.22018 1.2 2.22019 2.2 3.22020 3.2 4.22021 4.1 5.12022 3.0 4.0Performance Share Units Plan (PSU)In 2024, the Board of Directors offered to executive staff aPerformance Share Unit Plan, with the objective of promotinglong-term success and to increase the focus on sustainableperformance for the benefit of the Syensqo Group and itsstakeholders. All the managers involved subscribed to the PSUoffered to them in 2024 with a grant date fair value of \u20ac82.97representing the average Syensqo Group stock market price ofthe share for the 30 days prior to the offer. The PSU plan 2024 isan equity-settled share-based plan with a 3-year vesting period,after which shares will be issued, if vesting conditions are met.The table below includes information on the PSU plans.Performance Plan 2024 Plan 2023share unitsNumber of PSUs 169,772 171,998Grant date 27/03/2024 07/03/2023Vesting date 01/01/2027 01/01/2026Vesting period 01/01/2024 to 31/12/2026 01/01/2023 to 31/12/202540% of the initial granted PSUs are subject to the 40% of the initial granted PSUs are subject to the achievement of Year over Year Underlying EBITDA growth achievement of Year over Year Underlying EBITDA growth target for each of the 3 (2024, 2025, 2026) performance target for each of the 3 (2023, 2024, 2025) performance years ending on December 31, 2026years ending on December 31, 202540% of the initial granted PSUs are subject to the sustained 40% of the initial granted PSUs are subject to the sustained and/or improved ROCE % of the Company for each of the 3 and/or improved ROCE % of the Company for each of the 3 (2024, 2025, 2026) performance years(2023, 2024, 2025) performance yearsPerformance conditions20% of the initial granted PSUs are subject to the reduction 20% of the initial granted PSUs are subject to the reduction of GHG absolute emissions during the same 3 years (2024, of GHG absolute emissions during the same 3 years (2023, 2025, 2026)2024, 2025)Achievement of the plan is measured for each separate Achievement of the plan is measured for each separate performance year. The score achieved for each individual performance year. The score achieved for each individual year is acquired definitively, whatever the achievement of year is acquired definitively, whatever the achievement of the other yearsthe other yearsValidation of performance By the Board of Directors By the Board of DirectorsconditionsIn 2024, the impact on the consolidated income statementregarding PSUs amounts to a cost of \u20ac11 million. Included in the2024 PSU cost is \u20ac5 million related to the new PSU 2024 equity-settled plan and \u20ac6 million related to the 2023 PSU plan. In 2023, the impact on the consolidated income statementregarding PSUs amounts to a cost of \u20ac15 million. Included in the2023 PSU cost is \u20ac5 million related to the PSU 2023 equity-settledplan and \u20ac5 million related to the 2022 PSU prior to itsconversion to RSUs.At December 31, 2024, there were 306,763 PSUs outstanding ofwhich, 154,369 PSUs are related to the 2024 equity-settled plan.At December 31, 2023, there were 172,135 PSUs outstanding for the2023 equity-settled plan and 104,488 for the 2021 cash-settledplan (paid in 2024), respectively.Restricted Share Units (RSU)In 2024, the Board of Directors offered to executive staff twoRestricted Share Unit Plans, with the objective of encouragingbeneficiaries to remain employed by the Group by allowingthem to become shareholders of the Group. All the managersinvolved subscribed to the RSUs offered to them in 2024 with agrant date fair value of \u20ac82.97 representing the averageSyensqo Group stock market price of the share for the 30 daysprior to the offer. The Restricted Share Units are equity-settled share-based planswith a vesting date of December 31, 2026, after which shares willbe issued, if vesting conditions are met.In 2024, the impact on the consolidated income statement ofthe RSUs amounts to a cost of \u20ac15 million (2023: \u20ac6 million) andincludes the cost of the converted 2022 PSU plan post the PartialDemerger.The carrying amount of the liability for the 2022 RSU plan onawards on Solvay Group shares amounts to \u20ac2 million at theend of 2024 (2023: \u20ac2 million).The carrying amount of the liability for the 2022 PSU plan onawards on Solvay Group shares amounts (converted into RSUs)to \u20ac4 million at the end of 2024 (2023: \u20ac3 million).At December 31, 2024, there were 70,463 RSUs, 88,615 RSUs (97,962RSUs in 2023) and 168,348 RSUs (172,703 RSUs in 2023) outstandingfor the 2024, 2023 and 2022 equity settled plan, respectively onSyensqo Group shares. At December 31, 2024, there were 168,348 RSUs (172,703 RSUs in2023) outstanding on Solvay Group shares.Employee Stock Purchase Plan (ESPP)In September 2022, Solvay launched its first employee sharepurchase plan. By participating in the plan, employees had theopportunity to purchase Solvay Group shares on preferentialterms. 27.7% of employees subscribed to the plan offered tothem in 2022 with a grant date fair value of \u20ac82.85 representingthe average stock market price of the share for the 30 days priorto the offer. In accordance with IFRS 2 requirements, the fairvalue of the ESPP had been updated to \u20ac64.55, being the initialgrant date fair value adjusted by the weighted average closingprice of both Groups for the 30 days post the Partial Demerger(78% of the initial grant date fair value allocated to Syensqo).These employees received one free Syensqo Group share forjoining the plan as well as one matching share for every twoshares purchased. The ESPP is an equity-settled share-basedplan with a vesting date of September 30, 2024, after which thefree and matching shares were issued, if vesting conditionswere met.At December 31, 2024, 54,542 free and matching shares weregranted to the employees. The total impact on the consolidatedincome statement of the ESPP amounted to a cost of \u20ac1 millionin 2024 (2023: \u20ac2 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__169": {
"value": "NOTE F25EMPLOYEE BENEFITSAccounting policy GeneralThe Group\u2019s employees are offered various post-employmentbenefits, other long-term employee benefits, and terminationbenefits as a result of legislation applicable in certaincountries, and contractual agreements entered into by theGroup with its employees or constructive obligations.The post-employment benefits are classified as definedcontribution or defined benefit plans.Defined contribution plansDefined contribution plans involve the payment of fixedcontributions to a separate entity, and release the employerfrom any subsequent obligation, as this separate entity issolely responsible for paying the amounts due to theemployee. The expense is recognized when an employeehas rendered services to the Group during the period.Defined benefit plansDefined benefit plans concern all plans other than definedcontribution plans, and include:\u25cf Post-employment benefits: pension plans, other post-employment obligations and supplemental benefits suchas post-employment medical plans.Taking into account projected final salaries on an individualbasis, post-employment benefits are measured by applyinga method (projected unit credit method) using assumptionsinvolving discount rate, life expectancy, turnover, wages,annuity revaluation and medical cost inflation. Theassumptions specific to each plan take into account thelocal economic and demographic contexts.The discount rates are interest rates of high-quality corporatebonds that are denominated in the currency in which thebenefits will be paid, and that have terms to maturityapproximating the terms of the related pension obligation.The amount recognized under post-employment obligationscorresponds to the difference between the present value offuture obligations and the fair value of the plan assetsfunding the plan, if any. If this calculation gives rise to adeficit, an obligation is recognized in liabilities. Otherwise, anet asset limited to the lower of the surplus in the definedbenefit plan and the present value of any future planrefunds or any reduction in future contributions to the planis recognized. Therefore the amount at which such an assetis recognized in the statement of financial position may besubject to a ceiling.The defined benefit cost consists of service cost and netinterest expense (based on discount rate) on the net liability orasset, both recognized in profit or loss, and remeasurementsof the net liability or asset, recognized in other comprehensiveincome.Service cost consists of current service cost, past servicecost resulting from plan amendments or curtailments andsettlement gains or losses.The interest expenses arising from the reverse discountingof the benefit obligations, the financial income on planassets (determined by multiplying the fair value of the planassets by the discount rate) as well as interest on the effectof the asset ceiling are recognized on a net basis in the netfinancial charges (cost of discounting of provisions).Remeasurements of the net liability or asset consist of:\u25cf actuarial gains and losses on the benefit obligationsarising from experience adjustments and/or changes inactuarial assumptions (including the effect of changes inthe discount rate) recognized in other comprehensiveincome;\u25cf changes as a consequence of plan amendments,recognized in profit or loss; \u25cf the return on plan assets (excluding amounts in netinterest) and changes in the limitation of the net assetrecognized.Other long-term employee and terminationbenefits\u25cf Other long-term employee benefits related to longservice benefits granted to employees according to theirseniority in the Group. Termination benefits include earlypension plans. Other long-term employee andtermination benefits are accounted for in the same wayas post-employment benefits but remeasurements arefully recognized in the net financial charges during theperiod in which they occur.\u25cf The actuarial calculations of the main post-employmentobligations and other long-term benefits are performedby independent actuaries.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__168": {
"value": "NOTE F25EMPLOYEE BENEFITSAccounting policy GeneralThe Group\u2019s employees are offered various post-employmentbenefits, other long-term employee benefits, and terminationbenefits as a result of legislation applicable in certaincountries, and contractual agreements entered into by theGroup with its employees or constructive obligations.The post-employment benefits are classified as definedcontribution or defined benefit plans.Defined contribution plansDefined contribution plans involve the payment of fixedcontributions to a separate entity, and release the employerfrom any subsequent obligation, as this separate entity issolely responsible for paying the amounts due to theemployee. The expense is recognized when an employeehas rendered services to the Group during the period.Defined benefit plansDefined benefit plans concern all plans other than definedcontribution plans, and include:\u25cf Post-employment benefits: pension plans, other post-employment obligations and supplemental benefits suchas post-employment medical plans.Taking into account projected final salaries on an individualbasis, post-employment benefits are measured by applyinga method (projected unit credit method) using assumptionsinvolving discount rate, life expectancy, turnover, wages,annuity revaluation and medical cost inflation. Theassumptions specific to each plan take into account thelocal economic and demographic contexts.The discount rates are interest rates of high-quality corporatebonds that are denominated in the currency in which thebenefits will be paid, and that have terms to maturityapproximating the terms of the related pension obligation.The amount recognized under post-employment obligationscorresponds to the difference between the present value offuture obligations and the fair value of the plan assetsfunding the plan, if any. If this calculation gives rise to adeficit, an obligation is recognized in liabilities. Otherwise, anet asset limited to the lower of the surplus in the definedbenefit plan and the present value of any future planrefunds or any reduction in future contributions to the planis recognized. Therefore the amount at which such an assetis recognized in the statement of financial position may besubject to a ceiling.The defined benefit cost consists of service cost and netinterest expense (based on discount rate) on the net liability orasset, both recognized in profit or loss, and remeasurementsof the net liability or asset, recognized in other comprehensiveincome.Service cost consists of current service cost, past servicecost resulting from plan amendments or curtailments andsettlement gains or losses.The interest expenses arising from the reverse discountingof the benefit obligations, the financial income on planassets (determined by multiplying the fair value of the planassets by the discount rate) as well as interest on the effectof the asset ceiling are recognized on a net basis in the netfinancial charges (cost of discounting of provisions).Remeasurements of the net liability or asset consist of:\u25cf actuarial gains and losses on the benefit obligationsarising from experience adjustments and/or changes inactuarial assumptions (including the effect of changes inthe discount rate) recognized in other comprehensiveincome;\u25cf changes as a consequence of plan amendments,recognized in profit or loss; \u25cf the return on plan assets (excluding amounts in netinterest) and changes in the limitation of the net assetrecognized.Other long-term employee and terminationbenefits\u25cf Other long-term employee benefits related to longservice benefits granted to employees according to theirseniority in the Group. Termination benefits include earlypension plans. Other long-term employee andtermination benefits are accounted for in the same wayas post-employment benefits but remeasurements arefully recognized in the net financial charges during theperiod in which they occur.\u25cf The actuarial calculations of the main post-employmentobligations and other long-term benefits are performedby independent actuaries.LIABILITY BY TYPE OF BENEFITSIn \u20ac million December 31, 2024 December 31, 2023Post-employment benefits 291 281Other long-term benefits 103 92Termination benefits 1 1TOTAL EMPLOYEE BENEFITS 395 373Post-employment benefitsA. Defined contribution plansFor defined contribution plans, the Group pays contributions topublicly or privately administered pension funds or insurancecompanies.B. Defined benefit plansDefined benefit plans can be either funded via outside pensionfunds or insurance companies (\u201cfunded plans\u201d) or financedwithin the Group (\u201cunfunded plans\u201d). Unfunded plans have noplan assets dedicated to them.The net liability results from the net of the provisions and theasset plan surplus.In \u20ac million December 31, 2024 December 31, 2023Provisions 291 281Asset plan surplus -44 -91Net liability 246 1892024 2023Operational expense -6 24Finance expense 9 11The operating expense includes the impact of the group annuity contract and current service cost for \u20ac18 million (\u20ac19 million in 2023)(see also B.3.).B.1. Management of risksOver recent years, the Group has reduced its exposure todefined benefit plan obligations stemming from future servicesby converting existing plans into pension plans with a lower riskprofile (hybrid plans, cash balance plans and definedcontribution plans) or by closing them to new entrants.The Group continuously monitors its risk exposure, focusing onthe following risks:Asset volatilityEquity instruments, even though expected to outperform corporatebonds in the long-term, create volatility and risk in the short-term.To mitigate this risk, the allocation to equity instruments ismonitored using Assets and Liabilities Management techniques, toensure it remains appropriate given the respective schemes\u2019and Group\u2019s long term objectives.Changes in bond yieldsA decrease in corporate bond yields will increase the carryingamount of the plans\u2019 liabilities. For funded schemes this impactwill be partially offset by an increase in the fair value of the planassets. Corporate bond yields are highly dependent on globaland local market situations, the decisions of central banks andthe political situation.The main events that are currently impacting the financialmarkets are:\u25cf the perspective of slow growth in the world with afragmentation by geographic zones;\u25cf wide global wave of government debt supply, in particularacross the US and Europe;\u25cf persistent inflation and recent volatility in some geographieserodes fixed income returns and increases investors\u2019 demandfor higher yields;\u25cf stubborn inflation may prevent central banks cutting ratessignificantly, particularly in the US where growth is robust;\u25cf concerns on US administration\u2019s policies and decisions ontariffs;\u25cf continuing political instability due to the war in Gaza, Ukraineand tension with China.Inflation riskThe defined benefit obligations are linked to inflation, and as aresult, higher inflation may lead to an increase in the benefitobligation (although, in most cases, caps on the level ofinflationary increases are in place to protect against extremeinflation). A limited part of the assets are either unaffected by oronly partially correlated with inflation, meaning that an increasein inflation will also increase the plans\u2019 net liabilities.The inflation rate in each country is based on the GlobalEconomic Consensus Forecast (GCF) with the exception of theUK, where the information is derived from the Bank of England.Long-term inflation assumptions have decreased slightly in theEurozone in comparison to 2023. In the UK, the outlook for theretail price index and consumer price index increased slightlycompared to 2023. (See Actuarial assumptions used in determiningthe liability).Life expectancyThe majority of the schemes\u2019 obligations are to provide benefitsfor the life of the member. Increases in life expectancy willtherefore increase the plans\u2019 liabilities.Regulatory riskEspecially with respect to funded plans, the Group is exposed tothe risk of external funding following regulatory constraints. Thisshould not impact the defined benefit obligation but couldexpose the Group to a potential significant cash outlay.B.2. Description of obligationsThe provisions have been set up to cover post-employmentbenefits granted by most Group companies in line, either withlocal rules and /or with established practices, which generateconstructive obligations.The largest post-employment plans in 2024 and 2023 are in theUnited Kingdom, the United States and France.These three countries represent 93% of the total defined benefitobligations and represent 95% of the total recognized planassets.December 31, 2024Defined benefitRecognized planNet liability/(asset) Ratio plan assets onof which asset surplusobligationsassetsdefined benefitrecognized in theIn \u20ac millionobligationsbalance sheetUnited Kingdom 936 891 45 95% 0United States 383 321 62 84% 37France 107 20 87 19% 0Belgium 81 79 2 98% 1Other countries 70 19 51 27% 6TOTAL 1,576 1,330 246 84% 44December 31, 2023Defined benefitRecognized planNet liability/(asset) Ratio plan assets onof which asset surplusobligationsassetsdefined benefitrecognized in theIn \u20ac millionobligationsbalance sheetUnited Kingdom 943 964 -21 102% 61United States 829 764 65 92% 23France 118 22 96 19% 0Belgium 70 70 1 99% 3Other countries 82 33 49 41% 5TOTAL 2,042 1,853 189 91% 91United KingdomThe Group sponsors a few defined benefit plans in the UnitedKingdom; the largest one is the Rhodia Pension Fund (the Fund).This is a final salary funded pension plan, with entitlement toaccrue a percentage of salary per year of service. It was closedto new entrants in 2003 and replaced by a defined contributionplan.Broadly, at year-end 2024, about 9% of the defined benefitobligations are attributable to current employees, 26% to formeremployees and 65% to current pensioners.The Fund functions and complies with UK legislation under alarge regulatory framework. The Pensions Regulator has a risk-based approach to regulation and a code of practice, whichprovides practical guidance to trustees and employers ofdefined benefit schemes on how to comply with the schemefunding requirements. In accordance with UK legislation, theFund is subject to Scheme Specific Funding, which requires thatpension plans are funded prudently.The Fund is governed by a Board of Trustees. They manage theFund with prudent and fair judgment. The Trustees determinethe liabilities used for Statutory Funding Objectives based onprudent actuarial and economic assumptions. Any shortfall ordeficit once these liabilities have been deducted from the Fund\u2019sassets must be reduced by additional contributions and in atime frame determined in accordance with the employer\u2019sability to pay and the strength of covenant or contingentsecurity being offered by the employer.The Fund is subject to a triennial valuation cycle for fundingpurposes. This valuation is performed by the scheme actuary inline with UK regulations and is discussed between the Trusteesand the sponsoring employer to agree the valuationassumptions and a funding plan. The last completed valuationwas as of July 1, 2021, which established a fixed contribution rateof pensionable pay for active members plus a deficit recoveryplan, which aims to fully fund the scheme\u2019s technical provisionsover a period of time. Recovery contributions were increased sothat the plan is expected to be fully funded by the end of 2027 inaccordance with local regulations. The guarantee provided by the Group (\u00a3161 million \u20ac191 million) isbased on local regulations and exceeds the recognized liability\u2013 See note F31 Contingent assets, liabilities and financialguarantees for more information.In June 2023, the High Court handed down a decision (VirginMedia Limited v NTL Pension Trustees II Limited and others) whichpotentially has implications for the validity of amendmentsmade by pension schemes, including Syensqo\u2019s UK definedbenefit plans, which were contracted-out on a salary-relatedbasis between April 6, 1997 and the abolition of contracting-outin 2016. In July 2024 the Court of Appeal upheld the originaldecision, although there remains significant areas of uncertaintythat it is expected will need further legal clarification. Theposition may also be impacted if the Department for Work andPensions brings forward changes in legislation.The pension plan Trustees and advisers have completed areview of the plan amendments to check whether any may fallinto the scope of the ruling. Based on this investigation, theGroup believes that amendments made to the plans in therelevant period are not in the scope of the UK High Court Rulingand therefore the Ruling does not expose the Group\u2019s UK definedbenefit plans to any new risks that would have a significantimpact on the consolidated financial statements as atDecember 31, 2024.The Group will continue to monitor developments to decidewhether any further actions are required.FranceThe group sponsors several defined benefit plans in France. Thelargest plans are the French compulsory retirement indemnityplan and four closed top hat plans. More than 95% of theliabilities for the top hat plans are attributable to currentpensioners. Three of the top hat plans are partially funded.In accordance with French legislation, adequate guaranteeshave been provided.United StatesThe Group sponsors four defined benefit pension plans in theUnited States: one qualified plan following the merger of twoqualified plans in 2023 and three non-qualified plans. A qualifiedplan is an employer-sponsored retirement plan that qualifies forspecial tax treatment under Section 401(a) of the InternalRevenue Code. At this moment all defined benefit plans areclosed to new entrants where newly hired employees are eligibleto participate in a defined contribution plan. Note that thequalified defined benefit pension plan is funded while the threenon-qualified defined benefit pension plans are unfunded. Thequalified plans make up the vast majority of the pensionliabilities as of December 31, 2024.The Group\u2019s plans are in compliance with local laws regardingaudited financial statements, governmental filings, and PensionBenefit Guaranty Corporation insurance premiums whereapplicable. The plans are reviewed and monitored locally byfiduciary committees for purposes of plan investments andadministrative matters.For the US qualified plans, the Group\u2019s contributions take intoaccount minimum (tax-deductible) funding requirements aswell as maximum tax deductible contributions, both regulatedby the tax authorities.Certain eligible participants may elect to receive their pension ina single lump sum payment instead of a monthly payment.On September 17, 2024, the Group announced a significant stepin its ongoing commitment to the financial stability of its retireesin the US and Canada by reducing its pension obligationsthrough the purchase of group annuity contracts. This strategicmove was designed to reduce the Group\u2019s gross pensionobligations and associated volatility risk, while enhancing thelong term security of pension benefits for its retirees.Syensqo has, in August 2024, entered into agreements withPacific Life Insurance Company (\u201cPacific Life\u201d) and RBC Insurance(\u201cRBC\u201d), to transfer some of its legal and constructive pensionobligations with no change to the benefits for its retirees. Thetransfer resulted in a settlement of its US$485 million grosspension obligation. Considering that the plans were fully funded,it did not result in any additional cash funding requirement.RBC will begin paying and administering the retirement benefitsof affected retirees and beneficiaries in Canada from December2024 and Pacific Life will similarly do the same for US retireesand beneficiaries from January 2025.The US and Canada defined benefit obligations have decreasedby US$470 million and CAD $20 million respectively, whileUS$450 million and CAD$20 million of plan assets have beenderecognized as a result of the transfer. As a result a settlementgain of \u20ac18 million was recognized in 2024 (See Net Expensedetails below).Broadly, at year-end 2024, about 61% of the defined benefitobligations are attributable to current employees, 28% to formeremployees for whom benefit payments have not yet commencedand 11% to current pensioners. These percentages are afterreflecting the group annuity contract that was completed inAugust 2024 (See section \u201cMain Events\u201d for further details).In 2024, in the United States, the Group contributed to twomultiemployer pension plans under collective bargainingagreements that cover certain of its union-representedemployees. Each of the multiemployer plans is a defined benefitpension plan, both of which were in green zone status for 2024.Neither of the multiemployer plans provide an allocation of itsassets, liabilities, or costs among contributing employers. Neitherof the multiemployer plans provides sufficient information topermit Syensqo, or other contributing employers, to account forthe multiemployer plan as a defined benefit plan. Accordingly,the company accounts for its participation in each of themultiemployer plans as if it were a defined contribution plan. For2023 and 2024, the annual contributions paid for eachmultiemployer plan were less than \u20ac0.3 million and representedless than 5% of total plan contributions. Multiemployer plancontributions for 2025 are also expected to be \u20ac0.3 million.An asset surplus is recognized in the consolidated statement offinancial position for the United -States.BelgiumThe Group sponsors two defined benefit plans in Belgium. Theseare funded pension plans. The plan for executives has beenclosed since the end of 2006, and the plan for the White andBlue collars has been closed since 2004. The past servicebenefits provided under these plans continue to be adaptedeach year considering annual salary increase and inflation(\u201cdynamic management\u201d). In accordance with market practicein Belgium, because of favorable retirement lump sum taxation,most benefits are paid as lump sum.Furthermore, the Group sponsors two open defined contributionplans, classified as defined benefit plans for accountingpurposes due to the minimum guarantees explained hereafter.These are funded pension plans, which are open since thebeginning of 2007 for the one in favor of the executives andsince the beginning of 2005 for the one in favor of the White andBlue collars. Participants may choose to invest their contributionsamongst four different investment funds (from \u201cPrudent\u201d to\u201cDynamic\u201d). However, regardless of their choices, the Belgian lawforesees that the employer must guarantee a return onemployer contribution and on personal contribution, creatingthat way a potential liability for the Group. Since 2016 the returnis a variable rate defined by legislation and reviewed annually,within a range (1.75% and 3.75%). This rate was set at 1.75%between 2016 and 2024, and from January 1, 2025 increased to2.5%. To value the Group liabilities of those plans, an estimatedaverage return over the duration of the plans is used. Since theincrease of the minimum guaranteed return was anticipatedlast year, there is no significant change in the average returnand Group liabilities due to the new rate. At the end of 2024, thenet liability recognized in the consolidated statement of financialposition concerning these plans is not material.The Group\u2019s plans are setup through a multiemployer pensionfund with assets and pension liabilities held in a sectionseparated from other sponsoring companies. The fund operatesin compliance with local laws regarding minimum funding,investments principles, audited financial statements,governmental filings, and governance principles. The fund ismanaged through a General Assembly and a Board of Directorsdelegating day-to-day activities to an operational committee.Other PlansThe majority of the obligations relate to pension plans. In somecountries (mainly the United States), there are also post-employment medical plans, which represent 5% (4% in 2023) ofthe total defined benefit obligation.B.3. Financial impactsChanges in net liability In \u20ac million 2024 2023Net amount recognized at beginning of period 189 238Net expense recognized in P&L - Defined benefit plans 3 35Actual employer contributions / direct actual benefits paid -27 -113Acquisitions and disposals 0 0Remeasurements before impact of asset ceiling 77 39Change in the effect of the asset ceiling limit on remeasurements 0 -4Reclassifications 1 -3Currency translation differences 3 -3NET AMOUNT RECOGNIZED AT END OF PERIOD 246 189Remeasurements before the impact of asset ceiling of \u20ac77million comprise:\u25cf the unfavorable investment return on plan assets (excludinginterests reported in the consolidated income statement) for\u20ac100 million; \u25cf the increase in discount rates \u20ac(134) million mainly in theUnited States, United Kingdom and Eurozone;\u25cf the increase in inflation rate \u20ac19 million for Eurozone;\u25cf the change in demographic assumptions for \u20ac37 million;\u25cf other remeasurements due to changes in the otherfinancial assumptions, demographic and experience effectsfor \u20ac54 million.Net expenseIn \u20ac million 2024 2023Current service costs 18 19Past service costs (including curtailments and settlements) -27 3Service costs -9 21Interest cost 84 97Interest income -75 -86Net interest 9 11Administrative expenses paid 3 3Net expense recognized in P&L - Defined benefit plans 3 35Remeasurements recognized in other comprehensive income 77 -35The service costs and administrative expenses of these benefitplans are recognized within cost of sales, administrative costs,research & development costs or operating gains and lossesand results from legacy remediation, and the net interest isrecognized as a finance expense.In 2024 the Group\u2019s current service costs amounted to \u20ac18million (\u20ac19 million in 2023), of which \u20ac13 million (\u20ac13 million in2023) related to funded plans and \u20ac5 million (\u20ac6 million in 2023)related to unfunded plans. Past service costs include mainlyfavorable impacts reflecting the group annuity contract thatwas completed in August 2024 (\u20ac(18) million) mainly in theUnited States and a curtailment effect (\u20ac(10) million) mainly inFrance, in Belgium and in the United States (See section \u201cMainEvents\u201d for further details).Net liabilityIn \u20ac million December 31, 2024 December 31, 2023Defined benefit obligations - Funded plans 1,367 1,811Fair value of plan assets at end of period -1,330 -1,853Deficit for funded plans 38 -41Defined benefit obligations - Unfunded plans 209 231Deficit / surplus (-) 246 190Amounts not recognized as asset due to asset ceiling (recognized in other comprehensive income) 0 0Net liability (asset) 246 189Provision recognized 291 281Asset recognized -44 -91Changes in defined benefit obligationsIn \u20ac million 2024 2023Defined benefit obligation at beginning of period 2,042 2,119Current service costs 18 19Past service costs (including curtailments) -8 3Interest cost 84 97Employee contributions 2 2Settlements -448 0Acquisitions and disposals (-) 0 0Remeasurements in other comprehensive income -23 59Actuarial gains and losses due to changes in demographic assumptions 37 1Actuarial gains and losses due to changes in financial assumptions -89 16Actuarial gains and losses due to experience 28 41Actual benefits paid \u2013156 -156Currency translation differences 75 -13Reclassification and other movements -10 -86Defined benefit obligation at end of period 1,576 2,042Defined benefit obligations - Funded plans 1,367 1,811Defined benefit obligations - Unfunded plans 209 231The settlement reflects the group annuity contract that was completed in August 2024 (See section \u201cMain Events\u201d for further details).Changes in the fair value of plan assetsIn \u20ac million 2024 2023Fair value of plan assets at beginning of period 1,853 1883Interest income 75 86Remeasurements in other comprehensive income -100 20Return on plan assets (excluding amounts in net interests including on asset surplus) -100 20Employer contributions 27 113Employee contributions 2 2Administrative expenses paid -3 -3Acquisitions / Disposals (-) 0 0Settlements -429 0Actual benefits paid -155 -156Currency translation differences 72 -10Reclassification and other movements -10 -82Fair value of plan assets at end of period 1,330 1,853Actual return on plan assets (including on asset surplus) -25 106In 2024, the total return on plan assets, i.e. including interestincome, is a loss of \u20ac(25) million against a profit of \u20ac106 millionin 2023.In 2024, the Group\u2019s cash contributions amounted to \u20ac27 million(\u20ac113 million in 2023) of mandatory contributions to funds anddirect benefits payments. No voluntary cash contributions weremade in 2024 (\u20ac86 million were made in 2023 to improve thefunding level of the UK pension plans and increase de-riskingwith the additional plan assets).The settlement reflects the group annuity contract that wascompleted in August 2024 (See section \u201cMain Events\u201d for furtherdetails).Future benefits paidThe Group\u2019s benefit payments from the defined benefit plan in the future years are expected to be approximately as follows (in \u20ac million):Period Total Eurozone United Kingdom United States Other2025 118 10 65 39 42026 137 15 66 53 32027 - 2029 403 49 207 135 12Categories of plan assetsDecember 31, 2024 December 31, 2023Equities 31% 23%Bonds 59% 70%Properties and infrastructures 4% 3%Cash and cash equivalents 4% 3%Derivatives 0% 0%Others 2% 1%TOTAL 100% 100%With respect to the invested assets, it should be noted that these assets do not contain any direct investment in the Group shares or inproperty or other assets occupied or used by the Group. This does not exclude the Group shares being included in mutual investmentfund type investments.Changes in asset ceiling In \u20ac million 2024 2023Effect of the asset ceiling limit at beginning of period 0 4Change in the effect of the asset ceiling limit on remeasurements 0 -4Effect of the asset ceiling limit at end of period 0 0Actuarial assumptions used in determining the liabilitySome of the retirement plans that the Group has in placeprovide annuity payments that are adjusted on a regular basisto mitigate the effects for cost of living increases.The salary growth assumption is used to determine what will bethe salary at the end of the career of the individuals, as thedefined benefit plans take into account the last salary of theindividuals. This assumption includes impacts of both inflationand merit increases.The pension growth assumption defines the expected futureadjustments for these annuity payments. The plan defines howthese annuity payments will be adjusted, and might be linked toinflation. Pension growth assumptions mainly apply for thedefined benefit retirement plans in the United Kingdom andFrance.The long term inflation assumption is presented separately assalary growth and pension growth assumptions encompassmore variables than inflation.Eurozone UK USA 2024 2023 2024 2023 2024 2023Discount rates 3.40% 3.25% 5.50% 4.50% 5.50% 4.75%Expected rates of future salary increases 1.80%-4.58% 2.00%-4.00% 2.60% 2.25% 4.30% 3.75%Inflation 1.80%-2.00% 2.00%-2.25% 3.00% 2.75% 2.20% 2.25%Expected rates of pension growth 0.00%-2.00% 0.00%-2.25% 2.90% 2.55% NA NAActuarial assumptions used in determining the annual costEurozone UK USA2024 2023 2024 2023 2024 2023Discount rates 3.25% 3.75% 4.50% 4.75% 4.75% 5.00%Expected rates of future salary increases 2.00%-4.58% 2.00% - 4.25% 2.25% 2.50% 4.30% 3.75%Inflation 2.00%-2.25% 2.00% - 2.50% 2.75% 3.00% 2.25% 2.50%Expected rates of pension growth 0.00%-2.25% 0.00% - 2.50% 2.65% 2.80% NA NAActuarial assumptions regarding future mortality are based on recent country specific mortality tables. These assumptions translate atJanuary 1, 2024 into an average remaining life expectancy in years for a pensioner retiring at age 65:In years Belgium France United Kingdom United StatesRetiring at the end of the reporting periodMale 19 25 21 21Female 22 29 24 23Retiring 20 years after the end of the reporting periodMale 20 28 22 22Female 24 32 25 24For most countries the mortality assumptions reflect actual scheme experience and/or the Group\u2019s expectations in terms of futuremortality improvements.The actuarial assumptions used in determining the employee benefits obligation at December 31, 2024 are based on the followingemployee benefits liabilities durations:Eurozone United Kingdom United StatesDuration in years 11.2 11.6 8.7Sensitivities on the defined benefits obligation for the post-employment benefitsEach sensitivity amount is calculated assuming that all other assumptions are held constant. The economic factors and conditions oftenaffect multiple assumptions simultaneously.Sensitivity to a change of percentage in the discount rates:In \u20ac million 0.25% increase 0.25% decreaseEurozone -5 5United Kingdom -25 26United States -7 7Others -1 1TOTAL -38 39Sensitivity to a change of percentage in the inflation rates:In \u20ac million 0.25% increase 0.25% decreaseEurozone 5 -4United Kingdom 20 -20United States 0 0Others 0 0TOTAL 25 -24Sensitivity to a change of percentage in salary growth rates:In \u20ac million 0.25% increase 0.25% decreaseEurozone 2 -2United Kingdom 1 -1United States 0 0Others 0 0TOTAL 3 -3Sensitivity to a change of one year on mortality tables \u2013 The table shows impacts when the age of all beneficiaries increases ordecreases by one year:In \u20ac million Age correction +1 year Age correction -1 yearEurozone -5 5United Kingdom -40 40United States -4 4Others -1 1TOTAL -50 50",
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"value": "Other long-term employee and terminationbenefits\u25cf Other long-term employee benefits related to longservice benefits granted to employees according to theirseniority in the Group. Termination benefits include earlypension plans. Other long-term employee andtermination benefits are accounted for in the same wayas post-employment benefits but remeasurements arefully recognized in the net financial charges during theperiod in which they occur.\u25cf The actuarial calculations of the main post-employmentobligations and other long-term benefits are performedby independent actuaries.",
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"f1__s8__7__176": {
"value": "NOTE F26PROVISIONSAccounting policyGeneralProvisions are recognized when (a) the Group has a presentobligation (legal or constructive) as a result of a past event,(b) it is probable that the Group will be required to settlethe obligation, and (c) a reliable estimate can be made ofthe amount of the obligation.The amount recognized as a provision is the best estimateof the consideration required to settle the present obligationat the end of the reporting period, taking into account therisks and uncertainties surrounding the obligation. Wherethe effect of the time value of money is material, theamount is the present value of expenditures required tosettle the obligation. Impacts of changes in discount ratesare generally recognized in the financial result.When some or all of the economic benefits required tosettle a provision are expected to be recovered from a thirdparty, a receivable is recognized as an asset if it is virtuallycertain that reimbursement will be received when the Groupsettles the obligation.RestructuringsA restructuring provision is recognized when the Group hasdeveloped a detailed formal plan for the restructuring andhas raised a valid expectation in those affected that it willcarry out the restructuring by starting to implement the planor announcing its main features to those affected by it. Themeasurement of a restructuring provision includes only thedirect expenditures arising from the restructuring, which arethose amounts that are both necessarily entailed by therestructuring and not associated with the ongoing activitiesof the entity.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoingactivities (shut-down sites, discontinued activities or divestedactivities where Syensqo maintains certain commitments)and, to a lower extent, to ongoing activities (see commentsbelow).An environmental provision is recognized, in accordancewith IAS 37, when there is a current legal or constructiveobligation resulting from past events which will result in aprobable outflow of resources (expenses/cash outs) tosettle it and for which a reliable estimate of such outflowsand timing can be made.The environmental expenses encompass, but are notlimited to, the following key matters \u25cf Sampling and analytical costs for soil and ground watermonitoring\u25cf Cost related to dismantling when required to meet aremediation or permit obligation\u25cf Asbestos removal when obligated by regulation\u25cf Environmental investigations and studies (Risk Assessments,Phase I and II soil and groundwater) The closing amount of the environmental provisions isbased on the net present value of the future cash flowsneeded, for current and future years, to settle remediationobligations. Forecast expenditures are based on externalconsultant estimates, where appropriate and possible.Future expenditures are forecast and revised biannually andvalidated quarterly by Syensqo finance and suitablyqualified industrial experts led by the Group Health, Safetyand Environment (\u201cHSE\u201d) Director and benefit from inputs oflegal department staff for the evolution of EnvironmentalRegulations.In the absence of probable obligations, a contingent liabilitymay be disclosed to represent the future possible liability. Insome cases, contingent liabilities cannot be quantified. SeeNote F31 Contingent assets, liabilities and financial guarantees.",
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"f1__s8__7__173-1": {
"value": "NOTE F26PROVISIONSAccounting policyGeneralProvisions are recognized when (a) the Group has a presentobligation (legal or constructive) as a result of a past event,(b) it is probable that the Group will be required to settlethe obligation, and (c) a reliable estimate can be made ofthe amount of the obligation.The amount recognized as a provision is the best estimateof the consideration required to settle the present obligationat the end of the reporting period, taking into account therisks and uncertainties surrounding the obligation. Wherethe effect of the time value of money is material, theamount is the present value of expenditures required tosettle the obligation. Impacts of changes in discount ratesare generally recognized in the financial result.When some or all of the economic benefits required tosettle a provision are expected to be recovered from a thirdparty, a receivable is recognized as an asset if it is virtuallycertain that reimbursement will be received when the Groupsettles the obligation.RestructuringsA restructuring provision is recognized when the Group hasdeveloped a detailed formal plan for the restructuring andhas raised a valid expectation in those affected that it willcarry out the restructuring by starting to implement the planor announcing its main features to those affected by it. Themeasurement of a restructuring provision includes only thedirect expenditures arising from the restructuring, which arethose amounts that are both necessarily entailed by therestructuring and not associated with the ongoing activitiesof the entity.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoingactivities (shut-down sites, discontinued activities or divestedactivities where Syensqo maintains certain commitments)and, to a lower extent, to ongoing activities (see commentsbelow).An environmental provision is recognized, in accordancewith IAS 37, when there is a current legal or constructiveobligation resulting from past events which will result in aprobable outflow of resources (expenses/cash outs) tosettle it and for which a reliable estimate of such outflowsand timing can be made.The environmental expenses encompass, but are notlimited to, the following key matters \u25cf Sampling and analytical costs for soil and ground watermonitoring\u25cf Cost related to dismantling when required to meet aremediation or permit obligation\u25cf Asbestos removal when obligated by regulation\u25cf Environmental investigations and studies (Risk Assessments,Phase I and II soil and groundwater) The closing amount of the environmental provisions isbased on the net present value of the future cash flowsneeded, for current and future years, to settle remediationobligations. Forecast expenditures are based on externalconsultant estimates, where appropriate and possible.Future expenditures are forecast and revised biannually andvalidated quarterly by Syensqo finance and suitablyqualified industrial experts led by the Group Health, Safetyand Environment (\u201cHSE\u201d) Director and benefit from inputs oflegal department staff for the evolution of EnvironmentalRegulations.In the absence of probable obligations, a contingent liabilitymay be disclosed to represent the future possible liability. Insome cases, contingent liabilities cannot be quantified. SeeNote F31 Contingent assets, liabilities and financial guarantees.In \u20ac million Restructuring Environment Litigation Other TotalDecember 31, 2023 48 500 36 118 702Additions 104 18 0 30 152Reversals of unused amounts 0 -33 -4 -33 -70Uses -49 -47 0 -15 -110Increase/decrease through discounting 0 1 0 0 1Currency translation differences 1 20 2 1 23Acquisitions and changes in consolidation scope 0 0 0 1 1Other 0 -167 0 0 -166DECEMBER 31, 2024 104 292 34 103 533Of which current provisions 72 63 33 51 219Management expects provisions to be used (cash outlays) as follows:In \u20ac million up to 5 years between 5beyond 10Totaland 10 yearsyearsTotal provisions for environment 162 42 88 292Total provisions for litigation 34 34Total provisions for restructuring and other 208 208DECEMBER 31, 2024 404 42 88 533Restructuring provisionsIn 2024, these provisions amount to \u20ac104 million, compared with\u20ac48 million at the end of 2023. The increase is mainly due to thenew restructuring initiatives that were launched in 2024 to adaptthe organization to better meet the evolving needs of itscustomers and focus on projects that will accelerate growth.Environmental provisionsThese provisions amount to \u20ac292 million at the end of 2024,compared with \u20ac500 million at the end of 2023.The environmental provisions in 2024 relate mainly to remedialactivities pertaining to the per- and polyfluoroalkyl substances(PFAS) related to the West Deptford, New Jersey site (\u20ac126million). On June 28, 2023, Solvay Specialty Polymers USA, LLC(\u201cSolvay Specialty Polymers\u201d), a subsidiary of Syensqo SA, andthe New Jersey Department of Environmental Protection (NJDEP)announced an agreement resolving certain PFAS related claimsin New Jersey.The agreement, which is not an admission of liability, wasstructured as a Judicial Consent Order and it was presented tothe US Court for review and approval following a publiccomment period. The Court Approval was obtained on March 1,2024 and became final and binding.Under the terms of the agreement, Solvay Specialty Polymerspaid US$75 million to NJDEP for Natural Resource Damages(NRDs) and US$100 million to fund NJDEP PFAS remediationprojects in areas of New Jersey near the Reporting Entity\u2019s WestDeptford site. The settlement includes commitments for SolvaySpecialty Polymers to complete remediation activities thatbegan in 2013, including testing water and soil near the WestDeptford site. Solvay Specialty Polymers established a remedialfunding source in the initial amount of US$214 million to fundthose activities. As a result of this settlement, Solvay SpecialtyPolymers had increased its current provision by around US$ 250million (\u20ac229 million) in 2023.The line \"Other\" in the table above is explained by the approval ofthe Judicial Consent Order by the US Court. As a consequenceof the approval, an amount of US$180 million (EUR 167 million)was reclassified from \u201cOther (current) provisions\u201d to \u201cOther(current) liabilities\u201d as of March 31, 2024 and that amount waspaid in April 2024 (in the Statement of Cash flows, it is included inthe Changes in working capital). The balance of the provisionwill be spent over a 30-year period and is included in Other non-current provisions.The environmental provision recorded is based on the netpresent value of the cash flow forecast needed, for current andfuture years, to settle the remediation obligations. This provisionrepresents the estimated cash out and does not reflectexpected recoveries from third-party contributors nor does itreflect the potential insurance proceeds, the combination ofwhich could significantly reduce the resultant costs.The Group submitted certain claims from its environmentalliability insurance and received and recognized \u20ac32 million as apreliminary settlement of these insurance policy claims inFebruary 2024. Other unrecognized insurance proceeds andrecovery from third-party contributors are still under discussion.The variation of Environmental provisions was also impacted by \u25cf the reversal of unused amounts for \u20ac(33) million mainly dueto the downward revision of future remediation expenses(\u20ac(28) million) and the transfer to Solvay of two sites in theUnited Kingdom (\u20ac(6) million);\u25cf the impact of currency translation and the revisedassumptions of discount rates increasing the present value ofthe overall liability by \u20ac21 million. The estimated amounts arediscounted based on the probable date of settlement, andare periodically adjusted to reflect the passage of time.The breakdown of the environmental provisions and related uses for the main Countries/Regions is reported here below:December 31, 2024 December 31, 2023Provisions In % Use ofProvisions In % Use ofIn \u20ac millionprovisionsprovisionsItaly 28 10% -4 36 7% -6Rest of Europe 7 2% -2 14 3% -7North America 254 87% -41 447 89% -19Rest of the world 3 1% 0 3 1% 0TOTAL 292 100% -47 500 100% -32HSE cross-indemnities The Separation Agreement signed in 2023 contains provisionsallocated to the Syensqo Group for certain operating costs,closed or divested sites, including sites for which provisions havebeen established in the Solvay Group\u2019s consolidated financialstatements, and cross-indemnity obligations applicable where aparty incurs claims, liabilities or expenses for sites allocated tothe other party in the Separation Agreement.The cross-indemnity provision within the Separation Agreementdefines the nature of the environmental liabilities and costs thatare indemnified. Such costs include management ofenvironmental claims, remediation obligations and relatedactions. The Separation Agreement also provides additionalprovisions such as submitting claims and protections aimed atavoiding double recoveries.At the end of 2024, the cross-indemnity provision amounted to\u20ac47 million (\u20ac51 million in 2023) and the related indemnificationassets have been recognized in Other non-current assets andOther Receivables.Provisions for litigationProvisions for litigation refer to indirect tax and legal exposures.They amount to \u20ac34 million in 2024 (\u20ac36 million in 2023). Other provisionsOther provisions amount to \u20ac103 million in 2024 (\u20ac118 million in2023).The Syensqo Group and the Solvay Group have entered into atransition services agreement (the \u201cTSA\u201d), effective from the dateof the Partial Demerger for a non-renewable term of 24 months,whereby the Syensqo Group and the Solvay Group will, to theextent that certain business functions and corporate functionshave not been separated prior to the Partial Demerger date,each provide to the other various services and support on aninterim transitional basis. In particular, given that the SyensqoGroup will not have certain internal corporate functions fully inplace at the date of the Partial Demerger (such as finance, legal,tax, human resources, payroll, IT and other support services), theSolvay Group will provide support with such matters under theterms of the TSA. Upon termination of the TSA, the SyensqoGroup will bear wind-down charges covering certainrestructuring costs incurred by the Solvay Group.The cross-indemnity provisions for \u20ac21 million and the wind-down charges covering certain restructuring costs that will beincurred by Solvay Group upon termination of the transitionservices agreement for \u20ac51 million that were added in 2023,were revised in 2024 and amount respectively to \u20ac24 million and\u20ac39 million at the end of 2024.NOTE F31CONTINGENT ASSETS, LIABILITIES AND FINANCIAL GUARANTEESIn \u20ac million December 31, 2024 December 31, 2023Contingent assets 0 0Guarantees for pensions 154 205Environmental contingent liabilities 5 5Contingent liabilities 159 210Contingent LiabilitiesContingent liabilities of \u20ac5 million above relate to environmentalremediation matters that can be estimated with sufficientreliability.GuaranteesFinancial guarantees are contracts that require the Group tomake specified payments to reimburse the holder for a loss itincurs because a specified debtor fails to make payment whendue in accordance with the original or modified terms of a debtinstrument.In order to avoid double counting, only guarantees in excess ofliabilities recognized or disclosures made elsewhere in theGroup's consolidated financial statements are disclosed in thisnote. Regarding financial guarantees, all financial guarantees ofthe Group are presented in this note.Guarantees for pensionsThe guarantees for pensions are related to the main UK PensionFunds (\u00a3128 million \u20ac154 million) \u2013 See note F25.B.2. Description ofobligations. This guarantee applies to the pension liabilitymeasured based on a local UK regulatory basis (prudentialbasis) plus an allocation for market risk, which is higher whencompared to the IAS 19 methodology. The probability of theguarantees being called is considered to be highly remote.LitigationAs a result of the diverse nature of its activities, and thegeographic footprint of its operations, Syensqo is exposed to legalrisks, particularly in the areas of product liability, contractualrelations, antitrust laws, patent disputes, tax assessments and HSEmatters. In this context, litigation is a normal recurring feature ofSyensqo\u2019s operating business, both to protect against claims,some of which we believe to be without merit, and to defend therights and interests of the Group.Ongoing legal proceedings involving the Syensqo Group that arecurrently considered to potentially involve significant risks areoutlined below. The legal proceedings described below do notconstitute an exhaustive list.The proceedings summarized below represent the materialmatters pending against Syensqo regardless of the merits of theclaims and the strengths of Syensqo\u2019s defenses. There can beno assurance regarding the outcome of any proceedingdescribed below; Syensqo will continue to vigorously defenditself based on the merits of its defenses while opportunisticallyseeking consensual resolution in appropriate cases.For certain cases, we have created reserves or provisions inaccordance with appropriate accounting governing rules andpolicies, to cover financial risk and defense costs (see thesection \u201cProvisions for litigation to the consolidated financialstatements\u201d in this report). We do not ordinarily disclose theextent to which provisions are made in relation to individualproceedings, because this would be prejudicial to our interests.In addition, we maximize all available insurance coverage.Adverse outcomes of material contested matters, individually orin the aggregate, could exceed the amounts of applicableprovisions or insurance coverage and could have a materialadverse effect on the revenues and earnings of the Group.HSE-related proceedings\u25cf PFAS: Our settlement with the New Jersey Department ofEnvironmental Protection (NJDEP), in the lawsuit seekingnatural resource damages and environmental cleanup ofPFAS pollution allegedly caused by an operating facility of thesubsidiary in New Jersey, is memorialized in a Judicial ConsentOrder (JCO) that took effect in March 2024. As of December 31,2024, a Syensqo subsidiary in the US, Solvay SpecialtyPolymers USA LLC (\u201cSSP\u201d), was a defendant in 37 separatelawsuits relating to its use of per- and polyfluoroalkylsubstances (PFAS). Of these, 11 have reached materialresolution and are expected to be dismissed in 2025. \u25cf Overall, the number of these cases in the US remains low incomparison to other industry participants. The companycontinues to dispute the merits of these claims and defenditself accordingly. In all of these cases, the plaintiffs have theburden of proof against all defendants.\u25cf Spinetta site, Italy: The Public Prosecutor\u2019s Office requested atrial for alleged culpable environmental disaster (directedagainst two managers and Solvay Specialty Polymers ItalySpA). Civil parties have joined the procedure. The case ispending before the Judge of the Preliminary Hearing who willdecide whether the case will be taken to trial. \u25cf Spinetta site, Italy: The Piedmont Regional Administrative Courtrendered a favorable decision concerning aspects connectedwith the site\u2019s Integrated Environmental Authorisation (\u201cAIA\u201d), inparticular to manufacture and use cC6O4. The courtconfirmed the validity of the decision of the Province ofAlessandria to extend the production/use of cC6O4 (datedFebruary 2021). \u25cf Bussi site, Italy: Administrative cases are pending in relation tothe identification of the alleged polluter of the Bussi industrialsite (which Solvay sold in 2016) and of the Tirino River. Edisonwas recognized by the competent administrative authoritiesas the \u201csole and exclusive polluter\u201d of both the site and theriver. Solvay Specialty Polymers Italia S.p.A., a Syensqosubsidiary in Italy, was joined to these proceedings.",
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"value": "NOTE F26PROVISIONSAccounting policyGeneralProvisions are recognized when (a) the Group has a presentobligation (legal or constructive) as a result of a past event,(b) it is probable that the Group will be required to settlethe obligation, and (c) a reliable estimate can be made ofthe amount of the obligation.The amount recognized as a provision is the best estimateof the consideration required to settle the present obligationat the end of the reporting period, taking into account therisks and uncertainties surrounding the obligation. Wherethe effect of the time value of money is material, theamount is the present value of expenditures required tosettle the obligation. Impacts of changes in discount ratesare generally recognized in the financial result.When some or all of the economic benefits required tosettle a provision are expected to be recovered from a thirdparty, a receivable is recognized as an asset if it is virtuallycertain that reimbursement will be received when the Groupsettles the obligation.RestructuringsA restructuring provision is recognized when the Group hasdeveloped a detailed formal plan for the restructuring andhas raised a valid expectation in those affected that it willcarry out the restructuring by starting to implement the planor announcing its main features to those affected by it. Themeasurement of a restructuring provision includes only thedirect expenditures arising from the restructuring, which arethose amounts that are both necessarily entailed by therestructuring and not associated with the ongoing activitiesof the entity.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoingactivities (shut-down sites, discontinued activities or divestedactivities where Syensqo maintains certain commitments)and, to a lower extent, to ongoing activities (see commentsbelow).An environmental provision is recognized, in accordancewith IAS 37, when there is a current legal or constructiveobligation resulting from past events which will result in aprobable outflow of resources (expenses/cash outs) tosettle it and for which a reliable estimate of such outflowsand timing can be made.The environmental expenses encompass, but are notlimited to, the following key matters \u25cf Sampling and analytical costs for soil and ground watermonitoring\u25cf Cost related to dismantling when required to meet aremediation or permit obligation\u25cf Asbestos removal when obligated by regulation\u25cf Environmental investigations and studies (Risk Assessments,Phase I and II soil and groundwater) The closing amount of the environmental provisions isbased on the net present value of the future cash flowsneeded, for current and future years, to settle remediationobligations. Forecast expenditures are based on externalconsultant estimates, where appropriate and possible.Future expenditures are forecast and revised biannually andvalidated quarterly by Syensqo finance and suitablyqualified industrial experts led by the Group Health, Safetyand Environment (\u201cHSE\u201d) Director and benefit from inputs oflegal department staff for the evolution of EnvironmentalRegulations.In the absence of probable obligations, a contingent liabilitymay be disclosed to represent the future possible liability. Insome cases, contingent liabilities cannot be quantified. SeeNote F31 Contingent assets, liabilities and financial guarantees.In \u20ac million Restructuring Environment Litigation Other TotalDecember 31, 2023 48 500 36 118 702Additions 104 18 0 30 152Reversals of unused amounts 0 -33 -4 -33 -70Uses -49 -47 0 -15 -110Increase/decrease through discounting 0 1 0 0 1Currency translation differences 1 20 2 1 23Acquisitions and changes in consolidation scope 0 0 0 1 1Other 0 -167 0 0 -166DECEMBER 31, 2024 104 292 34 103 533Of which current provisions 72 63 33 51 219Management expects provisions to be used (cash outlays) as follows:In \u20ac million up to 5 years between 5beyond 10Totaland 10 yearsyearsTotal provisions for environment 162 42 88 292Total provisions for litigation 34 34Total provisions for restructuring and other 208 208DECEMBER 31, 2024 404 42 88 533Restructuring provisionsIn 2024, these provisions amount to \u20ac104 million, compared with\u20ac48 million at the end of 2023. The increase is mainly due to thenew restructuring initiatives that were launched in 2024 to adaptthe organization to better meet the evolving needs of itscustomers and focus on projects that will accelerate growth.Environmental provisionsThese provisions amount to \u20ac292 million at the end of 2024,compared with \u20ac500 million at the end of 2023.The environmental provisions in 2024 relate mainly to remedialactivities pertaining to the per- and polyfluoroalkyl substances(PFAS) related to the West Deptford, New Jersey site (\u20ac126million). On June 28, 2023, Solvay Specialty Polymers USA, LLC(\u201cSolvay Specialty Polymers\u201d), a subsidiary of Syensqo SA, andthe New Jersey Department of Environmental Protection (NJDEP)announced an agreement resolving certain PFAS related claimsin New Jersey.The agreement, which is not an admission of liability, wasstructured as a Judicial Consent Order and it was presented tothe US Court for review and approval following a publiccomment period. The Court Approval was obtained on March 1,2024 and became final and binding.Under the terms of the agreement, Solvay Specialty Polymerspaid US$75 million to NJDEP for Natural Resource Damages(NRDs) and US$100 million to fund NJDEP PFAS remediationprojects in areas of New Jersey near the Reporting Entity\u2019s WestDeptford site. The settlement includes commitments for SolvaySpecialty Polymers to complete remediation activities thatbegan in 2013, including testing water and soil near the WestDeptford site. Solvay Specialty Polymers established a remedialfunding source in the initial amount of US$214 million to fundthose activities. As a result of this settlement, Solvay SpecialtyPolymers had increased its current provision by around US$ 250million (\u20ac229 million) in 2023.The line \"Other\" in the table above is explained by the approval ofthe Judicial Consent Order by the US Court. As a consequenceof the approval, an amount of US$180 million (EUR 167 million)was reclassified from \u201cOther (current) provisions\u201d to \u201cOther(current) liabilities\u201d as of March 31, 2024 and that amount waspaid in April 2024 (in the Statement of Cash flows, it is included inthe Changes in working capital). The balance of the provisionwill be spent over a 30-year period and is included in Other non-current provisions.The environmental provision recorded is based on the netpresent value of the cash flow forecast needed, for current andfuture years, to settle the remediation obligations. This provisionrepresents the estimated cash out and does not reflectexpected recoveries from third-party contributors nor does itreflect the potential insurance proceeds, the combination ofwhich could significantly reduce the resultant costs.The Group submitted certain claims from its environmentalliability insurance and received and recognized \u20ac32 million as apreliminary settlement of these insurance policy claims inFebruary 2024. Other unrecognized insurance proceeds andrecovery from third-party contributors are still under discussion.The variation of Environmental provisions was also impacted by \u25cf the reversal of unused amounts for \u20ac(33) million mainly dueto the downward revision of future remediation expenses(\u20ac(28) million) and the transfer to Solvay of two sites in theUnited Kingdom (\u20ac(6) million);\u25cf the impact of currency translation and the revisedassumptions of discount rates increasing the present value ofthe overall liability by \u20ac21 million. The estimated amounts arediscounted based on the probable date of settlement, andare periodically adjusted to reflect the passage of time.The breakdown of the environmental provisions and related uses for the main Countries/Regions is reported here below:December 31, 2024 December 31, 2023Provisions In % Use ofProvisions In % Use ofIn \u20ac millionprovisionsprovisionsItaly 28 10% -4 36 7% -6Rest of Europe 7 2% -2 14 3% -7North America 254 87% -41 447 89% -19Rest of the world 3 1% 0 3 1% 0TOTAL 292 100% -47 500 100% -32HSE cross-indemnities The Separation Agreement signed in 2023 contains provisionsallocated to the Syensqo Group for certain operating costs,closed or divested sites, including sites for which provisions havebeen established in the Solvay Group\u2019s consolidated financialstatements, and cross-indemnity obligations applicable where aparty incurs claims, liabilities or expenses for sites allocated tothe other party in the Separation Agreement.The cross-indemnity provision within the Separation Agreementdefines the nature of the environmental liabilities and costs thatare indemnified. Such costs include management ofenvironmental claims, remediation obligations and relatedactions. The Separation Agreement also provides additionalprovisions such as submitting claims and protections aimed atavoiding double recoveries.At the end of 2024, the cross-indemnity provision amounted to\u20ac47 million (\u20ac51 million in 2023) and the related indemnificationassets have been recognized in Other non-current assets andOther Receivables.Provisions for litigationProvisions for litigation refer to indirect tax and legal exposures.They amount to \u20ac34 million in 2024 (\u20ac36 million in 2023). Other provisionsOther provisions amount to \u20ac103 million in 2024 (\u20ac118 million in2023).The Syensqo Group and the Solvay Group have entered into atransition services agreement (the \u201cTSA\u201d), effective from the dateof the Partial Demerger for a non-renewable term of 24 months,whereby the Syensqo Group and the Solvay Group will, to theextent that certain business functions and corporate functionshave not been separated prior to the Partial Demerger date,each provide to the other various services and support on aninterim transitional basis. In particular, given that the SyensqoGroup will not have certain internal corporate functions fully inplace at the date of the Partial Demerger (such as finance, legal,tax, human resources, payroll, IT and other support services), theSolvay Group will provide support with such matters under theterms of the TSA. Upon termination of the TSA, the SyensqoGroup will bear wind-down charges covering certainrestructuring costs incurred by the Solvay Group.The cross-indemnity provisions for \u20ac21 million and the wind-down charges covering certain restructuring costs that will beincurred by Solvay Group upon termination of the transitionservices agreement for \u20ac51 million that were added in 2023,were revised in 2024 and amount respectively to \u20ac24 million and\u20ac39 million at the end of 2024.",
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"f1__s8__7__174": {
"value": "Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoingactivities (shut-down sites, discontinued activities or divestedactivities where Syensqo maintains certain commitments)and, to a lower extent, to ongoing activities (see commentsbelow).An environmental provision is recognized, in accordancewith IAS 37, when there is a current legal or constructiveobligation resulting from past events which will result in aprobable outflow of resources (expenses/cash outs) tosettle it and for which a reliable estimate of such outflowsand timing can be made.The environmental expenses encompass, but are notlimited to, the following key matters \u25cf Sampling and analytical costs for soil and ground watermonitoring\u25cf Cost related to dismantling when required to meet aremediation or permit obligation\u25cf Asbestos removal when obligated by regulation\u25cf Environmental investigations and studies (Risk Assessments,Phase I and II soil and groundwater) The closing amount of the environmental provisions isbased on the net present value of the future cash flowsneeded, for current and future years, to settle remediationobligations. Forecast expenditures are based on externalconsultant estimates, where appropriate and possible.Future expenditures are forecast and revised biannually andvalidated quarterly by Syensqo finance and suitablyqualified industrial experts led by the Group Health, Safetyand Environment (\u201cHSE\u201d) Director and benefit from inputs oflegal department staff for the evolution of EnvironmentalRegulations.In the absence of probable obligations, a contingent liabilitymay be disclosed to represent the future possible liability. Insome cases, contingent liabilities cannot be quantified. SeeNote F31 Contingent assets, liabilities and financial guarantees.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__185": {
"value": "NOTE F27FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, andonly when the Group becomes a party to the contractualprovisions of the instrument. Financial assetsFinancial assets are classified, at initial recognition, andsubsequently measured at amortized cost, fair valuethrough other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognitiondepends on the financial asset\u2019s contractual cash flowcharacteristics and the Group\u2019s business model formanaging them. With the exception of trade receivablesthat do not contain a significant financing component or forwhich the Group has applied the practical expedient, theGroup initially measures a financial asset at its fair valueplus, in the case of a financial asset not at fair value throughprofit or loss, transaction costs. Trade receivables that donot contain a significant financing component or for whichthe Group has applied the practical expedient aremeasured at the transaction price, which is the case forsubstantially all trade receivables.A financial asset is classified as current when the cash flowsexpected to flow from the instrument mature within one year.In order for a financial asset to be classified and measuredat amortized cost or fair value through OCI, it needs to giverise to cash flows that are \u2018solely payments of principal andinterest (SPPI)\u2019 on the principal amount outstanding. Thisassessment is referred to as the SPPI test and is performedat an instrument level. Financial assets with cash flows thatare not SPPI are classified and measured at fair valuethrough profit or loss, irrespective of the business model.The Group\u2019s business model for managing financial assetsrefers to how it manages its financial assets in order togenerate cash flows. The business model determineswhether cash flows will result from collecting contractualcash flows, selling the financial assets, or both. Financialassets classified and measured at amortised cost are heldwithin a business model with the objective to hold financialassets in order to collect contractual cash flows whilefinancial assets classified and measured at fair valuethrough OCI are held within a business model with theobjective of both holding to collect contractual cash flowsand selling.For purposes of subsequent measurement, financial assetsare classified in four categories:\u25cf Financial assets at amortized cost (debt instruments)\u25cf Financial assets at fair value through OCI with recycling ofcumulative gains and losses (debt instruments). TheGroup does not have any debt instruments measured atfair value through OCI.\u25cf Financial assets designated at fair value through OCI withno recycling of cumulative gains and losses uponderecognition (equity instruments)\u25cf Financial assets at fair value through profit or loss Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measuredusing the effective interest (EIR) method and are subject toimpairment. Gains and losses are recognised in profit or losswhen the asset is derecognised, modified or impaired. TheGroup\u2019s financial assets at amortized cost includes tradereceivables, loans and other marketable securities.Financial assets designated at fair value through OCI(equity instruments) Upon initial recognition, the Group can elect to classifyirrevocably its equity investments as equity instrumentsdesignated at fair value through OCI when they meet thedefinition of equity under IAS 32 Financial Instruments:Presentation and are not held for trading. The classificationis determined on an instrument-by-instrument basis. Gainsand losses on these financial assets are never recycled toprofit or loss. Dividends are recognised as other income inthe statement of profit or loss when the right of paymenthas been established, except when the Group benefits fromsuch proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI. Equity instruments designated at fair value through OCIare not subject to impairment assessment. The Groupelected to classify irrevocably its non-listed equityinvestments under this category.Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss arecarried in the statement of financial position at fair valuewith net changes in fair value recognised in the statementof profit or loss. This category includes derivativeinstruments and listed equity investments which the Grouphad not irrevocably elected to classify at fair value throughOCI. Dividends on listed equity investments are recognisedas other income in the statement of profit or loss when theright of payment has been established. Equity investments in partnerships of investment funds aremeasured in the consolidated statement of financialposition at fair value with gains and losses recognized inprofit or loss. Based on the analysis of the characteristics ofthese funds the Group determined that they were noteligible for the FVTOCI option and therefore are accountedfor at FVTPL. A derivative embedded in a hybrid contract, with a financialliability or non-financial host, is separated from the host andaccounted for as a separate derivative if: the economiccharacteristics and risks are not closely related to the host;a separate instrument with the same terms as theembedded derivative would meet the definition of aderivative; and the hybrid contract is not measured at fairvalue through profit or loss. Embedded derivatives aremeasured at fair value with changes in fair valuerecognised in profit or loss. Reassessment only occurs ifthere is either a change in the terms of the contract thatsignificantly modifies the cash flows that would otherwisebe required or a reclassification of a financial asset out ofthe fair value through profit or loss category.For instruments quoted in an active market, the fair valuecorresponds to a market price (level 1). For instruments thatare not quoted in an active market, the fair value isdetermined using valuation techniques including referenceto recent arm\u2019s length market transactions or transactionsinvolving instruments which are substantially the same(level 2), or discounted cash flow analysis including, to thegreatest possible extent, assumptions consistent withobservable market data (level 3). However, in limitedcircumstances, cost of equity instruments may be anappropriate estimate of their fair value. That may be thecase if insufficient more recent information is available tomeasure fair value, or if there is a wide range of possible fairvalue measurements and cost represents the bestestimate of fair value within that range.Impairment of financial assetsThe impairment loss of a financial asset measured atamortized cost is calculated based on the expected lossmodel, representing the weighted average of credit losseswith the respective risks of a default occurring as theweights. Expected credit losses are based on the differencebetween the contractual cash flows due in accordance withthe contract and all the cash flows that the Group expectsto receive, discounted at an approximation of the originaleffective interest rate.For trade receivables that do not contain a significantfinancing component (i.e. substantially all trade receivables),the loss allowance is measured at an amount equal tolifetime expected credit losses. Those are the expected creditlosses that result from all possible default events over theexpected life of those trade receivables, using a provisionmatrix that takes into account historical information ondefaults adjusted for the forward-looking information percustomer. The Group considers a financial asset in defaultwhen contractual payments are 60 days past due. However,in certain cases, the Group may also consider a financialasset to be in default when internal or external informationindicates that the Group is unlikely to receive theoutstanding contractual amounts in full before taking intoaccount any credit enhancements held by the Group. Afinancial asset is fully impaired when there is no reasonableexpectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidatedincome statement.Financial liabilitiesFinancial liabilities are classified, at initial recognition, asfinancial liabilities at fair value through profit or loss, loansand borrowings, payables, or as derivatives designated ashedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair valueand, in the case of loans and borrowings and payables, netof directly attributable transaction costs. The Group\u2019s financial liabilities include trade and otherpayables, loans and borrowings and derivative financialinstruments.The Group classifies financial liabilities that arise fromsupplier finance arrangements within Trade and otherpayables in the statement of financial position if they havea similar nature and function to trade payables. This is thecase if the supplier finance arrangement is part of theworking capital used in the Group\u2019s normal operating cycle,the level of security provided is similar to trade payablesand the terms of the liabilities that are part of the supplychain finance arrangement are not substantially differentfrom the terms of trade payables that are not part of thearrangement. Cash flows related to liabilities arising fromsupplier finance arrangements that are classified in Tradeand other payables in the consolidated statement offinancial position are included in operating activities in theconsolidated statement of cash flows.For the purposes of subsequent measurement, financialliabilities are classified in two categories:\u25cf Financial liabilities at fair value through profit or lossThis category includes financial guarantee contracts andderivative financial instruments entered into by the Groupthat are not designated as hedging instruments in hedgerelationships as defined by IFRS 9. Separated embeddedderivatives are also classified as held for trading unlessthey are designated as effective hedging instruments.The Group has not designated any financial liability as atfair value through profit or loss.\u25cf Financial liabilities at amortized cost (loans and borrowings)This is the category most relevant to the Group. Afterinitial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using theEIR method. Gains and losses are recognised in profit orloss when the liabilities are derecognised as well asthrough the EIR amortization process. Amortised cost iscalculated by taking into account any discount orpremium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included asfinance costs in the statement of profit or loss.Derivative financial instrumentsThe Group enters into a variety of derivative financialinstruments (forward, future, option, collars and swapcontracts) to manage its exposure to interest rate risk,foreign exchange rate risk, and commodity risk (mainlyutility and CO2 emission rights price risks).As explained above, derivatives are initially recognized atfair value at the date a derivative contract is entered intoand are subsequently remeasured to their fair value at theend of each reporting period. The resulting gain or loss isrecognized in income or expense, unless the derivative isdesignated and effective as a hedging instrument. TheGroup designates certain derivatives as hedging instrumentsof the exposure to variability in cash flows with respect to arecognized asset or liability or a highly probable forecasttransaction that could affect profit or loss (cash flowhedges).A derivative with a positive fair value is recognized as afinancial asset whereas a derivative with a negative fairvalue is recognized as a financial liability. Derivativeinstruments (or portions of them) are presented as non-current assets or non-current liabilities if the remainingmaturity of the underlying settlements is more than twelvemonths after the reporting period. Other derivativeinstruments (or portions of them) are presented as currentassets or current liabilities.Hedge accountingThe Group designates certain derivatives and embeddedderivatives, in respect of interest rate risk, foreign exchangerate risk, Syensqo share price risk, and commodity risk(mainly utility and CO2 emission rights price risks), ashedging instruments in a cash flow hedge relationship.At the inception of the hedge relationship, there is a formaldesignation and documentation of the hedging relationshipand the Group\u2019s risk management objective and strategyfor undertaking the hedge. So to apply hedge accounting:(a) there is an economic relationship between the hedgeditem and the hedging instrument, (b) the effect of credit riskdoes not dominate the value changes that result from thateconomic relationship, and (c) the hedge ratio of thehedging relationship is the same as that resulting from thequantity of the hedged item that the Group actually hedgesand the quantity of the hedging instrument that the Groupactually uses to hedge that quantity of hedged item.The requirement under (a) above that an economicrelationship exists means that there is an expectation thatthe value of the hedging instrument and the value of thehedged item will systematically change in the oppositedirection in response to movements in either the sameunderlying (or underlyings that are economically related insuch a way that they respond in a similar way to the riskthat is being hedged).Cash flow hedgesThe effective portion of changes in the fair value of hedginginstruments that are designated in a cash flow hedge isrecognized in other comprehensive income.The gain or loss relating to the ineffective portion isrecognized immediately in profit or loss.The cash flow hedge reserve is adjusted to the lower of thefollowing (in absolute amounts):(a) the cumulative gain or loss on the hedging instrumentfrom inception of the hedge; and(b) the cumulative change in fair value (present value) ofthe hedged item (i.e. The present value of the cumulativechange in the hedged expected future cash flows)from inception of the hedge.The amount that has been accumulated in the cash flowhedge reserve is accounted for as follows:(a) if a hedged forecast transaction subsequently results inthe recognition of a non-financial asset or a non-financial liability, the Group removes that amount fromthe cash flow hedge reserve and includes it directly inthe initial cost or other carrying amount of the asset orthe liability. This is not a reclassification adjustment andhence it does not affect other comprehensive income;(b) for cash flow hedges other than those covered by i),that amount is reclassified from the cash flow hedgereserve to profit or loss as a reclassification adjustmentin the same period or periods during which the hedgedexpected future cash flows affect profit or loss (forexample, in the periods that interest income or interestexpense is recognized or when a forecast sale occurs);(c) however, if that amount is a loss and the Group expectsthat all or a portion of that loss will not be recovered inone or more future periods, it immediately reclassifiesthe amount that is not expected to be recovered intoprofit or loss as a reclassification adjustment.Most hedged items are transaction related. The time valueof options, forward elements of forward contracts, andforeign currency basis spreads of financial instruments thatare hedging the items affect profit or loss at the same timeas those hedged items.Hedge accounting is discontinued prospectively when thehedging relationship (or a part of a hedging relationship)ceases to meet the qualifying criteria (after taking intoaccount any rebalancing of the hedging relationship, ifapplicable). This includes instances when the hedginginstrument expires or is sold, terminated or exercised. When the Group discontinues hedge accounting for a cashflow hedge it accounts for the amount that has beenaccumulated in the cash flow hedge reserve as follows:\u25cf if the hedged future cash flows are still expected to occur,that amount remains in the cash flow hedge reserve untilthe future cash flows occur. However, if that amount is aloss and the Group expects that all or a portion of thatloss will not be recovered in one or more future periods, itimmediately reclassifies the amount that is not expectedto be recovered into profit or loss as a reclassificationadjustment; \u25cf if the hedged future cash flows are no longer expected tooccur, that amount is immediately reclassified from thecash flow hedge reserve to profit or loss as a reclassificationadjustment. A hedged future cash flow that is no longerhighly probable to occur may still be expected to occur.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__180-1": {
"value": "NOTE F27FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, andonly when the Group becomes a party to the contractualprovisions of the instrument.F27.A. Overview of financial instrumentsThe following table presents the financial assets and liabilities according to their classification under IFRS 9.December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountNon-current assets - Financial instruments 209 228Equity instruments measured at fair value through Financial assets measured at fair value through 31 26other comprehensive incomeother comprehensive incomeEquity instruments measured at fair value through Financial assets measured at fair value through 55 68profit or lossprofit or lossLoans and other non-current assets (excluding Financial assets measured at amortized cost 122 133pension fund surpluses)Financial instruments - Operational 1 2Derivative financial instruments designated in aCash-flow hedge 1 2cash flow hedge relationshipCurrent assets - Financial instruments 1,691 2,134Trade receivables Financial assets measured at amortized cost 948 907Loans short term portion Financial assets measured at amortized cost 4 3Other financial instruments 67 48Other marketable securities >3 months Financial assets measured at amortized cost 58 30Currency swaps Held for trading 1 3Other current financial assets Financial assets measured at amortized cost 8 16December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountFinancial instruments - Operational 14 25Held for trading Held for trading 5 9Derivative financial instruments designated Cash-flow hedge 9 16in a cash flow hedge relationshipCash and cash equivalents Financial assets measured at amortized cost 659 1,150Total assets - Financial instruments 1,899 2,362Non-current liabilities - Financial instruments 1,865 2,229Financial debt 1,822 2,159Bonds/Senior notes Financial liabilities measured at amortized cost 1,647 645Other non-current debts Financial liabilities measured at amortized cost 7 1,348Lease liabilities IFRS 16 - Non-current portion Lease liabilities measured at amortized cost 168 166Other liabilities Financial liabilities measured at amortized cost 43 68Financial instruments - Operational 0 2Derivative financial instruments designated in aCash-flow hedge 0 2cash flow hedge relationshipCurrent liabilities - Financial instruments 1,312 1,090Financial debt 293 154Short-term financial debt Financial liabilities measured at amortized cost 230 71Currency swaps Held for trading 1 1Derivative financial instruments designated in aCash-flow hedge 0 29cash flow hedge relationshipLease liabilities IFRS 16 - Current portion Lease liabilities measured at amortized cost 62 53Trade payables Financial liabilities measured at amortized cost 1,001 918Financial instruments - Operational 19 19Held for trading Held for trading 4 1Derivative financial instruments designated in aCash-flow hedge 15 18cash flow hedge relationshipTotal liabilities - Financial instruments 3,177 3,320The category \u201cHeld for trading\u201d contains derivative financialinstruments that are used for management of foreign currencyrisk. Contracts which have been documented as hedginginstruments (hedge accounting under IFRS 9 FinancialInstruments) or which meet the exemption criteria for own useare not included in the category \u201cHeld for trading\u201d. Equityinstruments measured at fair value through OCI and throughprofit or loss pertain to the Group\u2019s New Business Development(NBD) activity: the Group has built a Corporate Venturingportfolio, which consists of direct investments in start-upcompanies and of investments in venture capital funds. If theGroup does not have significant influence or joint control, theinvestments are measured at fair value according to thevaluation guidelines published by the European Private Equityand Venture Capital Association. The impacts of the directinvestments are recognized in other comprehensive incomewhile the venture capital funds are generally recognized throughprofit and loss.Equity instruments measured at fair value through profit or lossalso include the Solvay shares (amounting to \u20ac12 million as ofDecember 31, 2024, and \u20ac19 million as of December 31, 2023)contributed upon the Partial Demerger for the Long TermIncentive Plans for which the beneficiaries will receive Solvayshares.F27.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fairvalue.Accounting policyQuoted market prices are available for financial assets andfinancial liabilities with standard terms and conditions thatare traded on active markets. The fair values of derivativefinancial instruments are equal to their quoted prices, ifavailable. In case such quoted prices are not available, thefair value of the financial instruments is determined basedon a discounted cash flow analysis using the applicableyield curve derived from quoted interest rates matchingmaturities of the contracts for non-optional derivatives.Optional derivatives are fair valued based on option pricingmodels, taking into account the present value of probabilityweighted expected future payoffs, using market referenceformulas.The fair values of other financial assets and financialliabilities are determined in accordance with generallyaccepted pricing models based on discounted cash flowanalysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)December 31, 2024 December 31, 2023CarryingFair value CarryingFair valueIn \u20ac millionamountamountNon-current assets - Financial instruments 122 122 133 133Loans and other non-current assets (except pension fund surpluses and 122 122 133 133ong-term inventory balance)Non-current liabilities - Financial instruments -1,697 -1,723 -2,061 -2,053Bonds/Senior notes -1,647 -1,673 -645 -637Other non-current debts -7 -7 -1,348 -1,348Other liabilities -43 -43 -68 -68The carrying amounts of financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term tomaturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in theconsolidated statement of financial position\u201d provides ananalysis of financial instruments that, subsequent to their initialrecognition, are measured at fair value, grouped into Levels 1 to 3based on the degree to which the fair value is observable.Financial instruments, classified as held for trading and ashedging instruments in cash flow hedges are mainly groupedinto Levels 1 and 2. They are fair valued based on forward pricingand swap models using present value calculations. The modelsincorporate various inputs including foreign exchange spot andinterest rates of the respective currencies, currency basisspreads between the respective currencies, interest rate curvesand forward rate curves of the underlying commodity. Theequity instruments measured at fair value through OCI andthrough profit and loss are presented within Level 1 and 3. Thefair value of the instruments presented under Level 3 ismeasured based on the guidelines recommended by TheInternational Private Equity and Venture Capital Valuation (IPEV).In accordance with the Group internal rules, the responsibility formeasuring the fair value level resides with (a) the Treasurydepartment for the non-utility derivative financial instruments,and the non-derivative financial liabilities, (b) the SustainableDevelopment and Energy department for the utility derivativefinancial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorization(based on the lowest level input that is significant to the fairvalue measurement as a whole) at the end of each reportingperiod. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2024In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 6 6Foreign currency risk 1 1Syensqo share price 3 3Index 1 1Equity instruments measured at fair value through profit or loss 12 43 55Solvay Group Shares 12 12New Business Development 43 43Cash flow hedges 10 10Foreign currency risk 3 3Utility risk 7 7Equity instruments measured at fair value through other comprehensive income 31 31New Business Development 31 31Total assets 12 15 74 101Held for trading -4 -4Foreign currency risk -3 -3Index -1 -1Cash flow hedges -15 -15Foreign currency risk -13 -13CO2 risk -3 -3TOTAL LIABILITIES -20 -20December 31, 2023In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 12 12Foreign currency risk 4 4Syensqo share price 8 8Equity instruments measured at fair value through profit or loss 19 49 68Solvay Group Shares 19 19New Business Development 49 49Cash flow hedges 17 17Foreign currency risk 9 9Utility risk 6 6CO2 risk 3 3Equity instruments measured at fair value through26 26other comprehensive incomeNew Business Development 26 26Total assets 19 29 75 122Held for trading -2 -2Foreign currency risk -2 -2Cash flow hedges -49 -49Foreign currency risk -3 -3Interest rate risk -29 -29Utility risk -17 -17TOTAL LIABILITIES -51 -51Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.2024At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 49 26 75Total gains or losses- Recognized in profit or loss -7 -7- Recognized in other comprehensive income -3 -3Acquisitions 0 2 2Capital increases 1 5 6Transfers out of level 3DECEMBER 31 43 31 742023At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 46 24 70Total gains or losses- Recognized in profit or loss 5 5- Recognized in other comprehensive income -5 -5Acquisitions 0 9 9Capital decreases -2 -2 -4Transfers out of level 3DECEMBER 31 49 26 75Income and expenses of financial instruments recognized in other comprehensive incomeIncome and expenses on financial instruments recognized in other comprehensive income include the following:Cash flow hedgesForeign currencyCommodity risk Interest rate risk Total riskIn \u20ac million2024 2023 2024 2023 2024 2023 2024 2023January 1 6 6 -19 -1 -29 -42 5Recycling from other comprehensive income of derivative 1 -13 15 -1 0 15 -14financial instruments designated in a cash flow hedge relationshipEffective portion of changes in fair value of cash flow hedge -16 13 5 -17 36 -29 25 -33DECEMBER 31 -9 6 1 -19 7 -29 -1 -42Conventionally, (+) indicates an increase and (-) a reduction in equity. Foreign Currency and Commodity risks recycling is recognized in the group income statement above gross profit.Interest rate risk recycling is recognized in the group income statement in the charge of net debt.Held for tradingThe transactional risk is managed either by spot or forwardcontracts. Unless documented as hedging instruments (seeabove), derivative financial instruments are classified as held fortrading.In 2024, the notional amounts transacted to manage thetransactional risk are:\u25cf a short position of \u20ac(382) million (compared to \u20ac(586) millionin 2023);\u25cf a long position of \u20ac150 million (compared to \u20ac233 million in2023).The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period:(1)In \u20ac million Notional amountFair value assets Fair value liabilitiesDecember 31 2024 2023 2024 2023 2024 2023Held for trading long position 150 233 0 1 0 -1Held for trading short position -382 -586 1 3 -3 -1TOTAL -232 -353 1 4 -3 -2(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).Cash flow hedgeThe Group uses derivatives to hedge identified foreign exchangerate risks. It documents those as hedging instruments unless ithedges a recognized financial asset or liability when generallyno cash flow hedge relationship is documented. Most hedgesare transaction related.At the end of 2024, the Group had mainly hedged highlyprobable sales in foreign currencies (short position) in a nominalamount of US$244 million (\u20ac235 million) and JP\u00a5 6,916 million(\u20ac42 million). Most of the hedge contracts that exist at the endof December 2024 will be settled within the next 12 months, andwill impact profit or loss during that period with the exception ofthe long-term hedges.The following table details the notional amounts of Syensqo\u2019sderivatives contracts outstanding at the end of the period. TheGroup hedges its net currency exposure.NOTIONAL AMOUNTSDecember 31, 2024NotionalNotionalPercentageAverageCash flowFair valueLiabilitiesamountamountof exposurehedgehedgeof theof theof the riskhedgedexchangereservehedging(1)exposure(1)instrumentrate per riskinstrumentcategoryIn \u20ac millionEquity Assets(3)Cash flow hedges - Forecasted sales and purchases(2)JPY/EUR -26 -97 27%161.76 0 0 0(2)JPY/USD -16 -60 27%146.13 1 1 0Total JPY -42 -157 1 1 0(2)USD/CAD -16 -47 35%1.37 -1 0 -1(2)USD/CNY -34 -92 36%6.94 -1 0 -1(2)USD/EUR -161 -537 30%1.10 -7 0 -7(2)USD/MXN -38 -123 30%19.63 -3 0 -3(2)USD/KRW 13 56 24%1,327.05 1 1 0Total USD -235 -768 -11 1 -12TOTAL -277 -924 -10 3 -13(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2025.(3) The Hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Hedge relationships are seldom perfect. Therefore, ineffectivenesscould arise with the result that changes in the fair value or cashflows of the hedged item that are attributable to a hedged riskand the hedging instrument do not offset within a period. Thesources of hedge ineffectiveness that could potentially affectthe hedging relationship during its term are listed below:\u25cf A reduction in the amount of the forecast sales resulting inquantity or notional amount differences \u2013 the hedged itemand hedging instrument are based on different quantities ornotional amounts.\u25cf A significant change in the credit risk of parties.\u25cf Timing differences \u2013 the hedged item and hedging instrumentoccur or are settled at different dates.In 2024, no hedge ineffectiveness was recognized in theconsolidated income statement.December 31, 2023NotionalNotionalPercentageAverageCash flowFair value ofamountamountof exposurehedgehedgethe hedgingof theof the riskhedgedexchangereserveinstrument(1)exposure(1)instrumentrate per riskIn \u20ac millioncategoryLiabilitiesEquity Assets(3)Cash flow hedges - Forecasted sales and purchases(2)JPY/EUR -52 -150 35%148.25 2 2 0(2)JPY/USD -30 -87 35%132.07 0 1 -1Total JPY -82 -237 2 3 -1(2)USD/BRL 0 -70 0%4.60 0 0 0(2)USD/CNY -63 -157 40%6.89 -1 0 -1(2)USD/EUR -242 -503 48%1.11 2 3 -1(2)USD/MXN -43 -109 39%18.42 3 3 0(2)USD/THB -6 -23 28%33.68 0 0 0Total USD -354 -861 4 6 -2TOTAL -436 -1,098 6 9 -3(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2024.(3) The Hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Interest rate risksThe Group is exposed to interest rate risk because entities in theGroup borrow funds at both fixed and floating interest rates.Interest rate risk is managed at Group level by maintaining anappropriate mix between fixed and floating rate borrowings,which so far are mainly fixed (directly or after the execution ofinterest rate swaps whenever they are deemed appropriate).Interest rate exposure by currency is summarized below:In \u20ac million December 31, 2024 December 31, 2023Currency Fixed rate Floating rate Total Fixed rate Floating rate TotalFinancial debtEUR -646 -13 -659 -586 -625 -1,210USD -1,429 -5 -1,435 -273 -779 -1,052Other -18 -4 -21 -38 -11 -51TOTAL -2,093 -22 -2,115 -897 -1,415 -2,313Cash and cash equivalents EUR 304 304 656 656USD 143 143 251 251THB 13 13 15 15CNY 76 76 44 44JPY 26 26 90 90Other 98 98 94 94TOTAL 659 659 1,150 1,150Other financial instrumentsEUR 36 36 41 41CNY 58 58 30 30Other 3 3 8 8TOTAL 97 97 78 78TOTAL -2,093 734 -1,359 -897 -186 -1,084Throughout 2024, the group successfully refinanced by converting floating rate debt (Bridge to Bond) into fixed rate debt (Senior Bonds).At the end of 2024, approximately \u20ac2,093 million of the Group\u2019sgross debt was at fixed-rate, and is largely comprised of:\u25cf Senior EUR Bonds for a total of \u20ac500 million maturing in 2027(carrying amount of \u20ac498 million);\u25cf Remaining portion (US$163 million) of the US$ senior bonds2025 of US$250 million (carrying amount of \u20ac157 million);\u25cf Senior US$notes 2029 $600 million (carrying amount of\u20ac576 million);\u25cf Senior US$notes 2034 $600 million (carrying amount of\u20ac574 million);\u25cf Commercial Paper of \u20ac50 million;\u25cf IFRS 16 lease liabilities of \u20ac230 million.The impact of interest rate volatility at the end of 2024 compared to 2023 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in EUR market interest ratesEUR market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 4Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in USD market interest ratesUSD market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 7The sensitivity to interest rate volatility on the floating grossfinancial debt remains insignificant at the end of 2024compared to 2023 due to the group refinancing during 2024where the Group exchanged debt at floating rate to fixed rate.Interest rate risk hedged by instrument accounted for as held for tradingIn 2024 and 2023, there are no outstanding interest rateinstruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2024, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the executionof liability management prior to the Partial Demerger, Syensqo had decided to hedge EUR and USD drawdowns executed in 2023 (\u20ac1.3billion) and also future long-term refinancing that has been executed in June 2024 with the issuance of US$1.2 billion senior notes bySolvay Finance America LLC:December 31, 2023NotionalNotionalPercentageHedgeCash flowFair valueFair valueamountamount ofof exposureinterest ratehedgeof theof theof thethe riskhedgedper riskreserveinstrument -instrument -(1)instrumentexposurecategory Asset LiabilityCash flow hedgeIn \u20ac million (except where indicated)Cash Flow hedge Zero Cost Collar 724 738 98% 4.45%$800MCash Flow hedge Zero Cost Collar 600 600 100% 3.31%\u20ac600MCash Flow hedge - T-Lock 10y - 362 362 100% 4.395% +-18 -18$400mFixed MarginCash Flow hedge - T-Lock 5y 362 362 100% 4.327% +-11 -11$400mFixed MarginTOTAL 2,048 2,066 -29 -29(1) The hedging instruments are located in the line item\u201cOther current financial debt\u201d in the consolidated statement of financial position.Other market risksUtility and CO2 price risksThe Group purchases a large portion of its gas and electricityneeds in Europe and the United States based on fluctuatingliquid market indices.In order to reduce the cost volatility, the Group has developed apolicy for exchanging variable price against fixed price throughderivative financial instruments. Most of these hedging instrumentscan be documented as hedging instruments of the underlyingpurchase contracts.Similarly, the Group's exposure to the CO2 price is partiallyhedged by forward purchases of European Union Allowances(EUA). Forward purchases with physical delivery for use in theGroup\u2019s operations are qualified as own use contracts (notderivatives). Cash flow hedge accounting is applied forcontracts that do not meet the \u201cown use\u201d criteria.Finally, some exposure to gas and electricity prices may arisefrom the production of electricity on sites (mostly from cogenerationunits in Europe), which can be hedged by means of forwardpurchases and forward sales or optional schemes. In this case,cash flow hedge accounting is applied.Financial hedging of utility and CO2 emission rights price risks ismanaged centrally by Rhodia GhG on behalf of the Groupentities.The following tables detail the notional principal amounts andfair values of utility and CO2 derivative financial instrumentsoutstanding at the end of the reporting period:The amounts presented in the tables hereafter include hedgingneeds of the GBUs of the Group that are sourced through RhodiaGHG, and not the full Group utility hedging needs.December 31, 2024NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Standard Quality Gas 48.33 2,065,157 MWh 186.75 7,748,763 MWh 27% 23.4 EUR/MWh -7 7 0CO246.85 609,000 Tons 198.97 2,640,532 Tons 23% 76.93 EUR/Ton 3 0 -3TOTAL -4 7 -3(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.December 31, 2023NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Power 8.84 76,440 MWh 8.27 93,912 MWh 81% 116 EUR/MWh -2 2Standard Quality Gas 64.08 2,562,706 MWh 129.67 5,801,143 MWh 44% 25 EUR/MWh 13 4 -17CO241.27 552,000 Tons 292.19 3,396,346 Tons 16% 75 EUR/Ton -3 3TOTAL 8 9 -17(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Hedge relationships are seldom perfect. Therefore,ineffectiveness could arise with the result that changes in the fairvalue or cash flows of the hedged item that are attributable to ahedged risk and the hedging instrument do not offset within aperiod. The sources of hedge ineffectiveness that couldpotentially affect the hedging relationship during its term arelisted below:\u25cf A reduction in the amount of the forecast consumptionresulting in quantity or notional amount differences \u2013 thehedged item and hedging instrument are based on differentquantities or notional amounts.\u25cf A significant change in the credit risk of parties.In 2024, no hedge ineffectiveness was recognized in theconsolidated income statement. By comparison between 2024and 2023 Gas exposure increased due to the fact the Group ishedging one additional year. Conversely, CO2 exposure is reducedsince the hedge volumes are considered for one year less.The sensitivities of commodity derivative financial instrumentsas of December 31, 2024 are presented below.The sensitivities were defined based on the price levels andvolatility levels of each commodity. These assumptions do notconstitute an estimation of future market prices and thesensitivities presented are not representative of future changesin the Group\u2019s equity and results.December 31, 2024 In \u20ac millionPrice change Other comprehensive income Profit or lossNatural gas +10\u20ac/MWh 21Natural gas -10\u20ac/MWh -21CO2 Emission rights +5\u20ac/T 3CO2 Emission rights -5\u20ac/T -3Credit riskThe Group continuously monitors the credit risk of importantbusiness partners.The Group engages in transactions only with financialinstitutions of high creditworthiness (investment grade, selectedbased on major rating systems). The Group monitors andmanages exposures to financial institutions within approvedcounterparty credit limits and credit risk parameters in order tomitigate the risk of default. For financial guarantees, see note F31Contingent assets, liabilities and financial guarantees.For the commercial transactions, external customer risk andcash collection is also monitored by a professional network ofcredit managers and cash collectors located in the Group\u2019svarious operating regions and countries. Their controls aresupported by a set of detailed procedures and managedthrough Corporate and GBU Credit Committees.The Group recognizes expected credit losses on all of its tradereceivables.The Group classifies the customers and their related receivablesin various rating classes, based on the risks\u2019 grading attributedto the customers and on the aging balance of receivables. Assuch, for all receivables overdue below six months, the Groupconsiders percentages within a range between 0.005% and4.031%, depending on the rating class. For all receivables overduein excess of six months, the Group considers a rate of 50% or of100%, depending on the rating class. The customer\u2019s grading isreviewed annually for customers assessed as low risk profile,and every six months for customers assessed as higher riskprofile.There is no significant concentration of credit risk at Group levelbecause the receivables\u2019 credit risk is spread over a largenumber of customers and markets.The ageing of trade receivables, financial instruments - operational, loans and other non-current assets is as follows:December 31, 2024 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 962 10 904 37 5 1 5Trade receivables - allowance -15 -10 -2 0 -3Trade receivables - net 948 0 903 37 5 1 2Financial instruments - operational 15 15Loans and other non-current assets 173 7 166 0Loans and other non-current assets - allowance -7 -7Loans and other non-current assets - net 166 0 166 0 0 0 0TOTAL 1,129 0 1,084 37 5 1 2December 31, 2023 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 923 10 871 34 1 1 5Trade receivables - allowance -15 -10 -1 0 -3Trade receivables - net 907 0 870 34 1 1 2Financial instruments - operational 28 28Loans and other non-current assets 230 6 224Loans and other non-current assets - allowance -6 -6Loans and other non-current assets - net 224 224TOTAL 1,159 0 1,121 34 1 1 2The table below presents the allowances on trade receivables:In \u20ac million 2024 2023January 1 -15 -12Additions -3 -9Uses 0 2Reversal 4 4Currency translation differences 0 0DECEMBER 31 -15 -15Liquidity riskLiquidity risk relates to the Group\u2019s ability to service andrefinance its debt (including notes issued) and to fund itsoperations.This depends on its ability to generate cash from operations andnot to overpay for acquisitions.The Finance Committee gives its opinion on the appropriateliquidity risk management for the Group\u2019s short, medium andlong term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequatereserves, banking facilities and reserve borrowing facilities, bycontinuously monitoring forecasts and actual cash flows, and bymatching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources overtime in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractualmaturity for its financial liabilities with contractual repaymentperiods.The following tables present undiscounted amounts (nominal value):In \u20ac million December 31, 2024Outflows of cash Total WithinInIn years threeBeyond one year year twoto fivefive yearsTrade payables 1,001 1,001Financial instruments - operational 19 19Other non-current liabilities 43 10 22 11Financial debt 1,891 231 3 1,080 577Leasing debt 230 62 42 63 63Total 3,184 1,313 56 1,165 651Interests on financial debt and lease liabilities 584 95 90 215 184TOTAL OUTFLOWS OF CASH 3,768 1,408 145 1,381 834\u20ac million December 31, 2023Outflows of cash Total WithinInIn years threeBeyond one yearyear twoto fivefive yearsTrade payables 918 918Dividends payablesFinancial instruments - operational 21 19 2Other non-current liabilities 68 23 34 12Financial debt 2,097 1,439 151 506 0Leasing debt 219 53 38 69 59TOTAL 3,323 2,429 214 609 71Interests on financial debt and lease liabilities 122 31 26 47 18TOTAL OUTFLOWS OF CASH 3,444 2,460 240 656 89Financial debt in 2023 includes \u20ac1,338 million of the credit facilityrecorded in the consolidated statement of financial position asnon-current debt, which has been fully repaid in June 2024.Trade payables include \u20ac56 million (2023: \u20ac45 million) due tosuppliers that have signed up for a supply chain financingprogram, under which the suppliers can elect to receive adiscounted early payment from the partner bank rather thanbeing paid in line with the agreed payment terms. If the option istaken, the Group\u2019s liability is assigned by the supplier to thepartner bank. The group's payable to these suppliers haveneither been extinguished nor have these liabilities beensignificantly modified by these arrangements, the value of theGroup's liability remains unchanged. The value of the Group\u2019sliability remains unchanged. The Group assesses eacharrangement against indicators to determine if the liabilitieswhich suppliers have sold to the partner bank under the supplierfinancing scheme continue to meet the definition of tradepayables or should be classified as financial debt. On December31, 2024 and 2023, the liabilities met the criteria of TradePayables.In \u20ac million December 31, 2024Carrying amount of trade payables that are subject to supplier finance arrangements 70Of which suppliers have received payment 56Weighted average payment term (days) Suppliers part ofSuppliers not partsupplier financingof supplierarrangementsfinancingarrangementsRaw materials and packaging 98 61Logistics 98 59Technical goods, Energy and other 110 49The Group performed a detailed assessment of the paymentranges of suppliers who are not part of the supplier financingarrangements by segregating the suppliers according toindustry. The assessment indicated that there are numerous keysuppliers that provide the Group with payment terms that aresimilar to those that the Group receives under the supplierfinancing arrangements. The suppliers of technical goods,energy and other purchases, part of suppliers financingarrangements, are not representative (less 1% of the totalspend). Over 90% of the supplier chain financing arrangementswere entered in the sector of raw materials, packaging andlogistics.Changes in liabilities that are subject to supplier financearrangements are primarily attributable to additions resultingfrom purchases of goods and services and subsequent cashsettlements. There were no material non-cash changes in theseliabilities.The group does not face a significant liquidity risk as a result ofits supplier finance arrangements given the limited amount ofliabilities subject to supplier finance arrangements and thegroup\u2019s access to other sources of finance on similar terms.Syensqo\u2019s liquidity amounts to \u20ac2.4 billion including \u20ac0.7 billionof cash and cash equivalents and \u20ac1.7 billion undrawn revolvingcredit facilities (\u20ac1.4 billion syndicated and \u20ac0.3 billion bilateral,all are multi-year).In addition, Syensqo has access to a Belgian Treasury Billprogram for \u20ac1.0 billion (\u20ac50 million outstanding balance onDecember 31, 2024; no outstanding balance on December 31,2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE F27FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, andonly when the Group becomes a party to the contractualprovisions of the instrument.F27.A. Overview of financial instrumentsThe following table presents the financial assets and liabilities according to their classification under IFRS 9.December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountNon-current assets - Financial instruments 209 228Equity instruments measured at fair value through Financial assets measured at fair value through 31 26other comprehensive incomeother comprehensive incomeEquity instruments measured at fair value through Financial assets measured at fair value through 55 68profit or lossprofit or lossLoans and other non-current assets (excluding Financial assets measured at amortized cost 122 133pension fund surpluses)Financial instruments - Operational 1 2Derivative financial instruments designated in aCash-flow hedge 1 2cash flow hedge relationshipCurrent assets - Financial instruments 1,691 2,134Trade receivables Financial assets measured at amortized cost 948 907Loans short term portion Financial assets measured at amortized cost 4 3Other financial instruments 67 48Other marketable securities >3 months Financial assets measured at amortized cost 58 30Currency swaps Held for trading 1 3Other current financial assets Financial assets measured at amortized cost 8 16December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountFinancial instruments - Operational 14 25Held for trading Held for trading 5 9Derivative financial instruments designated Cash-flow hedge 9 16in a cash flow hedge relationshipCash and cash equivalents Financial assets measured at amortized cost 659 1,150Total assets - Financial instruments 1,899 2,362Non-current liabilities - Financial instruments 1,865 2,229Financial debt 1,822 2,159Bonds/Senior notes Financial liabilities measured at amortized cost 1,647 645Other non-current debts Financial liabilities measured at amortized cost 7 1,348Lease liabilities IFRS 16 - Non-current portion Lease liabilities measured at amortized cost 168 166Other liabilities Financial liabilities measured at amortized cost 43 68Financial instruments - Operational 0 2Derivative financial instruments designated in aCash-flow hedge 0 2cash flow hedge relationshipCurrent liabilities - Financial instruments 1,312 1,090Financial debt 293 154Short-term financial debt Financial liabilities measured at amortized cost 230 71Currency swaps Held for trading 1 1Derivative financial instruments designated in aCash-flow hedge 0 29cash flow hedge relationshipLease liabilities IFRS 16 - Current portion Lease liabilities measured at amortized cost 62 53Trade payables Financial liabilities measured at amortized cost 1,001 918Financial instruments - Operational 19 19Held for trading Held for trading 4 1Derivative financial instruments designated in aCash-flow hedge 15 18cash flow hedge relationshipTotal liabilities - Financial instruments 3,177 3,320The category \u201cHeld for trading\u201d contains derivative financialinstruments that are used for management of foreign currencyrisk. Contracts which have been documented as hedginginstruments (hedge accounting under IFRS 9 FinancialInstruments) or which meet the exemption criteria for own useare not included in the category \u201cHeld for trading\u201d. Equityinstruments measured at fair value through OCI and throughprofit or loss pertain to the Group\u2019s New Business Development(NBD) activity: the Group has built a Corporate Venturingportfolio, which consists of direct investments in start-upcompanies and of investments in venture capital funds. If theGroup does not have significant influence or joint control, theinvestments are measured at fair value according to thevaluation guidelines published by the European Private Equityand Venture Capital Association. The impacts of the directinvestments are recognized in other comprehensive incomewhile the venture capital funds are generally recognized throughprofit and loss.Equity instruments measured at fair value through profit or lossalso include the Solvay shares (amounting to \u20ac12 million as ofDecember 31, 2024, and \u20ac19 million as of December 31, 2023)contributed upon the Partial Demerger for the Long TermIncentive Plans for which the beneficiaries will receive Solvayshares.F27.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fairvalue.Accounting policyQuoted market prices are available for financial assets andfinancial liabilities with standard terms and conditions thatare traded on active markets. The fair values of derivativefinancial instruments are equal to their quoted prices, ifavailable. In case such quoted prices are not available, thefair value of the financial instruments is determined basedon a discounted cash flow analysis using the applicableyield curve derived from quoted interest rates matchingmaturities of the contracts for non-optional derivatives.Optional derivatives are fair valued based on option pricingmodels, taking into account the present value of probabilityweighted expected future payoffs, using market referenceformulas.The fair values of other financial assets and financialliabilities are determined in accordance with generallyaccepted pricing models based on discounted cash flowanalysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)December 31, 2024 December 31, 2023CarryingFair value CarryingFair valueIn \u20ac millionamountamountNon-current assets - Financial instruments 122 122 133 133Loans and other non-current assets (except pension fund surpluses and 122 122 133 133ong-term inventory balance)Non-current liabilities - Financial instruments -1,697 -1,723 -2,061 -2,053Bonds/Senior notes -1,647 -1,673 -645 -637Other non-current debts -7 -7 -1,348 -1,348Other liabilities -43 -43 -68 -68The carrying amounts of financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term tomaturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in theconsolidated statement of financial position\u201d provides ananalysis of financial instruments that, subsequent to their initialrecognition, are measured at fair value, grouped into Levels 1 to 3based on the degree to which the fair value is observable.Financial instruments, classified as held for trading and ashedging instruments in cash flow hedges are mainly groupedinto Levels 1 and 2. They are fair valued based on forward pricingand swap models using present value calculations. The modelsincorporate various inputs including foreign exchange spot andinterest rates of the respective currencies, currency basisspreads between the respective currencies, interest rate curvesand forward rate curves of the underlying commodity. Theequity instruments measured at fair value through OCI andthrough profit and loss are presented within Level 1 and 3. Thefair value of the instruments presented under Level 3 ismeasured based on the guidelines recommended by TheInternational Private Equity and Venture Capital Valuation (IPEV).In accordance with the Group internal rules, the responsibility formeasuring the fair value level resides with (a) the Treasurydepartment for the non-utility derivative financial instruments,and the non-derivative financial liabilities, (b) the SustainableDevelopment and Energy department for the utility derivativefinancial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorization(based on the lowest level input that is significant to the fairvalue measurement as a whole) at the end of each reportingperiod. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2024In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 6 6Foreign currency risk 1 1Syensqo share price 3 3Index 1 1Equity instruments measured at fair value through profit or loss 12 43 55Solvay Group Shares 12 12New Business Development 43 43Cash flow hedges 10 10Foreign currency risk 3 3Utility risk 7 7Equity instruments measured at fair value through other comprehensive income 31 31New Business Development 31 31Total assets 12 15 74 101Held for trading -4 -4Foreign currency risk -3 -3Index -1 -1Cash flow hedges -15 -15Foreign currency risk -13 -13CO2 risk -3 -3TOTAL LIABILITIES -20 -20December 31, 2023In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 12 12Foreign currency risk 4 4Syensqo share price 8 8Equity instruments measured at fair value through profit or loss 19 49 68Solvay Group Shares 19 19New Business Development 49 49Cash flow hedges 17 17Foreign currency risk 9 9Utility risk 6 6CO2 risk 3 3Equity instruments measured at fair value through26 26other comprehensive incomeNew Business Development 26 26Total assets 19 29 75 122Held for trading -2 -2Foreign currency risk -2 -2Cash flow hedges -49 -49Foreign currency risk -3 -3Interest rate risk -29 -29Utility risk -17 -17TOTAL LIABILITIES -51 -51Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.2024At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 49 26 75Total gains or losses- Recognized in profit or loss -7 -7- Recognized in other comprehensive income -3 -3Acquisitions 0 2 2Capital increases 1 5 6Transfers out of level 3DECEMBER 31 43 31 742023At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 46 24 70Total gains or losses- Recognized in profit or loss 5 5- Recognized in other comprehensive income -5 -5Acquisitions 0 9 9Capital decreases -2 -2 -4Transfers out of level 3DECEMBER 31 49 26 75Income and expenses of financial instruments recognized in other comprehensive incomeIncome and expenses on financial instruments recognized in other comprehensive income include the following:Cash flow hedgesForeign currencyCommodity risk Interest rate risk Total riskIn \u20ac million2024 2023 2024 2023 2024 2023 2024 2023January 1 6 6 -19 -1 -29 -42 5Recycling from other comprehensive income of derivative 1 -13 15 -1 0 15 -14financial instruments designated in a cash flow hedge relationshipEffective portion of changes in fair value of cash flow hedge -16 13 5 -17 36 -29 25 -33DECEMBER 31 -9 6 1 -19 7 -29 -1 -42Conventionally, (+) indicates an increase and (-) a reduction in equity. Foreign Currency and Commodity risks recycling is recognized in the group income statement above gross profit.Interest rate risk recycling is recognized in the group income statement in the charge of net debt.Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss arecarried in the statement of financial position at fair valuewith net changes in fair value recognised in the statementof profit or loss. This category includes derivativeinstruments and listed equity investments which the Grouphad not irrevocably elected to classify at fair value throughOCI. Dividends on listed equity investments are recognisedas other income in the statement of profit or loss when theright of payment has been established. Equity investments in partnerships of investment funds aremeasured in the consolidated statement of financialposition at fair value with gains and losses recognized inprofit or loss. Based on the analysis of the characteristics ofthese funds the Group determined that they were noteligible for the FVTOCI option and therefore are accountedfor at FVTPL. A derivative embedded in a hybrid contract, with a financialliability or non-financial host, is separated from the host andaccounted for as a separate derivative if: the economiccharacteristics and risks are not closely related to the host;a separate instrument with the same terms as theembedded derivative would meet the definition of aderivative; and the hybrid contract is not measured at fairvalue through profit or loss. Embedded derivatives aremeasured at fair value with changes in fair valuerecognised in profit or loss. Reassessment only occurs ifthere is either a change in the terms of the contract thatsignificantly modifies the cash flows that would otherwisebe required or a reclassification of a financial asset out ofthe fair value through profit or loss category.For instruments quoted in an active market, the fair valuecorresponds to a market price (level 1). For instruments thatare not quoted in an active market, the fair value isdetermined using valuation techniques including referenceto recent arm\u2019s length market transactions or transactionsinvolving instruments which are substantially the same(level 2), or discounted cash flow analysis including, to thegreatest possible extent, assumptions consistent withobservable market data (level 3). However, in limitedcircumstances, cost of equity instruments may be anappropriate estimate of their fair value. That may be thecase if insufficient more recent information is available tomeasure fair value, or if there is a wide range of possible fairvalue measurements and cost represents the bestestimate of fair value within that range.Financial liabilities at fair value through profit or lossThis category includes financial guarantee contracts andderivative financial instruments entered into by the Groupthat are not designated as hedging instruments in hedgerelationships as defined by IFRS 9. Separated embeddedderivatives are also classified as held for trading unlessthey are designated as effective hedging instruments.The Group has not designated any financial liability as atfair value through profit or loss.Held for tradingThe transactional risk is managed either by spot or forwardcontracts. Unless documented as hedging instruments (seeabove), derivative financial instruments are classified as held fortrading.In 2024, the notional amounts transacted to manage thetransactional risk are:\u25cf a short position of \u20ac(382) million (compared to \u20ac(586) millionin 2023);\u25cf a long position of \u20ac150 million (compared to \u20ac233 million in2023).The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period:(1)In \u20ac million Notional amountFair value assets Fair value liabilitiesDecember 31 2024 2023 2024 2023 2024 2023Held for trading long position 150 233 0 1 0 -1Held for trading short position -382 -586 1 3 -3 -1TOTAL -232 -353 1 4 -3 -2(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).Cash flow hedgeThe Group uses derivatives to hedge identified foreign exchangerate risks. It documents those as hedging instruments unless ithedges a recognized financial asset or liability when generallyno cash flow hedge relationship is documented. Most hedgesare transaction related.At the end of 2024, the Group had mainly hedged highlyprobable sales in foreign currencies (short position) in a nominalamount of US$244 million (\u20ac235 million) and JP\u00a5 6,916 million(\u20ac42 million). Most of the hedge contracts that exist at the endof December 2024 will be settled within the next 12 months, andwill impact profit or loss during that period with the exception ofthe long-term hedges.The following table details the notional amounts of Syensqo\u2019sderivatives contracts outstanding at the end of the period. TheGroup hedges its net currency exposure.NOTIONAL AMOUNTSDecember 31, 2024NotionalNotionalPercentageAverageCash flowFair valueLiabilitiesamountamountof exposurehedgehedgeof theof theof the riskhedgedexchangereservehedging(1)exposure(1)instrumentrate per riskinstrumentcategoryIn \u20ac millionEquity Assets(3)Cash flow hedges - Forecasted sales and purchases(2)JPY/EUR -26 -97 27%161.76 0 0 0(2)JPY/USD -16 -60 27%146.13 1 1 0Total JPY -42 -157 1 1 0(2)USD/CAD -16 -47 35%1.37 -1 0 -1(2)USD/CNY -34 -92 36%6.94 -1 0 -1(2)USD/EUR -161 -537 30%1.10 -7 0 -7(2)USD/MXN -38 -123 30%19.63 -3 0 -3(2)USD/KRW 13 56 24%1,327.05 1 1 0Total USD -235 -768 -11 1 -12TOTAL -277 -924 -10 3 -13(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2025.(3) The Hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Hedge relationships are seldom perfect. Therefore, ineffectivenesscould arise with the result that changes in the fair value or cashflows of the hedged item that are attributable to a hedged riskand the hedging instrument do not offset within a period. Thesources of hedge ineffectiveness that could potentially affectthe hedging relationship during its term are listed below:\u25cf A reduction in the amount of the forecast sales resulting inquantity or notional amount differences \u2013 the hedged itemand hedging instrument are based on different quantities ornotional amounts.\u25cf A significant change in the credit risk of parties.\u25cf Timing differences \u2013 the hedged item and hedging instrumentoccur or are settled at different dates.In 2024, no hedge ineffectiveness was recognized in theconsolidated income statement.December 31, 2023NotionalNotionalPercentageAverageCash flowFair value ofamountamountof exposurehedgehedgethe hedgingof theof the riskhedgedexchangereserveinstrument(1)exposure(1)instrumentrate per riskIn \u20ac millioncategoryLiabilitiesEquity Assets(3)Cash flow hedges - Forecasted sales and purchases(2)JPY/EUR -52 -150 35%148.25 2 2 0(2)JPY/USD -30 -87 35%132.07 0 1 -1Total JPY -82 -237 2 3 -1(2)USD/BRL 0 -70 0%4.60 0 0 0(2)USD/CNY -63 -157 40%6.89 -1 0 -1(2)USD/EUR -242 -503 48%1.11 2 3 -1(2)USD/MXN -43 -109 39%18.42 3 3 0(2)USD/THB -6 -23 28%33.68 0 0 0Total USD -354 -861 4 6 -2TOTAL -436 -1,098 6 9 -3(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2024.(3) The Hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Interest rate risksThe Group is exposed to interest rate risk because entities in theGroup borrow funds at both fixed and floating interest rates.Interest rate risk is managed at Group level by maintaining anappropriate mix between fixed and floating rate borrowings,which so far are mainly fixed (directly or after the execution ofinterest rate swaps whenever they are deemed appropriate).Interest rate exposure by currency is summarized below:In \u20ac million December 31, 2024 December 31, 2023Currency Fixed rate Floating rate Total Fixed rate Floating rate TotalFinancial debtEUR -646 -13 -659 -586 -625 -1,210USD -1,429 -5 -1,435 -273 -779 -1,052Other -18 -4 -21 -38 -11 -51TOTAL -2,093 -22 -2,115 -897 -1,415 -2,313Cash and cash equivalents EUR 304 304 656 656USD 143 143 251 251THB 13 13 15 15CNY 76 76 44 44JPY 26 26 90 90Other 98 98 94 94TOTAL 659 659 1,150 1,150Other financial instrumentsEUR 36 36 41 41CNY 58 58 30 30Other 3 3 8 8TOTAL 97 97 78 78TOTAL -2,093 734 -1,359 -897 -186 -1,084Throughout 2024, the group successfully refinanced by converting floating rate debt (Bridge to Bond) into fixed rate debt (Senior Bonds).At the end of 2024, approximately \u20ac2,093 million of the Group\u2019sgross debt was at fixed-rate, and is largely comprised of:\u25cf Senior EUR Bonds for a total of \u20ac500 million maturing in 2027(carrying amount of \u20ac498 million);\u25cf Remaining portion (US$163 million) of the US$ senior bonds2025 of US$250 million (carrying amount of \u20ac157 million);\u25cf Senior US$notes 2029 $600 million (carrying amount of\u20ac576 million);\u25cf Senior US$notes 2034 $600 million (carrying amount of\u20ac574 million);\u25cf Commercial Paper of \u20ac50 million;\u25cf IFRS 16 lease liabilities of \u20ac230 million.The impact of interest rate volatility at the end of 2024 compared to 2023 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in EUR market interest ratesEUR market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 4Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in USD market interest ratesUSD market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 7The sensitivity to interest rate volatility on the floating grossfinancial debt remains insignificant at the end of 2024compared to 2023 due to the group refinancing during 2024where the Group exchanged debt at floating rate to fixed rate.Interest rate risk hedged by instrument accounted for as held for tradingIn 2024 and 2023, there are no outstanding interest rateinstruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2024, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the executionof liability management prior to the Partial Demerger, Syensqo had decided to hedge EUR and USD drawdowns executed in 2023 (\u20ac1.3billion) and also future long-term refinancing that has been executed in June 2024 with the issuance of US$1.2 billion senior notes bySolvay Finance America LLC:December 31, 2023NotionalNotionalPercentageHedgeCash flowFair valueFair valueamountamount ofof exposureinterest ratehedgeof theof theof thethe riskhedgedper riskreserveinstrument -instrument -(1)instrumentexposurecategory Asset LiabilityCash flow hedgeIn \u20ac million (except where indicated)Cash Flow hedge Zero Cost Collar 724 738 98% 4.45%$800MCash Flow hedge Zero Cost Collar 600 600 100% 3.31%\u20ac600MCash Flow hedge - T-Lock 10y - 362 362 100% 4.395% +-18 -18$400mFixed MarginCash Flow hedge - T-Lock 5y 362 362 100% 4.327% +-11 -11$400mFixed MarginTOTAL 2,048 2,066 -29 -29(1) The hedging instruments are located in the line item\u201cOther current financial debt\u201d in the consolidated statement of financial position.Other market risksUtility and CO2 price risksThe Group purchases a large portion of its gas and electricityneeds in Europe and the United States based on fluctuatingliquid market indices.In order to reduce the cost volatility, the Group has developed apolicy for exchanging variable price against fixed price throughderivative financial instruments. Most of these hedging instrumentscan be documented as hedging instruments of the underlyingpurchase contracts.Similarly, the Group's exposure to the CO2 price is partiallyhedged by forward purchases of European Union Allowances(EUA). Forward purchases with physical delivery for use in theGroup\u2019s operations are qualified as own use contracts (notderivatives). Cash flow hedge accounting is applied forcontracts that do not meet the \u201cown use\u201d criteria.Finally, some exposure to gas and electricity prices may arisefrom the production of electricity on sites (mostly from cogenerationunits in Europe), which can be hedged by means of forwardpurchases and forward sales or optional schemes. In this case,cash flow hedge accounting is applied.Financial hedging of utility and CO2 emission rights price risks ismanaged centrally by Rhodia GhG on behalf of the Groupentities.The following tables detail the notional principal amounts andfair values of utility and CO2 derivative financial instrumentsoutstanding at the end of the reporting period:The amounts presented in the tables hereafter include hedgingneeds of the GBUs of the Group that are sourced through RhodiaGHG, and not the full Group utility hedging needs.December 31, 2024NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Standard Quality Gas 48.33 2,065,157 MWh 186.75 7,748,763 MWh 27% 23.4 EUR/MWh -7 7 0CO246.85 609,000 Tons 198.97 2,640,532 Tons 23% 76.93 EUR/Ton 3 0 -3TOTAL -4 7 -3(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.December 31, 2023NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Power 8.84 76,440 MWh 8.27 93,912 MWh 81% 116 EUR/MWh -2 2Standard Quality Gas 64.08 2,562,706 MWh 129.67 5,801,143 MWh 44% 25 EUR/MWh 13 4 -17CO241.27 552,000 Tons 292.19 3,396,346 Tons 16% 75 EUR/Ton -3 3TOTAL 8 9 -17(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Hedge relationships are seldom perfect. Therefore,ineffectiveness could arise with the result that changes in the fairvalue or cash flows of the hedged item that are attributable to ahedged risk and the hedging instrument do not offset within aperiod. The sources of hedge ineffectiveness that couldpotentially affect the hedging relationship during its term arelisted below:\u25cf A reduction in the amount of the forecast consumptionresulting in quantity or notional amount differences \u2013 thehedged item and hedging instrument are based on differentquantities or notional amounts.\u25cf A significant change in the credit risk of parties.In 2024, no hedge ineffectiveness was recognized in theconsolidated income statement. By comparison between 2024and 2023 Gas exposure increased due to the fact the Group ishedging one additional year. Conversely, CO2 exposure is reducedsince the hedge volumes are considered for one year less.The sensitivities of commodity derivative financial instrumentsas of December 31, 2024 are presented below.The sensitivities were defined based on the price levels andvolatility levels of each commodity. These assumptions do notconstitute an estimation of future market prices and thesensitivities presented are not representative of future changesin the Group\u2019s equity and results.December 31, 2024 In \u20ac millionPrice change Other comprehensive income Profit or lossNatural gas +10\u20ac/MWh 21Natural gas -10\u20ac/MWh -21CO2 Emission rights +5\u20ac/T 3CO2 Emission rights -5\u20ac/T -3Credit riskThe Group continuously monitors the credit risk of importantbusiness partners.The Group engages in transactions only with financialinstitutions of high creditworthiness (investment grade, selectedbased on major rating systems). The Group monitors andmanages exposures to financial institutions within approvedcounterparty credit limits and credit risk parameters in order tomitigate the risk of default. For financial guarantees, see note F31Contingent assets, liabilities and financial guarantees.For the commercial transactions, external customer risk andcash collection is also monitored by a professional network ofcredit managers and cash collectors located in the Group\u2019svarious operating regions and countries. Their controls aresupported by a set of detailed procedures and managedthrough Corporate and GBU Credit Committees.The Group recognizes expected credit losses on all of its tradereceivables.The Group classifies the customers and their related receivablesin various rating classes, based on the risks\u2019 grading attributedto the customers and on the aging balance of receivables. Assuch, for all receivables overdue below six months, the Groupconsiders percentages within a range between 0.005% and4.031%, depending on the rating class. For all receivables overduein excess of six months, the Group considers a rate of 50% or of100%, depending on the rating class. The customer\u2019s grading isreviewed annually for customers assessed as low risk profile,and every six months for customers assessed as higher riskprofile.There is no significant concentration of credit risk at Group levelbecause the receivables\u2019 credit risk is spread over a largenumber of customers and markets.The ageing of trade receivables, financial instruments - operational, loans and other non-current assets is as follows:December 31, 2024 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 962 10 904 37 5 1 5Trade receivables - allowance -15 -10 -2 0 -3Trade receivables - net 948 0 903 37 5 1 2Financial instruments - operational 15 15Loans and other non-current assets 173 7 166 0Loans and other non-current assets - allowance -7 -7Loans and other non-current assets - net 166 0 166 0 0 0 0TOTAL 1,129 0 1,084 37 5 1 2December 31, 2023 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 923 10 871 34 1 1 5Trade receivables - allowance -15 -10 -1 0 -3Trade receivables - net 907 0 870 34 1 1 2Financial instruments - operational 28 28Loans and other non-current assets 230 6 224Loans and other non-current assets - allowance -6 -6Loans and other non-current assets - net 224 224TOTAL 1,159 0 1,121 34 1 1 2The table below presents the allowances on trade receivables:In \u20ac million 2024 2023January 1 -15 -12Additions -3 -9Uses 0 2Reversal 4 4Currency translation differences 0 0DECEMBER 31 -15 -15Liquidity riskLiquidity risk relates to the Group\u2019s ability to service andrefinance its debt (including notes issued) and to fund itsoperations.This depends on its ability to generate cash from operations andnot to overpay for acquisitions.The Finance Committee gives its opinion on the appropriateliquidity risk management for the Group\u2019s short, medium andlong term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequatereserves, banking facilities and reserve borrowing facilities, bycontinuously monitoring forecasts and actual cash flows, and bymatching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources overtime in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractualmaturity for its financial liabilities with contractual repaymentperiods.The following tables present undiscounted amounts (nominal value):In \u20ac million December 31, 2024Outflows of cash Total WithinInIn years threeBeyond one year year twoto fivefive yearsTrade payables 1,001 1,001Financial instruments - operational 19 19Other non-current liabilities 43 10 22 11Financial debt 1,891 231 3 1,080 577Leasing debt 230 62 42 63 63Total 3,184 1,313 56 1,165 651Interests on financial debt and lease liabilities 584 95 90 215 184TOTAL OUTFLOWS OF CASH 3,768 1,408 145 1,381 834\u20ac million December 31, 2023Outflows of cash Total WithinInIn years threeBeyond one yearyear twoto fivefive yearsTrade payables 918 918Dividends payablesFinancial instruments - operational 21 19 2Other non-current liabilities 68 23 34 12Financial debt 2,097 1,439 151 506 0Leasing debt 219 53 38 69 59TOTAL 3,323 2,429 214 609 71Interests on financial debt and lease liabilities 122 31 26 47 18TOTAL OUTFLOWS OF CASH 3,444 2,460 240 656 89Financial debt in 2023 includes \u20ac1,338 million of the credit facilityrecorded in the consolidated statement of financial position asnon-current debt, which has been fully repaid in June 2024.Trade payables include \u20ac56 million (2023: \u20ac45 million) due tosuppliers that have signed up for a supply chain financingprogram, under which the suppliers can elect to receive adiscounted early payment from the partner bank rather thanbeing paid in line with the agreed payment terms. If the option istaken, the Group\u2019s liability is assigned by the supplier to thepartner bank. The group's payable to these suppliers haveneither been extinguished nor have these liabilities beensignificantly modified by these arrangements, the value of theGroup's liability remains unchanged. The value of the Group\u2019sliability remains unchanged. The Group assesses eacharrangement against indicators to determine if the liabilitieswhich suppliers have sold to the partner bank under the supplierfinancing scheme continue to meet the definition of tradepayables or should be classified as financial debt. On December31, 2024 and 2023, the liabilities met the criteria of TradePayables.In \u20ac million December 31, 2024Carrying amount of trade payables that are subject to supplier finance arrangements 70Of which suppliers have received payment 56Weighted average payment term (days) Suppliers part ofSuppliers not partsupplier financingof supplierarrangementsfinancingarrangementsRaw materials and packaging 98 61Logistics 98 59Technical goods, Energy and other 110 49The Group performed a detailed assessment of the paymentranges of suppliers who are not part of the supplier financingarrangements by segregating the suppliers according toindustry. The assessment indicated that there are numerous keysuppliers that provide the Group with payment terms that aresimilar to those that the Group receives under the supplierfinancing arrangements. The suppliers of technical goods,energy and other purchases, part of suppliers financingarrangements, are not representative (less 1% of the totalspend). Over 90% of the supplier chain financing arrangementswere entered in the sector of raw materials, packaging andlogistics.Changes in liabilities that are subject to supplier financearrangements are primarily attributable to additions resultingfrom purchases of goods and services and subsequent cashsettlements. There were no material non-cash changes in theseliabilities.The group does not face a significant liquidity risk as a result ofits supplier finance arrangements given the limited amount ofliabilities subject to supplier finance arrangements and thegroup\u2019s access to other sources of finance on similar terms.Syensqo\u2019s liquidity amounts to \u20ac2.4 billion including \u20ac0.7 billionof cash and cash equivalents and \u20ac1.7 billion undrawn revolvingcredit facilities (\u20ac1.4 billion syndicated and \u20ac0.3 billion bilateral,all are multi-year).In addition, Syensqo has access to a Belgian Treasury Billprogram for \u20ac1.0 billion (\u20ac50 million outstanding balance onDecember 31, 2024; no outstanding balance on December 31,2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE F27FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, andonly when the Group becomes a party to the contractualprovisions of the instrument.Derivative financial instrumentsThe Group enters into a variety of derivative financialinstruments (forward, future, option, collars and swapcontracts) to manage its exposure to interest rate risk,foreign exchange rate risk, and commodity risk (mainlyutility and CO2 emission rights price risks).As explained above, derivatives are initially recognized atfair value at the date a derivative contract is entered intoand are subsequently remeasured to their fair value at theend of each reporting period. The resulting gain or loss isrecognized in income or expense, unless the derivative isdesignated and effective as a hedging instrument. TheGroup designates certain derivatives as hedging instrumentsof the exposure to variability in cash flows with respect to arecognized asset or liability or a highly probable forecasttransaction that could affect profit or loss (cash flowhedges).A derivative with a positive fair value is recognized as afinancial asset whereas a derivative with a negative fairvalue is recognized as a financial liability. Derivativeinstruments (or portions of them) are presented as non-current assets or non-current liabilities if the remainingmaturity of the underlying settlements is more than twelvemonths after the reporting period. Other derivativeinstruments (or portions of them) are presented as currentassets or current liabilities.F27.A. Overview of financial instrumentsThe following table presents the financial assets and liabilities according to their classification under IFRS 9.December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountNon-current assets - Financial instruments 209 228Equity instruments measured at fair value through Financial assets measured at fair value through 31 26other comprehensive incomeother comprehensive incomeEquity instruments measured at fair value through Financial assets measured at fair value through 55 68profit or lossprofit or lossLoans and other non-current assets (excluding Financial assets measured at amortized cost 122 133pension fund surpluses)Financial instruments - Operational 1 2Derivative financial instruments designated in aCash-flow hedge 1 2cash flow hedge relationshipCurrent assets - Financial instruments 1,691 2,134Trade receivables Financial assets measured at amortized cost 948 907Loans short term portion Financial assets measured at amortized cost 4 3Other financial instruments 67 48Other marketable securities >3 months Financial assets measured at amortized cost 58 30Currency swaps Held for trading 1 3Other current financial assets Financial assets measured at amortized cost 8 16December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountFinancial instruments - Operational 14 25Held for trading Held for trading 5 9Derivative financial instruments designated Cash-flow hedge 9 16in a cash flow hedge relationshipCash and cash equivalents Financial assets measured at amortized cost 659 1,150Total assets - Financial instruments 1,899 2,362Non-current liabilities - Financial instruments 1,865 2,229Financial debt 1,822 2,159Bonds/Senior notes Financial liabilities measured at amortized cost 1,647 645Other non-current debts Financial liabilities measured at amortized cost 7 1,348Lease liabilities IFRS 16 - Non-current portion Lease liabilities measured at amortized cost 168 166Other liabilities Financial liabilities measured at amortized cost 43 68Financial instruments - Operational 0 2Derivative financial instruments designated in aCash-flow hedge 0 2cash flow hedge relationshipCurrent liabilities - Financial instruments 1,312 1,090Financial debt 293 154Short-term financial debt Financial liabilities measured at amortized cost 230 71Currency swaps Held for trading 1 1Derivative financial instruments designated in aCash-flow hedge 0 29cash flow hedge relationshipLease liabilities IFRS 16 - Current portion Lease liabilities measured at amortized cost 62 53Trade payables Financial liabilities measured at amortized cost 1,001 918Financial instruments - Operational 19 19Held for trading Held for trading 4 1Derivative financial instruments designated in aCash-flow hedge 15 18cash flow hedge relationshipTotal liabilities - Financial instruments 3,177 3,320The category \u201cHeld for trading\u201d contains derivative financialinstruments that are used for management of foreign currencyrisk. Contracts which have been documented as hedginginstruments (hedge accounting under IFRS 9 FinancialInstruments) or which meet the exemption criteria for own useare not included in the category \u201cHeld for trading\u201d. Equityinstruments measured at fair value through OCI and throughprofit or loss pertain to the Group\u2019s New Business Development(NBD) activity: the Group has built a Corporate Venturingportfolio, which consists of direct investments in start-upcompanies and of investments in venture capital funds. If theGroup does not have significant influence or joint control, theinvestments are measured at fair value according to thevaluation guidelines published by the European Private Equityand Venture Capital Association. The impacts of the directinvestments are recognized in other comprehensive incomewhile the venture capital funds are generally recognized throughprofit and loss.Equity instruments measured at fair value through profit or lossalso include the Solvay shares (amounting to \u20ac12 million as ofDecember 31, 2024, and \u20ac19 million as of December 31, 2023)contributed upon the Partial Demerger for the Long TermIncentive Plans for which the beneficiaries will receive Solvayshares.F27.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fairvalue.Accounting policyQuoted market prices are available for financial assets andfinancial liabilities with standard terms and conditions thatare traded on active markets. The fair values of derivativefinancial instruments are equal to their quoted prices, ifavailable. In case such quoted prices are not available, thefair value of the financial instruments is determined basedon a discounted cash flow analysis using the applicableyield curve derived from quoted interest rates matchingmaturities of the contracts for non-optional derivatives.Optional derivatives are fair valued based on option pricingmodels, taking into account the present value of probabilityweighted expected future payoffs, using market referenceformulas.The fair values of other financial assets and financialliabilities are determined in accordance with generallyaccepted pricing models based on discounted cash flowanalysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)December 31, 2024 December 31, 2023CarryingFair value CarryingFair valueIn \u20ac millionamountamountNon-current assets - Financial instruments 122 122 133 133Loans and other non-current assets (except pension fund surpluses and 122 122 133 133ong-term inventory balance)Non-current liabilities - Financial instruments -1,697 -1,723 -2,061 -2,053Bonds/Senior notes -1,647 -1,673 -645 -637Other non-current debts -7 -7 -1,348 -1,348Other liabilities -43 -43 -68 -68The carrying amounts of financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term tomaturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in theconsolidated statement of financial position\u201d provides ananalysis of financial instruments that, subsequent to their initialrecognition, are measured at fair value, grouped into Levels 1 to 3based on the degree to which the fair value is observable.Financial instruments, classified as held for trading and ashedging instruments in cash flow hedges are mainly groupedinto Levels 1 and 2. They are fair valued based on forward pricingand swap models using present value calculations. The modelsincorporate various inputs including foreign exchange spot andinterest rates of the respective currencies, currency basisspreads between the respective currencies, interest rate curvesand forward rate curves of the underlying commodity. Theequity instruments measured at fair value through OCI andthrough profit and loss are presented within Level 1 and 3. Thefair value of the instruments presented under Level 3 ismeasured based on the guidelines recommended by TheInternational Private Equity and Venture Capital Valuation (IPEV).In accordance with the Group internal rules, the responsibility formeasuring the fair value level resides with (a) the Treasurydepartment for the non-utility derivative financial instruments,and the non-derivative financial liabilities, (b) the SustainableDevelopment and Energy department for the utility derivativefinancial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorization(based on the lowest level input that is significant to the fairvalue measurement as a whole) at the end of each reportingperiod. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2024In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 6 6Foreign currency risk 1 1Syensqo share price 3 3Index 1 1Equity instruments measured at fair value through profit or loss 12 43 55Solvay Group Shares 12 12New Business Development 43 43Cash flow hedges 10 10Foreign currency risk 3 3Utility risk 7 7Equity instruments measured at fair value through other comprehensive income 31 31New Business Development 31 31Total assets 12 15 74 101Held for trading -4 -4Foreign currency risk -3 -3Index -1 -1Cash flow hedges -15 -15Foreign currency risk -13 -13CO2 risk -3 -3TOTAL LIABILITIES -20 -20December 31, 2023In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 12 12Foreign currency risk 4 4Syensqo share price 8 8Equity instruments measured at fair value through profit or loss 19 49 68Solvay Group Shares 19 19New Business Development 49 49Cash flow hedges 17 17Foreign currency risk 9 9Utility risk 6 6CO2 risk 3 3Equity instruments measured at fair value through26 26other comprehensive incomeNew Business Development 26 26Total assets 19 29 75 122Held for trading -2 -2Foreign currency risk -2 -2Cash flow hedges -49 -49Foreign currency risk -3 -3Interest rate risk -29 -29Utility risk -17 -17TOTAL LIABILITIES -51 -51Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.2024At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 49 26 75Total gains or losses- Recognized in profit or loss -7 -7- Recognized in other comprehensive income -3 -3Acquisitions 0 2 2Capital increases 1 5 6Transfers out of level 3DECEMBER 31 43 31 742023At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 46 24 70Total gains or losses- Recognized in profit or loss 5 5- Recognized in other comprehensive income -5 -5Acquisitions 0 9 9Capital decreases -2 -2 -4Transfers out of level 3DECEMBER 31 49 26 75Income and expenses of financial instruments recognized in other comprehensive incomeIncome and expenses on financial instruments recognized in other comprehensive income include the following:Cash flow hedgesForeign currencyCommodity risk Interest rate risk Total riskIn \u20ac million2024 2023 2024 2023 2024 2023 2024 2023January 1 6 6 -19 -1 -29 -42 5Recycling from other comprehensive income of derivative 1 -13 15 -1 0 15 -14financial instruments designated in a cash flow hedge relationshipEffective portion of changes in fair value of cash flow hedge -16 13 5 -17 36 -29 25 -33DECEMBER 31 -9 6 1 -19 7 -29 -1 -42Conventionally, (+) indicates an increase and (-) a reduction in equity. Foreign Currency and Commodity risks recycling is recognized in the group income statement above gross profit.Interest rate risk recycling is recognized in the group income statement in the charge of net debt.Held for tradingThe transactional risk is managed either by spot or forwardcontracts. Unless documented as hedging instruments (seeabove), derivative financial instruments are classified as held fortrading.In 2024, the notional amounts transacted to manage thetransactional risk are:\u25cf a short position of \u20ac(382) million (compared to \u20ac(586) millionin 2023);\u25cf a long position of \u20ac150 million (compared to \u20ac233 million in2023).The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period:(1)In \u20ac million Notional amountFair value assets Fair value liabilitiesDecember 31 2024 2023 2024 2023 2024 2023Held for trading long position 150 233 0 1 0 -1Held for trading short position -382 -586 1 3 -3 -1TOTAL -232 -353 1 4 -3 -2(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).Cash flow hedgeThe Group uses derivatives to hedge identified foreign exchangerate risks. It documents those as hedging instruments unless ithedges a recognized financial asset or liability when generallyno cash flow hedge relationship is documented. Most hedgesare transaction related.At the end of 2024, the Group had mainly hedged highlyprobable sales in foreign currencies (short position) in a nominalamount of US$244 million (\u20ac235 million) and JP\u00a5 6,916 million(\u20ac42 million). Most of the hedge contracts that exist at the endof December 2024 will be settled within the next 12 months, andwill impact profit or loss during that period with the exception ofthe long-term hedges.The following table details the notional amounts of Syensqo\u2019sderivatives contracts outstanding at the end of the period. TheGroup hedges its net currency exposure.NOTIONAL AMOUNTSDecember 31, 2024NotionalNotionalPercentageAverageCash flowFair valueLiabilitiesamountamountof exposurehedgehedgeof theof theof the riskhedgedexchangereservehedging(1)exposure(1)instrumentrate per riskinstrumentcategoryIn \u20ac millionEquity Assets(3)Cash flow hedges - Forecasted sales and purchases(2)JPY/EUR -26 -97 27%161.76 0 0 0(2)JPY/USD -16 -60 27%146.13 1 1 0Total JPY -42 -157 1 1 0(2)USD/CAD -16 -47 35%1.37 -1 0 -1(2)USD/CNY -34 -92 36%6.94 -1 0 -1(2)USD/EUR -161 -537 30%1.10 -7 0 -7(2)USD/MXN -38 -123 30%19.63 -3 0 -3(2)USD/KRW 13 56 24%1,327.05 1 1 0Total USD -235 -768 -11 1 -12TOTAL -277 -924 -10 3 -13(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2025.(3) The Hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Hedge relationships are seldom perfect. Therefore, ineffectivenesscould arise with the result that changes in the fair value or cashflows of the hedged item that are attributable to a hedged riskand the hedging instrument do not offset within a period. Thesources of hedge ineffectiveness that could potentially affectthe hedging relationship during its term are listed below:\u25cf A reduction in the amount of the forecast sales resulting inquantity or notional amount differences \u2013 the hedged itemand hedging instrument are based on different quantities ornotional amounts.\u25cf A significant change in the credit risk of parties.\u25cf Timing differences \u2013 the hedged item and hedging instrumentoccur or are settled at different dates.In 2024, no hedge ineffectiveness was recognized in theconsolidated income statement.December 31, 2023NotionalNotionalPercentageAverageCash flowFair value ofamountamountof exposurehedgehedgethe hedgingof theof the riskhedgedexchangereserveinstrument(1)exposure(1)instrumentrate per riskIn \u20ac millioncategoryLiabilitiesEquity Assets(3)Cash flow hedges - Forecasted sales and purchases(2)JPY/EUR -52 -150 35%148.25 2 2 0(2)JPY/USD -30 -87 35%132.07 0 1 -1Total JPY -82 -237 2 3 -1(2)USD/BRL 0 -70 0%4.60 0 0 0(2)USD/CNY -63 -157 40%6.89 -1 0 -1(2)USD/EUR -242 -503 48%1.11 2 3 -1(2)USD/MXN -43 -109 39%18.42 3 3 0(2)USD/THB -6 -23 28%33.68 0 0 0Total USD -354 -861 4 6 -2TOTAL -436 -1,098 6 9 -3(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2024.(3) The Hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Interest rate risksThe Group is exposed to interest rate risk because entities in theGroup borrow funds at both fixed and floating interest rates.Interest rate risk is managed at Group level by maintaining anappropriate mix between fixed and floating rate borrowings,which so far are mainly fixed (directly or after the execution ofinterest rate swaps whenever they are deemed appropriate).Interest rate exposure by currency is summarized below:In \u20ac million December 31, 2024 December 31, 2023Currency Fixed rate Floating rate Total Fixed rate Floating rate TotalFinancial debtEUR -646 -13 -659 -586 -625 -1,210USD -1,429 -5 -1,435 -273 -779 -1,052Other -18 -4 -21 -38 -11 -51TOTAL -2,093 -22 -2,115 -897 -1,415 -2,313Cash and cash equivalents EUR 304 304 656 656USD 143 143 251 251THB 13 13 15 15CNY 76 76 44 44JPY 26 26 90 90Other 98 98 94 94TOTAL 659 659 1,150 1,150Other financial instrumentsEUR 36 36 41 41CNY 58 58 30 30Other 3 3 8 8TOTAL 97 97 78 78TOTAL -2,093 734 -1,359 -897 -186 -1,084Throughout 2024, the group successfully refinanced by converting floating rate debt (Bridge to Bond) into fixed rate debt (Senior Bonds).At the end of 2024, approximately \u20ac2,093 million of the Group\u2019sgross debt was at fixed-rate, and is largely comprised of:\u25cf Senior EUR Bonds for a total of \u20ac500 million maturing in 2027(carrying amount of \u20ac498 million);\u25cf Remaining portion (US$163 million) of the US$ senior bonds2025 of US$250 million (carrying amount of \u20ac157 million);\u25cf Senior US$notes 2029 $600 million (carrying amount of\u20ac576 million);\u25cf Senior US$notes 2034 $600 million (carrying amount of\u20ac574 million);\u25cf Commercial Paper of \u20ac50 million;\u25cf IFRS 16 lease liabilities of \u20ac230 million.The impact of interest rate volatility at the end of 2024 compared to 2023 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in EUR market interest ratesEUR market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 4Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in USD market interest ratesUSD market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 7The sensitivity to interest rate volatility on the floating grossfinancial debt remains insignificant at the end of 2024compared to 2023 due to the group refinancing during 2024where the Group exchanged debt at floating rate to fixed rate.Interest rate risk hedged by instrument accounted for as held for tradingIn 2024 and 2023, there are no outstanding interest rateinstruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2024, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the executionof liability management prior to the Partial Demerger, Syensqo had decided to hedge EUR and USD drawdowns executed in 2023 (\u20ac1.3billion) and also future long-term refinancing that has been executed in June 2024 with the issuance of US$1.2 billion senior notes bySolvay Finance America LLC:December 31, 2023NotionalNotionalPercentageHedgeCash flowFair valueFair valueamountamount ofof exposureinterest ratehedgeof theof theof thethe riskhedgedper riskreserveinstrument -instrument -(1)instrumentexposurecategory Asset LiabilityCash flow hedgeIn \u20ac million (except where indicated)Cash Flow hedge Zero Cost Collar 724 738 98% 4.45%$800MCash Flow hedge Zero Cost Collar 600 600 100% 3.31%\u20ac600MCash Flow hedge - T-Lock 10y - 362 362 100% 4.395% +-18 -18$400mFixed MarginCash Flow hedge - T-Lock 5y 362 362 100% 4.327% +-11 -11$400mFixed MarginTOTAL 2,048 2,066 -29 -29(1) The hedging instruments are located in the line item\u201cOther current financial debt\u201d in the consolidated statement of financial position.Other market risksUtility and CO2 price risksThe Group purchases a large portion of its gas and electricityneeds in Europe and the United States based on fluctuatingliquid market indices.In order to reduce the cost volatility, the Group has developed apolicy for exchanging variable price against fixed price throughderivative financial instruments. Most of these hedging instrumentscan be documented as hedging instruments of the underlyingpurchase contracts.Similarly, the Group's exposure to the CO2 price is partiallyhedged by forward purchases of European Union Allowances(EUA). Forward purchases with physical delivery for use in theGroup\u2019s operations are qualified as own use contracts (notderivatives). Cash flow hedge accounting is applied forcontracts that do not meet the \u201cown use\u201d criteria.Finally, some exposure to gas and electricity prices may arisefrom the production of electricity on sites (mostly from cogenerationunits in Europe), which can be hedged by means of forwardpurchases and forward sales or optional schemes. In this case,cash flow hedge accounting is applied.Financial hedging of utility and CO2 emission rights price risks ismanaged centrally by Rhodia GhG on behalf of the Groupentities.The following tables detail the notional principal amounts andfair values of utility and CO2 derivative financial instrumentsoutstanding at the end of the reporting period:The amounts presented in the tables hereafter include hedgingneeds of the GBUs of the Group that are sourced through RhodiaGHG, and not the full Group utility hedging needs.December 31, 2024NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Standard Quality Gas 48.33 2,065,157 MWh 186.75 7,748,763 MWh 27% 23.4 EUR/MWh -7 7 0CO246.85 609,000 Tons 198.97 2,640,532 Tons 23% 76.93 EUR/Ton 3 0 -3TOTAL -4 7 -3(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.December 31, 2023NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Power 8.84 76,440 MWh 8.27 93,912 MWh 81% 116 EUR/MWh -2 2Standard Quality Gas 64.08 2,562,706 MWh 129.67 5,801,143 MWh 44% 25 EUR/MWh 13 4 -17CO241.27 552,000 Tons 292.19 3,396,346 Tons 16% 75 EUR/Ton -3 3TOTAL 8 9 -17(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Hedge relationships are seldom perfect. Therefore,ineffectiveness could arise with the result that changes in the fairvalue or cash flows of the hedged item that are attributable to ahedged risk and the hedging instrument do not offset within aperiod. The sources of hedge ineffectiveness that couldpotentially affect the hedging relationship during its term arelisted below:\u25cf A reduction in the amount of the forecast consumptionresulting in quantity or notional amount differences \u2013 thehedged item and hedging instrument are based on differentquantities or notional amounts.\u25cf A significant change in the credit risk of parties.In 2024, no hedge ineffectiveness was recognized in theconsolidated income statement. By comparison between 2024and 2023 Gas exposure increased due to the fact the Group ishedging one additional year. Conversely, CO2 exposure is reducedsince the hedge volumes are considered for one year less.The sensitivities of commodity derivative financial instrumentsas of December 31, 2024 are presented below.The sensitivities were defined based on the price levels andvolatility levels of each commodity. These assumptions do notconstitute an estimation of future market prices and thesensitivities presented are not representative of future changesin the Group\u2019s equity and results.December 31, 2024 In \u20ac millionPrice change Other comprehensive income Profit or lossNatural gas +10\u20ac/MWh 21Natural gas -10\u20ac/MWh -21CO2 Emission rights +5\u20ac/T 3CO2 Emission rights -5\u20ac/T -3Credit riskThe Group continuously monitors the credit risk of importantbusiness partners.The Group engages in transactions only with financialinstitutions of high creditworthiness (investment grade, selectedbased on major rating systems). The Group monitors andmanages exposures to financial institutions within approvedcounterparty credit limits and credit risk parameters in order tomitigate the risk of default. For financial guarantees, see note F31Contingent assets, liabilities and financial guarantees.For the commercial transactions, external customer risk andcash collection is also monitored by a professional network ofcredit managers and cash collectors located in the Group\u2019svarious operating regions and countries. Their controls aresupported by a set of detailed procedures and managedthrough Corporate and GBU Credit Committees.The Group recognizes expected credit losses on all of its tradereceivables.The Group classifies the customers and their related receivablesin various rating classes, based on the risks\u2019 grading attributedto the customers and on the aging balance of receivables. Assuch, for all receivables overdue below six months, the Groupconsiders percentages within a range between 0.005% and4.031%, depending on the rating class. For all receivables overduein excess of six months, the Group considers a rate of 50% or of100%, depending on the rating class. The customer\u2019s grading isreviewed annually for customers assessed as low risk profile,and every six months for customers assessed as higher riskprofile.There is no significant concentration of credit risk at Group levelbecause the receivables\u2019 credit risk is spread over a largenumber of customers and markets.The ageing of trade receivables, financial instruments - operational, loans and other non-current assets is as follows:December 31, 2024 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 962 10 904 37 5 1 5Trade receivables - allowance -15 -10 -2 0 -3Trade receivables - net 948 0 903 37 5 1 2Financial instruments - operational 15 15Loans and other non-current assets 173 7 166 0Loans and other non-current assets - allowance -7 -7Loans and other non-current assets - net 166 0 166 0 0 0 0TOTAL 1,129 0 1,084 37 5 1 2December 31, 2023 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 923 10 871 34 1 1 5Trade receivables - allowance -15 -10 -1 0 -3Trade receivables - net 907 0 870 34 1 1 2Financial instruments - operational 28 28Loans and other non-current assets 230 6 224Loans and other non-current assets - allowance -6 -6Loans and other non-current assets - net 224 224TOTAL 1,159 0 1,121 34 1 1 2The table below presents the allowances on trade receivables:In \u20ac million 2024 2023January 1 -15 -12Additions -3 -9Uses 0 2Reversal 4 4Currency translation differences 0 0DECEMBER 31 -15 -15Liquidity riskLiquidity risk relates to the Group\u2019s ability to service andrefinance its debt (including notes issued) and to fund itsoperations.This depends on its ability to generate cash from operations andnot to overpay for acquisitions.The Finance Committee gives its opinion on the appropriateliquidity risk management for the Group\u2019s short, medium andlong term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequatereserves, banking facilities and reserve borrowing facilities, bycontinuously monitoring forecasts and actual cash flows, and bymatching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources overtime in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractualmaturity for its financial liabilities with contractual repaymentperiods.The following tables present undiscounted amounts (nominal value):In \u20ac million December 31, 2024Outflows of cash Total WithinInIn years threeBeyond one year year twoto fivefive yearsTrade payables 1,001 1,001Financial instruments - operational 19 19Other non-current liabilities 43 10 22 11Financial debt 1,891 231 3 1,080 577Leasing debt 230 62 42 63 63Total 3,184 1,313 56 1,165 651Interests on financial debt and lease liabilities 584 95 90 215 184TOTAL OUTFLOWS OF CASH 3,768 1,408 145 1,381 834\u20ac million December 31, 2023Outflows of cash Total WithinInIn years threeBeyond one yearyear twoto fivefive yearsTrade payables 918 918Dividends payablesFinancial instruments - operational 21 19 2Other non-current liabilities 68 23 34 12Financial debt 2,097 1,439 151 506 0Leasing debt 219 53 38 69 59TOTAL 3,323 2,429 214 609 71Interests on financial debt and lease liabilities 122 31 26 47 18TOTAL OUTFLOWS OF CASH 3,444 2,460 240 656 89Financial debt in 2023 includes \u20ac1,338 million of the credit facilityrecorded in the consolidated statement of financial position asnon-current debt, which has been fully repaid in June 2024.Trade payables include \u20ac56 million (2023: \u20ac45 million) due tosuppliers that have signed up for a supply chain financingprogram, under which the suppliers can elect to receive adiscounted early payment from the partner bank rather thanbeing paid in line with the agreed payment terms. If the option istaken, the Group\u2019s liability is assigned by the supplier to thepartner bank. The group's payable to these suppliers haveneither been extinguished nor have these liabilities beensignificantly modified by these arrangements, the value of theGroup's liability remains unchanged. The value of the Group\u2019sliability remains unchanged. The Group assesses eacharrangement against indicators to determine if the liabilitieswhich suppliers have sold to the partner bank under the supplierfinancing scheme continue to meet the definition of tradepayables or should be classified as financial debt. On December31, 2024 and 2023, the liabilities met the criteria of TradePayables.In \u20ac million December 31, 2024Carrying amount of trade payables that are subject to supplier finance arrangements 70Of which suppliers have received payment 56Weighted average payment term (days) Suppliers part ofSuppliers not partsupplier financingof supplierarrangementsfinancingarrangementsRaw materials and packaging 98 61Logistics 98 59Technical goods, Energy and other 110 49The Group performed a detailed assessment of the paymentranges of suppliers who are not part of the supplier financingarrangements by segregating the suppliers according toindustry. The assessment indicated that there are numerous keysuppliers that provide the Group with payment terms that aresimilar to those that the Group receives under the supplierfinancing arrangements. The suppliers of technical goods,energy and other purchases, part of suppliers financingarrangements, are not representative (less 1% of the totalspend). Over 90% of the supplier chain financing arrangementswere entered in the sector of raw materials, packaging andlogistics.Changes in liabilities that are subject to supplier financearrangements are primarily attributable to additions resultingfrom purchases of goods and services and subsequent cashsettlements. There were no material non-cash changes in theseliabilities.The group does not face a significant liquidity risk as a result ofits supplier finance arrangements given the limited amount ofliabilities subject to supplier finance arrangements and thegroup\u2019s access to other sources of finance on similar terms.Syensqo\u2019s liquidity amounts to \u20ac2.4 billion including \u20ac0.7 billionof cash and cash equivalents and \u20ac1.7 billion undrawn revolvingcredit facilities (\u20ac1.4 billion syndicated and \u20ac0.3 billion bilateral,all are multi-year).In addition, Syensqo has access to a Belgian Treasury Billprogram for \u20ac1.0 billion (\u20ac50 million outstanding balance onDecember 31, 2024; no outstanding balance on December 31,2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"value": "NOTE F27FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, andonly when the Group becomes a party to the contractualprovisions of the instrument. Financial assetsFinancial assets are classified, at initial recognition, andsubsequently measured at amortized cost, fair valuethrough other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognitiondepends on the financial asset\u2019s contractual cash flowcharacteristics and the Group\u2019s business model formanaging them. With the exception of trade receivablesthat do not contain a significant financing component or forwhich the Group has applied the practical expedient, theGroup initially measures a financial asset at its fair valueplus, in the case of a financial asset not at fair value throughprofit or loss, transaction costs. Trade receivables that donot contain a significant financing component or for whichthe Group has applied the practical expedient aremeasured at the transaction price, which is the case forsubstantially all trade receivables.A financial asset is classified as current when the cash flowsexpected to flow from the instrument mature within one year.In order for a financial asset to be classified and measuredat amortized cost or fair value through OCI, it needs to giverise to cash flows that are \u2018solely payments of principal andinterest (SPPI)\u2019 on the principal amount outstanding. Thisassessment is referred to as the SPPI test and is performedat an instrument level. Financial assets with cash flows thatare not SPPI are classified and measured at fair valuethrough profit or loss, irrespective of the business model.The Group\u2019s business model for managing financial assetsrefers to how it manages its financial assets in order togenerate cash flows. The business model determineswhether cash flows will result from collecting contractualcash flows, selling the financial assets, or both. Financialassets classified and measured at amortised cost are heldwithin a business model with the objective to hold financialassets in order to collect contractual cash flows whilefinancial assets classified and measured at fair valuethrough OCI are held within a business model with theobjective of both holding to collect contractual cash flowsand selling.For purposes of subsequent measurement, financial assetsare classified in four categories:\u25cf Financial assets at amortized cost (debt instruments)\u25cf Financial assets at fair value through OCI with recycling ofcumulative gains and losses (debt instruments). TheGroup does not have any debt instruments measured atfair value through OCI.\u25cf Financial assets designated at fair value through OCI withno recycling of cumulative gains and losses uponderecognition (equity instruments)\u25cf Financial assets at fair value through profit or loss Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measuredusing the effective interest (EIR) method and are subject toimpairment. Gains and losses are recognised in profit or losswhen the asset is derecognised, modified or impaired. TheGroup\u2019s financial assets at amortized cost includes tradereceivables, loans and other marketable securities.Financial assets designated at fair value through OCI(equity instruments) Upon initial recognition, the Group can elect to classifyirrevocably its equity investments as equity instrumentsdesignated at fair value through OCI when they meet thedefinition of equity under IAS 32 Financial Instruments:Presentation and are not held for trading. The classificationis determined on an instrument-by-instrument basis. Gainsand losses on these financial assets are never recycled toprofit or loss. Dividends are recognised as other income inthe statement of profit or loss when the right of paymenthas been established, except when the Group benefits fromsuch proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI. Equity instruments designated at fair value through OCIare not subject to impairment assessment. The Groupelected to classify irrevocably its non-listed equityinvestments under this category.Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss arecarried in the statement of financial position at fair valuewith net changes in fair value recognised in the statementof profit or loss. This category includes derivativeinstruments and listed equity investments which the Grouphad not irrevocably elected to classify at fair value throughOCI. Dividends on listed equity investments are recognisedas other income in the statement of profit or loss when theright of payment has been established. Equity investments in partnerships of investment funds aremeasured in the consolidated statement of financialposition at fair value with gains and losses recognized inprofit or loss. Based on the analysis of the characteristics ofthese funds the Group determined that they were noteligible for the FVTOCI option and therefore are accountedfor at FVTPL. A derivative embedded in a hybrid contract, with a financialliability or non-financial host, is separated from the host andaccounted for as a separate derivative if: the economiccharacteristics and risks are not closely related to the host;a separate instrument with the same terms as theembedded derivative would meet the definition of aderivative; and the hybrid contract is not measured at fairvalue through profit or loss. Embedded derivatives aremeasured at fair value with changes in fair valuerecognised in profit or loss. Reassessment only occurs ifthere is either a change in the terms of the contract thatsignificantly modifies the cash flows that would otherwisebe required or a reclassification of a financial asset out ofthe fair value through profit or loss category.For instruments quoted in an active market, the fair valuecorresponds to a market price (level 1). For instruments thatare not quoted in an active market, the fair value isdetermined using valuation techniques including referenceto recent arm\u2019s length market transactions or transactionsinvolving instruments which are substantially the same(level 2), or discounted cash flow analysis including, to thegreatest possible extent, assumptions consistent withobservable market data (level 3). However, in limitedcircumstances, cost of equity instruments may be anappropriate estimate of their fair value. That may be thecase if insufficient more recent information is available tomeasure fair value, or if there is a wide range of possible fairvalue measurements and cost represents the bestestimate of fair value within that range.Impairment of financial assetsThe impairment loss of a financial asset measured atamortized cost is calculated based on the expected lossmodel, representing the weighted average of credit losseswith the respective risks of a default occurring as theweights. Expected credit losses are based on the differencebetween the contractual cash flows due in accordance withthe contract and all the cash flows that the Group expectsto receive, discounted at an approximation of the originaleffective interest rate.For trade receivables that do not contain a significantfinancing component (i.e. substantially all trade receivables),the loss allowance is measured at an amount equal tolifetime expected credit losses. Those are the expected creditlosses that result from all possible default events over theexpected life of those trade receivables, using a provisionmatrix that takes into account historical information ondefaults adjusted for the forward-looking information percustomer. The Group considers a financial asset in defaultwhen contractual payments are 60 days past due. However,in certain cases, the Group may also consider a financialasset to be in default when internal or external informationindicates that the Group is unlikely to receive theoutstanding contractual amounts in full before taking intoaccount any credit enhancements held by the Group. Afinancial asset is fully impaired when there is no reasonableexpectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidatedincome statement.Financial liabilitiesFinancial liabilities are classified, at initial recognition, asfinancial liabilities at fair value through profit or loss, loansand borrowings, payables, or as derivatives designated ashedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair valueand, in the case of loans and borrowings and payables, netof directly attributable transaction costs. The Group\u2019s financial liabilities include trade and otherpayables, loans and borrowings and derivative financialinstruments.The Group classifies financial liabilities that arise fromsupplier finance arrangements within Trade and otherpayables in the statement of financial position if they havea similar nature and function to trade payables. This is thecase if the supplier finance arrangement is part of theworking capital used in the Group\u2019s normal operating cycle,the level of security provided is similar to trade payablesand the terms of the liabilities that are part of the supplychain finance arrangement are not substantially differentfrom the terms of trade payables that are not part of thearrangement. Cash flows related to liabilities arising fromsupplier finance arrangements that are classified in Tradeand other payables in the consolidated statement offinancial position are included in operating activities in theconsolidated statement of cash flows.For the purposes of subsequent measurement, financialliabilities are classified in two categories:\u25cf Financial liabilities at fair value through profit or lossThis category includes financial guarantee contracts andderivative financial instruments entered into by the Groupthat are not designated as hedging instruments in hedgerelationships as defined by IFRS 9. Separated embeddedderivatives are also classified as held for trading unlessthey are designated as effective hedging instruments.The Group has not designated any financial liability as atfair value through profit or loss.\u25cf Financial liabilities at amortized cost (loans and borrowings)This is the category most relevant to the Group. Afterinitial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using theEIR method. Gains and losses are recognised in profit orloss when the liabilities are derecognised as well asthrough the EIR amortization process. Amortised cost iscalculated by taking into account any discount orpremium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included asfinance costs in the statement of profit or loss.Derivative financial instrumentsThe Group enters into a variety of derivative financialinstruments (forward, future, option, collars and swapcontracts) to manage its exposure to interest rate risk,foreign exchange rate risk, and commodity risk (mainlyutility and CO2 emission rights price risks).As explained above, derivatives are initially recognized atfair value at the date a derivative contract is entered intoand are subsequently remeasured to their fair value at theend of each reporting period. The resulting gain or loss isrecognized in income or expense, unless the derivative isdesignated and effective as a hedging instrument. TheGroup designates certain derivatives as hedging instrumentsof the exposure to variability in cash flows with respect to arecognized asset or liability or a highly probable forecasttransaction that could affect profit or loss (cash flowhedges).A derivative with a positive fair value is recognized as afinancial asset whereas a derivative with a negative fairvalue is recognized as a financial liability. Derivativeinstruments (or portions of them) are presented as non-current assets or non-current liabilities if the remainingmaturity of the underlying settlements is more than twelvemonths after the reporting period. Other derivativeinstruments (or portions of them) are presented as currentassets or current liabilities.Hedge accountingThe Group designates certain derivatives and embeddedderivatives, in respect of interest rate risk, foreign exchangerate risk, Syensqo share price risk, and commodity risk(mainly utility and CO2 emission rights price risks), ashedging instruments in a cash flow hedge relationship.At the inception of the hedge relationship, there is a formaldesignation and documentation of the hedging relationshipand the Group\u2019s risk management objective and strategyfor undertaking the hedge. So to apply hedge accounting:(a) there is an economic relationship between the hedgeditem and the hedging instrument, (b) the effect of credit riskdoes not dominate the value changes that result from thateconomic relationship, and (c) the hedge ratio of thehedging relationship is the same as that resulting from thequantity of the hedged item that the Group actually hedgesand the quantity of the hedging instrument that the Groupactually uses to hedge that quantity of hedged item.The requirement under (a) above that an economicrelationship exists means that there is an expectation thatthe value of the hedging instrument and the value of thehedged item will systematically change in the oppositedirection in response to movements in either the sameunderlying (or underlyings that are economically related insuch a way that they respond in a similar way to the riskthat is being hedged).Cash flow hedgesThe effective portion of changes in the fair value of hedginginstruments that are designated in a cash flow hedge isrecognized in other comprehensive income.The gain or loss relating to the ineffective portion isrecognized immediately in profit or loss.The cash flow hedge reserve is adjusted to the lower of thefollowing (in absolute amounts):(a) the cumulative gain or loss on the hedging instrumentfrom inception of the hedge; and(b) the cumulative change in fair value (present value) ofthe hedged item (i.e. The present value of the cumulativechange in the hedged expected future cash flows)from inception of the hedge.The amount that has been accumulated in the cash flowhedge reserve is accounted for as follows:(a) if a hedged forecast transaction subsequently results inthe recognition of a non-financial asset or a non-financial liability, the Group removes that amount fromthe cash flow hedge reserve and includes it directly inthe initial cost or other carrying amount of the asset orthe liability. This is not a reclassification adjustment andhence it does not affect other comprehensive income;(b) for cash flow hedges other than those covered by i),that amount is reclassified from the cash flow hedgereserve to profit or loss as a reclassification adjustmentin the same period or periods during which the hedgedexpected future cash flows affect profit or loss (forexample, in the periods that interest income or interestexpense is recognized or when a forecast sale occurs);(c) however, if that amount is a loss and the Group expectsthat all or a portion of that loss will not be recovered inone or more future periods, it immediately reclassifiesthe amount that is not expected to be recovered intoprofit or loss as a reclassification adjustment.Most hedged items are transaction related. The time valueof options, forward elements of forward contracts, andforeign currency basis spreads of financial instruments thatare hedging the items affect profit or loss at the same timeas those hedged items.Hedge accounting is discontinued prospectively when thehedging relationship (or a part of a hedging relationship)ceases to meet the qualifying criteria (after taking intoaccount any rebalancing of the hedging relationship, ifapplicable). This includes instances when the hedginginstrument expires or is sold, terminated or exercised. When the Group discontinues hedge accounting for a cashflow hedge it accounts for the amount that has beenaccumulated in the cash flow hedge reserve as follows:\u25cf if the hedged future cash flows are still expected to occur,that amount remains in the cash flow hedge reserve untilthe future cash flows occur. However, if that amount is aloss and the Group expects that all or a portion of thatloss will not be recovered in one or more future periods, itimmediately reclassifies the amount that is not expectedto be recovered into profit or loss as a reclassificationadjustment; \u25cf if the hedged future cash flows are no longer expected tooccur, that amount is immediately reclassified from thecash flow hedge reserve to profit or loss as a reclassificationadjustment. A hedged future cash flow that is no longerhighly probable to occur may still be expected to occur.F27.A. Overview of financial instrumentsThe following table presents the financial assets and liabilities according to their classification under IFRS 9.December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountNon-current assets - Financial instruments 209 228Equity instruments measured at fair value through Financial assets measured at fair value through 31 26other comprehensive incomeother comprehensive incomeEquity instruments measured at fair value through Financial assets measured at fair value through 55 68profit or lossprofit or lossLoans and other non-current assets (excluding Financial assets measured at amortized cost 122 133pension fund surpluses)Financial instruments - Operational 1 2Derivative financial instruments designated in aCash-flow hedge 1 2cash flow hedge relationshipCurrent assets - Financial instruments 1,691 2,134Trade receivables Financial assets measured at amortized cost 948 907Loans short term portion Financial assets measured at amortized cost 4 3Other financial instruments 67 48Other marketable securities >3 months Financial assets measured at amortized cost 58 30Currency swaps Held for trading 1 3Other current financial assets Financial assets measured at amortized cost 8 16December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountFinancial instruments - Operational 14 25Held for trading Held for trading 5 9Derivative financial instruments designated Cash-flow hedge 9 16in a cash flow hedge relationshipCash and cash equivalents Financial assets measured at amortized cost 659 1,150Total assets - Financial instruments 1,899 2,362Non-current liabilities - Financial instruments 1,865 2,229Financial debt 1,822 2,159Bonds/Senior notes Financial liabilities measured at amortized cost 1,647 645Other non-current debts Financial liabilities measured at amortized cost 7 1,348Lease liabilities IFRS 16 - Non-current portion Lease liabilities measured at amortized cost 168 166Other liabilities Financial liabilities measured at amortized cost 43 68Financial instruments - Operational 0 2Derivative financial instruments designated in aCash-flow hedge 0 2cash flow hedge relationshipCurrent liabilities - Financial instruments 1,312 1,090Financial debt 293 154Short-term financial debt Financial liabilities measured at amortized cost 230 71Currency swaps Held for trading 1 1Derivative financial instruments designated in aCash-flow hedge 0 29cash flow hedge relationshipLease liabilities IFRS 16 - Current portion Lease liabilities measured at amortized cost 62 53Trade payables Financial liabilities measured at amortized cost 1,001 918Financial instruments - Operational 19 19Held for trading Held for trading 4 1Derivative financial instruments designated in aCash-flow hedge 15 18cash flow hedge relationshipTotal liabilities - Financial instruments 3,177 3,320The category \u201cHeld for trading\u201d contains derivative financialinstruments that are used for management of foreign currencyrisk. Contracts which have been documented as hedginginstruments (hedge accounting under IFRS 9 FinancialInstruments) or which meet the exemption criteria for own useare not included in the category \u201cHeld for trading\u201d. Equityinstruments measured at fair value through OCI and throughprofit or loss pertain to the Group\u2019s New Business Development(NBD) activity: the Group has built a Corporate Venturingportfolio, which consists of direct investments in start-upcompanies and of investments in venture capital funds. If theGroup does not have significant influence or joint control, theinvestments are measured at fair value according to thevaluation guidelines published by the European Private Equityand Venture Capital Association. The impacts of the directinvestments are recognized in other comprehensive incomewhile the venture capital funds are generally recognized throughprofit and loss.Equity instruments measured at fair value through profit or lossalso include the Solvay shares (amounting to \u20ac12 million as ofDecember 31, 2024, and \u20ac19 million as of December 31, 2023)contributed upon the Partial Demerger for the Long TermIncentive Plans for which the beneficiaries will receive Solvayshares.F27.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fairvalue.Accounting policyQuoted market prices are available for financial assets andfinancial liabilities with standard terms and conditions thatare traded on active markets. The fair values of derivativefinancial instruments are equal to their quoted prices, ifavailable. In case such quoted prices are not available, thefair value of the financial instruments is determined basedon a discounted cash flow analysis using the applicableyield curve derived from quoted interest rates matchingmaturities of the contracts for non-optional derivatives.Optional derivatives are fair valued based on option pricingmodels, taking into account the present value of probabilityweighted expected future payoffs, using market referenceformulas.The fair values of other financial assets and financialliabilities are determined in accordance with generallyaccepted pricing models based on discounted cash flowanalysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)December 31, 2024 December 31, 2023CarryingFair value CarryingFair valueIn \u20ac millionamountamountNon-current assets - Financial instruments 122 122 133 133Loans and other non-current assets (except pension fund surpluses and 122 122 133 133ong-term inventory balance)Non-current liabilities - Financial instruments -1,697 -1,723 -2,061 -2,053Bonds/Senior notes -1,647 -1,673 -645 -637Other non-current debts -7 -7 -1,348 -1,348Other liabilities -43 -43 -68 -68The carrying amounts of financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term tomaturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in theconsolidated statement of financial position\u201d provides ananalysis of financial instruments that, subsequent to their initialrecognition, are measured at fair value, grouped into Levels 1 to 3based on the degree to which the fair value is observable.Financial instruments, classified as held for trading and ashedging instruments in cash flow hedges are mainly groupedinto Levels 1 and 2. They are fair valued based on forward pricingand swap models using present value calculations. The modelsincorporate various inputs including foreign exchange spot andinterest rates of the respective currencies, currency basisspreads between the respective currencies, interest rate curvesand forward rate curves of the underlying commodity. Theequity instruments measured at fair value through OCI andthrough profit and loss are presented within Level 1 and 3. Thefair value of the instruments presented under Level 3 ismeasured based on the guidelines recommended by TheInternational Private Equity and Venture Capital Valuation (IPEV).In accordance with the Group internal rules, the responsibility formeasuring the fair value level resides with (a) the Treasurydepartment for the non-utility derivative financial instruments,and the non-derivative financial liabilities, (b) the SustainableDevelopment and Energy department for the utility derivativefinancial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorization(based on the lowest level input that is significant to the fairvalue measurement as a whole) at the end of each reportingperiod. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2024In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 6 6Foreign currency risk 1 1Syensqo share price 3 3Index 1 1Equity instruments measured at fair value through profit or loss 12 43 55Solvay Group Shares 12 12New Business Development 43 43Cash flow hedges 10 10Foreign currency risk 3 3Utility risk 7 7Equity instruments measured at fair value through other comprehensive income 31 31New Business Development 31 31Total assets 12 15 74 101Held for trading -4 -4Foreign currency risk -3 -3Index -1 -1Cash flow hedges -15 -15Foreign currency risk -13 -13CO2 risk -3 -3TOTAL LIABILITIES -20 -20December 31, 2023In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 12 12Foreign currency risk 4 4Syensqo share price 8 8Equity instruments measured at fair value through profit or loss 19 49 68Solvay Group Shares 19 19New Business Development 49 49Cash flow hedges 17 17Foreign currency risk 9 9Utility risk 6 6CO2 risk 3 3Equity instruments measured at fair value through26 26other comprehensive incomeNew Business Development 26 26Total assets 19 29 75 122Held for trading -2 -2Foreign currency risk -2 -2Cash flow hedges -49 -49Foreign currency risk -3 -3Interest rate risk -29 -29Utility risk -17 -17TOTAL LIABILITIES -51 -51Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.2024At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 49 26 75Total gains or losses- Recognized in profit or loss -7 -7- Recognized in other comprehensive income -3 -3Acquisitions 0 2 2Capital increases 1 5 6Transfers out of level 3DECEMBER 31 43 31 742023At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 46 24 70Total gains or losses- Recognized in profit or loss 5 5- Recognized in other comprehensive income -5 -5Acquisitions 0 9 9Capital decreases -2 -2 -4Transfers out of level 3DECEMBER 31 49 26 75Income and expenses of financial instruments recognized in other comprehensive incomeIncome and expenses on financial instruments recognized in other comprehensive income include the following:Cash flow hedgesForeign currencyCommodity risk Interest rate risk Total riskIn \u20ac million2024 2023 2024 2023 2024 2023 2024 2023January 1 6 6 -19 -1 -29 -42 5Recycling from other comprehensive income of derivative 1 -13 15 -1 0 15 -14financial instruments designated in a cash flow hedge relationshipEffective portion of changes in fair value of cash flow hedge -16 13 5 -17 36 -29 25 -33DECEMBER 31 -9 6 1 -19 7 -29 -1 -42Conventionally, (+) indicates an increase and (-) a reduction in equity. Foreign Currency and Commodity risks recycling is recognized in the group income statement above gross profit.Interest rate risk recycling is recognized in the group income statement in the charge of net debt.NOTE F28NET INDEBTEDNESSThe Group\u2019s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.In \u20ac million December 31, 2024 December 31, 2023Financial debt 2,115 2,313Cash and cash equivalents -659 -1,151Other financial instruments -97 -78Net indebtedness 1,359 1,084The financial debt at the end of 2024 is composed by:\u25cf the senior EUR bonds 2027 (\u20ac500 million nominal), senior US$Cytec bonds 2025 (US$163 million nominal), senior US$ 144Anotes 2029 (US$600 million nominal) and senior US$ 144Anotes 2034 (US$600 million nominal),\u25cf the IFRS 16 lease liabilities (\u20ac230 million),\u25cf commercial paper (\u20ac50 million nominal),\u25cf other financial debt (\u20ac30 million, excluding lease debt) mainlyshort term.Syensqo is Investment Grade rating Baa1/P2 (stable outlook) byMoody\u2019s and BBB+/A2 (stable outlook) by Standard & Poor\u2019s as ofthe 2024 closing.Financial debt: main borrowings December 31, 2024 December 31, 2023NominalCoupon Maturity Secured Amount atFairAmount atFairamount amortizedvalue amortizedvalueIn \u20ac million (except where indicated) cost costSenior EUR bonds Syensqo SA (issuance 500 2.75% 2027 No 498 501 498 492\u20ac500m)Senior US$ senior notes Cytec Industries Inc. 157 3.95% 2025 No 157 157 147 145(issuance US$250 million)Senior US$ notes (144A;US$600 million) 577 5.65% 2029 No 576 586Senior US$ notes (144A;US$600 million) 577 5.85% 2034 No 574 586Total senior US$ senior notes 1,311 1,307 1,329 147 145Credit facility (\u20ac600 million)* Floating2024 No 600 600RateCredit facility (US$816 million)* Floating2024 No 738 738RateTotal Credit facility (as above) 1,338 1,338Commercial Paper 50 2.89% 2025 No 50 50Other borrowings from third parties 30 30 111 111Lease debt 230 230 219 219TOTAL 2,115 2,140 2,313 2,305* Fully repaid in June 2024.There are no instances of default on the above-mentionedfinancial debts. There are no financial covenants, neither onSyensqo SA, nor on any of the Group\u2019s holding companies.Solvay SA remains the guarantor of the Cytec 2025 senior notes(effective since the date of the Partial Demerger). Syensqoprovides a counter-guarantee to Solvay for any payments to bemade under the Cytec 2025 senior notes. There is no accountingimpact of the counter-guarantee in the Syensqo consolidatedfinancial statements.In December, 2024, the Group announced that it had delivered anotice of early redemption in full to holders of the Cytec 2025senior notes. The redemption was implemented in accordancewith the terms and conditions of the bonds. The bonds wereredeemed on February 1, 2025 at a price of 100% of the principalamount (US$163 million \u20ac157 million), plus accrued and unpaidinterest thereon to, but not including, the redemption date(being US$2 million \u20ac2 million).Other financial instrumentsIn \u20ac million December 31, 2024 December 31, 2023Non-current other financial instruments 30 30Current other financial instruments 67 48Currency swaps 1 3Other marketable securities > 3 months 60 37Other current financial assets 6 9Other financial instruments 97 78The other marketable securities > 3 months include the bank drafts position.The other current financial assets mainly relate to current accounts with related parties.Cash and cash equivalentsIn \u20ac million December 31, 2024 December 31, 2023Cash 476 628Term deposits 182 523Cash and cash equivalents 659 1,151By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value.Changes in financial debt and in other financial instruments arising from financing activities2023 2024 Total Cash flows Cash flows Changes inChanges in TransferPaymentOther Totalfromfromforeignother currentfrom non-of leaseincrease ofrepayment ofexchange financialcurrent toliabilitiesIn \u20ac millionborrowings borrowingsratesassetscurrentBonds/Senior notes 645 1,104 49 -151 1,647Other non-current debts 1,348 16 -1,357 7Long term leasing debt 166 5 -70 67 168Non-current financial debt 2,159 1,104 70 -1,578 67 1,822Current financial debt 154 211 -1,566 8 1,578 -62 -30 293Total financial debt 2,313 1,315 -1,566 78 -62 37 2,115Other non-current financial instruments -30 -30Currency swaps -3 2 -1Other marketable securities > 3 months -37 -1 -22 -60Other current financial assets -9 3 -6Other financial instruments -79 -1 -22 5 -97TOTAL 2,234 1,315 -1,566 77 -22 -62 42 2,018The financial debt decreased from \u20ac2,313 million at the end of2023 to \u20ac2,115 million at the end of 2024.The Other non-current financial instruments remainedunchanged.The other financial instruments increased from \u20ac(79) million atthe end of 2023 to \u20ac(97) million at the end of 2024.The above variations are explained by:\u25cf Cash flows from increase of borrowings \u20ac1,315 million is mainlyexplained by the issuance of US$1,200 million of Senior Debtand the issuance of \u20ac150 million commercial paper of which\u20ac50 million have been extended until June 2025. Thisextension was reflected as an increase and decrease in thecash flow from borrowings;\u25cf Cash flows from repayment of borrowings \u20ac(1,566) million ismainly explained by the repayment of the bridge-to-bondfacilities \u20ac(1,355) million, repayment of the commercial paper\u20ac(100) million and reduction in working capital facilities inBrazil, India and Peru \u20ac(28) million;\u25cf Impact due to conversion of instruments denominated incurrencies different from the EURO of \u20ac77 million, whichincludes \u20ac78 million in the Financial debt and \u20ac(1) million inother financial instruments;\u25cf Changes in other current financial assets represented \u20ac(22)million mainly explained by the increase of Chinese bankdrafts in \u20ac(22) million;\u25cf In 2024 a total amount of \u20ac(1,578) million was transferred fromnon-current to current:\u2014 Bridge-to-bond facility: two drawdowns (\u20ac(600) million andUS$(816) million);\u2014 Senior note of Cytec for US$(163) million;\u2014 Leases \u20ac(70) million;\u25cf Payment of lease liabilities (\u20ac62 million);\u25cf Other changes in financial debt for a total of \u20ac42 million weremainly due to the increase of the lease obligations (\u20ac67million), partially compensated by settlement of the interestrate hedging instrument (Treasury Lock, valued at \u20ac(29)million at 31 December 2023) and \u20ac3 million are related toaccrued interest receivables.",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Financial assetsFinancial assets are classified, at initial recognition, andsubsequently measured at amortized cost, fair valuethrough other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognitiondepends on the financial asset\u2019s contractual cash flowcharacteristics and the Group\u2019s business model formanaging them. With the exception of trade receivablesthat do not contain a significant financing component or forwhich the Group has applied the practical expedient, theGroup initially measures a financial asset at its fair valueplus, in the case of a financial asset not at fair value throughprofit or loss, transaction costs. Trade receivables that donot contain a significant financing component or for whichthe Group has applied the practical expedient aremeasured at the transaction price, which is the case forsubstantially all trade receivables.A financial asset is classified as current when the cash flowsexpected to flow from the instrument mature within one year.In order for a financial asset to be classified and measuredat amortized cost or fair value through OCI, it needs to giverise to cash flows that are \u2018solely payments of principal andinterest (SPPI)\u2019 on the principal amount outstanding. Thisassessment is referred to as the SPPI test and is performedat an instrument level. Financial assets with cash flows thatare not SPPI are classified and measured at fair valuethrough profit or loss, irrespective of the business model.The Group\u2019s business model for managing financial assetsrefers to how it manages its financial assets in order togenerate cash flows. The business model determineswhether cash flows will result from collecting contractualcash flows, selling the financial assets, or both. Financialassets classified and measured at amortised cost are heldwithin a business model with the objective to hold financialassets in order to collect contractual cash flows whilefinancial assets classified and measured at fair valuethrough OCI are held within a business model with theobjective of both holding to collect contractual cash flowsand selling.For purposes of subsequent measurement, financial assetsare classified in four categories:\u25cf Financial assets at amortized cost (debt instruments)\u25cf Financial assets at fair value through OCI with recycling ofcumulative gains and losses (debt instruments). TheGroup does not have any debt instruments measured atfair value through OCI.\u25cf Financial assets designated at fair value through OCI withno recycling of cumulative gains and losses uponderecognition (equity instruments)\u25cf Financial assets at fair value through profit or loss Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measuredusing the effective interest (EIR) method and are subject toimpairment. Gains and losses are recognised in profit or losswhen the asset is derecognised, modified or impaired. TheGroup\u2019s financial assets at amortized cost includes tradereceivables, loans and other marketable securities.Financial assets designated at fair value through OCI(equity instruments) Upon initial recognition, the Group can elect to classifyirrevocably its equity investments as equity instrumentsdesignated at fair value through OCI when they meet thedefinition of equity under IAS 32 Financial Instruments:Presentation and are not held for trading. The classificationis determined on an instrument-by-instrument basis. Gainsand losses on these financial assets are never recycled toprofit or loss. Dividends are recognised as other income inthe statement of profit or loss when the right of paymenthas been established, except when the Group benefits fromsuch proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI. Equity instruments designated at fair value through OCIare not subject to impairment assessment. The Groupelected to classify irrevocably its non-listed equityinvestments under this category.Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss arecarried in the statement of financial position at fair valuewith net changes in fair value recognised in the statementof profit or loss. This category includes derivativeinstruments and listed equity investments which the Grouphad not irrevocably elected to classify at fair value throughOCI. Dividends on listed equity investments are recognisedas other income in the statement of profit or loss when theright of payment has been established. Equity investments in partnerships of investment funds aremeasured in the consolidated statement of financialposition at fair value with gains and losses recognized inprofit or loss. Based on the analysis of the characteristics ofthese funds the Group determined that they were noteligible for the FVTOCI option and therefore are accountedfor at FVTPL. A derivative embedded in a hybrid contract, with a financialliability or non-financial host, is separated from the host andaccounted for as a separate derivative if: the economiccharacteristics and risks are not closely related to the host;a separate instrument with the same terms as theembedded derivative would meet the definition of aderivative; and the hybrid contract is not measured at fairvalue through profit or loss. Embedded derivatives aremeasured at fair value with changes in fair valuerecognised in profit or loss. Reassessment only occurs ifthere is either a change in the terms of the contract thatsignificantly modifies the cash flows that would otherwisebe required or a reclassification of a financial asset out ofthe fair value through profit or loss category.For instruments quoted in an active market, the fair valuecorresponds to a market price (level 1). For instruments thatare not quoted in an active market, the fair value isdetermined using valuation techniques including referenceto recent arm\u2019s length market transactions or transactionsinvolving instruments which are substantially the same(level 2), or discounted cash flow analysis including, to thegreatest possible extent, assumptions consistent withobservable market data (level 3). However, in limitedcircumstances, cost of equity instruments may be anappropriate estimate of their fair value. That may be thecase if insufficient more recent information is available tomeasure fair value, or if there is a wide range of possible fairvalue measurements and cost represents the bestestimate of fair value within that range.Financial liabilitiesFinancial liabilities are classified, at initial recognition, asfinancial liabilities at fair value through profit or loss, loansand borrowings, payables, or as derivatives designated ashedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair valueand, in the case of loans and borrowings and payables, netof directly attributable transaction costs. The Group\u2019s financial liabilities include trade and otherpayables, loans and borrowings and derivative financialinstruments.The Group classifies financial liabilities that arise fromsupplier finance arrangements within Trade and otherpayables in the statement of financial position if they havea similar nature and function to trade payables. This is thecase if the supplier finance arrangement is part of theworking capital used in the Group\u2019s normal operating cycle,the level of security provided is similar to trade payablesand the terms of the liabilities that are part of the supplychain finance arrangement are not substantially differentfrom the terms of trade payables that are not part of thearrangement. Cash flows related to liabilities arising fromsupplier finance arrangements that are classified in Tradeand other payables in the consolidated statement offinancial position are included in operating activities in theconsolidated statement of cash flows.For the purposes of subsequent measurement, financialliabilities are classified in two categories:\u25cf Financial liabilities at fair value through profit or lossThis category includes financial guarantee contracts andderivative financial instruments entered into by the Groupthat are not designated as hedging instruments in hedgerelationships as defined by IFRS 9. Separated embeddedderivatives are also classified as held for trading unlessthey are designated as effective hedging instruments.The Group has not designated any financial liability as atfair value through profit or loss.\u25cf Financial liabilities at amortized cost (loans and borrowings)This is the category most relevant to the Group. Afterinitial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using theEIR method. Gains and losses are recognised in profit orloss when the liabilities are derecognised as well asthrough the EIR amortization process. Amortised cost iscalculated by taking into account any discount orpremium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included asfinance costs in the statement of profit or loss.F27.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fairvalue.Accounting policyQuoted market prices are available for financial assets andfinancial liabilities with standard terms and conditions thatare traded on active markets. The fair values of derivativefinancial instruments are equal to their quoted prices, ifavailable. In case such quoted prices are not available, thefair value of the financial instruments is determined basedon a discounted cash flow analysis using the applicableyield curve derived from quoted interest rates matchingmaturities of the contracts for non-optional derivatives.Optional derivatives are fair valued based on option pricingmodels, taking into account the present value of probabilityweighted expected future payoffs, using market referenceformulas.The fair values of other financial assets and financialliabilities are determined in accordance with generallyaccepted pricing models based on discounted cash flowanalysis.Derivative financial instrumentsThe Group enters into a variety of derivative financialinstruments (forward, future, option, collars and swapcontracts) to manage its exposure to interest rate risk,foreign exchange rate risk, and commodity risk (mainlyutility and CO2 emission rights price risks).As explained above, derivatives are initially recognized atfair value at the date a derivative contract is entered intoand are subsequently remeasured to their fair value at theend of each reporting period. The resulting gain or loss isrecognized in income or expense, unless the derivative isdesignated and effective as a hedging instrument. TheGroup designates certain derivatives as hedging instrumentsof the exposure to variability in cash flows with respect to arecognized asset or liability or a highly probable forecasttransaction that could affect profit or loss (cash flowhedges).A derivative with a positive fair value is recognized as afinancial asset whereas a derivative with a negative fairvalue is recognized as a financial liability. Derivativeinstruments (or portions of them) are presented as non-current assets or non-current liabilities if the remainingmaturity of the underlying settlements is more than twelvemonths after the reporting period. Other derivativeinstruments (or portions of them) are presented as currentassets or current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__189": {
"value": "Financial assetsFinancial assets are classified, at initial recognition, andsubsequently measured at amortized cost, fair valuethrough other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognitiondepends on the financial asset\u2019s contractual cash flowcharacteristics and the Group\u2019s business model formanaging them. With the exception of trade receivablesthat do not contain a significant financing component or forwhich the Group has applied the practical expedient, theGroup initially measures a financial asset at its fair valueplus, in the case of a financial asset not at fair value throughprofit or loss, transaction costs. Trade receivables that donot contain a significant financing component or for whichthe Group has applied the practical expedient aremeasured at the transaction price, which is the case forsubstantially all trade receivables.A financial asset is classified as current when the cash flowsexpected to flow from the instrument mature within one year.In order for a financial asset to be classified and measuredat amortized cost or fair value through OCI, it needs to giverise to cash flows that are \u2018solely payments of principal andinterest (SPPI)\u2019 on the principal amount outstanding. Thisassessment is referred to as the SPPI test and is performedat an instrument level. Financial assets with cash flows thatare not SPPI are classified and measured at fair valuethrough profit or loss, irrespective of the business model.The Group\u2019s business model for managing financial assetsrefers to how it manages its financial assets in order togenerate cash flows. The business model determineswhether cash flows will result from collecting contractualcash flows, selling the financial assets, or both. Financialassets classified and measured at amortised cost are heldwithin a business model with the objective to hold financialassets in order to collect contractual cash flows whilefinancial assets classified and measured at fair valuethrough OCI are held within a business model with theobjective of both holding to collect contractual cash flowsand selling.For purposes of subsequent measurement, financial assetsare classified in four categories:\u25cf Financial assets at amortized cost (debt instruments)\u25cf Financial assets at fair value through OCI with recycling ofcumulative gains and losses (debt instruments). TheGroup does not have any debt instruments measured atfair value through OCI.\u25cf Financial assets designated at fair value through OCI withno recycling of cumulative gains and losses uponderecognition (equity instruments)\u25cf Financial assets at fair value through profit or loss Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measuredusing the effective interest (EIR) method and are subject toimpairment. Gains and losses are recognised in profit or losswhen the asset is derecognised, modified or impaired. TheGroup\u2019s financial assets at amortized cost includes tradereceivables, loans and other marketable securities.Financial assets designated at fair value through OCI(equity instruments) Upon initial recognition, the Group can elect to classifyirrevocably its equity investments as equity instrumentsdesignated at fair value through OCI when they meet thedefinition of equity under IAS 32 Financial Instruments:Presentation and are not held for trading. The classificationis determined on an instrument-by-instrument basis. Gainsand losses on these financial assets are never recycled toprofit or loss. Dividends are recognised as other income inthe statement of profit or loss when the right of paymenthas been established, except when the Group benefits fromsuch proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI. Equity instruments designated at fair value through OCIare not subject to impairment assessment. The Groupelected to classify irrevocably its non-listed equityinvestments under this category.Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss arecarried in the statement of financial position at fair valuewith net changes in fair value recognised in the statementof profit or loss. This category includes derivativeinstruments and listed equity investments which the Grouphad not irrevocably elected to classify at fair value throughOCI. Dividends on listed equity investments are recognisedas other income in the statement of profit or loss when theright of payment has been established. Equity investments in partnerships of investment funds aremeasured in the consolidated statement of financialposition at fair value with gains and losses recognized inprofit or loss. Based on the analysis of the characteristics ofthese funds the Group determined that they were noteligible for the FVTOCI option and therefore are accountedfor at FVTPL. A derivative embedded in a hybrid contract, with a financialliability or non-financial host, is separated from the host andaccounted for as a separate derivative if: the economiccharacteristics and risks are not closely related to the host;a separate instrument with the same terms as theembedded derivative would meet the definition of aderivative; and the hybrid contract is not measured at fairvalue through profit or loss. Embedded derivatives aremeasured at fair value with changes in fair valuerecognised in profit or loss. Reassessment only occurs ifthere is either a change in the terms of the contract thatsignificantly modifies the cash flows that would otherwisebe required or a reclassification of a financial asset out ofthe fair value through profit or loss category.For instruments quoted in an active market, the fair valuecorresponds to a market price (level 1). For instruments thatare not quoted in an active market, the fair value isdetermined using valuation techniques including referenceto recent arm\u2019s length market transactions or transactionsinvolving instruments which are substantially the same(level 2), or discounted cash flow analysis including, to thegreatest possible extent, assumptions consistent withobservable market data (level 3). However, in limitedcircumstances, cost of equity instruments may be anappropriate estimate of their fair value. That may be thecase if insufficient more recent information is available tomeasure fair value, or if there is a wide range of possible fairvalue measurements and cost represents the bestestimate of fair value within that range.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__188-1": {
"value": "Financial assetsFinancial assets are classified, at initial recognition, andsubsequently measured at amortized cost, fair valuethrough other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognitiondepends on the financial asset\u2019s contractual cash flowcharacteristics and the Group\u2019s business model formanaging them. With the exception of trade receivablesthat do not contain a significant financing component or forwhich the Group has applied the practical expedient, theGroup initially measures a financial asset at its fair valueplus, in the case of a financial asset not at fair value throughprofit or loss, transaction costs. Trade receivables that donot contain a significant financing component or for whichthe Group has applied the practical expedient aremeasured at the transaction price, which is the case forsubstantially all trade receivables.A financial asset is classified as current when the cash flowsexpected to flow from the instrument mature within one year.In order for a financial asset to be classified and measuredat amortized cost or fair value through OCI, it needs to giverise to cash flows that are \u2018solely payments of principal andinterest (SPPI)\u2019 on the principal amount outstanding. Thisassessment is referred to as the SPPI test and is performedat an instrument level. Financial assets with cash flows thatare not SPPI are classified and measured at fair valuethrough profit or loss, irrespective of the business model.The Group\u2019s business model for managing financial assetsrefers to how it manages its financial assets in order togenerate cash flows. The business model determineswhether cash flows will result from collecting contractualcash flows, selling the financial assets, or both. Financialassets classified and measured at amortised cost are heldwithin a business model with the objective to hold financialassets in order to collect contractual cash flows whilefinancial assets classified and measured at fair valuethrough OCI are held within a business model with theobjective of both holding to collect contractual cash flowsand selling.For purposes of subsequent measurement, financial assetsare classified in four categories:\u25cf Financial assets at amortized cost (debt instruments)\u25cf Financial assets at fair value through OCI with recycling ofcumulative gains and losses (debt instruments). TheGroup does not have any debt instruments measured atfair value through OCI.\u25cf Financial assets designated at fair value through OCI withno recycling of cumulative gains and losses uponderecognition (equity instruments)\u25cf Financial assets at fair value through profit or loss Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measuredusing the effective interest (EIR) method and are subject toimpairment. Gains and losses are recognised in profit or losswhen the asset is derecognised, modified or impaired. TheGroup\u2019s financial assets at amortized cost includes tradereceivables, loans and other marketable securities.Financial assets designated at fair value through OCI(equity instruments) Upon initial recognition, the Group can elect to classifyirrevocably its equity investments as equity instrumentsdesignated at fair value through OCI when they meet thedefinition of equity under IAS 32 Financial Instruments:Presentation and are not held for trading. The classificationis determined on an instrument-by-instrument basis. Gainsand losses on these financial assets are never recycled toprofit or loss. Dividends are recognised as other income inthe statement of profit or loss when the right of paymenthas been established, except when the Group benefits fromsuch proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI. Equity instruments designated at fair value through OCIare not subject to impairment assessment. The Groupelected to classify irrevocably its non-listed equityinvestments under this category.Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss arecarried in the statement of financial position at fair valuewith net changes in fair value recognised in the statementof profit or loss. This category includes derivativeinstruments and listed equity investments which the Grouphad not irrevocably elected to classify at fair value throughOCI. Dividends on listed equity investments are recognisedas other income in the statement of profit or loss when theright of payment has been established. Equity investments in partnerships of investment funds aremeasured in the consolidated statement of financialposition at fair value with gains and losses recognized inprofit or loss. Based on the analysis of the characteristics ofthese funds the Group determined that they were noteligible for the FVTOCI option and therefore are accountedfor at FVTPL. A derivative embedded in a hybrid contract, with a financialliability or non-financial host, is separated from the host andaccounted for as a separate derivative if: the economiccharacteristics and risks are not closely related to the host;a separate instrument with the same terms as theembedded derivative would meet the definition of aderivative; and the hybrid contract is not measured at fairvalue through profit or loss. Embedded derivatives aremeasured at fair value with changes in fair valuerecognised in profit or loss. Reassessment only occurs ifthere is either a change in the terms of the contract thatsignificantly modifies the cash flows that would otherwisebe required or a reclassification of a financial asset out ofthe fair value through profit or loss category.For instruments quoted in an active market, the fair valuecorresponds to a market price (level 1). For instruments thatare not quoted in an active market, the fair value isdetermined using valuation techniques including referenceto recent arm\u2019s length market transactions or transactionsinvolving instruments which are substantially the same(level 2), or discounted cash flow analysis including, to thegreatest possible extent, assumptions consistent withobservable market data (level 3). However, in limitedcircumstances, cost of equity instruments may be anappropriate estimate of their fair value. That may be thecase if insufficient more recent information is available tomeasure fair value, or if there is a wide range of possible fairvalue measurements and cost represents the bestestimate of fair value within that range.Impairment of financial assetsThe impairment loss of a financial asset measured atamortized cost is calculated based on the expected lossmodel, representing the weighted average of credit losseswith the respective risks of a default occurring as theweights. Expected credit losses are based on the differencebetween the contractual cash flows due in accordance withthe contract and all the cash flows that the Group expectsto receive, discounted at an approximation of the originaleffective interest rate.For trade receivables that do not contain a significantfinancing component (i.e. substantially all trade receivables),the loss allowance is measured at an amount equal tolifetime expected credit losses. Those are the expected creditlosses that result from all possible default events over theexpected life of those trade receivables, using a provisionmatrix that takes into account historical information ondefaults adjusted for the forward-looking information percustomer. The Group considers a financial asset in defaultwhen contractual payments are 60 days past due. However,in certain cases, the Group may also consider a financialasset to be in default when internal or external informationindicates that the Group is unlikely to receive theoutstanding contractual amounts in full before taking intoaccount any credit enhancements held by the Group. Afinancial asset is fully impaired when there is no reasonableexpectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidatedincome statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__187-1": {
"value": "Financial assetsFinancial assets are classified, at initial recognition, andsubsequently measured at amortized cost, fair valuethrough other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognitiondepends on the financial asset\u2019s contractual cash flowcharacteristics and the Group\u2019s business model formanaging them. With the exception of trade receivablesthat do not contain a significant financing component or forwhich the Group has applied the practical expedient, theGroup initially measures a financial asset at its fair valueplus, in the case of a financial asset not at fair value throughprofit or loss, transaction costs. Trade receivables that donot contain a significant financing component or for whichthe Group has applied the practical expedient aremeasured at the transaction price, which is the case forsubstantially all trade receivables.A financial asset is classified as current when the cash flowsexpected to flow from the instrument mature within one year.In order for a financial asset to be classified and measuredat amortized cost or fair value through OCI, it needs to giverise to cash flows that are \u2018solely payments of principal andinterest (SPPI)\u2019 on the principal amount outstanding. Thisassessment is referred to as the SPPI test and is performedat an instrument level. Financial assets with cash flows thatare not SPPI are classified and measured at fair valuethrough profit or loss, irrespective of the business model.The Group\u2019s business model for managing financial assetsrefers to how it manages its financial assets in order togenerate cash flows. The business model determineswhether cash flows will result from collecting contractualcash flows, selling the financial assets, or both. Financialassets classified and measured at amortised cost are heldwithin a business model with the objective to hold financialassets in order to collect contractual cash flows whilefinancial assets classified and measured at fair valuethrough OCI are held within a business model with theobjective of both holding to collect contractual cash flowsand selling.For purposes of subsequent measurement, financial assetsare classified in four categories:\u25cf Financial assets at amortized cost (debt instruments)\u25cf Financial assets at fair value through OCI with recycling ofcumulative gains and losses (debt instruments). TheGroup does not have any debt instruments measured atfair value through OCI.\u25cf Financial assets designated at fair value through OCI withno recycling of cumulative gains and losses uponderecognition (equity instruments)\u25cf Financial assets at fair value through profit or loss Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measuredusing the effective interest (EIR) method and are subject toimpairment. Gains and losses are recognised in profit or losswhen the asset is derecognised, modified or impaired. TheGroup\u2019s financial assets at amortized cost includes tradereceivables, loans and other marketable securities.Financial assets designated at fair value through OCI(equity instruments) Upon initial recognition, the Group can elect to classifyirrevocably its equity investments as equity instrumentsdesignated at fair value through OCI when they meet thedefinition of equity under IAS 32 Financial Instruments:Presentation and are not held for trading. The classificationis determined on an instrument-by-instrument basis. Gainsand losses on these financial assets are never recycled toprofit or loss. Dividends are recognised as other income inthe statement of profit or loss when the right of paymenthas been established, except when the Group benefits fromsuch proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI. Equity instruments designated at fair value through OCIare not subject to impairment assessment. The Groupelected to classify irrevocably its non-listed equityinvestments under this category.Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss arecarried in the statement of financial position at fair valuewith net changes in fair value recognised in the statementof profit or loss. This category includes derivativeinstruments and listed equity investments which the Grouphad not irrevocably elected to classify at fair value throughOCI. Dividends on listed equity investments are recognisedas other income in the statement of profit or loss when theright of payment has been established. Equity investments in partnerships of investment funds aremeasured in the consolidated statement of financialposition at fair value with gains and losses recognized inprofit or loss. Based on the analysis of the characteristics ofthese funds the Group determined that they were noteligible for the FVTOCI option and therefore are accountedfor at FVTPL. A derivative embedded in a hybrid contract, with a financialliability or non-financial host, is separated from the host andaccounted for as a separate derivative if: the economiccharacteristics and risks are not closely related to the host;a separate instrument with the same terms as theembedded derivative would meet the definition of aderivative; and the hybrid contract is not measured at fairvalue through profit or loss. Embedded derivatives aremeasured at fair value with changes in fair valuerecognised in profit or loss. Reassessment only occurs ifthere is either a change in the terms of the contract thatsignificantly modifies the cash flows that would otherwisebe required or a reclassification of a financial asset out ofthe fair value through profit or loss category.For instruments quoted in an active market, the fair valuecorresponds to a market price (level 1). For instruments thatare not quoted in an active market, the fair value isdetermined using valuation techniques including referenceto recent arm\u2019s length market transactions or transactionsinvolving instruments which are substantially the same(level 2), or discounted cash flow analysis including, to thegreatest possible extent, assumptions consistent withobservable market data (level 3). However, in limitedcircumstances, cost of equity instruments may be anappropriate estimate of their fair value. That may be thecase if insufficient more recent information is available tomeasure fair value, or if there is a wide range of possible fairvalue measurements and cost represents the bestestimate of fair value within that range.F27.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fairvalue.Accounting policyQuoted market prices are available for financial assets andfinancial liabilities with standard terms and conditions thatare traded on active markets. The fair values of derivativefinancial instruments are equal to their quoted prices, ifavailable. In case such quoted prices are not available, thefair value of the financial instruments is determined basedon a discounted cash flow analysis using the applicableyield curve derived from quoted interest rates matchingmaturities of the contracts for non-optional derivatives.Optional derivatives are fair valued based on option pricingmodels, taking into account the present value of probabilityweighted expected future payoffs, using market referenceformulas.The fair values of other financial assets and financialliabilities are determined in accordance with generallyaccepted pricing models based on discounted cash flowanalysis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__192": {
"value": "Impairment of financial assetsThe impairment loss of a financial asset measured atamortized cost is calculated based on the expected lossmodel, representing the weighted average of credit losseswith the respective risks of a default occurring as theweights. Expected credit losses are based on the differencebetween the contractual cash flows due in accordance withthe contract and all the cash flows that the Group expectsto receive, discounted at an approximation of the originaleffective interest rate.For trade receivables that do not contain a significantfinancing component (i.e. substantially all trade receivables),the loss allowance is measured at an amount equal tolifetime expected credit losses. Those are the expected creditlosses that result from all possible default events over theexpected life of those trade receivables, using a provisionmatrix that takes into account historical information ondefaults adjusted for the forward-looking information percustomer. The Group considers a financial asset in defaultwhen contractual payments are 60 days past due. However,in certain cases, the Group may also consider a financialasset to be in default when internal or external informationindicates that the Group is unlikely to receive theoutstanding contractual amounts in full before taking intoaccount any credit enhancements held by the Group. Afinancial asset is fully impaired when there is no reasonableexpectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidatedincome statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__199": {
"value": "Financial liabilitiesFinancial liabilities are classified, at initial recognition, asfinancial liabilities at fair value through profit or loss, loansand borrowings, payables, or as derivatives designated ashedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair valueand, in the case of loans and borrowings and payables, netof directly attributable transaction costs. The Group\u2019s financial liabilities include trade and otherpayables, loans and borrowings and derivative financialinstruments.The Group classifies financial liabilities that arise fromsupplier finance arrangements within Trade and otherpayables in the statement of financial position if they havea similar nature and function to trade payables. This is thecase if the supplier finance arrangement is part of theworking capital used in the Group\u2019s normal operating cycle,the level of security provided is similar to trade payablesand the terms of the liabilities that are part of the supplychain finance arrangement are not substantially differentfrom the terms of trade payables that are not part of thearrangement. Cash flows related to liabilities arising fromsupplier finance arrangements that are classified in Tradeand other payables in the consolidated statement offinancial position are included in operating activities in theconsolidated statement of cash flows.For the purposes of subsequent measurement, financialliabilities are classified in two categories:\u25cf Financial liabilities at fair value through profit or lossThis category includes financial guarantee contracts andderivative financial instruments entered into by the Groupthat are not designated as hedging instruments in hedgerelationships as defined by IFRS 9. Separated embeddedderivatives are also classified as held for trading unlessthey are designated as effective hedging instruments.The Group has not designated any financial liability as atfair value through profit or loss.\u25cf Financial liabilities at amortized cost (loans and borrowings)This is the category most relevant to the Group. Afterinitial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using theEIR method. Gains and losses are recognised in profit orloss when the liabilities are derecognised as well asthrough the EIR amortization process. Amortised cost iscalculated by taking into account any discount orpremium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included asfinance costs in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__198": {
"value": "Financial liabilitiesFinancial liabilities are classified, at initial recognition, asfinancial liabilities at fair value through profit or loss, loansand borrowings, payables, or as derivatives designated ashedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair valueand, in the case of loans and borrowings and payables, netof directly attributable transaction costs. The Group\u2019s financial liabilities include trade and otherpayables, loans and borrowings and derivative financialinstruments.The Group classifies financial liabilities that arise fromsupplier finance arrangements within Trade and otherpayables in the statement of financial position if they havea similar nature and function to trade payables. This is thecase if the supplier finance arrangement is part of theworking capital used in the Group\u2019s normal operating cycle,the level of security provided is similar to trade payablesand the terms of the liabilities that are part of the supplychain finance arrangement are not substantially differentfrom the terms of trade payables that are not part of thearrangement. Cash flows related to liabilities arising fromsupplier finance arrangements that are classified in Tradeand other payables in the consolidated statement offinancial position are included in operating activities in theconsolidated statement of cash flows.For the purposes of subsequent measurement, financialliabilities are classified in two categories:\u25cf Financial liabilities at fair value through profit or lossThis category includes financial guarantee contracts andderivative financial instruments entered into by the Groupthat are not designated as hedging instruments in hedgerelationships as defined by IFRS 9. Separated embeddedderivatives are also classified as held for trading unlessthey are designated as effective hedging instruments.The Group has not designated any financial liability as atfair value through profit or loss.\u25cf Financial liabilities at amortized cost (loans and borrowings)This is the category most relevant to the Group. Afterinitial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using theEIR method. Gains and losses are recognised in profit orloss when the liabilities are derecognised as well asthrough the EIR amortization process. Amortised cost iscalculated by taking into account any discount orpremium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included asfinance costs in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__197": {
"value": "Financial liabilitiesFinancial liabilities are classified, at initial recognition, asfinancial liabilities at fair value through profit or loss, loansand borrowings, payables, or as derivatives designated ashedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair valueand, in the case of loans and borrowings and payables, netof directly attributable transaction costs. The Group\u2019s financial liabilities include trade and otherpayables, loans and borrowings and derivative financialinstruments.The Group classifies financial liabilities that arise fromsupplier finance arrangements within Trade and otherpayables in the statement of financial position if they havea similar nature and function to trade payables. This is thecase if the supplier finance arrangement is part of theworking capital used in the Group\u2019s normal operating cycle,the level of security provided is similar to trade payablesand the terms of the liabilities that are part of the supplychain finance arrangement are not substantially differentfrom the terms of trade payables that are not part of thearrangement. Cash flows related to liabilities arising fromsupplier finance arrangements that are classified in Tradeand other payables in the consolidated statement offinancial position are included in operating activities in theconsolidated statement of cash flows.For the purposes of subsequent measurement, financialliabilities are classified in two categories:\u25cf Financial liabilities at fair value through profit or lossThis category includes financial guarantee contracts andderivative financial instruments entered into by the Groupthat are not designated as hedging instruments in hedgerelationships as defined by IFRS 9. Separated embeddedderivatives are also classified as held for trading unlessthey are designated as effective hedging instruments.The Group has not designated any financial liability as atfair value through profit or loss.\u25cf Financial liabilities at amortized cost (loans and borrowings)This is the category most relevant to the Group. Afterinitial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using theEIR method. Gains and losses are recognised in profit orloss when the liabilities are derecognised as well asthrough the EIR amortization process. Amortised cost iscalculated by taking into account any discount orpremium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included asfinance costs in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__228": {
"value": "Derivative financial instrumentsThe Group enters into a variety of derivative financialinstruments (forward, future, option, collars and swapcontracts) to manage its exposure to interest rate risk,foreign exchange rate risk, and commodity risk (mainlyutility and CO2 emission rights price risks).As explained above, derivatives are initially recognized atfair value at the date a derivative contract is entered intoand are subsequently remeasured to their fair value at theend of each reporting period. The resulting gain or loss isrecognized in income or expense, unless the derivative isdesignated and effective as a hedging instrument. TheGroup designates certain derivatives as hedging instrumentsof the exposure to variability in cash flows with respect to arecognized asset or liability or a highly probable forecasttransaction that could affect profit or loss (cash flowhedges).A derivative with a positive fair value is recognized as afinancial asset whereas a derivative with a negative fairvalue is recognized as a financial liability. Derivativeinstruments (or portions of them) are presented as non-current assets or non-current liabilities if the remainingmaturity of the underlying settlements is more than twelvemonths after the reporting period. Other derivativeinstruments (or portions of them) are presented as currentassets or current liabilities.Hedge accountingThe Group designates certain derivatives and embeddedderivatives, in respect of interest rate risk, foreign exchangerate risk, Syensqo share price risk, and commodity risk(mainly utility and CO2 emission rights price risks), ashedging instruments in a cash flow hedge relationship.At the inception of the hedge relationship, there is a formaldesignation and documentation of the hedging relationshipand the Group\u2019s risk management objective and strategyfor undertaking the hedge. So to apply hedge accounting:(a) there is an economic relationship between the hedgeditem and the hedging instrument, (b) the effect of credit riskdoes not dominate the value changes that result from thateconomic relationship, and (c) the hedge ratio of thehedging relationship is the same as that resulting from thequantity of the hedged item that the Group actually hedgesand the quantity of the hedging instrument that the Groupactually uses to hedge that quantity of hedged item.The requirement under (a) above that an economicrelationship exists means that there is an expectation thatthe value of the hedging instrument and the value of thehedged item will systematically change in the oppositedirection in response to movements in either the sameunderlying (or underlyings that are economically related insuch a way that they respond in a similar way to the riskthat is being hedged).Cash flow hedgesThe effective portion of changes in the fair value of hedginginstruments that are designated in a cash flow hedge isrecognized in other comprehensive income.The gain or loss relating to the ineffective portion isrecognized immediately in profit or loss.The cash flow hedge reserve is adjusted to the lower of thefollowing (in absolute amounts):(a) the cumulative gain or loss on the hedging instrumentfrom inception of the hedge; and(b) the cumulative change in fair value (present value) ofthe hedged item (i.e. The present value of the cumulativechange in the hedged expected future cash flows)from inception of the hedge.The amount that has been accumulated in the cash flowhedge reserve is accounted for as follows:(a) if a hedged forecast transaction subsequently results inthe recognition of a non-financial asset or a non-financial liability, the Group removes that amount fromthe cash flow hedge reserve and includes it directly inthe initial cost or other carrying amount of the asset orthe liability. This is not a reclassification adjustment andhence it does not affect other comprehensive income;(b) for cash flow hedges other than those covered by i),that amount is reclassified from the cash flow hedgereserve to profit or loss as a reclassification adjustmentin the same period or periods during which the hedgedexpected future cash flows affect profit or loss (forexample, in the periods that interest income or interestexpense is recognized or when a forecast sale occurs);(c) however, if that amount is a loss and the Group expectsthat all or a portion of that loss will not be recovered inone or more future periods, it immediately reclassifiesthe amount that is not expected to be recovered intoprofit or loss as a reclassification adjustment.Most hedged items are transaction related. The time valueof options, forward elements of forward contracts, andforeign currency basis spreads of financial instruments thatare hedging the items affect profit or loss at the same timeas those hedged items.Hedge accounting is discontinued prospectively when thehedging relationship (or a part of a hedging relationship)ceases to meet the qualifying criteria (after taking intoaccount any rebalancing of the hedging relationship, ifapplicable). This includes instances when the hedginginstrument expires or is sold, terminated or exercised. When the Group discontinues hedge accounting for a cashflow hedge it accounts for the amount that has beenaccumulated in the cash flow hedge reserve as follows:\u25cf if the hedged future cash flows are still expected to occur,that amount remains in the cash flow hedge reserve untilthe future cash flows occur. However, if that amount is aloss and the Group expects that all or a portion of thatloss will not be recovered in one or more future periods, itimmediately reclassifies the amount that is not expectedto be recovered into profit or loss as a reclassificationadjustment; \u25cf if the hedged future cash flows are no longer expected tooccur, that amount is immediately reclassified from thecash flow hedge reserve to profit or loss as a reclassificationadjustment. A hedged future cash flow that is no longerhighly probable to occur may still be expected to occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__227": {
"value": "Derivative financial instrumentsThe Group enters into a variety of derivative financialinstruments (forward, future, option, collars and swapcontracts) to manage its exposure to interest rate risk,foreign exchange rate risk, and commodity risk (mainlyutility and CO2 emission rights price risks).As explained above, derivatives are initially recognized atfair value at the date a derivative contract is entered intoand are subsequently remeasured to their fair value at theend of each reporting period. The resulting gain or loss isrecognized in income or expense, unless the derivative isdesignated and effective as a hedging instrument. TheGroup designates certain derivatives as hedging instrumentsof the exposure to variability in cash flows with respect to arecognized asset or liability or a highly probable forecasttransaction that could affect profit or loss (cash flowhedges).A derivative with a positive fair value is recognized as afinancial asset whereas a derivative with a negative fairvalue is recognized as a financial liability. Derivativeinstruments (or portions of them) are presented as non-current assets or non-current liabilities if the remainingmaturity of the underlying settlements is more than twelvemonths after the reporting period. Other derivativeinstruments (or portions of them) are presented as currentassets or current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__230": {
"value": "Hedge accountingThe Group designates certain derivatives and embeddedderivatives, in respect of interest rate risk, foreign exchangerate risk, Syensqo share price risk, and commodity risk(mainly utility and CO2 emission rights price risks), ashedging instruments in a cash flow hedge relationship.At the inception of the hedge relationship, there is a formaldesignation and documentation of the hedging relationshipand the Group\u2019s risk management objective and strategyfor undertaking the hedge. So to apply hedge accounting:(a) there is an economic relationship between the hedgeditem and the hedging instrument, (b) the effect of credit riskdoes not dominate the value changes that result from thateconomic relationship, and (c) the hedge ratio of thehedging relationship is the same as that resulting from thequantity of the hedged item that the Group actually hedgesand the quantity of the hedging instrument that the Groupactually uses to hedge that quantity of hedged item.The requirement under (a) above that an economicrelationship exists means that there is an expectation thatthe value of the hedging instrument and the value of thehedged item will systematically change in the oppositedirection in response to movements in either the sameunderlying (or underlyings that are economically related insuch a way that they respond in a similar way to the riskthat is being hedged).Cash flow hedgesThe effective portion of changes in the fair value of hedginginstruments that are designated in a cash flow hedge isrecognized in other comprehensive income.The gain or loss relating to the ineffective portion isrecognized immediately in profit or loss.The cash flow hedge reserve is adjusted to the lower of thefollowing (in absolute amounts):(a) the cumulative gain or loss on the hedging instrumentfrom inception of the hedge; and(b) the cumulative change in fair value (present value) ofthe hedged item (i.e. The present value of the cumulativechange in the hedged expected future cash flows)from inception of the hedge.The amount that has been accumulated in the cash flowhedge reserve is accounted for as follows:(a) if a hedged forecast transaction subsequently results inthe recognition of a non-financial asset or a non-financial liability, the Group removes that amount fromthe cash flow hedge reserve and includes it directly inthe initial cost or other carrying amount of the asset orthe liability. This is not a reclassification adjustment andhence it does not affect other comprehensive income;(b) for cash flow hedges other than those covered by i),that amount is reclassified from the cash flow hedgereserve to profit or loss as a reclassification adjustmentin the same period or periods during which the hedgedexpected future cash flows affect profit or loss (forexample, in the periods that interest income or interestexpense is recognized or when a forecast sale occurs);(c) however, if that amount is a loss and the Group expectsthat all or a portion of that loss will not be recovered inone or more future periods, it immediately reclassifiesthe amount that is not expected to be recovered intoprofit or loss as a reclassification adjustment.Most hedged items are transaction related. The time valueof options, forward elements of forward contracts, andforeign currency basis spreads of financial instruments thatare hedging the items affect profit or loss at the same timeas those hedged items.Hedge accounting is discontinued prospectively when thehedging relationship (or a part of a hedging relationship)ceases to meet the qualifying criteria (after taking intoaccount any rebalancing of the hedging relationship, ifapplicable). This includes instances when the hedginginstrument expires or is sold, terminated or exercised. When the Group discontinues hedge accounting for a cashflow hedge it accounts for the amount that has beenaccumulated in the cash flow hedge reserve as follows:\u25cf if the hedged future cash flows are still expected to occur,that amount remains in the cash flow hedge reserve untilthe future cash flows occur. However, if that amount is aloss and the Group expects that all or a portion of thatloss will not be recovered in one or more future periods, itimmediately reclassifies the amount that is not expectedto be recovered into profit or loss as a reclassificationadjustment; \u25cf if the hedged future cash flows are no longer expected tooccur, that amount is immediately reclassified from thecash flow hedge reserve to profit or loss as a reclassificationadjustment. A hedged future cash flow that is no longerhighly probable to occur may still be expected to occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__206-1": {
"value": "F27.A. Overview of financial instrumentsThe following table presents the financial assets and liabilities according to their classification under IFRS 9.December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountNon-current assets - Financial instruments 209 228Equity instruments measured at fair value through Financial assets measured at fair value through 31 26other comprehensive incomeother comprehensive incomeEquity instruments measured at fair value through Financial assets measured at fair value through 55 68profit or lossprofit or lossLoans and other non-current assets (excluding Financial assets measured at amortized cost 122 133pension fund surpluses)Financial instruments - Operational 1 2Derivative financial instruments designated in aCash-flow hedge 1 2cash flow hedge relationshipCurrent assets - Financial instruments 1,691 2,134Trade receivables Financial assets measured at amortized cost 948 907Loans short term portion Financial assets measured at amortized cost 4 3Other financial instruments 67 48Other marketable securities >3 months Financial assets measured at amortized cost 58 30Currency swaps Held for trading 1 3Other current financial assets Financial assets measured at amortized cost 8 16December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountFinancial instruments - Operational 14 25Held for trading Held for trading 5 9Derivative financial instruments designated Cash-flow hedge 9 16in a cash flow hedge relationshipCash and cash equivalents Financial assets measured at amortized cost 659 1,150Total assets - Financial instruments 1,899 2,362Non-current liabilities - Financial instruments 1,865 2,229Financial debt 1,822 2,159Bonds/Senior notes Financial liabilities measured at amortized cost 1,647 645Other non-current debts Financial liabilities measured at amortized cost 7 1,348Lease liabilities IFRS 16 - Non-current portion Lease liabilities measured at amortized cost 168 166Other liabilities Financial liabilities measured at amortized cost 43 68Financial instruments - Operational 0 2Derivative financial instruments designated in aCash-flow hedge 0 2cash flow hedge relationshipCurrent liabilities - Financial instruments 1,312 1,090Financial debt 293 154Short-term financial debt Financial liabilities measured at amortized cost 230 71Currency swaps Held for trading 1 1Derivative financial instruments designated in aCash-flow hedge 0 29cash flow hedge relationshipLease liabilities IFRS 16 - Current portion Lease liabilities measured at amortized cost 62 53Trade payables Financial liabilities measured at amortized cost 1,001 918Financial instruments - Operational 19 19Held for trading Held for trading 4 1Derivative financial instruments designated in aCash-flow hedge 15 18cash flow hedge relationshipTotal liabilities - Financial instruments 3,177 3,320The category \u201cHeld for trading\u201d contains derivative financialinstruments that are used for management of foreign currencyrisk. Contracts which have been documented as hedginginstruments (hedge accounting under IFRS 9 FinancialInstruments) or which meet the exemption criteria for own useare not included in the category \u201cHeld for trading\u201d. Equityinstruments measured at fair value through OCI and throughprofit or loss pertain to the Group\u2019s New Business Development(NBD) activity: the Group has built a Corporate Venturingportfolio, which consists of direct investments in start-upcompanies and of investments in venture capital funds. If theGroup does not have significant influence or joint control, theinvestments are measured at fair value according to thevaluation guidelines published by the European Private Equityand Venture Capital Association. The impacts of the directinvestments are recognized in other comprehensive incomewhile the venture capital funds are generally recognized throughprofit and loss.Equity instruments measured at fair value through profit or lossalso include the Solvay shares (amounting to \u20ac12 million as ofDecember 31, 2024, and \u20ac19 million as of December 31, 2023)contributed upon the Partial Demerger for the Long TermIncentive Plans for which the beneficiaries will receive Solvayshares.F27.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fairvalue.Accounting policyQuoted market prices are available for financial assets andfinancial liabilities with standard terms and conditions thatare traded on active markets. The fair values of derivativefinancial instruments are equal to their quoted prices, ifavailable. In case such quoted prices are not available, thefair value of the financial instruments is determined basedon a discounted cash flow analysis using the applicableyield curve derived from quoted interest rates matchingmaturities of the contracts for non-optional derivatives.Optional derivatives are fair valued based on option pricingmodels, taking into account the present value of probabilityweighted expected future payoffs, using market referenceformulas.The fair values of other financial assets and financialliabilities are determined in accordance with generallyaccepted pricing models based on discounted cash flowanalysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)December 31, 2024 December 31, 2023CarryingFair value CarryingFair valueIn \u20ac millionamountamountNon-current assets - Financial instruments 122 122 133 133Loans and other non-current assets (except pension fund surpluses and 122 122 133 133ong-term inventory balance)Non-current liabilities - Financial instruments -1,697 -1,723 -2,061 -2,053Bonds/Senior notes -1,647 -1,673 -645 -637Other non-current debts -7 -7 -1,348 -1,348Other liabilities -43 -43 -68 -68The carrying amounts of financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term tomaturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in theconsolidated statement of financial position\u201d provides ananalysis of financial instruments that, subsequent to their initialrecognition, are measured at fair value, grouped into Levels 1 to 3based on the degree to which the fair value is observable.Financial instruments, classified as held for trading and ashedging instruments in cash flow hedges are mainly groupedinto Levels 1 and 2. They are fair valued based on forward pricingand swap models using present value calculations. The modelsincorporate various inputs including foreign exchange spot andinterest rates of the respective currencies, currency basisspreads between the respective currencies, interest rate curvesand forward rate curves of the underlying commodity. Theequity instruments measured at fair value through OCI andthrough profit and loss are presented within Level 1 and 3. Thefair value of the instruments presented under Level 3 ismeasured based on the guidelines recommended by TheInternational Private Equity and Venture Capital Valuation (IPEV).In accordance with the Group internal rules, the responsibility formeasuring the fair value level resides with (a) the Treasurydepartment for the non-utility derivative financial instruments,and the non-derivative financial liabilities, (b) the SustainableDevelopment and Energy department for the utility derivativefinancial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorization(based on the lowest level input that is significant to the fairvalue measurement as a whole) at the end of each reportingperiod. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2024In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 6 6Foreign currency risk 1 1Syensqo share price 3 3Index 1 1Equity instruments measured at fair value through profit or loss 12 43 55Solvay Group Shares 12 12New Business Development 43 43Cash flow hedges 10 10Foreign currency risk 3 3Utility risk 7 7Equity instruments measured at fair value through other comprehensive income 31 31New Business Development 31 31Total assets 12 15 74 101Held for trading -4 -4Foreign currency risk -3 -3Index -1 -1Cash flow hedges -15 -15Foreign currency risk -13 -13CO2 risk -3 -3TOTAL LIABILITIES -20 -20December 31, 2023In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 12 12Foreign currency risk 4 4Syensqo share price 8 8Equity instruments measured at fair value through profit or loss 19 49 68Solvay Group Shares 19 19New Business Development 49 49Cash flow hedges 17 17Foreign currency risk 9 9Utility risk 6 6CO2 risk 3 3Equity instruments measured at fair value through26 26other comprehensive incomeNew Business Development 26 26Total assets 19 29 75 122Held for trading -2 -2Foreign currency risk -2 -2Cash flow hedges -49 -49Foreign currency risk -3 -3Interest rate risk -29 -29Utility risk -17 -17TOTAL LIABILITIES -51 -51Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.2024At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 49 26 75Total gains or losses- Recognized in profit or loss -7 -7- Recognized in other comprehensive income -3 -3Acquisitions 0 2 2Capital increases 1 5 6Transfers out of level 3DECEMBER 31 43 31 742023At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 46 24 70Total gains or losses- Recognized in profit or loss 5 5- Recognized in other comprehensive income -5 -5Acquisitions 0 9 9Capital decreases -2 -2 -4Transfers out of level 3DECEMBER 31 49 26 75Income and expenses of financial instruments recognized in other comprehensive incomeIncome and expenses on financial instruments recognized in other comprehensive income include the following:Cash flow hedgesForeign currencyCommodity risk Interest rate risk Total riskIn \u20ac million2024 2023 2024 2023 2024 2023 2024 2023January 1 6 6 -19 -1 -29 -42 5Recycling from other comprehensive income of derivative 1 -13 15 -1 0 15 -14financial instruments designated in a cash flow hedge relationshipEffective portion of changes in fair value of cash flow hedge -16 13 5 -17 36 -29 25 -33DECEMBER 31 -9 6 1 -19 7 -29 -1 -42Conventionally, (+) indicates an increase and (-) a reduction in equity. Foreign Currency and Commodity risks recycling is recognized in the group income statement above gross profit.Interest rate risk recycling is recognized in the group income statement in the charge of net debt.Held for tradingThe transactional risk is managed either by spot or forwardcontracts. Unless documented as hedging instruments (seeabove), derivative financial instruments are classified as held fortrading.In 2024, the notional amounts transacted to manage thetransactional risk are:\u25cf a short position of \u20ac(382) million (compared to \u20ac(586) millionin 2023);\u25cf a long position of \u20ac150 million (compared to \u20ac233 million in2023).The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period:(1)In \u20ac million Notional amountFair value assets Fair value liabilitiesDecember 31 2024 2023 2024 2023 2024 2023Held for trading long position 150 233 0 1 0 -1Held for trading short position -382 -586 1 3 -3 -1TOTAL -232 -353 1 4 -3 -2(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).Interest rate risksThe Group is exposed to interest rate risk because entities in theGroup borrow funds at both fixed and floating interest rates.Interest rate risk is managed at Group level by maintaining anappropriate mix between fixed and floating rate borrowings,which so far are mainly fixed (directly or after the execution ofinterest rate swaps whenever they are deemed appropriate).Interest rate exposure by currency is summarized below:In \u20ac million December 31, 2024 December 31, 2023Currency Fixed rate Floating rate Total Fixed rate Floating rate TotalFinancial debtEUR -646 -13 -659 -586 -625 -1,210USD -1,429 -5 -1,435 -273 -779 -1,052Other -18 -4 -21 -38 -11 -51TOTAL -2,093 -22 -2,115 -897 -1,415 -2,313Cash and cash equivalents EUR 304 304 656 656USD 143 143 251 251THB 13 13 15 15CNY 76 76 44 44JPY 26 26 90 90Other 98 98 94 94TOTAL 659 659 1,150 1,150Other financial instrumentsEUR 36 36 41 41CNY 58 58 30 30Other 3 3 8 8TOTAL 97 97 78 78TOTAL -2,093 734 -1,359 -897 -186 -1,084Throughout 2024, the group successfully refinanced by converting floating rate debt (Bridge to Bond) into fixed rate debt (Senior Bonds).At the end of 2024, approximately \u20ac2,093 million of the Group\u2019sgross debt was at fixed-rate, and is largely comprised of:\u25cf Senior EUR Bonds for a total of \u20ac500 million maturing in 2027(carrying amount of \u20ac498 million);\u25cf Remaining portion (US$163 million) of the US$ senior bonds2025 of US$250 million (carrying amount of \u20ac157 million);\u25cf Senior US$notes 2029 $600 million (carrying amount of\u20ac576 million);\u25cf Senior US$notes 2034 $600 million (carrying amount of\u20ac574 million);\u25cf Commercial Paper of \u20ac50 million;\u25cf IFRS 16 lease liabilities of \u20ac230 million.The impact of interest rate volatility at the end of 2024 compared to 2023 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in EUR market interest ratesEUR market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 4Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in USD market interest ratesUSD market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 7The sensitivity to interest rate volatility on the floating grossfinancial debt remains insignificant at the end of 2024compared to 2023 due to the group refinancing during 2024where the Group exchanged debt at floating rate to fixed rate.Interest rate risk hedged by instrument accounted for as held for tradingIn 2024 and 2023, there are no outstanding interest rateinstruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2024, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the executionof liability management prior to the Partial Demerger, Syensqo had decided to hedge EUR and USD drawdowns executed in 2023 (\u20ac1.3billion) and also future long-term refinancing that has been executed in June 2024 with the issuance of US$1.2 billion senior notes bySolvay Finance America LLC:December 31, 2023NotionalNotionalPercentageHedgeCash flowFair valueFair valueamountamount ofof exposureinterest ratehedgeof theof theof thethe riskhedgedper riskreserveinstrument -instrument -(1)instrumentexposurecategory Asset LiabilityCash flow hedgeIn \u20ac million (except where indicated)Cash Flow hedge Zero Cost Collar 724 738 98% 4.45%$800MCash Flow hedge Zero Cost Collar 600 600 100% 3.31%\u20ac600MCash Flow hedge - T-Lock 10y - 362 362 100% 4.395% +-18 -18$400mFixed MarginCash Flow hedge - T-Lock 5y 362 362 100% 4.327% +-11 -11$400mFixed MarginTOTAL 2,048 2,066 -29 -29(1) The hedging instruments are located in the line item\u201cOther current financial debt\u201d in the consolidated statement of financial position.Other market risksUtility and CO2 price risksThe Group purchases a large portion of its gas and electricityneeds in Europe and the United States based on fluctuatingliquid market indices.In order to reduce the cost volatility, the Group has developed apolicy for exchanging variable price against fixed price throughderivative financial instruments. Most of these hedging instrumentscan be documented as hedging instruments of the underlyingpurchase contracts.Similarly, the Group's exposure to the CO2 price is partiallyhedged by forward purchases of European Union Allowances(EUA). Forward purchases with physical delivery for use in theGroup\u2019s operations are qualified as own use contracts (notderivatives). Cash flow hedge accounting is applied forcontracts that do not meet the \u201cown use\u201d criteria.Finally, some exposure to gas and electricity prices may arisefrom the production of electricity on sites (mostly from cogenerationunits in Europe), which can be hedged by means of forwardpurchases and forward sales or optional schemes. In this case,cash flow hedge accounting is applied.Financial hedging of utility and CO2 emission rights price risks ismanaged centrally by Rhodia GhG on behalf of the Groupentities.The following tables detail the notional principal amounts andfair values of utility and CO2 derivative financial instrumentsoutstanding at the end of the reporting period:The amounts presented in the tables hereafter include hedgingneeds of the GBUs of the Group that are sourced through RhodiaGHG, and not the full Group utility hedging needs.December 31, 2024NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Standard Quality Gas 48.33 2,065,157 MWh 186.75 7,748,763 MWh 27% 23.4 EUR/MWh -7 7 0CO246.85 609,000 Tons 198.97 2,640,532 Tons 23% 76.93 EUR/Ton 3 0 -3TOTAL -4 7 -3(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.December 31, 2023NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Power 8.84 76,440 MWh 8.27 93,912 MWh 81% 116 EUR/MWh -2 2Standard Quality Gas 64.08 2,562,706 MWh 129.67 5,801,143 MWh 44% 25 EUR/MWh 13 4 -17CO241.27 552,000 Tons 292.19 3,396,346 Tons 16% 75 EUR/Ton -3 3TOTAL 8 9 -17(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Hedge relationships are seldom perfect. Therefore,ineffectiveness could arise with the result that changes in the fairvalue or cash flows of the hedged item that are attributable to ahedged risk and the hedging instrument do not offset within aperiod. The sources of hedge ineffectiveness that couldpotentially affect the hedging relationship during its term arelisted below:\u25cf A reduction in the amount of the forecast consumptionresulting in quantity or notional amount differences \u2013 thehedged item and hedging instrument are based on differentquantities or notional amounts.\u25cf A significant change in the credit risk of parties.In 2024, no hedge ineffectiveness was recognized in theconsolidated income statement. By comparison between 2024and 2023 Gas exposure increased due to the fact the Group ishedging one additional year. Conversely, CO2 exposure is reducedsince the hedge volumes are considered for one year less.The sensitivities of commodity derivative financial instrumentsas of December 31, 2024 are presented below.The sensitivities were defined based on the price levels andvolatility levels of each commodity. These assumptions do notconstitute an estimation of future market prices and thesensitivities presented are not representative of future changesin the Group\u2019s equity and results.December 31, 2024 In \u20ac millionPrice change Other comprehensive income Profit or lossNatural gas +10\u20ac/MWh 21Natural gas -10\u20ac/MWh -21CO2 Emission rights +5\u20ac/T 3CO2 Emission rights -5\u20ac/T -3Credit riskThe Group continuously monitors the credit risk of importantbusiness partners.The Group engages in transactions only with financialinstitutions of high creditworthiness (investment grade, selectedbased on major rating systems). The Group monitors andmanages exposures to financial institutions within approvedcounterparty credit limits and credit risk parameters in order tomitigate the risk of default. For financial guarantees, see note F31Contingent assets, liabilities and financial guarantees.For the commercial transactions, external customer risk andcash collection is also monitored by a professional network ofcredit managers and cash collectors located in the Group\u2019svarious operating regions and countries. Their controls aresupported by a set of detailed procedures and managedthrough Corporate and GBU Credit Committees.The Group recognizes expected credit losses on all of its tradereceivables.The Group classifies the customers and their related receivablesin various rating classes, based on the risks\u2019 grading attributedto the customers and on the aging balance of receivables. Assuch, for all receivables overdue below six months, the Groupconsiders percentages within a range between 0.005% and4.031%, depending on the rating class. For all receivables overduein excess of six months, the Group considers a rate of 50% or of100%, depending on the rating class. The customer\u2019s grading isreviewed annually for customers assessed as low risk profile,and every six months for customers assessed as higher riskprofile.There is no significant concentration of credit risk at Group levelbecause the receivables\u2019 credit risk is spread over a largenumber of customers and markets.The ageing of trade receivables, financial instruments - operational, loans and other non-current assets is as follows:December 31, 2024 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 962 10 904 37 5 1 5Trade receivables - allowance -15 -10 -2 0 -3Trade receivables - net 948 0 903 37 5 1 2Financial instruments - operational 15 15Loans and other non-current assets 173 7 166 0Loans and other non-current assets - allowance -7 -7Loans and other non-current assets - net 166 0 166 0 0 0 0TOTAL 1,129 0 1,084 37 5 1 2December 31, 2023 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 923 10 871 34 1 1 5Trade receivables - allowance -15 -10 -1 0 -3Trade receivables - net 907 0 870 34 1 1 2Financial instruments - operational 28 28Loans and other non-current assets 230 6 224Loans and other non-current assets - allowance -6 -6Loans and other non-current assets - net 224 224TOTAL 1,159 0 1,121 34 1 1 2The table below presents the allowances on trade receivables:In \u20ac million 2024 2023January 1 -15 -12Additions -3 -9Uses 0 2Reversal 4 4Currency translation differences 0 0DECEMBER 31 -15 -15Liquidity riskLiquidity risk relates to the Group\u2019s ability to service andrefinance its debt (including notes issued) and to fund itsoperations.This depends on its ability to generate cash from operations andnot to overpay for acquisitions.The Finance Committee gives its opinion on the appropriateliquidity risk management for the Group\u2019s short, medium andlong term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequatereserves, banking facilities and reserve borrowing facilities, bycontinuously monitoring forecasts and actual cash flows, and bymatching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources overtime in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractualmaturity for its financial liabilities with contractual repaymentperiods.The following tables present undiscounted amounts (nominal value):In \u20ac million December 31, 2024Outflows of cash Total WithinInIn years threeBeyond one year year twoto fivefive yearsTrade payables 1,001 1,001Financial instruments - operational 19 19Other non-current liabilities 43 10 22 11Financial debt 1,891 231 3 1,080 577Leasing debt 230 62 42 63 63Total 3,184 1,313 56 1,165 651Interests on financial debt and lease liabilities 584 95 90 215 184TOTAL OUTFLOWS OF CASH 3,768 1,408 145 1,381 834\u20ac million December 31, 2023Outflows of cash Total WithinInIn years threeBeyond one yearyear twoto fivefive yearsTrade payables 918 918Dividends payablesFinancial instruments - operational 21 19 2Other non-current liabilities 68 23 34 12Financial debt 2,097 1,439 151 506 0Leasing debt 219 53 38 69 59TOTAL 3,323 2,429 214 609 71Interests on financial debt and lease liabilities 122 31 26 47 18TOTAL OUTFLOWS OF CASH 3,444 2,460 240 656 89Financial debt in 2023 includes \u20ac1,338 million of the credit facilityrecorded in the consolidated statement of financial position asnon-current debt, which has been fully repaid in June 2024.Trade payables include \u20ac56 million (2023: \u20ac45 million) due tosuppliers that have signed up for a supply chain financingprogram, under which the suppliers can elect to receive adiscounted early payment from the partner bank rather thanbeing paid in line with the agreed payment terms. If the option istaken, the Group\u2019s liability is assigned by the supplier to thepartner bank. The group's payable to these suppliers haveneither been extinguished nor have these liabilities beensignificantly modified by these arrangements, the value of theGroup's liability remains unchanged. The value of the Group\u2019sliability remains unchanged. The Group assesses eacharrangement against indicators to determine if the liabilitieswhich suppliers have sold to the partner bank under the supplierfinancing scheme continue to meet the definition of tradepayables or should be classified as financial debt. On December31, 2024 and 2023, the liabilities met the criteria of TradePayables.In \u20ac million December 31, 2024Carrying amount of trade payables that are subject to supplier finance arrangements 70Of which suppliers have received payment 56Weighted average payment term (days) Suppliers part ofSuppliers not partsupplier financingof supplierarrangementsfinancingarrangementsRaw materials and packaging 98 61Logistics 98 59Technical goods, Energy and other 110 49The Group performed a detailed assessment of the paymentranges of suppliers who are not part of the supplier financingarrangements by segregating the suppliers according toindustry. The assessment indicated that there are numerous keysuppliers that provide the Group with payment terms that aresimilar to those that the Group receives under the supplierfinancing arrangements. The suppliers of technical goods,energy and other purchases, part of suppliers financingarrangements, are not representative (less 1% of the totalspend). Over 90% of the supplier chain financing arrangementswere entered in the sector of raw materials, packaging andlogistics.Changes in liabilities that are subject to supplier financearrangements are primarily attributable to additions resultingfrom purchases of goods and services and subsequent cashsettlements. There were no material non-cash changes in theseliabilities.The group does not face a significant liquidity risk as a result ofits supplier finance arrangements given the limited amount ofliabilities subject to supplier finance arrangements and thegroup\u2019s access to other sources of finance on similar terms.Syensqo\u2019s liquidity amounts to \u20ac2.4 billion including \u20ac0.7 billionof cash and cash equivalents and \u20ac1.7 billion undrawn revolvingcredit facilities (\u20ac1.4 billion syndicated and \u20ac0.3 billion bilateral,all are multi-year).In addition, Syensqo has access to a Belgian Treasury Billprogram for \u20ac1.0 billion (\u20ac50 million outstanding balance onDecember 31, 2024; no outstanding balance on December 31,2023).NOTE F28NET INDEBTEDNESSThe Group\u2019s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.In \u20ac million December 31, 2024 December 31, 2023Financial debt 2,115 2,313Cash and cash equivalents -659 -1,151Other financial instruments -97 -78Net indebtedness 1,359 1,084The financial debt at the end of 2024 is composed by:\u25cf the senior EUR bonds 2027 (\u20ac500 million nominal), senior US$Cytec bonds 2025 (US$163 million nominal), senior US$ 144Anotes 2029 (US$600 million nominal) and senior US$ 144Anotes 2034 (US$600 million nominal),\u25cf the IFRS 16 lease liabilities (\u20ac230 million),\u25cf commercial paper (\u20ac50 million nominal),\u25cf other financial debt (\u20ac30 million, excluding lease debt) mainlyshort term.Syensqo is Investment Grade rating Baa1/P2 (stable outlook) byMoody\u2019s and BBB+/A2 (stable outlook) by Standard & Poor\u2019s as ofthe 2024 closing.Financial debt: main borrowings December 31, 2024 December 31, 2023NominalCoupon Maturity Secured Amount atFairAmount atFairamount amortizedvalue amortizedvalueIn \u20ac million (except where indicated) cost costSenior EUR bonds Syensqo SA (issuance 500 2.75% 2027 No 498 501 498 492\u20ac500m)Senior US$ senior notes Cytec Industries Inc. 157 3.95% 2025 No 157 157 147 145(issuance US$250 million)Senior US$ notes (144A;US$600 million) 577 5.65% 2029 No 576 586Senior US$ notes (144A;US$600 million) 577 5.85% 2034 No 574 586Total senior US$ senior notes 1,311 1,307 1,329 147 145Credit facility (\u20ac600 million)* Floating2024 No 600 600RateCredit facility (US$816 million)* Floating2024 No 738 738RateTotal Credit facility (as above) 1,338 1,338Commercial Paper 50 2.89% 2025 No 50 50Other borrowings from third parties 30 30 111 111Lease debt 230 230 219 219TOTAL 2,115 2,140 2,313 2,305* Fully repaid in June 2024.There are no instances of default on the above-mentionedfinancial debts. There are no financial covenants, neither onSyensqo SA, nor on any of the Group\u2019s holding companies.Solvay SA remains the guarantor of the Cytec 2025 senior notes(effective since the date of the Partial Demerger). Syensqoprovides a counter-guarantee to Solvay for any payments to bemade under the Cytec 2025 senior notes. There is no accountingimpact of the counter-guarantee in the Syensqo consolidatedfinancial statements.In December, 2024, the Group announced that it had delivered anotice of early redemption in full to holders of the Cytec 2025senior notes. The redemption was implemented in accordancewith the terms and conditions of the bonds. The bonds wereredeemed on February 1, 2025 at a price of 100% of the principalamount (US$163 million \u20ac157 million), plus accrued and unpaidinterest thereon to, but not including, the redemption date(being US$2 million \u20ac2 million).Other financial instrumentsIn \u20ac million December 31, 2024 December 31, 2023Non-current other financial instruments 30 30Current other financial instruments 67 48Currency swaps 1 3Other marketable securities > 3 months 60 37Other current financial assets 6 9Other financial instruments 97 78The other marketable securities > 3 months include the bank drafts position.The other current financial assets mainly relate to current accounts with related parties.Cash and cash equivalentsIn \u20ac million December 31, 2024 December 31, 2023Cash 476 628Term deposits 182 523Cash and cash equivalents 659 1,151By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value.Changes in financial debt and in other financial instruments arising from financing activities2023 2024 Total Cash flows Cash flows Changes inChanges in TransferPaymentOther Totalfromfromforeignother currentfrom non-of leaseincrease ofrepayment ofexchange financialcurrent toliabilitiesIn \u20ac millionborrowings borrowingsratesassetscurrentBonds/Senior notes 645 1,104 49 -151 1,647Other non-current debts 1,348 16 -1,357 7Long term leasing debt 166 5 -70 67 168Non-current financial debt 2,159 1,104 70 -1,578 67 1,822Current financial debt 154 211 -1,566 8 1,578 -62 -30 293Total financial debt 2,313 1,315 -1,566 78 -62 37 2,115Other non-current financial instruments -30 -30Currency swaps -3 2 -1Other marketable securities > 3 months -37 -1 -22 -60Other current financial assets -9 3 -6Other financial instruments -79 -1 -22 5 -97TOTAL 2,234 1,315 -1,566 77 -22 -62 42 2,018The financial debt decreased from \u20ac2,313 million at the end of2023 to \u20ac2,115 million at the end of 2024.The Other non-current financial instruments remainedunchanged.The other financial instruments increased from \u20ac(79) million atthe end of 2023 to \u20ac(97) million at the end of 2024.The above variations are explained by:\u25cf Cash flows from increase of borrowings \u20ac1,315 million is mainlyexplained by the issuance of US$1,200 million of Senior Debtand the issuance of \u20ac150 million commercial paper of which\u20ac50 million have been extended until June 2025. Thisextension was reflected as an increase and decrease in thecash flow from borrowings;\u25cf Cash flows from repayment of borrowings \u20ac(1,566) million ismainly explained by the repayment of the bridge-to-bondfacilities \u20ac(1,355) million, repayment of the commercial paper\u20ac(100) million and reduction in working capital facilities inBrazil, India and Peru \u20ac(28) million;\u25cf Impact due to conversion of instruments denominated incurrencies different from the EURO of \u20ac77 million, whichincludes \u20ac78 million in the Financial debt and \u20ac(1) million inother financial instruments;\u25cf Changes in other current financial assets represented \u20ac(22)million mainly explained by the increase of Chinese bankdrafts in \u20ac(22) million;\u25cf In 2024 a total amount of \u20ac(1,578) million was transferred fromnon-current to current:\u2014 Bridge-to-bond facility: two drawdowns (\u20ac(600) million andUS$(816) million);\u2014 Senior note of Cytec for US$(163) million;\u2014 Leases \u20ac(70) million;\u25cf Payment of lease liabilities (\u20ac62 million);\u25cf Other changes in financial debt for a total of \u20ac42 million weremainly due to the increase of the lease obligations (\u20ac67million), partially compensated by settlement of the interestrate hedging instrument (Treasury Lock, valued at \u20ac(29)million at 31 December 2023) and \u20ac3 million are related toaccrued interest receivables.",
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"value": "F27.A. Overview of financial instrumentsThe following table presents the financial assets and liabilities according to their classification under IFRS 9.December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountNon-current assets - Financial instruments 209 228Equity instruments measured at fair value through Financial assets measured at fair value through 31 26other comprehensive incomeother comprehensive incomeEquity instruments measured at fair value through Financial assets measured at fair value through 55 68profit or lossprofit or lossLoans and other non-current assets (excluding Financial assets measured at amortized cost 122 133pension fund surpluses)Financial instruments - Operational 1 2Derivative financial instruments designated in aCash-flow hedge 1 2cash flow hedge relationshipCurrent assets - Financial instruments 1,691 2,134Trade receivables Financial assets measured at amortized cost 948 907Loans short term portion Financial assets measured at amortized cost 4 3Other financial instruments 67 48Other marketable securities >3 months Financial assets measured at amortized cost 58 30Currency swaps Held for trading 1 3Other current financial assets Financial assets measured at amortized cost 8 16December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountFinancial instruments - Operational 14 25Held for trading Held for trading 5 9Derivative financial instruments designated Cash-flow hedge 9 16in a cash flow hedge relationshipCash and cash equivalents Financial assets measured at amortized cost 659 1,150Total assets - Financial instruments 1,899 2,362Non-current liabilities - Financial instruments 1,865 2,229Financial debt 1,822 2,159Bonds/Senior notes Financial liabilities measured at amortized cost 1,647 645Other non-current debts Financial liabilities measured at amortized cost 7 1,348Lease liabilities IFRS 16 - Non-current portion Lease liabilities measured at amortized cost 168 166Other liabilities Financial liabilities measured at amortized cost 43 68Financial instruments - Operational 0 2Derivative financial instruments designated in aCash-flow hedge 0 2cash flow hedge relationshipCurrent liabilities - Financial instruments 1,312 1,090Financial debt 293 154Short-term financial debt Financial liabilities measured at amortized cost 230 71Currency swaps Held for trading 1 1Derivative financial instruments designated in aCash-flow hedge 0 29cash flow hedge relationshipLease liabilities IFRS 16 - Current portion Lease liabilities measured at amortized cost 62 53Trade payables Financial liabilities measured at amortized cost 1,001 918Financial instruments - Operational 19 19Held for trading Held for trading 4 1Derivative financial instruments designated in aCash-flow hedge 15 18cash flow hedge relationshipTotal liabilities - Financial instruments 3,177 3,320The category \u201cHeld for trading\u201d contains derivative financialinstruments that are used for management of foreign currencyrisk. Contracts which have been documented as hedginginstruments (hedge accounting under IFRS 9 FinancialInstruments) or which meet the exemption criteria for own useare not included in the category \u201cHeld for trading\u201d. Equityinstruments measured at fair value through OCI and throughprofit or loss pertain to the Group\u2019s New Business Development(NBD) activity: the Group has built a Corporate Venturingportfolio, which consists of direct investments in start-upcompanies and of investments in venture capital funds. If theGroup does not have significant influence or joint control, theinvestments are measured at fair value according to thevaluation guidelines published by the European Private Equityand Venture Capital Association. The impacts of the directinvestments are recognized in other comprehensive incomewhile the venture capital funds are generally recognized throughprofit and loss.Equity instruments measured at fair value through profit or lossalso include the Solvay shares (amounting to \u20ac12 million as ofDecember 31, 2024, and \u20ac19 million as of December 31, 2023)contributed upon the Partial Demerger for the Long TermIncentive Plans for which the beneficiaries will receive Solvayshares.NOTE F36LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPEThe Group consists of Syensqo SA and a total of 134 investees.Of these 134 investees, 86 are fully consolidated, 6 are accountedfor under the equity method, whilst the other 42 do not meet thecriteria of significance.In accordance with the concept of materiality, certaincompanies (Other Investments), which are insignificant, havenot been included in the consolidation scope. They aremeasured at cost and tested for impairment on an annual basis,which is considered a good proxy of their fair value. For moreinformation, refer to Principles of consolidation.December 31,2023 December 31,2024ARGENTINASolvay Quimica SA 100 100AUSTRALIACytec Asia Pacific Holdings Pty Ltd. 100 100Cytec Australia Holdings Pty Ltd. 100 100BELGIUMSolvay Participations Belgique S.A. 100 100Syensqo S.A 100 100Syensqo Stock Option Management S.A 100 100Solvay Specialty Polymers Belgium S.A. / NV 100 100BRAZILQuimicos E Solucoes Sustentaveis Do Brasil S.A 100 100CANADACytec Canada Inc 100 100CHINACytec Engineered Materials (Shanghai) Co. Ltd. 100 100Cytec Industries (Shanghai) Co. Ltd. 100 100Syensqo Hong Kong, Ltd. 100 (a) 100Syensqo (Shanghai) international trading Co., Ltd. 100 (a) 100Syensqo (Zhangjiagang) Specialty Chemicals Co. Ltd. 100 (a) 100Solvay (Zhenjiang) Chemicals Co., Ltd. 90.65 90,65Syensqo China Co., Ltd. 100 (a) 100Solvay-Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd. 70 70Solvay Specialty Polymers (Changshu) Co., Ltd. 100 100Zhuhai Syensqo Specialty Chemicals Co., Ltd. 100 (a) 100CHILECytec Chile Ltd.a 100 100December 31,2023 December 31,2024FRANCECog\u00e9n\u00e9ration Tavaux SAS 33,3 33,3Rhodia Energy GHG S.A.S. 100 100Rhodia Laboratoire du Futur S.A.S. 100 100Specialty Operations France S.A.S. 100 100Rhodia Participations S.N.C. 100 100Rhodianyl S.A.S. 100 100Solvay Energie France S.A.S. 100 100Solvay France S.A. 100 100GERMANYCytec Engineered Materials GmbH 100 100European Carbon Fiber GmbH 100 100Syensqo Specialty Polymers Germany GmbH 100 (a) 100INDIASolvay Specialities India Private Limited 100 100INDONESIAPT. Cytec Indonesia 100 100IRELANDSolvay Finance Ireland Unlimited 100 (c) -ITALYSolvay Solutions Italia S.p.A. 100 100Solvay Specialty Polymers Italy S.p.A. 100 100JAPANSolvay Japan KK 100 100Solvay Nicca Ltd. 60 60Solvay Specialty Polymers Japan KK 100 100LUXEMBOURGCytec Luxembourg International Holdings Sarl 100 100Solvay Finance (Luxembourg) SA 100 100Solvay Hortensia S.A 100 100Solvay Luxembourg S.a.r.l 100 100MEXICOCytec de Mexico S.A. de C.V. 100 100December 31,2023 December 31,2024NETHERLANDSCytec Industries B.V. 100 100Solvay Solutions Nederland B.V. 100 100NEW ZEALANDSolvay New Zealand Ltd. 100 100PERUCytec Peru S.A.C. 100 100PORTUGALSolvay Biotecnologia Portugal, Unipessoal,Lda 100 100Slv Specialties Portugal, Unipessoal, Lda 100 100SINGAPORERhodia Amines Chemicals Pte Ltd. 100 100Solvay Specialty Chemicals Asia Pacific Pte. Ltd.. 100 100SOUTH KOREASolvay Specialty Polymers Korea Company Ltd. 100 100Jinyoung Bio Co Ltd. - (b) 100SPAINSolvay Servicios S.L. 100 100SWITZERLANDSpepro Speciality Products Ag 100 100THAILANDSolvay Bangpoo Specialty Chemicals Ltd. 100 100Solvay (Thailand) Ltd. 100 100TURKEYSolvay Istanbul Kimya Ticaret Ve Sanayi Ltd.. STI. 100 100UNITED ARAB EMIRATESCytec Nibras llc 100 100UNITED KINGDOMAdvanced Composites Group Investments Ltd. 100 100Cytec Engineered Materials Ltd. 100 100Cytec Industrial Materials (Derby) Ltd. 100 100Cytec Industrial Materials (Manchester) Ltd. 100 100Cytec Industries UK Holdings Ltd. 100 100McIntyre Group Ltd. 100 (c) -December 31,2023 December 31,2024Oldbury Energy Solutions UK Ltd. 100 100Rhodia Holdings Ltd. 100 100Rhodia International Holdings Ltd. 100 100Rhodia Organique Fine Ltd. 100 (c) -Rhodia Overseas Ltd. 100 (c) -Rhodia Pharma Solutions Holdings Ltd. 100 (c) -Rhodia Pharma Solutions Ltd. 100 100Rhodia Reorganisation Ltd. 100 (c) -Solvay Solutions UK Ltd. 100 100Umeco Composites Ltd. 100 (c) -Umeco Ltd. 100 100UNITED STATESAusimont Industries, Inc. 100 100CEM Defense Materials Llc 100 100Cytec Engineered Materials Inc. 100 100Cytec Global Holdings Inc. 100 100Cytec Industrial Materials (ok) Inc. 100 100Cytec Industries Inc. 100 100Cytec Korea Inc. 100 100Cytec Technology Corp. 100 100Energy Solutions US Llc 100 100Garret Mountain Insurance Co. 100 100Solvay America Llc 100 100Solvay Holding Inc. 100 100Solvay India Holding Inc. 100 100Solvay Specialty Polymers USA, Llc 100 100Solvay USA Llc 100 100Solvay Finance (America) Llc 100 100Synorb Battery Materials Llc 51 51(a) Companies that changed their name in 2024.(b) Companies that entered the scope in 2024.(c) Companies that exited the scope in 2024.",
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"value": "F27.A. Overview of financial instrumentsThe following table presents the financial assets and liabilities according to their classification under IFRS 9.December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountNon-current assets - Financial instruments 209 228Equity instruments measured at fair value through Financial assets measured at fair value through 31 26other comprehensive incomeother comprehensive incomeEquity instruments measured at fair value through Financial assets measured at fair value through 55 68profit or lossprofit or lossLoans and other non-current assets (excluding Financial assets measured at amortized cost 122 133pension fund surpluses)Financial instruments - Operational 1 2Derivative financial instruments designated in aCash-flow hedge 1 2cash flow hedge relationshipCurrent assets - Financial instruments 1,691 2,134Trade receivables Financial assets measured at amortized cost 948 907Loans short term portion Financial assets measured at amortized cost 4 3Other financial instruments 67 48Other marketable securities >3 months Financial assets measured at amortized cost 58 30Currency swaps Held for trading 1 3Other current financial assets Financial assets measured at amortized cost 8 16December 31, 2024 December 31, 2023In \u20ac million ClassificationCarrying amount Carrying amountFinancial instruments - Operational 14 25Held for trading Held for trading 5 9Derivative financial instruments designated Cash-flow hedge 9 16in a cash flow hedge relationshipCash and cash equivalents Financial assets measured at amortized cost 659 1,150Total assets - Financial instruments 1,899 2,362Non-current liabilities - Financial instruments 1,865 2,229Financial debt 1,822 2,159Bonds/Senior notes Financial liabilities measured at amortized cost 1,647 645Other non-current debts Financial liabilities measured at amortized cost 7 1,348Lease liabilities IFRS 16 - Non-current portion Lease liabilities measured at amortized cost 168 166Other liabilities Financial liabilities measured at amortized cost 43 68Financial instruments - Operational 0 2Derivative financial instruments designated in aCash-flow hedge 0 2cash flow hedge relationshipCurrent liabilities - Financial instruments 1,312 1,090Financial debt 293 154Short-term financial debt Financial liabilities measured at amortized cost 230 71Currency swaps Held for trading 1 1Derivative financial instruments designated in aCash-flow hedge 0 29cash flow hedge relationshipLease liabilities IFRS 16 - Current portion Lease liabilities measured at amortized cost 62 53Trade payables Financial liabilities measured at amortized cost 1,001 918Financial instruments - Operational 19 19Held for trading Held for trading 4 1Derivative financial instruments designated in aCash-flow hedge 15 18cash flow hedge relationshipTotal liabilities - Financial instruments 3,177 3,320The category \u201cHeld for trading\u201d contains derivative financialinstruments that are used for management of foreign currencyrisk. Contracts which have been documented as hedginginstruments (hedge accounting under IFRS 9 FinancialInstruments) or which meet the exemption criteria for own useare not included in the category \u201cHeld for trading\u201d. Equityinstruments measured at fair value through OCI and throughprofit or loss pertain to the Group\u2019s New Business Development(NBD) activity: the Group has built a Corporate Venturingportfolio, which consists of direct investments in start-upcompanies and of investments in venture capital funds. If theGroup does not have significant influence or joint control, theinvestments are measured at fair value according to thevaluation guidelines published by the European Private Equityand Venture Capital Association. The impacts of the directinvestments are recognized in other comprehensive incomewhile the venture capital funds are generally recognized throughprofit and loss.Equity instruments measured at fair value through profit or lossalso include the Solvay shares (amounting to \u20ac12 million as ofDecember 31, 2024, and \u20ac19 million as of December 31, 2023)contributed upon the Partial Demerger for the Long TermIncentive Plans for which the beneficiaries will receive Solvayshares.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)December 31, 2024 December 31, 2023CarryingFair value CarryingFair valueIn \u20ac millionamountamountNon-current assets - Financial instruments 122 122 133 133Loans and other non-current assets (except pension fund surpluses and 122 122 133 133ong-term inventory balance)Non-current liabilities - Financial instruments -1,697 -1,723 -2,061 -2,053Bonds/Senior notes -1,647 -1,673 -645 -637Other non-current debts -7 -7 -1,348 -1,348Other liabilities -43 -43 -68 -68The carrying amounts of financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term tomaturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in theconsolidated statement of financial position\u201d provides ananalysis of financial instruments that, subsequent to their initialrecognition, are measured at fair value, grouped into Levels 1 to 3based on the degree to which the fair value is observable.Financial instruments, classified as held for trading and ashedging instruments in cash flow hedges are mainly groupedinto Levels 1 and 2. They are fair valued based on forward pricingand swap models using present value calculations. The modelsincorporate various inputs including foreign exchange spot andinterest rates of the respective currencies, currency basisspreads between the respective currencies, interest rate curvesand forward rate curves of the underlying commodity. Theequity instruments measured at fair value through OCI andthrough profit and loss are presented within Level 1 and 3. Thefair value of the instruments presented under Level 3 ismeasured based on the guidelines recommended by TheInternational Private Equity and Venture Capital Valuation (IPEV).In accordance with the Group internal rules, the responsibility formeasuring the fair value level resides with (a) the Treasurydepartment for the non-utility derivative financial instruments,and the non-derivative financial liabilities, (b) the SustainableDevelopment and Energy department for the utility derivativefinancial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorization(based on the lowest level input that is significant to the fairvalue measurement as a whole) at the end of each reportingperiod. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2024In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 6 6Foreign currency risk 1 1Syensqo share price 3 3Index 1 1Equity instruments measured at fair value through profit or loss 12 43 55Solvay Group Shares 12 12New Business Development 43 43Cash flow hedges 10 10Foreign currency risk 3 3Utility risk 7 7Equity instruments measured at fair value through other comprehensive income 31 31New Business Development 31 31Total assets 12 15 74 101Held for trading -4 -4Foreign currency risk -3 -3Index -1 -1Cash flow hedges -15 -15Foreign currency risk -13 -13CO2 risk -3 -3TOTAL LIABILITIES -20 -20December 31, 2023In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 12 12Foreign currency risk 4 4Syensqo share price 8 8Equity instruments measured at fair value through profit or loss 19 49 68Solvay Group Shares 19 19New Business Development 49 49Cash flow hedges 17 17Foreign currency risk 9 9Utility risk 6 6CO2 risk 3 3Equity instruments measured at fair value through26 26other comprehensive incomeNew Business Development 26 26Total assets 19 29 75 122Held for trading -2 -2Foreign currency risk -2 -2Cash flow hedges -49 -49Foreign currency risk -3 -3Interest rate risk -29 -29Utility risk -17 -17TOTAL LIABILITIES -51 -51Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.2024At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 49 26 75Total gains or losses- Recognized in profit or loss -7 -7- Recognized in other comprehensive income -3 -3Acquisitions 0 2 2Capital increases 1 5 6Transfers out of level 3DECEMBER 31 43 31 742023At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 46 24 70Total gains or losses- Recognized in profit or loss 5 5- Recognized in other comprehensive income -5 -5Acquisitions 0 9 9Capital decreases -2 -2 -4Transfers out of level 3DECEMBER 31 49 26 75Income and expenses of financial instruments recognized in other comprehensive incomeIncome and expenses on financial instruments recognized in other comprehensive income include the following:Cash flow hedgesForeign currencyCommodity risk Interest rate risk Total riskIn \u20ac million2024 2023 2024 2023 2024 2023 2024 2023January 1 6 6 -19 -1 -29 -42 5Recycling from other comprehensive income of derivative 1 -13 15 -1 0 15 -14financial instruments designated in a cash flow hedge relationshipEffective portion of changes in fair value of cash flow hedge -16 13 5 -17 36 -29 25 -33DECEMBER 31 -9 6 1 -19 7 -29 -1 -42Conventionally, (+) indicates an increase and (-) a reduction in equity. Foreign Currency and Commodity risks recycling is recognized in the group income statement above gross profit.Interest rate risk recycling is recognized in the group income statement in the charge of net debt.Held for tradingThe transactional risk is managed either by spot or forwardcontracts. Unless documented as hedging instruments (seeabove), derivative financial instruments are classified as held fortrading.In 2024, the notional amounts transacted to manage thetransactional risk are:\u25cf a short position of \u20ac(382) million (compared to \u20ac(586) millionin 2023);\u25cf a long position of \u20ac150 million (compared to \u20ac233 million in2023).The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period:(1)In \u20ac million Notional amountFair value assets Fair value liabilitiesDecember 31 2024 2023 2024 2023 2024 2023Held for trading long position 150 233 0 1 0 -1Held for trading short position -382 -586 1 3 -3 -1TOTAL -232 -353 1 4 -3 -2(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).NOTE F29OTHER LIABILITIES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023Wages and benefits debts 185 183VAT and other taxes 62 66Social security 31 26Financial instruments - operational 19 19Insurance premiums 14 39Advances from customers 29 37Other 53 37Other current liabilities 392 407Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F27.A. Overview of financial instruments).",
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"value": "F27.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fairvalue.Accounting policyQuoted market prices are available for financial assets andfinancial liabilities with standard terms and conditions thatare traded on active markets. The fair values of derivativefinancial instruments are equal to their quoted prices, ifavailable. In case such quoted prices are not available, thefair value of the financial instruments is determined basedon a discounted cash flow analysis using the applicableyield curve derived from quoted interest rates matchingmaturities of the contracts for non-optional derivatives.Optional derivatives are fair valued based on option pricingmodels, taking into account the present value of probabilityweighted expected future payoffs, using market referenceformulas.The fair values of other financial assets and financialliabilities are determined in accordance with generallyaccepted pricing models based on discounted cash flowanalysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)December 31, 2024 December 31, 2023CarryingFair value CarryingFair valueIn \u20ac millionamountamountNon-current assets - Financial instruments 122 122 133 133Loans and other non-current assets (except pension fund surpluses and 122 122 133 133ong-term inventory balance)Non-current liabilities - Financial instruments -1,697 -1,723 -2,061 -2,053Bonds/Senior notes -1,647 -1,673 -645 -637Other non-current debts -7 -7 -1,348 -1,348Other liabilities -43 -43 -68 -68The carrying amounts of financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term tomaturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in theconsolidated statement of financial position\u201d provides ananalysis of financial instruments that, subsequent to their initialrecognition, are measured at fair value, grouped into Levels 1 to 3based on the degree to which the fair value is observable.Financial instruments, classified as held for trading and ashedging instruments in cash flow hedges are mainly groupedinto Levels 1 and 2. They are fair valued based on forward pricingand swap models using present value calculations. The modelsincorporate various inputs including foreign exchange spot andinterest rates of the respective currencies, currency basisspreads between the respective currencies, interest rate curvesand forward rate curves of the underlying commodity. Theequity instruments measured at fair value through OCI andthrough profit and loss are presented within Level 1 and 3. Thefair value of the instruments presented under Level 3 ismeasured based on the guidelines recommended by TheInternational Private Equity and Venture Capital Valuation (IPEV).In accordance with the Group internal rules, the responsibility formeasuring the fair value level resides with (a) the Treasurydepartment for the non-utility derivative financial instruments,and the non-derivative financial liabilities, (b) the SustainableDevelopment and Energy department for the utility derivativefinancial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorization(based on the lowest level input that is significant to the fairvalue measurement as a whole) at the end of each reportingperiod. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2024In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 6 6Foreign currency risk 1 1Syensqo share price 3 3Index 1 1Equity instruments measured at fair value through profit or loss 12 43 55Solvay Group Shares 12 12New Business Development 43 43Cash flow hedges 10 10Foreign currency risk 3 3Utility risk 7 7Equity instruments measured at fair value through other comprehensive income 31 31New Business Development 31 31Total assets 12 15 74 101Held for trading -4 -4Foreign currency risk -3 -3Index -1 -1Cash flow hedges -15 -15Foreign currency risk -13 -13CO2 risk -3 -3TOTAL LIABILITIES -20 -20December 31, 2023In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 12 12Foreign currency risk 4 4Syensqo share price 8 8Equity instruments measured at fair value through profit or loss 19 49 68Solvay Group Shares 19 19New Business Development 49 49Cash flow hedges 17 17Foreign currency risk 9 9Utility risk 6 6CO2 risk 3 3Equity instruments measured at fair value through26 26other comprehensive incomeNew Business Development 26 26Total assets 19 29 75 122Held for trading -2 -2Foreign currency risk -2 -2Cash flow hedges -49 -49Foreign currency risk -3 -3Interest rate risk -29 -29Utility risk -17 -17TOTAL LIABILITIES -51 -51Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.2024At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 49 26 75Total gains or losses- Recognized in profit or loss -7 -7- Recognized in other comprehensive income -3 -3Acquisitions 0 2 2Capital increases 1 5 6Transfers out of level 3DECEMBER 31 43 31 742023At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 46 24 70Total gains or losses- Recognized in profit or loss 5 5- Recognized in other comprehensive income -5 -5Acquisitions 0 9 9Capital decreases -2 -2 -4Transfers out of level 3DECEMBER 31 49 26 75Income and expenses of financial instruments recognized in other comprehensive incomeIncome and expenses on financial instruments recognized in other comprehensive income include the following:Cash flow hedgesForeign currencyCommodity risk Interest rate risk Total riskIn \u20ac million2024 2023 2024 2023 2024 2023 2024 2023January 1 6 6 -19 -1 -29 -42 5Recycling from other comprehensive income of derivative 1 -13 15 -1 0 15 -14financial instruments designated in a cash flow hedge relationshipEffective portion of changes in fair value of cash flow hedge -16 13 5 -17 36 -29 25 -33DECEMBER 31 -9 6 1 -19 7 -29 -1 -42Conventionally, (+) indicates an increase and (-) a reduction in equity. Foreign Currency and Commodity risks recycling is recognized in the group income statement above gross profit.Interest rate risk recycling is recognized in the group income statement in the charge of net debt.",
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"value": "F27.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fairvalue.Accounting policyQuoted market prices are available for financial assets andfinancial liabilities with standard terms and conditions thatare traded on active markets. The fair values of derivativefinancial instruments are equal to their quoted prices, ifavailable. In case such quoted prices are not available, thefair value of the financial instruments is determined basedon a discounted cash flow analysis using the applicableyield curve derived from quoted interest rates matchingmaturities of the contracts for non-optional derivatives.Optional derivatives are fair valued based on option pricingmodels, taking into account the present value of probabilityweighted expected future payoffs, using market referenceformulas.The fair values of other financial assets and financialliabilities are determined in accordance with generallyaccepted pricing models based on discounted cash flowanalysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)December 31, 2024 December 31, 2023CarryingFair value CarryingFair valueIn \u20ac millionamountamountNon-current assets - Financial instruments 122 122 133 133Loans and other non-current assets (except pension fund surpluses and 122 122 133 133ong-term inventory balance)Non-current liabilities - Financial instruments -1,697 -1,723 -2,061 -2,053Bonds/Senior notes -1,647 -1,673 -645 -637Other non-current debts -7 -7 -1,348 -1,348Other liabilities -43 -43 -68 -68The carrying amounts of financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term tomaturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in theconsolidated statement of financial position\u201d provides ananalysis of financial instruments that, subsequent to their initialrecognition, are measured at fair value, grouped into Levels 1 to 3based on the degree to which the fair value is observable.Financial instruments, classified as held for trading and ashedging instruments in cash flow hedges are mainly groupedinto Levels 1 and 2. They are fair valued based on forward pricingand swap models using present value calculations. The modelsincorporate various inputs including foreign exchange spot andinterest rates of the respective currencies, currency basisspreads between the respective currencies, interest rate curvesand forward rate curves of the underlying commodity. Theequity instruments measured at fair value through OCI andthrough profit and loss are presented within Level 1 and 3. Thefair value of the instruments presented under Level 3 ismeasured based on the guidelines recommended by TheInternational Private Equity and Venture Capital Valuation (IPEV).In accordance with the Group internal rules, the responsibility formeasuring the fair value level resides with (a) the Treasurydepartment for the non-utility derivative financial instruments,and the non-derivative financial liabilities, (b) the SustainableDevelopment and Energy department for the utility derivativefinancial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorization(based on the lowest level input that is significant to the fairvalue measurement as a whole) at the end of each reportingperiod. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2024In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 6 6Foreign currency risk 1 1Syensqo share price 3 3Index 1 1Equity instruments measured at fair value through profit or loss 12 43 55Solvay Group Shares 12 12New Business Development 43 43Cash flow hedges 10 10Foreign currency risk 3 3Utility risk 7 7Equity instruments measured at fair value through other comprehensive income 31 31New Business Development 31 31Total assets 12 15 74 101Held for trading -4 -4Foreign currency risk -3 -3Index -1 -1Cash flow hedges -15 -15Foreign currency risk -13 -13CO2 risk -3 -3TOTAL LIABILITIES -20 -20December 31, 2023In \u20ac millionLevel 1 Level 2 Level 3 TotalHeld for trading 12 12Foreign currency risk 4 4Syensqo share price 8 8Equity instruments measured at fair value through profit or loss 19 49 68Solvay Group Shares 19 19New Business Development 49 49Cash flow hedges 17 17Foreign currency risk 9 9Utility risk 6 6CO2 risk 3 3Equity instruments measured at fair value through26 26other comprehensive incomeNew Business Development 26 26Total assets 19 29 75 122Held for trading -2 -2Foreign currency risk -2 -2Cash flow hedges -49 -49Foreign currency risk -3 -3Interest rate risk -29 -29Utility risk -17 -17TOTAL LIABILITIES -51 -51Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.2024At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 49 26 75Total gains or losses- Recognized in profit or loss -7 -7- Recognized in other comprehensive income -3 -3Acquisitions 0 2 2Capital increases 1 5 6Transfers out of level 3DECEMBER 31 43 31 742023At fair value throughAt fair value throughTotalprofit or lossother comprehensiveincomeIn \u20ac millionEquity instruments Equity instrumentsJanuary 1 46 24 70Total gains or losses- Recognized in profit or loss 5 5- Recognized in other comprehensive income -5 -5Acquisitions 0 9 9Capital decreases -2 -2 -4Transfers out of level 3DECEMBER 31 49 26 75Income and expenses of financial instruments recognized in other comprehensive incomeIncome and expenses on financial instruments recognized in other comprehensive income include the following:Cash flow hedgesForeign currencyCommodity risk Interest rate risk Total riskIn \u20ac million2024 2023 2024 2023 2024 2023 2024 2023January 1 6 6 -19 -1 -29 -42 5Recycling from other comprehensive income of derivative 1 -13 15 -1 0 15 -14financial instruments designated in a cash flow hedge relationshipEffective portion of changes in fair value of cash flow hedge -16 13 5 -17 36 -29 25 -33DECEMBER 31 -9 6 1 -19 7 -29 -1 -42Conventionally, (+) indicates an increase and (-) a reduction in equity. Foreign Currency and Commodity risks recycling is recognized in the group income statement above gross profit.Interest rate risk recycling is recognized in the group income statement in the charge of net debt.",
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"value": "F27.C. Capital managementSee 2 Capital, shares and shareholders in respect of capital inthe Corporate Governance statement chapter of this annualreport.The Group manages its funding structure with the objective ofsafeguarding its ability to continue as a going concern,optimizing the return for shareholders, maintaining aninvestment-grade rating, and minimizing the cost of debt.The capital structure of the Group consists of equity (see noteF22 Equity) and of net debt (see note F28 Net indebtedness). ThePerpetual hybrid bonds are nevertheless considered as debt inthe Group\u2019s Underlying metrics.Besides the statutory minimum equity funding requirements thatapply to the Company\u2019s subsidiaries in the different countries,Syensqo is not subject to any additional legal capitalrequirements.The Treasury department reviews the capital structure on anongoing basis under the authority and the supervision of theChief Financial Officer. As appropriate, the Legal department isinvolved to ensure compliance with legal and contractualrequirements.",
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"f1__s8__7__221": {
"value": "F27.D. Financial risk managementThe Group is exposed to movements of different market risks ofwhich mainly:\u25cf liquidity risk\u25cf foreign exchange \u25cf interest-rate risk\u25cf counterparty risk\u25cf pension obligation risk\u25cf tax litigation risk \u25cf utility & CO2 price riskThe Group\u2019s senior management oversees the management ofthese risks and is supported by the Treasury department (non-commodity risks), Sustainable Development and Procurementdepartment that advise on financial risks and the appropriatefinancial risk governance framework for the Group. Thosedepartments provide assurance to the Group\u2019s seniormanagement that the Group\u2019s financial risk activities aregoverned by appropriate policies and procedures and thatfinancial risks are identified, measured and managed inaccordance with the Group\u2019s policies and risk objectives.The Group maintains a prudent financial profile and pursues aconservative financial discipline, with strong liquidity reserves. Itregularly monitors the Group's counterparties' ratings (bankinginstitutions with high credit worthiness with exposure thresholds,customers risk and cash collection control procedures, etc...).The Group also uses derivative financial instruments to hedgeclearly identified foreign exchange, interest rate, index, utilityprice and CO2 emission rights price risks (hedging instruments).All derivative activities for risk management purposes arecarried out by specialist teams that have the appropriate skills,experience and supervision. However, the required criteria toapply hedge accounting are not met in all cases.In addition, Syensqo has defined a clear pension governanceand pension plan optimization review (see examples in NoteF25) and also performs strict control processes for tax regulationcompliance and transfer pricing policies.Foreign currency risksThe Group is a multi-specialty chemical company with operationsworldwide, and hence undertakes transactions denominated inforeign currencies. Consequently, the Group is exposed toexchange rate fluctuations. In 2024, the Group was mainly exposedto US dollar, Chinese yuan, Mexican peso, Brazilian Real andJapanese yen.To mitigate its foreign currency risk, the Group has defined ahedging policy that is essentially based on the principles offinancing its activities in local currency and hedges thetransactional exchange risk at the time of invoicing (risk which iscertain). The Group constantly monitors its activities in foreigncurrencies and hedges, where appropriate, the exchange rateexposures on expected cash flows (risk which is highly probable).Exchange rate exposures are managed within approved policyparameters utilizing forward foreign exchange contracts or,when appropriate, other derivatives like currency options.In the course of 2024, the \u20ac/US$ exchange rate moved from1.1052 at the start of January to 1.0394 at the end of December.A fluctuation of (0.10) to the US$/\u20ac exchange rate, wouldgenerate in 2024 about \u20ac100 million (\u20ac100 million in 2023)variation to the EBITDA. 60% of this variation is at conversion leveland 40% at transaction level, the latter being mostly hedged.EBITDA is the key non-IFRS metric for operational performance asdefined in the glossary.At the end of 2024, a strengthening of the US dollar vs euro wouldincrease the net debt by approximately \u20ac138 million (\u20ac80 millionin 2023) per 0.10 US$/\u20ac fluctuation. Conversely, a weakening of theUS dollar vs euro would decrease the net debt by approximately\u20ac113 million (\u20ac66 million in 2023) per 0.10 US$/\u20ac fluctuation.The Group\u2019s currency risk can be split into two categories:translation and transactional risk.Translation riskThe translation exchange risk is the risk affecting the Group\u2019sconsolidated financial statements related to investees operatingin a currency other than the EUR (the Group\u2019s presentationcurrency).During 2024 and 2023, the Group did not hedge the translationexchange risk of foreign operations.Transactional riskThe transactional risk is the exchange risk linked to a specifictransaction, such as a Group entity buying or selling in acurrency other than its functional currency.To the largest extent possible, the Group manages thetransactional risk on receivables and borrowings centrally andlocally when centralization is not possible.The choice of borrowing currency depends mainly on theopportunities offered by the various markets. This means thatthe selected currency is not necessarily that of the country inwhich the funds will be invested. Nonetheless, operating entitiesare financed essentially in their functional currencies.In emerging countries, it is not always possible to borrow in localcurrency, either because funds are not available in localfinancial markets, or because the financial conditions are tooonerous. In such a situation, the Group has to borrow in a differentcurrency. Nonetheless, the Group considers opportunities torefinance its borrowings in emerging countries with localcurrency debt.Derivatives are initially recognized at fair value at the date aderivative contract is entered into and are classified into the twocategories described below:Held for tradingThe transactional risk is managed either by spot or forwardcontracts. Unless documented as hedging instruments (seeabove), derivative financial instruments are classified as held fortrading.In 2024, the notional amounts transacted to manage thetransactional risk are:\u25cf a short position of \u20ac(382) million (compared to \u20ac(586) millionin 2023);\u25cf a long position of \u20ac150 million (compared to \u20ac233 million in2023).The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period:(1)In \u20ac million Notional amountFair value assets Fair value liabilitiesDecember 31 2024 2023 2024 2023 2024 2023Held for trading long position 150 233 0 1 0 -1Held for trading short position -382 -586 1 3 -3 -1TOTAL -232 -353 1 4 -3 -2(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).Cash flow hedgeThe Group uses derivatives to hedge identified foreign exchangerate risks. It documents those as hedging instruments unless ithedges a recognized financial asset or liability when generallyno cash flow hedge relationship is documented. Most hedgesare transaction related.At the end of 2024, the Group had mainly hedged highlyprobable sales in foreign currencies (short position) in a nominalamount of US$244 million (\u20ac235 million) and JP\u00a5 6,916 million(\u20ac42 million). Most of the hedge contracts that exist at the endof December 2024 will be settled within the next 12 months, andwill impact profit or loss during that period with the exception ofthe long-term hedges.The following table details the notional amounts of Syensqo\u2019sderivatives contracts outstanding at the end of the period. TheGroup hedges its net currency exposure.NOTIONAL AMOUNTSDecember 31, 2024NotionalNotionalPercentageAverageCash flowFair valueLiabilitiesamountamountof exposurehedgehedgeof theof theof the riskhedgedexchangereservehedging(1)exposure(1)instrumentrate per riskinstrumentcategoryIn \u20ac millionEquity Assets(3)Cash flow hedges - Forecasted sales and purchases(2)JPY/EUR -26 -97 27%161.76 0 0 0(2)JPY/USD -16 -60 27%146.13 1 1 0Total JPY -42 -157 1 1 0(2)USD/CAD -16 -47 35%1.37 -1 0 -1(2)USD/CNY -34 -92 36%6.94 -1 0 -1(2)USD/EUR -161 -537 30%1.10 -7 0 -7(2)USD/MXN -38 -123 30%19.63 -3 0 -3(2)USD/KRW 13 56 24%1,327.05 1 1 0Total USD -235 -768 -11 1 -12TOTAL -277 -924 -10 3 -13(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2025.(3) The Hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Hedge relationships are seldom perfect. Therefore, ineffectivenesscould arise with the result that changes in the fair value or cashflows of the hedged item that are attributable to a hedged riskand the hedging instrument do not offset within a period. Thesources of hedge ineffectiveness that could potentially affectthe hedging relationship during its term are listed below:\u25cf A reduction in the amount of the forecast sales resulting inquantity or notional amount differences \u2013 the hedged itemand hedging instrument are based on different quantities ornotional amounts.\u25cf A significant change in the credit risk of parties.\u25cf Timing differences \u2013 the hedged item and hedging instrumentoccur or are settled at different dates.In 2024, no hedge ineffectiveness was recognized in theconsolidated income statement.December 31, 2023NotionalNotionalPercentageAverageCash flowFair value ofamountamountof exposurehedgehedgethe hedgingof theof the riskhedgedexchangereserveinstrument(1)exposure(1)instrumentrate per riskIn \u20ac millioncategoryLiabilitiesEquity Assets(3)Cash flow hedges - Forecasted sales and purchases(2)JPY/EUR -52 -150 35%148.25 2 2 0(2)JPY/USD -30 -87 35%132.07 0 1 -1Total JPY -82 -237 2 3 -1(2)USD/BRL 0 -70 0%4.60 0 0 0(2)USD/CNY -63 -157 40%6.89 -1 0 -1(2)USD/EUR -242 -503 48%1.11 2 3 -1(2)USD/MXN -43 -109 39%18.42 3 3 0(2)USD/THB -6 -23 28%33.68 0 0 0Total USD -354 -861 4 6 -2TOTAL -436 -1,098 6 9 -3(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2024.(3) The Hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Interest rate risksThe Group is exposed to interest rate risk because entities in theGroup borrow funds at both fixed and floating interest rates.Interest rate risk is managed at Group level by maintaining anappropriate mix between fixed and floating rate borrowings,which so far are mainly fixed (directly or after the execution ofinterest rate swaps whenever they are deemed appropriate).Interest rate exposure by currency is summarized below:In \u20ac million December 31, 2024 December 31, 2023Currency Fixed rate Floating rate Total Fixed rate Floating rate TotalFinancial debtEUR -646 -13 -659 -586 -625 -1,210USD -1,429 -5 -1,435 -273 -779 -1,052Other -18 -4 -21 -38 -11 -51TOTAL -2,093 -22 -2,115 -897 -1,415 -2,313Cash and cash equivalents EUR 304 304 656 656USD 143 143 251 251THB 13 13 15 15CNY 76 76 44 44JPY 26 26 90 90Other 98 98 94 94TOTAL 659 659 1,150 1,150Other financial instrumentsEUR 36 36 41 41CNY 58 58 30 30Other 3 3 8 8TOTAL 97 97 78 78TOTAL -2,093 734 -1,359 -897 -186 -1,084Throughout 2024, the group successfully refinanced by converting floating rate debt (Bridge to Bond) into fixed rate debt (Senior Bonds).At the end of 2024, approximately \u20ac2,093 million of the Group\u2019sgross debt was at fixed-rate, and is largely comprised of:\u25cf Senior EUR Bonds for a total of \u20ac500 million maturing in 2027(carrying amount of \u20ac498 million);\u25cf Remaining portion (US$163 million) of the US$ senior bonds2025 of US$250 million (carrying amount of \u20ac157 million);\u25cf Senior US$notes 2029 $600 million (carrying amount of\u20ac576 million);\u25cf Senior US$notes 2034 $600 million (carrying amount of\u20ac574 million);\u25cf Commercial Paper of \u20ac50 million;\u25cf IFRS 16 lease liabilities of \u20ac230 million.The impact of interest rate volatility at the end of 2024 compared to 2023 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in EUR market interest ratesEUR market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 4Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in USD market interest ratesUSD market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 7The sensitivity to interest rate volatility on the floating grossfinancial debt remains insignificant at the end of 2024compared to 2023 due to the group refinancing during 2024where the Group exchanged debt at floating rate to fixed rate.Interest rate risk hedged by instrument accounted for as held for tradingIn 2024 and 2023, there are no outstanding interest rateinstruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2024, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the executionof liability management prior to the Partial Demerger, Syensqo had decided to hedge EUR and USD drawdowns executed in 2023 (\u20ac1.3billion) and also future long-term refinancing that has been executed in June 2024 with the issuance of US$1.2 billion senior notes bySolvay Finance America LLC:December 31, 2023NotionalNotionalPercentageHedgeCash flowFair valueFair valueamountamount ofof exposureinterest ratehedgeof theof theof thethe riskhedgedper riskreserveinstrument -instrument -(1)instrumentexposurecategory Asset LiabilityCash flow hedgeIn \u20ac million (except where indicated)Cash Flow hedge Zero Cost Collar 724 738 98% 4.45%$800MCash Flow hedge Zero Cost Collar 600 600 100% 3.31%\u20ac600MCash Flow hedge - T-Lock 10y - 362 362 100% 4.395% +-18 -18$400mFixed MarginCash Flow hedge - T-Lock 5y 362 362 100% 4.327% +-11 -11$400mFixed MarginTOTAL 2,048 2,066 -29 -29(1) The hedging instruments are located in the line item\u201cOther current financial debt\u201d in the consolidated statement of financial position.Other market risksUtility and CO2 price risksThe Group purchases a large portion of its gas and electricityneeds in Europe and the United States based on fluctuatingliquid market indices.In order to reduce the cost volatility, the Group has developed apolicy for exchanging variable price against fixed price throughderivative financial instruments. Most of these hedging instrumentscan be documented as hedging instruments of the underlyingpurchase contracts.Similarly, the Group's exposure to the CO2 price is partiallyhedged by forward purchases of European Union Allowances(EUA). Forward purchases with physical delivery for use in theGroup\u2019s operations are qualified as own use contracts (notderivatives). Cash flow hedge accounting is applied forcontracts that do not meet the \u201cown use\u201d criteria.Finally, some exposure to gas and electricity prices may arisefrom the production of electricity on sites (mostly from cogenerationunits in Europe), which can be hedged by means of forwardpurchases and forward sales or optional schemes. In this case,cash flow hedge accounting is applied.Financial hedging of utility and CO2 emission rights price risks ismanaged centrally by Rhodia GhG on behalf of the Groupentities.The following tables detail the notional principal amounts andfair values of utility and CO2 derivative financial instrumentsoutstanding at the end of the reporting period:The amounts presented in the tables hereafter include hedgingneeds of the GBUs of the Group that are sourced through RhodiaGHG, and not the full Group utility hedging needs.December 31, 2024NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Standard Quality Gas 48.33 2,065,157 MWh 186.75 7,748,763 MWh 27% 23.4 EUR/MWh -7 7 0CO246.85 609,000 Tons 198.97 2,640,532 Tons 23% 76.93 EUR/Ton 3 0 -3TOTAL -4 7 -3(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.December 31, 2023NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Power 8.84 76,440 MWh 8.27 93,912 MWh 81% 116 EUR/MWh -2 2Standard Quality Gas 64.08 2,562,706 MWh 129.67 5,801,143 MWh 44% 25 EUR/MWh 13 4 -17CO241.27 552,000 Tons 292.19 3,396,346 Tons 16% 75 EUR/Ton -3 3TOTAL 8 9 -17(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Hedge relationships are seldom perfect. Therefore,ineffectiveness could arise with the result that changes in the fairvalue or cash flows of the hedged item that are attributable to ahedged risk and the hedging instrument do not offset within aperiod. The sources of hedge ineffectiveness that couldpotentially affect the hedging relationship during its term arelisted below:\u25cf A reduction in the amount of the forecast consumptionresulting in quantity or notional amount differences \u2013 thehedged item and hedging instrument are based on differentquantities or notional amounts.\u25cf A significant change in the credit risk of parties.In 2024, no hedge ineffectiveness was recognized in theconsolidated income statement. By comparison between 2024and 2023 Gas exposure increased due to the fact the Group ishedging one additional year. Conversely, CO2 exposure is reducedsince the hedge volumes are considered for one year less.The sensitivities of commodity derivative financial instrumentsas of December 31, 2024 are presented below.The sensitivities were defined based on the price levels andvolatility levels of each commodity. These assumptions do notconstitute an estimation of future market prices and thesensitivities presented are not representative of future changesin the Group\u2019s equity and results.December 31, 2024 In \u20ac millionPrice change Other comprehensive income Profit or lossNatural gas +10\u20ac/MWh 21Natural gas -10\u20ac/MWh -21CO2 Emission rights +5\u20ac/T 3CO2 Emission rights -5\u20ac/T -3Credit riskThe Group continuously monitors the credit risk of importantbusiness partners.The Group engages in transactions only with financialinstitutions of high creditworthiness (investment grade, selectedbased on major rating systems). The Group monitors andmanages exposures to financial institutions within approvedcounterparty credit limits and credit risk parameters in order tomitigate the risk of default. For financial guarantees, see note F31Contingent assets, liabilities and financial guarantees.For the commercial transactions, external customer risk andcash collection is also monitored by a professional network ofcredit managers and cash collectors located in the Group\u2019svarious operating regions and countries. Their controls aresupported by a set of detailed procedures and managedthrough Corporate and GBU Credit Committees.The Group recognizes expected credit losses on all of its tradereceivables.The Group classifies the customers and their related receivablesin various rating classes, based on the risks\u2019 grading attributedto the customers and on the aging balance of receivables. Assuch, for all receivables overdue below six months, the Groupconsiders percentages within a range between 0.005% and4.031%, depending on the rating class. For all receivables overduein excess of six months, the Group considers a rate of 50% or of100%, depending on the rating class. The customer\u2019s grading isreviewed annually for customers assessed as low risk profile,and every six months for customers assessed as higher riskprofile.There is no significant concentration of credit risk at Group levelbecause the receivables\u2019 credit risk is spread over a largenumber of customers and markets.The ageing of trade receivables, financial instruments - operational, loans and other non-current assets is as follows:December 31, 2024 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 962 10 904 37 5 1 5Trade receivables - allowance -15 -10 -2 0 -3Trade receivables - net 948 0 903 37 5 1 2Financial instruments - operational 15 15Loans and other non-current assets 173 7 166 0Loans and other non-current assets - allowance -7 -7Loans and other non-current assets - net 166 0 166 0 0 0 0TOTAL 1,129 0 1,084 37 5 1 2December 31, 2023 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 923 10 871 34 1 1 5Trade receivables - allowance -15 -10 -1 0 -3Trade receivables - net 907 0 870 34 1 1 2Financial instruments - operational 28 28Loans and other non-current assets 230 6 224Loans and other non-current assets - allowance -6 -6Loans and other non-current assets - net 224 224TOTAL 1,159 0 1,121 34 1 1 2The table below presents the allowances on trade receivables:In \u20ac million 2024 2023January 1 -15 -12Additions -3 -9Uses 0 2Reversal 4 4Currency translation differences 0 0DECEMBER 31 -15 -15Liquidity riskLiquidity risk relates to the Group\u2019s ability to service andrefinance its debt (including notes issued) and to fund itsoperations.This depends on its ability to generate cash from operations andnot to overpay for acquisitions.The Finance Committee gives its opinion on the appropriateliquidity risk management for the Group\u2019s short, medium andlong term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequatereserves, banking facilities and reserve borrowing facilities, bycontinuously monitoring forecasts and actual cash flows, and bymatching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources overtime in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractualmaturity for its financial liabilities with contractual repaymentperiods.The following tables present undiscounted amounts (nominal value):In \u20ac million December 31, 2024Outflows of cash Total WithinInIn years threeBeyond one year year twoto fivefive yearsTrade payables 1,001 1,001Financial instruments - operational 19 19Other non-current liabilities 43 10 22 11Financial debt 1,891 231 3 1,080 577Leasing debt 230 62 42 63 63Total 3,184 1,313 56 1,165 651Interests on financial debt and lease liabilities 584 95 90 215 184TOTAL OUTFLOWS OF CASH 3,768 1,408 145 1,381 834\u20ac million December 31, 2023Outflows of cash Total WithinInIn years threeBeyond one yearyear twoto fivefive yearsTrade payables 918 918Dividends payablesFinancial instruments - operational 21 19 2Other non-current liabilities 68 23 34 12Financial debt 2,097 1,439 151 506 0Leasing debt 219 53 38 69 59TOTAL 3,323 2,429 214 609 71Interests on financial debt and lease liabilities 122 31 26 47 18TOTAL OUTFLOWS OF CASH 3,444 2,460 240 656 89Financial debt in 2023 includes \u20ac1,338 million of the credit facilityrecorded in the consolidated statement of financial position asnon-current debt, which has been fully repaid in June 2024.Trade payables include \u20ac56 million (2023: \u20ac45 million) due tosuppliers that have signed up for a supply chain financingprogram, under which the suppliers can elect to receive adiscounted early payment from the partner bank rather thanbeing paid in line with the agreed payment terms. If the option istaken, the Group\u2019s liability is assigned by the supplier to thepartner bank. The group's payable to these suppliers haveneither been extinguished nor have these liabilities beensignificantly modified by these arrangements, the value of theGroup's liability remains unchanged. The value of the Group\u2019sliability remains unchanged. The Group assesses eacharrangement against indicators to determine if the liabilitieswhich suppliers have sold to the partner bank under the supplierfinancing scheme continue to meet the definition of tradepayables or should be classified as financial debt. On December31, 2024 and 2023, the liabilities met the criteria of TradePayables.In \u20ac million December 31, 2024Carrying amount of trade payables that are subject to supplier finance arrangements 70Of which suppliers have received payment 56Weighted average payment term (days) Suppliers part ofSuppliers not partsupplier financingof supplierarrangementsfinancingarrangementsRaw materials and packaging 98 61Logistics 98 59Technical goods, Energy and other 110 49The Group performed a detailed assessment of the paymentranges of suppliers who are not part of the supplier financingarrangements by segregating the suppliers according toindustry. The assessment indicated that there are numerous keysuppliers that provide the Group with payment terms that aresimilar to those that the Group receives under the supplierfinancing arrangements. The suppliers of technical goods,energy and other purchases, part of suppliers financingarrangements, are not representative (less 1% of the totalspend). Over 90% of the supplier chain financing arrangementswere entered in the sector of raw materials, packaging andlogistics.Changes in liabilities that are subject to supplier financearrangements are primarily attributable to additions resultingfrom purchases of goods and services and subsequent cashsettlements. There were no material non-cash changes in theseliabilities.The group does not face a significant liquidity risk as a result ofits supplier finance arrangements given the limited amount ofliabilities subject to supplier finance arrangements and thegroup\u2019s access to other sources of finance on similar terms.Syensqo\u2019s liquidity amounts to \u20ac2.4 billion including \u20ac0.7 billionof cash and cash equivalents and \u20ac1.7 billion undrawn revolvingcredit facilities (\u20ac1.4 billion syndicated and \u20ac0.3 billion bilateral,all are multi-year).In addition, Syensqo has access to a Belgian Treasury Billprogram for \u20ac1.0 billion (\u20ac50 million outstanding balance onDecember 31, 2024; no outstanding balance on December 31,2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__216": {
"value": "Foreign currency risksThe Group is a multi-specialty chemical company with operationsworldwide, and hence undertakes transactions denominated inforeign currencies. Consequently, the Group is exposed toexchange rate fluctuations. In 2024, the Group was mainly exposedto US dollar, Chinese yuan, Mexican peso, Brazilian Real andJapanese yen.To mitigate its foreign currency risk, the Group has defined ahedging policy that is essentially based on the principles offinancing its activities in local currency and hedges thetransactional exchange risk at the time of invoicing (risk which iscertain). The Group constantly monitors its activities in foreigncurrencies and hedges, where appropriate, the exchange rateexposures on expected cash flows (risk which is highly probable).Exchange rate exposures are managed within approved policyparameters utilizing forward foreign exchange contracts or,when appropriate, other derivatives like currency options.In the course of 2024, the \u20ac/US$ exchange rate moved from1.1052 at the start of January to 1.0394 at the end of December.A fluctuation of (0.10) to the US$/\u20ac exchange rate, wouldgenerate in 2024 about \u20ac100 million (\u20ac100 million in 2023)variation to the EBITDA. 60% of this variation is at conversion leveland 40% at transaction level, the latter being mostly hedged.EBITDA is the key non-IFRS metric for operational performance asdefined in the glossary.At the end of 2024, a strengthening of the US dollar vs euro wouldincrease the net debt by approximately \u20ac138 million (\u20ac80 millionin 2023) per 0.10 US$/\u20ac fluctuation. Conversely, a weakening of theUS dollar vs euro would decrease the net debt by approximately\u20ac113 million (\u20ac66 million in 2023) per 0.10 US$/\u20ac fluctuation.The Group\u2019s currency risk can be split into two categories:translation and transactional risk.Translation riskThe translation exchange risk is the risk affecting the Group\u2019sconsolidated financial statements related to investees operatingin a currency other than the EUR (the Group\u2019s presentationcurrency).During 2024 and 2023, the Group did not hedge the translationexchange risk of foreign operations.Transactional riskThe transactional risk is the exchange risk linked to a specifictransaction, such as a Group entity buying or selling in acurrency other than its functional currency.To the largest extent possible, the Group manages thetransactional risk on receivables and borrowings centrally andlocally when centralization is not possible.The choice of borrowing currency depends mainly on theopportunities offered by the various markets. This means thatthe selected currency is not necessarily that of the country inwhich the funds will be invested. Nonetheless, operating entitiesare financed essentially in their functional currencies.In emerging countries, it is not always possible to borrow in localcurrency, either because funds are not available in localfinancial markets, or because the financial conditions are tooonerous. In such a situation, the Group has to borrow in a differentcurrency. Nonetheless, the Group considers opportunities torefinance its borrowings in emerging countries with localcurrency debt.Derivatives are initially recognized at fair value at the date aderivative contract is entered into and are classified into the twocategories described below:Held for tradingThe transactional risk is managed either by spot or forwardcontracts. Unless documented as hedging instruments (seeabove), derivative financial instruments are classified as held fortrading.In 2024, the notional amounts transacted to manage thetransactional risk are:\u25cf a short position of \u20ac(382) million (compared to \u20ac(586) millionin 2023);\u25cf a long position of \u20ac150 million (compared to \u20ac233 million in2023).The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period:(1)In \u20ac million Notional amountFair value assets Fair value liabilitiesDecember 31 2024 2023 2024 2023 2024 2023Held for trading long position 150 233 0 1 0 -1Held for trading short position -382 -586 1 3 -3 -1TOTAL -232 -353 1 4 -3 -2(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).Cash flow hedgeThe Group uses derivatives to hedge identified foreign exchangerate risks. It documents those as hedging instruments unless ithedges a recognized financial asset or liability when generallyno cash flow hedge relationship is documented. Most hedgesare transaction related.At the end of 2024, the Group had mainly hedged highlyprobable sales in foreign currencies (short position) in a nominalamount of US$244 million (\u20ac235 million) and JP\u00a5 6,916 million(\u20ac42 million). Most of the hedge contracts that exist at the endof December 2024 will be settled within the next 12 months, andwill impact profit or loss during that period with the exception ofthe long-term hedges.The following table details the notional amounts of Syensqo\u2019sderivatives contracts outstanding at the end of the period. TheGroup hedges its net currency exposure.NOTIONAL AMOUNTSDecember 31, 2024NotionalNotionalPercentageAverageCash flowFair valueLiabilitiesamountamountof exposurehedgehedgeof theof theof the riskhedgedexchangereservehedging(1)exposure(1)instrumentrate per riskinstrumentcategoryIn \u20ac millionEquity Assets(3)Cash flow hedges - Forecasted sales and purchases(2)JPY/EUR -26 -97 27%161.76 0 0 0(2)JPY/USD -16 -60 27%146.13 1 1 0Total JPY -42 -157 1 1 0(2)USD/CAD -16 -47 35%1.37 -1 0 -1(2)USD/CNY -34 -92 36%6.94 -1 0 -1(2)USD/EUR -161 -537 30%1.10 -7 0 -7(2)USD/MXN -38 -123 30%19.63 -3 0 -3(2)USD/KRW 13 56 24%1,327.05 1 1 0Total USD -235 -768 -11 1 -12TOTAL -277 -924 -10 3 -13(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2025.(3) The Hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Hedge relationships are seldom perfect. Therefore, ineffectivenesscould arise with the result that changes in the fair value or cashflows of the hedged item that are attributable to a hedged riskand the hedging instrument do not offset within a period. Thesources of hedge ineffectiveness that could potentially affectthe hedging relationship during its term are listed below:\u25cf A reduction in the amount of the forecast sales resulting inquantity or notional amount differences \u2013 the hedged itemand hedging instrument are based on different quantities ornotional amounts.\u25cf A significant change in the credit risk of parties.\u25cf Timing differences \u2013 the hedged item and hedging instrumentoccur or are settled at different dates.In 2024, no hedge ineffectiveness was recognized in theconsolidated income statement.December 31, 2023NotionalNotionalPercentageAverageCash flowFair value ofamountamountof exposurehedgehedgethe hedgingof theof the riskhedgedexchangereserveinstrument(1)exposure(1)instrumentrate per riskIn \u20ac millioncategoryLiabilitiesEquity Assets(3)Cash flow hedges - Forecasted sales and purchases(2)JPY/EUR -52 -150 35%148.25 2 2 0(2)JPY/USD -30 -87 35%132.07 0 1 -1Total JPY -82 -237 2 3 -1(2)USD/BRL 0 -70 0%4.60 0 0 0(2)USD/CNY -63 -157 40%6.89 -1 0 -1(2)USD/EUR -242 -503 48%1.11 2 3 -1(2)USD/MXN -43 -109 39%18.42 3 3 0(2)USD/THB -6 -23 28%33.68 0 0 0Total USD -354 -861 4 6 -2TOTAL -436 -1,098 6 9 -3(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2024.(3) The Hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Interest rate risksThe Group is exposed to interest rate risk because entities in theGroup borrow funds at both fixed and floating interest rates.Interest rate risk is managed at Group level by maintaining anappropriate mix between fixed and floating rate borrowings,which so far are mainly fixed (directly or after the execution ofinterest rate swaps whenever they are deemed appropriate).Interest rate exposure by currency is summarized below:In \u20ac million December 31, 2024 December 31, 2023Currency Fixed rate Floating rate Total Fixed rate Floating rate TotalFinancial debtEUR -646 -13 -659 -586 -625 -1,210USD -1,429 -5 -1,435 -273 -779 -1,052Other -18 -4 -21 -38 -11 -51TOTAL -2,093 -22 -2,115 -897 -1,415 -2,313Cash and cash equivalents EUR 304 304 656 656USD 143 143 251 251THB 13 13 15 15CNY 76 76 44 44JPY 26 26 90 90Other 98 98 94 94TOTAL 659 659 1,150 1,150Other financial instrumentsEUR 36 36 41 41CNY 58 58 30 30Other 3 3 8 8TOTAL 97 97 78 78TOTAL -2,093 734 -1,359 -897 -186 -1,084Throughout 2024, the group successfully refinanced by converting floating rate debt (Bridge to Bond) into fixed rate debt (Senior Bonds).At the end of 2024, approximately \u20ac2,093 million of the Group\u2019sgross debt was at fixed-rate, and is largely comprised of:\u25cf Senior EUR Bonds for a total of \u20ac500 million maturing in 2027(carrying amount of \u20ac498 million);\u25cf Remaining portion (US$163 million) of the US$ senior bonds2025 of US$250 million (carrying amount of \u20ac157 million);\u25cf Senior US$notes 2029 $600 million (carrying amount of\u20ac576 million);\u25cf Senior US$notes 2034 $600 million (carrying amount of\u20ac574 million);\u25cf Commercial Paper of \u20ac50 million;\u25cf IFRS 16 lease liabilities of \u20ac230 million.The impact of interest rate volatility at the end of 2024 compared to 2023 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in EUR market interest ratesEUR market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 4Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement in USD market interest ratesUSD market interest ratesIn \u20ac million2024 2023 2024 2023Profit or loss 0 -2 0 7The sensitivity to interest rate volatility on the floating grossfinancial debt remains insignificant at the end of 2024compared to 2023 due to the group refinancing during 2024where the Group exchanged debt at floating rate to fixed rate.Interest rate risk hedged by instrument accounted for as held for tradingIn 2024 and 2023, there are no outstanding interest rateinstruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2024, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the executionof liability management prior to the Partial Demerger, Syensqo had decided to hedge EUR and USD drawdowns executed in 2023 (\u20ac1.3billion) and also future long-term refinancing that has been executed in June 2024 with the issuance of US$1.2 billion senior notes bySolvay Finance America LLC:December 31, 2023NotionalNotionalPercentageHedgeCash flowFair valueFair valueamountamount ofof exposureinterest ratehedgeof theof theof thethe riskhedgedper riskreserveinstrument -instrument -(1)instrumentexposurecategory Asset LiabilityCash flow hedgeIn \u20ac million (except where indicated)Cash Flow hedge Zero Cost Collar 724 738 98% 4.45%$800MCash Flow hedge Zero Cost Collar 600 600 100% 3.31%\u20ac600MCash Flow hedge - T-Lock 10y - 362 362 100% 4.395% +-18 -18$400mFixed MarginCash Flow hedge - T-Lock 5y 362 362 100% 4.327% +-11 -11$400mFixed MarginTOTAL 2,048 2,066 -29 -29(1) The hedging instruments are located in the line item\u201cOther current financial debt\u201d in the consolidated statement of financial position.Other market risksUtility and CO2 price risksThe Group purchases a large portion of its gas and electricityneeds in Europe and the United States based on fluctuatingliquid market indices.In order to reduce the cost volatility, the Group has developed apolicy for exchanging variable price against fixed price throughderivative financial instruments. Most of these hedging instrumentscan be documented as hedging instruments of the underlyingpurchase contracts.Similarly, the Group's exposure to the CO2 price is partiallyhedged by forward purchases of European Union Allowances(EUA). Forward purchases with physical delivery for use in theGroup\u2019s operations are qualified as own use contracts (notderivatives). Cash flow hedge accounting is applied forcontracts that do not meet the \u201cown use\u201d criteria.Finally, some exposure to gas and electricity prices may arisefrom the production of electricity on sites (mostly from cogenerationunits in Europe), which can be hedged by means of forwardpurchases and forward sales or optional schemes. In this case,cash flow hedge accounting is applied.Financial hedging of utility and CO2 emission rights price risks ismanaged centrally by Rhodia GhG on behalf of the Groupentities.The following tables detail the notional principal amounts andfair values of utility and CO2 derivative financial instrumentsoutstanding at the end of the reporting period:The amounts presented in the tables hereafter include hedgingneeds of the GBUs of the Group that are sourced through RhodiaGHG, and not the full Group utility hedging needs.December 31, 2024NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Standard Quality Gas 48.33 2,065,157 MWh 186.75 7,748,763 MWh 27% 23.4 EUR/MWh -7 7 0CO246.85 609,000 Tons 198.97 2,640,532 Tons 23% 76.93 EUR/Ton 3 0 -3TOTAL -4 7 -3(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.December 31, 2023NotionalNotionalNotionalNotionalPercentageAverageCashFair valueFair valueamountamountamountamountof exposurehedgeflowof theof theof theof theof theof the hedgedpricehedgeinstrumentinstrument(1)instrumentinstrumentriskriskper riskreserve - Asset - Liability(in units)exposureexposurecategory (in units)Cash flow hedgeIn \u20ac million (except where indicated)Power 8.84 76,440 MWh 8.27 93,912 MWh 81% 116 EUR/MWh -2 2Standard Quality Gas 64.08 2,562,706 MWh 129.67 5,801,143 MWh 44% 25 EUR/MWh 13 4 -17CO241.27 552,000 Tons 292.19 3,396,346 Tons 16% 75 EUR/Ton -3 3TOTAL 8 9 -17(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Hedge relationships are seldom perfect. Therefore,ineffectiveness could arise with the result that changes in the fairvalue or cash flows of the hedged item that are attributable to ahedged risk and the hedging instrument do not offset within aperiod. The sources of hedge ineffectiveness that couldpotentially affect the hedging relationship during its term arelisted below:\u25cf A reduction in the amount of the forecast consumptionresulting in quantity or notional amount differences \u2013 thehedged item and hedging instrument are based on differentquantities or notional amounts.\u25cf A significant change in the credit risk of parties.In 2024, no hedge ineffectiveness was recognized in theconsolidated income statement. By comparison between 2024and 2023 Gas exposure increased due to the fact the Group ishedging one additional year. Conversely, CO2 exposure is reducedsince the hedge volumes are considered for one year less.The sensitivities of commodity derivative financial instrumentsas of December 31, 2024 are presented below.The sensitivities were defined based on the price levels andvolatility levels of each commodity. These assumptions do notconstitute an estimation of future market prices and thesensitivities presented are not representative of future changesin the Group\u2019s equity and results.December 31, 2024 In \u20ac millionPrice change Other comprehensive income Profit or lossNatural gas +10\u20ac/MWh 21Natural gas -10\u20ac/MWh -21CO2 Emission rights +5\u20ac/T 3CO2 Emission rights -5\u20ac/T -3",
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"value": "Credit riskThe Group continuously monitors the credit risk of importantbusiness partners.The Group engages in transactions only with financialinstitutions of high creditworthiness (investment grade, selectedbased on major rating systems). The Group monitors andmanages exposures to financial institutions within approvedcounterparty credit limits and credit risk parameters in order tomitigate the risk of default. For financial guarantees, see note F31Contingent assets, liabilities and financial guarantees.For the commercial transactions, external customer risk andcash collection is also monitored by a professional network ofcredit managers and cash collectors located in the Group\u2019svarious operating regions and countries. Their controls aresupported by a set of detailed procedures and managedthrough Corporate and GBU Credit Committees.The Group recognizes expected credit losses on all of its tradereceivables.The Group classifies the customers and their related receivablesin various rating classes, based on the risks\u2019 grading attributedto the customers and on the aging balance of receivables. Assuch, for all receivables overdue below six months, the Groupconsiders percentages within a range between 0.005% and4.031%, depending on the rating class. For all receivables overduein excess of six months, the Group considers a rate of 50% or of100%, depending on the rating class. The customer\u2019s grading isreviewed annually for customers assessed as low risk profile,and every six months for customers assessed as higher riskprofile.There is no significant concentration of credit risk at Group levelbecause the receivables\u2019 credit risk is spread over a largenumber of customers and markets.The ageing of trade receivables, financial instruments - operational, loans and other non-current assets is as follows:December 31, 2024 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 962 10 904 37 5 1 5Trade receivables - allowance -15 -10 -2 0 -3Trade receivables - net 948 0 903 37 5 1 2Financial instruments - operational 15 15Loans and other non-current assets 173 7 166 0Loans and other non-current assets - allowance -7 -7Loans and other non-current assets - net 166 0 166 0 0 0 0TOTAL 1,129 0 1,084 37 5 1 2December 31, 2023 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 923 10 871 34 1 1 5Trade receivables - allowance -15 -10 -1 0 -3Trade receivables - net 907 0 870 34 1 1 2Financial instruments - operational 28 28Loans and other non-current assets 230 6 224Loans and other non-current assets - allowance -6 -6Loans and other non-current assets - net 224 224TOTAL 1,159 0 1,121 34 1 1 2The table below presents the allowances on trade receivables:In \u20ac million 2024 2023January 1 -15 -12Additions -3 -9Uses 0 2Reversal 4 4Currency translation differences 0 0DECEMBER 31 -15 -15",
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"value": "Credit riskThe Group continuously monitors the credit risk of importantbusiness partners.The Group engages in transactions only with financialinstitutions of high creditworthiness (investment grade, selectedbased on major rating systems). The Group monitors andmanages exposures to financial institutions within approvedcounterparty credit limits and credit risk parameters in order tomitigate the risk of default. For financial guarantees, see note F31Contingent assets, liabilities and financial guarantees.For the commercial transactions, external customer risk andcash collection is also monitored by a professional network ofcredit managers and cash collectors located in the Group\u2019svarious operating regions and countries. Their controls aresupported by a set of detailed procedures and managedthrough Corporate and GBU Credit Committees.The Group recognizes expected credit losses on all of its tradereceivables.The Group classifies the customers and their related receivablesin various rating classes, based on the risks\u2019 grading attributedto the customers and on the aging balance of receivables. Assuch, for all receivables overdue below six months, the Groupconsiders percentages within a range between 0.005% and4.031%, depending on the rating class. For all receivables overduein excess of six months, the Group considers a rate of 50% or of100%, depending on the rating class. The customer\u2019s grading isreviewed annually for customers assessed as low risk profile,and every six months for customers assessed as higher riskprofile.There is no significant concentration of credit risk at Group levelbecause the receivables\u2019 credit risk is spread over a largenumber of customers and markets.The ageing of trade receivables, financial instruments - operational, loans and other non-current assets is as follows:December 31, 2024 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 962 10 904 37 5 1 5Trade receivables - allowance -15 -10 -2 0 -3Trade receivables - net 948 0 903 37 5 1 2Financial instruments - operational 15 15Loans and other non-current assets 173 7 166 0Loans and other non-current assets - allowance -7 -7Loans and other non-current assets - net 166 0 166 0 0 0 0TOTAL 1,129 0 1,084 37 5 1 2December 31, 2023 With expected loss allowance, not credit-impairedIn \u20ac million Total Credit-not past due less than 30between 30between 60more than 90impaireddays past dueand 60 daysand 90 daysdays past duepast duepast dueTrade receivables 923 10 871 34 1 1 5Trade receivables - allowance -15 -10 -1 0 -3Trade receivables - net 907 0 870 34 1 1 2Financial instruments - operational 28 28Loans and other non-current assets 230 6 224Loans and other non-current assets - allowance -6 -6Loans and other non-current assets - net 224 224TOTAL 1,159 0 1,121 34 1 1 2The table below presents the allowances on trade receivables:In \u20ac million 2024 2023January 1 -15 -12Additions -3 -9Uses 0 2Reversal 4 4Currency translation differences 0 0DECEMBER 31 -15 -15",
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"value": "Liquidity riskLiquidity risk relates to the Group\u2019s ability to service andrefinance its debt (including notes issued) and to fund itsoperations.This depends on its ability to generate cash from operations andnot to overpay for acquisitions.The Finance Committee gives its opinion on the appropriateliquidity risk management for the Group\u2019s short, medium andlong term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequatereserves, banking facilities and reserve borrowing facilities, bycontinuously monitoring forecasts and actual cash flows, and bymatching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources overtime in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractualmaturity for its financial liabilities with contractual repaymentperiods.The following tables present undiscounted amounts (nominal value):In \u20ac million December 31, 2024Outflows of cash Total WithinInIn years threeBeyond one year year twoto fivefive yearsTrade payables 1,001 1,001Financial instruments - operational 19 19Other non-current liabilities 43 10 22 11Financial debt 1,891 231 3 1,080 577Leasing debt 230 62 42 63 63Total 3,184 1,313 56 1,165 651Interests on financial debt and lease liabilities 584 95 90 215 184TOTAL OUTFLOWS OF CASH 3,768 1,408 145 1,381 834\u20ac million December 31, 2023Outflows of cash Total WithinInIn years threeBeyond one yearyear twoto fivefive yearsTrade payables 918 918Dividends payablesFinancial instruments - operational 21 19 2Other non-current liabilities 68 23 34 12Financial debt 2,097 1,439 151 506 0Leasing debt 219 53 38 69 59TOTAL 3,323 2,429 214 609 71Interests on financial debt and lease liabilities 122 31 26 47 18TOTAL OUTFLOWS OF CASH 3,444 2,460 240 656 89Financial debt in 2023 includes \u20ac1,338 million of the credit facilityrecorded in the consolidated statement of financial position asnon-current debt, which has been fully repaid in June 2024.Trade payables include \u20ac56 million (2023: \u20ac45 million) due tosuppliers that have signed up for a supply chain financingprogram, under which the suppliers can elect to receive adiscounted early payment from the partner bank rather thanbeing paid in line with the agreed payment terms. If the option istaken, the Group\u2019s liability is assigned by the supplier to thepartner bank. The group's payable to these suppliers haveneither been extinguished nor have these liabilities beensignificantly modified by these arrangements, the value of theGroup's liability remains unchanged. The value of the Group\u2019sliability remains unchanged. The Group assesses eacharrangement against indicators to determine if the liabilitieswhich suppliers have sold to the partner bank under the supplierfinancing scheme continue to meet the definition of tradepayables or should be classified as financial debt. On December31, 2024 and 2023, the liabilities met the criteria of TradePayables.In \u20ac million December 31, 2024Carrying amount of trade payables that are subject to supplier finance arrangements 70Of which suppliers have received payment 56Weighted average payment term (days) Suppliers part ofSuppliers not partsupplier financingof supplierarrangementsfinancingarrangementsRaw materials and packaging 98 61Logistics 98 59Technical goods, Energy and other 110 49The Group performed a detailed assessment of the paymentranges of suppliers who are not part of the supplier financingarrangements by segregating the suppliers according toindustry. The assessment indicated that there are numerous keysuppliers that provide the Group with payment terms that aresimilar to those that the Group receives under the supplierfinancing arrangements. The suppliers of technical goods,energy and other purchases, part of suppliers financingarrangements, are not representative (less 1% of the totalspend). Over 90% of the supplier chain financing arrangementswere entered in the sector of raw materials, packaging andlogistics.Changes in liabilities that are subject to supplier financearrangements are primarily attributable to additions resultingfrom purchases of goods and services and subsequent cashsettlements. There were no material non-cash changes in theseliabilities.The group does not face a significant liquidity risk as a result ofits supplier finance arrangements given the limited amount ofliabilities subject to supplier finance arrangements and thegroup\u2019s access to other sources of finance on similar terms.Syensqo\u2019s liquidity amounts to \u20ac2.4 billion including \u20ac0.7 billionof cash and cash equivalents and \u20ac1.7 billion undrawn revolvingcredit facilities (\u20ac1.4 billion syndicated and \u20ac0.3 billion bilateral,all are multi-year).In addition, Syensqo has access to a Belgian Treasury Billprogram for \u20ac1.0 billion (\u20ac50 million outstanding balance onDecember 31, 2024; no outstanding balance on December 31,2023).",
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"f1__s8__7__233": {
"value": "NOTE F28NET INDEBTEDNESSThe Group\u2019s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.In \u20ac million December 31, 2024 December 31, 2023Financial debt 2,115 2,313Cash and cash equivalents -659 -1,151Other financial instruments -97 -78Net indebtedness 1,359 1,084The financial debt at the end of 2024 is composed by:\u25cf the senior EUR bonds 2027 (\u20ac500 million nominal), senior US$Cytec bonds 2025 (US$163 million nominal), senior US$ 144Anotes 2029 (US$600 million nominal) and senior US$ 144Anotes 2034 (US$600 million nominal),\u25cf the IFRS 16 lease liabilities (\u20ac230 million),\u25cf commercial paper (\u20ac50 million nominal),\u25cf other financial debt (\u20ac30 million, excluding lease debt) mainlyshort term.Syensqo is Investment Grade rating Baa1/P2 (stable outlook) byMoody\u2019s and BBB+/A2 (stable outlook) by Standard & Poor\u2019s as ofthe 2024 closing.Financial debt: main borrowings December 31, 2024 December 31, 2023NominalCoupon Maturity Secured Amount atFairAmount atFairamount amortizedvalue amortizedvalueIn \u20ac million (except where indicated) cost costSenior EUR bonds Syensqo SA (issuance 500 2.75% 2027 No 498 501 498 492\u20ac500m)Senior US$ senior notes Cytec Industries Inc. 157 3.95% 2025 No 157 157 147 145(issuance US$250 million)Senior US$ notes (144A;US$600 million) 577 5.65% 2029 No 576 586Senior US$ notes (144A;US$600 million) 577 5.85% 2034 No 574 586Total senior US$ senior notes 1,311 1,307 1,329 147 145Credit facility (\u20ac600 million)* Floating2024 No 600 600RateCredit facility (US$816 million)* Floating2024 No 738 738RateTotal Credit facility (as above) 1,338 1,338Commercial Paper 50 2.89% 2025 No 50 50Other borrowings from third parties 30 30 111 111Lease debt 230 230 219 219TOTAL 2,115 2,140 2,313 2,305* Fully repaid in June 2024.There are no instances of default on the above-mentionedfinancial debts. There are no financial covenants, neither onSyensqo SA, nor on any of the Group\u2019s holding companies.Solvay SA remains the guarantor of the Cytec 2025 senior notes(effective since the date of the Partial Demerger). Syensqoprovides a counter-guarantee to Solvay for any payments to bemade under the Cytec 2025 senior notes. There is no accountingimpact of the counter-guarantee in the Syensqo consolidatedfinancial statements.In December, 2024, the Group announced that it had delivered anotice of early redemption in full to holders of the Cytec 2025senior notes. The redemption was implemented in accordancewith the terms and conditions of the bonds. The bonds wereredeemed on February 1, 2025 at a price of 100% of the principalamount (US$163 million \u20ac157 million), plus accrued and unpaidinterest thereon to, but not including, the redemption date(being US$2 million \u20ac2 million).Other financial instrumentsIn \u20ac million December 31, 2024 December 31, 2023Non-current other financial instruments 30 30Current other financial instruments 67 48Currency swaps 1 3Other marketable securities > 3 months 60 37Other current financial assets 6 9Other financial instruments 97 78The other marketable securities > 3 months include the bank drafts position.The other current financial assets mainly relate to current accounts with related parties.Cash and cash equivalentsIn \u20ac million December 31, 2024 December 31, 2023Cash 476 628Term deposits 182 523Cash and cash equivalents 659 1,151By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value.Changes in financial debt and in other financial instruments arising from financing activities2023 2024 Total Cash flows Cash flows Changes inChanges in TransferPaymentOther Totalfromfromforeignother currentfrom non-of leaseincrease ofrepayment ofexchange financialcurrent toliabilitiesIn \u20ac millionborrowings borrowingsratesassetscurrentBonds/Senior notes 645 1,104 49 -151 1,647Other non-current debts 1,348 16 -1,357 7Long term leasing debt 166 5 -70 67 168Non-current financial debt 2,159 1,104 70 -1,578 67 1,822Current financial debt 154 211 -1,566 8 1,578 -62 -30 293Total financial debt 2,313 1,315 -1,566 78 -62 37 2,115Other non-current financial instruments -30 -30Currency swaps -3 2 -1Other marketable securities > 3 months -37 -1 -22 -60Other current financial assets -9 3 -6Other financial instruments -79 -1 -22 5 -97TOTAL 2,234 1,315 -1,566 77 -22 -62 42 2,018The financial debt decreased from \u20ac2,313 million at the end of2023 to \u20ac2,115 million at the end of 2024.The Other non-current financial instruments remainedunchanged.The other financial instruments increased from \u20ac(79) million atthe end of 2023 to \u20ac(97) million at the end of 2024.The above variations are explained by:\u25cf Cash flows from increase of borrowings \u20ac1,315 million is mainlyexplained by the issuance of US$1,200 million of Senior Debtand the issuance of \u20ac150 million commercial paper of which\u20ac50 million have been extended until June 2025. Thisextension was reflected as an increase and decrease in thecash flow from borrowings;\u25cf Cash flows from repayment of borrowings \u20ac(1,566) million ismainly explained by the repayment of the bridge-to-bondfacilities \u20ac(1,355) million, repayment of the commercial paper\u20ac(100) million and reduction in working capital facilities inBrazil, India and Peru \u20ac(28) million;\u25cf Impact due to conversion of instruments denominated incurrencies different from the EURO of \u20ac77 million, whichincludes \u20ac78 million in the Financial debt and \u20ac(1) million inother financial instruments;\u25cf Changes in other current financial assets represented \u20ac(22)million mainly explained by the increase of Chinese bankdrafts in \u20ac(22) million;\u25cf In 2024 a total amount of \u20ac(1,578) million was transferred fromnon-current to current:\u2014 Bridge-to-bond facility: two drawdowns (\u20ac(600) million andUS$(816) million);\u2014 Senior note of Cytec for US$(163) million;\u2014 Leases \u20ac(70) million;\u25cf Payment of lease liabilities (\u20ac62 million);\u25cf Other changes in financial debt for a total of \u20ac42 million weremainly due to the increase of the lease obligations (\u20ac67million), partially compensated by settlement of the interestrate hedging instrument (Treasury Lock, valued at \u20ac(29)million at 31 December 2023) and \u20ac3 million are related toaccrued interest receivables.",
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"f1__s8__7__231": {
"value": "NOTE F28NET INDEBTEDNESSThe Group\u2019s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.In \u20ac million December 31, 2024 December 31, 2023Financial debt 2,115 2,313Cash and cash equivalents -659 -1,151Other financial instruments -97 -78Net indebtedness 1,359 1,084The financial debt at the end of 2024 is composed by:\u25cf the senior EUR bonds 2027 (\u20ac500 million nominal), senior US$Cytec bonds 2025 (US$163 million nominal), senior US$ 144Anotes 2029 (US$600 million nominal) and senior US$ 144Anotes 2034 (US$600 million nominal),\u25cf the IFRS 16 lease liabilities (\u20ac230 million),\u25cf commercial paper (\u20ac50 million nominal),\u25cf other financial debt (\u20ac30 million, excluding lease debt) mainlyshort term.Syensqo is Investment Grade rating Baa1/P2 (stable outlook) byMoody\u2019s and BBB+/A2 (stable outlook) by Standard & Poor\u2019s as ofthe 2024 closing.Financial debt: main borrowings December 31, 2024 December 31, 2023NominalCoupon Maturity Secured Amount atFairAmount atFairamount amortizedvalue amortizedvalueIn \u20ac million (except where indicated) cost costSenior EUR bonds Syensqo SA (issuance 500 2.75% 2027 No 498 501 498 492\u20ac500m)Senior US$ senior notes Cytec Industries Inc. 157 3.95% 2025 No 157 157 147 145(issuance US$250 million)Senior US$ notes (144A;US$600 million) 577 5.65% 2029 No 576 586Senior US$ notes (144A;US$600 million) 577 5.85% 2034 No 574 586Total senior US$ senior notes 1,311 1,307 1,329 147 145Credit facility (\u20ac600 million)* Floating2024 No 600 600RateCredit facility (US$816 million)* Floating2024 No 738 738RateTotal Credit facility (as above) 1,338 1,338Commercial Paper 50 2.89% 2025 No 50 50Other borrowings from third parties 30 30 111 111Lease debt 230 230 219 219TOTAL 2,115 2,140 2,313 2,305* Fully repaid in June 2024.There are no instances of default on the above-mentionedfinancial debts. There are no financial covenants, neither onSyensqo SA, nor on any of the Group\u2019s holding companies.Solvay SA remains the guarantor of the Cytec 2025 senior notes(effective since the date of the Partial Demerger). Syensqoprovides a counter-guarantee to Solvay for any payments to bemade under the Cytec 2025 senior notes. There is no accountingimpact of the counter-guarantee in the Syensqo consolidatedfinancial statements.In December, 2024, the Group announced that it had delivered anotice of early redemption in full to holders of the Cytec 2025senior notes. The redemption was implemented in accordancewith the terms and conditions of the bonds. The bonds wereredeemed on February 1, 2025 at a price of 100% of the principalamount (US$163 million \u20ac157 million), plus accrued and unpaidinterest thereon to, but not including, the redemption date(being US$2 million \u20ac2 million).Other financial instrumentsIn \u20ac million December 31, 2024 December 31, 2023Non-current other financial instruments 30 30Current other financial instruments 67 48Currency swaps 1 3Other marketable securities > 3 months 60 37Other current financial assets 6 9Other financial instruments 97 78The other marketable securities > 3 months include the bank drafts position.The other current financial assets mainly relate to current accounts with related parties.Cash and cash equivalentsIn \u20ac million December 31, 2024 December 31, 2023Cash 476 628Term deposits 182 523Cash and cash equivalents 659 1,151By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value.",
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"value": "NOTE F29OTHER LIABILITIES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023Wages and benefits debts 185 183VAT and other taxes 62 66Social security 31 26Financial instruments - operational 19 19Insurance premiums 14 39Advances from customers 29 37Other 53 37Other current liabilities 392 407Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F27.A. Overview of financial instruments).",
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"value": "NOTE F29OTHER LIABILITIES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023Wages and benefits debts 185 183VAT and other taxes 62 66Social security 31 26Financial instruments - operational 19 19Insurance premiums 14 39Advances from customers 29 37Other 53 37Other current liabilities 392 407Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F27.A. Overview of financial instruments).",
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"value": "NOTE F29OTHER LIABILITIES (CURRENT)In \u20ac million December 31, 2024 December 31, 2023Wages and benefits debts 185 183VAT and other taxes 62 66Social security 31 26Financial instruments - operational 19 19Insurance premiums 14 39Advances from customers 29 37Other 53 37Other current liabilities 392 407Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F27.A. Overview of financial instruments).",
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"f1__s8__7__243-1": {
"value": "NOTE F30COMMITMENTS TO ACQUIRE PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETSIn \u20ac million December 31, 2024 December 31, 2023Commitments to acquire property, plant and equipment and intangible assets 243 326At December 31, 2024 and 2023, the amount mainly relates to commitments for the acquisition of property, plant and equipment,including the Tavaux plant capacity increase.NOTE F31CONTINGENT ASSETS, LIABILITIES AND FINANCIAL GUARANTEESIn \u20ac million December 31, 2024 December 31, 2023Contingent assets 0 0Guarantees for pensions 154 205Environmental contingent liabilities 5 5Contingent liabilities 159 210Contingent LiabilitiesContingent liabilities of \u20ac5 million above relate to environmentalremediation matters that can be estimated with sufficientreliability.GuaranteesFinancial guarantees are contracts that require the Group tomake specified payments to reimburse the holder for a loss itincurs because a specified debtor fails to make payment whendue in accordance with the original or modified terms of a debtinstrument.In order to avoid double counting, only guarantees in excess ofliabilities recognized or disclosures made elsewhere in theGroup's consolidated financial statements are disclosed in thisnote. Regarding financial guarantees, all financial guarantees ofthe Group are presented in this note.Guarantees for pensionsThe guarantees for pensions are related to the main UK PensionFunds (\u00a3128 million \u20ac154 million) \u2013 See note F25.B.2. Description ofobligations. This guarantee applies to the pension liabilitymeasured based on a local UK regulatory basis (prudentialbasis) plus an allocation for market risk, which is higher whencompared to the IAS 19 methodology. The probability of theguarantees being called is considered to be highly remote.LitigationAs a result of the diverse nature of its activities, and thegeographic footprint of its operations, Syensqo is exposed to legalrisks, particularly in the areas of product liability, contractualrelations, antitrust laws, patent disputes, tax assessments and HSEmatters. In this context, litigation is a normal recurring feature ofSyensqo\u2019s operating business, both to protect against claims,some of which we believe to be without merit, and to defend therights and interests of the Group.Ongoing legal proceedings involving the Syensqo Group that arecurrently considered to potentially involve significant risks areoutlined below. The legal proceedings described below do notconstitute an exhaustive list.The proceedings summarized below represent the materialmatters pending against Syensqo regardless of the merits of theclaims and the strengths of Syensqo\u2019s defenses. There can beno assurance regarding the outcome of any proceedingdescribed below; Syensqo will continue to vigorously defenditself based on the merits of its defenses while opportunisticallyseeking consensual resolution in appropriate cases.For certain cases, we have created reserves or provisions inaccordance with appropriate accounting governing rules andpolicies, to cover financial risk and defense costs (see thesection \u201cProvisions for litigation to the consolidated financialstatements\u201d in this report). We do not ordinarily disclose theextent to which provisions are made in relation to individualproceedings, because this would be prejudicial to our interests.In addition, we maximize all available insurance coverage.Adverse outcomes of material contested matters, individually orin the aggregate, could exceed the amounts of applicableprovisions or insurance coverage and could have a materialadverse effect on the revenues and earnings of the Group.HSE-related proceedings\u25cf PFAS: Our settlement with the New Jersey Department ofEnvironmental Protection (NJDEP), in the lawsuit seekingnatural resource damages and environmental cleanup ofPFAS pollution allegedly caused by an operating facility of thesubsidiary in New Jersey, is memorialized in a Judicial ConsentOrder (JCO) that took effect in March 2024. As of December 31,2024, a Syensqo subsidiary in the US, Solvay SpecialtyPolymers USA LLC (\u201cSSP\u201d), was a defendant in 37 separatelawsuits relating to its use of per- and polyfluoroalkylsubstances (PFAS). Of these, 11 have reached materialresolution and are expected to be dismissed in 2025. \u25cf Overall, the number of these cases in the US remains low incomparison to other industry participants. The companycontinues to dispute the merits of these claims and defenditself accordingly. In all of these cases, the plaintiffs have theburden of proof against all defendants.\u25cf Spinetta site, Italy: The Public Prosecutor\u2019s Office requested atrial for alleged culpable environmental disaster (directedagainst two managers and Solvay Specialty Polymers ItalySpA). Civil parties have joined the procedure. The case ispending before the Judge of the Preliminary Hearing who willdecide whether the case will be taken to trial. \u25cf Spinetta site, Italy: The Piedmont Regional Administrative Courtrendered a favorable decision concerning aspects connectedwith the site\u2019s Integrated Environmental Authorisation (\u201cAIA\u201d), inparticular to manufacture and use cC6O4. The courtconfirmed the validity of the decision of the Province ofAlessandria to extend the production/use of cC6O4 (datedFebruary 2021). \u25cf Bussi site, Italy: Administrative cases are pending in relation tothe identification of the alleged polluter of the Bussi industrialsite (which Solvay sold in 2016) and of the Tirino River. Edisonwas recognized by the competent administrative authoritiesas the \u201csole and exclusive polluter\u201d of both the site and theriver. Solvay Specialty Polymers Italia S.p.A., a Syensqosubsidiary in Italy, was joined to these proceedings.",
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"value": "NOTE F30COMMITMENTS TO ACQUIRE PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETSIn \u20ac million December 31, 2024 December 31, 2023Commitments to acquire property, plant and equipment and intangible assets 243 326At December 31, 2024 and 2023, the amount mainly relates to commitments for the acquisition of property, plant and equipment,including the Tavaux plant capacity increase.",
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"f1__s8__7__246": {
"value": "NOTE F31CONTINGENT ASSETS, LIABILITIES AND FINANCIAL GUARANTEESIn \u20ac million December 31, 2024 December 31, 2023Contingent assets 0 0Guarantees for pensions 154 205Environmental contingent liabilities 5 5Contingent liabilities 159 210Contingent LiabilitiesContingent liabilities of \u20ac5 million above relate to environmentalremediation matters that can be estimated with sufficientreliability.GuaranteesFinancial guarantees are contracts that require the Group tomake specified payments to reimburse the holder for a loss itincurs because a specified debtor fails to make payment whendue in accordance with the original or modified terms of a debtinstrument.In order to avoid double counting, only guarantees in excess ofliabilities recognized or disclosures made elsewhere in theGroup's consolidated financial statements are disclosed in thisnote. Regarding financial guarantees, all financial guarantees ofthe Group are presented in this note.Guarantees for pensionsThe guarantees for pensions are related to the main UK PensionFunds (\u00a3128 million \u20ac154 million) \u2013 See note F25.B.2. Description ofobligations. This guarantee applies to the pension liabilitymeasured based on a local UK regulatory basis (prudentialbasis) plus an allocation for market risk, which is higher whencompared to the IAS 19 methodology. The probability of theguarantees being called is considered to be highly remote.LitigationAs a result of the diverse nature of its activities, and thegeographic footprint of its operations, Syensqo is exposed to legalrisks, particularly in the areas of product liability, contractualrelations, antitrust laws, patent disputes, tax assessments and HSEmatters. In this context, litigation is a normal recurring feature ofSyensqo\u2019s operating business, both to protect against claims,some of which we believe to be without merit, and to defend therights and interests of the Group.Ongoing legal proceedings involving the Syensqo Group that arecurrently considered to potentially involve significant risks areoutlined below. The legal proceedings described below do notconstitute an exhaustive list.The proceedings summarized below represent the materialmatters pending against Syensqo regardless of the merits of theclaims and the strengths of Syensqo\u2019s defenses. There can beno assurance regarding the outcome of any proceedingdescribed below; Syensqo will continue to vigorously defenditself based on the merits of its defenses while opportunisticallyseeking consensual resolution in appropriate cases.For certain cases, we have created reserves or provisions inaccordance with appropriate accounting governing rules andpolicies, to cover financial risk and defense costs (see thesection \u201cProvisions for litigation to the consolidated financialstatements\u201d in this report). We do not ordinarily disclose theextent to which provisions are made in relation to individualproceedings, because this would be prejudicial to our interests.In addition, we maximize all available insurance coverage.Adverse outcomes of material contested matters, individually orin the aggregate, could exceed the amounts of applicableprovisions or insurance coverage and could have a materialadverse effect on the revenues and earnings of the Group.HSE-related proceedings\u25cf PFAS: Our settlement with the New Jersey Department ofEnvironmental Protection (NJDEP), in the lawsuit seekingnatural resource damages and environmental cleanup ofPFAS pollution allegedly caused by an operating facility of thesubsidiary in New Jersey, is memorialized in a Judicial ConsentOrder (JCO) that took effect in March 2024. As of December 31,2024, a Syensqo subsidiary in the US, Solvay SpecialtyPolymers USA LLC (\u201cSSP\u201d), was a defendant in 37 separatelawsuits relating to its use of per- and polyfluoroalkylsubstances (PFAS). Of these, 11 have reached materialresolution and are expected to be dismissed in 2025. \u25cf Overall, the number of these cases in the US remains low incomparison to other industry participants. The companycontinues to dispute the merits of these claims and defenditself accordingly. In all of these cases, the plaintiffs have theburden of proof against all defendants.\u25cf Spinetta site, Italy: The Public Prosecutor\u2019s Office requested atrial for alleged culpable environmental disaster (directedagainst two managers and Solvay Specialty Polymers ItalySpA). Civil parties have joined the procedure. The case ispending before the Judge of the Preliminary Hearing who willdecide whether the case will be taken to trial. \u25cf Spinetta site, Italy: The Piedmont Regional Administrative Courtrendered a favorable decision concerning aspects connectedwith the site\u2019s Integrated Environmental Authorisation (\u201cAIA\u201d), inparticular to manufacture and use cC6O4. The courtconfirmed the validity of the decision of the Province ofAlessandria to extend the production/use of cC6O4 (datedFebruary 2021). \u25cf Bussi site, Italy: Administrative cases are pending in relation tothe identification of the alleged polluter of the Bussi industrialsite (which Solvay sold in 2016) and of the Tirino River. Edisonwas recognized by the competent administrative authoritiesas the \u201csole and exclusive polluter\u201d of both the site and theriver. Solvay Specialty Polymers Italia S.p.A., a Syensqosubsidiary in Italy, was joined to these proceedings.",
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"f1__s8__7__248-1": {
"value": "NOTE F32RELATED PARTIESCompensation of key management personnelKey management personnel is composed of all members of theBoard of Directors and members of the Executive LeadershipTeam.In accordance with IAS 24, the key management personnel arethose having the authority and responsibility for planning,directing and controlling activities of Syensqo businessesdirectly or indirectly.Amounts due in respect of the year (compensation) and obligations existing at the end of the year in the consolidated statement offinancial position:In \u20ac million December 31, 2024 December 31, 2023Wages, charges and short-term benefits 3 4Long-term benefits 10Cash-settled share-based payments liability 0 11TOTAL 3 25Expenses of the year:In \u20ac million 2024 2023Wages, charges and short-term benefits 9 4Termination benefit 1Long-term benefits 10Share-based payments expenses 9 6TOTAL 19 20Excluding employer social charges and taxes. Please refer to the Compensation Report for further details.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__247": {
"value": "NOTE F32RELATED PARTIESBalances and transactions between Syensqo SA and itssubsidiaries have been eliminated in consolidation and are notdisclosed in this note.In 2024 related parties are deemed to be associated companiesand joint ventures of Syensqo.For 2023, related parties are deemed to be associatedcompanies, joint ventures of Syensqo and associatedcompanies, joint ventures, joint operations and subsidiaries ofthe Solvay Group, since the Syensqo Group was controlled bySolvay SA until the Partial Demerger date (December 8, 2023).The Syensqo Group and the Solvay Group ceased to be relatedparties after the Partial Demerger date, therefore the SyensqoGroup does not disclose any balances outstanding with theSolvay Group at December 31, 2023 nor at December 31, 2024 inthis note.For 2023, within the Solvay Group, intercompany transactionshave occurred historically with entities over which Solvay SAexercised control, or significant influence, or with joint ventures.Transactions with entities over which Solvay SA exercised controlwere customarily accounted for as intragroup transactions,which were eliminated as part of the consolidation proceduresapplied for the purposes of preparing the Solvay GroupConsolidated Financial Statements.Transactions that were previously eliminated in the Solvay Grouphad to be reinstated and disclosed under IAS 24 Related PartyDisclosures in these consolidated financial statements for theprior period, to the extent they are between Syensqo entities andentities in the Remaining Solvay Group.Transactions between a Syensqo entity and entities in theRemaining Solvay Group mainly comprise structured borrowingsand loans as well as intercompany bank accounts betweenSyensqo and the Remaining Solvay Group, for the prior periodpresented, which were eliminated as part of the consolidationprocedures applied for the Solvay Group Consolidated FinancialStatements, and which were reinstated in the Syensqoconsolidated financial statements.For the balances resulting from transactions between MixedEntities prior to the partial demerger, the following carve-outapproach has been followed:1. The balance is classified as an intragroup transaction andeliminated in the consolidated financial statements if such atransaction is between two entities that are both part ofSyensqo.2. The balance is classified as a transaction with relatedparties in the consolidated financial statements if suchtransaction after the Partial Demerger, is a transactionbetween an entity that is part of Syensqo and an entity thatis part of the Remaining Solvay Group.Related parties are deemed to be associated companies, jointventures of Syensqo and associated companies, joint ventures,joint operations and subsidiaries of the Solvay Group, since theSyensqo Group was controlled by Solvay SA until the PartialDemerger date (December 8, 2023). The Syensqo Group and theSolvay Group ceased to be related parties after the PartialDemerger date, therefore the Syensqo Group does not discloseany balances outstanding with the Solvay Group at December31, 2023 nor at December 31, 2024 in this note.Transactions between the Syensqo Group and the Solvay Groupuntil the Partial Demerger date have been disclosed in this note.Sales and purchase transactions with related parties weremainly consisting of sales and purchases of utilities. Othertransactions with the Solvay Group related to services providedby Solvay SA and other companies of the Solvay Group, such as,but not limited to tax, legal, accounting, IT, personnel-relatedservices and treasury. The costs of such services, as historically charged to SyensqoBusinesses and included in the Consolidated Income Statementbased on their historical amounts, were about \u20ac360 million forthe year ended December 31, 2023.The main transactions with related parties are described in detail herein and the related amounts are presented in the tables below.Sale and purchase transactions Sale of goods Purchase of utilities and goodIn \u20ac million2024 2023 2024 2023Associates -37 -34Joint ventures 9 5 -17 -16Other related parties 9 8 -5 -3Solvay Group 7 - -22TOTAL 18 20 -59 -75In \u20ac million Amounts owed by related parties Amounts owed to related partiesDecember 31 2024 2023 2024 2023Associates 4 4 4 4Joint venturesOther related parties 4 2 9 10Solvay GroupTOTAL 8 6 12 14Compensation of key management personnelKey management personnel is composed of all members of theBoard of Directors and members of the Executive LeadershipTeam.In accordance with IAS 24, the key management personnel arethose having the authority and responsibility for planning,directing and controlling activities of Syensqo businessesdirectly or indirectly.Amounts due in respect of the year (compensation) and obligations existing at the end of the year in the consolidated statement offinancial position:In \u20ac million December 31, 2024 December 31, 2023Wages, charges and short-term benefits 3 4Long-term benefits 10Cash-settled share-based payments liability 0 11TOTAL 3 25Expenses of the year:In \u20ac million 2024 2023Wages, charges and short-term benefits 9 4Termination benefit 1Long-term benefits 10Share-based payments expenses 9 6TOTAL 19 20Excluding employer social charges and taxes. Please refer to the Compensation Report for further details.",
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"value": "1.62",
"decimals": 2,
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
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"f1__s8__7__252": {
"value": "168000000.0",
"decimals": -6,
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
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"f1__s8__7__253": {
"value": "NOTE F34EVENTS AFTER THE REPORTING PERIODAccounting policyEvents after the reporting period which provide evidence ofconditions that existed at the end of the reporting period(adjusting events) are recognized in the consolidatedfinancial statements. Events indicative of conditions thatarose after the reporting period are non-adjusting eventsand are disclosed in the notes if material.Share buyback programIn accordance with Article 8:4 of the Royal Decree of 29 April 2019executing the Belgian Code of Companies and Associations,Syensqo discloses on its website, information related to theexecution of its share buyback program, announced onDecember 4, 2024.Cytec 2025 bondsOn February 1, 2025, the Group redeemed the 3.95% Senior Notesdue 2025 issued by Cytec Industries Inc. (CUSIP: 232820 AK6) (the\u201cCytec 2025 Bonds\u201d). The redemption was implemented inaccordance with the terms and conditions of the bonds. Thebonds were redeemed at a price of 100% of the principal amount(US$163 million), plus accrued and unpaid interest thereon to,but not including, the redemption date (being US$2 million).EdisonThe International Court of Arbitration of the InternationalChamber of Commerce (ICC), Geneva, Switzerland ordered inJanuary 2025, that Edison S.p.A. has to pay approximately\u20ac90 million for losses, damages and costs incurred by SolvaySpecialty Polymers Italy S.p.A. (SSPI). The outcome follows manyyears of arbitration proceedings in relation to claims ofbreaches of representations and warranties by Edison when itsold the Italian company Ausimont to Solvay in 2002.This decision comes after SSPI received a favorable decision onthe merits in 2023 and award of compensation (\u20ac92 million)from Edison related to costs, losses and damages suffered up tothe end of 2016. The 2025 award, based on the same merits,relates to additional costs, losses and damages suffered fromJanuary 2017 onwards.US Trade tariffsIn response to the recent announcements regarding the USimposition of trade tariffs, Syensqo is implementing strategicmeasures to address the potential impacts on its globaloperations and supply chains. As a multinational company witha global footprint, Syensqo is assessing the potentialramifications of these tariffs and any reciprocal actions taken byother countries or regions. To ensure operational continuity, thecompany is conducting a comprehensive review of its valuechains and sourcing strategies. Additionally, Syensqo isevaluating shorter-term mitigation options, including theintroduction of a temporary surcharge to offset the increasedcosts associated with the tariffs. The Company believes thatthese measures are essential to maintaining its ability to supplythe high value solutions that its customers need.",
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"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE F35 SERVICES PROVIDED BY THE STATUTORY AUDITOR AND RELATED PERSONSFor the year ending December 31, 2024 audit and other professionalservices were performed by EY R\u00e9viseurs d\u2019Entreprises and itsnetwork.The yearly 2024 audit fees for Syensqo SA were set at\u20ac1.39 million for the audit of the statutory and consolidatedaccounts and at \u20ac0.59 million for the limited reviewengagement required by the Corporate Sustainability ReportingDirective. Additional audit fees for Syensqo affiliates in 2024amount to \u20ac2.34 million. Supplementary non-audit fees for\u20ac2.65 million were engaged in 2024 by Syensqo SA and affiliates.",
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"language": "en",
"entity": "scheme:549300060XNJ90PLNS10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__258": {
"value": "NOTE F36LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPEThe Group consists of Syensqo SA and a total of 134 investees.Of these 134 investees, 86 are fully consolidated, 6 are accountedfor under the equity method, whilst the other 42 do not meet thecriteria of significance.In accordance with the concept of materiality, certaincompanies (Other Investments), which are insignificant, havenot been included in the consolidation scope. They aremeasured at cost and tested for impairment on an annual basis,which is considered a good proxy of their fair value. For moreinformation, refer to Principles of consolidation.December 31,2023 December 31,2024ARGENTINASolvay Quimica SA 100 100AUSTRALIACytec Asia Pacific Holdings Pty Ltd. 100 100Cytec Australia Holdings Pty Ltd. 100 100BELGIUMSolvay Participations Belgique S.A. 100 100Syensqo S.A 100 100Syensqo Stock Option Management S.A 100 100Solvay Specialty Polymers Belgium S.A. / NV 100 100BRAZILQuimicos E Solucoes Sustentaveis Do Brasil S.A 100 100CANADACytec Canada Inc 100 100CHINACytec Engineered Materials (Shanghai) Co. Ltd. 100 100Cytec Industries (Shanghai) Co. Ltd. 100 100Syensqo Hong Kong, Ltd. 100 (a) 100Syensqo (Shanghai) international trading Co., Ltd. 100 (a) 100Syensqo (Zhangjiagang) Specialty Chemicals Co. Ltd. 100 (a) 100Solvay (Zhenjiang) Chemicals Co., Ltd. 90.65 90,65Syensqo China Co., Ltd. 100 (a) 100Solvay-Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd. 70 70Solvay Specialty Polymers (Changshu) Co., Ltd. 100 100Zhuhai Syensqo Specialty Chemicals Co., Ltd. 100 (a) 100CHILECytec Chile Ltd.a 100 100December 31,2023 December 31,2024FRANCECog\u00e9n\u00e9ration Tavaux SAS 33,3 33,3Rhodia Energy GHG S.A.S. 100 100Rhodia Laboratoire du Futur S.A.S. 100 100Specialty Operations France S.A.S. 100 100Rhodia Participations S.N.C. 100 100Rhodianyl S.A.S. 100 100Solvay Energie France S.A.S. 100 100Solvay France S.A. 100 100GERMANYCytec Engineered Materials GmbH 100 100European Carbon Fiber GmbH 100 100Syensqo Specialty Polymers Germany GmbH 100 (a) 100INDIASolvay Specialities India Private Limited 100 100INDONESIAPT. Cytec Indonesia 100 100IRELANDSolvay Finance Ireland Unlimited 100 (c) -ITALYSolvay Solutions Italia S.p.A. 100 100Solvay Specialty Polymers Italy S.p.A. 100 100JAPANSolvay Japan KK 100 100Solvay Nicca Ltd. 60 60Solvay Specialty Polymers Japan KK 100 100LUXEMBOURGCytec Luxembourg International Holdings Sarl 100 100Solvay Finance (Luxembourg) SA 100 100Solvay Hortensia S.A 100 100Solvay Luxembourg S.a.r.l 100 100MEXICOCytec de Mexico S.A. de C.V. 100 100December 31,2023 December 31,2024NETHERLANDSCytec Industries B.V. 100 100Solvay Solutions Nederland B.V. 100 100NEW ZEALANDSolvay New Zealand Ltd. 100 100PERUCytec Peru S.A.C. 100 100PORTUGALSolvay Biotecnologia Portugal, Unipessoal,Lda 100 100Slv Specialties Portugal, Unipessoal, Lda 100 100SINGAPORERhodia Amines Chemicals Pte Ltd. 100 100Solvay Specialty Chemicals Asia Pacific Pte. Ltd.. 100 100SOUTH KOREASolvay Specialty Polymers Korea Company Ltd. 100 100Jinyoung Bio Co Ltd. - (b) 100SPAINSolvay Servicios S.L. 100 100SWITZERLANDSpepro Speciality Products Ag 100 100THAILANDSolvay Bangpoo Specialty Chemicals Ltd. 100 100Solvay (Thailand) Ltd. 100 100TURKEYSolvay Istanbul Kimya Ticaret Ve Sanayi Ltd.. STI. 100 100UNITED ARAB EMIRATESCytec Nibras llc 100 100UNITED KINGDOMAdvanced Composites Group Investments Ltd. 100 100Cytec Engineered Materials Ltd. 100 100Cytec Industrial Materials (Derby) Ltd. 100 100Cytec Industrial Materials (Manchester) Ltd. 100 100Cytec Industries UK Holdings Ltd. 100 100McIntyre Group Ltd. 100 (c) -December 31,2023 December 31,2024Oldbury Energy Solutions UK Ltd. 100 100Rhodia Holdings Ltd. 100 100Rhodia International Holdings Ltd. 100 100Rhodia Organique Fine Ltd. 100 (c) -Rhodia Overseas Ltd. 100 (c) -Rhodia Pharma Solutions Holdings Ltd. 100 (c) -Rhodia Pharma Solutions Ltd. 100 100Rhodia Reorganisation Ltd. 100 (c) -Solvay Solutions UK Ltd. 100 100Umeco Composites Ltd. 100 (c) -Umeco Ltd. 100 100UNITED STATESAusimont Industries, Inc. 100 100CEM Defense Materials Llc 100 100Cytec Engineered Materials Inc. 100 100Cytec Global Holdings Inc. 100 100Cytec Industrial Materials (ok) Inc. 100 100Cytec Industries Inc. 100 100Cytec Korea Inc. 100 100Cytec Technology Corp. 100 100Energy Solutions US Llc 100 100Garret Mountain Insurance Co. 100 100Solvay America Llc 100 100Solvay Holding Inc. 100 100Solvay India Holding Inc. 100 100Solvay Specialty Polymers USA, Llc 100 100Solvay USA Llc 100 100Solvay Finance (America) Llc 100 100Synorb Battery Materials Llc 51 51(a) Companies that changed their name in 2024.(b) Companies that entered the scope in 2024.(c) Companies that exited the scope in 2024.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__255": {
"value": "NOTE F36LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPEThe Group consists of Syensqo SA and a total of 134 investees.Of these 134 investees, 86 are fully consolidated, 6 are accountedfor under the equity method, whilst the other 42 do not meet thecriteria of significance.In accordance with the concept of materiality, certaincompanies (Other Investments), which are insignificant, havenot been included in the consolidation scope. They aremeasured at cost and tested for impairment on an annual basis,which is considered a good proxy of their fair value. For moreinformation, refer to Principles of consolidation.December 31,2023 December 31,2024ARGENTINASolvay Quimica SA 100 100AUSTRALIACytec Asia Pacific Holdings Pty Ltd. 100 100Cytec Australia Holdings Pty Ltd. 100 100BELGIUMSolvay Participations Belgique S.A. 100 100Syensqo S.A 100 100Syensqo Stock Option Management S.A 100 100Solvay Specialty Polymers Belgium S.A. / NV 100 100BRAZILQuimicos E Solucoes Sustentaveis Do Brasil S.A 100 100CANADACytec Canada Inc 100 100CHINACytec Engineered Materials (Shanghai) Co. Ltd. 100 100Cytec Industries (Shanghai) Co. Ltd. 100 100Syensqo Hong Kong, Ltd. 100 (a) 100Syensqo (Shanghai) international trading Co., Ltd. 100 (a) 100Syensqo (Zhangjiagang) Specialty Chemicals Co. Ltd. 100 (a) 100Solvay (Zhenjiang) Chemicals Co., Ltd. 90.65 90,65Syensqo China Co., Ltd. 100 (a) 100Solvay-Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd. 70 70Solvay Specialty Polymers (Changshu) Co., Ltd. 100 100Zhuhai Syensqo Specialty Chemicals Co., Ltd. 100 (a) 100CHILECytec Chile Ltd.a 100 100December 31,2023 December 31,2024FRANCECog\u00e9n\u00e9ration Tavaux SAS 33,3 33,3Rhodia Energy GHG S.A.S. 100 100Rhodia Laboratoire du Futur S.A.S. 100 100Specialty Operations France S.A.S. 100 100Rhodia Participations S.N.C. 100 100Rhodianyl S.A.S. 100 100Solvay Energie France S.A.S. 100 100Solvay France S.A. 100 100GERMANYCytec Engineered Materials GmbH 100 100European Carbon Fiber GmbH 100 100Syensqo Specialty Polymers Germany GmbH 100 (a) 100INDIASolvay Specialities India Private Limited 100 100INDONESIAPT. Cytec Indonesia 100 100IRELANDSolvay Finance Ireland Unlimited 100 (c) -ITALYSolvay Solutions Italia S.p.A. 100 100Solvay Specialty Polymers Italy S.p.A. 100 100JAPANSolvay Japan KK 100 100Solvay Nicca Ltd. 60 60Solvay Specialty Polymers Japan KK 100 100LUXEMBOURGCytec Luxembourg International Holdings Sarl 100 100Solvay Finance (Luxembourg) SA 100 100Solvay Hortensia S.A 100 100Solvay Luxembourg S.a.r.l 100 100MEXICOCytec de Mexico S.A. de C.V. 100 100December 31,2023 December 31,2024NETHERLANDSCytec Industries B.V. 100 100Solvay Solutions Nederland B.V. 100 100NEW ZEALANDSolvay New Zealand Ltd. 100 100PERUCytec Peru S.A.C. 100 100PORTUGALSolvay Biotecnologia Portugal, Unipessoal,Lda 100 100Slv Specialties Portugal, Unipessoal, Lda 100 100SINGAPORERhodia Amines Chemicals Pte Ltd. 100 100Solvay Specialty Chemicals Asia Pacific Pte. Ltd.. 100 100SOUTH KOREASolvay Specialty Polymers Korea Company Ltd. 100 100Jinyoung Bio Co Ltd. - (b) 100SPAINSolvay Servicios S.L. 100 100SWITZERLANDSpepro Speciality Products Ag 100 100THAILANDSolvay Bangpoo Specialty Chemicals Ltd. 100 100Solvay (Thailand) Ltd. 100 100TURKEYSolvay Istanbul Kimya Ticaret Ve Sanayi Ltd.. STI. 100 100UNITED ARAB EMIRATESCytec Nibras llc 100 100UNITED KINGDOMAdvanced Composites Group Investments Ltd. 100 100Cytec Engineered Materials Ltd. 100 100Cytec Industrial Materials (Derby) Ltd. 100 100Cytec Industrial Materials (Manchester) Ltd. 100 100Cytec Industries UK Holdings Ltd. 100 100McIntyre Group Ltd. 100 (c) -December 31,2023 December 31,2024Oldbury Energy Solutions UK Ltd. 100 100Rhodia Holdings Ltd. 100 100Rhodia International Holdings Ltd. 100 100Rhodia Organique Fine Ltd. 100 (c) -Rhodia Overseas Ltd. 100 (c) -Rhodia Pharma Solutions Holdings Ltd. 100 (c) -Rhodia Pharma Solutions Ltd. 100 100Rhodia Reorganisation Ltd. 100 (c) -Solvay Solutions UK Ltd. 100 100Umeco Composites Ltd. 100 (c) -Umeco Ltd. 100 100UNITED STATESAusimont Industries, Inc. 100 100CEM Defense Materials Llc 100 100Cytec Engineered Materials Inc. 100 100Cytec Global Holdings Inc. 100 100Cytec Industrial Materials (ok) Inc. 100 100Cytec Industries Inc. 100 100Cytec Korea Inc. 100 100Cytec Technology Corp. 100 100Energy Solutions US Llc 100 100Garret Mountain Insurance Co. 100 100Solvay America Llc 100 100Solvay Holding Inc. 100 100Solvay India Holding Inc. 100 100Solvay Specialty Polymers USA, Llc 100 100Solvay USA Llc 100 100Solvay Finance (America) Llc 100 100Synorb Battery Materials Llc 51 51(a) Companies that changed their name in 2024.(b) Companies that entered the scope in 2024.(c) Companies that exited the scope in 2024.List of companies accounted for by applying the equity method of accountingIndicating the percentage holding. Joint venturesBELGIUMEECO Holding 33,33INDIAHindustan Gum & Chemicals Ltd. 50INDONESIAPT. Solvay Manyar 50ITALYCogeneration Spinetta S.r.l. 33,33UNITED ARAB EMIRATESStrata - Solvay Advanced Materials Joint-Venture Llc 50AssociatesFRANCEExeltium S.A.S. 11,5",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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